Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Synacor, Inc. | ' |
Entity Central Index Key | '0001408278 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 27,339,636 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $34,778 | $41,944 |
Accounts receivable—net of allowance of $25 and $276 | 14,359 | 15,624 |
Deferred income taxes | 1,013 | 1,999 |
Prepaid expenses and other current assets | 2,239 | 1,831 |
Total current assets | 52,389 | 61,398 |
PROPERTY AND EQUIPMENT—Net | 13,244 | 11,043 |
DEFERRED INCOME TAXES, NON-CURRENT | 3,981 | 2,527 |
OTHER LONG-TERM ASSETS | 428 | 543 |
GOODWILL | 819 | 819 |
CONVERTIBLE PROMISSORY NOTE | 1,000 | 0 |
INVESTMENT IN EQUITY INTEREST | 86 | 0 |
TOTAL ASSETS | 71,947 | 76,330 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 11,696 | 14,204 |
Accrued expenses and other current liabilities | 6,043 | 7,328 |
Current portion of capital lease obligations | 1,914 | 2,127 |
Total current liabilities | 19,653 | 23,659 |
LONG-TERM PORTION OF CAPITAL LEASE OBLIGATIONS | 753 | 1,712 |
OTHER LONG-TERM LIABILITIES | 212 | 148 |
Total liabilities | 20,618 | 25,519 |
COMMITMENTS AND CONTINGENCIES (Note 6) | ' | ' |
STOCKHOLDERS’ EQUITY: | ' | ' |
Preferred stock, $0.01 par value—10,000,000 shares authorized, no shares issued and outstanding at December 31, 2012 and September 30, 2013 | 0 | 0 |
Common stock, $0.01 par value—100,000,000 shares authorized, 27,517,665 issued and 27,198,165 outstanding at December 31, 2012, and 100,000,000 authorized, 27,659,136 issued and 27,339,636 shares outstanding at September 30, 2013 | 277 | 275 |
Treasury stock—at cost, 319,500 shares at December 31, 2012 and September 30, 2013 | -569 | -569 |
Additional paid-in capital | 101,497 | 99,449 |
Accumulated deficit | -49,877 | -48,338 |
Accumulated other comprehensive income (loss) | 1 | -6 |
Total stockholders’ equity | 51,329 | 50,811 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $71,947 | $76,330 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $276 | $25 |
Preferred stock, par value | $0.01 | $0.01 |
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 | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 27,659,136 | 27,517,665 |
Common stock, shares outstanding | 27,339,636 | 27,198,165 |
Treasury stock, shares | 319,500 | 319,500 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
REVENUE | $26,551 | $28,326 | $82,402 | $89,803 |
COSTS AND OPERATING EXPENSES: | ' | ' | ' | ' |
Cost of revenue (exclusive of depreciation shown separately below) | 14,083 | 15,792 | 43,864 | 49,432 |
Research and development (exclusive of depreciation shown separately below) | 7,404 | 6,218 | 21,548 | 18,629 |
Sales and marketing | 2,058 | 2,000 | 6,332 | 6,776 |
General and administrative (exclusive of depreciation shown separately below) | 2,805 | 2,676 | 8,772 | 8,384 |
Depreciation | 1,119 | 981 | 3,387 | 2,696 |
Total costs and operating expenses | 27,469 | 27,667 | 83,903 | 85,917 |
INCOME (LOSS) FROM OPERATIONS | -918 | 659 | -1,501 | 3,886 |
OTHER INCOME (EXPENSE) | -15 | 25 | -30 | 7 |
INTEREST EXPENSE | -39 | -72 | -140 | -208 |
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY INTEREST | -972 | 612 | -1,671 | 3,685 |
(BENEFIT) PROVISION FOR INCOME TAXES | -260 | -40 | -446 | 660 |
LOSS IN EQUITY INTEREST | -120 | 0 | -314 | 0 |
NET INCOME (LOSS) | ($832) | $652 | ($1,539) | $3,025 |
NET INCOME (LOSS) PER SHARE: | ' | ' | ' | ' |
Basic (in dollars per share) | ($0.03) | $0.02 | ($0.06) | $0.13 |
Diluted (in dollars per share) | ($0.03) | $0.02 | ($0.06) | $0.11 |
WEIGHTED AVERAGE SHARES USED TO COMPUTE NET INCOME (LOSS) PER SHARE: | ' | ' | ' | ' |
Basic (in shares) | 27,333,693 | 27,329,106 | 27,293,898 | 23,728,120 |
Diluted (in shares) | 27,333,693 | 30,010,359 | 27,293,898 | 28,765,152 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income (loss) | ($832) | $652 | ($1,539) | $3,025 |
Other comprehensive income: | ' | ' | ' | ' |
Change in foreign currency translation adjustment | 1 | -17 | 7 | -8 |
Comprehensive income (loss) | ($831) | $635 | ($1,532) | $3,017 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | ($1,539) | $3,025 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Depreciation | 3,387 | 2,696 |
Stock-based compensation expense | 1,862 | 1,503 |
Loss on disposal of property and equipment | 0 | 32 |
Deferred income taxes | -468 | 563 |
Loss in equity interest | 314 | 0 |
Change in assets and liabilities, net of effect of acquisition: | ' | ' |
Accounts receivable, net | 1,265 | -57 |
Prepaid expenses and other current assets | -408 | -115 |
Other long-term assets | 115 | 223 |
Accounts payable | -2,586 | 1,048 |
Accrued expenses and other current liabilities | -1,246 | 812 |
Other long-term liabilities | 64 | 101 |
Net cash provided by operating activities | 760 | 9,831 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchases of property and equipment | -4,550 | -2,983 |
Cash paid for business acquisition | -500 | -600 |
Purchases of convertible promissory note | -1,000 | 0 |
Investment in equity interest | -400 | 0 |
Net cash used in investing activities | -6,450 | -3,583 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Repayment on bank financing | 0 | -250 |
Repayments on capital lease obligations | -1,662 | -1,739 |
Proceeds from exercise of common stock options | 179 | 922 |
Proceeds from initial public offering | 0 | 25,364 |
Initial public offering costs | 0 | -2,753 |
Net cash provided by (used in) financing activities | -1,483 | 21,544 |
Effect of exchange rate changes on cash and cash equivalents | 7 | -8 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -7,166 | 27,784 |
CASH AND CASH EQUIVALENTS—Beginning of period | 41,944 | 10,925 |
CASH AND CASH EQUIVALENTS—End of period | 34,778 | 38,709 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' |
Cash paid for interest | 125 | 201 |
Cash paid for income taxes | 138 | 109 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING TRANSACTIONS: | ' | ' |
Property and equipment acquired under capital lease obligations | 490 | 2,484 |
Accrued business acquisition consideration | 0 | 500 |
Accrued property and equipment expenditures | 808 | 616 |
Accrued property and equipment expenditures | $0 | $60 |
The_Company_and_Summary_of_Sig
The Company and Summary of Significant Accounting Policies | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||
The Company and Summary of Significant Accounting Policies | ' | |||||||||||
The Company and Summary of Significant Accounting Policies | ||||||||||||
Synacor, Inc., together with its consolidated subsidiary (collectively, the “Company”), is a leading provider of startpages, TV Everywhere solutions, Identity Management (IDM) and various cloud-based services across multiple devices for cable, satellite, telecom and consumer electronics companies. The Company is also a leading provider of authentication and aggregation solutions for delivery of personalized online content. The Company's technology allows its customers to package a wide array of personalized content and cloud-based services with their high-speed Internet, communications, television and other offerings. The Company's customers offer the Company's services under their own brands on Internet-enabled devices such as PCs, tablets, smartphones and connected TVs. | ||||||||||||
Initial Public Offering — In February 2012, the Company completed its initial public offering whereby 6,818,170 shares of common stock were sold to the public at a price of $5.00 per share. The Company sold 5,454,545 common shares and selling stockholders sold 1,363,625 common shares. The Company received aggregate proceeds of $25,364 from the initial public offering, net of underwriters’ discounts and commissions but before deducting offering expenses of $3,016. | ||||||||||||
