Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | EVBG | |
Entity Registrant Name | EVERBRIDGE, INC. | |
Entity Central Index Key | 1,437,352 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 27,148,042 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash | $ 62,296 | $ 8,578 |
Accounts receivable, net | 15,995 | 15,699 |
Prepaid expenses | 2,559 | 1,371 |
Other current assets | 3,226 | 3,972 |
Total current assets | 84,076 | 29,620 |
Property and equipment, net | 3,128 | 3,620 |
Capitalized software development costs, net | 8,955 | 8,178 |
Goodwill | 7,839 | 7,839 |
Intangible assets, net | 2,738 | 4,119 |
Other assets | 55 | 133 |
Total assets | 106,791 | 53,509 |
Current liabilities: | ||
Accounts payable | 2,967 | 3,521 |
Accrued payroll and employee related liabilities | 7,620 | 6,062 |
Accrued expenses | 2,348 | 1,460 |
Term loan | 830 | |
Deferred revenue | 47,556 | 39,159 |
Notes payable | 2,018 | |
Other current liabilities | 553 | 569 |
Total current liabilities | 61,044 | 53,619 |
Long-term liabilities: | ||
Deferred revenue, noncurrent | 1,516 | 1,308 |
Line of credit | 9,976 | |
Term loan, net of current portion | 4,146 | |
Deferred tax liabilities | 94 | 345 |
Other long term liabilities | 106 | 166 |
Total liabilities | 62,760 | 69,560 |
Commitments and contingencies | ||
Stockholders' equity (deficit): | ||
Preferred stock | ||
Common stock | 27 | 11 |
Additional paid-in capital | 131,307 | 62,274 |
Accumulated deficit | (86,990) | (78,332) |
Accumulated other comprehensive loss | (313) | (13) |
Total stockholders’ equity (deficit) | 44,031 | (16,051) |
Total liabilities and stockholders’ equity (deficit) | $ 106,791 | 53,509 |
Series A Preferred Stock | ||
Stockholders' equity (deficit): | ||
Preferred stock | 3 | |
Total stockholders’ equity (deficit) | 3 | |
Series A-1 Preferred Stock | ||
Stockholders' equity (deficit): | ||
Preferred stock | 5 | |
Total stockholders’ equity (deficit) | 5 | |
Class A Common Stock | ||
Stockholders' equity (deficit): | ||
Common stock | 1 | |
Total stockholders’ equity (deficit) | $ 1 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 0 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 27,148,042 | 11,106,926 |
Common stock, shares outstanding | 27,148,042 | 11,106,926 |
Series A Preferred Stock | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 0 | 3,129,086 |
Preferred stock, shares issued | 0 | 3,129,084 |
Preferred stock, shares outstanding | 0 | 3,129,084 |
Preferred stock, aggregate liquidation preference value | $ 11,357 | |
Series A-1 Preferred Stock | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 0 | 5,870,914 |
Preferred stock, shares issued | 0 | 5,225,879 |
Preferred stock, shares outstanding | 0 | 5,225,879 |
Preferred stock, aggregate liquidation preference value | $ 18,291 | |
Class A Common Stock | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 0 | 1,164,497 |
Common stock, shares issued | 0 | 1,164,105 |
Common stock, shares outstanding | 0 | 1,164,105 |
Common stock, aggregate liquidation preference value | $ 1,339 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Revenue | $ 19,932 | $ 15,187 | $ 55,566 | $ 42,500 |
Cost of revenue | 6,173 | 5,165 | 17,324 | 14,210 |
Gross profit | 13,759 | 10,022 | 38,242 | 28,290 |
Operating expenses: | ||||
Sales and marketing | 8,605 | 6,761 | 25,659 | 18,098 |
Research and development | 3,917 | 3,025 | 10,560 | 8,494 |
General and administrative | 3,666 | 3,863 | 10,252 | 8,441 |
Total operating expenses | 16,188 | 13,649 | 46,471 | 35,033 |
Operating loss | (2,429) | (3,627) | (8,229) | (6,743) |
Other income (expense), net: | ||||
Interest income | 1 | |||
Interest expense | (195) | (160) | (506) | (405) |
Other expenses, net | 30 | (20) | 2 | (52) |
Total other expense, net | (165) | (180) | (504) | (456) |
Loss before income taxes | (2,594) | (3,807) | (8,733) | (7,199) |
(Provision for) benefit from income taxes | (35) | 186 | 75 | 374 |
Net loss | $ (2,629) | $ (3,621) | $ (8,658) | $ (6,825) |
Net loss per share attributable to common stockholders: | ||||
Basic | $ (0.18) | $ (0.30) | $ (0.66) | $ (0.56) |
Diluted | $ (0.18) | $ (0.30) | $ (0.66) | $ (0.56) |
Weighted-average common shares outstanding: | ||||
Basic | 14,772,006 | 12,255,240 | 13,124,480 | 12,254,520 |
Diluted | 14,772,006 | 12,255,240 | 13,124,480 | 12,254,520 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (2,629) | $ (3,621) | $ (8,658) | $ (6,825) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment, net of taxes | 66 | 62 | (300) | 1 |
Total comprehensive loss | $ (2,563) | $ (3,559) | $ (8,958) | $ (6,824) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) (unaudited) - USD ($) $ in Thousands | Total | Series A Preferred Stock | Series A-1 Preferred Stock | Class A Common Stock | IPO | Common Stock | Common StockIPO | Additional Paid-in Capital | Additional Paid-in CapitalIPO | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance at Dec. 31, 2014 | $ (5,327) | $ 3 | $ 5 | $ 1 | $ 11 | $ 62,203 | $ (67,508) | $ (42) | |||
Beginning Balance, shares at Dec. 31, 2014 | 3,129,084 | 5,225,879 | 1,164,105 | 11,237,257 | |||||||
Stock-based compensation | 1,522 | 1,522 | |||||||||
Stock-based compensation, shares | 6,023 | ||||||||||
Repurchase of common stock | (1,500) | (1,500) | |||||||||
Repurchase of common stock, shares | (173,913) | ||||||||||
Exercise of stock options | $ 49 | 49 | |||||||||
