Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 3 Months Ended | ||
Mar. 28, 2015 | 5-May-15 | Jun. 28, 2014 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-Q | ||
Amendment Flag | FALSE | ||
Document Period End Date | 28-Mar-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | Q1 | ||
Trading Symbol | CRCM | ||
Entity Registrant Name | Care.com Inc | ||
Entity Central Index Key | 1412270 | ||
Current Fiscal Year End Date | -14 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 31,957,306 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $0 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $62,745 | $71,881 |
Restricted cash | 492 | 85 |
Accounts receivable | 2,828 | 2,592 |
Unbilled accounts receivable | 3,636 | 3,541 |
Prepaid expenses and other current assets | 8,077 | 7,961 |
Total current assets | 77,778 | 86,060 |
Property and equipment, net | 6,932 | 6,323 |
Intangible assets, net | 7,780 | 8,965 |
Goodwill | 66,536 | 68,685 |
Other non-current assets | 3,030 | 3,071 |
Total assets | 162,056 | 173,104 |
Current liabilities: | ||
Accounts payable | 5,697 | 5,463 |
Accrued expenses and other current liabilities | 13,325 | 12,732 |
Current contingent acquisition consideration | 8,000 | 10,685 |
Deferred revenue | 15,117 | 13,346 |
Total current liabilities | 42,139 | 42,226 |
Contingent acquisition consideration | 7,415 | 7,267 |
Deferred tax liability | 2,587 | 2,119 |
Other non-current liabilities | 3,626 | 3,442 |
Total liabilities | 55,767 | 55,054 |
Contingencies (see note 6) | ||
Stockholders' equity | ||
Common stock, $0.001 par value; 300,000 shares authorized; 31,943 and 31,615 shares issued and outstanding, respectively | 32 | 32 |
Additional paid-in capital | 278,838 | 277,583 |
Accumulated deficit | -171,871 | -159,859 |
Accumulated other comprehensive (loss) income | -710 | 294 |
Total stockholders' equity | 106,289 | 118,050 |
Total liabilities and stockholders' equity | $162,056 | $173,104 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value, in dollars per share | $0.00 | $0.00 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 31,943,000 | 31,943,000 |
Common stock, shares outstanding | 31,615,000 | 31,615,000 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Income Statement [Abstract] | ||
Revenue | $35,120 | $25,271 |
Cost of revenue | 9,548 | 5,771 |
Operating expenses: | ||
Selling and marketing | 21,042 | 20,449 |
Research and development | 5,015 | 4,064 |
General and administrative | 8,501 | 6,232 |
Depreciation and amortization | 1,275 | 1,068 |
Total operating expenses | 35,833 | 31,813 |
Operating loss | -10,261 | -12,313 |
Other expense, net | -1,191 | -2,746 |
Loss before income taxes | -11,452 | -15,059 |
Provision for income taxes | 560 | 485 |
Net loss | -12,012 | -15,544 |
Accretion of preferred stock | 0 | -4 |
Net loss attributable to common stockholders | ($12,012) | ($15,548) |
Net loss per share attributable to common stockholders: | ||
Basic and diluted (in dollars per share) | ($0.38) | ($0.71) |
Weighted-average shares used to compute net loss per share attributable to common stockholders: | ||
Basic and diluted (in shares) | 31,763 | 21,899 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net loss | ($12,012) | ($15,544) |
Other comprehensive income: | ||
Foreign currency translation adjustments | -1,004 | -148 |
Comprehensive loss | ($13,016) | ($15,692) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 |
Cash flows from operating activities | |||
Net loss | ($12,012) | ($15,544) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Stock-based compensation | 938 | 1,099 | |
Depreciation and amortization | 1,497 | 1,261 | |
Deferred taxes | 498 | 415 | |
Contingent consideration expense | 308 | 73 | |
Change in fair value of contingent consideration payable in preferred stock | 0 | 2,258 | |
Change in fair value of stock warrants | 0 | 606 | |
Other non-operating expenses | -56 | 0 | |
Changes in operating assets and liabilities, net of effects from acquisitions: | |||
Restricted cash | -480 | -431 | |
Accounts receivable | -253 | -592 | |
Unbilled accounts receivable | -336 | -560 | |
Prepaid expenses and other current assets | -356 | -203 | |
Other non-current assets | 14 | -3 | |
Accounts payable | 2,513 | 2,142 | |
Accrued expenses and other current liabilities | -296 | 3,266 | |
Deferred revenue | 2,080 | 2,103 | |
Other non-current liabilities | 213 | -13 | |
Net cash used in operating activities | -5,728 | -4,123 | |
Cash flows from investing activities | |||
Purchases of property and equipment | -3,272 | -128 | |
Payments for acquisitions, net of cash acquired | 0 | -489 | |
Cash withheld for purchase consideration | 73 | -86 | |
Net cash used in investing activities | -3,199 | -703 | |
Cash flows from financing activities | |||
Proceeds from initial public offering net of offering costs | 0 | 96,242 | |
Proceeds from the issuance of common stock | 524 | 157 | |
Payments of contingent consideration previously established in purchase accounting | -1,840 | -2,845 | |
Net cash provided by financing activities | -1,316 | 93,554 | |
Effect of exchange rate changes on cash and cash equivalents | 1,107 | -125 | |
Net increase (decrease) in cash and cash equivalents | -9,136 | 88,603 | |
Cash and cash equivalents, beginning of the period | 71,881 | 29,959 | 29,959 |
Cash and cash equivalents, end of the period | 62,745 | 118,562 | 71,881 |
Supplemental disclosure of cash flow activities | |||
Cash paid for taxes | 3 | 9 | |
Supplemental disclosure of non-cash investing and financing activities | |||
Non-cash purchases of property and equipment | 301 | 0 | |
Issuance of preferred and common stock in connection with acquisitions | 4,878 | 2,622 | |
Accretion of preferred stock to redemption value | 0 | 4 | 4 |
Conversion of preferred stock to common stock | 0 | 154,856 | |
Reclassification of warrant liability to additional paid-in capital | 0 | 968 | |
Reclassification of contingent consideration payable in common shares | 0 | 4,878 | |
Unpaid deferred offering costs | $0 | $231 |
Description_of_Business_and_Su
Description of Business and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 28, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Description of Business and Summary of Significant Accounting Policies |
Care.com, Inc. (the “Company”, “we”, “us”, and “our”), a Delaware corporation, was incorporated on October 27, 2006. We are the world’s largest online marketplace for finding and managing family care. Our consumer matching solutions enable families to connect to caregivers and caregiving services in a reliable and easy way and our payment solutions enable families to pay caregivers electronically online or via their mobile device and to manage their household payroll and tax matters with Care.com HomePay. In addition, we serve employers by providing access to our platform to employer-sponsored families and care-related businesses-such as day care centers, nanny agencies and home care agencies-who wish to market their services to our care-seeking families and recruit our caregiver members. We also operate a social commerce service selling curated products designed for families. This service generates revenue through the sale of subscriptions and other products to customers in the United States. | |
Certain Significant Risks and Uncertainties | |
We operate in a dynamic industry and, accordingly, our business is affected by a variety of factors. For example, we believe that unfavorable changes in any of the following areas could have a significant negative effect on our future financial position, results of operations or cash flows: rates of revenue growth; member acquisition costs; member engagement and usage of our new and existing products; our ability to scale and adapt our existing technology and network infrastructure; competition in our market; management of our growth; our acquisitions and investments; our ability to retain qualified employees and key personnel; protection of our brand and intellectual property; protection of customers’ information and privacy concerns; security measures related to our website; our ability to access capital at acceptable terms, among other things. | |
Basis of Presentation | |
The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 27, 2014, filed on March 27, 2015. | |
