Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 24, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | LOGM | ||
Entity Registrant Name | LogMeIn, Inc. | ||
Entity Central Index Key | 1,420,302 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 52,572,017 | ||
Entity Public Float | $ 1,546,359,082 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 140,756 | $ 123,143 |
Marketable securities | 55,710 | 85,284 |
Accounts receivable (net of allowance for doubtful accounts of $274 and $245 as of December 31, 2015 and 2016, respectively) | 25,901 | 16,011 |
Prepaid expenses and other current assets | 5,723 | 11,997 |
Total current assets | 228,090 | 236,435 |
Property and equipment, net | 23,867 | 21,711 |
Restricted cash | 2,481 | 2,467 |
Intangibles, net | 62,510 | 71,590 |
Goodwill | 121,760 | 117,545 |
Other assets | 4,282 | 5,753 |
Deferred tax assets | 303 | 198 |
Total assets | 443,293 | 455,699 |
Current liabilities: | ||
Accounts payable | 14,640 | 10,327 |
Accrued liabilities | 35,253 | 31,674 |
Deferred revenue, current portion | 156,966 | 134,297 |
Total current liabilities | 206,859 | 176,298 |
Long-term debt | 30,000 | 60,000 |
Deferred revenue, net of current portion | 5,287 | 2,692 |
Deferred tax liabilities | 2,332 | 5,812 |
Other long-term liabilities | 2,699 | 3,086 |
Total liabilities | 247,177 | 247,888 |
Commitments and contingencies (Note 11) | ||
Preferred stock, $0.01 par value - 5,000 shares authorized, 0 shares outstanding as of December 31, 2015 and 2016 | ||
Equity: | ||
Common stock, $0.01 par value - 75,000 shares authorized as of December 31, 2015 and 2016; 27,540 and 28,405 shares issued as of December 31, 2015 and 2016, respectively; 25,130 and 25,552 outstanding as of December 31, 2015 and 2016, respectively | 284 | 275 |
Additional paid-in capital | 314,700 | 276,793 |
Retained earnings (accumulated deficit) | (1,754) | 21,074 |
Accumulated other comprehensive loss | (6,618) | (5,216) |
Treasury stock, at cost - 2,410 and 2,853 shares as of December 31, 2015 and 2016, respectively | (110,496) | (85,115) |
Total equity | 196,116 | 207,811 |
Total liabilities and equity | $ 443,293 | $ 455,699 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 245 | $ 274 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 28,405,000 | 27,540,000 |
Common stock, shares outstanding | 25,552,000 | 25,130,000 |
Treasury stock, shares | 2,853,000 | 2,410,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Revenue | $ 336,068 | $ 271,600 | $ 221,956 |
Cost of revenue | 45,501 | 35,458 | 28,732 |
Gross profit | 290,567 | 236,142 | 193,224 |
Operating expenses: | |||
Research and development | 57,193 | 42,597 | 33,516 |
Sales and marketing | 162,811 | 138,946 | 119,508 |
General and administrative | 60,693 | 33,034 | 30,526 |
Legal settlements | 3,600 | ||
Amortization of acquired intangibles | 5,457 | 1,916 | 987 |
Total operating expenses | 286,154 | 220,093 | 184,537 |
Income from operations | 4,413 | 16,049 | 8,687 |
Interest income | 698 | 654 | 604 |
Interest expense | (1,403) | (574) | (2) |
Other income (expense), net | (500) | 1,389 | 105 |
Income before income taxes | 3,208 | 17,518 | 9,394 |
Provision for income taxes | (570) | (2,960) | (1,439) |
Net income | $ 2,638 | $ 14,558 | $ 7,955 |
Net income per share: | |||
Basic | $ 0.10 | $ 0.59 | $ 0.33 |
Diluted | $ 0.10 | $ 0.56 | $ 0.31 |
Weighted average shares outstanding: | |||
Basic | 25,305 | 24,826 | 24,385 |
Diluted | 26,164 | 25,780 | 25,386 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 2,638 | $ 14,558 | $ 7,955 |
Other comprehensive (loss) gain: | |||
Net unrealized (losses) gains on marketable securities, (net of tax benefit of $61 for the year ended December 31, 2014 and net of tax provision of $31 and $6 for the years ended December 31, 2015 and 2016, respectively) | 11 | 55 | (107) |
Net translation losses | (1,413) | (2,154) | (1,824) |
Total other comprehensive loss | (1,402) | (2,099) | (1,931) |
Comprehensive income | $ 1,236 | $ 12,459 | $ 6,024 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net unrealized gains (losses) on marketable securities, tax (benefit) provision | $ 6 | $ 31 | $ (61) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | (Accumulated Deficit) Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] |
Balance at Dec. 31, 2013 | $ 167,339 | $ 254 | $ 200,235 | $ (1,439) | $ (1,186) | $ (30,525) |
Balance, shares at Dec. 31, 2013 | 24,103,201 | |||||
Issuance of common stock upon exercise of stock options | 17,595 | $ 9 | 17,586 | |||
Issuance of common stock upon exercise of stock options, shares | 858,988 | |||||
Net issuance of common stock upon vesting of restricted stock units | (5,766) | $ 4 | (5,770) | |||
Net issuance of common stock upon vesting of restricted stock units, shares | 300,145 | |||||
Excess tax benefits realized from stock-based awards | 383 | 383 | ||||
Stock-based compensation | 24,769 | 24,769 | ||||
Treasury stock | $ (36,500) | (36,500) | ||||
Treasury stock, shares | (843,574) | (843,574) | ||||
Net income | $ 7,955 | 7,955 | ||||
Unrealized gain (loss) on available-for-sale securities | (107) | (107) | ||||
Cumulative translation adjustments | (1,824) | (1,824) | ||||
Balance at Dec. 31, 2014 | 173,844 | $ 267 | 237,203 | 6,516 | (3,117) | (67,025) |
Balance, shares at Dec. 31, 2014 | 24,418,760 | |||||
Issuance of common stock upon exercise of stock options | 17,794 | $ 6 | 17,788 | |||
Issuance of common stock upon exercise of stock options, shares | 611,947 | |||||
Net issuance of common stock upon vesting of restricted stock units | (11,641) | $ 2 | (11,643) | |||
Net issuance of common stock upon vesting of restricted stock units, shares | 397,084 | |||||
Excess tax benefits realized from stock-based awards | 6,946 | 6,946 | ||||
Stock-based compensation | 26,499 | 26,499 | ||||
Treasury stock | $ (18,090) | (18,090) | ||||
Treasury stock, shares | (297,461) | (297,461) | ||||
Net income | $ 14,558 | 14,558 | ||||
Unrealized gain (loss) on available-for-sale securities | 55 | 55 | ||||
Cumulative translation adjustments | (2,154) | (2,154) | ||||
Balance at Dec. 31, 2015 | 207,811 | $ 275 | 276,793 | 21,074 | (5,216) | (85,115) |
Balance, shares at Dec. 31, 2015 | 25,130,330 | |||||
Issuance of common stock upon exercise of stock options | $ 11,753 | $ 4 | 11,749 | |||
Issuance of common stock upon exercise of stock options, shares | 409,065 | 409,065 | ||||
Net issuance of common stock upon vesting of restricted stock units | $ (14,445) | $ 5 | (14,450) | |||
Net issuance of common stock upon vesting of restricted stock units, shares | 455,594 | |||||
Excess tax benefits realized from stock-based awards | 2,258 | 2,258 | ||||
Stock-based compensation | 38,350 | 38,350 | ||||
Treasury stock | $ (25,381) | (25,381) | ||||
Treasury stock, shares | (443,159) | (443,159) | ||||
Dividends on common stock | $ (25,466) | (25,466) | ||||
Net income | 2,638 | 2,638 | ||||
Unrealized gain (loss) on available-for-sale securities | 11 | 11 | ||||
Cumulative translation adjustments | (1,413) | (1,413) | ||||
Balance at Dec. 31, 2016 | $ 196,116 | $ 284 | $ 314,700 | $ (1,754) | $ (6,618) | $ (110,496) |
Balance, shares at Dec. 31, 2016 | 25,551,830 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | |||
Net income | $ 2,638 | $ 14,558 | $ 7,955 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock-based compensation | 38,350 | 26,499 | 24,769 |
Depreciation and amortization | 21,505 | 13,698 | 11,137 |
Amortization of premium on investments | 431 | 328 | 224 |
Change in fair value of contingent consideration liability | 502 | ||
Amortization of debt issuance costs | 293 | 187 | |
Provision for bad debts | 37 | 61 | 102 |
Benefit from deferred income taxes | (3,304) | (1,062) | (2,707) |
Excess tax benefits realized from stock-based awards | (6,467) | (2,743) | (383) |
Other, net | 12 | (12) | 21 |
Changes in assets and liabilities, excluding effect of acquisitions: | |||
Accounts receivable | (10,214) | 2,224 | (5,804) |
Prepaid expenses and other current assets | 5,996 | (2,794) | 1,822 |
Other assets | 1,490 | (454) | 476 |
Accounts payable | 6,149 | 1,420 | 1,727 |
Accrued liabilities | 8,353 | 2,288 | 9,234 |
Deferred revenue | 26,953 | 28,874 | 23,983 |
Other long-term liabilities | (409) | 2,698 | 1,597 |
Net cash provided by operating activities | 92,315 | 85,770 | 74,153 |
Cash flows from investing activities | |||
Purchases of marketable securities | (35,609) | (92,335) | (95,342) |
Proceeds from sale or disposal or maturity of marketable securities | 64,756 | 107,042 | 95,045 |
Purchases of property and equipment | (14,015) | (14,219) | (7,471) |
Intangible asset additions | (1,559) | (2,375) | (2,529) |
Cash paid for acquisition | (6,083) | (107,575) | (22,449) |
(Increase) decrease in restricted cash and deposits | (30) | 1,488 | (196) |
Net cash (used in) provided by investing activities | 7,460 | (107,974) | (32,942) |
Cash flows from financing activities | |||
Borrowings (repayments) under credit facility | (30,000) | 60,000 | |
Proceeds from issuance of common stock upon option exercises | 11,753 | 17,794 | 17,595 |
Excess tax benefits realized from stock-based awards | 6,467 | 2,743 | 383 |
Payments of withholding taxes in connection with restricted stock unit vesting | (14,445) | (11,641) | (5,766) |
Payment of debt issuance costs | (346) | (988) | |
Payment of contingent consideration | (2,030) | (226) | |
Dividends paid on common stock | (25,466) | ||
Purchase of treasury stock | (25,381) | (18,090) | (36,500) |
Net cash (used in) provided by financing activities | (79,448) | 49,592 | (24,288) |
Effect of exchange rate changes on cash and cash equivalents | (2,714) | (5,205) | (5,220) |
Net increase in cash and cash equivalents | 17,613 | 22,183 | 11,703 |
Cash and cash equivalents, beginning of period | 123,143 | 100,960 | 89,257 |
Cash and cash equivalents, end of period | 140,756 | 123,143 | 100,960 |
Supplemental disclosure of cash flow information | |||
Cash paid for interest | 937 | 574 | 2 |
Cash paid (refunds received) for income taxes, net | (5,439) | 861 | 1,489 |
Noncash investing and financing activities | |||
Acquisition of property and equipment through capital lease | 121 | ||
Purchases of property and equipment included in accounts payable and accrued liabilities | $ 1,023 | 3,145 | 1,032 |
Fair value of contingent consideration in connection with acquisition, included in accrued liabilities | $ 2,028 | $ 249 |
Nature of the Business
Nature of the Business | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of the Business | 1. Nature of the Business LogMeIn, Inc. (the “Company”) provides a portfolio of cloud-based service offerings which make it possible for people and businesses to simply and securely connect to their workplace, colleagues and customers. The Company’s product line in 2016 included AppGuru™, BoldChat ® ® ® ® ® ® ® ® ® ® On January 31, 2017, the Company completed a merger with GetGo, a wholly-owned subsidiary of Citrix, pursuant to which the Company combined with Citrix’s GoTo family of service offerings known as the “GoTo Business” in a Reverse Morris Trust transaction (the “Merger”). The Company’s merger with GetGo provides an opportunity to expand each business’ product portfolios resulting in a more complete suite of product offerings which the Company believes will benefit both existing and new customers. The Company is in the process of allocating the purchase price to the assets acquired and liabilities assumed. Any goodwill resulting from this acquisition will not be deductible for income tax purposes. For additional information regarding the Merger, see Note 15 below. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Consolidation Use of Estimates Cash Equivalents Marketable Securities available-for-sale Restricted Cash — Accounts Receivable — Activity in the allowance for doubtful accounts was as follows (in thousands): December 31, 2014 2015 2016 Balance beginning of period $ 269 $ 301 $ 274 Provision for bad debt 102 61 37 Uncollectible accounts written off (70 ) (88 ) (66 ) Balance end of period $ 301 $ 274 $ 245 Property and Equipment Estimated useful lives of assets are as follows: Computer equipment and software 2 — 3 years Office equipment 3 years Furniture and fixtures 5 years Leasehold Improvements Shorter of lease term Goodwill Long-Lived Assets and Intangible Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets, including intangible assets, may not be recoverable. When such events occur, the Company compares the carrying amounts of the assets to their undiscounted expected future cash flows. If this comparison indicates that there is impairment, the amount of the impairment is calculated as the difference between the carrying value and fair value. Through December 31, 2016, the Company recorded no material impairments. Revenue Recognition Revenue from the Company’s premium services is recognized on a daily basis over the subscription term as the services are delivered, provided that there is persuasive evidence of an arrangement, the fee is fixed or determinable and collectability is deemed reasonably assured. Subscription periods range from monthly to ten years. The Company’s software cannot be run on another entity’s hardware and customers do not have the right to take possession of the software and use it on their own or another entity’s hardware. The Company’s multi-element arrangements typically include subscription and professional services, which may include development services. The Company evaluates each element within the arrangement to determine if they can be accounted for as separate units of accounting. If the delivered item or items have value to the customer on a standalone basis, either because they are sold separately by any vendor or the customer could resell the delivered item or items on a standalone basis, the Company has determined that the deliverables within these arrangements qualify for treatment as separate units of accounting. Accordingly, the Company recognizes revenue for each delivered item or items as a separate earnings process commencing when all of the significant performance obligations have been performed and when all of the revenue recognition criteria have been met. Professional services revenue recognized as a separate earnings process under multi-element arrangements has been immaterial to date. In cases where the Company has determined that the delivered items within its multi-element arrangements do not have value to the customer on a stand-alone basis, the arrangement is accounted for as a single unit of accounting and the related consideration is recognized ratably over the estimated customer life, commencing when all of the significant performance obligations have been delivered and when all of the revenue recognition criteria have been met. Revenue from multi-element arrangements accounted for as a single unit of accounting which do not have value to the customer has been immaterial to date. Deferred Revenue — Concentrations of Credit Risk and Significant Customers As of December 31, 2015 and 2016 no customers accounted for more than 10% of accounts receivable and there were no customers that represented 10% or more of revenue for the years ended December 31, 2014, 2015 or 2016. Legal Costs Research and Development Software Development Costs The Company capitalizes certain direct costs to develop functionality as well as certain upgrades and enhancements of its on-demand Foreign Currency Translation period-end Stock-Based Compensation with-or-without Income Taxes The Company evaluates its uncertain tax positions based on a determination of whether and how much of a tax benefit taken by the Company in its tax filings is more likely than not to be realized. Potential interest and penalties associated with any uncertain tax positions are recorded as a component of income tax expense. Advertising Costs Comprehensive Loss non-owner available-for-sale available-for-sale available-for-sale Segment Data The Company’s revenue by geography (based on customer address) is as follows (in thousands): Years Ended December 31, 2014 2015 2016 Revenues: United States $ 148,532 $ 191,300 $ 240,469 United Kingdom 19,452 21,662 25,738 International — all other 53,972 58,638 69,861 Total revenue $ 221,956 $ 271,600 $ 336,068 The Company’s revenue by service cloud (product grouping) is as follows (in thousands): Years Ended December 31, 2014 2015 2016 Revenues: Collaboration cloud $ 62,746 $ 88,234 $ 117,244 Identity and Access Management cloud 74,244 92,712 120,324 Service and Support cloud 82,767 88,206 96,245 Other 2,199 2,448 2,255 Total revenue $ 221,956 $ 271,600 $ 336,068 The Company’s long-lived assets by geography are as follows (in thousands): Years Ended December 31, Long-lived assets: 2014 2015 2016 United States $ 9,731 $ 16,342 $ 16,872 Hungary 2,018 2,525 3,015 United Kingdom 1,139 1,963 1,964 International — all other 588 881 2,016 Total long-lived assets $ 13,476 $ 21,711 $ 23,867 Net Income Per Share The Company excluded the following options to purchase common shares and restricted stock units from the computation of diluted net income per share because they had an anti-dilutive impact (in thousands): Years Ended December 31, 2014 2015 2016 Options to purchase common shares 57 — — Restricted stock units 18 204 114 Total options and restricted stock units 75 204 114 Basic and diluted net income per share was calculated as follows (in thousands, except per share data): Years Ended December 31, 2014 2015 2016 Basic: Net income $ 7,955 $ 14,558 $ 2,638 Weighted average common shares outstanding, basic 24,385 24,826 25,305 Net income per share, basic $ 0.33 $ 0.59 $ 0.10 Diluted: Net income $ 7,955 $ 14,558 $ 2,638 Weighted average common shares outstanding 24,385 24,826 25,305 Add: Common stock equivalents 1,001 954 859 Weighted average common shares outstanding, diluted 25,386 25,780 26,164 Net income per share, diluted $ 0.31 $ 0.56 $ 0.10 Guarantees and Indemnification Obligations by-laws. In the ordinary course of business, the Company enters into agreements with certain customers that contractually obligate the Company to provide indemnifications of varying scope and terms with respect to certain matters including, but not limited to, losses arising out of the breach of such agreements, from the services provided by the Company or claims alleging that the Company’s products infringe third-party patents, copyrights, or trademarks. The term of these indemnification obligations is generally perpetual. The maximum potential amount of future payments the Company could be required to make under these indemnification obligations is, in many cases, unlimited. Through December 31, 2016, the Company has not experienced any losses related to these indemnification obligations. Recently Issued Accounting Pronouncements 2014-09, Revenue from Contracts with Customers 2014-09”), 2014-09 2014-09 2014-09’s in-substance 2014-09 2014-09 2014-09 On February 25, 2016, the FASB issued ASU 2016-02, Leases 2016-02”) , right-of-use 2016-02 On March 30, 2016, the FASB issued ASU 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting 2016-09”), 2016-09 On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13”). 