Exercise of stock options, shares | 37,559 | 37,559 | |||||||||
Other comprehensive income (loss) | $ 29 | 29 | |||||||||
Net loss | (10,824) | (10,824) | |||||||||
Ending Balance at Dec. 31, 2015 | (16,051) | $ 3 | $ 5 | $ 1 | $ 11 | 62,274 | (78,332) | (13) | |||
Ending Balance, shares at Dec. 31, 2015 | 3,129,084 | 5,225,879 | 1,164,105 | 11,106,926 | |||||||
Stock-based compensation | 2,165 | 2,165 | |||||||||
Issuance of common stock in initial public offering, net of issuance costs | $ 66,102 | $ 6 | $ 66,096 | ||||||||
Issuance of common stock in initial public offering, net of issuance costs, shares | 6,250,000 | ||||||||||
Conversion of convertible preferred stock and Class A common stock into common stock | $ (3) | $ (5) | $ (1) | $ 9 | |||||||
Conversion of convertible preferred stock and Class A common stock into common stock, shares | (3,129,084) | (5,225,879) | (1,164,105) | 9,519,068 | |||||||
Cashless exercise of warrant, shares | 100,683 | ||||||||||
Exercise of stock options | $ 748 | $ 1 | 747 | ||||||||
Exercise of stock options, shares | 161,336 | 161,336 | |||||||||
Exercise of warrant | $ 25 | 25 | |||||||||
Exercise of warrant, shares | 10,029 | ||||||||||
Other comprehensive income (loss) | (300) | (300) | |||||||||
Net loss | (8,658) | (8,658) | |||||||||
Ending Balance at Sep. 30, 2016 | $ 44,031 | $ 27 | $ 131,307 | $ (86,990) | $ (313) | ||||||
Ending Balance, shares at Sep. 30, 2016 | 27,148,042 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (8,658) | $ (6,825) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 5,675 | 4,244 |
Loss on disposal of assets | 74 | |
Deferred income taxes | (224) | |
Accretion of interest on notes payable | 105 | |
Non-cash interest expense on line of credit and term loan | 67 | 4 |
Provision for doubtful accounts | 95 | 331 |
Stock-based compensation | 2,127 | 900 |
Increase (decrease) in operating assets and liabilities: | ||
Accounts receivable | (391) | (1,098) |
Prepaid expenses | (1,188) | (1,009) |
Other assets | (1,743) | (734) |
Accounts payable | 251 | 1,043 |
Accrued payroll and employee related liabilities | 1,558 | 472 |
Accrued expenses | 305 | (346) |
Deferred revenue | 8,605 | 6,953 |
Other liabilities | (18) | 53 |
Net cash provided by operating activities | 6,535 | 4,093 |
Cash flows from investing activities: | ||
Capital expenditures | (739) | (2,330) |
Additions to capitalized software development costs | (4,294) | (3,647) |
Change in restricted cash | (77) | |
Net cash used in investing activities | (5,033) | (6,054) |
Cash flows from financing activities: | ||
Proceeds from line of credit | 9,500 | 5,000 |
Payments on line of credit | (19,500) | (5,000) |
Payments of issuance costs relating to line of credit and term loan | (19) | (59) |
Principal payments on capital leases | (58) | (74) |
Proceeds from initial public offering, net of underwriters discounts and commissions | 69,750 | |
Payments of initial public offering costs | (1,372) | (1,143) |
Payments on notes payable | (2,018) | |
(Payments) proceeds from term loan | (5,000) | 5,000 |
Proceeds from warrant exercises | 25 | |
Proceeds from option exercises | 748 | 34 |
Repurchase of common stock | (1,500) | |
Net cash provided by financing activities | 52,056 | 2,258 |
Effect of exchange rates on cash and cash equivalents | 160 | (29) |
Net increase in cash and cash equivalents | 53,718 | 268 |
Cash—beginning of year | 8,578 | 4,412 |
Cash—end of year | 62,296 | 4,680 |
Supplemental disclosures of cash flow information: | ||
Interest | 488 | 183 |
Taxes | 124 | |
Supplemental disclosure of non-cash activities | ||
Capitalized assets included in accounts payable and accrued expenses | 132 | 46 |
Deferred offering costs in accounts payable and accrued expenses | 885 | $ 1,366 |
Stock-based compensation capitalized for software development | $ 38 |
Business and Nature of Operatio
Business and Nature of Operations | 9 Months Ended |
Sep. 30, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Business and Nature of Operations | (1) Business and Nature of Operations Everbridge, Inc., a Delaware corporation (together with its wholly-owned subsidiaries, referred to as “Everbridge” or the “Company”), is a global software company that provides critical communications and enterprise safety applications that enable customers to automate and accelerate the process of keeping people safe and businesses running during critical events. The Company’s SaaS-based platform enables the Company’s customers to quickly and reliably deliver messaging to a large group of people during critical situations. The Company’s enterprise applications automate numerous critical communications processes such as Mass Notification, Incident Management, IT Alerting, Safety Connection, Community Engagement, Secure Messaging and Internet of Things. The Company generates revenue primarily from subscription fees to the Company’s enterprise applications. The Company has operations in the United States, the United Kingdom and China. Initial Public Offering On September 21, 2016, the Company completed an initial public offering (“IPO”) in which the Company sold 6,250,000 shares of its common stock at the public offering price of $12.00 per share. The Company received net proceeds of $66.1 million, after deducting underwriting discounts and commissions and offering expenses paid and payable by the Company, from sales of its shares in the IPO. In connection with the closing of the IPO, all shares of Class A common stock then outstanding were converted into 1,164,105 shares of common stock and all shares of convertible preferred stock then outstanding were converted into 8,354,963 shares of common stock, in each case on a one-to-one basis. As of September 30, 2016, 27,148,042 shares of the Company’s common stock were outstanding. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the final prospectus filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, on September 16, 2016 (the “Prospectus”). The condensed consolidated balance sheet as of December 31, 2015, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by U.S. GAAP on an annual reporting basis. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full year 2016 or any future period. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Assets and liabilities which are subject to judgment and use of estimates include allowances for doubtful accounts, the fair value of assets acquired and liabilities assumed in business combinations, the recoverability of goodwill and long-lived assets, valuation allowances with respect to deferred tax assets, useful lives associated with property and equipment and intangible assets, contingencies, and the valuation and assumptions underlying stock-based compensation. On an ongoing basis, the Company evaluates its estimates compared to historical experience and trends, which form the basis for making judgments about the carrying value of assets and liabilities. In addition, the Company engaged valuation specialists to assist with management’s determination of the valuation of its fair values of assets acquired and liabilities assumed in business combinations and, for all periods prior to the completion of the IPO, the valuation of the Company’s common stock. Concentrations of Credit and Business Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and accounts receivable. The Company maintains cash balances at several banks. Accounts located in the United States are insured by the Federal Deposit Insurance Corporation, or FDIC, up to $250,000. From time to time, balances may exceed amounts insured by the FDIC. The Company has not experienced any losses in such amounts. The Company’s accounts receivable are generally unsecured and are derived from revenue earned from customers located in the United States and the United Kingdom and are generally denominated in U.S. dollars or British pounds. Each reporting period, the Company reevaluates each customer’s ability to satisfy credit obligations and maintains an allowance for doubtful accounts based on the evaluations. No single customer comprised more than 10% of the Company’s total revenue or accounts receivable for the three months ended September 30, 2016 and 2015. No single customer comprised more than 10% of the Company’s total revenue or accounts receivable for the nine months ended September 30, 2016 and 2015. Significant Accounting Policies There have been no changes to our significant accounting policies described in the Prospectus. Recently Issued Accounting Guidance, Not Yet Adopted In August 2016, the Financial Accounting Standards Board ("FASB") issued new accounting guidance: Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. In March 2016, the FASB Accounting Standards Updates (“ASU”) No. 2016-09, “ Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. In February, 2016, the FASB issued ASU No. 2016-02, “ Leases” In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers Revenue from Contracts with Customers, Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” “Revenue from Contracts with Customers, Identifying Performance Obligations and Licensing” “Revenue from Contracts with Customers (Topic 606), Narrow-Scope Improvements and Practical Expedients” |
Accounts Receivable, Net
Accounts Receivable, Net | 9 Months Ended |
Sep. 30, 2016 | |
Accounts Receivable Net [Abstract] | |
Accounts Receivable, Net | (3) Accounts Receivable, Net Accounts receivable, net is as follows (in thousands): As of As of September 30, 2016 December 31, 2015 Accounts receivable $ 16,392 $ 16,080 Allowance for doubtful accounts (397 ) (381 ) Net accounts receivable $ 15,995 $ 15,699 Bad debt expense was $0.1 million and $0.1 million for the three and nine months ended September 30, 2016, respectively, and $0.2 million and $0.2 million for the three and nine months ended September 30, 2015, respectively. The following table summarizes the changes in the allowance for doubtful accounts (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Balance, beginning of period $ 422 $ 357 $ 381 $ 282 Additions 8 242 95 331 Write-offs (33 ) (121 ) (79 ) (135 ) Balance, end of period $ 397 $ 478 $ 397 $ 478 |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2016 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | (4) Property and Equipment Property and equipment consisted of the following (in thousands): As of As of Useful life in years September 30, 2016 December 31, 2015 Furniture and equipment 5 $ 844 $ 822 System hardware 5 3,320 6,495 Office computers 3 1,649 2,003 Computer and system software 3 1,469 1,341 7,282 10,661 Less accumulated depreciation and amortization (4,154 ) (7,041 ) Property and equipment, net $ 3,128 $ 3,620 Depreciation and amortization expense for property and equipment was $0.4 million and $1.2 million for the three and nine months ended September 30, 2016, respectively, and $0.4 million and $1.0 million for the three and nine months ended September 30, 2015, respectively. |