There have been no material changes in our significant accounting policies for the three months ended March 28, 2015 as compared to the significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended December 27, 2014. Certain immaterial amounts in our December 27, 2014 consolidated financial statements within accrued expenses have been reclassified to be comparable with classifications used in our March 28, 2015 condensed consolidated financial statements. | |
The condensed consolidated balance sheet as of December 27, 2014, included herein was derived from the audited financial statements as of that date, but does not include all disclosures including notes required by GAAP on an annual reporting basis. | |
In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, and are not necessarily indicative of the results of operations to be anticipated for Fiscal 2015 or any future period. | |
Principles of Consolidation | |
The accompanying condensed consolidated financial statements include the accounts of the Company and our wholly owned subsidiaries, after elimination of all intercompany balances and transactions. | |
Fiscal Year-End | |
We operate and report using a 52 or 53 week fiscal year ending on the Saturday in December closest and prior to December 31. Accordingly, our fiscal quarters end on the Saturday that falls closest to the last day of the third month of each quarter. | |
Use of Estimates | |
The preparation of our condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of income and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to accounts receivable and revenue allowances, intangible asset valuations, expected future cash flows used to evaluate the recoverability of long-lived assets, the useful lives of long-lived assets including property and equipment and intangible assets, fair value of stock-based awards, goodwill, income taxes, contingent consideration, and contingencies. We base our estimates of the carrying value of certain assets and liabilities on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, when these carrying values are not readily available from other sources. These estimates are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from the estimates. | |
Subsequent Events Consideration | |
We consider events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence for certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated as required. There were no material recognized subsequent events recorded in the condensed consolidated financial statements as of and for the three months ended March 28, 2015. | |
Recently Issued and Adopted Accounting Pronouncements | |
In February 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update, or ASU, No. 2015-02, "Consolidation (Topic 810)-Amendments to the Consolidation Analysis," which amends the criteria for determining which entities are considered variable interest entities, or VIEs, amends the criteria for determining if a service provider possesses a variable interest in a VIE and ends the deferral granted to investment companies for application of the VIE consolidation model. ASU 2015-02 is effective for annual periods, and interim periods therein, beginning after December 15, 2015. We are currently evaluating the impact the adoption of Topic 810 will have on our financial statements. | |
In January 2015, the FASB issued Accounting Standards Update No. 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items ("ASU 2015-01”), which eliminates the requirement of Extraordinary Items to be separately classified on the income statement. ASU 2015-01 is effective for annual periods ending after December 15, 2015 and for annual and interim periods thereafter. Early application is permitted. The adoption of ASU 2015-01 is not expected to have a material effect on our condensed consolidated financial statements or disclosures. | |
In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. ASU 2014-15 requires management to evaluate, at each annual or interim reporting period, whether there are conditions or events that exist that raise substantial doubt about an entity's ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and earlier application is permitted. The Company is currently evaluating the impact of the adoption of ASU 2014-15, but the adoption is not expected to have a material effect on our consolidated financial statements or disclosures. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for us in our fiscal year 2017. Early application is not permitted. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. The standard permits the use of either the retrospective or cumulative effect transition method. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||||||||||||||
The following table presents information about our assets and liabilities measured at fair value on a recurring basis as of March 28, 2015 and December 27, 2014 and indicates the fair value hierarchy of the valuation techniques we utilized to determine such fair value (in thousands): | ||||||||||||||||||||||||||||||||
March 28, 2015 | December 27, 2014 | |||||||||||||||||||||||||||||||
Fair Value Measurements Using Input Types | Fair Value Measurements Using Input Types | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Money market mutual funds and certificates of deposit | $ | 4,366 | $ | — | $ | — | $ | 4,366 | $ | 15,656 | $ | — | $ | — | $ | 15,656 | ||||||||||||||||
Total assets | $ | 4,366 | $ | — | $ | — | $ | 4,366 | $ | 15,656 | $ | — | $ | — | $ | 15,656 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Contingent acquisition consideration | $ | — | $ | — | $ | 15,415 | $ | 15,415 | $ | — | $ | — | $ | 17,952 | $ | 17,952 | ||||||||||||||||
Total liabilities | $ | — | $ | — | $ | 15,415 | $ | 15,415 | $ | — | $ | — | $ | 17,952 | $ | 17,952 | ||||||||||||||||
The following table sets forth a summary of changes in the fair value of our contingent acquisition consideration which represents recurring measurements that are classified within Level 3 of the fair value hierarchy wherein fair value is estimated using significant unobservable inputs (in thousands): | ||||||||||||||||||||||||||||||||
March 28, 2015 | ||||||||||||||||||||||||||||||||
Contingent Acquisition | ||||||||||||||||||||||||||||||||
Consideration | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 17,952 | ||||||||||||||||||||||||||||||
Contingent consideration liability recorded in connection with Citrus Lane acquisition | — | |||||||||||||||||||||||||||||||
Increase in fair value included in earnings | 308 | |||||||||||||||||||||||||||||||
Reclassification to permanent equity | — | |||||||||||||||||||||||||||||||
Contingent acquisition consideration payments | (2,845 | ) | ||||||||||||||||||||||||||||||
Ending balance | $ | 15,415 | ||||||||||||||||||||||||||||||
Non-Recurring Fair Value Measurements | ||||||||||||||||||||||||||||||||
We re-measure the fair value of certain assets and liabilities upon the occurrence of certain events. Such assets are comprised of long-lived assets, including property and equipment, intangible assets and goodwill. No re-measurement of such assets occurred at March 28, 2015 and December 27, 2014. Other financial instruments not measured or recorded at fair value in the accompanying condensed consolidated balance sheets principally consist of accounts receivable, accounts payable, and accrued liabilities. The estimated fair values of these instruments approximate their carrying values due to their short-term nature. |
Supplemental_Balance_Sheet_Inf
Supplemental Balance Sheet Information | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ||||||||
Supplemental Balance Sheet Information | Supplemental Balance Sheet Information | |||||||
The following table presents the detail of property and equipment, net for the periods presented (in thousands): | ||||||||
March 28, | December 27, | |||||||
2015 | 2014 | |||||||
Computer equipment | $ | 2,603 | $ | 2,476 | ||||
Furniture and fixtures | 1,816 | 1,708 | ||||||
Software | 1,228 | 1,066 | ||||||
Leasehold improvements | 3,736 | 3,137 | ||||||
Total | 9,383 | 8,387 | ||||||
Less accumulated depreciation | (2,451 | ) | (2,064 | ) | ||||
Property and equipment, net | $ | 6,932 | $ | 6,323 | ||||
Depreciation expense for the three months ended March 28, 2015 and March 29, 2014 was $0.4 million and $0.2 million, respectively. | ||||||||
The following table presents the detail of accrued expenses and other current liabilities for the periods presented (in thousands): | ||||||||
March 28, | December 27, | |||||||
2015 | 2014 | |||||||
Payroll and compensation | $ | 3,188 | $ | 2,388 | ||||
Tax-related expense | 1,086 | 843 | ||||||
Marketing expenses | 4,974 | 3,385 | ||||||
Other accrued expenses | 4,077 | 6,116 | ||||||