In connection with the initial public offering in February 2012, the Board of Directors of the Company approved a 1-for-2 reverse stock split of the Company’s common stock. All common shares, stock options, and per share information presented in these condensed consolidated financial statements reflect the reverse stock split on a retroactive basis for all periods presented. There was no change in the par value of the Company’s common stock. The ratio by which shares of preferred stock were convertible into shares of common stock was adjusted to reflect the effects of the reverse stock split. In addition, in accordance with their rights and consistent with the conversion rates discussed in Note 7, Equity, all shares of the Company’s outstanding preferred stock were converted into common stock upon the closing of the initial public offering. | ||||||||||||
Basis of Presentation — The interim unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and include the accounts of the Company and its wholly-owned subsidiary. Investments in entities in which the Company can exercise significant influence, but does not own a majority equity interest or otherwise have the power to control, are accounted for using the equity method and are included as investments in equity interest on the condensed consolidated balance sheets. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of the Company’s management, the interim unaudited condensed consolidated financial statements include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position for the periods presented. These interim unaudited condensed consolidated financial statements are not necessarily indicative of the results expected for the full fiscal year or for any subsequent period and should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012. | ||||||||||||
Accounting Estimates — The preparation of financial statements in conformity with GAAP in the U.S. requires management to make estimates, judgments and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. Accordingly, actual results may differ from estimated amounts. | ||||||||||||
Concentrations of Risk — As of December 31, 2012 and September 30, 2013, and for the three and nine months ended September 30, 2012 and 2013, the Company had concentrations equal to or exceeding 10% of the Company’s accounts receivable and revenue as follows: | ||||||||||||
Accounts Receivable | ||||||||||||
December 31, | September 30, | |||||||||||
2012 | 2013 | |||||||||||
40 | % | 31 | % | |||||||||
Customer A | N/A | 11 | ||||||||||
Revenue | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||
51 | % | 50 | % | 57 | % | 52 | % | |||||
For the three and nine months ended September 30, 2012 and 2013, the following customers received revenue-share payments equal to or exceeding 10% of the Company’s cost of revenue. The costs represent revenue share paid to them for their supply of Internet traffic on the Company's startpages. | ||||||||||||
Cost of Revenue | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||
Customer A | 19 | % | 24 | % | 20 | % | 21 | % | ||||
Customer B | 16 | 13 | 17 | 13 | ||||||||
Customer C | 13 | 10 | 13 | 11 | ||||||||
Customer D | 12 | 15 | 12 | 13 | ||||||||
Acquisitions — In January 2012, the Company acquired the assets of Carbyn, Inc., or Carbyn, an Ontario, Canada-based company. The assets acquired are principally comprised of mobile device software and technology and other intellectual property, which the Company expects to enhance its efforts in the development of next generation web applications for | ||||||||||||
mobile devices. The aggregate purchase price was up to $1,100 for the acquired assets, of which $600 was paid upon consummation of the acquisition and the remaining $500 was paid in April 2013. In addition, the Company hired seven employees from Carbyn who accepted employment with Synacor Canada, Inc., a wholly-owned subsidiary of the Company. The acquisition and its impact on the consolidated financial statements are not material. The purchase price was allocated to the assets acquired based on their respective fair values as of the acquisition date, with the amount exceeding the fair value recorded as goodwill of $819. | ||||||||||||
In November 2013, the Company acquired the assets of Teknision, Inc., or Teknision, an Ontario, Canada-based company. Teknision has created a development framework that accelerates the production of home screen and other Android applications. The Company expects to leverage the framework to enable a range of customer applications for Android devices. The Company also expects to enhance its presence in mobile and provide a platform for custom Android launchers and intelligent home screens for wireless carriers and consumer electronics companies. The aggregate purchase price is up to $1,005 for the acquired assets, of which $510 was paid upon consummation of the acquisition and the remaining $495 is due in May 2015 unless such amount is offset in satisfaction of certain indemnification obligations of Teknision. In addition, the Company hired eleven employees from Teknision who accepted employment with Synacor Canada, Inc. The acquisition and its impact on the condensed consolidated financial statements are not material. |
Fair_Value_and_Investments
Fair Value and Investments | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value and Investments | ' |
Investments and Fair Value Measurements | |
In July 2013 the Company made a $1,000 investment (in the form of a convertible promissory note) in a privately held Delaware corporation called Blazer and Flip Flops, Inc., or B&FF (doing business as The Experience Engine). B&FF is a professional services company whose principals have experience integrating its customers' systems with their consumers' devices, including smartphones and tablets. | |
The investment in B&FF is considered an available-for-sale security and is reported on the Company’s condensed consolidated balance sheets in long term assets as a convertible promissory note. | |
The provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) 820, Fair Value Measurements and Disclosures, establish a framework for measuring the fair value in accounting principles generally accepted in the U.S. and establish a hierarchy that categorizes and prioritizes the sources to be used to estimate fair value as follows: | |
Level 1 - Level 1 inputs are defined as observable inputs such as quoted prices in active markets. | |
Level 2 - Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). | |
Level 3 - Level 3 inputs are unobservable inputs that reflect the Company’s determination of assumptions that market participants would use in pricing the asset or liability. These inputs are developed based on the best information available, including the Company’s own data. | |
The Company classifies its investment in B&FF within Level 3 because it is valued using unobservable inputs and at September 30, 2013 the estimated fair value is equal to the purchase price of $1,000. |
Property_and_Equipment_Net
Property and Equipment - Net | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property and Equipment - Net | ' | |||||||
Property and Equipment—Net | ||||||||
Property and equipment, net consisted of the following (in thousands): | ||||||||
December 31, | September 30, | |||||||
2012 | 2013 | |||||||
Computer equipment (1) | $ | 17,630 | $ | 18,829 | ||||
Computer software | 3,715 | 4,575 | ||||||
Furniture and fixtures | 1,050 | 1,520 | ||||||
Leasehold improvements | 732 | 968 | ||||||
Work in process (2) | 226 | 2,931 | ||||||
Other | 173 | 173 | ||||||
23,526 | 28,996 | |||||||
Less accumulated depreciation (3) | (12,483 | ) | (15,752 | ) | ||||
Total property and equipment—net | $ | 11,043 | $ | 13,244 | ||||
Notes: | ||||||||