Capitalized Software Developmen
Capitalized Software Development Costs | 9 Months Ended |
Sep. 30, 2016 | |
Research And Development [Abstract] | |
Capitalized Software Development Costs | (5) Capitalized Software Development Costs Capitalized software development costs consisted of the following (in thousands): As of September 30, 2016 Gross carrying amount Amortization period Accumulated amortization Net carrying amount Capitalized software development costs $ 29,451 3 years $ (20,496 ) $ 8,955 Total capitalized software development costs $ 29,451 $ (20,496 ) $ 8,955 As of December 31, 2015 Gross carrying amount Amortization period Accumulated amortization Net carrying amount Capitalized software development costs $ 25,119 3 years $ (16,941 ) $ 8,178 Total capitalized software development costs $ 25,119 $ (16,941 ) $ 8,178 The Company capitalized software development costs of $4.9 million, $1.3 million and $4.3 million during the year ended December 31, 2015 and for the three and nine months ended September 30, 2016, respectively. Amortization expense for capitalized software development costs was $1.3 million and $3.6 million for the three and nine months ended September 30, 2016, respectively, and $1.0 million and $2.1 million for the three and nine months ended September 30, 2015, respectively. Amortization of capitalized software development costs is classified within cost of revenue in the consolidated statements of operations. The expected amortization of capitalized software development costs, as of September 30, 2016, for each of the following years is as follows (in thousands): Amounts 2016 (for the remaining three months) $ 1,386 2017 3,917 2018 2,659 2019 993 $ 8,955 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | (6) Intangible Assets Intangible assets consisted of the following (in thousands): As of September 30, 2016 Gross carrying amount Amortization period Accumulated amortization Net carrying amount Amortizable intangible assets: Developed technology $ 1,101 2-7 years $ (852 ) $ 249 Tradenames 550 2-7 years (236 ) $ 314 Customer relationships 4,136 5 years (1,961 ) $ 2,175 Total intangible assets $ 5,787 $ (3,049 ) $ 2,738 As of December 31, 2015 Gross carrying amount Amortization period Accumulated amortization Net carrying amount Amortizable intangible assets: Developed technology $ 1,211 2-7 years $ (763 ) $ 448 Tradenames 582 2-7 years (223 ) 359 Customer relationships 4,941 5 years (1,629 ) 3,312 Total intangible assets $ 6,734 $ (2,615 ) $ 4,119 Amortization expense for intangible assets was $0.3 million and $0.9 million for the three and nine months ended September 30, 2016, respectively, and $0.4 million and $1.2 million for the three and nine months ended September 30, 2015, respectively. The expected amortization of the intangible assets, as of September 30, 2016, for each of the next five years and thereafter is as follows (in thousands): Amounts 2016 (for the remaining three months) $ 260 2017 1,041 2018 871 2019 447 2020 60 Thereafter 59 $ 2,738 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | (7) Debt On September 22, 2016, the Company repaid in full and terminated its term loan with Western Alliance Bank. The aggregate amount paid was $5.1 million, which included the full principal amount of $5.0 million and $0.1 million of accrued interest. The Company also repaid $5.8 million on its line of credit with Western Alliance Bank, which included $0.1 million of interest. Upon the repayment and termination of the term loan, the Company recorded a $0.1 million charge to interest expense for the unamortized portion of the debt discount. As of September 30, 2016, there was no outstanding balance on our term loan or line of credit. The Company adopted ASU 2015-03 in the first quarter of 2016 and reclassified $48,000 of deferred financing costs, net, resulting in a deduction from the carrying value of the Company’s long term line of credit and term loan, respectively, within its December 31, 2015 consolidated balance sheet. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | (8) Stockholders’ Equity Convertible Preferred Stock In connection with the closing of the IPO, all shares of convertible preferred stock then outstanding were automatically converted into 8,354,963 shares of common stock on a one-to-one basis. Class A Common Stock In connection with the closing of the IPO, all shares of class A common stock then outstanding were automatically converted into 1,164,105 shares of common stock on a one-to-one basis. Preferred Stock As of September 30, 2016, the Company had authorized 10,000,000 shares of preferred stock, par value $0.001, of which no shares were outstanding. Common Stock All of the shares offered and sold by the Company in the IPO were common stock. As of September 30, 2016, the Company had authorized 100,000,000 shares of common stock, par value $0.001. Holders of common stock are entitled to one vote per share. At September 30, 2016 and December 31, 2015, there were 27,148,042 and 11,106,926 shares of common stock issued and outstanding, respectively. Warrants In June 2009, the Company issued a warrant to purchase 10,029 shares of the Company’s Series A-1 preferred stock at an exercise price of $2.49 per share in connection with a preferred stock offering. The