2016-13 available-for-sale On October 24, 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory ( 2016-16” ). 2016-16 2016-16 On January 26, 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment On November 17, 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB’s EITF) |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 3. Fair Value of Financial Instruments The carrying value of the Company’s financial instruments, including cash equivalents, restricted cash, accounts receivable and accounts payable, approximate their fair values due to their short maturities. The Company’s financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels are as follows: • Level 1: Unadjusted quoted prices for identical assets or liabilities in active markets accessible by the Company at the measurement date. • Level 2: Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table summarizes the basis used to measure certain of the Company’s financial assets and contingent consideration liability that are carried at fair value (in thousands): Fair Value Measurements at December 31, 2015 Level 1 Level 2 Level 3 Total Cash equivalents — money market funds $ 10,138 $ — $ — $ 10,138 Cash equivalents — bank deposits — 1 — 1 Short-term marketable securities: U.S. government agency securities 50,237 17,994 — 68,231 Corporate bond securities — 17,053 — 17,053 Contingent consideration liability — — 2,028 2,028 Fair Value Measurements at December 31, 2016 Level 1 Level 2 Level 3 Total Cash equivalents — money market funds $ 11,599 $ — $ — $ 11,599 Short-term marketable securities: U.S. government agency securities 34,961 8,001 — 42,962 Corporate bond securities — 12,748 — 12,748 Bank deposits, corporate bonds and certain U.S. government agency securities are classified within the second level of the fair value hierarchy as the fair value of those assets are determined based upon quoted prices for similar assets. The Company’s Level 3 liability at December 31, 2015 consisted of contingent consideration related to the September 5, 2014 acquisition of Zamurai and the October 15, 2015 acquisition of Marvasol, Inc. (d/b/a “LastPass”), each as described further in Note 4 below. The LastPass contingent consideration of up to $2.5 million was based on the achievement of certain bookings goals, the fair value of which was estimated at $2.0 million as of December 31, 2015, and $2.5 million as of the payout date. The fair value of contingent consideration was estimated by applying a probability based model, which utilized inputs that were unobservable in the market. Changes in the fair value of the contingent consideration liability were reflected in acquisition-related costs in general and administrative expense. The fair value of the LastPass contingent consideration liability of $2.5 million was paid in October 2016. A reconciliation of the beginning and ending Level 3 liability is as follows: Years Ended December 31, 2015 2016 Balance beginning of period $ 249 $ 2,028 Additions to Level 3 2,000 — Payments (226 ) (2,530 ) Change in fair value of contingent consideration liability 5 502 Balance end of period $ 2,028 $ — |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | 4. Acquisitions In 2016, the Company completed the acquisition of AuthAir (on October 31, 2016); in 2015, the Company completed the acquisition of LastPass (on October 15, 2015); and in 2014, the Company completed the acquisitions of Ionia (on March 7, 2014), Meldium (on August 27, 2014) and Zamurai (on September 5, 2014). The results of operations of these acquired businesses have been included in our consolidated financial statements beginning on their respective acquisition dates. These acquisitions have been accounted for as business combinations. Assets acquired and liabilities assumed have been recorded at their estimated fair values as of the respective acquisition date. The fair values of intangible assets were based on valuations using an income approach, with estimates and assumptions provided by management of the acquired companies and the Company. The excess of the purchase price over the tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill. In the years ended December 31, 2014, 2015 and 2016, acquisition-related costs were $4.5 million, $6.4 million and $25.1 million, respectively, including $4.1 million, $5.6 million and $8.2 million, respectively, of contingent retention-based bonus expense related to the Company’s 2014 and 2015 acquisitions, which are typically earned over the first two years following the acquisition. The Company paid $7.7 million during the year ended December 31, 2016 for contingent retention-based bonuses and contingent earnout payments related to the Company’s 2014 and 2015 acquisitions. Included in the year ended December 31, 2016 is $16.2 million of acquisition-related costs associated with the Merger. 2016 Acquisitions AuthAir On October 31, 2016, the Company acquired all of the outstanding equity interests in AuthAir, a Woodbridge, Connecticut-based provider of proximity-based security and wireless authentication solutions, for $6.0 million plus contingent retention-based bonuses totaling up to $0.5 million to be paid to former AuthAir employees on the first and second anniversaries of the acquisition, contingent upon their continued employment and achievement of certain product integration goals. The Company has concluded that the arrangement is a compensation arrangement and is accruing the maximum payout ratably over the performance period, as it believes it is probable that the criteria will be met. The results of operations of AuthAir have been included in our consolidated financial results since the acquisition date and have not been material. The following table summarizes the fair value (in thousands) of the assets acquired and liabilities assumed at the date of acquisition: Amount Cash and other current assets $ 1 Property and equipment 18 Deferred tax assets, net 666 Other current liabilities (78 ) Completed technology 1,200 Goodwill 4,215 Total purchase price $ 6,022 The goodwill recorded in connection with this transaction is primarily related to the expected synergies to be achieved related to the Company’s ability to leverage its current security offerings, customer base, sales force and business plan with AuthAir’s product and technical expertise. All goodwill and intangible assets acquired are not deductible for income tax purposes. The Company recorded deferred tax assets of $1.1 million, primarily related to net operating losses that were acquired as a part of the acquisition. The Company also recorded a deferred tax liability of $0.5 million related to the amortization of intangible assets which cannot be deducted for tax purposes. The allocation of the purchase price related to income taxes is preliminary, including the Company finalizing the valuation of the acquired net operating loss carryforwards. The Company expects to complete this review in the first quarter of 2017. 2015 Acquisition LastPass On October 15, 2015, the Company acquired all of the outstanding equity interests in LastPass, a Fairfax, Virginia-based provider of an identity and password management service, for $107.6 million, net of cash acquired, plus contingent payments totaling up to $15.0 million which are expected to be paid over a two-year The following table summarizes the fair value (in thousands) of the assets acquired and liabilities assumed at the date of acquisition: Cash $ 2,518 Accounts receivable 639 Property and equipment 40 Deferred tax asset 3,050 Current and other assets 134 Intangible assets: Completed technology 29,400 Customer relationships 23,900 Trade name and trademark 3,000 Deferred revenue (6,600 ) Accrued expenses (66 ) Deferred tax liability (23,478 ) Goodwill 79,617 Total purchase price 112,154 Liability for contingent consideration (2,000 ) Total cash paid $ 110,154 The LastPass stock purchase agreement obligates the Company to make additional contingent and retention-based bonus payments totaling up to $12.5 million to employees and former LastPass stockholders now employed by the Company on the first and second anniversaries of the acquisition date, contingent upon their continued employment and, for the first anniversary payment only, the achievement of certain bookings goals. The Company has concluded that the contingent payment arrangement is a compensation arrangement and is accruing the maximum payout ratably over the performance period, as it believes it is probable that the criteria will be met. The stock purchase agreement also included non-retention The goodwill recorded in connection with this transaction is primarily related to the expected synergies to be achieved related to the Company’s ability to leverage its IT management offerings, customer base, sales force and IT management business plan with LastPass’ product, technical expertise and customer base. All goodwill and intangible assets acquired are not deductible for income tax purposes. The Company recorded a long-term deferred tax asset of $3.1 million primarily related to net operating losses that were acquired as a part of the acquisition. The Company recorded a long-term deferred tax liability of $23.5 million primarily related to the amortization of intangible assets which cannot be deducted for tax purposes. The unaudited financial information in the table below summarizes the combined results of operations of the Company and LastPass, on a pro forma basis, as though the companies had been combined. The pro forma information for the period presented includes the effects of business combination accounting resulting from the acquisition as though the acquisition had been consummated as of the beginning of 2014, including amortization charges from acquired intangible assets, interest expense on borrowings and lower interest income in connection with the Company funding the acquisition with existing cash and investments and borrowings under its credit facility, the exclusion of acquisition-related costs of the Company and LastPass, the inclusion of expense related to contingent and retention-based bonuses assuming full achievement of the financial metric and retention requirements ($7.0 million in 2014 and $5.5 million in 2015), offset by the exclusion of LastPass historical bonuses paid to LastPass non-stockholder Unaudited Pro Forma Financial Information Year Ended December 31, 2014 Year Ended December 31, 2015 Pro Forma As Reported Pro Forma As Reported (in thousands, except (in thousands, except Revenue $ 230,477 $ 221,956 $ 281,980 $ 271,600 Net income $ 1,687 $ 7,955 $ 12,038 $ 14,558 Earnings per share — Basic $ 0.07 $ 0.33 $ 0.48 $ 0.59 Earnings per share — Diluted $ 0.07 $ 0.31 $ 0.47 $ 0.56 2014 Acquisition Ionia On March 7, 2014, the Company acquired all of the outstanding capital stock of Ionia, a Boston, Massachusetts based systems integrator, for a cash purchase price of $7.5 million plus contingent retention-based bonuses totaling up to $4.0 million to employees, including former Ionia stockholders now employed by the Company, on the first and second anniversaries of the acquisition, contingent upon their continued employment and achievement of certain bookings goals. The Company concluded that the arrangement was a compensation arrangement and accrued the maximum payout ratably over the performance period, as it believed it probable that the criteria would be met. The Company paid $2.0 million in March 2015 and the remaining $2.0 million in March 2016. The goodwill recorded in connection with this transaction is primarily related to the expected synergies to be achieved related to the Company’s ability to leverage its Xively platform, customer base, sales force and Internet of Things business plan with Ionia’s technical expertise and customer base. All goodwill and intangible assets acquired are not deductible for income tax purposes. The Company recorded a long-term deferred tax liability of $0.7 million related to the amortization of intangible assets which cannot be deducted for tax purposes and is included in the accompanying table above as other liabilities. Meldium On August 27, 2014, the Company acquired Meldium, a San Francisco, California-based provider of single sign-on The contingent payments also included payments to non-employee The goodwill recorded in connection with this transaction is primarily related to the expected synergies to be achieved related to the Company’s ability to leverage its IT management offerings, customer base, sales force and IT management business plan with Meldium’s product, technical expertise and customer base. All goodwill and intangible assets acquired are not deductible for income tax purposes. The Company recorded deferred tax assets of $0.5 million, primarily related to net operating losses that were acquired as a part of the acquisition and are shown in the accompanying table above as current and other assets. The Company also recorded a long-term deferred tax liability of $0.7 million related to the amortization of intangible assets which cannot be deducted for tax purposes and are included in the accompanying table above as other liabilities. Zamurai On September 5, 2014, the Company acquired all of the outstanding capital stock of Zamurai, a San Francisco, California-based collaboration software provider, for a cash purchase price of $4.5 million plus contingent payments totaling up to $1.5 million to employees, including former Zamurai stockholders now employed by the Company. These contingent payments included retention-based bonuses which were paid on the second anniversary of the acquisition, contingent upon continued employment and achievement of certain product integration goals. The Company concluded that the arrangement was a compensation arrangement and accrued the maximum payout ratably over the performance period, as it believed it probable that the criteria would be met. The Company paid $1.5 million in contingent payments in September 2016. The stock purchase agreement included contingent payments to non-employee re-measured The goodwill recorded in connection with this transaction is primarily related to the expected synergies to be achieved related to the Company’s ability to leverage its join.me product, customer base, sales force and join.me business plan with the collaboration software provider’s product, technical expertise and customer base. All goodwill and intangible assets acquired are not deductible for income tax purposes. The Company recorded a long-term deferred tax asset of $0.4 million related to net operating losses that were acquired as a part of the acquisition, which is included in the accompanying table above as current and other assets. The Company also recorded a long-term deferred tax liability of $0.4 million related to the amortization of intangible assets which cannot be deducted for tax purposes and is included in the accompanying table above as other liabilities. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 5. Goodwill and Intangible Assets The changes in the carrying amounts of goodwill for the years ended December 31, 2015 and 2016 are due to the addition of goodwill resulting from the acquisitions of LastPass in 2015 and AuthAir in 2016 (See Note 4 to the Consolidated Financial Statements). Changes in goodwill for the years ended December 31, 2015 and 2016 are as follows (in thousands): Balance, January 1, 2015 $ 37,928 Goodwill related to the acquisition of LastPass 79,617 Balance, December 31, 2015 117,545 Goodwill related to the acquisition of AuthAir 4,215 Balance, December 31, 2016 $ 121,760 Intangible assets consist of the following (in thousands): December 31, 2015 December 31, 2016 Estimated Gross Accumulated Net Gross Accumulated Net Identifiable intangible assets: Trade names and trademarks 1-11 years $ 3,806 $ 824 $ 2,982 $ 3,806 $ 955 $ 2,851 Customer relationships 5-8 years 29,249 4,209 25,040 29,249 9,315 19,934 Domain names 5 years 915 665 250 913 796 117 Technology 3-9 49,978 10,368 39,610 51,179 14,942 36,237 Other 4-5 442 241 201 442 359 83 Internally developed software 3 years 6,754 3,247 3,507 8,313 5,025 3,288 $ 91,144 $ 19,554 $ 71,590 $ 93,902 $ 31,392 $ 62,510 During the year ended December 31, 2016, the Company capitalized $1.2 million for completed technology as an intangible asset in connection with the AuthAir acquisition. The Company also capitalized $2.2 million and $1.6 million during the years ended December 31, 2015 and 2016, respectively, of costs related to internally developed computer software to be sold as a service incurred during the application development stage and is amortizing these costs over the expected lives of the related services. The Company is amortizing its intangible assets over the estimated lives noted above based upon the pattern in which their economic benefit will be realized, or if this pattern cannot be reliably determined, using the straight-line method over their estimated useful lives. Amortization relating to technology, documented know-how non-compete Years Ended December 31, 2014 2015 2016 Cost of revenue: Amortization of internally developed computer software $ 1,176 $ 1,196 $ 1,778 Amortization of acquired intangibles (1) 2,783 2,955 4,604 Sub-Total amortization of intangibles in cost of revenue 3,959 4,151 6,382 Amortization of acquired intangibles (1) 987 1,916 5,457 Total amortization of intangibles $ 4,946 $ 6,067 $ 11,839 (1) Total amortization of acquired intangibles was $3.8 million, $4.9 million and $10.1 million for the years ended December 31, 2014, 2015, and 2016, respectively. Future estimated amortization expense for intangible assets at December 31, 2016 is as follows (in thousands): Amortization Expense (Years Ending December 31) Amount 2017 $ 12,062 2018 11,623 2019 8,878 2020 7,824 2021 7,251 Thereafter 14,872 Total $ 62,510 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 6. Property and Equipment Property and equipment consisted of the following (in thousands): December 31, 2015 2016 Computer equipment and software $ 30,030 $ 35,432 Office equipment 5,428 6,315 Furniture & fixtures 8,448 8,947 Construction in progress 93 1,443 Leasehold improvements 8,121 9,979 Total property and equipment 52,120 62,116 Less accumulated depreciation and amortization (30,409 ) (38,249 ) Property and equipment, net $ 21,711 $ 23,867 Depreciation expense for property and equipment was $6.2 million, $7.6 million and $9.7 million for the years ended December 31, 2014, 2015 and 2016, respectively. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | 7. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): December 31, 2015 2016 Marketing programs $ 4,323 $ 4,274 Payroll and payroll-related 11,459 11,886 Professional fees 1,782 1,429 Acquisition-related 6,942 9,539 Other accrued liabilities 7,168 8,125 Total accrued liabilities $ 31,674 $ 35,253 Acquisition-related costs include transaction, transition and integration-related fees and expenses and contingent retention-based bonus costs. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes The domestic and foreign components of income (loss) before provision for income taxes are as follows (in thousands): Years Ended December 31, 2014 2015 2016 Domestic $ (4,462 ) $ 1,059 $ (15,748 ) Foreign 13,856 16,459 18,956 Total income (loss) before provision for income taxes $ 9,394 $ 17,518 $ 3,208 The provision for income taxes is as follows (in thousands): Years Ended December 31, 2014 2015 2016 Current: Federal $ 2,804 $ 2,521 $ 1,264 State 1,184 274 647 Foreign 1,052 1,227 1,963 Total 5,040 4,022 3,874 Deferred: Federal (3,069 ) (1,281 ) (2,705 ) State (748 ) 278 (428 ) Foreign 216 (59 ) (171 ) Total (3,601 ) (1,062 ) (3,304 ) Total provision for income taxes $ 1,439 $ 2,960 $ 570 A reconciliation of the Company’s effective tax rate to the statutory federal income tax rate is as follows: Years Ended December 31, 2014 2015 2016 Statutory tax rate 35.0 % 35.0 % 35.0 % Change in valuation allowance — — — Impact of permanent differences 1.6 1.1 27.0 Non-deductible 14.6 8.4 27.4 Non-deductible — — 82.1 Foreign tax rate differential (39.1 ) (26.7 ) (165.3 ) Research and development credits (2.6 ) (1.3 ) (10.6 ) State taxes, net of federal benefit 2.9 2.4 0.4 Impact of uncertain tax positions 3.8 1.4 18.6 Other (0.8 ) (3.4 ) 3.2 Effective tax rate 15.4 % 16.9 % 17.8 % The Company recorded a tax provision for income taxes of $1.4 million, $3.0 million and $0.6 million on profit before income taxes of $9.4 million, $17.5 million and $3.2 million for the years ended December 31, 2014, 2015 and 2016, respectively. The Company recorded a provision as a result of taxable income, excluding the direct effects of windfall tax deductions, generated in the United States as well as in certain foreign jurisdictions. The Company’s effective tax rates for the years ended December 31, 2014, 2015 and 2016 were lower than the U.S. federal statutory rate of 35% due to profits earned in certain foreign jurisdictions, primarily by our Irish subsidiaries, which are subject to significantly lower tax rates than the U.S. federal statutory rate. For the year ended December 31, 2016, the Company incurred $16.8 million of acquisition-related costs primarily related to the Merger, of which, $7.5 million is capitalized and not deductible for tax purposes. The Company has deferred tax assets related to temporary differences and operating loss carryforwards as follows (in thousands): December 31, 2015 2016 Deferred tax assets: Net operating loss carryforwards $ 4,033 $ 3,190 Deferred revenue 583 1,161 Amortization 2,287 756 Stock-based compensation 10,268 10,903 Accrued bonus 4,032 4,409 Other 2,311 1,989 Total deferred tax assets 23,514 22,408 Deferred tax asset valuation allowance (1,829 ) (1,708 ) Net deferred tax assets 21,685 20,700 Deferred tax liabilities: Depreciation (466 ) (1,314 ) Goodwill amortization (2,638 ) (1,542 ) Acquired intangibles not deductible (23,561 ) (19,814 ) Other (634 ) (59 ) Total deferred tax liabilities (27,299 ) (22,729 ) Total $ (5,614 ) $ (2,029 ) Deferred tax assets, related valuation allowances, current tax liabilities, and deferred tax liabilities are determined separately by tax jurisdiction. In making these determinations, the Company estimates deferred tax assets, current tax liabilities, and deferred tax liabilities, and the Company assesses temporary differences resulting from differing treatment of items for tax and accounting purposes. As of December 31, 2016, the Company maintained a full valuation allowance against the deferred tax assets of its Hungarian subsidiary. This entity has historical tax losses and the Company concluded it was not more likely than not that these deferred tax assets are realizable. During the years ended December 31, 2014, 2015 and 2016, the valuation allowance decreased by $0.6 million, $0.4 million and $0.2 million, respectively, as a result of a tax return to provision adjustment which decreased the net operating loss carryforwards. For U.S. tax return purposes, net operating losses and tax credits are normally available to be carried forward to future years, subject to limitations as discussed below. As of December 31, 2016, the Company had federal and state net operating loss carryforwards of $16.5 million and $22.4 million, respectively, which expire on various dates from 2025 through 2035. The Company has performed an analysis of its ownership changes as defined by Section 382 of the Internal Revenue Code and has determined that the net operating loss carryforwards acquired from the acquisitions of Meldium, Zamurai, and LastPass are subject to limitation. As of December 31, 2016, all net operating loss carryforwards generated by the Company, including those subject to limitation, are available for utilization. Subsequent ownership changes as defined by Section 382 could potentially limit the amount of net operating loss carryforwards that can be utilized annually to offset future taxable income. As of December 31, 2016, the Company had foreign net operating loss carryforwards of $15.8 million. These net operating loss carryforwards are related to the Company’s Hungarian subsidiary, are not subject to expiration, and the Company has recognized a full valuation allowance against these carryforwards. The Company generally considers all earnings generated outside of the U.S. to be indefinitely reinvested offshore. Therefore, the Company does not accrue U.S. tax for the repatriation of the foreign earnings it considers to be indefinitely reinvested outside the U.S. As of December 31, 2016, the Company has not provided for federal income tax on $45.1 million of accumulated undistributed earnings of its foreign subsidiaries. It is not practicable to estimate the amount of additional tax that might be payable on the undistributed foreign earnings. The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the Company and its subsidiaries are examined by various tax authorities, including the IRS in the United States. As of December 31, 2016, we remained subject to examination in the following major tax jurisdictions for the years indicated: Major Tax Jurisdictions Open Tax Years United States (Federal) 2014-2016 United States (State) 2010-2016 Hungary 2011-2016 Ireland 2012-2016 The Company incurred expenses related to stock-based compensation for the years ended December 31, 2014, 2015 and 2016 of $24.8 million, $26.5 million and $38.4 million, respectively. Accounting for the tax effects of stock-based awards requires the recording of a deferred tax asset as the compensation is recognized for financial reporting prior to recognizing the tax deductions. Upon the settlement of the stock-based awards (i.e., exercise, vesting, forfeiture or cancellation), the actual tax deduction is compared with the cumulative financial reporting compensation cost and any excess tax deduction is considered a windfall tax benefit and is tracked in a “windfall tax benefit pool” to offset any future tax deduction shortfalls and will be recorded as increases to APIC in the period when the tax deduction reduces income taxes payable. The Company follows the with-and-without approach for the direct effects of windfall tax deductions to determine the timing of the recognition of benefits for windfall tax deductions. In 2016, the Company recorded a windfall tax benefit to additional paid-in capital of $2.2 million. As of December 31, 2016, the “windfall tax benefit pool” available to offset future shortfalls was $23.3 million. As of December 31, 2015 and 2016, the Company has provided a liability of $0.9 million and $1.5 million, respectively, for uncertain tax positions. These uncertain tax positions would impact the Company’s effective tax rate if recognized. The Company has provided liabilities for uncertain tax provisions as follows (in thousands): Years Ended December 31, 2014 2015 2016 Balance beginning of period $ 304 $ 652 $ 884 Tax positions related to prior periods: Increases 7 2 34 Decreases (11 ) (3 ) — Tax positions related to current period: Increases 397 428 588 Settlements (45 ) (195 ) (26 ) Statute expiration — — — Balance end of period $ 652 $ 884 $ 1,480 The Company’s policy is to record estimated interest and penalties related to the underpayment of income taxes or unrecognized tax benefits as a component of its income tax provision. The Company recognized $3,000 and $42,000 of interest expense during the years ended December 31, 2015 and 2016, respectively. |
Common Stock and Equity_ Accumu
Common Stock and Equity/ Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2016 | |
Common Stock and Equity/ Accumulated Other Comprehensive Loss | 9. Common Stock and Equity Authorized Shares Common Stock Reserved — On August 13, 2013, the Board of Directors approved a $50 million share repurchase program and approved an additional $75 million share repurchase program on October 20, 2014. Share repurchases are made from time-to-time in the open market, in privately negotiated transactions or otherwise, in accordance with applicable securities laws and regulations. The timing and amount of any share repurchases are determined by the Company’s management based on its evaluation of market conditions, the trading price of the stock, regulatory requirements and other factors. The share repurchase program may be suspended, modified or discontinued at any time at the Company’s discretion without prior notice. During the years ended December 31, 2014, 2015 and 2016, the Company repurchased 843,574, 297,461 and 443,159 shares of its common stock at an average price of $43.27, $60.81 and $57.27 per share for a total cost of $36.5 million, $18.1 million and $25.4 million, respectively. In connection with the Merger, the Company declared and paid three special cash dividends of $0.50 per share of common stock. The first cash dividend was declared by the Company’s Board of Directors on July 26, 2016 and paid on August 26, 2016 to stockholders of record as of August 8, 2016, and totaled $12.7 million. The second cash dividend was declared by the Company’s Board of Directors on October 27, 2016 and paid on November 22, 2016 to stockholders of record as of November 7, 2016, and totaled $12.8 million. The third cash dividend was declared by the Company’s Board of Directors on January 6, 2017 and paid on January 31, 2017 to stockholders of record as of January 16, 2017, and totaled $12.8 million. |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |
Common Stock and Equity/ Accumulated Other Comprehensive Loss | 13. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss consists of foreign currency translation adjustments and changes in unrealized losses and gains (net of tax) on marketable securities. For the purposes of comprehensive income disclosures, we do not record tax provisions or benefits for the net changes in the foreign currency translation adjustment, as we intend to reinvest permanently undistributed earnings of our foreign subsidiaries. Accumulated other comprehensive loss is reported as a component of stockholders’ equity and, as of December 31, 2015 and 2016, was comprised of cumulative translation adjustment losses of $5.2 million and $6.6 million, respectively, and unrealized losses (net of tax) on marketable securities of $27,000 and $16,000, respectively. There were no material reclassifications to earnings in the years ended December 31, 2015 or 2016. |
Stock Incentive Plan