Total accrued expenses and other current liabilities | $ | 13,325 | $ | 12,732 | ||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 3 Months Ended | |||||||||||||
Mar. 28, 2015 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets | |||||||||||||
The following table presents the change in goodwill for the periods presented (in thousands): | ||||||||||||||
CRCM Businesses, Pre-Citrus Lane | Citrus Lane | Total | ||||||||||||
Balance as of December 27, 2014 | $ | 60,635 | $ | 8,050 | $ | 68,685 | ||||||||
Effect of currency translation | (2,149 | ) | — | (2,149 | ) | |||||||||
Balance as of March 28, 2015 | $ | 58,486 | $ | 8,050 | $ | 66,536 | ||||||||
Total impairment recognized to date | $ | — | $ | 36,227 | $ | 36,227 | ||||||||
The following table presents the detail of intangible assets for the periods presented (dollars in thousands): | ||||||||||||||
Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Weighted-Average Remaining Life (Years) | |||||||||||
28-Mar-15 | ||||||||||||||
Indefinite lived intangibles | $ | 242 | $ | — | $ | 242 | N/A | |||||||
Trademarks and trade names | 5,212 | (3,696 | ) | 1,516 | 5.8 | |||||||||
Proprietary software | 4,737 | (3,307 | ) | 1,430 | 2.3 | |||||||||
Website | 1,150 | (79 | ) | 1,071 | 6.2 | |||||||||
Training materials | 30 | (22 | ) | 8 | 0.8 | |||||||||
Non-compete agreements | 129 | (95 | ) | 34 | 2 | |||||||||
Leasehold interests | 170 | (67 | ) | 103 | 4.1 | |||||||||
Caregiver relationships | 284 | (252 | ) | 32 | 0.5 | |||||||||
Customer relationships | 8,776 | (5,432 | ) | 3,344 | 2.8 | |||||||||
Total | $ | 20,730 | $ | (12,950 | ) | $ | 7,780 | |||||||
27-Dec-14 | ||||||||||||||
Indefinite lived intangibles | $ | 242 | $ | — | $ | 242 | N/A | |||||||
Trademarks and trade names | 5,281 | (3,377 | ) | 1,904 | 5.2 | |||||||||
Proprietary software | 4,942 | (3,351 | ) | 1,591 | 2.5 | |||||||||
Website | 1,150 | (34 | ) | 1,116 | 6.5 | |||||||||
Training materials | 30 | (20 | ) | 10 | 1 | |||||||||
Non-compete agreements | 137 | (94 | ) | 43 | 2 | |||||||||
Leasehold interests | 170 | (61 | ) | 109 | 4.4 | |||||||||
Caregiver relationships | 312 | (252 | ) | 60 | 0.7 | |||||||||
Customer relationships | 8,857 | (4,967 | ) | 3,890 | 2.9 | |||||||||
Total | $ | 21,121 | $ | (12,156 | ) | $ | 8,965 | |||||||
Amortization expense was $1.1 million and $1.1 million for the three months ended March 28, 2015 and March 29, 2014, respectively. Of these amounts, $0.9 million and $0.9 million was classified as a component of depreciation and amortization, and $0.2 million and $0.2 million was classified as a component of cost of revenue in the condensed consolidated statements of operations for the three months ended March 28, 2015 and March 29, 2014, respectively. | ||||||||||||||
As of March 28, 2015, the estimated future amortization expense related to intangible assets for future fiscal years was as follows (in thousands): | ||||||||||||||
2015 remaining | $ | 2,746 | ||||||||||||
2016 | 2,200 | |||||||||||||
2017 | 797 | |||||||||||||
2018 | 452 | |||||||||||||
2019 | 395 | |||||||||||||
Thereafter | 948 | |||||||||||||
Total | $ | 7,538 | ||||||||||||
Contingencies
Contingencies | 3 Months Ended |
Mar. 28, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Contingencies |
Legal matters | |
From time to time, we have or may become party to litigation incident to the ordinary course of business. We assess the likelihood of any adverse judgments or outcomes with respect to these matters and determine loss contingency assessments on a gross basis after assessing the probability of incurrence of a loss and whether a loss is reasonably estimable. In addition, we consider other relevant factors that could impact our ability to reasonably estimate a loss. A determination of the amount of reserves required, if any, for these contingencies is made after analyzing each matter. Our reserve may change in the future due to new developments or changes in strategy in handling these matters. Although the results of litigation and claims cannot be predicted with certainty, we currently believe that the final outcome of all pending matters will not have a material adverse effect on our business, condensed consolidated financial position, results of operations, or cash flows. Regardless of the outcome, litigation can adversely impact us due to defense and settlement costs, diversion of management resources, and other factors. |
Stockholders_Equity
Stockholdersb Equity | 3 Months Ended | ||||||||||||
Mar. 28, 2015 | |||||||||||||
Equity [Abstract] | |||||||||||||
Stockholdersb Equity | Stockholders’ Equity | ||||||||||||
Initial Public Offering (IPO) | |||||||||||||
On January 29, 2014, we closed our IPO in which we sold and issued 6,152,500 shares of common stock, including 802,500 shares of common stock pursuant to the exercise of the underwriters’ option to purchase additional shares, which were sold to the public at a price of $17.00 per share. We received net proceeds of approximately $94.8 million from the IPO, including the exercise of the underwriters’ over-allotment option, net of underwriters’ discounts and commissions, and after deducting offering expenses of approximately $2.4 million. | |||||||||||||
Upon the closing of the IPO, all shares of our outstanding redeemable convertible preferred stock automatically converted into 21,490,656 shares of common stock and our outstanding warrant to purchase redeemable convertible preferred stock automatically converted into a warrant to purchase 40,697 shares of common stock at $1.72 per share, which were subsequently exercised during the three months ended March 29, 2014. | |||||||||||||
Common Stock | |||||||||||||
As of March 28, 2015, we had reserved the following shares of common stock for future issuance in connection with the following (in thousands): | |||||||||||||
March 28, 2015 | |||||||||||||
Contingent consideration payable in common stock | 106 | ||||||||||||
Options issued and outstanding | 3,965 | ||||||||||||
Options available for grant under stock option plans | 4,493 | ||||||||||||
Total | 8,564 | ||||||||||||
Stock-Based Compensation | |||||||||||||
A summary of stock option activity for the three months ended March 28, 2015 was as follows (in thousands for shares and intrinsic value): | |||||||||||||
Number of Shares | Weighted-Average Remaining Contractual Term (Years) | Weighted-Average Exercise Price | Aggregate Intrinsic Value | ||||||||||
Outstanding as of December 27, 2014 | 4,270 | 7.17 | $ | 6.47 | $ | 14,373 | |||||||
Granted | — | — | |||||||||||
Canceled and forfeited | (166 | ) | 6.64 | ||||||||||
Exercised | (138 | ) | 7.76 | ||||||||||
Outstanding as of March 28, 2015 | 3,965 | 7.16 | $ | 6.61 | $ | 11,872 | |||||||
Options vested and exercisable as of March 28, 2015 | 2,445 | 6.35 | $ | 4.5 | $ | 9,943 | |||||||
Options vested and expected to vest as of March 28, 2015 (1) | 3,860 | 7.1 | $ | 6.48 | $ | 11,775 | |||||||
____________________________ | |||||||||||||
(1) Options expected to vest reflect an estimated forfeiture rate | |||||||||||||
Aggregate intrinsic value represents the difference between the closing stock price of our common stock and the exercise price of outstanding, in-the-money options. Our closing stock price as reported on the New York Stock Exchange as of March 28, 2015 was $7.93. The total intrinsic value of options exercised was approximately $0.8 million for the three months ended March 28, 2015. The aggregate fair value of the options that vested during the three months ended March 28, 2015 and March 29, 2014 was $1.1 million and $1.3 million respectively. | |||||||||||||
As of March 28, 2015, total unrecognized compensation cost, adjusted for estimated forfeitures, related to non-vested stock options was approximately $7.2 million, which is expected to be recognized over the next 2.4 years. As of March 28, 2015, we had 4,492,737 shares available for grant under the 2014 Plan. | |||||||||||||
The following table presents the assumptions used to estimate the fair value of options granted during the periods presented: | |||||||||||||
Three Months Ended | |||||||||||||
March 28, | March 29, | ||||||||||||
2015 | 2014 | ||||||||||||
Risk-free interest rate | N/A | 1.85 - 2.88% | |||||||||||
Expected term (years) | N/A | 6.25 | |||||||||||
Volatility | N/A | 47.1 - 47.3% | |||||||||||
Expected dividend yield | N/A | — | |||||||||||
The following table summarizes stock-based compensation in our accompanying condensed consolidated statements of operations (in thousands): | |||||||||||||
Three Months Ended | |||||||||||||