warrant expires upon the earlier of (1) 10 years after the issuance date, (2) the closing of an initial public offering; or (3) when a change in control transaction takes place. In June 2009, the Company issued a warrant to purchase 120,355 shares of the Company’s Series A-1 preferred stock at an exercise price of $2.49 per share in connection with a preferred stock offering. The warrant expires upon the earlier of (1) 10 years after the issuance date, (2) five years after the closing of an initial public offering; or (3) when a change in control transaction takes place. These warrants to purchase an aggregate of 130,384 shares of Series A-1 preferred stock at an exercise price of $2.49 per share were exercised during the nine months ended September 30, 2016. No warrants to purchase shares of capital stock of the Company were outstanding following such exercises. |
Stock Plans and Stock-Based Com
Stock Plans and Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Plans and Stock-Based Compensation | (9) Stock Plans and Stock-Based Compensation The Company’s 2016 Equity Incentive Plan (the “2016 Plan”) became effective on September 15, 2016. The 2016 Plan provides for the grant of incentive stock options, non-qualified stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights and performance share awards to employees, directors and consultants of the Company. A total of 3,893,118 shares of the Company’s common stock were initially reserved for issuance under the 2016 Plan, which is the sum of (1) 2,000,000 shares, (2) the number of shares reserved for issuance under the Company’s 2008 Equity Incentive Plan (the “2008 Plan”) at the time the 2016 Plan becomes effective (up to a maximum of 42,934 shares) and (3) shares subject to stock options or other stock awards granted under the 2008 Plan that would have otherwise returned to our 2008 Plan (up to a maximum of 1,850,184 shares). The number of shares of common stock reserved for issuance under the 2016 Plan will automatically increase on January 1 of each year, beginning on January 1, 2017, by 3% of the number of shares of the Company’s capital stock outstanding on the immediately preceding December 31, or such lesser number of shares as determined by the Company’s board of directors. As a result of the adoption of the 2016 Plan, no further grants may be made under the 2008 Plan. The 2008 Plan provided for the grant of stock options to the Company’s’ employees, directors and consultants. Stock option awards were granted with an exercise price equal to the fair market value of the Company’s common stock at the date of grant as determined by the Company’s board of directors. The option awards generally vested over four years and were exercisable any time after vesting. The stock options expire ten years after the date of grant. 2016 Employee Stock Purchase Plan The Company’s Employee Stock Purchase Plan (“2016 ESPP”) became effective on September 15, 2016. A total of 500,000 shares of the Company’s common stock were initially reserved for issuance under the 2016 Plan. The number of shares reserved for issuance under the 2016 ESPP will automatically increase on January 1 of each year, beginning on January 1, 2017, by the lesser of 200,000 shares of the common stock, 1% of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31, or such lesser number of shares as determined by the Company’s board of directors. The 2016 ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount of up to 15% through payroll deductions of their eligible compensation, subject to any plan limitations. Except for the initial offering period, the 2016 ESPP provides for separate six-month offering periods beginning each March and October of each fiscal year. On each purchase date, eligible employees will purchase the Company’s stock at a price per share equal to 85% of the lesser of (i) the fair market value of the Company’s common stock on the offering date or (ii) the fair market value of the Company’s common stock on the purchase date. For the three months ended September 30, 2016, no shares of common stock were purchased under the 2016 ESPP. The 2016 ESPP is considered compensatory for purposes of stock-based compensation expense. Stock Options The Company recorded stock-based compensation expense of $0.8 million and $2.2 million for the three and nine months ended September 30, 2016, respectively. The Company recorded stock-based compensation expense of $0.5 million and $0.9 million for the three and nine months ended September 30, 2015, respectively. The total intrinsic value of options exercised for the three and nine months ended September 30, 2016 was $1.4 million and $2.0 million, respectively. This intrinsic value represents the difference between the fair market value of the Company’s common stock on the date of exercise and the exercise price of each option. Based on the fair market value of the Company’s common stock at September 30, 2016, the total intrinsic value of all outstanding options was $12.9 million. The fair value of stock option grants is determined using the Black-Scholes option pricing model with the following weighted average assumptions. In addition, the fair value per share on grant date is presented below: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Employee Stock Options: Fair value per share on grant date $8.94 - $9.02 $5.06 - $7.76 $8.51 - $9.02 $5.06 - $7.76 Expected term (in years) 