Stock Incentive Plan | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plan | 10. Stock Incentive Plan The Company’s 2009 Stock Incentive Plan (“2009 Plan”) is administered by the Board of Directors and Compensation Committee, which have the authority to designate participants and determine the number and type of awards to be granted and any other terms or conditions of the awards. The Company awards restricted stock units as the principal equity incentive award. Restricted stock units with time-based vesting conditions generally vest over a three-year period while restricted stock units with market-based vesting conditions generally vest over two or three-year periods. Until 2012, the Company generally granted stock options as the principal equity incentive award. Options generally vest over a four-year period and expire ten years from the date of grant. Certain stock-based awards provide for accelerated vesting if the Company experiences a change in control. As of December 31, 2016, there were 3.5 million shares available for grant under the 2009 Plan. The Company’s Board of Directors and stockholders approved an amendment and restatement of the Company’s 2009 Stock Incentive Plan, which was effective on January 31, 2017, to increase the number of shares of the Company’s common stock that may be issued under the plan by an additional 4,500,000 shares and to extend the term of the plan to December 5, 2026 (See Note 15 to the Consolidated Financial Statements). The Company generally issues previously unissued shares of common stock for the exercise of stock options and restricted stock units. The Company received $17.6 million, $17.8 million and $11.7 million in cash from stock option exercises during the years ended December 31, 2014, 2015 and 2016, respectively. The following table summarizes stock option activity (shares and intrinsic value in thousands): Number Weighted Weighted Aggregate Outstanding, January 1, 2016 768 $ 30.74 5.4 $ 27,942 Granted — — Exercised (409 ) 28.73 $ 16,960 Forfeited (4 ) 21.98 Outstanding, December 31, 2016 355 $ 33.15 5.0 $ 22,529 Exercisable at December 31, 2016 272 $ 38.03 5.3 $ 15,895 Vested or expected to vest at December 31, 2016 355 $ 33.16 5.0 $ 22,504 The aggregate intrinsic value was calculated based on the positive differences between the fair value of the Company’s common stock of $49.34, $67.10 and $96.55 per share on December 31, 2014, 2015 and 2016, respectively, or at time of exercise, and the exercise price of the options. During the year ended December 31, 2016, the Company granted 759,736 restricted stock units, of which 705,236 have time-based vesting conditions and 54,500 have market-based vesting conditions. Restricted stock units with time-based vesting conditions are valued on the grant date using the grant date closing price of the underlying shares. The Company recognizes the expense on a straight-line basis over the requisite service period of the restricted stock unit, which is generally three years. Since 2013, the Company has granted to certain key executives restricted stock unit awards with market-based vesting conditions, which are tied to the individual executive’s continued employment with the Company throughout the applicable performance period and the level of the Company’s achievement of a pre-established The assumptions used in the Monte Carlo simulation model to value the TSR Unit grants include (but are not limited to) the following: May 2014 Grant May 2015 Grant February 2016 Grant May 2016 Grant Risk-free interest rate 0.78 % 0.93 % 0.89 % 1.02 % Volatility 54 % 50 % 40 % 37 % The following table summarizes restricted stock unit activity, including performance-based TSR Units (shares in thousands): Number of shares Weighted Average Unvested as of January 1, 2016 1,438 $ 54.37 Restricted stock units granted 760 63.47 Restricted stock units earned (1) 36 Restricted stock units vested (1) (676 ) 47.17 Restricted stock units forfeited (113 ) 56.70 Unvested as of December 31, 2016 1,445 $ 62.23 (1) Included in both restricted stock units earned and vested in the table above are 36,200 TSR Units earned during 2016 above the target number of underlying shares initially granted. The Company recognized stock-based compensation expense within the accompanying consolidated statements of operations as summarized in the following table (in thousands): Years Ended December 31, 2014 2015 2016 Cost of revenue $ 1,107 $ 1,560 $ 2,289 Research and development 3,653 5,188 6,201 Sales and marketing 9,033 11,090 16,181 General and administrative 10,976 8,661 13,679 $ 24,769 $ 26,499 $ 38,350 As of December 31, 2016, there was approximately $59.5 million of total unrecognized stock-based compensation cost, net of estimated forfeitures, related to unvested stock awards which are expected to be recognized over a weighted average period of 1.91 years. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Operating Leases In December 2014, the Company entered into a lease for new office space in Boston, Massachusetts which began in December 2015 and extends through June 2028. The aggregate amount of minimum lease payments to be made over the term of the lease is approximately $47.0 million. Pursuant to the terms of the lease, the landlord was responsible for making certain improvements to the leased space up to an agreed upon cost to the landlord. Any excess costs for these improvements were billed by the landlord to the Company as additional rent. These excess costs total $3.4 million, all of which were paid as of December 31, 2016. The lease required a security deposit of $3.3 million in the form of an irrevocable, unsecured standby letter of credit. The lease includes an option to extend the original term of the lease for two successive five-year periods. Rent expense under all leases was $7.1 million, $8.2 million and $11.8 million for the years ended December 31, 2014, 2015 and 2016, respectively. The Company records rent expense on a straight-line basis for leases with scheduled escalation clauses or free rent periods. The Company also enters into hosting services agreements with third-party data centers and internet service providers that are subject to annual renewal. Hosting fees incurred under these arrangements aggregated $5.1 million, $6.9 million and $10.0 million for the years ended December 31, 2014, 2015 and 2016, respectively. Future minimum lease payments under non-cancelable Years Ending December 31 2017 $ 20,932 2018 15,307 2019 15,011 2020 11,676 2021 10,743 Thereafter 35,546 Total minimum lease payments $ 109,215 Litigation On September 2, 2016, Meetrix IP, LLC, or Meetrix, filed a complaint against the Company in the U.S. District Court for the Western District of Texas (Case No. 1:16-cv-1034). On April 24, 2015, the Company entered into a Settlement Agreement with Sensory Technologies, LLC, or Sensory, whereby Sensory agreed to assign its JOIN ® one-time ® The Company is from time to time subject to various other legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. While the outcome of these other claims cannot be predicted with certainty, management does not believe that the outcome of any of these other legal matters will have a material adverse effect on the Company’s consolidated financial statements. |
401(k) Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
401(k) Plan | 12. 401(k) Plan On January 1, 2007, the Company established a defined contribution savings plan under Section 401(k) of the Internal Revenue Code. The plan is available to all employees upon employment and allows participants to defer a portion of their annual compensation on a pre-tax |
Credit Facility
Credit Facility | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Credit Facility | 14. Credit Facility On February 18, 2015, the Company entered into a multi-currency credit agreement with a syndicate of banks, financial institutions and other lending entities (the “Credit Agreement”), pursuant to which a secured revolving credit facility of up to $100 million in the aggregate was made available to the Company. On January 22, 2016, the Company entered into the First Amendment to the Credit Agreement, pursuant to which the Company exercised its option to increase the credit facility to up to $150 million in the aggregate with the existing lenders and an additional lender and amended the Credit Agreement to provide the Company with an option to further increase the credit facility by an additional $50 million, which, if exercised, would provide the Company with access to a secured revolving credit facility of up to $200 million. On February 1, 2017, the Company entered into an Amended and Restated Credit Agreement (the “Amended Credit Agreement”), which amended and restated the Credit Agreement. The Amended Credit Agreement increased the Company’s secured revolving credit facility from $150 million to $400 million in the aggregate, and permits the Company to increase the revolving credit facility and/or enter into one or more tranches of term loans up to an additional $200 million. The Amended Credit Agreement also extended the maturity date of the revolving credit facility to February 1, 2022. The Company and its subsidiaries expect to use the credit facility for general corporate purposes, including, but not limited to, the potential acquisition of complementary products or businesses, share repurchases, as well as for working capital. See Note 15 to the Consolidated Financial Statements. The Company may prepay the loans or terminate or reduce the commitments in whole or in part at any time, without premium or penalty, subject to certain conditions and costs in the case of Eurodollar rate loans. The outstanding debt balance is $30.0 million as of December 31, 2016. Loans under the Credit Agreement bear interest at variable rates which reset every 30 to 180 days depending on the rate and period selected by the Company as described below. As of December 31, 2016, the annual rate on the $30.0 million revolving loan was 2.313% and was renewed at 2.0625% on February 1, 2017. The average interest rate on borrowings outstanding for the year ending December 31, 2016 was 2.013%. The quarterly commitment fee on the undrawn portion of the credit facility ranges from 0.20% to 0.30% per annum, based upon the Company’s total leverage ratio. As of December 31, 2016, the fair value of the credit facility approximated its book value. The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company and its subsidiaries’ ability to, among other things, incur indebtedness, grant liens, merge or consolidate, dispose of assets, change the nature of its business, make investments and acquisitions, pay dividends or make distributions, or enter into certain transactions with affiliates, in each case subject to customary and other exceptions for a credit facility of this size and type, each as further described in the Credit Agreement. As of December 31, 2016, the Credit Agreement also imposed limits on capital expenditures of the Company and its subsidiaries and required the Company to maintain a maximum total leverage ratio (not greater than 2.75:1.00) and a minimum interest coverage ratio (not less than 3.00:1.00), each as further defined in the Credit Agreement. As of December 31, 2016, the Company was in compliance with all financial and operating covenants of the Credit Agreement. Any failure to comply with the financial or operating covenants of the Credit Agreement would prevent the Company from being able to borrow additional funds, and would constitute a default, permitting the lenders to, among other things, accelerate the amounts outstanding, including all accrued interest and unpaid fees, under the credit facility and to terminate the credit facility. As of December 31, 2016, the Company had $0.9 million of origination costs recorded in other assets. The Company incurred $1.0 million of origination costs for the period ending December 31, 2015 in connection with entering into the Credit Agreement. The Company incurred an additional $0.3 million of origination costs in connection with the First Amendment to the Credit Agreement executed in January 2016. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events Amendment to 2009 Stock Incentive Plan The Company’s Board of Directors and stockholders approved an amendment and restatement of the Company’s 2009 Stock Incentive Plan, which was effective as of January 31, 2017, to increase the number of shares of the Company’s common stock that may be issued under the plan by an additional 4,500,000 shares and extend the term of the plan to December 5, 2026. Third Special Cash Dividend On January 6, 2017, the Company announced that its Board of Directors declared a special cash dividend of $0.50 per share of common stock, payable to the Company’s stockholders of record as of January 16, 2017. The dividend was paid on January 31, 2017 and totaled $12.8 million. GetGo Merger At 11:59 p.m. eastern time on January 31, 2017, the Company completed the transactions contemplated by the previously disclosed (i) Agreement and Plan of Merger, dated as of July 26, 2016, by and among the Company, Lithium Merger Sub, Inc., Citrix Systems, Inc. and GetGo, Inc., and (ii) Separation and Distribution Agreement by and among Citrix, GetGo and the Company, dated as of July 26, 2016. The completion of the Merger, including the merger of Lithium Merger Sub, Inc. with and into GetGo, with GetGo surviving the merger as a wholly owned subsidiary of the Company, resulted in the acquisition by the Company of Citrix’s GoTo family of service offerings. Prior to the Merger and pursuant to the Separation Agreement, Citrix transferred the GoTo Business to GetGo and its subsidiaries and thereafter distributed all of the outstanding shares of common stock, par value $0.01 per share, of GetGo, to Citrix stockholders of record as of January 20, 2017 on pro rata basis. At the effective time of the Merger, each issued and outstanding share of GetGo common stock was automatically converted into the right to receive one share of the Company’s common stock, together with cash in lieu of any fractional shares. The Company issued 26,868,269 shares of its common stock in connection with the Merger, with Citrix stockholders receiving 0.1718 shares of the Company’s common stock for each share of common stock, par value $0.01 per share, of Citrix, held as of January 20, 2017. In addition, the Company issued 446,039 restricted stock unit awards in substitution for outstanding Citrix restricted stock unit awards held by employees of GetGo, pursuant to the terms of the Agreement and Plan of Merger. These restricted stock unit awards vesting dates match the vesting dates of the substituted Citrix restricted stock awards. The Company and Citrix entered into a transition services agreement, pursuant to which each party will provide to the other party certain services on a transitional basis following the completion of the Merger to facilitate the transition of the GoTo Business to the Company. Among other services, the transition services generally relate to information technology and security operations, facilities, human resources support and accounting and finance support. The Company estimates that it will pay approximately $5 million to Citrix during the term of the transition services agreement, primarily in the first six months after the Merger. Credit Facility On February 1, 2017, the Company entered an Amended and Restated Credit Agreement by and between the Company and a syndicate of banks to amend and restate the Company’s existing credit agreement dated as of February 18, 2015, as amended on January 22, 2016 to, among other things: • increase the Company’s secured revolving credit facility from $150 million to $400 million in the aggregate (the “Revolving Facility”). The Credit Agreement also permits the Company to increase the Revolving Facility and/or enter into one or more tranches of term loans up to an additional $200 million subject to further commitment from the Lenders or additional lenders; • include Australian Dollars as a currency available for borrowing under the Revolving Facility; • extend the maturity date of the Revolving Facility to February 1, 2022, meaning that revolving loans under the Revolving Facility may be borrowed, re-paid re-borrowed • adjust interest rates such that interest rates for U.S. Dollar loans under the Revolving Facility are determined, at the option of the Company, by reference to a Eurodollar rate or a base rate, ranging from 1.25% to 2.00% above the Eurodollar rate for Eurodollar-based borrowings or from 0.250% to 1.00% above the defined base rate for base rate borrowings, in each case based upon the Company’s total leverage ratio. Interest rates for loans in currencies other than U.S. Dollars will range from 1.25% to 2.00% above the respective London interbank offered interest rates for those currencies, also based on the Company’s total leverage ratio; • eliminate the financial covenant with respect to capital expenditures and require the Company to maintain a maximum consolidated senior secured leverage ratio, a maximum consolidated total leverage ratio, and a minimum consolidated fixed charge coverage ratio, each as further defined in the Credit Agreement; • remove LogMeIn Ireland Holding Company Limited (“LogMeIn Ireland”) as a named borrower under the facility, and remove any material subsidiaries of LogMeIn Ireland as guarantors of the Revolving Facility; and • adjust the quarterly commitment fee on the undrawn portion of the Revolving Facility such that it ranges from 0.15% to 0.30% per annum, based upon the Company’s total leverage ratio. The Company incurred approximately $2.0 million of origination costs in connection with the Amended and Restated Credit Agreement. Capital Return Plan On February 23, 2017, the Company’s Board of Directors approved a three-year capital return plan. Pursuant to the plan, the Company intends to return to its stockholders approximately 75% of its free cash flow over the period, up to $700 million, through a combination of share repurchases and dividends. As part of this capital return plan, the Company expects to initiate a quarterly cash dividend of $0.25 per share, with the first dividend under this plan to be paid on May 26, 2017 to stockholders of record as of May 10, 2017. The Company’s Board of Directors will continue to review this capital return plan for potential modifications based on the Company’s financial performance, business outlook and other considerations. The timing and number of shares to be repurchased will depend upon prevailing market conditions and other factors, including potential tax restrictions imposed on the Company related to the Merger and the resolution of the company’s related IRS private letter ruling. Additionally, the Company’s credit facility contains certain financial and operating covenants that may restrict its ability to pay dividends in the future. |
Quarterly Information (Unaudite
Quarterly Information (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information (Unaudited) | 16. Quarterly Information (Unaudited) For the Three Months Ended March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, (in thousands, except for per share data) Statement of Operations Data: Revenue $ 61,109 $ 64,834 $ 69,573 $ 76,084 $ 79,734 $ 83,266 $ 85,103 $ 87,965 Gross profit 53,127 56,299 60,895 65,821 68,534 71,830 73,618 76,585 (Loss) income from operations (964 ) 2,549 7,844 6,620 (707 ) 3,360 (228 ) 1,988 Net income (loss) 372 2,388 5,563 6,235 (1,073 ) 2,506 (657 ) 1,862 Net income (loss) per share-basic $ 0.02 $ 0.10 $ 0.22 $ 0.25 $ (0.04 ) $ 0.10 $ (0.03 ) $ 0.07 Net income (loss) per share-diluted $ 0.01 $ 0.09 $ 0.22 $ 0.24 $ (0.04 ) $ 0.10 $ (0.03 ) $ 0.07 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
Use of Estimates | Use of Estimates |
Cash Equivalents | Cash Equivalents |
Marketable Securities | Marketable Securities available-for-sale |
Restricted Cash | Restricted Cash — |