-1 | Includes equipment under capital lease obligations of approximately $5,882 and $4,988 as of December 31, 2012 and September 30, 2013, respectively. | |||||||
-2 | Includes internal-use software development costs of $40 and $2,800 as of December 31, 2012 and September 30, 2013, respectively. | |||||||
-3 | Includes $1,834 and $1,798 of accumulated depreciation of equipment under capital leases as of December 31, 2012 and September 30, 2013, respectively. |
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Expenses and Other Current Liabilities | ' | |||||||
Accrued Expenses and Other Current Liabilities | ||||||||
Accrued expenses and other current liabilities consisted of the following (in thousands): | ||||||||
December 31, | September 30, | |||||||
2012 | 2013 | |||||||
Accrued compensation | $ | 4,265 | $ | 3,160 | ||||
Accrued content fees | 555 | 881 | ||||||
Accrued property and equipment expenditures | 132 | 593 | ||||||
Accrued business acquisition consideration | 500 | — | ||||||
Unearned revenue on contracts | 297 | 437 | ||||||
Other | 1,579 | 972 | ||||||
Total | $ | 7,328 | $ | 6,043 | ||||
Information_About_Segment_and_
Information About Segment and Geographic Areas | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Information About Segment and Geographic Areas | ' | |||||||||||||||
Information About Segment and Geographic Areas | ||||||||||||||||
The Company considers operating segments to be components of the Company in which separate financial information is available that is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The chief operating decision maker for the Company is the Chief Executive Officer. The Chief Executive Officer reviews financial information presented on a total Company basis, accompanied by information about revenue by major service line for purposes of allocating resources and evaluating financial performance. The Company has one business activity and there are no segment managers who are held accountable for operations, operating results or plans for levels or components below the Company level. Accordingly, the Company has determined that it has a single reporting segment and operating unit structure. | ||||||||||||||||
The following table sets forth revenue and long-lived tangible assets by geographic area (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||
Revenue | ||||||||||||||||
United States | $ | 28,152 | $ | 26,386 | $ | 89,307 | $ | 81,883 | ||||||||
United Kingdom | 174 | 165 | 496 | 519 | ||||||||||||
Total revenue | $ | 28,326 | $ | 26,551 | $ | 89,803 | $ | 82,402 | ||||||||
December 31, | September 30, | |||||||||||||||
2012 | 2013 | |||||||||||||||
Long-lived tangible assets | ||||||||||||||||
United States | $ | 10,638 | $ | 12,984 | ||||||||||||
Netherlands | 405 | 260 | ||||||||||||||
Total long-lived tangible assets | $ | 11,043 | $ | 13,244 | ||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
Litigation —From time to time, the Company is a party to legal actions. In the opinion of management, the outcome of these matters is not expected to have a material impact on the consolidated financial statements of the Company. | ||||
Contract Commitments —The Company is obligated to make payments under various contracts with vendors and other business partners, principally for revenue-share and content arrangements. Contract commitments as of September 30, 2013 are summarized as follows (in thousands): | ||||
Year ending December 31: | ||||
2013 (remaining three months) | $ | 1,220 | ||
2014 | 1,419 | |||
2015 | 1,080 | |||
2016 | 1,080 | |||
2017 | 360 | |||
Due after 5 years | — | |||
Total contract commitments | $ | 5,159 | ||
Equity
Equity | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Equity | ' |
Equity | |
Common Stock — Effective on February 15, 2012, the Company’s board of directors and stockholders approved the Fifth Amended and Restated Certificate of Incorporation. The total number of common shares that the Company is authorized to issue is 100 million with a par value of $0.01 per share. | |
Preferred Stock — Effective on February 15, 2012, the Company’s board of directors and stockholders approved the Fifth Amended and Restated Certificate of Incorporation. The total number of preferred shares that the Company is authorized to issue is 10 million with a par value of $0.01 per share. None have been issued to date. | |
Conversion — Prior to the Company's initial public offering, each share of Series A, A-1, B, and C preferred stock was convertible at the option of the holder at any time into common stock. The conversion rate was the quotient obtained by dividing the original issue price of the Series A, A-1, B, or C by the conversion price. Subsequent to the Second Certificate of Amendment to the Fourth Amended and Restated Certificate of Incorporation, the conversion price was adjusted to effect a conversion of one preferred share into one and one-half common shares, as explained in Note 1, The Company and Summary of Significant Accounting Policies. The conversion price was subject to adjustment as set forth in the Restated Certificate of Incorporation for certain dilutive issuances, splits, and combinations, as therein defined. Conversion was automatic upon either the consent of the holders of 66% of the outstanding shares of preferred stock or the effective date of a firm commitment underwritten public offering of the Company’s common stock in which the post-offering valuation on a fully diluted basis was at least $150 million and the proceeds were not less than $25 million. All shares of the Company’s outstanding preferred stock were converted into common stock in February 2012 in connection with the Company’s initial public offering. |
Stockbased_Compensation
Stock-based Compensation | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||
Stock-based Compensation | ' | |||||||||||||||||
Stock-based Compensation | ||||||||||||||||||
The Company recorded $520 and $683 of stock-based compensation expense for the three months ended September 30, 2012 and 2013, respectively. Stock-based compensation expense for the nine months ended September 30, 2012 and 2013, was $1,503 and $1,862, respectively. No income tax deduction is allowed for incentive stock options, or ISOs. Accordingly, no deferred income tax asset is recorded for the expense related to these options. Stock option grants of non-qualified stock options, or NQSOs, result in the creation of a deferred tax asset, which is a temporary difference, until the time that the option is exercised. | ||||||||||||||||||
Total stock-based compensation expense included in the accompanying condensed consolidated statements of operations for the periods presented, is as follows (in thousands): | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||||
Research and development | $ | 146 | $ | 318 | $ | 373 | $ | 860 | ||||||||||
Sales and marketing | 119 | 97 | 292 | 249 | ||||||||||||||
General and administrative | 255 | 268 | 838 | 753 | ||||||||||||||
Total stock-based compensation expense | $ | 520 | $ | 683 | $ | 1,503 | $ | 1,862 | ||||||||||
Stock Option Activity —A summary of the stock option activity for the nine months ended September 30, 2013 is presented below: | ||||||||||||||||||
Number of | Weighted | Aggregate | Weighted Average Remaining Contractual Term (in years) | |||||||||||||||
Stock | Average | Intrinsic Value | ||||||||||||||||
Options | Exercise | (in thousands) | ||||||||||||||||
Price | ||||||||||||||||||
Outstanding—January 1, 2013 | 4,510,807 | $ | 4.06 | |||||||||||||||
Granted | 1,240,750 | 3.57 | ||||||||||||||||
Exercised | (141,471 | ) | 1.26 | |||||||||||||||
Forfeited | (138,198 | ) | 6.83 | |||||||||||||||
Outstanding—September 30, 2013 | 5,471,888 | 3.91 | $ | 1,115 | 7.43 | |||||||||||||
Vested and expected to vest—September 30, 2013 | 5,029,234 | 3.85 | $ | 1,115 | 7.31 | |||||||||||||