5.99 - 6.11 5.52 - 6.15 5.29 - 6.11 5.52 - 6.15 Expected volatility 70% 60% 70% 60% Risk-free interest rate 1.21% - 1.25% 1.47% - 1.94% 1.21% - 1.86% 1.47% - 1.94% Dividend rate 0% 0% 0% 0% (1) The expected term represents the period that the stock-based compensation awards are expected to be outstanding. Since the Company did not have sufficient historical information to develop reasonable expectations about future exercise behavior, the Company used the simplified method to compute expected term, which reflects the average of the time-to-vesting and the contractual life; (2) The expected volatility of the Company’s common stock on the date of grant is based on the volatilities of publicly traded peer companies that are reasonably comparable to the Company’s own operations; (3) The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero coupon U.S. Treasury notes with maturities approximately equal to the expected term of the options; and (4) The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on the Company’s common stock. Total unrecognized compensation cost, adjusted for estimated forfeitures, related to nonvested stock options was approximately $6.7 million as of September 30, 2016, and is expected to be recognized over a weighted average period of 1.36 years. A summary of activities under the 2008 Option Plan and the 2016 Option Plan is shown as follows for the years ended December 31, 2014 and 2015 and the nine months ended September 30, 2016: Stock options outstanding Weighted average exercise price Outstanding at December 31, 2014 699,662 $ 2.24 Granted 1,190,317 12.19 Exercised (37,559 ) 1.32 Forfeited/canceled (30,698 ) 7.76 Outstanding at December 31, 2015 1,821,722 8.68 Granted 241,590 14.66 Exercised (161,336 ) 4.34 Forfeited/canceled (55,123 ) 8.29 Outstanding at September 30, 2016 1,846,853 $ 9.89 Stock-based compensation expense is recognized over the award’s expected vesting schedule, which is reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures were estimated based on the Company’s historical experience and future expectations. Stock options outstanding, and options exercisable and vested are as follows: Outstanding as of September 30, 2016 Remaining contractual life (years) Weighted average exercise price Exercisable as of June 30, 2016 Remaining contractual life (years) Weighted average exercise price 1,846,853 8.17 $ 9.89 722,492 7.20 $ 6.07 Outstanding as of December 31, 2015 Remaining contractual life (years) Weighted average exercise price Exercisable as of December 31, 2015 Remaining contractual life (years) Weighted average exercise price 1,821,722 8.62 $ 8.68 472,463 6.88 $ 1.90 Vested and nonvested stock option activity was as follows: Vested Nonvested Options outstanding Weighted average exercise price Options outstanding Weighted average exercise price Outstanding at September 30, 2016 722,492 $ 6.07 1,124,361 $ 12.24 Outstanding at December 31, 2015 472,463 $ 1.90 1,349,259 $ 10.87 Stock-Based Compensation Expense The Company recorded the total stock-based compensation expense as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Cost of revenue $ 46 $ 46 $ 135 $ 103 Sales and marketing 211 98 503 200 Research and development 87 79 263 213 General and administrative 415 319 1,264 384 Total $ 759 $ 542 $ 2,165 $ 900 |
Basic and Diluted Net Loss Per
Basic and Diluted Net Loss Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Loss Per Share | (10) Basic and Diluted Net Loss per Share Basic net loss per common share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share of common stock is computed by giving effect to all potential dilutive shares of common stock. Basic and diluted net loss per share of common stock were the same for all periods presented as the impact of all potentially dilutive securities outstanding was anti-dilutive. The following common equivalent shares were excluded from the diluted net loss per share calculation because their inclusion would have been anti-dilutive: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Stock options 1,846,853 1,827,157 1,846,853 1,827,157 Series A-1 preferred stock warrants — 130,384 — 130,384 Convertible preferred stock — 8,354,963 — 8,354,963 Total 1,846,853 10,312,504 1,846,853 10,312,504 The Company is required to reserve and keep available from the Company’s authorized but unissued shares of common stock a number of shares equal to the number of shares subject to outstanding awards under the 2008 Plan and the number of shares reserved for issuance under each of the 2016 Plan and 2016 ESPP. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (11) Income Taxes The Company is subject to income tax in the United States as well as other tax jurisdictions in which it conducts business. Earnings from non-U.S. activities are subject to local country income tax. The Company does not provide for federal income taxes on the undistributed earnings of its foreign subsidiaries as such earnings are reinvested indefinitely. The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items arising in that quarter. In each quarter, the Company updates its estimate of the annual effective tax rate, and if the estimated annual tax rate changes, the Company makes a cumulative adjustment in that quarter. The Company’s quarterly tax provision, and its quarterly estimate of its annual effective tax rate, are subject to significant volatility due to several factors, including