Accounts Receivable | Accounts Receivable — Activity in the allowance for doubtful accounts was as follows (in thousands): December 31, 2014 2015 2016 Balance beginning of period $ 269 $ 301 $ 274 Provision for bad debt 102 61 37 Uncollectible accounts written off (70 ) (88 ) (66 ) Balance end of period $ 301 $ 274 $ 245 |
Property and Equipment | Property and Equipment Estimated useful lives of assets are as follows: Computer equipment and software 2 — 3 years Office equipment 3 years Furniture and fixtures 5 years Leasehold Improvements Shorter of lease term |
Goodwill | Goodwill |
Long-Lived Assets and Intangible Assets | Long-Lived Assets and Intangible Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets, including intangible assets, may not be recoverable. When such events occur, the Company compares the carrying amounts of the assets to their undiscounted expected future cash flows. If this comparison indicates that there is impairment, the amount of the impairment is calculated as the difference between the carrying value and fair value. Through December 31, 2016, the Company recorded no material impairments. |
Revenue Recognition | Revenue Recognition Revenue from the Company’s premium services is recognized on a daily basis over the subscription term as the services are delivered, provided that there is persuasive evidence of an arrangement, the fee is fixed or determinable and collectability is deemed reasonably assured. Subscription periods range from monthly to ten years. The Company’s software cannot be run on another entity’s hardware and customers do not have the right to take possession of the software and use it on their own or another entity’s hardware. The Company’s multi-element arrangements typically include subscription and professional services, which may include development services. The Company evaluates each element within the arrangement to determine if they can be accounted for as separate units of accounting. If the delivered item or items have value to the customer on a standalone basis, either because they are sold separately by any vendor or the customer could resell the delivered item or items on a standalone basis, the Company has determined that the deliverables within these arrangements qualify for treatment as separate units of accounting. Accordingly, the Company recognizes revenue for each delivered item or items as a separate earnings process commencing when all of the significant performance obligations have been performed and when all of the revenue recognition criteria have been met. Professional services revenue recognized as a separate earnings process under multi-element arrangements has been immaterial to date. In cases where the Company has determined that the delivered items within its multi-element arrangements do not have value to the customer on a stand-alone basis, the arrangement is accounted for as a single unit of accounting and the related consideration is recognized ratably over the estimated customer life, commencing when all of the significant performance obligations have been delivered and when all of the revenue recognition criteria have been met. Revenue from multi-element arrangements accounted for as a single unit of accounting which do not have value to the customer has been immaterial to date. |
Deferred Revenue | Deferred Revenue — |
Concentrations of Credit Risk and Significant Customers | Concentrations of Credit Risk and Significant Customers As of December 31, 2015 and 2016 no customers accounted for more than 10% of accounts receivable and there were no customers that represented 10% or more of revenue for the years ended December 31, 2014, 2015 or 2016. |
Legal Costs | Legal Costs |
Research and Development | Research and Development |
Software Development Costs | Software Development Costs The Company capitalizes certain direct costs to develop functionality as well as certain upgrades and enhancements of its on-demand |
Foreign Currency Translation | Foreign Currency Translation period-end |
Stock-Based Compensation | Stock-Based Compensation with-or-without |
Income Taxes | Income Taxes The Company evaluates its uncertain tax positions based on a determination of whether and how much of a tax benefit taken by the Company in its tax filings is more likely than not to be realized. Potential interest and penalties associated with any uncertain tax positions are recorded as a component of income tax expense. |
Advertising Costs | Advertising Costs |
Comprehensive Income (Loss) | Comprehensive Loss non-owner available-for-sale available-for-sale available-for-sale |
Segment Data | Segment Data The Company’s revenue by geography (based on customer address) is as follows (in thousands): Years Ended December 31, 2014 2015 2016 Revenues: United States $ 148,532 $ 191,300 $ 240,469 United Kingdom 19,452 21,662 25,738 International — all other 53,972 58,638 69,861 Total revenue $ 221,956 $ 271,600 $ 336,068 The Company’s revenue by service cloud (product grouping) is as follows (in thousands): Years Ended December 31, 2014 2015 2016 Revenues: Collaboration cloud $ 62,746 $ 88,234 $ 117,244 Identity and Access Management cloud 74,244 92,712 120,324 Service and Support cloud 82,767 88,206 96,245 Other 2,199 2,448 2,255 Total revenue $ 221,956 $ 271,600 $ 336,068 The Company’s long-lived assets by geography are as follows (in thousands): Years Ended December 31, Long-lived assets: 2014 2015 2016 United States $ 9,731 $ 16,342 $ 16,872 Hungary 2,018 2,525 3,015 United Kingdom 1,139 1,963 1,964 International — all other 588 881 2,016 Total long-lived assets $ 13,476 $ 21,711 $ 23,867 |
Net Income Per Share | Net Income Per Share The Company excluded the following options to purchase common shares and restricted stock units from the computation of diluted net income per share because they had an anti-dilutive impact (in thousands): Years Ended December 31, 2014 2015 2016 Options to purchase common shares 57 — — Restricted stock units 18 204 114 Total options and restricted stock units 75 204 114 Basic and diluted net income per share was calculated as follows (in thousands, except per share data): Years Ended December 31, 2014 2015 2016 Basic: Net income $ 7,955 $ 14,558 $ 2,638 Weighted average common shares outstanding, basic 24,385 24,826 25,305 Net income per share, basic $ 0.33 $ 0.59 $ 0.10 Diluted: Net income $ 7,955 $ 14,558 $ 2,638 Weighted average common shares outstanding 24,385 24,826 25,305 Add: Common stock equivalents 1,001 954 859 Weighted average common shares outstanding, diluted 25,386 25,780 26,164 Net income per share, diluted $ 0.31 $ 0.56 $ 0.10 |
Guarantees and Indemnification Obligations | Guarantees and Indemnification Obligations by-laws. In the ordinary course of business, the Company enters into agreements with certain customers that contractually obligate the Company to provide indemnifications of varying scope and terms with respect to certain matters including, but not limited to, losses arising out of the breach of such agreements, from the services provided by the Company or claims alleging that the Company’s products infringe third-party patents, copyrights, or trademarks. The term of these indemnification obligations is generally perpetual. The maximum potential amount of future payments the Company could be required to make under these indemnification obligations is, in many cases, unlimited. Through December 31, 2016, the Company has not experienced any losses related to these indemnification obligations. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements 2014-09, Revenue from Contracts with Customers 2014-09”), 2014-09 2014-09 2014-09’s in-substance 2014-09 2014-09 2014-09 On February 25, 2016, the FASB issued ASU 2016-02, Leases 2016-02”) , right-of-use 2016-02 On March 30, 2016, the FASB issued ASU 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting 2016-09”), 2016-09 On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13”). 2016-13 available-for-sale On October 24, 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory ( 2016-16” ). 2016-16 2016-16 On January 26, 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment On November 17, 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB’s EITF) |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Activity in Allowance for Doubtful Accounts | Activity in the allowance for doubtful accounts was as follows (in thousands): December 31, 2014 2015 2016 Balance beginning of period $ 269 $ 301 $ 274 Provision for bad debt 102 61 37 Uncollectible accounts written off (70 ) (88 ) (66 ) Balance end of period $ 301 $ 274 $ 245 |
Estimated Useful Lives of Assets | Estimated useful lives of assets are as follows: Computer equipment and software 2 — 3 years Office equipment 3 years Furniture and fixtures 5 years Leasehold Improvements Shorter of lease term |
Schedule of Revenue by Geographic Areas | The Company’s revenue by geography (based on customer address) is as follows (in thousands): Years Ended December 31, 2014 2015 2016 Revenues: United States $ 148,532 $ 191,300 $ 240,469 United Kingdom 19,452 21,662 25,738 International — all other 53,972 58,638 69,861 Total revenue $ 221,956 $ 271,600 $ 336,068 |
Schedule of Revenue by Service Cloud (Product Grouping) | The Company’s revenue by service cloud (product grouping) is as follows (in thousands): Years Ended December 31, 2014 2015 2016 Revenues: Collaboration cloud $ 62,746 $ 88,234 $ 117,244 Identity and Access Management cloud 74,244 92,712 120,324 Service and Support cloud 82,767 88,206 96,245 Other 2,199 2,448 2,255 Total revenue $ 221,956 $ 271,600 $ 336,068 |
Schedule of Long-lived Assets by Geographical Area | The Company’s long-lived assets by geography are as follows (in thousands): Years Ended December 31, Long-lived assets: 2014 2015 2016 United States $ 9,731 $ 16,342 $ 16,872 Hungary 2,018 2,525 3,015 United Kingdom 1,139 1,963 1,964 International — all other 588 881 2,016 Total long-lived assets $ 13,476 $ 21,711 $ 23,867 |
Schedule of Options to Purchase Common Shares and Restricted Stock Units | The Company excluded the following options to purchase common shares and restricted stock units from the computation of diluted net income per share because they had an anti-dilutive impact (in thousands): Years Ended December 31, 2014 2015 2016 Options to purchase common shares 57 — — Restricted stock units 18 204 114 Total options and restricted stock units 75 204 114 |
Reconciliation of Basic and Diluted Net Income per Share | Basic and diluted net income per share was calculated as follows (in thousands, except per share data): Years Ended December 31, 2014 2015 2016 Basic: Net income $ 7,955 $ 14,558 $ 2,638 Weighted average common shares outstanding, basic 24,385 24,826 25,305 Net income per share, basic $ 0.33 $ 0.59 $ 0.10 Diluted: Net income $ 7,955 $ 14,558 $ 2,638 Weighted average common shares outstanding 24,385 24,826 25,305 Add: Common stock equivalents 1,001 954 859 Weighted average common shares outstanding, diluted 25,386 25,780 26,164 Net income per share, diluted $ 0.31 $ 0.56 $ 0.10 |
Fair Value of Financial Instr26
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of Company's Financial Assets and Contingent Consideration Liability Carried at Fair Value | The following table summarizes the basis used to measure certain of the Company’s financial assets and contingent consideration liability that are carried at fair value (in thousands): Fair Value Measurements at December 31, 2015 Level 1 Level 2 Level 3 Total Cash equivalents — money market funds $ 10,138 $ — $ — $ 10,138 Cash equivalents — bank deposits — 1 — 1 Short-term marketable securities: U.S. government agency securities 50,237 17,994 — 68,231 Corporate bond securities — 17,053 — 17,053 Contingent consideration liability — — 2,028 2,028 Fair Value Measurements at December 31, 2016 Level 1 Level 2 Level 3 Total Cash equivalents — money market funds $ 11,599 $ — $ — $ 11,599 Short-term marketable securities: U.S. government agency securities 34,961 8,001 — 42,962 Corporate bond securities — 12,748 — 12,748 |
Reconciliation of Beginning and Ending Level 3 Liability | A reconciliation of the beginning and ending Level 3 liability is as follows: Years Ended December 31, 2015 2016 Balance beginning of period $ 249 $ 2,028 Additions to Level 3 2,000 — Payments (226 ) (2,530 ) Change in fair value of contingent consideration liability 5 502 Balance end of period $ 2,028 $ — |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
AuthAir [Member] | |
Purchase Price Allocation | The following table summarizes the fair value (in thousands) of the assets acquired and liabilities assumed at the date of acquisition: Amount Cash and other current assets $ 1 Property and equipment 18 Deferred tax assets, net 666 Other current liabilities (78 ) Completed technology 1,200 Goodwill 4,215 Total purchase price $ 6,022 |
LastPass [Member] | |
Purchase Price Allocation | The following table summarizes the fair value (in thousands) of the assets acquired and liabilities assumed at the date of acquisition: Cash $ 2,518 Accounts receivable 639 Property and equipment 40 Deferred tax asset 3,050 Current and other assets 134 Intangible assets: Completed technology 29,400 Customer relationships 23,900 Trade name and trademark 3,000 Deferred revenue (6,600 ) Accrued expenses (66 ) Deferred tax liability (23,478 ) Goodwill 79,617 Total purchase price 112,154 Liability for contingent consideration (2,000 ) Total cash paid $ 110,154 |
Summary of Unaudited Pro Forma Information | Unaudited Pro Forma Financial Information Year Ended December 31, 2014 Year Ended December 31, 2015 Pro Forma As Reported Pro Forma As Reported (in thousands, except (in thousands, except Revenue $ 230,477 $ 221,956 $ 281,980 $ 271,600 Net income $ 1,687 $ 7,955 $ 12,038 $ 14,558 Earnings per share — Basic $ 0.07 $ 0.33 $ 0.48 $ 0.59 Earnings per share — Diluted $ 0.07 $ 0.31 $ 0.47 $ 0.56 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill | Changes in goodwill for the years ended December 31, 2015 and 2016 are as follows (in thousands): Balance, January 1, 2015 $ 37,928 Goodwill related to the acquisition of LastPass 79,617 Balance, December 31, 2015 117,545 Goodwill related to the acquisition of AuthAir 4,215 Balance, December 31, 2016 $ 121,760 |
Intangible Assets | Intangible assets consist of the following (in thousands): December 31, 2015 December 31, 2016 Estimated Gross Accumulated Net Gross Accumulated Net Identifiable intangible assets: Trade names and trademarks 1-11 years $ 3,806 $ 824 $ 2,982 $ 3,806 $ 955 $ 2,851 Customer relationships 5-8 years 29,249 4,209 25,040 29,249 9,315 19,934 Domain names 5 years 915 665 250 913 796 117 Technology 3-9 49,978 10,368 39,610 51,179 14,942 36,237 Other 4-5 442 241 201 442 359 83 Internally developed software 3 years 6,754 3,247 3,507 8,313 5,025 3,288 $ 91,144 $ 19,554 $ 71,590 $ 93,902 $ 31,392 $ 62,510 |
Amortization Expense for Intangible Assets | Amortization expense for intangible assets consisted of the following (in thousands): Years Ended December 31, 2014 2015 2016 Cost of revenue: Amortization of internally developed computer software $ 1,176 $ 1,196 $ 1,778 Amortization of acquired intangibles (1) 2,783 2,955 4,604 Sub-Total amortization of intangibles in cost of revenue 3,959 4,151 6,382 Amortization of acquired intangibles (1) 987 1,916 5,457 Total amortization of intangibles $ 4,946 $ 6,067 $ 11,839 (1) Total amortization of acquired intangibles was $3.8 million, $4.9 million and $10.1 million for the years ended December 31, 2014, 2015, and 2016, respectively. |
Future Estimated Amortization Expense | Future estimated amortization expense for intangible assets at December 31, 2016 is as follows (in thousands): Amortization Expense (Years Ending December 31) Amount 2017 $ 12,062 2018 11,623 2019 8,878 2020 7,824 2021 7,251 Thereafter 14,872 Total $ 62,510 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following (in thousands): December 31, 2015 2016 Computer equipment and software $ 30,030 $ 35,432 Office equipment 5,428 6,315 Furniture & fixtures 8,448 8,947 Construction in progress 93 1,443 Leasehold improvements 8,121 9,979 Total property and equipment 52,120 62,116 Less accumulated depreciation and amortization (30,409 ) (38,249 ) Property and equipment, net $ 21,711 $ 23,867 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): December 31, 2015 2016 Marketing programs $ 4,323 $ 4,274 Payroll and payroll-related 11,459 11,886 Professional fees 1,782 1,429 Acquisition-related 6,942 9,539 Other accrued liabilities 7,168 8,125 Total accrued liabilities $ 31,674 $ 35,253 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of Income (Loss) Before Provision for Income Taxes | The domestic and foreign components of income (loss) before provision for income taxes are as follows (in thousands): Years Ended December 31, 2014 2015 2016 Domestic $ (4,462 ) $ 1,059 $ (15,748 ) Foreign 13,856 16,459 18,956 Total income (loss) before provision for income taxes $ 9,394 $ 17,518 $ 3,208 |
Components of Income Taxes Provision | The provision for income taxes is as follows (in thousands): Years Ended December 31, 2014 2015 2016 Current: Federal $ 2,804 $ 2,521 $ 1,264 State 1,184 274 647 Foreign 1,052 1,227 1,963 Total 5,040 4,022 3,874 Deferred: Federal (3,069 ) (1,281 ) (2,705 ) State (748 ) 278 (428 ) Foreign 216 (59 ) (171 ) Total (3,601 ) (1,062 ) (3,304 ) Total provision for income taxes $ 1,439 $ 2,960 $ 570 |
