Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 20, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | TYPE | |
Entity Registrant Name | MONOTYPE IMAGING HOLDINGS INC. | |
Entity Central Index Key | 1,385,292 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 41,845,813 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 86,946 | $ 91,434 |
Accounts receivable, net of allowance for doubtful accounts of $451 at March 31, 2017 and $467 at December 31, 2016 | 22,069 | 26,549 |
Income tax refunds receivable | 2,116 | 2,967 |
Prepaid expenses and other current assets | 5,534 | 4,631 |
Total current assets | 116,665 | 125,581 |
Property and equipment, net | 15,273 | 14,166 |
Goodwill | 274,166 | 273,489 |
Intangible assets, net | 89,014 | 90,717 |
Restricted cash | 17,974 | 17,992 |
Other assets | 3,029 | 3,075 |
Total assets | 516,121 | 525,020 |
Current liabilities: | ||
Accounts payable | 1,986 | 2,170 |
Accrued expenses and other current liabilities | 23,593 | 28,762 |
Accrued income taxes payable | 1,473 | |
Deferred revenue | 17,511 | 16,081 |
Total current liabilities | 43,090 | 48,486 |
Revolving line of credit | 102,000 | 105,000 |
Other long-term liabilities | 13,372 | 11,753 |
Deferred income taxes | 36,055 | 37,780 |
Reserve for income taxes | 2,759 | 2,727 |
Accrued pension benefits | 5,409 | 5,296 |
Commitments and contingencies (Note 13) | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value, Authorized shares: 10,000,000; Issued and outstanding: none | ||
Common stock, $0.001 par value, Authorized shares: 250,000,000; Shares issued: 44,449,589 at March 31, 2017 and 43,771,600 at December 31, 2016. | 44 | 43 |
Additional paid-in capital | 280,981 | 274,946 |
Treasury stock, at cost, 2,621,131 shares at March 31, 2017 and 2,493,174 shares at December 31, 2016 | (57,305) | (56,232) |
Retained earnings | 99,348 | 105,718 |
Accumulated other comprehensive loss | (9,632) | (10,497) |
Total stockholders' equity | 313,436 | 313,978 |
Total liabilities and stockholders' equity | $ 516,121 | $ 525,020 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 451 | $ 467 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 44,449,589 | 43,771,600 |
Treasury stock, shares | 2,621,131 | 2,493,174 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Revenue | $ 52,465 | $ 49,842 |
Cost of revenue | 8,778 | 8,319 |
Cost of revenue-amortization of acquired technology | 878 | 1,131 |
Total cost of revenue | 9,656 | 9,450 |
Gross profit | 42,809 | 40,392 |
Operating expenses: | ||
Marketing and selling | 21,242 | 14,087 |
Research and development | 9,554 | 7,336 |
General and administrative | 10,927 | 8,849 |
Amortization of other intangible assets | 1,011 | 735 |
Total operating expenses | 42,734 | 31,007 |
Income from operations | 75 | 9,385 |
Other (income) expense: | ||
Interest expense | 758 | 162 |
Interest income | (127) | (54) |
Loss on foreign exchange | 560 | 807 |
Loss (gain) on derivatives | 54 | (6) |
Other | 6 | 11 |
Total other expense | 1,251 | 920 |
(Loss) income before provision for income taxes | (1,176) | 8,465 |
(Benefit from) provision for income taxes | (101) | 3,107 |
Net (loss) income | (1,075) | 5,358 |
Net (loss) income available to common stockholders-basic | (1,075) | 5,218 |
Net (loss) income available to common stockholders-diluted | $ (1,075) | $ 5,219 |
Net (loss) income per common share: | ||
Basic | $ (0.03) | $ 0.13 |
Diluted | $ (0.03) | $ 0.13 |
Weighted-average number of shares outstanding: | ||
Basic | 39,476,439 | 39,122,649 |
Diluted | 39,476,439 | 39,521,619 |
Dividends declared per common share | $ 0.113 | $ 0.110 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net (loss) income | $ (1,075) | $ 5,358 |
Other comprehensive (loss) income, net of tax: | ||
Unrecognized actuarial gain, net of tax of $7 and $4, respectively | 14 | 9 |
Foreign currency translation adjustments, net of tax of $466 and $1,166, respectively | 851 | 2,014 |
Comprehensive (loss) income | $ (210) | $ 7,381 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Unrecognized actuarial gain, tax | $ 7 | $ 4 |
Foreign currency translation adjustments, tax | $ 466 | $ 1,166 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities | ||
Net (loss) income | $ (1,075) | $ 5,358 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation and amortization | 3,051 | 2,874 |
Amortization of deferred financing costs and accretion of interest | 55 | 55 |
Loss on retirement of assets | 12 | |
Share based compensation | 4,831 | 3,778 |
Excess tax benefit on stock options | (159) | |
Provision for doubtful accounts | 209 | 30 |
Deferred income taxes | (1,955) | 1,673 |
Unrealized currency loss on foreign denominated intercompany transactions | 293 | 1,130 |
Changes in operating assets and liabilities, net of effect of acquisitions: | ||
Accounts receivable | 4,445 | (1,134) |
Prepaid expenses and other assets | (1,330) | (32) |
Restricted cash | 19 | (18) |
Accounts payable | (190) | 872 |
Accrued income taxes | (569) | (1,085) |
Accrued expenses and other liabilities | (4,334) | (1,995) |
Deferred revenue | 1,628 | (158) |
Net cash provided by operating activities | 5,090 | 11,189 |
Cash flows from investing activities | ||
Purchases of property and equipment | (1,969) | (527) |
Acquisition of business, net of cash acquired | (101) | |
Net cash used in investing activities | (1,969) | (628) |
Cash flows from financing activities | ||
Payments on revolving line of credit | (3,000) | |
Excess tax benefit on stock options | 159 | |
Common stock dividends paid | (4,568) | (4,002) |
Purchase of treasury stock | (658) | |
Proceeds from exercises of common stock options | 310 | 790 |
Net cash used in financing activities | (7,916) | (3,053) |
Effect of exchange rates on cash and cash equivalents | 307 | 413 |
(Decrease) increase in cash and cash equivalents | (4,488) | 7,921 |
Cash and cash equivalents at beginning of period | 91,434 | 87,520 |
Cash and cash equivalents at end of period | $ 86,946 | $ 95,441 |
Nature of the Business
Nature of the Business | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of the Business | 1. Nature of the Business Monotype Imaging Holdings Inc. (the “Company” or “we”) is a leading provider of branded and design assets, technology and expertise for creative professionals and consumer device manufacturers. We provide high-quality, branded or personalized content across multiple devices and mediums. Our solutions, which include type, branded mobile content, visual content marketing solutions, custom design services, and tools and technologies that enable the creative process, are licensed through our direct sales channel, e-commerce platforms and partner platforms. We also provide consumer device manufacturers and independent software vendors, or ISVs, with the right solutions for delivering consistent, compelling user experiences. Our solutions power the visual expression of the leading makers of a wide range of devices, including laser printers, digital copiers and mobile devices, among others, as well as provide a high-quality text experience in numerous software applications and operating systems. We license our design assets and technology to creative professionals, consumer device manufacturers and independent software vendors. We are headquartered in Woburn, Massachusetts and we operate in one business segment: the development, marketing and licensing of design assets and technology. We also maintain various offices worldwide for selling and marketing, research and development and administration. We conduct our operations through five domestic operating subsidiaries, Monotype Imaging Inc., Monotype ITC Inc. (“ITC”), MyFonts Inc. (“MyFonts”), Swyft Media Inc. and Olapic, Inc., and seven foreign operating subsidiaries, Olapic Argentina S.A., Monotype Ltd. (“Monotype UK”), Olapic UK Ltd., Monotype GmbH (“Monotype Germany”), Monotype Solutions India Pvt. Ltd. (“Monotype India”), Monotype Hong Kong Ltd. (“Monotype Hong Kong”) and Monotype KK (“Monotype Japan”). |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 2. Basis of Presentation The accompanying unaudited condensed consolidated interim financial statements as of March 31, 2017 and for the three months ended March 31, 2017 and 2016 include the accounts of the Company and its wholly-owned subsidiaries and have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X. Accordingly, such financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates. The results for interim periods are not necessarily indicative of results to be expected for the year or for any future periods. In management’s opinion, these unaudited condensed consolidated interim financial statements contain all adjustments of a normal recurring nature necessary for a fair presentation of the financial statements for the interim periods presented. These unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2016, as reported in the Company’s Annual Report on Form 10-K. The Company’s significant accounting policies and practices are as described in the Annual Report, except for the adoption of Accounting Standards Update, or ASU, 2016-09, as described in Note 3 below. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | 3. Recently Issued Accounting Pronouncements Adopted Share Based Compensation In March 2016, the Financial Accounting Standards Board, or FASB, issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. Pending Pension Benefits In March 2017, the FASB issued ASU No. 2017-07 Compensation-Retirement Benefits (Topic 715)-Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Goodwill In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment Statement of Cash Flows In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash Leases In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842): Amendments to the FASB Accounting Standards Codification, Revenue Recognition In May 2014, the FASB and the International Accounting Standards Board jointly issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), Revenue from Contracts with Customers (Topic 606): Deferral Date We expect to adopt the standard on January 1, 2018, and at that time, we expect to apply the modified retrospective method of adoption. We have developed an implementation plan to adopt this new guidance. As part of this plan, we are currently assessing the impact of the new guidance on our results of operations. Based on our procedures performed to date, we have identified certain revenue streams, specifically term and royalty-based license agreements, for which the standard could have a material impact; however, further analysis is required and we will continue to evaluate this assessment on a quarterly basis in 2017. Under the current guidance, revenue related to our term license agreements that are bundled with services related performance obligations for which vendor-specific objective evidence (“VSOE”) does not exist is required to be recognized ratably over the term of the agreement. However, under the new guidance, the Company will allocate revenue to each performance obligation in the agreement and each will require separate accounting treatment and lead to accelerated revenue recognition compared with current practice. The license portion will be recognized at the time of delivery and the service revenue will be recognized over time based on the standalone selling prices of each performance obligation. In addition, we have on occasion, offered extended payment terms for term licenses to our customers, including cases in which the license is delivered in full at the beginning of the contract. We currently recognize revenue under such arrangements when the payments become due, based upon the current requirement that the fee be fixed and determinable. However, under the new guidance, revenue related to such arrangements would be accelerated, with revenue related to the license recognized at the time of delivery, less a financing component (interest income) to be recognized over time based on the payment terms. Further, under the new guidance, we will be required to estimate royalty revenue from our royalty-based licenses in the period that the royalty-bearing event occurs, which is different from our current practice of recognizing royalty revenue when it is reported to us by the licensee, at which time the fee is deemed fixed and determinable. The Company is still in the process of evaluating these and its other revenue streams and quantifying the expected impact that the standard will have on its financial statements and related disclosures. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | 4. Acquisitions Olapic On August 9, 2016, the Company purchased all of the outstanding shares of Olapic, Inc., a privately-held company located in New York, New York; its wholly-owned subsidiaries Olapic UK Ltd., based in London, England; and Olapic Argentina S.A., based in Córdoba, Argentina (collectively, “Olapic”). Olapic is a provider of a leading visual commerce platform for collecting, curating, showcasing and measuring crowd sourced photos and videos. Olapic’s Earned Content Platform helps brands collect, curate, use and analyze user-generated content in the form of images and videos in their ecommerce experiences and across multiple marketing channels. This allows consumers to make more educated purchasing decisions, discover new products and connect to the brand’s community. Olapic leverages photos and videos from social network sites to help to create powerful branded experiences that drive consumer engagement and increase conversions. The Company acquired Olapic for an aggregate purchase price of approximately $123.7 million, net of cash acquired, which consisted of approximately $13.7 million in cash and $110.0 million borrowed from its line of credit. The Olapic Merger Agreement included an additional $9.0 million of consideration that has been placed in escrow and will be paid to the founders of Olapic contingent upon their continued employment with the Company. Accordingly, this amount will be recognized as compensation expense over the service period contractually required to earn such amounts, which is $3.0 million after twenty four months and the remainder after thirty six months from the acquisition date. Monotype issued approximately $17.1 million of a combination of restricted stock awards and restricted stock units to the founders and employees of Olapic. These awards will vest over time based on continued employment, and accordingly will be accounted for as compensation expense. Seventy four employees from Olapic’s U.S. operations, eighty four employees from Olapic’s Argentina operations and forty UK and European employees joined the Company in connection with the acquisition. The results of operations of Olapic have been included in our consolidated results and revenue is included within the Creative Professional market beginning on August 9, 2016, the date of acquisition. The table below provides the Olapic employees by functional area who joined the Company in connection with the acquisition: Number of Marketing and selling 117 Research and development 68 General and administration 13 Total 198 The purchase price was allocated to the assets and liabilities based upon their estimated fair value at the date of acquisition, as noted below (in thousands): Estimated Fair Cash $ 5,942 Accounts receivable and other current assets 8,174 Property and equipment and other assets 1,029 Goodwill 89,705 Identifiable intangible assets 30,100 Accounts payable and other accrued expenses (2,468 ) Deferred revenue (7,334 ) Deferred tax liability (1,449 ) Total purchase price $ 123,699 The estimated fair value of intangible assets acquired were recorded as follows: Estimated Fair Estimated Useful Developed technology $ 14,300 10 Customer relationships 7,900 10 Non-compete agreements 1,400 4 Indefinite-lived intangible assets: Trademarks and tradenames 6,500 Total $ 30,100 A portion of the purchase price has been allocated to intangible assets and goodwill, respectively, and is reflected in the tables above. The fair value of the assets acquired and liabilities assumed is less than the purchase price, resulting in the recognition of goodwill. The goodwill reflects the value of the synergies we expect to realize and the assembled workforce. The acquisition of Olapic was structured in such a manner that the goodwill is not expected to be deductible for tax purposes. The purchase price has been allocated to the tangible and intangible assets acquired and liabilities assumed based upon the respective estimates of fair value as of the date of the acquisition, which remains preliminary as of March 31, 2017, and using assumptions that the Company’s management believes are reasonable given the information currently available. The Company is in the process of completing its valuation of certain intangible assets, the valuation of the acquired deferred tax assets and liabilities. The final allocation of the purchase price to intangible assets, goodwill, deferred tax assets and liabilities may differ materially from the information presented in these consolidated financial statements. We included revenue of $3.6 million and a net loss of $7.4 million from the acquired Olapic operations within the Company’s consolidated operations for the three months ended March 31, 2017. Pro Forma Results The following table shows unaudited pro forma results of operations as if we had acquired Olapic at the beginning of the period presented (in thousands, except per share amounts): Three Months Ended 2016 Revenue $ 53,003 Net income $ 595 Net income per common share: basic $ 0.01 Net income per common share: diluted $ 0.01 Weighted average number of shares—basic 39,122,649 Weighted average number of shares—diluted 39,521,619 The unaudited pro forma results of operations are not necessarily indicative of the actual results that would have occurred had the transactions actually taken place at the beginning of the periods indicated. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements The following table presents our financial assets and liabilities that are carried at fair value, classified according to the three categories described above (in thousands): Fair Value Measurement at March 31, 2017 Total Quoted Prices in Significant Other Significant Assets: Cash equivalents—money market funds $ 10,488 $ 10,488 $ — $ — Cash equivalents—commercial paper 17,990 — 17,990 — Cash equivalents—corporate bonds 7,758 — 7,758 — Cash equivalents—U.S. government and agency securities 13,990 13,990 — — Total current assets 50,226 24,478 25,748 — Restricted cash equivalents—money market fund 9,000 9,000 — — Restricted cash equivalents—U.S. government and agency security fund 8,974 8,974 — — Total long term assets 17,974 17,974 — — Total assets $ 68,200 $ 42,452 $ 25,748 $ — Fair Value Measurement at December 31, 2016 Total Quoted Prices in Significant Other Significant Assets: Cash equivalents—money market funds $ 16,994 $ 16,994 $ — $ — Cash equivalents—commercial paper 16,989 — 16,989 — Cash equivalents—corporate bonds 4,802 — 4,802 — Cash equivalents—U.S. government and agency securities 11,368 11,368 — — Total current assets 50,153 28,362 21,791 — Restricted cash equivalents—money market fund 9,000 9,000 — — Restricted cash equivalents—U.S. government and agency security fund 8,992 8,992 — — Total long term assets 17,992 17,992 — — Total assets $ 68,145 $ 46,354 $ 21,791 $ — The Company’s recurring fair value measures relate to short-term investments, which are classified as cash equivalents, derivative instruments and from time to time contingent consideration. The fair value of our cash equivalents are either based on quoted prices for similar assets or other observable inputs such as yield curves at commonly quoted intervals and other market corroborated inputs. The fair value of our derivatives is based on quoted market prices from various banking institutions or an independent third-party provider for similar instruments. In determining the fair value, we consider our non-performance risk and that of our counterparties. At March 31, 2017, we had one 30-day forward contract to sell 2.7 million British pounds sterling and purchase $3.4 million that together, had an immaterial fair value; and at December 31, 2016, we had one 30-day forward contract to sell 2.8 million British pounds sterling and purchase $3.4 million that together, had an immaterial fair value. The Company’s non-financial assets and non-financial liabilities subject to non-recurring measurements include goodwill and intangible assets. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 6. Intangible Assets Intangible assets as of March 31, 2017 and December 31, 2016 were as follows (dollar amounts in thousands): Weighted- Average (Years) March 31, 2017 December 31, 2016 Gross Accumulated Net Gross Accumulated Net Customer relationships 10 $ 67,584 $ (51,570 ) $ 16,014 $ 67,502 $ (50,808 ) $ 16,694 Acquired technology 11 68,331 (45,424 ) 22,907 68,228 (44,361 ) 23,867 Non-compete agreements 4 14,460 (12,840 ) 1,620 14,440 (12,655 ) 1,785 Indefinite-lived intangible assets: Trademarks 44,073 — 44,073 43,971 — 43,971 Domain names 4,400 — 4,400 4,400 — 4,400 Total $ 198,848 $ (109,834 ) $ 89,014 $ 198,541 $ (107,824 ) $ 90,717 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | 7. Debt On September 15, 2015, the Company entered into a new credit agreement (the “ New Credit Agreement Credit Facility Borrowings under the Credit Facility bear a variable rate not less than zero based upon, at the Company’s option, either LIBOR or the higher of (i) the prime rate as published in the Wall Street Journal, and (ii) 0.5% plus the overnight federal funds rate, plus in each case, an applicable margin. The applicable margin for LIBOR loans, based on the applicable leverage ratio, is 1.25%, 1.50% or 1.75% per annum, and the applicable margin for base rate loans, based on the applicable leverage ratio, is either 0.25%, 0.50% or 0.75%% per annum. At March 31, 2017, our rate, inclusive of applicable margins, was 2.6% for LIBOR, and at December 31, 2016, our rate, inclusive of applicable margins, was 2.5% for LIBOR. As of March 31, 2017, the maximum leverage ratio permitted was 3.00:1.00 and our leverage ratio was 2.01:1.00 and the minimum fixed charge coverage ratio was 1.25:1.00 and our fixed charge ratio was 5.28:1.00. Failure to comply with these covenants, or the occurrence of an event of default, could permit the Lenders under the New Credit Agreement to declare all amounts borrowed under the New Credit Agreement, together with accrued interest and fees, to be immediately due and payable. In addition, the Credit Facility is secured by a lien on substantially all of the Company’s and its domestic subsidiaries’ tangible and intangible property by a pledge of all of the equity interests of the Company’s direct and indirect domestic subsidiaries and by a pledge by the Company’s domestic subsidiaries of 65% of the equity of their direct foreign subsidiaries, subject to limited exceptions. In addition to other covenants, the New Credit Agreement places limits on the Company and its subsidiaries’ ability to incur debt or liens and engage in sale-leaseback transactions, make loans and investments, incur additional indebtedness, engage in mergers, acquisitions and asset sales, transact with affiliates and alter its business. The Company was in compliance with the covenants under the Credit Facility as of March 31, 2017. |
Defined Benefit Pension Plan
Defined Benefit Pension Plan | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Defined Benefit Pension Plan | 8. Defined Benefit Pension Plan Our German subsidiary maintains an unfunded defined benefit pension plan which covers substantially all employees who joined the company prior to the plan’s closure to new participants in 2006. Participants are entitled to benefits in the form of retirement, disability and surviving dependent pensions. Benefits generally depend on years of service and the salary of the employees. The components of net periodic benefit cost included in the accompanying condensed consolidated statements of operations were as follows (in thousands): Three Months Ended 2017 2016 Service cost $ 22 $ 23 Interest cost 25 30 Amortization 22 13 Net periodic benefit cost $ 69 $ 66 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes A reconciliation of income taxes computed at federal statutory rates to income tax expense is as follows (dollar amounts in thousands): Three Months Ended March 31, 2017 2016 (Benefit) provision for income taxes at statutory rate $ (411 ) 35.0 % $ 2,963 35.0 % State and local income taxes, net of federal tax benefit (20 ) 1.7 % 120 1.4 % Stock based compensation (20 ) 1.7 % 41 0.5 % Foreign rate differential 45 (3.8 )% (101 ) (1.2 )% Research credits 59 (5.0 )% (69 ) (0.8 )% Permanent non-deductible acquisition-related expense (245 ) 20.9 % 161 1.9 % Net shortfall on stock based compensation 471 (40.1 )% — — Other, net 20 (1.8 )% (8 ) (0.1 )% Reported income tax (benefit) provision $ (101 ) 8.6 % $ 3,107 36.7 % As of March 31, 2017, the reserve for uncertain tax positions was approximately $6.6 million. Of this amount, $4.1 million is recorded as a reduction of deferred tax assets and $2.5 million is classified as long term liabilities. |
Net (Loss) Income Per Share