Vested and exercisable—September 30, 2013 | 2,520,618 | 3.06 | $ | 1,114 | 5.78 | |||||||||||||
Aggregate intrinsic value represents the difference between the Company’s closing stock price of its common stock and the exercise price of outstanding, in-the-money options. The Company’s closing stock price as reported on the NASDAQ as of September 30, 2013 was $2.58. The total intrinsic value of options exercised was approximately $0 and $186 for the three and nine months ended September 30, 2013, respectively. | ||||||||||||||||||
The per-share fair value of each stock option was determined on the date of grant using the Black-Scholes option pricing model using the following assumptions: | ||||||||||||||||||
Grant Date | Options | Weighted- | Expected | Risk-Free | Expected | Expected | ||||||||||||
Granted | Average | Life of | Interest | Volatility | Dividend | |||||||||||||
Exercise Price | Options | Rate | Yield | |||||||||||||||
(In years) | ||||||||||||||||||
February 3, 2013 | 44,500 | $ | 5.55 | 6.25 | 1.43 | % | 61 | % | — | % | ||||||||
March 11, 2013 | 50,500 | $ | 3.12 | 6.25 | 1.43 | % | 60 | % | — | % | ||||||||
April 29, 2013 | 62,500 | $ | 2.88 | 6.25 | 1.1 | % | 60 | % | — | % | ||||||||
May 16, 2013 | 889,250 | $ | 3.68 | 6.25 | 1.25 | % | 60 | % | — | % | ||||||||
June 17, 2013 | 45,000 | $ | 3.23 | 6.25 | 1.57 | % | 60 | % | — | % | ||||||||
July 26, 2013 | 47,500 | $ | 3.25 | 6.25 | 1.67 | % | 59 | % | — | % | ||||||||
September 16, 2013 | 101,500 | $ | 2.69 | 6.25 | 1.96 | % | 59 | % | — | % | ||||||||
As of September 30, 2013, the unrecognized compensation cost related to non-vested options granted, for which vesting is probable, under the plan was approximately $6,389. This cost is expected to be recognized over a weighted-average period of 2.8 years. The total fair value of shares vested was $668 and $2,066 for the three and nine months ended September 30, 2013, respectively. | ||||||||||||||||||
RSU Activity—A summary of RSU activity for the nine months ended September 30, 2013, is as follows: | ||||||||||||||||||
Number of | Weighted-Average | |||||||||||||||||
Shares | Grant Date Fair | |||||||||||||||||
Value | ||||||||||||||||||
Unvested - January 1, 2013 | 50,000 | $ | 5.82 | |||||||||||||||
Granted | 7,500 | 3.86 | ||||||||||||||||
Released | — | — | ||||||||||||||||
Forfeited | — | — | ||||||||||||||||
Unvested - September 30, 2013 | 57,500 | $ | 5.54 | |||||||||||||||
Expected to vest—September 30, 2013 | 48,875 | $ | 5.54 | |||||||||||||||
As of September 30, 2013, total unrecognized compensation cost, adjusted for estimated forfeitures, related to RSUs was approximately $236, which is expected to be recognized over the next 3.22 years. |
Equity_Investments
Equity Investments | 9 Months Ended |
Sep. 30, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | ' |
Equity Investments | ' |
Investment in Equity Interest | |
In March 2013, the Company entered into a Joint Venture Agreement, pursuant to which it owns 50% of the outstanding common stock and 100% of the preferred shares of Synacor China, Ltd., or the JV Company. In July 2013 the Company provided $400 in initial funding and has agreed to provide up to $1,600 in additional funding to the JV Company over the following two years. Subject to the completion of customary regulatory requirements, the JV Company will, through its wholly foreign-owned subsidiary in the People's Republic of China (the “PRC”), supply authentication and aggregation solutions for the delivery of online content and services to customers in the PRC. | |
The investment in the JV Company is being accounted for using the equity method and is classified as an investment in equity interest on the Company’s condensed consolidated balance sheets. The Company records its share of the results of the JV Company within earnings in equity interest in the condensed consolidated statements of operations. Since acquiring its interest in the JV Company, the company has recorded, in retained earnings, cumulative losses in equity interest of $314. |
Net_Income_Per_Common_Share_Da
Net Income Per Common Share Data | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Net Income (Loss) Per Common Share Data | ' | |||||||||||||||
Net Income (Loss) Per Common Share Data | ||||||||||||||||
Basic net income (loss) per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share is computed using the weighted-average number of common shares and, if dilutive, potential common shares outstanding during the period. The Company’s potential common shares consist of the incremental common shares issuable upon the exercise of stock options, and to a lesser extent, shares issuable upon the release of RSUs. In addition, for the nine months ended September 30, 2012, the potential common shares included the conversion of preferred stock on an as if converted basis prior to the Company's initial public offering in February 2012. The dilutive effect of these potential common shares is reflected in diluted earnings per share by application of the treasury stock method. | ||||||||||||||||
The following table presents the calculation of basic and diluted net income (loss) per share for the three and nine month periods ended September 30, 2012 and 2013 (in thousands, except share and per share amounts): | ||||||||||||||||
Three Months Ended, | Nine Months Ended, | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||
Basic net income (loss) per share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) | $ | 652 | $ | (832 | ) | $ | 3,025 | $ | (1,539 | ) | ||||||
Denominator: | ||||||||||||||||
Weighted-average common shares outstanding | 27,329,106 | 27,333,693 | 23,728,120 | 27,293,898 | ||||||||||||
Basic net income (loss) per share | $ | 0.02 | $ | (0.03 | ) | $ | 0.13 | $ | (0.06 | ) | ||||||
Diluted net income (loss) per share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) | $ | 652 | $ | (832 | ) | $ | 3,025 | $ | (1,539 | ) | ||||||
Denominator: | ||||||||||||||||
Number of shares used in basic calculation | 27,329,106 | 27,333,693 | 23,728,120 | 27,293,898 | ||||||||||||
Add weighted-average effect of dilutive securities: | ||||||||||||||||
Conversion of preferred stock (as if converted basis) | — | — | 2,602,923 | — | ||||||||||||
Employee stock options and RSUs | 2,681,253 | — | 2,434,109 | — | ||||||||||||
Number of shares used in diluted calculation | 30,010,359 | 27,333,693 | 28,765,152 | 27,293,898 | ||||||||||||
Diluted net income (loss) per share | $ | 0.02 | $ | (0.03 | ) | $ | 0.11 | $ | (0.06 | ) | ||||||
The following equivalent shares were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented: | ||||||||||||||||
Three Months Ended, | Nine Months Ended, | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||
Antidilutive equity awards: | ||||||||||||||||
Stock options and RSUs | 132,850 | 5,529,388 | 132,850 | 5,529,388 | ||||||||||||
* * * * * * |
The_Company_and_Summary_of_Sig1
The Company and Summary of Significant Accounting Policies (Policies) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||
Initial Public Offering | ' | |||||||||||
Initial Public Offering — In February 2012, the Company completed its initial public offering whereby 6,818,170 shares of common stock were sold to the public at a price of $5.00 per share. The Company sold 5,454,545 common shares and selling stockholders sold 1,363,625 common shares. The Company received aggregate proceeds of $25,364 from the initial public offering, net of underwriters’ discounts and commissions but before deducting offering expenses of $3,016. | ||||||||||||