Reconciliation of Company's Effective Tax Rate to Statutory Federal Income Tax Rate | A reconciliation of the Company’s effective tax rate to the statutory federal income tax rate is as follows: Years Ended December 31, 2014 2015 2016 Statutory tax rate 35.0 % 35.0 % 35.0 % Change in valuation allowance — — — Impact of permanent differences 1.6 1.1 27.0 Non-deductible 14.6 8.4 27.4 Non-deductible — — 82.1 Foreign tax rate differential (39.1 ) (26.7 ) (165.3 ) Research and development credits (2.6 ) (1.3 ) (10.6 ) State taxes, net of federal benefit 2.9 2.4 0.4 Impact of uncertain tax positions 3.8 1.4 18.6 Other (0.8 ) (3.4 ) 3.2 Effective tax rate 15.4 % 16.9 % 17.8 % |
Components of Deferred Tax Assets and Liabilities | The Company has deferred tax assets related to temporary differences and operating loss carryforwards as follows (in thousands): December 31, 2015 2016 Deferred tax assets: Net operating loss carryforwards $ 4,033 $ 3,190 Deferred revenue 583 1,161 Amortization 2,287 756 Stock-based compensation 10,268 10,903 Accrued bonus 4,032 4,409 Other 2,311 1,989 Total deferred tax assets 23,514 22,408 Deferred tax asset valuation allowance (1,829 ) (1,708 ) Net deferred tax assets 21,685 20,700 Deferred tax liabilities: Depreciation (466 ) (1,314 ) Goodwill amortization (2,638 ) (1,542 ) Acquired intangibles not deductible (23,561 ) (19,814 ) Other (634 ) (59 ) Total deferred tax liabilities (27,299 ) (22,729 ) Total $ (5,614 ) $ (2,029 ) |
Summary of Tax Year Subject to Examinations | As of December 31, 2016, we remained subject to examination in the following major tax jurisdictions for the years indicated: Major Tax Jurisdictions Open Tax Years United States (Federal) 2014-2016 United States (State) 2010-2016 Hungary 2011-2016 Ireland 2012-2016 |
Summary of Liabilities for Uncertain Tax Provisions | The Company has provided liabilities for uncertain tax provisions as follows (in thousands): Years Ended December 31, 2014 2015 2016 Balance beginning of period $ 304 $ 652 $ 884 Tax positions related to prior periods: Increases 7 2 34 Decreases (11 ) (3 ) — Tax positions related to current period: Increases 397 428 588 Settlements (45 ) (195 ) (26 ) Statute expiration — — — Balance end of period $ 652 $ 884 $ 1,480 |
Stock Incentive Plan (Tables)
Stock Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Stock Option Activity | The following table summarizes stock option activity (shares and intrinsic value in thousands): Number Weighted Weighted Aggregate Outstanding, January 1, 2016 768 $ 30.74 5.4 $ 27,942 Granted — — Exercised (409 ) 28.73 $ 16,960 Forfeited (4 ) 21.98 Outstanding, December 31, 2016 355 $ 33.15 5.0 $ 22,529 Exercisable at December 31, 2016 272 $ 38.03 5.3 $ 15,895 Vested or expected to vest at December 31, 2016 355 $ 33.16 5.0 $ 22,504 |
Schedule of Restricted Stock Unit Activity Including Performance-based TSR Units | The following table summarizes restricted stock unit activity, including performance-based TSR Units (shares in thousands): Number of shares Weighted Average Unvested as of January 1, 2016 1,438 $ 54.37 Restricted stock units granted 760 63.47 Restricted stock units earned (1) 36 Restricted stock units vested (1) (676 ) 47.17 Restricted stock units forfeited (113 ) 56.70 Unvested as of December 31, 2016 1,445 $ 62.23 (1) Included in both restricted stock units earned and vested in the table above are 36,200 TSR Units earned during 2016 above the target number of underlying shares initially granted. |
Schedule of Stock Based Compensation Allocated to Expense | The Company recognized stock-based compensation expense within the accompanying consolidated statements of operations as summarized in the following table (in thousands): Years Ended December 31, 2014 2015 2016 Cost of revenue $ 1,107 $ 1,560 $ 2,289 Research and development 3,653 5,188 6,201 Sales and marketing 9,033 11,090 16,181 General and administrative 10,976 8,661 13,679 $ 24,769 $ 26,499 $ 38,350 |
TSR Units [Member] | Monte Carlo Simulation Model [Member] | |
Summary of Valuation Assumptions | The assumptions used in the Monte Carlo simulation model to value the TSR Unit grants include (but are not limited to) the following: May 2014 Grant May 2015 Grant February 2016 Grant May 2016 Grant Risk-free interest rate 0.78 % 0.93 % 0.89 % 1.02 % Volatility 54 % 50 % 40 % 37 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Minimum Future Lease Payments Receivable | Future minimum lease payments under non-cancelable Years Ending December 31 2017 $ 20,932 2018 15,307 2019 15,011 2020 11,676 2021 10,743 Thereafter 35,546 Total minimum lease payments $ 109,215 |
Quarterly Information (Unaudi34
Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Statement of Operations Data | For the Three Months Ended March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, (in thousands, except for per share data) Statement of Operations Data: Revenue $ 61,109 $ 64,834 $ 69,573 $ 76,084 $ 79,734 $ 83,266 $ 85,103 $ 87,965 Gross profit 53,127 56,299 60,895 65,821 68,534 71,830 73,618 76,585 (Loss) income from operations (964 ) 2,549 7,844 6,620 (707 ) 3,360 (228 ) 1,988 Net income (loss) 372 2,388 5,563 6,235 (1,073 ) 2,506 (657 ) 1,862 Net income (loss) per share-basic $ 0.02 $ 0.10 $ 0.22 $ 0.25 $ (0.04 ) $ 0.10 $ (0.03 ) $ 0.07 Net income (loss) per share-diluted $ 0.01 $ 0.09 $ 0.22 $ 0.24 $ (0.04 ) $ 0.10 $ (0.03 ) $ 0.07 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2016USD ($)CustomerSegment | Dec. 31, 2015USD ($)Customer | Dec. 31, 2014USD ($)Customer | Apr. 30, 2012USD ($) | |
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Marketable securities, maturities remaining | 2 years | |||
Marketable securities, amortized cost | $ 55,700,000 | $ 85,300,000 | ||
Marketable securities | 55,710,000 | 85,284,000 | ||
Marketable securities, unrealized gains | 17,000 | 10,000 | ||
Marketable securities, unrealized losses | $ 43,000 | 53,000 | ||
Number of reporting unit | Segment | 1 | |||
Number of operating segments | Segment | 1 | |||
Goodwill impairments | $ 0 | |||
Long-lived asset impairment | 0 | |||
Foreign currency gains | 1,400,000 | 1,400,000 | ||
Foreign currency losses | 500,000 | 500,000 | ||
Advertising expense | 29,200,000 | 35,800,000 | $ 36,800,000 | |
Accumulated other comprehensive income (loss) | (6,618,000) | (5,216,000) | ||
Foreign currency translation adjustments | 6,600,000 | 5,200,000 | ||
Unrealized (losses) gains, net of tax on available-for-sale securities | 16,000 | $ 27,000 | ||
Indemnification Agreement [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Losses related to indemnification obligations | $ 0 | |||
Sales Revenue, Net [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Revenue, number of customers accounted | Customer | 0 | 0 | 0 | |
Accounts Receivable [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Accounts receivable, number of major customers | Customer | 0 | 0 | ||
Massachusetts [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Security deposit | $ 3,300,000 | $ 3,300,000 | ||
Bank deposit | $ 3,500,000 | |||
Bank deposit percentage | 105.00% | |||
Decrease in restricted cash, security deposit | $ 1,500,000 | |||
Massachusetts [Member] | Internally Developed Software [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Intangible assets, estimated useful life | 3 years | |||
Minimum [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Revenue subscription period | 1 month | |||
Maximum [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Intangible assets, estimated useful life | 11 years | |||
Revenue subscription period | 10 years | |||
Maximum [Member] | Internally Developed Software [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Intangible assets, estimated useful life | 3 years | |||
Weighted Average [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Revenue subscription period | 1 year | |||
Customer Concentration Risk [Member] | Minimum [Member] | Sales Revenue, Net [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage outstanding for major customer | 10.00% | 10.00% | 10.00% | |
Credit Concentration Risk [Member] | Minimum [Member] | Accounts Receivable [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage outstanding for major customer | 10.00% | 10.00% |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Activity in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Balance beginning of period | $ 274 | $ 301 | $ 269 |
Provision for bad debt | 37 | 61 | 102 |
Uncollectible accounts written off | (66) | (88) | (70) |
Balance end of period | $ 245 | $ 274 | $ 301 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Computer Equipment and Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 2 years |
Computer Equipment and Software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 5 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Leasehold Improvements | Shorter of lease term or estimated useful life |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Schedule of Revenue and Long-lived Assets by Geographic Areas (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 87,965 | $ 85,103 | $ 83,266 | $ 79,734 | $ 76,084 | $ 69,573 | $ 64,834 | $ 61,109 | $ 336,068 | $ 271,600 | $ 221,956 |
Long-lived assets | 23,867 | 21,711 | 23,867 | 21,711 | 13,476 | ||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 240,469 | 191,300 | 148,532 | ||||||||
Long-lived assets | 16,872 | 16,342 | 16,872 | 16,342 | 9,731 | ||||||
Hungary [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Long-lived assets | 3,015 | 2,525 | 3,015 | 2,525 | 2,018 | ||||||
United Kingdom [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 25,738 | 21,662 | 19,452 | ||||||||
Long-lived assets | 1,964 | 1,963 | 1,964 | 1,963 | 1,139 | ||||||
International - All Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 69,861 | 58,638 | 53,972 | ||||||||
Long-lived assets | $ 2,016 | $ 881 | $ 2,016 | $ 881 | $ 588 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Schedule of Revenue by Service Cloud (Product Grouping) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 87,965 | $ 85,103 | $ 83,266 | $ 79,734 | $ 76,084 | $ 69,573 | $ 64,834 | $ 61,109 | $ 336,068 | $ 271,600 | $ 221,956 |
Collaboration Cloud [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 117,244 | 88,234 | 62,746 | ||||||||
Identity and Access Management Cloud [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 120,324 | 92,712 | 74,244 | ||||||||
Service and Support Cloud [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 96,245 | 88,206 | 82,767 | ||||||||
Other [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 2,255 | $ 2,448 | $ 2,199 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Schedule of Options to Purchase Common Shares and Restricted Stock Units (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total options and restricted stock units | 114 | 204 | 75 |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total options and restricted stock units | 57 | ||
Restricted Stock Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total options and restricted stock units | 114 | 204 | 18 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Reconciliation of Basic and Diluted Net Income per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Basic: | |||||||||||
Net income | $ 1,862 | $ (657) | $ 2,506 | $ (1,073) | $ 6,235 | $ 5,563 | $ 2,388 | $ 372 | $ 2,638 | $ 14,558 | $ 7,955 |
Weighted average common shares outstanding, basic | 25,305 | 24,826 | 24,385 | ||||||||
Net income per share, basic | $ 0.07 | $ (0.03) | $ 0.10 | $ (0.04) | $ 0.25 | $ 0.22 | $ 0.10 | $ 0.02 | $ 0.10 | $ 0.59 | $ 0.33 |
Diluted: | |||||||||||
Net income | $ 1,862 | $ (657) | $ 2,506 | $ (1,073) | $ 6,235 | $ 5,563 | $ 2,388 | $ 372 | $ 2,638 | $ 14,558 | $ 7,955 |
Weighted average common shares outstanding | 25,305 | 24,826 | 24,385 | ||||||||
Add: Common stock equivalents | 859 | 954 | 1,001 | ||||||||
Weighted average common shares outstanding, diluted | 26,164 | 25,780 | 25,386 | ||||||||
Net income per share, diluted | $ 0.07 | $ (0.03) | $ 0.10 | $ (0.04) | $ 0.24 | $ 0.22 | $ 0.09 | $ 0.01 | $ 0.10 | $ 0.56 | $ 0.31 |
Fair Value of Financial Instr42
Fair Value of Financial Instruments - Summary of Company's Financial Assets and Contingent Consideration Liability Carried at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration liability | $ 2,028 | ||
Short-term marketable securities | $ 55,710 | 85,284 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration liability | 2,028 | $ 249 | |
Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 11,599 | 10,138 | |
Bank Deposits [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 1 | ||
U.S. Government Agency Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term marketable securities | 42,962 | 68,231 | |
Corporate Bond Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term marketable securities | 12,748 | 17,053 | |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration liability | 2,028 | ||
Recurring [Member] | Money Market Funds [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 11,599 | 10,138 | |
Recurring [Member] | Bank Deposits [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 1 | ||
Recurring [Member] | U.S. Government Agency Securities [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term marketable securities | 34,961 | 50,237 | |
Recurring [Member] | U.S. Government Agency Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term marketable securities | 8,001 | 17,994 | |
Recurring [Member] | Corporate Bond Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term marketable securities | $ 12,748 | $ 17,053 |
Fair Value of Financial Instr43
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 15, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Contingent consideration liability | $ 2,028,000 | |||
Payment of contingent consideration liability | $ 2,530,000 | 226,000 | ||
LastPass [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range of contingent payments, Maximum | $ 2,500,000 | |||
Contingent consideration liability | $ 2,500,000 | $ 2,000,000 | $ 15,000,000 | |
Payment of contingent consideration liability | $ 2,500,000 |
Fair Value of Financial Instr44
Fair Value of Financial Instruments - Reconciliation of Beginning and Ending Level 3 Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance beginning of period | $ 2,028 | |
Additions to Level 3 | $ 2,000 | |
Payments | (2,530) | (226) |
Change in fair value of contingent consideration liability | 502 | 5 |
Balance end of period | 2,028 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance beginning of period | $ 2,028 | 249 |
Balance end of period | $ 2,028 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) | Oct. 15, 2015 | Sep. 05, 2014 | Aug. 27, 2014 | Mar. 07, 2014 | Oct. 31, 2016 | Sep. 30, 2016 | Feb. 29, 2016 | Aug. 31, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||||||||||||||||||
Acquisition-related costs | $ 25,100,000 | $ 6,400,000 | $ 4,500,000 | ||||||||||||||||
Acquisition related retention-based bonus payment expense | 8,200,000 | 5,600,000 | 4,100,000 | ||||||||||||||||
Cash payable in contingent consideration | $ 2,028,000 | 2,028,000 | |||||||||||||||||
Acquisition-related costs | 16,800,000 | ||||||||||||||||||
Deferred tax asset related to operating losses | $ 303,000 | 198,000 | 303,000 | 198,000 | |||||||||||||||
Deferred tax liability, intangible asset | 19,814,000 | 23,561,000 | 19,814,000 | 23,561,000 | |||||||||||||||
Operating revenues | 87,965,000 | $ 85,103,000 | $ 83,266,000 | $ 79,734,000 | 76,084,000 | $ 69,573,000 | $ 64,834,000 | $ 61,109,000 | 336,068,000 | 271,600,000 | 221,956,000 | ||||||||
Operating expenses | 286,154,000 | 220,093,000 | 184,537,000 | ||||||||||||||||
Amortization of acquired intangibles | 5,457,000 | 1,916,000 | 987,000 | ||||||||||||||||
Change in fair value of contingent consideration liability | 502,000 | ||||||||||||||||||
Contingent payments | 2,030,000 | 226,000 | |||||||||||||||||
Cash purchase price | 6,083,000 | 107,575,000 | 22,449,000 | ||||||||||||||||
Retention Bonus and Earnout Payments [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Cash payable in contingent consideration | 7,700,000 | 7,700,000 | |||||||||||||||||
Citrix Systems Inc [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquisition-related costs | $ 16,200,000 | ||||||||||||||||||
AuthAir [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business acquisition date | Oct. 31, 2016 | ||||||||||||||||||
Total purchase price | $ 6,022,000 | ||||||||||||||||||
Deferred tax asset related to operating losses | 1,100,000 | ||||||||||||||||||
Deferred tax liability, intangible asset | 500,000 | ||||||||||||||||||
AuthAir [Member] | Retention Bonus [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Cash payable in contingent consideration | 500,000 | ||||||||||||||||||
LastPass [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business acquisition date | Oct. 15, 2015 | ||||||||||||||||||
Cash payable in contingent consideration | $ 15,000,000 | 2,500,000 | $ 2,000,000 | 2,000,000 | |||||||||||||||
Total purchase price | 112,154,000 | ||||||||||||||||||
Cash paid for acquisition, net of cash acquired | $ 107,600,000 | ||||||||||||||||||
Maturity period for contingent payment | 2 years | ||||||||||||||||||
Operating revenues | $ 18,800,000 | 271,600,000 | 221,956,000 | ||||||||||||||||