the Company’s ability to accurately predict its pre-tax income and loss in multiple jurisdictions, as well as the portions of stock-based compensation that will either not generate tax benefits or the tax benefit is unpredictable and reflected when realized by employees. For the three months ended September 30, 2016 and 2015, the Company recorded a provision for income taxes of $0.1 million and a tax benefit of $0.2 million, respectively, resulting in an effective tax rate of 1.3% and 4.9%, respectively. For the nine months ended September 30, 2016 and 2015, the Company recorded a benefit for income taxes of $0.1 million and a benefit of $0.4 million, respectively, resulting in an effective tax rate of 0.9% and 5.2%, respectively. During the current year periods, the effective tax rate is lower than the statutory federal tax rate as the Company was not able to benefit from its net operating losses due to its full valuation allowance. As of September 30, 2016, the Company had gross tax-effected unrecognized tax benefits of $0.2 million, of which $0.2 million, if recognized, would favorably impact the effective tax rate. The Company’s existing tax positions will continue to generate an increase in unrecognized tax benefits in subsequent periods. The Company’s policy is to record interest and penalties related to unrecognized tax benefits as income tax expense. During the three and nine months ended September 30, 2016 and 2015, the amounts recorded related to the accrual of interest and penalties were immaterial in each period. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | (12) Segment information The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker, or (“CODM”), who is the Company’s chief executive officer, in deciding how to allocate resources and assess the Company’s financial and operational performance. While the Company has applications that address multiple use cases, all of the Company’s applications operate on and leverage a single technology platform and are deployed and sold in an identical way. In addition, the Company’s CODM evaluates the Company’s financial information and resources and assesses the performance of these resources on a consolidated basis. As a result, the Company has determined that the Company’s business operates in a single operating segment. Since the Company operates as one operating segment, all required financial segment information can be found in the consolidated financial statements. |
Geographic Concentrations
Geographic Concentrations | 9 Months Ended |
Sep. 30, 2016 | |
Risks And Uncertainties [Abstract] | |
Geographic Concentrations | (13) Geographic Concentrations Revenue by location is determined by the billing address of the customer. Approximately 90% and 89% of the Company’s revenue was from the United States for the three and nine months ended September 30, 2016, respectively. No other individual country comprised more than 10% of total revenue for the three and nine months ended September 30, 2016. Property and equipment by geographic location is based on the location of the legal entity that owns the asset. As of September 30, 2016, more than 95% of the Company’s property and equipment was located in the United States. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (14) Commitments and Contingencies (a) Leases The Company leases office space in Pasadena, California; San Francisco, California; Burlington, Massachusetts; Colchester, England; Windsor, England and Beijing, China under operating leases and recognizes escalating rent expense on a straight-line basis over the expected lease term. As of September 30, 2016, future minimum lease payments under non-cancelable operating leases are as follows (in thousands): Amounts 2016 (for the remaining 3 months) $ 384 2017 1,101 2018 321 2019 54 2020 35 Total minimum lease payments $ 1,895 Future minimum operating lease payments have been reduced by future minimum sublease income of $0.2 million. (b) Rent Rent expense was $0.4 million and $1.2 million, respectively, for the three and nine months ended September 30, 2016, and $0.5 million and $1.3 million, respectively, for the three and nine months ended September 30, 2015. (c) Litigation In the normal course of business, the Company has been subjected to various unasserted claims. The Company does not believe these will have a material adverse impact to the financial statements. (d) Employee Contracts The Company has entered into employment contracts with certain of the Company’s executive officers which provide for at-will employment. However, under the provisions of the contracts, the Company would incur severance obligations of up to twelve months of the executive’s annual base salary for certain events, such as involuntary terminations. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the final prospectus filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, on September 16, 2016 (the “Prospectus”). The condensed consolidated balance sheet as of December 31, 2015, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by U.S. GAAP on an annual reporting basis. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full year 2016 or any future period. |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Assets and liabilities which are subject to judgment and use of estimates include allowances for doubtful accounts, the fair value of assets acquired and liabilities assumed in business combinations, the recoverability of goodwill and long-lived assets, valuation allowances with respect to deferred tax assets, useful lives associated with property and equipment and intangible assets, contingencies, and the valuation and assumptions underlying stock-based compensation. On an ongoing basis, the Company evaluates its estimates compared to historical experience and trends, which form the basis for making judgments about the carrying value of assets and liabilities. In addition, the Company engaged valuation specialists to assist with management’s determination of the valuation of its fair values of assets acquired and liabilities assumed in business combinations and, for all periods prior to the completion of the IPO, the valuation of the Company’s common stock. |