In connection with the initial public offering in February 2012, the Board of Directors of the Company approved a 1-for-2 reverse stock split of the Company’s common stock. All common shares, stock options, and per share information presented in these condensed consolidated financial statements reflect the reverse stock split on a retroactive basis for all periods presented. There was no change in the par value of the Company’s common stock. The ratio by which shares of preferred stock were convertible into shares of common stock was adjusted to reflect the effects of the reverse stock split. In addition, in accordance with their rights and consistent with the conversion rates discussed in Note 7, Equity, all shares of the Company’s outstanding preferred stock were converted into common stock upon the closing of the initial public offering. | ||||||||||||
Basis of Presentation | ' | |||||||||||
Basis of Presentation — The interim unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and include the accounts of the Company and its wholly-owned subsidiary. Investments in entities in which the Company can exercise significant influence, but does not own a majority equity interest or otherwise have the power to control, are accounted for using the equity method and are included as investments in equity interest on the condensed consolidated balance sheets. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of the Company’s management, the interim unaudited condensed consolidated financial statements include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position for the periods presented. These interim unaudited condensed consolidated financial statements are not necessarily indicative of the results expected for the full fiscal year or for any subsequent period and should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012. | ||||||||||||
Accounting Estimates | ' | |||||||||||
Accounting Estimates — The preparation of financial statements in conformity with GAAP in the U.S. requires management to make estimates, judgments and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. Accordingly, actual results may differ from estimated amounts. | ||||||||||||
Concentrations of Risk | ' | |||||||||||
Concentrations of Risk — As of December 31, 2012 and September 30, 2013, and for the three and nine months ended September 30, 2012 and 2013, the Company had concentrations equal to or exceeding 10% of the Company’s accounts receivable and revenue as follows: | ||||||||||||
Accounts Receivable | ||||||||||||
December 31, | September 30, | |||||||||||
2012 | 2013 | |||||||||||
40 | % | 31 | % | |||||||||
Customer A | N/A | 11 | ||||||||||
Revenue | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||
51 | % | 50 | % | 57 | % | 52 | % | |||||
For the three and nine months ended September 30, 2012 and 2013, the following customers received revenue-share payments equal to or exceeding 10% of the Company’s cost of revenue. The costs represent revenue share paid to them for their supply of Internet traffic on the Company's startpages. | ||||||||||||
Cost of Revenue | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||
Customer A | 19 | % | 24 | % | 20 | % | 21 | % | ||||
Customer B | 16 | 13 | 17 | 13 | ||||||||
Customer C | 13 | 10 | 13 | 11 | ||||||||
Customer D | 12 | 15 | 12 | 13 | ||||||||
The_Company_and_Summary_of_Sig2
The Company and Summary of Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||
Schedule of concentrations equal to or exceeding 10% of the Company's accounts receivable and revenue | ' | |||||||||||
As of December 31, 2012 and September 30, 2013, and for the three and nine months ended September 30, 2012 and 2013, the Company had concentrations equal to or exceeding 10% of the Company’s accounts receivable and revenue as follows: | ||||||||||||
Accounts Receivable | ||||||||||||
December 31, | September 30, | |||||||||||
2012 | 2013 | |||||||||||
40 | % | 31 | % | |||||||||
Customer A | N/A | 11 | ||||||||||
Revenue | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||
51 | % | 50 | % | 57 | % | 52 | % | |||||
Schedule of platform customers received revenue-share payments equal to or exceeding 10% of the Company's cost of revenue | ' | |||||||||||
For the three and nine months ended September 30, 2012 and 2013, the following customers received revenue-share payments equal to or exceeding 10% of the Company’s cost of revenue. The costs represent revenue share paid to them for their supply of Internet traffic on the Company's startpages. | ||||||||||||
Cost of Revenue | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||
Customer A | 19 | % | 24 | % | 20 | % | 21 | % | ||||
Customer B | 16 | 13 | 17 | 13 | ||||||||
Customer C | 13 | 10 | 13 | 11 | ||||||||
Customer D | 12 | 15 | 12 | 13 | ||||||||
Property_and_Equipment_Net_Tab
Property and Equipment - Net (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Schedule of property and equipment | ' | |||||||
Property and equipment, net consisted of the following (in thousands): | ||||||||
December 31, | September 30, | |||||||
2012 | 2013 | |||||||
Computer equipment (1) | $ | 17,630 | $ | 18,829 | ||||
Computer software | 3,715 | 4,575 | ||||||
Furniture and fixtures | 1,050 | 1,520 | ||||||
Leasehold improvements | 732 | 968 | ||||||
Work in process (2) | 226 | 2,931 | ||||||
Other | 173 | 173 | ||||||
23,526 | 28,996 | |||||||
Less accumulated depreciation (3) | (12,483 | ) | (15,752 | ) | ||||
Total property and equipment—net | $ | 11,043 | $ | 13,244 | ||||
Notes: | ||||||||
-1 | Includes equipment under capital lease obligations of approximately $5,882 and $4,988 as of December 31, 2012 and September 30, 2013, respectively. | |||||||
-2 | Includes internal-use software development costs of $40 and $2,800 as of December 31, 2012 and September 30, 2013, respectively. | |||||||
-3 | Includes $1,834 and $1,798 of accumulated depreciation of equipment under capital leases as of December 31, 2012 and September 30, 2013, respectively. |
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of accrued expenses and other current liabilities | ' | |||||||
Accrued expenses and other current liabilities consisted of the following (in thousands): | ||||||||
December 31, | September 30, | |||||||
2012 | 2013 | |||||||
Accrued compensation | $ | 4,265 | $ | 3,160 | ||||
Accrued content fees | 555 | 881 | ||||||
Accrued property and equipment expenditures | 132 | 593 | ||||||
Accrued business acquisition consideration | 500 | — | ||||||
Unearned revenue on contracts | 297 | 437 | ||||||
Other | 1,579 | 972 | ||||||
Total | $ | 7,328 | $ | 6,043 | ||||
Information_About_Segment_and_1
Information About Segment and Geographic Areas (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of revenue and long-lived tangible assets by geographic area | ' | |||||||||||||||
The following table sets forth revenue and long-lived tangible assets by geographic area (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||
Revenue | ||||||||||||||||
United States | $ | 28,152 | $ | 26,386 | $ | 89,307 | $ | 81,883 | ||||||||
United Kingdom | 174 | 165 | 496 | 519 | ||||||||||||
Total revenue | $ | 28,326 | $ | 26,551 | $ | 89,803 | $ | 82,402 | ||||||||
December 31, | September 30, | |||||||||||||||
2012 | 2013 | |||||||||||||||
Long-lived tangible assets | ||||||||||||||||
United States | $ | 10,638 | $ | 12,984 | ||||||||||||
Netherlands | 405 | 260 | ||||||||||||||
Total long-lived tangible assets | $ | 11,043 | $ | 13,244 | ||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of contract commitments | ' | |||
Contract commitments as of September 30, 2013 are summarized as follows (in thousands): | ||||
Year ending December 31: | ||||
2013 (remaining three months) | $ | 1,220 | ||
2014 | 1,419 | |||
2015 | 1,080 | |||
2016 | 1,080 | |||
2017 | 360 | |||
Due after 5 years | — | |||
Total contract commitments | $ | 5,159 | ||
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||
Schedule of total stock-based compensation expense | ' | |||||||||||||||||