Operating expenses | 27,700,000 | 3,800,000 | |||||||||||||||||
Amortization of acquired intangibles | 6,200,000 | 900,000 | |||||||||||||||||
Change in fair value of contingent consideration liability | 500,000 | ||||||||||||||||||
Range of contingent payments, Maximum | 2,500,000 | 2,500,000 | |||||||||||||||||
Contingent payments | $ 2,500,000 | ||||||||||||||||||
Deferred tax asset | $ 3,050,000 | ||||||||||||||||||
Deferred tax liability | (23,478,000) | ||||||||||||||||||
Proforma contingent consideration and retention requirement payments | 5,500,000 | $ 7,000,000 | |||||||||||||||||
Payment to non-stockholder employees | 6,100,000 | ||||||||||||||||||
Cash purchase price | 110,154,000 | ||||||||||||||||||
LastPass [Member] | Retention Bonus [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquisition related retention-based bonus payment expense | 6,700,000 | $ 1,400,000 | |||||||||||||||||
Range of contingent payments, Maximum | 12,500,000 | 12,500,000 | |||||||||||||||||
LastPass [Member] | Non Retention Bonus [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Range of contingent payments, Maximum | 2,500,000 | $ 2,500,000 | |||||||||||||||||
LastPass [Member] | Accrued Liabilities [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Cash payable in contingent consideration | $ 2,000,000 | ||||||||||||||||||
Ionia Corp [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business acquisition date | Mar. 7, 2014 | ||||||||||||||||||
Cash payable in contingent consideration | $ 4,000,000 | ||||||||||||||||||
Deferred tax liability, intangible asset | 700,000 | $ 700,000 | |||||||||||||||||
Contingent payments | $ 2,000,000 | $ 2,000,000 | |||||||||||||||||
Cash purchase price | $ 7,500,000 | ||||||||||||||||||
Meldium [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business acquisition date | Sep. 27, 2014 | ||||||||||||||||||
Cash payable in contingent consideration | $ 4,600,000 | ||||||||||||||||||
Deferred tax asset related to operating losses | 500,000 | ||||||||||||||||||
Deferred tax liability, intangible asset | $ 700,000 | ||||||||||||||||||
Maturity period for contingent payment | 2 years | ||||||||||||||||||
Contingent payments | $ 2,600,000 | $ 2,000,000 | |||||||||||||||||
Cash purchase price | $ 10,600,000 | ||||||||||||||||||
Meldium [Member] | Non-Employee Stockholder [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Cash payable in contingent consideration | 216,000 | $ 216,000 | |||||||||||||||||
Range of contingent payments, Maximum | $ 200,000 | $ 200,000 | |||||||||||||||||
Zamurai, A San Francisco, California-based Collaboration Software Provider [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business acquisition date | Sep. 5, 2014 | ||||||||||||||||||
Deferred tax asset related to operating losses | $ 400,000 | ||||||||||||||||||
Deferred tax liability, intangible asset | 400,000 | ||||||||||||||||||
Contingent payments | 1,500,000 | $ 1,500,000 | |||||||||||||||||
Cash purchase price | 4,500,000 | ||||||||||||||||||
Zamurai, A San Francisco, California-based Collaboration Software Provider [Member] | Retention Bonus [Member] | Non-Employee Stockholder [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Range of contingent payments, Maximum | 30,000 | ||||||||||||||||||
Contingent payments | $ 30,000 | ||||||||||||||||||
Contingent liability at fair value | $ 24,000 |
Acquisitions - Purchase Price A
Acquisitions - Purchase Price Allocation (Detail) - USD ($) $ in Thousands | Oct. 15, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 31, 2016 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 121,760 | $ 117,545 | $ 37,928 | ||
Total cash paid | 6,083 | $ 107,575 | $ 22,449 | ||
LastPass [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 2,518 | ||||
Accounts receivable | 639 | ||||
Property and equipment | 40 | ||||
Deferred tax asset | 3,050 | ||||
Current and other assets | 134 | ||||
Deferred revenue | (6,600) | ||||
Accrued expenses | (66) | ||||
Deferred tax liability | (23,478) | ||||
Goodwill | 79,617 | ||||
Total purchase price | 112,154 | ||||
Liability for contingent consideration | (2,000) | ||||
Total cash paid | 110,154 | ||||
LastPass [Member] | Completed Technology [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, Intangible assets | 29,400 | ||||
LastPass [Member] | Customer Relationships [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, Intangible assets | 23,900 | ||||
LastPass [Member] | Trade Name and Trademark [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, Intangible assets | $ 3,000 | ||||
AuthAir [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and other current assets | $ 1 | ||||
Property and equipment | 18 | ||||
Deferred tax assets, net | 666 | ||||
Other current liabilities | (78) | ||||
Goodwill | 4,215 | ||||
Total purchase price | 6,022 | ||||
AuthAir [Member] | Completed Technology [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, Intangible assets | $ 1,200 | $ 1,200 |
Acquisitions - Summary of Unaud
Acquisitions - Summary of Unaudited Pro Forma Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | |||||||||||
Revenue | $ 87,965,000 | $ 85,103,000 | $ 83,266,000 | $ 79,734,000 | $ 76,084,000 | $ 69,573,000 | $ 64,834,000 | $ 61,109,000 | $ 336,068,000 | $ 271,600,000 | $ 221,956,000 |
Net income | $ 1,862,000 | $ (657,000) | $ 2,506,000 | $ (1,073,000) | $ 6,235,000 | $ 5,563,000 | $ 2,388,000 | $ 372,000 | $ 2,638,000 | $ 14,558,000 | $ 7,955,000 |
Earnings per share - Basic | $ 0.07 | $ (0.03) | $ 0.10 | $ (0.04) | $ 0.25 | $ 0.22 | $ 0.10 | $ 0.02 | $ 0.10 | $ 0.59 | $ 0.33 |
Earnings per share - Diluted | $ 0.07 | $ (0.03) | $ 0.10 | $ (0.04) | $ 0.24 | $ 0.22 | $ 0.09 | $ 0.01 | $ 0.10 | $ 0.56 | $ 0.31 |
LastPass [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenue | $ 281,980,000 | $ 230,477,000 | |||||||||
Net income | $ 12,038,000 | $ 1,687,000 | |||||||||
Earnings per share - Basic | $ 0.48 | $ 0.07 | |||||||||
Earnings per share - Diluted | $ 0.47 | $ 0.07 | |||||||||
Revenue | $ 18,800,000 | $ 271,600,000 | $ 221,956,000 | ||||||||
Net income | $ 14,558,000 | $ 7,955,000 | |||||||||
Earnings per share - Basic | $ 0.59 | $ 0.33 | |||||||||
Earnings per share - Diluted | $ 0.56 | $ 0.31 |
Goodwill and Intangible Asset48
Goodwill and Intangible Assets - Changes in Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | ||
Beginning balance | $ 117,545 | $ 37,928 |
Ending balance | 121,760 | 117,545 |
LastPass [Member] | ||
Goodwill [Line Items] | ||
Goodwill related to the acquisition | $ 79,617 | |
AuthAir [Member] | ||
Goodwill [Line Items] | ||
Goodwill related to the acquisition | $ 4,215 |
Goodwill and Intangible Asset49
Goodwill and Intangible Assets - Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 93,902 | $ 91,144 |
Accumulated Amortization | 31,392 | 19,554 |
Net Carrying Amount | 62,510 | 71,590 |
Trade Name and Trademark [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,806 | 3,806 |
Accumulated Amortization | 955 | 824 |
Net Carrying Amount | 2,851 | 2,982 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 29,249 | 29,249 |
Accumulated Amortization | 9,315 | 4,209 |
Net Carrying Amount | 19,934 | 25,040 |
Domain Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 913 | 915 |
Accumulated Amortization | 796 | 665 |
Net Carrying Amount | 117 | 250 |
Completed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 51,179 | 49,978 |
Accumulated Amortization | 14,942 | 10,368 |
Net Carrying Amount | 36,237 | 39,610 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 442 | 442 |
Accumulated Amortization | 359 | 241 |
Net Carrying Amount | 83 | 201 |
Internally Developed Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 8,313 | 6,754 |
Accumulated Amortization | 5,025 | 3,247 |
Net Carrying Amount | $ 3,288 | $ 3,507 |
Minimum [Member] | Trade Name and Trademark [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, estimated useful life | 1 year | |
Minimum [Member] | Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, estimated useful life | 5 years | |
Minimum [Member] | Completed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, estimated useful life | 3 years | |
Minimum [Member] | Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, estimated useful life | 4 years | |
Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, estimated useful life | 11 years | |
Maximum [Member] | Trade Name and Trademark [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, estimated useful life | 11 years | |
Maximum [Member] | Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, estimated useful life | 8 years | |
Maximum [Member] | Domain Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, estimated useful life | 5 years | |
Maximum [Member] | Completed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, estimated useful life | 9 years | |
Maximum [Member] | Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, estimated useful life | 5 years | |
Maximum [Member] | Internally Developed Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, estimated useful life | 3 years |
Goodwill and Intangible Asset50
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Oct. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Internally developed software | $ 1,600 | $ 2,200 | |
Completed Technology [Member] | AuthAir [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Business acquisition, Intangible assets | $ 1,200 | $ 1,200 |
Goodwill and Intangible Asset51
Goodwill and Intangible Assets - Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of acquired intangibles | $ 5,457 | $ 1,916 | $ 987 |
Total amortization of intangibles | 11,839 | 6,067 | 4,946 |
Cost of Revenue [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of acquired intangibles | 4,604 | 2,955 | 2,783 |
Total amortization of intangibles | 6,382 | 4,151 | 3,959 |
Cost of Revenue [Member] | Internally Developed Computer Software [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Total amortization of intangibles | $ 1,778 | $ 1,196 | $ 1,176 |
Goodwill and Intangible Asset52
Goodwill and Intangible Assets - Amortization Expense for Intangible Assets (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Amortization Expense Of Intangible Assets [Abstract] | |||
Amortization of acquired intangibles | $ 10.1 | $ 4.9 | $ 3.8 |
Goodwill and Intangible Asset53
Goodwill and Intangible Assets - Future Estimated Amortization Expense (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2,017 | $ 12,062 | |
2,018 | 11,623 | |
2,019 | 8,878 | |
2,020 | 7,824 | |
2,021 | 7,251 | |
Thereafter | 14,872 | |
Net Carrying Amount | $ 62,510 | $ 71,590 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 62,116 | $ 52,120 | |
Less accumulated depreciation and amortization | (38,249) | (30,409) | |
Property and equipment, net | 23,867 | 21,711 | $ 13,476 |
Computer Equipment and Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 35,432 | 30,030 | |
Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 6,315 | 5,428 | |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 8,947 | 8,448 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 1,443 | 93 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 9,979 | $ 8,121 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense for property and equipment | $ 9.7 | $ 7.6 | $ 6.2 |
Accrued Liabilities - Summary o
Accrued Liabilities - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Payables and Accruals [Abstract] | ||
Marketing programs | $ 4,274 | $ 4,323 |
Payroll and payroll-related | 11,886 | 11,459 |
Professional fees | 1,429 | 1,782 |
Acquisition-related | 9,539 | 6,942 |
Other accrued liabilities | 8,125 | 7,168 |
Total accrued liabilities | $ 35,253 | $ 31,674 |
Income Taxes - Components of In
Income Taxes - Components of Income (Loss) Before Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (15,748) | $ 1,059 | $ (4,462) |
Foreign | 18,956 | 16,459 | 13,856 |
Income before income taxes | $ 3,208 | $ 17,518 | $ 9,394 |
Income Taxes - Components of 58
Income Taxes - Components of Income Taxes Provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Current federal | $ 1,264 | $ 2,521 | $ 2,804 |
Current state | 647 | 274 | 1,184 |
Current foreign | 1,963 | 1,227 | 1,052 |
Current total | 3,874 | 4,022 | 5,040 |
Deferred federal | (2,705) | (1,281) | (3,069) |
Deferred state | (428) | 278 | (748) |
Deferred foreign | (171) | (59) | 216 |
Deferred total | (3,304) | (1,062) | (3,601) |
Total provision for income taxes | $ 570 | $ 2,960 | $ 1,439 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Company's Effective Tax Rate to Statutory Federal Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Change in valuation allowance | 0.00% | 0.00% | 0.00% |
Impact of permanent differences | 27.00% | 1.10% | 1.60% |
Non-deductible stock-based compensation | 27.40% | 8.40% | 14.60% |
Non-deductible transaction related costs | 82.10% | ||
Foreign tax rate differential | (165.30%) | (26.70%) | (39.10%) |
Research and development credits | (10.60%) | (1.30%) | (2.60%) |
State taxes, net of federal benefit | 0.40% | 2.40% | 2.90% |
Impact of uncertain tax positions | 18.60% | 1.40% | 3.80% |
Other | 3.20% | (3.40%) | (0.80%) |
Effective tax rate | 17.80% | 16.90% | 15.40% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | ||||
Provision for income taxes | $ 570,000 | $ 2,960,000 | $ 1,439,000 | |
Income (loss) before income taxes | $ 3,208,000 | $ 17,518,000 | $ 9,394,000 | |
U.S. federal statutory rate | 35.00% | 35.00% | 35.00% | |
Acquisition-related costs | $ 16,800,000 | |||
Increase (decrease) in valuation allowance | $ (200,000) | $ (400,000) | $ (600,000) | |
Net operating loss carryforwards expiration beginning year | 2,025 | |||
Net operating loss carryforwards expiration ending year | 2,035 | |||
Accumulated undistributed earnings | $ 45,100,000 | |||
Stock based compensation expense | 38,350,000 | 26,499,000 | 24,769,000 | |
Available windfall tax benefit to offset future shortfalls | 23,300,000 | |||
Uncertain tax positions | 1,480,000 | 884,000 | $ 652,000 | $ 304,000 |
Interest expense | 42,000 | $ 3,000 | ||
Capitalized Non-Deductible [Member] | ||||
Income Taxes [Line Items] | ||||
Acquisition-related costs | 7,500,000 | |||
Additional Paid-In Capital [Member] | ||||
Income Taxes [Line Items] | ||||
Windfall tax benefit to additional paid-in capital | 2,200,000 | |||
Federal [Member] | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforwards | 16,500,000 | |||
State [Member] | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforwards | 22,400,000 | |||
Foreign [Member] | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforwards | $ 15,800,000 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 3,190 | $ 4,033 |
Deferred revenue | 1,161 | 583 |
Amortization | 756 | 2,287 |
Stock-based compensation | 10,903 | 10,268 |
Accrued bonus | 4,409 | 4,032 |
Other | 1,989 | 2,311 |
Total deferred tax assets | 22,408 | 23,514 |
Deferred tax asset valuation allowance | (1,708) | (1,829) |
Net deferred tax assets | 20,700 | 21,685 |
Depreciation | (1,314) | (466) |
Goodwill amortization | (1,542) | (2,638) |
Acquired intangibles not deductible | (19,814) | (23,561) |
Other | (59) | (634) |
Total deferred tax liabilities | (22,729) | (27,299) |
Total | $ (2,029) | $ (5,614) |
Income Taxes - Summary of Tax Y
Income Taxes - Summary of Tax Year Subject to Examinations (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Earliest Tax Year [Member] | Federal [Member] | |
Income Tax Contingency [Line Items] | |
Open tax years | 2,014 |
Earliest Tax Year [Member] | State [Member] | |
Income Tax Contingency [Line Items] | |
Open tax years | 2,010 |
Earliest Tax Year [Member] | Foreign [Member] | Hungary [Member] | |
Income Tax Contingency [Line Items] | |
Open tax years | 2,011 |
Earliest Tax Year [Member] | Foreign [Member] | Ireland [Member] | |
Income Tax Contingency [Line Items] | |
Open tax years | 2,012 |
Latest Tax Year [Member] | Federal [Member] | |
Income Tax Contingency [Line Items] | |
Open tax years | 2,016 |
Latest Tax Year [Member] | State [Member] | |
Income Tax Contingency [Line Items] | |
Open tax years | 2,016 |
Latest Tax Year [Member] | Foreign [Member] | Hungary [Member] | |
Income Tax Contingency [Line Items] | |
Open tax years | 2,016 |
Latest Tax Year [Member] | Foreign [Member] | Ireland [Member] | |
Income Tax Contingency [Line Items] | |
Open tax years | 2,016 |
Income Taxes - Summary of Liabi
Income Taxes - Summary of Liabilities for Uncertain Tax Provisions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Balance beginning of period | $ 884 | $ 652 | $ 304 |
Increases in tax positions related to prior periods | 34 | 2 | 7 |
Decreases in tax positions related to prior periods | (3) | (11) | |
Increases in tax positions related to current period | 588 | 428 | 397 |
Settlements | (26) | (195) | (45) |
Statute expiration | 0 | 0 | 0 |
Balance end of period | $ 1,480 | $ 884 | $ 652 |
Common Stock and Equity - Addit
Common Stock and Equity - Additional Information (Detail) | Feb. 23, 2017$ / shares | Jan. 31, 2017USD ($) | Jan. 06, 2017$ / shares | Nov. 22, 2016USD ($) | Aug. 26, 2016USD ($) | Dec. 31, 2016USD ($)Dividends$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Oct. 20, 2014USD ($) | Aug. 13, 2013USD ($) | Jun. 09, 2009shares |
Class of Stock [Line Items] | |||||||||||
Common shares, Authorized | shares | 75,000,000 | 75,000,000 | 75,000,000 | ||||||||