March 28, | March 29, | ||||||||||||
2015 | 2014 | ||||||||||||
Cost of revenue | $ | 48 | $ | 47 | |||||||||
Selling and marketing | 161 | 146 | |||||||||||
Research and development | 82 | 89 | |||||||||||
General and administrative | 647 | 817 | |||||||||||
Total stock-based compensation | $ | 938 | $ | 1,099 | |||||||||
Net_Loss_Per_Share
Net Loss Per Share | 3 Months Ended | |||||
Mar. 28, 2015 | ||||||
Earnings Per Share [Abstract] | ||||||
Net Loss Per Share | Net Loss Per Share | |||||
Basic net loss per share is computed by dividing net loss attributable to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted net loss per share attributable to common shareholders is computed by dividing net loss by the weighted-average number of common shares outstanding during the period and potentially dilutive common stock equivalents, except in cases where the effect of common stock equivalent would be anti-dilutive. Potential common stock equivalents consist of common stock issuable upon exercise of stock options as well as shares issuable under outstanding contingent consideration arrangements. | ||||||
The following equity shares were excluded from the calculation of diluted net loss per share attributable to common stockholders because their effect would have been anti-dilutive for the periods presented (in thousands): | ||||||
Three Months Ended | ||||||
March 28, | March 29, | |||||
2015 | 2014 | |||||
Stock options | 3,966 | 3,963 | ||||
Contingent consideration | 106 | 191 | ||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 28, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
We recorded income tax expense of $0.6 million and $0.5 million for the three months ended March 28, 2015 and March 29, 2014, respectively. The tax provision recorded in the three months ended March 28, 2015 and March 29, 2014 relates to the amortization of HomePay goodwill for tax purposes for which there is no corresponding book deduction and certain state taxes based on operating income that are payable without regard to our tax loss carry forwards. |
Segment_and_Geographical_Infor
Segment and Geographical Information | 3 Months Ended | ||||||||||||
Mar. 28, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment and Geographical Information | Segment and Geographical Information | ||||||||||||
We consider operating segments to be components of the Company in which separate financial information is available that is evaluated regularly by our chief operating decision maker in deciding how to allocate resources and in assessing performance. Our chief operating decision maker is the CEO. The CEO reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, effective for the first quarter of Fiscal 2015, we have determined that we have two operating and reportable segments, CRCM Businesses, Pre-Citrus Lane and Citrus Lane. The descriptions of the resulting reportable segments are included below and all financial information presented herein related to the resulting reportable segments has been presented retrospectively as though these segments existed as of the earliest period presented. | |||||||||||||
CRCM Businesses, Pre-Citrus Lane | |||||||||||||
CRCM Businesses, Pre-Citrus Lane is comprised of consumer matching solutions, which provide families access to caregiver job postings, search features, caregiver profiles and content; consumer payments solutions, which provide families options to manage their financial relationship with their caregiver through the use of household employer payroll and tax services, as well as electronic convenience payments; and our employee offering which provides corporate employers access to a comprehensive suite of products and services that can be offered as an employee benefit. This reportable segment represents an aggregation of operating units within the segment. | |||||||||||||
Citrus Lane | |||||||||||||
Citrus Lane includes sales of merchandise through the sales of curated products designed for families. The majority of sales are made through the sale of subscription discovery boxes, whereby customers prepay to receive monthly shipments of a box containing children’s merchandise. The subscriptions offered to our customers are for one, three, six or twelve month terms. We also offer individual products on an a-la-carte basis through an “add-to-box” and e-commerce shop offerings. “Add-to-box” sales are extra items that customers can add to be shipped with their subscription box or purchased separately from the subscription sales. | |||||||||||||
We measure and evaluate our reportable segments based on segment revenues and segment adjusted EBITDA which is defined as net loss, plus: (1) federal, state and franchise taxes; (2) other expense, net; (3) depreciation and amortization; (4) stock based compensation; (5) accretion of contingent consideration; (6) merger and acquisition related costs; and (7) other unusual or non-cash significant adjustments. | |||||||||||||
The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies (refer to Note 2 of our Annual Report on Form 10-K for the fiscal year ended December 27, 2014). We fully allocate depreciation expense to our two reportable segments. We do not report our assets or capital expenditures by segment as it would not be meaningful. Segment information for the three months ended March 28, 2015 and March 29, 2014 was as follows (in thousands): | |||||||||||||
Three Months Ended | |||||||||||||
March 28, 2015 | |||||||||||||
CRCM Businesses, Pre-Citrus Lane | Citrus Lane | Total | |||||||||||
Revenue | $ | 32,049 | $ | 3,071 | $ | 35,120 | |||||||
Adjusted EBITDA | (5,604 | ) | (1,458 | ) | (7,062 | ) | |||||||
Depreciation and amortization | (1,425 | ) | (72 | ) | (1,497 | ) | |||||||
Stock based compensation | (822 | ) | (116 | ) | (938 | ) | |||||||
Other charges | (194 | ) | (570 | ) | (764 | ) | |||||||
Operating loss | (8,045 | ) | (2,216 | ) | (10,261 | ) | |||||||
Other expense, net | (1,191 | ) | |||||||||||
Loss before income taxes | (11,452 | ) | |||||||||||
Provision for income taxes | 560 | ||||||||||||
Net Loss | (12,012 | ) | |||||||||||
Three Months Ended | |||||||||||||
March 29, 2014 | |||||||||||||
CRCM Businesses, Pre-Citrus Lane | Citrus Lane | Total | |||||||||||
Revenue | $ | 25,271 | $ | — | $ | 25,271 | |||||||
Adjusted EBITDA | (9,649 | ) | — | (9,649 | ) | ||||||||
Depreciation and amortization | (1,261 | ) | — | (1,261 | ) | ||||||||
Stock based compensation | (1,099 | ) | — | (1,099 | ) | ||||||||
Other charges | (304 | ) | — | (304 | ) | ||||||||
Operating loss | (12,313 | ) | — | (12,313 | ) | ||||||||
Other expense, net | (2,746 | ) | |||||||||||
Loss before income taxes | (15,059 | ) | |||||||||||
Provision for income taxes | 485 | ||||||||||||
Net Loss | (15,544 | ) | |||||||||||
Total assets for the CRCM Businesses, Pre-Citrus Lane and Citrus Lane as of March 28, 2015 were $153.2 million and $8.9 million, respectively. Total assets for the CRCM Businesses, Pre-Citrus Lane and Citrus Lane for as of December 27, 2014 were $163.1 million and $10.0 million, respectively. | |||||||||||||
No country outside of the United States provided greater than 10% of our total revenue. Revenue is classified by the major geographic areas in which our customers are located. The following table summarizes total revenue generated by our geographic locations (dollars in thousands): | |||||||||||||
Three Months Ended | |||||||||||||
March 28, | March 29, | ||||||||||||
2015 | 2014 | ||||||||||||
United States | $ | 32,855 | $ | 23,492 | |||||||||
International | 2,265 | 1,779 | |||||||||||
Total revenue | $ | 35,120 | $ | 25,271 | |||||||||
Three Months Ended | |||||||||||||
March 28, | March 29, | ||||||||||||
2015 | 2014 | ||||||||||||
(As a percentage of revenue) | |||||||||||||
United States | 94 | % | 93 | % | |||||||||
International | 6 | % | 7 | % | |||||||||
Total revenue | 100 | % | 100 | % | |||||||||
Our long-lived assets are primarily located in the United States and are not allocated to any specific region. Therefore, geographic information is presented only for total revenue. |
Other_Expense_Net
Other Expense, Net | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Other Income and Expenses [Abstract] | ||||||||
Other Expense, Net | Other Expense, Net | |||||||
Other expense, net consisted of the following (in thousands): | ||||||||
Three Months Ended | ||||||||
March 28, | March 29, | |||||||
2015 | 2014 | |||||||
Interest income | $ | 34 | $ | 20 | ||||
Interest expense | (28 | ) | (7 | ) | ||||