Total stock-based compensation expense included in the accompanying condensed consolidated statements of operations for the periods presented, is as follows (in thousands): | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||||
Research and development | $ | 146 | $ | 318 | $ | 373 | $ | 860 | ||||||||||
Sales and marketing | 119 | 97 | 292 | 249 | ||||||||||||||
General and administrative | 255 | 268 | 838 | 753 | ||||||||||||||
Total stock-based compensation expense | $ | 520 | $ | 683 | $ | 1,503 | $ | 1,862 | ||||||||||
Summary of the status of options granted under all options | ' | |||||||||||||||||
A summary of the stock option activity for the nine months ended September 30, 2013 is presented below: | ||||||||||||||||||
Number of | Weighted | Aggregate | Weighted Average Remaining Contractual Term (in years) | |||||||||||||||
Stock | Average | Intrinsic Value | ||||||||||||||||
Options | Exercise | (in thousands) | ||||||||||||||||
Price | ||||||||||||||||||
Outstanding—January 1, 2013 | 4,510,807 | $ | 4.06 | |||||||||||||||
Granted | 1,240,750 | 3.57 | ||||||||||||||||
Exercised | (141,471 | ) | 1.26 | |||||||||||||||
Forfeited | (138,198 | ) | 6.83 | |||||||||||||||
Outstanding—September 30, 2013 | 5,471,888 | 3.91 | $ | 1,115 | 7.43 | |||||||||||||
Vested and expected to vest—September 30, 2013 | 5,029,234 | 3.85 | $ | 1,115 | 7.31 | |||||||||||||
Vested and exercisable—September 30, 2013 | 2,520,618 | 3.06 | $ | 1,114 | 5.78 | |||||||||||||
Summary of the option grants and assumptions used in the Black-Scholes option pricing model to value the options | ' | |||||||||||||||||
The per-share fair value of each stock option was determined on the date of grant using the Black-Scholes option pricing model using the following assumptions: | ||||||||||||||||||
Grant Date | Options | Weighted- | Expected | Risk-Free | Expected | Expected | ||||||||||||
Granted | Average | Life of | Interest | Volatility | Dividend | |||||||||||||
Exercise Price | Options | Rate | Yield | |||||||||||||||
(In years) | ||||||||||||||||||
February 3, 2013 | 44,500 | $ | 5.55 | 6.25 | 1.43 | % | 61 | % | — | % | ||||||||
March 11, 2013 | 50,500 | $ | 3.12 | 6.25 | 1.43 | % | 60 | % | — | % | ||||||||
April 29, 2013 | 62,500 | $ | 2.88 | 6.25 | 1.1 | % | 60 | % | — | % | ||||||||
May 16, 2013 | 889,250 | $ | 3.68 | 6.25 | 1.25 | % | 60 | % | — | % | ||||||||
June 17, 2013 | 45,000 | $ | 3.23 | 6.25 | 1.57 | % | 60 | % | — | % | ||||||||
July 26, 2013 | 47,500 | $ | 3.25 | 6.25 | 1.67 | % | 59 | % | — | % | ||||||||
September 16, 2013 | 101,500 | $ | 2.69 | 6.25 | 1.96 | % | 59 | % | — | % | ||||||||
Summary of RSU activity | ' | |||||||||||||||||
A summary of RSU activity for the nine months ended September 30, 2013, is as follows: | ||||||||||||||||||
Number of | Weighted-Average | |||||||||||||||||
Shares | Grant Date Fair | |||||||||||||||||
Value | ||||||||||||||||||
Unvested - January 1, 2013 | 50,000 | $ | 5.82 | |||||||||||||||
Granted | 7,500 | 3.86 | ||||||||||||||||
Released | — | — | ||||||||||||||||
Forfeited | — | — | ||||||||||||||||
Unvested - September 30, 2013 | 57,500 | $ | 5.54 | |||||||||||||||
Expected to vest—September 30, 2013 | 48,875 | $ | 5.54 | |||||||||||||||
Net_Income_Loss_Per_Common_Sha
Net Income (Loss) Per Common Share Data (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of basic and diluted net income per share | ' | |||||||||||||||
The following table presents the calculation of basic and diluted net income (loss) per share for the three and nine month periods ended September 30, 2012 and 2013 (in thousands, except share and per share amounts): | ||||||||||||||||
Three Months Ended, | Nine Months Ended, | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||
Basic net income (loss) per share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) | $ | 652 | $ | (832 | ) | $ | 3,025 | $ | (1,539 | ) | ||||||
Denominator: | ||||||||||||||||
Weighted-average common shares outstanding | 27,329,106 | 27,333,693 | 23,728,120 | 27,293,898 | ||||||||||||
Basic net income (loss) per share | $ | 0.02 | $ | (0.03 | ) | $ | 0.13 | $ | (0.06 | ) | ||||||
Diluted net income (loss) per share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) | $ | 652 | $ | (832 | ) | $ | 3,025 | $ | (1,539 | ) | ||||||
Denominator: | ||||||||||||||||
Number of shares used in basic calculation | 27,329,106 | 27,333,693 | 23,728,120 | 27,293,898 | ||||||||||||
Add weighted-average effect of dilutive securities: | ||||||||||||||||
Conversion of preferred stock (as if converted basis) | — | — | 2,602,923 | — | ||||||||||||
Employee stock options and RSUs | 2,681,253 | — | 2,434,109 | — | ||||||||||||
Number of shares used in diluted calculation | 30,010,359 | 27,333,693 | 28,765,152 | 27,293,898 | ||||||||||||
Diluted net income (loss) per share | $ | 0.02 | $ | (0.03 | ) | $ | 0.11 | $ | (0.06 | ) | ||||||
Schedule of equivalent shares that were excluded from the calculation of diluted net income per share because their effect would have been anti-dilutive | ' | |||||||||||||||
The following equivalent shares were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented: | ||||||||||||||||
Three Months Ended, | Nine Months Ended, | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||
Antidilutive equity awards: | ||||||||||||||||
Stock options and RSUs | 132,850 | 5,529,388 | 132,850 | 5,529,388 | ||||||||||||
The_Company_and_Summary_of_Sig3
The Company and Summary of Significant Accounting Policies - Initial Public Offering (Details) (USD $) | 9 Months Ended | 1 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Feb. 29, 2012 |
IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' |
Number of common stock sold to the public | ' | ' | 6,818,170 |
Sale of stock, price per share | ' | ' | $5 |
Shares sold by company | ' | ' | 5,454,545 |
Shares sold by selling stockholders | ' | ' | 1,363,625 |
Proceeds from initial public offering | $0 | $25,364 | $25,364 |
Offering expenses | ' | ' | $3,016 |
Reverse stock split conversion ratio | ' | ' | 0.5 |
The_Company_and_Summary_of_Sig4
The Company and Summary of Significant Accounting Policies - Concentrations of Risk (Details) (Customer Concentration Risk [Member]) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Cost of Revenue [Member] | Cost of Revenue [Member] | Cost of Revenue [Member] | Cost of Revenue [Member] | Cost of Revenue [Member] | Cost of Revenue [Member] | Cost of Revenue [Member] | Cost of Revenue [Member] | Cost of Revenue [Member] | Cost of Revenue [Member] | Cost of Revenue [Member] | Cost of Revenue [Member] | Cost of Revenue [Member] | Cost of Revenue [Member] | Cost of Revenue [Member] | Cost of Revenue [Member] | |
Google [Member] | Google [Member] | Customer A [Member] | Google [Member] | Google [Member] | Google [Member] | Google [Member] | Customer A [Member] | Customer A [Member] | Customer A [Member] | Customer A [Member] | Customer B [Member] | Customer B [Member] | Customer B [Member] | Customer B [Member] | Customer C [Member] | Customer C [Member] | Customer C [Member] | Customer C [Member] | Customer D [Member] | Customer D [Member] | Customer D [Member] | Customer D [Member] | |
Schedule of concentrations equal to or exceeding 10% of the Company's accounts receivable and revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk, percentage | 31.00% | 40.00% | 11.00% | 50.00% | 51.00% | 52.00% | 57.00% | 24.00% | 19.00% | 21.00% | 20.00% | 13.00% | 16.00% | 13.00% | 17.00% | 10.00% | 13.00% | 11.00% | 13.00% | 15.00% | 12.00% | 13.00% | 12.00% |
The_Company_and_Summary_of_Sig5
The Company and Summary of Significant Accounting Policies - Acquisition (Details) (USD $) | 1 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2012 | Nov. 30, 2013 |
Carbyn Inc [Member] | Subsequent Event [Member] | |