Net (Loss) Income Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net (Loss) Income Per Share | 10. Net (Loss) Income Per Share For the three months ended March 31, 2017, the net (loss) available to common shareholders is divided by the weighted average number of common shares outstanding during the period to calculate diluted earnings per share. For the three months ended March 31, 2017, the assumed exercise of stock options and assumed vesting of restricted stock and restricted stock units were not included in the computation of net (loss) per share as their effect would have been anti-dilutive. For the three months ended March 31, 2016, the two-class method was used in the computation of diluted net income per share, as the result was more dilutive. The following presents a reconciliation of the numerator and denominator used in the calculation of basic net (loss) income per share and a reconciliation of the numerator and denominator used in the calculation of diluted net (loss) income per share (in thousands, except share and per share data): Three Months Ended 2017 2016 Numerator: Net (loss) income, as reported $ (1,075 ) $ 5,358 Less: net (loss) income attributable to participating securities — (140 ) Net (loss) income available to common shareholders—basic $ (1,075 ) $ 5,218 Denominator: Basic: Weighted-average shares of common stock outstanding 41,469,616 40,230,488 Less: weighted-average shares of unvested restricted common stock outstanding (1,993,177 ) (1,107,839 ) Weighted-average number of common shares used in computing basic net (loss) income per common share 39,476,439 39,122,649 Net (loss) income per share applicable to common shareholders—basic $ (0.03 ) $ 0.13 Three Months Ended 2017 2016 Numerator: Net (loss) income available to common shareholders—basic $ (1,075 ) $ 5,218 Add-back: undistributed earnings allocated to unvested shareholders — 26 Less: undistributed earnings reallocated to unvested shareholders — (25 ) Net (loss) income available to common shareholders—diluted $ (1,075 ) $ 5,219 Denominator: Diluted: Weighted-average shares of common stock outstanding 41,469,616 40,230,488 Less: weighted-average shares of unvested restricted common stock outstanding (1,993,177 ) (1,107,839 ) Weighted-average number of common shares issuable upon exercise of outstanding stock options, based on the treasury stock method — 398,970 Weighted-average number of common shares used in computing diluted net (loss) income per common share 39,476,439 39,521,619 Net (loss) income per share applicable to common shareholders—diluted $ (0.03 ) $ 0.13 The following common share equivalents have been excluded from the computation of diluted weighted-average shares outstanding, as their effect would have been anti-dilutive: Three Months Ended 2017 2016 Options 952,422 682,262 Unvested restricted stock 551,499 319,504 Unvested restricted stock units 59,582 12,794 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | 11. Stockholders’ Equity Share repurchases On August 30, 2016, the Company’s Board of Directors approved a share purchase program permitting repurchases of up to $25.0 million of the Company’s outstanding shares of common stock through December 31, 2017. During the quarter ended March 31, 2017, the Company repurchased a total of 27,000 shares of its common stock for an aggregate purchase price of $0.6 million, including brokers’ fees. Intended to offset shareholder dilution, the Company expects to make repurchases periodically, either on the open market or in privately negotiated transactions, subject to availability, as business and market conditions warrant. The share repurchase program does not obligate the Company to acquire any particular amount of common stock, and the program may be suspended or discontinued at management’s and/or the Board of Director’s discretion. Stock Based Compensation We account for share based compensation in accordance with ASC Topic No. 718, Compensation – Stock Compensation, Three Months Ended 2017 2016 Marketing and selling $ 2,330 $ 1,581 Research and development 1,018 813 General and administrative 1,483 1,384 Total expensed 4,831 3,778 Property and equipment 22 — Total share based compensation $ 4,853 $ 3,778 In the first quarter of 2017, approximately $22 thousand of share based compensation was capitalized in connection with internal software projects, and this amount is included in property and equipment, net in our condensed consolidated balance sheet. As of March 31, 2017, the Company had $50.2 million of unrecognized compensation expense related to employees and directors unvested stock options and restricted stock awards that are expected to be recognized over a weighted average period of 2.9 years. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | 12. Segment Reporting We view our operations and manage our business as one segment: the development, marketing and licensing of technologies and fonts. Factors used to identify our single segment include the financial information available for evaluation by our chief operating decision maker in making decisions about how to allocate resources and assess performance. While our technologies and services are sold into two principal markets, Creative Professional and OEM, expenses and assets are not formally allocated to these market segments, and operating results are assessed on an aggregate basis to make decisions about the allocation of resources. The following table presents revenue for these two major markets (in thousands): Three Months Ended 2017 2016 Creative Professional $ 27,071 $ 23,915 OEM 25,394 25,927 Total $ 52,465 $ 49,842 Geographic segment information Effective as of January 1, 2017, our presentation of geographic revenue has been changed to better align with how our business operates. As a result, we now report revenue based on the geographic location of our customers, rather than based on the location of our subsidiary receiving such revenue. For example, licenses may be sold to large international companies which may be headquartered in the Republic of Korea, but the sales are received and recorded by our subsidiary located in the United States. Historically, in the table below such revenues would be included in the revenue for the United States, whereas for our new presentation, such revenues would be reported in the Republic of Korea and included in the revenue for Rest of World. Geographic revenue for the three months ended March 31, 2016 has been recast to conform to this presentation. We market our products and services principally through offices in the U.S., United Kingdom, Germany, China, Republic of Korea and Japan. The following table summarizes revenue by customer location (in thousands of dollars, except percentages): Three Months Ended March 31, 2017 2016 Revenue % of Total Revenue % of Total United States $ 23,597 45.0 % $ 20,194 40.5 % Japan 14,461 27.6 13,699 27.5 Europe, Middle East, and Africa (EMEA) 10,860 20.7 11,568 23.2 Rest of the World 3,547 6.7 4,381 8.8 Total $ 52,465 100.0 % $ 49,842 100.0 % Long-lived assets, which include property and equipment, goodwill and intangibles, but exclude other assets, long-term investments and deferred tax assets, are attributed to geographic areas in which Company assets reside and is shown below (in thousands): March 31, 2017 December 31, 2016 Long-lived assets: United States $ 318,461 $ 318,786 United Kingdom 3,870 3,882 Germany 52,648 52,237 Asia (including Japan) 3,474 3,467 Total $ 378,453 $ 378,372 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies Legal Proceedings From time to time, we may be a party to various claims, suits and complaints. We do not believe that there are claims or legal proceedings that, if determined adversely to us, would have a material adverse effect on our business, results of operations or financial condition. Licensing Warranty Under our standard license agreement with OEM customers, we warrant that the licensed technologies are free of infringement claims of intellectual property rights and will meet the specifications as defined in the licensing agreement for a one-year period. Under the licensing agreements, liability for such indemnity obligations is limited, generally to the total arrangement fee; however, exceptions have been made on a case-by-case basis, increasing the maximum potential liability to agreed upon amounts at the time the contract is entered into or unlimited liability. We have never incurred costs payable to a customer or business partner to defend lawsuits or settle claims related to these warranties, and as a result, management believes the estimated fair value of these warranties is minimal. Accordingly, there are no liabilities recorded for these warranties as of March 31, 2017 and December 31, 2016. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events Dividend Declaration On April 27, 2017, the Company’s Board of Directors declared an $0.113 per share quarterly cash dividend on our outstanding common stock. The record date is set for July 3, 2017, and the dividend is payable to shareholders of record on July 21, 2017. Dividends are declared at the discretion of the Company’s Board of Directors and depend on actual cash from operations, the Company’s financial condition and capital requirements and any other factors the Company’s Board of Directors may consider relevant. Future dividend declarations, as well as the record and payment dates for such dividends, will be determined by the Company’s Board of Directors on a quarterly basis. |