Other expense, net | (1,197 | ) | (2,759 | ) | ||||
Total other expense, net | $ | (1,191 | ) | $ | (2,746 | ) |
Description_of_Business_and_Su1
Description of Business and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 28, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation |
The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 27, 2014, filed on March 27, 2015. | |
There have been no material changes in our significant accounting policies for the three months ended March 28, 2015 as compared to the significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended December 27, 2014. Certain immaterial amounts in our December 27, 2014 consolidated financial statements within accrued expenses have been reclassified to be comparable with classifications used in our March 28, 2015 condensed consolidated financial statements. | |
The condensed consolidated balance sheet as of December 27, 2014, included herein was derived from the audited financial statements as of that date, but does not include all disclosures including notes required by GAAP on an annual reporting basis. | |
In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, and are not necessarily indicative of the results of operations to be anticipated for Fiscal 2015 or any future period. | |
Principles of Consolidation | Principles of Consolidation |
The accompanying condensed consolidated financial statements include the accounts of the Company and our wholly owned subsidiaries, after elimination of all intercompany balances and transactions. | |
Fiscal Year-End | Fiscal Year-End |
We operate and report using a 52 or 53 week fiscal year ending on the Saturday in December closest and prior to December 31. Accordingly, our fiscal quarters end on the Saturday that falls closest to the last day of the third month of each quarter. | |
Use of Estimates | Use of Estimates |
The preparation of our condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of income and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to accounts receivable and revenue allowances, intangible asset valuations, expected future cash flows used to evaluate the recoverability of long-lived assets, the useful lives of long-lived assets including property and equipment and intangible assets, fair value of stock-based awards, goodwill, income taxes, contingent consideration, and contingencies. We base our estimates of the carrying value of certain assets and liabilities on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, when these carrying values are not readily available from other sources. These estimates are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from the estimates. | |
Subsequent Events Consideration | Subsequent Events Consideration |
We consider events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence for certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated as required. There were no material recognized subsequent events recorded in the condensed consolidated financial statements as of and for the three months ended March 28, 2015. | |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued and Adopted Accounting Pronouncements |
In February 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update, or ASU, No. 2015-02, "Consolidation (Topic 810)-Amendments to the Consolidation Analysis," which amends the criteria for determining which entities are considered variable interest entities, or VIEs, amends the criteria for determining if a service provider possesses a variable interest in a VIE and ends the deferral granted to investment companies for application of the VIE consolidation model. ASU 2015-02 is effective for annual periods, and interim periods therein, beginning after December 15, 2015. We are currently evaluating the impact the adoption of Topic 810 will have on our financial statements. | |
In January 2015, the FASB issued Accounting Standards Update No. 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items ("ASU 2015-01”), which eliminates the requirement of Extraordinary Items to be separately classified on the income statement. ASU 2015-01 is effective for annual periods ending after December 15, 2015 and for annual and interim periods thereafter. Early application is permitted. The adoption of ASU 2015-01 is not expected to have a material effect on our condensed consolidated financial statements or disclosures. | |
In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. ASU 2014-15 requires management to evaluate, at each annual or interim reporting period, whether there are conditions or events that exist that raise substantial doubt about an entity's ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and earlier application is permitted. The Company is currently evaluating the impact of the adoption of ASU 2014-15, but the adoption is not expected to have a material effect on our consolidated financial statements or disclosures. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for us in our fiscal year 2017. Early application is not permitted. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. The standard permits the use of either the retrospective or cumulative effect transition method. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents information about our assets and liabilities measured at fair value on a recurring basis as of March 28, 2015 and December 27, 2014 and indicates the fair value hierarchy of the valuation techniques we utilized to determine such fair value (in thousands): | |||||||||||||||||||||||||||||||
March 28, 2015 | December 27, 2014 | |||||||||||||||||||||||||||||||
Fair Value Measurements Using Input Types | Fair Value Measurements Using Input Types | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Money market mutual funds and certificates of deposit | $ | 4,366 | $ | — | $ | — | $ | 4,366 | $ | 15,656 | $ | — | $ | — | $ | 15,656 | ||||||||||||||||
Total assets | $ | 4,366 | $ | — | $ | — | $ | 4,366 | $ | 15,656 | $ | — | $ | — | $ | 15,656 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Contingent acquisition consideration | $ | — | $ | — | $ | 15,415 | $ | 15,415 | $ | — | $ | — | $ | 17,952 | $ | 17,952 | ||||||||||||||||
Total liabilities | $ | — | $ | — | $ | 15,415 | $ | 15,415 | $ | — | $ | — | $ | 17,952 | $ | 17,952 | ||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table sets forth a summary of changes in the fair value of our contingent acquisition consideration which represents recurring measurements that are classified within Level 3 of the fair value hierarchy wherein fair value is estimated using significant unobservable inputs (in thousands): | |||||||||||||||||||||||||||||||
March 28, 2015 | ||||||||||||||||||||||||||||||||
Contingent Acquisition | ||||||||||||||||||||||||||||||||
Consideration | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 17,952 | ||||||||||||||||||||||||||||||
Contingent consideration liability recorded in connection with Citrus Lane acquisition | — | |||||||||||||||||||||||||||||||
Increase in fair value included in earnings | 308 | |||||||||||||||||||||||||||||||
Reclassification to permanent equity | — | |||||||||||||||||||||||||||||||
Contingent acquisition consideration payments | (2,845 | ) | ||||||||||||||||||||||||||||||
Ending balance | $ | 15,415 | ||||||||||||||||||||||||||||||
Supplemental_Balance_Sheet_Inf1
Supplemental Balance Sheet Information (Tables) | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ||||||||
Property, Plant and Equipment, net | The following table presents the detail of property and equipment, net for the periods presented (in thousands): | |||||||
March 28, | December 27, | |||||||
2015 | 2014 | |||||||
Computer equipment | $ | 2,603 | $ | 2,476 | ||||
Furniture and fixtures | 1,816 | 1,708 | ||||||
Software | 1,228 | 1,066 | ||||||
Leasehold improvements | 3,736 | 3,137 | ||||||
Total | 9,383 | 8,387 | ||||||
Less accumulated depreciation | (2,451 | ) | (2,064 | ) | ||||
Property and equipment, net | $ | 6,932 | $ | 6,323 | ||||
Schedule of Accrued Liabilities | The following table presents the detail of accrued expenses and other current liabilities for the periods presented (in thousands): | |||||||
March 28, | December 27, | |||||||
2015 | 2014 | |||||||
Payroll and compensation | $ | 3,188 | $ | 2,388 | ||||
Tax-related expense | 1,086 | 843 | ||||||
Marketing expenses | 4,974 | 3,385 | ||||||
Other accrued expenses | 4,077 | 6,116 | ||||||
Total accrued expenses and other current liabilities | $ | 13,325 | $ | 12,732 | ||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 3 Months Ended | |||||||||||||