person | Teknision, Inc [Member] | |
person | ||
Business Acquisition [Line Items] | ' | ' |
Aggregate purchase price for the acquired assets | $1,100 | $1,005 |
Amount paid upon consummation of the acquisition | 600 | 510 |
Payment remaining | 500 | 495 |
Employees hired from acquiree | 7 | 11 |
Amount exceeding the fair value recorded as goodwill | $819 | ' |
Fair_Value_and_Investments_Det
Fair Value and Investments (Details) (USD $) | 1 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Payments to acquire investment | $1,000 | $1,000 | $0 |
Level 3 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Estimated fair value of convertible promissory note | ' | $1,000 | ' |
Property_and_Equipment_Net_Det
Property and Equipment - Net (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Schedule of property and equipment | ' | ' | ||
Property and equipment-gross | $28,996 | $23,526 | ||
Less accumulated depreciation | -15,752 | [1] | -12,483 | [1] |
Total property and equipment-net | 13,244 | 11,043 | ||
Computer equipment [Member] | ' | ' | ||
Schedule of property and equipment | ' | ' | ||
Property and equipment-gross | 18,829 | [2] | 17,630 | [2] |
Computer software [Member] | ' | ' | ||
Schedule of property and equipment | ' | ' | ||
Property and equipment-gross | 4,575 | 3,715 | ||
Furniture and fixtures [Member] | ' | ' | ||
Schedule of property and equipment | ' | ' | ||
Property and equipment-gross | 1,520 | 1,050 | ||
Leasehold improvements [Member] | ' | ' | ||
Schedule of property and equipment | ' | ' | ||
Property and equipment-gross | 968 | 732 | ||
Work in process [Member] | ' | ' | ||
Schedule of property and equipment | ' | ' | ||
Property and equipment-gross | 2,931 | [3] | 226 | [3] |
Other [Member] | ' | ' | ||
Schedule of property and equipment | ' | ' | ||
Property and equipment-gross | $173 | $173 | ||
[1] | Includes $1,834 and $1,798 of accumulated depreciation of equipment under capital leases as of December 31, 2012 and September 30, 2013, respectively. | |||
[2] | Includes equipment under capital lease obligations of approximately $5,882 and $4,988 as of December 31, 2012 and September 30, 2013, respectively. | |||
[3] | Includes internal-use software development costs of $40 and $2,800 as of December 31, 2012 and September 30, 2013, respectively. |
Property_and_Equipment_Net_Add
Property and Equipment - Net - Additional Disclosures (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Property and Equipment - Net (Textual) [Abstract] | ' | ' | ||
Property and equipment-gross | $28,996 | $23,526 | ||
Accumulated depreciation of equipment under capital leases | 15,752 | [1] | 12,483 | [1] |
Capital lease obligations [Member] | ' | ' | ||
Property and Equipment - Net (Textual) [Abstract] | ' | ' | ||
Accumulated depreciation of equipment under capital leases | 1,798 | 1,834 | ||
Computer equipment [Member] | ' | ' | ||
Property and Equipment - Net (Textual) [Abstract] | ' | ' | ||
Property and equipment-gross | 18,829 | [2] | 17,630 | [2] |
Computer equipment [Member] | Capital lease obligations [Member] | ' | ' | ||
Property and Equipment - Net (Textual) [Abstract] | ' | ' | ||
Property and equipment-gross | 4,988 | 5,882 | ||
Work in process [Member] | ' | ' | ||
Property and Equipment - Net (Textual) [Abstract] | ' | ' | ||
Property and equipment-gross | 2,931 | [3] | 226 | [3] |
Software Development [Member] | ' | ' | ||
Property and Equipment - Net (Textual) [Abstract] | ' | ' | ||
Property and equipment-gross | $2,800 | $40 | ||
[1] | Includes $1,834 and $1,798 of accumulated depreciation of equipment under capital leases as of December 31, 2012 and September 30, 2013, respectively. | |||
[2] | Includes equipment under capital lease obligations of approximately $5,882 and $4,988 as of December 31, 2012 and September 30, 2013, respectively. | |||
[3] | Includes internal-use software development costs of $40 and $2,800 as of December 31, 2012 and September 30, 2013, respectively. |
Accrued_Expenses_and_Other_Cur2
Accrued Expenses and Other Current Liabilities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of accrued expenses and other current liabilities | ' | ' |
Accrued compensation | $3,160 | $4,265 |
Accrued content fees | 881 | 555 |
Accrued property and equipment expenditures | 593 | 132 |
Accrued business acquisition consideration | 0 | 500 |
Unearned revenue on contracts | 437 | 297 |
Other | 972 | 1,579 |
Total | $6,043 | $7,328 |
Information_About_Segment_and_2
Information About Segment and Geographic Areas (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Schedule of revenue and long-lived tangible assets by geographic area | ' | ' | ' | ' | ' |
Revenue | $26,551 | $28,326 | $82,402 | $89,803 | ' |
Long-lived tangible assets | 13,244 | ' | 13,244 | ' | 11,043 |
United States [Member] | ' | ' | ' | ' | ' |
Schedule of revenue and long-lived tangible assets by geographic area | ' | ' | ' | ' | ' |
Revenue | 26,386 | 28,152 | 81,883 | 89,307 | ' |
Long-lived tangible assets | 12,984 | ' | 12,984 | ' | 10,638 |
United Kingdom [Member] | ' | ' | ' | ' | ' |
Schedule of revenue and long-lived tangible assets by geographic area | ' | ' | ' | ' | ' |
Revenue | 165 | 174 | 519 | 496 | ' |
Netherlands [Member] | ' | ' | ' | ' | ' |
Schedule of revenue and long-lived tangible assets by geographic area | ' | ' | ' | ' | ' |
Long-lived tangible assets | $260 | ' | $260 | ' | $405 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Schedule of contract commitments | ' |
2013 (remaining three months) | $1,220 |
2013 | 1,419 |
2014 | 1,080 |
2015 | 1,080 |
2016 | 360 |
Due after 5 years | 0 |
Total contract commitments | $5,159 |
Equity_Details
Equity (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | Feb. 15, 2012 | |
Conversion of Stock | ' | ' | ' |
Conversion price adjustment | 'one preferred share into one and one-half common shares | ' | ' |
Equity (Textual) | ' | ' | ' |
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock, par value | $0.01 | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, par value | $0.01 | $0.01 | $0.01 |
Preferred stock, shares issued | 0 | 0 | ' |
Automatic Conversion of Shares [Member] | ' | ' | ' |
Conversion of Stock | ' | ' | ' |
Percentage of outstanding shares of preferred stockholders required for conversion | 66.00% | ' | ' |
Minimum post-offering valuation on a fully diluted basis required | $150,000,000 | ' | ' |
Minimum proceeds required | $25,000,000 | ' | ' |
Common Stock [Member] | ' | ' | ' |
Conversion of Stock | ' | ' | ' |
Number of common stock shares issued upon conversion of one convertible preferred stock | 1.5 | ' | ' |
Stockbased_Compensation_Alloca
Stock-based Compensation - Allocation of Stock-based Compensation Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of total stock-based compensation expense | ' | ' | ' | ' |
Total stock-based compensation expense | $683 | $520 | $1,862 | $1,503 |
Research and development [Member] | ' | ' | ' | ' |
Schedule of total stock-based compensation expense | ' | ' | ' | ' |
Total stock-based compensation expense | 318 | 146 | 860 | 373 |
Sales and marketing [Member] | ' | ' | ' | ' |
Schedule of total stock-based compensation expense | ' | ' | ' | ' |
Total stock-based compensation expense | 97 | 119 | 249 | 292 |
General and administrative [Member] | ' | ' | ' | ' |
Schedule of total stock-based compensation expense | ' | ' | ' | ' |
Total stock-based compensation expense | $268 | $255 | $753 | $838 |
Stockbased_Compensation_Stock_
Stock-based Compensation - Stock Option Activity (Details) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 |
Summary of the status of options granted under all options | ' |
Outstanding number of stock options beginning balance | 4,510,807 |
Number of stock options granted | 1,240,750 |