Recently Issued Accounting Pr22
Recently Issued Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Adopted Share Based Compensation In March 2016, the Financial Accounting Standards Board, or FASB, issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. Pending Pension Benefits In March 2017, the FASB issued ASU No. 2017-07 Compensation-Retirement Benefits (Topic 715)-Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Goodwill In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment Statement of Cash Flows In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash Leases In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842): Amendments to the FASB Accounting Standards Codification, Revenue Recognition In May 2014, the FASB and the International Accounting Standards Board jointly issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), Revenue from Contracts with Customers (Topic 606): Deferral Date We expect to adopt the standard on January 1, 2018, and at that time, we expect to apply the modified retrospective method of adoption. We have developed an implementation plan to adopt this new guidance. As part of this plan, we are currently assessing the impact of the new guidance on our results of operations. Based on our procedures performed to date, we have identified certain revenue streams, specifically term and royalty-based license agreements, for which the standard could have a material impact; however, further analysis is required and we will continue to evaluate this assessment on a quarterly basis in 2017. Under the current guidance, revenue related to our term license agreements that are bundled with services related performance obligations for which vendor-specific objective evidence (“VSOE”) does not exist is required to be recognized ratably over the term of the agreement. However, under the new guidance, the Company will allocate revenue to each performance obligation in the agreement and each will require separate accounting treatment and lead to accelerated revenue recognition compared with current practice. The license portion will be recognized at the time of delivery and the service revenue will be recognized over time based on the standalone selling prices of each performance obligation. In addition, we have on occasion, offered extended payment terms for term licenses to our customers, including cases in which the license is delivered in full at the beginning of the contract. We currently recognize revenue under such arrangements when the payments become due, based upon the current requirement that the fee be fixed and determinable. However, under the new guidance, revenue related to such arrangements would be accelerated, with revenue related to the license recognized at the time of delivery, less a financing component (interest income) to be recognized over time based on the payment terms. Further, under the new guidance, we will be required to estimate royalty revenue from our royalty-based licenses in the period that the royalty-bearing event occurs, which is different from our current practice of recognizing royalty revenue when it is reported to us by the licensee, at which time the fee is deemed fixed and determinable. The Company is still in the process of evaluating these and its other revenue streams and quantifying the expected impact that the standard will have on its financial statements and related disclosures. |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Number of Employees Joined in Connection with Acquisition | The table below provides the Olapic employees by functional area who joined the Company in connection with the acquisition: Number of Marketing and selling 117 Research and development 68 General and administration 13 Total 198 |
Summary of Purchase price Allocated to the Assets and Liabilities | The purchase price was allocated to the assets and liabilities based upon their estimated fair value at the date of acquisition, as noted below (in thousands): Estimated Fair Cash $ 5,942 Accounts receivable and other current assets 8,174 Property and equipment and other assets 1,029 Goodwill 89,705 Identifiable intangible assets 30,100 Accounts payable and other accrued expenses (2,468 ) Deferred revenue (7,334 ) Deferred tax liability (1,449 ) Total purchase price $ 123,699 |
Summary of Estimated Fair Value of Intangible Assets Acquired | The estimated fair value of intangible assets acquired were recorded as follows: Estimated Fair Estimated Useful Developed technology $ 14,300 10 Customer relationships 7,900 10 Non-compete agreements 1,400 4 Indefinite-lived intangible assets: Trademarks and tradenames 6,500 Total $ 30,100 |
Summary of Proforma Results of Operations | The following table shows unaudited pro forma results of operations as if we had acquired Olapic at the beginning of the period presented (in thousands, except per share amounts): Three Months Ended 2016 Revenue $ 53,003 Net income $ 595 Net income per common share: basic $ 0.01 Net income per common share: diluted $ 0.01 Weighted average number of shares—basic 39,122,649 Weighted average number of shares—diluted 39,521,619 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value | The following table presents our financial assets and liabilities that are carried at fair value, classified according to the three categories described above (in thousands): Fair Value Measurement at March 31, 2017 Total Quoted Prices in Significant Other Significant Assets: Cash equivalents—money market funds $ 10,488 $ 10,488 $ — $ — Cash equivalents—commercial paper 17,990 — 17,990 — Cash equivalents—corporate bonds 7,758 — 7,758 — Cash equivalents—U.S. government and agency securities 13,990 13,990 — — Total current assets 50,226 24,478 25,748 — Restricted cash equivalents—money market fund 9,000 9,000 — — Restricted cash equivalents—U.S. government and agency security fund 8,974 8,974 — — Total long term assets 17,974 17,974 — — Total assets $ 68,200 $ 42,452 $ 25,748 $ — Fair Value Measurement at December 31, 2016 Total Quoted Prices in Significant Other Significant Assets: Cash equivalents—money market funds $ 16,994 $ 16,994 $ — $ — Cash equivalents—commercial paper 16,989 — 16,989 — Cash equivalents—corporate bonds 4,802 — 4,802 — Cash equivalents—U.S. government and agency securities 11,368 11,368 — — Total current assets 50,153 28,362 21,791 — Restricted cash equivalents—money market fund 9,000 9,000 — — Restricted cash equivalents—U.S. government and agency security fund 8,992 8,992 — — Total long term assets 17,992 17,992 — — Total assets $ 68,145 $ 46,354 $ 21,791 $ — |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible assets as of March 31, 2017 and December 31, 2016 were as follows (dollar amounts in thousands): Weighted- Average (Years) March 31, 2017 December 31, 2016 Gross Accumulated Net Gross Accumulated Net Customer relationships 10 $ 67,584 $ (51,570 ) $ 16,014 $ 67,502 $ (50,808 ) $ 16,694 Acquired technology 11 68,331 (45,424 ) 22,907 68,228 (44,361 ) 23,867 Non-compete agreements 4 14,460 (12,840 ) 1,620 14,440 (12,655 ) 1,785 Indefinite-lived intangible assets: Trademarks 44,073 — 44,073 43,971 — 43,971 Domain names 4,400 — 4,400 4,400 — 4,400 Total $ 198,848 $ (109,834 ) $ 89,014 $ 198,541 $ (107,824 ) $ 90,717 |
Defined Benefit Pension Plan (T