Mar. 28, 2015 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||
Schedule of Goodwill | The following table presents the change in goodwill for the periods presented (in thousands): | |||||||||||||
CRCM Businesses, Pre-Citrus Lane | Citrus Lane | Total | ||||||||||||
Balance as of December 27, 2014 | $ | 60,635 | $ | 8,050 | $ | 68,685 | ||||||||
Effect of currency translation | (2,149 | ) | — | (2,149 | ) | |||||||||
Balance as of March 28, 2015 | $ | 58,486 | $ | 8,050 | $ | 66,536 | ||||||||
Total impairment recognized to date | $ | — | $ | 36,227 | $ | 36,227 | ||||||||
Schedule of Finite-Lived Intangible Assets | The following table presents the detail of intangible assets for the periods presented (dollars in thousands): | |||||||||||||
Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Weighted-Average Remaining Life (Years) | |||||||||||
28-Mar-15 | ||||||||||||||
Indefinite lived intangibles | $ | 242 | $ | — | $ | 242 | N/A | |||||||
Trademarks and trade names | 5,212 | (3,696 | ) | 1,516 | 5.8 | |||||||||
Proprietary software | 4,737 | (3,307 | ) | 1,430 | 2.3 | |||||||||
Website | 1,150 | (79 | ) | 1,071 | 6.2 | |||||||||
Training materials | 30 | (22 | ) | 8 | 0.8 | |||||||||
Non-compete agreements | 129 | (95 | ) | 34 | 2 | |||||||||
Leasehold interests | 170 | (67 | ) | 103 | 4.1 | |||||||||
Caregiver relationships | 284 | (252 | ) | 32 | 0.5 | |||||||||
Customer relationships | 8,776 | (5,432 | ) | 3,344 | 2.8 | |||||||||
Total | $ | 20,730 | $ | (12,950 | ) | $ | 7,780 | |||||||
27-Dec-14 | ||||||||||||||
Indefinite lived intangibles | $ | 242 | $ | — | $ | 242 | N/A | |||||||
Trademarks and trade names | 5,281 | (3,377 | ) | 1,904 | 5.2 | |||||||||
Proprietary software | 4,942 | (3,351 | ) | 1,591 | 2.5 | |||||||||
Website | 1,150 | (34 | ) | 1,116 | 6.5 | |||||||||
Training materials | 30 | (20 | ) | 10 | 1 | |||||||||
Non-compete agreements | 137 | (94 | ) | 43 | 2 | |||||||||
Leasehold interests | 170 | (61 | ) | 109 | 4.4 | |||||||||
Caregiver relationships | 312 | (252 | ) | 60 | 0.7 | |||||||||
Customer relationships | 8,857 | (4,967 | ) | 3,890 | 2.9 | |||||||||
Total | $ | 21,121 | $ | (12,156 | ) | $ | 8,965 | |||||||
Schedule of Indefinite-Lived Intangible Assets | The following table presents the detail of intangible assets for the periods presented (dollars in thousands): | |||||||||||||
Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Weighted-Average Remaining Life (Years) | |||||||||||
28-Mar-15 | ||||||||||||||
Indefinite lived intangibles | $ | 242 | $ | — | $ | 242 | N/A | |||||||
Trademarks and trade names | 5,212 | (3,696 | ) | 1,516 | 5.8 | |||||||||
Proprietary software | 4,737 | (3,307 | ) | 1,430 | 2.3 | |||||||||
Website | 1,150 | (79 | ) | 1,071 | 6.2 | |||||||||
Training materials | 30 | (22 | ) | 8 | 0.8 | |||||||||
Non-compete agreements | 129 | (95 | ) | 34 | 2 | |||||||||
Leasehold interests | 170 | (67 | ) | 103 | 4.1 | |||||||||
Caregiver relationships | 284 | (252 | ) | 32 | 0.5 | |||||||||
Customer relationships | 8,776 | (5,432 | ) | 3,344 | 2.8 | |||||||||
Total | $ | 20,730 | $ | (12,950 | ) | $ | 7,780 | |||||||
27-Dec-14 | ||||||||||||||
Indefinite lived intangibles | $ | 242 | $ | — | $ | 242 | N/A | |||||||
Trademarks and trade names | 5,281 | (3,377 | ) | 1,904 | 5.2 | |||||||||
Proprietary software | 4,942 | (3,351 | ) | 1,591 | 2.5 | |||||||||
Website | 1,150 | (34 | ) | 1,116 | 6.5 | |||||||||
Training materials | 30 | (20 | ) | 10 | 1 | |||||||||
Non-compete agreements | 137 | (94 | ) | 43 | 2 | |||||||||
Leasehold interests | 170 | (61 | ) | 109 | 4.4 | |||||||||
Caregiver relationships | 312 | (252 | ) | 60 | 0.7 | |||||||||
Customer relationships | 8,857 | (4,967 | ) | 3,890 | 2.9 | |||||||||
Total | $ | 21,121 | $ | (12,156 | ) | $ | 8,965 | |||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of March 28, 2015, the estimated future amortization expense related to intangible assets for future fiscal years was as follows (in thousands): | |||||||||||||
2015 remaining | $ | 2,746 | ||||||||||||
2016 | 2,200 | |||||||||||||
2017 | 797 | |||||||||||||
2018 | 452 | |||||||||||||
2019 | 395 | |||||||||||||
Thereafter | 948 | |||||||||||||
Total | $ | 7,538 | ||||||||||||
Stockholders_Equity_Tables
Stockholdersb Equity (Tables) | 3 Months Ended | ||||||||||||
Mar. 28, 2015 | |||||||||||||
Equity [Abstract] | |||||||||||||
Schedule of Stock by Class | As of March 28, 2015, we had reserved the following shares of common stock for future issuance in connection with the following (in thousands): | ||||||||||||
March 28, 2015 | |||||||||||||
Contingent consideration payable in common stock | 106 | ||||||||||||
Options issued and outstanding | 3,965 | ||||||||||||
Options available for grant under stock option plans | 4,493 | ||||||||||||
Total | 8,564 | ||||||||||||
Summary of Stock Option Activity | A summary of stock option activity for the three months ended March 28, 2015 was as follows (in thousands for shares and intrinsic value): | ||||||||||||
Number of Shares | Weighted-Average Remaining Contractual Term (Years) | Weighted-Average Exercise Price | Aggregate Intrinsic Value | ||||||||||
Outstanding as of December 27, 2014 | 4,270 | 7.17 | $ | 6.47 | $ | 14,373 | |||||||
Granted | — | — | |||||||||||
Canceled and forfeited | (166 | ) | 6.64 | ||||||||||
Exercised | (138 | ) | 7.76 | ||||||||||
Outstanding as of March 28, 2015 | 3,965 | 7.16 | $ | 6.61 | $ | 11,872 | |||||||
Options vested and exercisable as of March 28, 2015 | 2,445 | 6.35 | $ | 4.5 | $ | 9,943 | |||||||
Options vested and expected to vest as of March 28, 2015 (1) | 3,860 | 7.1 | $ | 6.48 | $ | 11,775 | |||||||
____________________________ | |||||||||||||
(1) Options expected to vest reflect an estimated forfeiture rate | |||||||||||||
Assumptions Used to Estimate Fair Value of Options Granted | The following table presents the assumptions used to estimate the fair value of options granted during the periods presented: | ||||||||||||
Three Months Ended | |||||||||||||
March 28, | March 29, | ||||||||||||
2015 | 2014 | ||||||||||||
Risk-free interest rate | N/A | 1.85 - 2.88% | |||||||||||
Expected term (years) | N/A | 6.25 | |||||||||||
Volatility | N/A | 47.1 - 47.3% | |||||||||||
Expected dividend yield | N/A | — | |||||||||||
Summary of Stock-based Compensation in Accompanying Consolidated Statements of Operations | The following table summarizes stock-based compensation in our accompanying condensed consolidated statements of operations (in thousands): | ||||||||||||
Three Months Ended | |||||||||||||
March 28, | March 29, | ||||||||||||
2015 | 2014 | ||||||||||||
Cost of revenue | $ | 48 | $ | 47 | |||||||||
Selling and marketing | 161 | 146 | |||||||||||
Research and development | 82 | 89 | |||||||||||
General and administrative | 647 | 817 | |||||||||||
Total stock-based compensation | $ | 938 | $ | 1,099 | |||||||||
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 3 Months Ended | |||||
Mar. 28, 2015 | ||||||
Earnings Per Share [Abstract] | ||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following equity shares were excluded from the calculation of diluted net loss per share attributable to common stockholders because their effect would have been anti-dilutive for the periods presented (in thousands): | |||||
Three Months Ended | ||||||
March 28, | March 29, | |||||
2015 | 2014 | |||||
Stock options | 3,966 | 3,963 | ||||
Contingent consideration | 106 | 191 | ||||
Segment_and_Geographical_Infor1
Segment and Geographical Information (Tables) | 3 Months Ended | ||||||||||||
Mar. 28, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Revenue from External Customers by Product Lines | Segment information for the three months ended March 28, 2015 and March 29, 2014 was as follows (in thousands): | ||||||||||||
Three Months Ended | |||||||||||||
March 28, 2015 | |||||||||||||
CRCM Businesses, Pre-Citrus Lane | Citrus Lane | Total | |||||||||||
Revenue | $ | 32,049 | $ | 3,071 | $ | 35,120 | |||||||
Adjusted EBITDA | (5,604 | ) | (1,458 | ) | (7,062 | ) | |||||||
Depreciation and amortization | (1,425 | ) | (72 | ) | (1,497 | ) | |||||||
Stock based compensation | (822 | ) | (116 | ) | (938 | ) | |||||||
Other charges | (194 | ) | (570 | ) | (764 | ) | |||||||
Operating loss | (8,045 | ) | (2,216 | ) | (10,261 | ) | |||||||
Other expense, net | (1,191 | ) | |||||||||||
Loss before income taxes | (11,452 | ) | |||||||||||
Provision for income taxes | 560 | ||||||||||||
Net Loss | (12,012 | ) | |||||||||||
Three Months Ended | |||||||||||||
March 29, 2014 | |||||||||||||