Preferred stock, Authorized | shares | 5,000,000 | 5,000,000 | 5,000,000 | ||||||||
Number of shares repurchased | shares | 443,159 | 297,461 | 843,574 | ||||||||
Average price of repurchased shares | $ / shares | $ 57.27 | $ 60.81 | $ 43.27 | ||||||||
Total cost of shares repurchased | $ (25,381,000) | $ (18,090,000) | $ (36,500,000) | ||||||||
Number of special cash dividends declared and paid | Dividends | 3 | ||||||||||
Dividends declared, per share | $ / shares | $ 0.50 | ||||||||||
Dividends payable date declared | Oct. 27, 2016 | Jul. 26, 2016 | |||||||||
Dividend payable date to be Paid | Nov. 22, 2016 | Aug. 26, 2016 | |||||||||
Dividend payable stockholders on record date | Nov. 7, 2016 | Aug. 8, 2016 | |||||||||
Dividend paid | $ 12,800,000 | $ 12,700,000 | |||||||||
Subsequent Event [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Dividends declared, per share | $ / shares | $ 0.25 | $ 0.50 | |||||||||
Dividends payable date declared | Jan. 6, 2017 | ||||||||||
Dividend payable date to be Paid | May 26, 2017 | Jan. 31, 2017 | |||||||||
Dividend payable stockholders on record date | May 10, 2017 | Jan. 16, 2017 | |||||||||
Dividends payable to shareholders | $ 12,800,000 | ||||||||||
Repurchase Program One [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Share repurchase program | $ 50,000,000 | ||||||||||
Increased Repurchase Program Two [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Share repurchase program | $ 75,000,000 | ||||||||||
Common Stock Options and Restricted Stock Units [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common stock reserved | shares | 5,300,000 | 4,800,000 |
Stock Incentive Plan - Addition
Stock Incentive Plan - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 31, 2017 | Mar. 31, 2016 | Feb. 29, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares available for grant | 3,500,000 | |||||
Cash received from stock option exercised | $ 11,753 | $ 17,794 | $ 17,595 | |||
Fair value of common stock | $ 96.55 | $ 67.10 | $ 49.34 | |||
Number of restricted stock units, granted | 759,736 | |||||
Requisite service period of compensation expense | 3 years | |||||
Unrecognized share-based compensation cost | $ 59,500 | |||||
Share-based compensation cost not yet recognized period for recognition | 1 year 10 months 28 days | |||||
Subsequent Event [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of additional shares approved | 4,500,000 | |||||
Time-based Restricted Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Period of options vested | 3 years | |||||
Number of restricted stock units, granted | 705,236 | |||||
Market Based Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of restricted stock units, granted | 17,000 | 37,500 | 54,500 | |||
Market Based Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Period of options vested | 2 years | |||||
Requisite service period of compensation expense | 2 years | |||||
Total shareholder return shares, percentage | 0.00% | |||||
Market Based Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Period of options vested | 3 years | |||||
Number of restricted stock units, granted | 34,000 | 75,000 | ||||
Requisite service period of compensation expense | 3 years | |||||
Total shareholder return shares, percentage | 200.00% | |||||
Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Period of options vested | 4 years | |||||
Period of expiration | 10 years |
Stock Incentive Plan - Summary
Stock Incentive Plan - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of shares, Outstanding, Beginning balance | 768,000 | |
Number of shares, Granted | 0 | |
Number of shares, Exercised | (409,065) | |
Number of shares, Forfeited | (4,000) | |
Number of shares, Outstanding, Ending balance | 355,000 | 768,000 |
Number of shares, Exercisable, Ending balance | 272,000 | |
Number of Options, Vested or expected to vest, Ending balance | 355,000 | |
Weighted Average Exercise Price, Outstanding, Beginning balance | $ 30.74 | |
Weighted Average Exercise Price, Granted | 0 | |
Weighted Average Exercise Price, Exercised | 28.73 | |
Weighted Average Exercise Price, Forfeited | 21.98 | |
Weighted Average Exercise Price, Outstanding, Ending balance | 33.15 | $ 30.74 |
Weighted Average Exercise Price, Exercisable, Ending balance | 38.03 | |
Weighted Average Exercise Price, Vested or expected to vest, Ending balance | $ 33.16 | |
Weighted Average Remaining Contractual Term (Years), Outstanding | 5 years | 5 years 4 months 24 days |
Weighted Average Remaining Contractual Term (Years), Exercisable | 5 years 3 months 18 days | |
Weighted Average Remaining Contractual Term (Years), Vested or expected to vest | 5 years | |
Aggregate Intrinsic Value, Outstanding, Beginning balance | $ 27,942 | |
Aggregate Intrinsic Value, Exercised | 16,960 | |
Aggregate Intrinsic Value, Outstanding, Ending balance | 22,529 | $ 27,942 |
Aggregate Intrinsic Value, Exercisable, Ending balance | 15,895 | |
Aggregate Intrinsic Value, Vested or expected to vest | $ 22,504 |
Stock Incentive Plan - Summar67
Stock Incentive Plan - Summary of Assumptions Used in Monte Carlo Simulation Model (Detail) - Market Based TSR Units [Member] | 1 Months Ended | |||
May 31, 2016 | Feb. 29, 2016 | May 31, 2015 | May 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rate | 1.02% | 0.89% | 0.93% | 0.78% |
Volatility | 37.00% | 40.00% | 50.00% | 54.00% |
Stock Incentive Plan - Schedule
Stock Incentive Plan - Schedule of Restricted Stock Unit Activity Including Performance-based TSR Units (Detail) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares Underlying Restricted Stock Units, granted | 759,736 |
Unvested as of January 1, 2016 | $ / shares | $ 54.37 |
Restricted stock units granted | $ / shares | 63.47 |
Restricted stock units vested | $ / shares | 47.17 |
Restricted stock units forfeited | $ / shares | 56.70 |
Unvested as of September 30, 2016 | $ / shares | $ 62.23 |
Restricted Stock Units RSU and Market Based TSR Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares Underlying Restricted Stock Units, Unvested, Beginning balance | 1,438,000 |
Number of Shares Underlying Restricted Stock Units, granted | 760,000 |
Number of Shares Underlying Restricted Stock Units, earned | 36,000 |
Number of Shares Underlying Restricted Stock Units, vested | (676,000) |
Number of Shares Underlying Restricted Stock Units, forfeited | (113,000) |
Number of Shares Underlying Restricted Stock Units, Unvested, Ending balance | 1,445,000 |
Stock Incentive Plan - Schedu69
Stock Incentive Plan - Schedule of Restricted Stock Unit Activity Including Performance-based TSR Units (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2016shares | |
TSR Units Earned Above Target [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
TSR Units earned and vested above the target number of underlying shares | 36,200 |
Stock Incentive Plan - Schedu70
Stock Incentive Plan - Schedule of Stock Based Compensation Allocated to Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | $ 38,350 | $ 26,499 | $ 24,769 |
Cost of Revenue [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | 2,289 | 1,560 | 1,107 |
Research and Development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | 6,201 | 5,188 | 3,653 |
Sales and Marketing [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | 16,181 | 11,090 | 9,033 |
General and Administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | $ 13,679 | $ 8,661 | $ 10,976 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)Lease | Apr. 30, 2012USD ($) | |
Commitments And Guarantees [Line Items] | ||||||
Minimum lease payments | $ 109,215 | |||||
Rent expense under all leases | 11,800 | $ 8,200 | $ 7,100 | |||
Aggregate hosting fees incurred | 10,000 | 6,900 | 5,100 | |||
Legal settlements | $ 3,600 | $ 3,600 | ||||
Settlement agreement one time fee | $ 8,300 | |||||
Settlement agreement fee expected to be reimbursed | $ 4,700 | |||||
Massachusetts [Member] | ||||||
Commitments And Guarantees [Line Items] | ||||||
Minimum lease payments | 47,000 | |||||
Excess cost | 3,400 | |||||
Leasehold improvement billed as additional rent paid during period | $ 3,400 | |||||
Lease agreement security deposit | $ 3,300 | $ 3,300 | ||||
Number of times lease may be extended | Lease | 2 | |||||
Additional lease term | 5 years |
Commitments and Contingencies72
Commitments and Contingencies - Schedule of Minimum Future Lease Payments Receivable (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Leases [Abstract] | |
2,017 | $ 20,932 |
2,018 | 15,307 |
2,019 | 15,011 |
2,020 | 11,676 |
2,021 | 10,743 |
Thereafter | 35,546 |
Total minimum lease payments | $ 109,215 |
401(k) Plan - Additional Inform
401(k) Plan - Additional Information (Detail) - USD ($) $ in Millions | Jul. 01, 2016 | Dec. 31, 2016 |
Compensation and Retirement Disclosure [Abstract] | ||
Defined contribution plan, employer matching contribution, percent of match | 50.00% | |
Defined contribution plan, employers matching contribution, percent of contribution | 6.00% | |
Defined contribution plan, employers matching contribution, Vesting period | 3 years | |
Defined contribution plan, employers matching contribution, vesting percentage after three years | 33.30% | |
Company matching contributions | $ 0.8 | |
Defined contribution plan, employers matching contribution, vesting percentage cumulative percent | 100.00% |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Material reclassifications | $ 0 | $ 0 |
Accumulated other comprehensive income (loss) | (6,618,000) | (5,216,000) |
Foreign Currency Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss) | (6,600,000) | (5,200,000) |
Unrealized Gain (Loss) on Marketable Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss) | $ (16,000) | $ (27,000) |
Credit Facility - Additional In
Credit Facility - Additional Information (Detail) - USD ($) | Feb. 01, 2017 | Jan. 22, 2016 | Feb. 18, 2015 | Jan. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 31, 2017 |
Subsequent Event [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum amount of borrowing | $ 400,000,000 | $ 150,000,000 | |||||
Line of credit facility, expiration date | Feb. 1, 2022 | ||||||
Origination cost | $ 2,000,000 | ||||||
Minimum [Member] | Subsequent Event [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Credit facility commitment fees | 0.15% | ||||||
Maximum [Member] | Subsequent Event [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Credit facility commitment fees | 0.30% | ||||||
Secured Debt [Member] | Multi Currency Credit Agreement [Member] | Subsequent Event [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum amount of borrowing | $ 400,000,000 | $ 150,000,000 | |||||
Line of credit facility, expiration date | Feb. 1, 2022 | ||||||
Revolving Facility [Member] | Subsequent Event [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum amount of borrowing | $ 200,000,000 | ||||||
Revolving Facility [Member] | Secured Debt [Member] | Multi Currency Credit Agreement [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum amount of borrowing | $ 150,000,000 | $ 100,000,000 | |||||
Maximum amount of borrowing upon exercise of option | 200,000,000 | ||||||
Line of credit facility, Initiation date | Feb. 18, 2015 | ||||||
Line of credit facility, expiration date | Feb. 1, 2022 | ||||||
Additional credit facility subject to further commitment upon exercise of option | $ 50,000,000 | ||||||
Outstanding credit facility | $ 30,000,000 | ||||||
Interest rate on loans | 2.313% | ||||||
Maximum leverage ratio limit | 275.00% | ||||||
Minimum interest coverage ratio limit | 300.00% | ||||||
Origination cost | $ 300,000 | $ 1,000,000 | |||||
Revolving Facility [Member] | Secured Debt [Member] | Multi Currency Credit Agreement [Member] | Subsequent Event [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum amount of borrowing | $ 200,000,000 | ||||||
Interest rate on loans | 2.0625% | ||||||
Revolving Facility [Member] | Secured Debt [Member] | Multi Currency Credit Agreement [Member] | Weighted Average [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate on loans | 2.013% | ||||||
Revolving Facility [Member] | Secured Debt [Member] | Multi Currency Credit Agreement [Member] | Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Variable interest rate reset period | 30 days | ||||||
Credit facility commitment fees | 0.20% | ||||||
Revolving Facility [Member] | Secured Debt [Member] | Multi Currency Credit Agreement [Member] | Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Variable interest rate reset period | 180 days | ||||||
Credit facility commitment fees | 0.30% | ||||||
Revolving Facility [Member] | Secured Debt [Member] | Multi Currency Credit Agreement [Member] | Other Assets [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Capitalized origination costs | $ 900,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Feb. 23, 2017USD ($)$ / shares | Feb. 01, 2017USD ($) | Jan. 31, 2017USD ($)$ / sharesshares | Jan. 06, 2017$ / shares | Nov. 22, 2016 | Aug. 26, 2016 | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015$ / shares |
Subsequent Event [Line Items] | ||||||||
Dividends payable date declared | Oct. 27, 2016 | Jul. 26, 2016 | ||||||
Dividend payable date to be Paid | Nov. 22, 2016 | Aug. 26, 2016 | ||||||
Dividend payable stockholders on record date | Nov. 7, 2016 | Aug. 8, 2016 | ||||||
Cash dividend per common stock | $ / shares | $ 0.50 | |||||||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | ||||||
Payable related to transition services agreement | $ 5,000,000 | |||||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of additional shares approved | shares | 4,500,000 | |||||||
Dividends payable date declared | Jan. 6, 2017 | |||||||
Dividend payable date to be Paid | May 26, 2017 | Jan. 31, 2017 | ||||||
Dividend payable stockholders on record date | May 10, 2017 | Jan. 16, 2017 | ||||||
Dividends payable to shareholders | $ 12,800,000 | |||||||
Cash dividend per common stock | $ / shares | $ 0.25 | $ 0.50 | ||||||
Number of shares received by each shareholder | 1 | |||||||
Number of shares issued in connection with merger | shares | 26,868,269 | |||||||
Number of restricted stock units, issued | shares | 446,039 | |||||||
Maximum amount of borrowing | $ 400,000,000 | $ 150,000,000 | ||||||
Line of credit facility, expiration date | Feb. 1, 2022 | |||||||
Origination cost | $ 2,000,000 | |||||||
Capital return plan term | 3 years | |||||||
Percentage of cash flow distribution to stock holders | 75.00% | |||||||
Subsequent Event [Member] | Minimum [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Credit facility commitment fees | 0.15% | |||||||
Subsequent Event [Member] | Maximum [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Credit facility commitment fees | 0.30% | |||||||
Capital return through combination of share repurchase and dividend | $ 700,000,000 | |||||||
Subsequent Event [Member] | Revolving Facility [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Maximum amount of borrowing | $ 200,000,000 | |||||||
Subsequent Event [Member] | Revolving Facility [Member] | Base Rate [Member] | Minimum [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Interest rate on loans under Revolving Facility | 0.25% | |||||||
Subsequent Event [Member] | Revolving Facility [Member] | Base Rate [Member] | Maximum [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Interest rate on loans under Revolving Facility | 1.00% | |||||||
Subsequent Event [Member] | Revolving Facility [Member] | Eurodollar [Member] | Minimum [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Interest rate on loans under Revolving Facility | 1.25% | |||||||
Subsequent Event [Member] | Revolving Facility [Member] | Eurodollar [Member] | Maximum [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Interest rate on loans under Revolving Facility | 2.00% | |||||||
Subsequent Event [Member] | Revolving Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Interest rate on loans under Revolving Facility | 1.25% | |||||||
Subsequent Event [Member] | Revolving Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Interest rate on loans under Revolving Facility | 2.00% | |||||||
Subsequent Event [Member] | GetGo, Inc. [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common stock, par value | $ / shares | $ 0.01 | |||||||
Subsequent Event [Member] | Citrix Systems Inc [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common stock, par value | $ / shares | $ 0.01 | |||||||
Number of shares received by each shareholder | 0.1718 |
Quarterly Information (Unaudi77
Quarterly Information (Unaudited) - Statement of Operations Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 87,965 | $ 85,103 | $ 83,266 | $ 79,734 | $ 76,084 | $ 69,573 | $ 64,834 | $ 61,109 | $ 336,068 | $ 271,600 | $ 221,956 |
Gross profit | 76,585 | 73,618 | 71,830 | 68,534 | 65,821 | 60,895 | 56,299 | 53,127 | 290,567 | 236,142 | 193,224 |
(Loss) income from operations | 1,988 | (228) | 3,360 | (707) | 6,620 | 7,844 | 2,549 | (964) | 4,413 | 16,049 | 8,687 |
Net income (loss) | $ 1,862 | $ (657) | $ 2,506 | $ (1,073) | $ 6,235 | $ 5,563 | $ 2,388 | $ 372 | $ 2,638 | $ 14,558 | $ 7,955 |
Net income (loss) per share-basic | $ 0.07 | $ (0.03) | $ 0.10 | $ (0.04) | $ 0.25 | $ 0.22 | $ 0.10 | $ 0.02 | $ 0.10 | $ 0.59 | $ 0.33 |
Net income (loss) per share-diluted | $ 0.07 | $ (0.03) | $ 0.10 | $ (0.04) | $ 0.24 | $ 0.22 | $ 0.09 | $ 0.01 | $ 0.10 | $ 0.56 | $ 0.31 |