Defined Benefit Pension Plan (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost included in the accompanying condensed consolidated statements of operations were as follows (in thousands): Three Months Ended 2017 2016 Service cost $ 22 $ 23 Interest cost 25 30 Amortization 22 13 Net periodic benefit cost $ 69 $ 66 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Reconciliation Computed at Federal Statutory Rates to Income Tax Expense | A reconciliation of income taxes computed at federal statutory rates to income tax expense is as follows (dollar amounts in thousands): Three Months Ended March 31, 2017 2016 (Benefit) provision for income taxes at statutory rate $ (411 ) 35.0 % $ 2,963 35.0 % State and local income taxes, net of federal tax benefit (20 ) 1.7 % 120 1.4 % Stock based compensation (20 ) 1.7 % 41 0.5 % Foreign rate differential 45 (3.8 )% (101 ) (1.2 )% Research credits 59 (5.0 )% (69 ) (0.8 )% Permanent non-deductible acquisition-related expense (245 ) 20.9 % 161 1.9 % Net shortfall on stock based compensation 471 (40.1 )% — — Other, net 20 (1.8 )% (8 ) (0.1 )% Reported income tax (benefit) provision $ (101 ) 8.6 % $ 3,107 36.7 % |
Net (Loss) Income Per Share (Ta
Net (Loss) Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following presents a reconciliation of the numerator and denominator used in the calculation of basic net (loss) income per share and a reconciliation of the numerator and denominator used in the calculation of diluted net (loss) income per share (in thousands, except share and per share data): Three Months Ended 2017 2016 Numerator: Net (loss) income, as reported $ (1,075 ) $ 5,358 Less: net (loss) income attributable to participating securities — (140 ) Net (loss) income available to common shareholders—basic $ (1,075 ) $ 5,218 Denominator: Basic: Weighted-average shares of common stock outstanding 41,469,616 40,230,488 Less: weighted-average shares of unvested restricted common stock outstanding (1,993,177 ) (1,107,839 ) Weighted-average number of common shares used in computing basic net (loss) income per common share 39,476,439 39,122,649 Net (loss) income per share applicable to common shareholders—basic $ (0.03 ) $ 0.13 Three Months Ended 2017 2016 Numerator: Net (loss) income available to common shareholders—basic $ (1,075 ) $ 5,218 Add-back: undistributed earnings allocated to unvested shareholders — 26 Less: undistributed earnings reallocated to unvested shareholders — (25 ) Net (loss) income available to common shareholders—diluted $ (1,075 ) $ 5,219 Denominator: Diluted: Weighted-average shares of common stock outstanding 41,469,616 40,230,488 Less: weighted-average shares of unvested restricted common stock outstanding (1,993,177 ) (1,107,839 ) Weighted-average number of common shares issuable upon exercise of outstanding stock options, based on the treasury stock method — 398,970 Weighted-average number of common shares used in computing diluted net (loss) income per common share 39,476,439 39,521,619 Net (loss) income per share applicable to common shareholders—diluted $ (0.03 ) $ 0.13 |
Schedule of Anti-Dilutive Securities Excluded from Computation of Earnings Per Share | The following common share equivalents have been excluded from the computation of diluted weighted-average shares outstanding, as their effect would have been anti-dilutive: Three Months Ended 2017 2016 Options 952,422 682,262 Unvested restricted stock 551,499 319,504 Unvested restricted stock units 59,582 12,794 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Schedule of Share Based Compensation Expense | The following presents the impact of share based compensation expense on our condensed consolidated statements of income (in thousands): Three Months Ended 2017 2016 Marketing and selling $ 2,330 $ 1,581 Research and development 1,018 813 General and administrative 1,483 1,384 Total expensed 4,831 3,778 Property and equipment 22 — Total share based compensation $ 4,853 $ 3,778 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Revenue for Major Markets | The following table presents revenue for these two major markets (in thousands): Three Months Ended 2017 2016 Creative Professional $ 27,071 $ 23,915 OEM 25,394 25,927 Total $ 52,465 $ 49,842 |
Schedule of Revenue by Geographic Segments | The following table summarizes revenue by customer location (in thousands of dollars, except percentages): Three Months Ended March 31, 2017 2016 Revenue % of Total Revenue % of Total United States $ 23,597 45.0 % $ 20,194 40.5 % Japan 14,461 27.6 13,699 27.5 Europe, Middle East, and Africa (EMEA) 10,860 20.7 11,568 23.2 Rest of the World 3,547 6.7 4,381 8.8 Total $ 52,465 100.0 % $ 49,842 100.0 % |
Schedule of Assets by Geographic Segments | Long-lived assets, which include property and equipment, goodwill and intangibles, but exclude other assets, long-term investments and deferred tax assets, are attributed to geographic areas in which Company assets reside and is shown below (in thousands): March 31, 2017 December 31, 2016 Long-lived assets: United States $ 318,461 $ 318,786 United Kingdom 3,870 3,882 Germany 52,648 52,237 Asia (including Japan) 3,474 3,467 Total $ 378,453 $ 378,372 |
Nature of the Business - Additi
Nature of the Business - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017SegmentSubsidiary | |
Nature Of Business [Abstract] | |
Number of business segments | Segment | 1 |
Number of subsidiaries, domestic | 5 |
Number of subsidiaries, foreign | 7 |
Recently Issued Accounting Pr32
Recently Issued Accounting Pronouncements - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Tax expense, differences (shortfalls) in stock compensation deductions | $ 471 |
Accounting Standards Update 2016-09 [Member] | Retained Earnings [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Additional stock based compensation expense, net of tax | $ 600 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ in Thousands | Aug. 09, 2016USD ($)Employees | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) |
Business Acquisition [Line Items] | |||
Revenue | $ 52,465 | $ 49,842 | |
Net loss | (1,075) | 5,358 | |
United States [Member] | |||
Business Acquisition [Line Items] | |||
Revenue | 23,597 | $ 20,194 | |
Olapic, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Total purchase price | $ 123,700 | ||
Business acquisition, cash paid | 13,700 | ||
Business acquisition, line of credit | $ 110,000 | ||
Number of employees joined in connection with the acquisition | Employees | 198 | ||
Revenue | 3,600 | ||
Net loss | 7,400 | ||
Olapic, Inc. [Member] | Founders and Employees [Member] | |||
Business Acquisition [Line Items] | |||
Contingent consideration placed in escrow | $ 9,000 | ||
Contingent consideration | $ 3,000 | ||
Minimum period to recognize compensation expense from escrow deposit | 24 months | ||
Maximum period to recognize compensation expense from escrow deposit | 36 months | ||
Olapic, Inc. [Member] | Founders and Employees [Member] | Restricted Stock Awards and Units [Member] | |||
Business Acquisition [Line Items] | |||
Stock awards issued/issuable upon acquisition | $ 17,100 | ||
Olapic, Inc. [Member] | United States [Member] | |||
Business Acquisition [Line Items] | |||
Number of employees joined in connection with the acquisition | Employees | 74 | ||
Olapic, Inc. [Member] | Argentina [Member] | |||
Business Acquisition [Line Items] | |||
Number of employees joined in connection with the acquisition | Employees | 84 | ||
Olapic, Inc. [Member] | UK and European [Member] | |||
Business Acquisition [Line Items] | |||
Number of employees joined in connection with the acquisition | Employees | 40 |
Acquisitions - Schedule of Numb
Acquisitions - Schedule of Number of Employees Joined in Connection With Acquisition (Detail) - Olapic, Inc. [Member] | Aug. 09, 2016Employees |
Business Acquisition [Line Items] | |
Number of employees joined in connection with the acquisition | 198 |
Marketing and Selling [Member] | |
Business Acquisition [Line Items] | |
Number of employees joined in connection with the acquisition | 117 |
Research and Development [Member] | |
Business Acquisition [Line Items] | |
Number of employees joined in connection with the acquisition | 68 |
General and Administrative [Member] | |
Business Acquisition [Line Items] | |
Number of employees joined in connection with the acquisition | 13 |
Acquisitions - Summary of Purch
Acquisitions - Summary of Purchase price Allocated to the Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Aug. 09, 2016 |
Business Acquisition [Line Items] | |||
Goodwill | $ 274,166 | $ 273,489 | |
Olapic, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Cash | $ 5,942 | ||
Accounts receivable and other current assets | 8,174 | ||
Property and equipment and other assets | 1,029 | ||
Goodwill | 89,705 | ||
Identifiable intangible assets | $ 30,100 | 30,100 | |