CRCM Businesses, Pre-Citrus Lane | Citrus Lane | Total | |||||||||||
Revenue | $ | 25,271 | $ | — | $ | 25,271 | |||||||
Adjusted EBITDA | (9,649 | ) | — | (9,649 | ) | ||||||||
Depreciation and amortization | (1,261 | ) | — | (1,261 | ) | ||||||||
Stock based compensation | (1,099 | ) | — | (1,099 | ) | ||||||||
Other charges | (304 | ) | — | (304 | ) | ||||||||
Operating loss | (12,313 | ) | — | (12,313 | ) | ||||||||
Other expense, net | (2,746 | ) | |||||||||||
Loss before income taxes | (15,059 | ) | |||||||||||
Provision for income taxes | 485 | ||||||||||||
Net Loss | (15,544 | ) | |||||||||||
Schedule of Revenue by Geographic Location | The following table summarizes total revenue generated by our geographic locations (dollars in thousands): | ||||||||||||
Three Months Ended | |||||||||||||
March 28, | March 29, | ||||||||||||
2015 | 2014 | ||||||||||||
United States | $ | 32,855 | $ | 23,492 | |||||||||
International | 2,265 | 1,779 | |||||||||||
Total revenue | $ | 35,120 | $ | 25,271 | |||||||||
Three Months Ended | |||||||||||||
March 28, | March 29, | ||||||||||||
2015 | 2014 | ||||||||||||
(As a percentage of revenue) | |||||||||||||
United States | 94 | % | 93 | % | |||||||||
International | 6 | % | 7 | % | |||||||||
Total revenue | 100 | % | 100 | % |
Other_Expense_Net_Tables
Other Expense, Net (Tables) | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Other Income and Expenses [Abstract] | ||||||||
Schedule of Other Expense, Net | Other expense, net consisted of the following (in thousands): | |||||||
Three Months Ended | ||||||||
March 28, | March 29, | |||||||
2015 | 2014 | |||||||
Interest income | $ | 34 | $ | 20 | ||||
Interest expense | (28 | ) | (7 | ) | ||||
Other expense, net | (1,197 | ) | (2,759 | ) | ||||
Total other expense, net | $ | (1,191 | ) | $ | (2,746 | ) |
Description_of_Business_and_Su2
Description of Business and Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended |
Mar. 28, 2015 | |
Minimum | |
Entity Information [Line Items] | |
Fiscal period duration | 364 days |
Maximum | |
Entity Information [Line Items] | |
Fiscal period duration | 371 days |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Total assets | $4,366 | $15,656 |
Liabilities: | ||
Total liabilities | 15,415 | 17,952 |
Money Market Funds | ||
Assets: | ||
Money market mutual funds and certificates of deposit | 4,366 | 15,656 |
Level 1 | ||
Assets: | ||
Total assets | 4,366 | 15,656 |
Liabilities: | ||
Total liabilities | 0 | 0 |
Level 1 | Money Market Funds | ||
Assets: | ||
Money market mutual funds and certificates of deposit | 4,366 | 15,656 |
Level 2 | ||
Assets: | ||
Total assets | 0 | 0 |
Liabilities: | ||
Total liabilities | 0 | 0 |
Level 2 | Money Market Funds | ||
Assets: | ||
Money market mutual funds and certificates of deposit | 0 | 0 |
Level 3 | ||
Assets: | ||
Total assets | 0 | 0 |
Liabilities: | ||
Total liabilities | 15,415 | 17,952 |
Level 3 | Money Market Funds | ||
Assets: | ||
Money market mutual funds and certificates of deposit | 0 | 0 |
Contingent acquisition consideration | ||
Liabilities: | ||
Contingent acquisition consideration | 15,415 | 17,952 |
Contingent acquisition consideration | Level 1 | ||
Liabilities: | ||
Contingent acquisition consideration | 0 | 0 |
Contingent acquisition consideration | Level 2 | ||
Liabilities: | ||
Contingent acquisition consideration | 0 | 0 |
Contingent acquisition consideration | Level 3 | ||
Liabilities: | ||
Contingent acquisition consideration | $15,415 | $17,952 |
Fair_Value_Measurements_Contin
Fair Value Measurements - Contingent Consideration - Recurring Measurements Classified as Level 3 (Details) (Contingent Acquisition Consideration, USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 28, 2015 |
Contingent Acquisition Consideration | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | |
Beginning balance | $17,952 |
Contingent consideration liability recorded in connection with Citrus Lane acquisition | 0 |
Increase in fair value included in earnings | 308 |
Reclassification to permanent equity | 0 |
Contingent acquisition consideration payments | -2,845 |
Ending balance | $15,415 |
Supplemental_Balance_Sheet_Inf2
Supplemental Balance Sheet Information - Property, Plant and Equipment, net (Details) (USD $) | 3 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $9,383,000 | $8,387,000 | |
Less accumulated depreciation | -2,451,000 | -2,064,000 | |
Property and equipment, net | 6,932,000 | 6,323,000 | |
Depreciation | 400,000 | 200,000 | |
Computer equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 2,603,000 | 2,476,000 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,816,000 | 1,708,000 | |
Software | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,228,000 | 1,066,000 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $3,736,000 | $3,137,000 |
Supplemental_Balance_Sheet_Inf3
Supplemental Balance Sheet Information - Accrued Expenses and Other Current Liabilities (Details) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ||
Payroll and compensation | $3,188 | $2,388 |
Tax-related expense | 1,086 | 843 |
Marketing expenses | 4,974 | 3,385 |
Other accrued expenses | 4,077 | 6,116 |
Total accrued expenses and other current liabilities | $13,325 | $12,732 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Change in Goodwill (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 28, 2015 |
Goodwill | |
Balance as of December 27, 2014 | $68,685 |
Effect of currency translation | -2,149 |
Balance as of March 28, 2015 | 66,536 |
Total impairment recognized to date | 36,227 |
CRCM Businesses, Pre-Citrus Lane | |
Goodwill | |
Balance as of December 27, 2014 | 60,635 |
Effect of currency translation | -2,149 |
Balance as of March 28, 2015 | 58,486 |
Total impairment recognized to date | 0 |
Citrus Lane | |
Goodwill | |
Balance as of December 27, 2014 | 8,050 |
Effect of currency translation | 0 |
Balance as of March 28, 2015 | 8,050 |
Total impairment recognized to date | $36,227 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Intangible Assets (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Dec. 27, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Indefinite lived intangibles | $242 | $242 |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | -12,950 | -12,156 |
Net Carrying Value | 7,538 | |
Total Gross Carrying Value | 20,730 | 21,121 |
Total Accumulated Amortization | -12,950 | -12,156 |
Total Net Carrying Value | 7,780 | 8,965 |
Trademarks and trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 5,212 | 5,281 |
Accumulated Amortization | -3,696 | -3,377 |
Net Carrying Value | 1,516 | 1,904 |
Total Accumulated Amortization | -3,696 | -3,377 |
Weighted-Average Remaining Life | 5 years 10 months | 5 years 2 months |
Proprietary software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 4,737 | 4,942 |
Accumulated Amortization | -3,307 | -3,351 |
Net Carrying Value | 1,430 | 1,591 |
Total Accumulated Amortization | -3,307 | -3,351 |
Weighted-Average Remaining Life | 2 years 3 months | 2 years 6 months |
Website | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 1,150 | 1,150 |
Accumulated Amortization | -79 | -34 |
Net Carrying Value | 1,071 | 1,116 |
Total Accumulated Amortization | -79 | -34 |
Weighted-Average Remaining Life | 6 years 2 months | 6 years 6 months |
Training materials | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 30 | 30 |
Accumulated Amortization | -22 | -20 |
Net Carrying Value | 8 | 10 |
Total Accumulated Amortization | -22 | -20 |
Weighted-Average Remaining Life | 10 months | 1 year 0 months |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 129 | 137 |
Accumulated Amortization | -95 | -94 |
Net Carrying Value | 34 | 43 |
Total Accumulated Amortization | -95 | -94 |
Weighted-Average Remaining Life | 2 years 0 months | 2 years 0 months |
Leasehold interests | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 170 | 170 |
Accumulated Amortization | -67 | -61 |
Net Carrying Value | 103 | 109 |
Total Accumulated Amortization | -67 | -61 |
Weighted-Average Remaining Life | 4 years 1 month | 4 years 5 months |
Caregiver relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 284 | 312 |
Accumulated Amortization | -252 | -252 |
Net Carrying Value | 32 | 60 |
Total Accumulated Amortization | -252 | -252 |
Weighted-Average Remaining Life | 6 months | 8 months |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 8,776 | 8,857 |
Accumulated Amortization | -5,432 | -4,967 |
Net Carrying Value | 3,344 | 3,890 |
Total Accumulated Amortization | ($5,432) | ($4,967) |