Number of stock options exercised | -141,471 |
Number of stock options forfeited | -138,198 |
Outstanding number of stock options ending balance | 5,471,888 |
Outstanding number of stock options expected to vest | 5,029,234 |
Outstanding number of stock options vested and exercisable | 2,520,618 |
Weighted Average Exercise Price | ' |
Outstanding, Weighted Average Exercise Price, Beginning | $4.06 |
Weighted Average Exercise Price Granted | $3.57 |
Weighted Average Exercise Price Exercised | $1.26 |
Weighted Average Exercise Price Forfeited | $6.83 |
Outstanding, Weighted Average Exercise Price, Ending Balance | $3.91 |
Expected to vest, Weighted Average Exercise Price Ending Balance | $3.85 |
Vested and exercisable, Weighted Average Exercise Price Ending Balance | $3.06 |
Aggregate intrinsic value, outstanding | $1,115 |
Aggregate intrinsic value, vested and expected to vest | 1,115 |
Aggregate intrinsic value, vested and exercisable | $1,114 |
Weighted Average Remaining Contractual Term (in years), outstanding | '7 years 5 months 5 days |
Weighted Average Remaining Contractual Term (in years), vested and expected to vest | '7 years 3 months 22 days |
Weighted Average Remaining Contractual Term (in years), vested and exercisable | '5 years 9 months 11 days |
Stockbased_Compensation_Weight
Stock-based Compensation - Weighted Average Assumptions (Details) (Stock options [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
February 3, 2013 [Member] | ' |
Summary of the option grants and assumptions used in the Black-Scholes option pricing model to value the options | ' |
Grant Date | 3-Feb-13 |
Options Granted | 44,500 |
Weighted-Average Fair Value | $5.55 |
Expected Life of Options (In years) | '6 years 3 months |
Risk-Free Interest Rate | 1.43% |
Expected Volatility | 61.00% |
Expected Dividend Yield | 0.00% |
March 11, 2013 [Member] | ' |
Summary of the option grants and assumptions used in the Black-Scholes option pricing model to value the options | ' |
Grant Date | 11-Mar-13 |
Options Granted | 50,500 |
Weighted-Average Fair Value | $3.12 |
Expected Life of Options (In years) | '6 years 3 months |
Risk-Free Interest Rate | 1.43% |
Expected Volatility | 60.00% |
Expected Dividend Yield | 0.00% |
April 29, 2013 [Member] | ' |
Summary of the option grants and assumptions used in the Black-Scholes option pricing model to value the options | ' |
Grant Date | 29-Apr-13 |
Options Granted | 62,500 |
Weighted-Average Fair Value | $2.88 |
Expected Life of Options (In years) | '6 years 3 months |
Risk-Free Interest Rate | 1.10% |
Expected Volatility | 60.00% |
Expected Dividend Yield | 0.00% |
May 16, 2013 [Member] | ' |
Summary of the option grants and assumptions used in the Black-Scholes option pricing model to value the options | ' |
Grant Date | 16-May-13 |
Options Granted | 889,250 |
Weighted-Average Fair Value | $3.68 |
Expected Life of Options (In years) | '6 years 3 months |
Risk-Free Interest Rate | 1.25% |
Expected Volatility | 60.00% |
Expected Dividend Yield | 0.00% |
June 17, 2013 [Member] | ' |
Summary of the option grants and assumptions used in the Black-Scholes option pricing model to value the options | ' |
Grant Date | 17-Jun-13 |
Options Granted | 45,000 |
Weighted-Average Fair Value | $3.23 |
Expected Life of Options (In years) | '6 years 3 months |
Risk-Free Interest Rate | 1.57% |
Expected Volatility | 60.00% |
Expected Dividend Yield | 0.00% |
July 26, 2013 [Member] | ' |
Summary of the option grants and assumptions used in the Black-Scholes option pricing model to value the options | ' |
Grant Date | 26-Jul-13 |
Options Granted | 47,500 |
Weighted-Average Fair Value | $3.25 |
Expected Life of Options (In years) | '6 years 3 months |
Risk-Free Interest Rate | 1.67% |
Expected Volatility | 59.00% |
Expected Dividend Yield | 0.00% |
September 16, 2013 [Member] | ' |
Summary of the option grants and assumptions used in the Black-Scholes option pricing model to value the options | ' |
Grant Date | 16-Sep-13 |
Options Granted | 101,500 |
Weighted-Average Fair Value | $2.69 |
Expected Life of Options (In years) | '6 years 3 months |
Risk-Free Interest Rate | 1.96% |
Expected Volatility | 59.00% |
Expected Dividend Yield | 0.00% |
Stockbased_Compensation_RSU_Ac
Stock-based Compensation - RSU Activity (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Restricted Stock Units (RSUs) [Member] | ' |
Number of Shares | ' |
Unvested - January 1, 2013 | 50,000 |
Granted | 7,500 |
Released | 0 |
Forfeited | 0 |
Unvested - September 30, 2013 | 57,500 |
Expected to vest—September 30, 2013 | 48,875 |
Weighted-Average Grant Date Fair Value | ' |
Unvested - January 1, 2013 | $5.82 |
Granted | $3.86 |
Released | $0 |
Forfeited | $0 |
Unvested - September 30, 2013 | $5.54 |
Expected to vest—September 30, 2013 | $5.54 |
Stockbased_Compensation_Additi
Stock-based Compensation - Additional Disclosures (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $683,000 | $520,000 | $1,862,000 | $1,503,000 |
Tax deduction allowed for incentive stock options | ' | ' | 0 | ' |
Deferred income tax asset for the expense related to options | 0 | ' | 0 | ' |
Closing stock price as reported on the NASDAQ | $2.58 | ' | $2.58 | ' |
Total intrinsic value of options exercised | 0 | ' | 186,000 | ' |
Unrecognized compensation cost related to non-vested options granted | 6,389,000 | ' | 6,389,000 | ' |
Total fair value of shares vested | 668,000 | ' | 2,066,000 | ' |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected weighted-average period to recognize unrecognized compensation cost | ' | ' | '2 years 10 months 2 days | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Unrecognized compensation cost related to RSUs | $236,000 | ' | $236,000 | ' |
Expected weighted-average period to recognize unrecognized compensation cost | ' | ' | '3 years 2 months 19 days | ' |
Equity_Investments_Details
Equity Investments (Details) (Synacor China, Ltd [Member], USD $) | 1 Months Ended | 3 Months Ended |
In Thousands, unless otherwise specified | Jul. 31, 2013 | Sep. 30, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Initial funding | $400 | ' |
Additional funding | 1,600 | ' |
Term of funding (in years) | '2 years | ' |
Cumulative losses in equity interest | ' | $314 |
Common Stock [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Ownership percentage | ' | 50.00% |
Preferred Stock [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Ownership percentage | ' | 100.00% |
Net_Income_Loss_Per_Common_Sha1
Net Income (Loss) Per Common Share Data - Calculation of Basic and Diluted Net Income Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ' | ' | ' | ' |
Net income (loss) | ($832) | $652 | ($1,539) | $3,025 |
Denominator: | ' | ' | ' | ' |
Weighted-average common shares outstanding | 27,333,693 | 27,329,106 | 27,293,898 | 23,728,120 |
Basic net income (loss) per share | ($0.03) | $0.02 | ($0.06) | $0.13 |
Numerator: | ' | ' | ' | ' |
Net income (loss) | ($832) | $652 | ($1,539) | $3,025 |
Denominator: | ' | ' | ' | ' |
Weighted-average common shares outstanding | 27,333,693 | 27,329,106 | 27,293,898 | 23,728,120 |
Add weighted-average effect of dilutive securities | ' | ' | ' | ' |
Conversion of preferred stock (as if converted basis) | 0 | 0 | 0 | 2,602,923 |
Employee stock options and RSUs | 0 | 2,681,253 | 0 | 2,434,109 |
Number of shares used in diluted calculation | 27,333,693 | 30,010,359 | 27,293,898 | 28,765,152 |
Diluted net income (loss) per share | ($0.03) | $0.02 | ($0.06) | $0.11 |
Net_Income_Loss_Per_Common_Sha2
Net Income (Loss) Per Common Share Data - Antidilutive Securities Excluded (Details) (Stock Options and RSUs [Member]) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Stock Options and RSUs [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive equity awards | 5,529,388 | 132,850 | 5,529,388 | 132,850 |