Accounts payable and other accrued expenses | (2,468) | ||
Deferred revenue | (7,334) | ||
Deferred tax liability | (1,449) | ||
Total purchase price | $ 123,699 |
Acquisitions - Summary of Estim
Acquisitions - Summary of Estimated Fair Value of Intangible Assets Acquired (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Aug. 09, 2016 | |
Customer Relationships [Member] | ||
Acquired Finite And Indefinite Lived Intangible Asset [Line Items] | ||
Finite-lived intangible assets, estimated useful life | 10 years | |
Non-compete Agreements [Member] | ||
Acquired Finite And Indefinite Lived Intangible Asset [Line Items] | ||
Finite-lived intangible assets, estimated useful life | 4 years | |
Olapic, Inc. [Member] | ||
Acquired Finite And Indefinite Lived Intangible Asset [Line Items] | ||
Total | $ 30,100 | $ 30,100 |
Olapic, Inc. [Member] | Trademarks and Tradenames [Member] | ||
Acquired Finite And Indefinite Lived Intangible Asset [Line Items] | ||
Indefinite-lived intangible assets, estimated fair value at acquisition date | 6,500 | |
Olapic, Inc. [Member] | Developed Technology [Member] | ||
Acquired Finite And Indefinite Lived Intangible Asset [Line Items] | ||
Finite-lived intangible assets, estimated fair value at acquisition date | $ 14,300 | |
Finite-lived intangible assets, estimated useful life | 10 years | |
Olapic, Inc. [Member] | Customer Relationships [Member] | ||
Acquired Finite And Indefinite Lived Intangible Asset [Line Items] | ||
Finite-lived intangible assets, estimated fair value at acquisition date | $ 7,900 | |
Finite-lived intangible assets, estimated useful life | 10 years | |
Olapic, Inc. [Member] | Non-compete Agreements [Member] | ||
Acquired Finite And Indefinite Lived Intangible Asset [Line Items] | ||
Finite-lived intangible assets, estimated fair value at acquisition date | $ 1,400 | |
Finite-lived intangible assets, estimated useful life | 4 years |
Acquisitions - Summary of Profo
Acquisitions - Summary of Proforma Results of Operations (Detail) - Olapic, Inc. [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Business Acquisition [Line Items] | |
Revenue | $ | $ 53,003 |
Net income | $ | $ 595 |
Net income per common share: basic | $ / shares | $ 0.01 |
Net income per common share: diluted | $ / shares | $ 0.01 |
Weighted average number of shares-basic | shares | 39,122,649 |
Weighted average number of shares-diluted | shares | 39,521,619 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 68,200 | $ 68,145 |
Current Asset [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 50,226 | 50,153 |
Current Asset [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 10,488 | 16,994 |
Current Asset [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 17,990 | 16,989 |
Current Asset [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 7,758 | 4,802 |
Current Asset [Member] | U.S. Government and Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 13,990 | 11,368 |
Non Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 17,974 | 17,992 |
Non Current Assets [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash equivalents | 9,000 | 9,000 |
Non Current Assets [Member] | U.S. Government and Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash equivalents | 8,974 | 8,992 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 42,452 | 46,354 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Current Asset [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 24,478 | 28,362 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Current Asset [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 10,488 | 16,994 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Current Asset [Member] | U.S. Government and Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 13,990 | 11,368 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Non Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 17,974 | 17,992 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Non Current Assets [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash equivalents | 9,000 | 9,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Non Current Assets [Member] | U.S. Government and Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash equivalents | 8,974 | 8,992 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 25,748 | 21,791 |
Significant Other Observable Inputs (Level 2) [Member] | Current Asset [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 25,748 | 21,791 |
Significant Other Observable Inputs (Level 2) [Member] | Current Asset [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 17,990 | 16,989 |
Significant Other Observable Inputs (Level 2) [Member] | Current Asset [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 7,758 | $ 4,802 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 3 Months Ended | |||
Mar. 31, 2017USD ($)Contract | Mar. 31, 2017GBP (£)Contract | Dec. 31, 2016USD ($)Contract | Dec. 31, 2016GBP (£)Contract | |
Forward Contract to Sell [Member] | ||||
Derivative [Line Items] | ||||
Forward contract outstanding | £ | £ 2,700,000 | £ 2,800,000 | ||
Forward Contract to Purchase [Member] | ||||
Derivative [Line Items] | ||||
Number of forward contract outstanding | Contract | 1 | 1 | 1 | 1 |
Forward contract outstanding | $ | $ 3,400,000 | $ 3,400,000 | ||
Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Forward contract terms | 30-day forward contract |
Intangible Assets - Intangible
Intangible Assets - Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Customer relationships, Gross Carrying Amount | $ 67,584 | $ 67,502 |
Acquired technology, Gross Carrying Amount | 68,331 | 68,228 |
Non-compete agreements, Gross Carrying Amount | 14,460 | 14,440 |
Indefinite-lived intangible assets: | ||
Gross Carrying Amount | 198,848 | 198,541 |
Accumulated Amortization | (109,834) | (107,824) |
Net Balance | 89,014 | 90,717 |
Trademarks [Member] | ||
Indefinite-lived intangible assets: | ||
Net Balance, Indefinite-Lived Intangible Assets | 44,073 | 43,971 |
Net Balance, Indefinite-Lived Intangible Assets | 44,073 | 43,971 |
Domain Names [Member] | ||
Indefinite-lived intangible assets: | ||
Net Balance, Indefinite-Lived Intangible Assets | 4,400 | 4,400 |
Net Balance, Indefinite-Lived Intangible Assets | $ 4,400 | 4,400 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Weighted-Average Amortization Period (Years) | 10 years | |
Indefinite-lived intangible assets: | ||
Accumulated Amortization | $ (51,570) | (50,808) |
Net Balance, Finite-Lived Intangible Assets | $ 16,014 | 16,694 |
Acquired Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Weighted-Average Amortization Period (Years) | 11 years | |
Indefinite-lived intangible assets: | ||
Accumulated Amortization | $ (45,424) | (44,361) |
Net Balance, Finite-Lived Intangible Assets | $ 22,907 | 23,867 |
Non-compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Weighted-Average Amortization Period (Years) | 4 years | |
Indefinite-lived intangible assets: | ||
Accumulated Amortization | $ (12,840) | (12,655) |
Net Balance, Finite-Lived Intangible Assets | $ 1,620 | $ 1,785 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Sep. 15, 2015 | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||
Revolving line of credit | $ 102,000,000 | $ 105,000,000 | |
Silicon Valley Bank [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
New credit agreement entering date | Sep. 15, 2015 | ||
Maximum increase in secured credit facility | $ 200,000,000 | ||
Interest rate on outstanding borrowings | Borrowings under the Credit Facility bear a variable rate not less than zero based upon, at the Company’s option, either LIBOR or the higher of (i) the prime rate as published in the Wall Street Journal, and (ii) 0.5% plus the overnight federal funds rate, plus in each case, an applicable margin. The applicable margin for LIBOR loans, based on the applicable leverage ratio, is 1.25%, 1.50% or 1.75% per annum, and the applicable margin for base rate loans, based on the applicable leverage ratio, is either 0.25%, 0.50% or 0.75%% per annum. At March 31, 2017, our rate, inclusive of applicable margins, was 2.6% for LIBOR, and at December 31, 2016, our rate, inclusive of applicable margins, was 2.5% for LIBOR. | ||
Secured revolving credit facility, expiration date | Sep. 15, 2020 | ||
Silicon Valley Bank [Member] | Revolving Credit Facility [Member] | LIBOR Rate [Member] | |||
Debt Instrument [Line Items] | |||
Variable interest rate | 2.60% | 2.50% | |
Credit facility basis spread on variable rate LIBOR | 0.50% | ||