Weighted-Average Remaining Life | 2 years 9 months | 2 years 11 months |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Intangible Assets - Future Amortization (Details) (USD $) | Mar. 28, 2015 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2015 | $2,746 |
2016 | 2,200 |
2017 | 797 |
2018 | 452 |
2019 | 395 |
Thereafter | 948 |
Net Carrying Value | $7,538 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets - Additional Information (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $1.10 | $1.10 |
Depreciation and Amortization | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | 0.9 | 0.9 |
Cost of revenue | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $0.20 | $0.20 |
Stockholders_Equity_Additional
Stockholdersb Equity - Additional Information (Details) (USD $) | 0 Months Ended | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jan. 29, 2014 | Mar. 28, 2015 | Dec. 27, 2014 |
Class of Stock [Line Items] | |||
Share price (usd per share) | $7.93 | ||
Offering Expenses | $2.40 | ||
Intrinsic value of options exercised | 0.8 | ||
The aggregate fair value of the options vested | 1.1 | ||
Common Stock | |||
Class of Stock [Line Items] | |||
Shares of common stock | 6,152,500 | ||
Shares of common stock sold, underwriters Issued | 802,500 | ||
Share price (usd per share) | $17 | ||
Preferred Stock | |||
Class of Stock [Line Items] | |||
Convertible preferred stock warrants | 21,490,656 | ||
Common Stock | |||
Class of Stock [Line Items] | |||
Series A-1 Convertible preferred stock | 40,697 | ||
Exercise price (usd per share) | $1.72 | ||
Employee Stock Option | |||
Class of Stock [Line Items] | |||
Unrecognized compensation cost | 7.2 | ||
Unrecognized compensation cost, period for recognition | 2 years 4 months 25 days | ||
2014 Plan | |||
Class of Stock [Line Items] | |||
Shares available for grant | 4,492,737 | ||
Additional Paid-In Capital | |||
Class of Stock [Line Items] | |||
Net proceeds from issuance of common stock upon initial public offering | $94.80 |
Stockholders_Equity_Shares_Res
Stockholdersb Equity - Shares Reserved for Issuance (Details) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Class of Stock [Line Items] | ||
Total shares of common stock reserved for future issuance | 8,564 | |
Options issued and outstanding | 3,965 | 4,270 |
Employee Stock Options, Available for Issuance | ||
Class of Stock [Line Items] | ||
Total shares of common stock reserved for future issuance | 4,493 | |
Convertible Common Stock, Series E | Contingent acquisition consideration | ||
Class of Stock [Line Items] | ||
Total shares of common stock reserved for future issuance | 106 |
Stockholders_Equity_Summary_of
Stockholdersb Equity - Summary of Stock Activity (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 28, 2015 | Dec. 27, 2014 |
Number of Shares | ||
Options outstanding, beginning balance | 4,270 | |
Granted | 0 | |
Canceled and forfeited | -166 | |
Exercised | -138 | |
Options outstanding, ending balance | 3,965 | 4,270 |
Options vested and exercisable at end of period | 2,445 | |
Options vested and expected to vest at end of period | 3,860 | |
Weighted-Average Exercise Price (usd per share) | ||
Options, outstanding, weighted average exercise price, beginning of period | $6.47 | |
Granted | $0 | |
Canceled and forfeited | $6.64 | |
Exercised | $7.76 | |
Options, outstanding, weighted average exercise price, end of period | $6.61 | $6.47 |
Options vested and exercisable, weighted average exercise price (usd per share) | $4.50 | |
Options vested and expected to vest, weighted average exercise price (usd per share) | $6.48 | |
Stock Options, Additional Disclosures | ||
Options outstanding, weighted average remaining contractual term, beginning of period | 7 years 1 month 27 days | 7 years 1 month 30 days |
Options outstanding, weighted average remaining contractual term, end of period | 7 years 1 month 27 days | 7 years 1 month 30 days |
Options, outstanding, aggregate intrinsic value, beginning of period | $14,373 | |
Options, outstanding, aggregate intrinsic value, end of period | 11,872 | 14,373 |
Options vested and exercisable at end of period, Weighted Average Remaining Contractual Term | 6 years 1 month 99 days | |
Options vested and expected to vest at end of period, Weighted Average Remaining Contractual Term | 7 years 1 month 5 days | |
Options vested and exercisable at end of period, Aggregate Intrinsic Value | 9,943 | |
Options vested and expected to vest at end of period, Aggregate Intrinsic Value | $11,775 |
Stockholders_Equity_Stock_Opti
Stockholdersb Equity - Stock Options, Valuation Assumptions (Details) | 3 Months Ended |
Mar. 29, 2014 | |
Equity [Abstract] | |
Expected dividend yield | 0.00% |
Risk-free interest rate, minimum | 1.85% |
Risk-free interest rate, maximum | 2.88% |
Expected term (years) | 6 years 2 months 30 days |
Volatility, minimum | 47.10% |
Volatility, maximum | 47.30% |
Stockholders_Equity_Summary_of1
Stockholdersb Equity - Summary of Stock-based Compensation in Accompanying Consolidated Statements (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | $938 | $1,099 |
Cost of revenue | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | 48 | 47 |
Selling and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | 161 | 146 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | 82 | 89 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | $647 | $817 |
Net_Loss_Per_Share_Antidilutiv
Net Loss Per Share - Antidilutive Securities (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (shares) | 3,966 | 3,963 |
Performance Shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (shares) | 106 | 191 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $560 | $485 |
Segment_and_Geographical_Infor2
Segment and Geographical Information - Revenue by Segment (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Segment Reporting Information [Line Items] | ||
Revenue | $35,120 | $25,271 |
Adjusted EBITDA | -7,062 | -9,649 |
Depreciation and amortization | -1,497 | -1,261 |
Stock based compensation | -938 | -1,099 |
Other charges | -764 | -304 |
Operating loss | -10,261 | -12,313 |
Other expense, net | -1,191 | -2,746 |
Loss before income taxes | -11,452 | -15,059 |
Income tax expense | 560 | 485 |
Net Income (Loss) Attributable to Parent | -12,012 | -15,544 |
CRCM Businesses, Pre-Citrus Lane | ||
Segment Reporting Information [Line Items] | ||
Revenue | 32,049 | 25,271 |
Adjusted EBITDA | -5,604 | -9,649 |
Depreciation and amortization | -1,425 | -1,261 |
Stock based compensation | -822 | -1,099 |
Other charges | -194 | -304 |
Operating loss | -8,045 | -12,313 |
Citrus Lane | ||
Segment Reporting Information [Line Items] | ||
Revenue | 3,071 | 0 |
Adjusted EBITDA | -1,458 | 0 |
Depreciation and amortization | -72 | 0 |
Stock based compensation | -116 | 0 |
Other charges | -570 | 0 |
Operating loss | ($2,216) | $0 |
Segment_and_Geographical_Infor3
Segment and Geographical Information - Revenue by Geographic Location (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 |
Segment Reporting Information [Line Items] | |||
Total revenue | $35,120 | $25,271 | |
Geographic Concentration | Revenue | |||
Segment Reporting Information [Line Items] | |||
Percentage of total revenue | 100.00% | 100.00% | |
United States | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 32,855 | 23,492 | |
United States | Geographic Concentration | Revenue | |||
Segment Reporting Information [Line Items] | |||
Percentage of total revenue | 94.00% | 93.00% | |
International | |||
Segment Reporting Information [Line Items] | |||
Total revenue | $2,265 | 1,779 | |
International | Geographic Concentration | Revenue | |||
Segment Reporting Information [Line Items] | |||
Percentage of total revenue | 6.00% | 7.00% |
Segment_and_Geographical_Infor4
Segment and Geographical Information - Additional Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Dec. 27, 2014 |
Segment | ||
Segment Reporting Information [Line Items] | ||
Number of operating segments | 2 | |
Number of reportable segments | 2 | |
Assets | $162,056 | $173,104 |
CRCM Businesses, Pre-Citrus Lane | ||
Segment Reporting Information [Line Items] | ||
Assets | 153,200 | 163,100 |
Citrus Lane | ||
Segment Reporting Information [Line Items] | ||
Assets | $8,900 | $10,000 |
Other_Expense_Net_Details
Other Expense, Net (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Other Income and Expenses [Abstract] | ||
Interest income | $34 | $20 |
Interest expense | -28 | -7 |
Other expense, net | -1,197 | -2,759 |
Total other expense, net | ($1,191) | ($2,746) |