Silicon Valley Bank [Member] | Revolving Credit Facility [Member] | New Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Secured revolving credit facility term, years | 5 years | ||
Secured revolving credit facility, current borrowing capacity | $ 150,000,000 | ||
Revolving line of credit | $ 102,000,000 | $ 105,000,000 | |
Secured revolving credit facility, available borrowing capacity | $ 47,500,000 | 44,500,000 | |
Applicable leverage ratio, lower end | 3.00% | ||
Applicable leverage ratio | 1.25% | ||
Percentage of equity interest in direct foreign subsidiaries pledged | 65.00% | ||
Leverage ratio | 2.01% | ||
Fixed charge ratio | 5.28% | ||
Silicon Valley Bank [Member] | Revolving Credit Facility [Member] | New Credit Agreement [Member] | LIBOR Rate [Member] | |||
Debt Instrument [Line Items] | |||
Applicable leverage ratio, lower end | 1.25% | ||
Applicable leverage ratio | 1.50% | ||
Applicable leverage ratio, higher end | 1.75% | ||
Silicon Valley Bank [Member] | Revolving Credit Facility [Member] | New Credit Agreement [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Applicable leverage ratio, lower end | 0.25% | ||
Applicable leverage ratio | 0.50% | ||
Applicable leverage ratio, higher end | 0.75% | ||
Silicon Valley Bank [Member] | Stand-by letter of credit [Member] | New Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Secured revolving credit facility, current borrowing capacity | $ 500,000 | $ 500,000 |
Defined Benefit Pension Plan -
Defined Benefit Pension Plan - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Postemployment Benefits [Abstract] | ||
Service cost | $ 22 | $ 23 |
Interest cost | 25 | 30 |
Amortization | 22 | 13 |
Net periodic benefit cost | $ 69 | $ 66 |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation Computed at Federal Statutory Rates to Income Tax Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
(Benefit) provision for income taxes at statutory rate | $ (411) | $ 2,963 |
State and local income taxes, net of federal tax benefit | (20) | 120 |
Stock based compensation | (20) | 41 |
Foreign rate differential | 45 | (101) |
Research credits | 59 | (69) |
Permanent non-deductible acquisition-related expense | (245) | 161 |
Net shortfall on stock based compensation | 471 | |
Other, net | 20 | (8) |
Reported income tax (benefit) provision | $ (101) | $ 3,107 |
(Benefit) provision for income taxes at statutory rate | 35.00% | 35.00% |
State and local income taxes, net of federal tax benefit | 1.70% | 1.40% |
Stock based compensation | 1.70% | 0.50% |
Foreign rate differential | (3.80%) | (1.20%) |
Research credits | (5.00%) | (0.80%) |
Permanent non-deductible acquisition-related expense | 20.90% | 1.90% |
Net shortfall on stock based compensation | (40.10%) | |
Other, net | (1.80%) | (0.10%) |
Reported income tax (benefit) provision | 8.60% | 36.70% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Millions | Mar. 31, 2017USD ($) |
Income Tax Disclosure [Abstract] | |
Reserve for uncertain tax positions | $ 6.6 |
Uncertain tax position reduction in deferred tax assets | 4.1 |
Uncertain tax positions long term liabilities | $ 2.5 |
Net (Loss) Income Per Share - S
Net (Loss) Income Per Share - Schedule of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Numerator: | ||
Net (loss) income, as reported | $ (1,075) | $ 5,358 |
Less: net (loss) income attributable to participating securities | (140) | |
Net (loss) income available to common shareholders-basic | $ (1,075) | $ 5,218 |
Basic: | ||
Weighted-average shares of common stock outstanding | 41,469,616 | 40,230,488 |
Less: weighted-average shares of unvested restricted common stock outstanding | (1,993,177) | (1,107,839) |
Weighted-average number of common shares used in computing basic net (loss) income per common share | 39,476,439 | 39,122,649 |
Net (loss) income per share applicable to common shareholders-basic | $ (0.03) | $ 0.13 |
Net (loss) income available to common shareholders-basic | $ (1,075) | $ 5,218 |
Add-back: undistributed earnings allocated to unvested shareholders | 26 | |
Less: undistributed earnings reallocated to unvested shareholders | (25) | |
Net (loss) income available to common shareholders-diluted | $ (1,075) | $ 5,219 |
Weighted-average shares of common stock outstanding | 41,469,616 | 40,230,488 |
Less: weighted-average shares of unvested restricted common stock outstanding | (1,993,177) | (1,107,839) |
Weighted-average number of common shares used in computing diluted net (loss) income per common share | 39,476,439 | 39,521,619 |
Net (loss) income per share applicable to common shareholders-diluted | $ (0.03) | $ 0.13 |
Weighted Average [Member] | ||
Basic: | ||
Weighted-average number of common shares issuable upon exercise of outstanding stock options, based on the treasury stock method | 398,970 |
Net (Loss) Income Per Share -46
Net (Loss) Income Per Share - Schedule of Anti-Dilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share | 952,422 | 682,262 |
Unvested Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share | 551,499 | 319,504 |
Unvested Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share | 59,582 | 12,794 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Aug. 30, 2016 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share based compensation, capitalized | $ 22,000 | |
Unrecognized compensation expense | $ 50,200,000 | |
Weighted-average period, years | 2 years 10 months 24 days | |
Share Repurchase Program [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total amount authorized under repurchase program | $ 25,000,000 | |
Number of shares repurchased under stock repurchase program | 27,000 | |
Total common stock aggregate purchase price | $ 600,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Share Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share based compensation, Total expensed | $ 4,831 | $ 3,778 |
Property and equipment | 22 | |
Total share based compensation | 4,853 | 3,778 |
Marketing and Selling [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share based compensation, Total expensed | 2,330 | 1,581 |
Research and Development [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share based compensation, Total expensed | 1,018 | 813 |
General and Administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share based compensation, Total expensed | $ 1,483 | $ 1,384 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017SegmentMarkets | |
Segment Reporting [Abstract] | |
Number of operating segment | Segment | 1 |
Number of major markets, segment reporting | Markets | 2 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Revenue for Major Markets (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Total | $ 52,465 | $ 49,842 |
Creative Professional [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 27,071 | 23,915 |
OEM [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | $ 25,394 | $ 25,927 |
Segment Reporting - Schedule 51
Segment Reporting - Schedule of Revenue by Geographic Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Total | $ 52,465 | $ 49,842 |
% of Total | 100.00% | 100.00% |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | $ 23,597 | $ 20,194 |
% of Total | 45.00% | 40.50% |
Japan [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | $ 14,461 | $ 13,699 |
% of Total | 27.60% | 27.50% |
Europe Middle East Africa [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | $ 10,860 | $ 11,568 |
% of Total | 20.70% | 23.20% |
Rest of the World [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | $ 3,547 | $ 4,381 |
% of Total | 6.70% | 8.80% |
Segment Reporting - Schedule 52
Segment Reporting - Schedule of Assets by Geographic Segments (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Long-lived assets: | ||
Total | $ 378,453 | $ 378,372 |
United States [Member] | ||
Long-lived assets: | ||
Total | 318,461 | 318,786 |
United Kingdom [Member] | ||
Long-lived assets: | ||
Total | 3,870 | 3,882 |
Germany [Member] | ||
Long-lived assets: | ||
Total | 52,648 | 52,237 |
Asia (Including Japan) [Member] | ||
Long-lived assets: | ||
Total | $ 3,474 | $ 3,467 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Period of licensing agreement term | 1 year | |
Warranty liabilities | $ 0 | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] | Apr. 27, 2017$ / shares |
Subsequent Event [Line Items] | |
Dividend approved, amount per share | $ 0.113 |
Divedend payable, date declared | Apr. 27, 2017 |
Dividend payable, date of record | Jul. 3, 2017 |
Dividend payable, date to be paid | Jul. 21, 2017 |