Concentrations of Credit and Business Risk | Concentrations of Credit and Business Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and accounts receivable. The Company maintains cash balances at several banks. Accounts located in the United States are insured by the Federal Deposit Insurance Corporation, or FDIC, up to $250,000. From time to time, balances may exceed amounts insured by the FDIC. The Company has not experienced any losses in such amounts. The Company’s accounts receivable are generally unsecured and are derived from revenue earned from customers located in the United States and the United Kingdom and are generally denominated in U.S. dollars or British pounds. Each reporting period, the Company reevaluates each customer’s ability to satisfy credit obligations and maintains an allowance for doubtful accounts based on the evaluations. No single customer comprised more than 10% of the Company’s total revenue or accounts receivable for the three months ended September 30, 2016 and 2015. No single customer comprised more than 10% of the Company’s total revenue or accounts receivable for the nine months ended September 30, 2016 and 2015. |
Significant Accounting Policies | Significant Accounting Policies There have been no changes to our significant accounting policies described in the Prospectus. |
Recently Issued Accounting Guidance, Not Yet Adopted | Recently Issued Accounting Guidance, Not Yet Adopted In August 2016, the Financial Accounting Standards Board ("FASB") issued new accounting guidance: Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. In March 2016, the FASB Accounting Standards Updates (“ASU”) No. 2016-09, “ Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. In February, 2016, the FASB issued ASU No. 2016-02, “ Leases” In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers Revenue from Contracts with Customers, Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” “Revenue from Contracts with Customers, Identifying Performance Obligations and Licensing” “Revenue from Contracts with Customers (Topic 606), Narrow-Scope Improvements and Practical Expedients” |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Accounts Receivable Net [Abstract] | |
Schedule of Accounts Receivable Net | Accounts receivable, net is as follows (in thousands): As of As of September 30, 2016 December 31, 2015 Accounts receivable $ 16,392 $ 16,080 Allowance for doubtful accounts (397 ) (381 ) Net accounts receivable $ 15,995 $ 15,699 |
Schedule of Changes in Allowance for Doubtful Accounts | The following table summarizes the changes in the allowance for doubtful accounts (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Balance, beginning of period $ 422 $ 357 $ 381 $ 282 Additions 8 242 95 331 Write-offs (33 ) (121 ) (79 ) (135 ) Balance, end of period $ 397 $ 478 $ 397 $ 478 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following (in thousands): As of As of Useful life in years September 30, 2016 December 31, 2015 Furniture and equipment 5 $ 844 $ 822 System hardware 5 3,320 6,495 Office computers 3 1,649 2,003 Computer and system software 3 1,469 1,341 7,282 10,661 Less accumulated depreciation and amortization (4,154 ) (7,041 ) Property and equipment, net $ 3,128 $ 3,620 |
Capitalized Software Developm25
Capitalized Software Development Costs (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Research And Development [Abstract] | |
Summary of Capitalized Software Development Costs | Capitalized software development costs consisted of the following (in thousands): As of September 30, 2016 Gross carrying amount Amortization period Accumulated amortization Net carrying amount Capitalized software development costs $ 29,451 3 years $ (20,496 ) $ 8,955 Total capitalized software development costs $ 29,451 $ (20,496 ) $ 8,955 As of December 31, 2015 Gross carrying amount Amortization period Accumulated amortization Net carrying amount Capitalized software development costs $ 25,119 3 years $ (16,941 ) $ 8,178 Total capitalized software development costs $ 25,119 $ (16,941 ) $ 8,178 |
Schedule of Expected Amortization of Capitalized Software Development Costs | The expected amortization of capitalized software development costs, as of September 30, 2016, for each of the following years is as follows (in thousands): Amounts 2016 (for the remaining three months) $ 1,386 2017 3,917 2018 2,659 2019 993 $ 8,955 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets consisted of the following (in thousands): As of September 30, 2016 Gross carrying amount Amortization period Accumulated amortization Net carrying amount Amortizable intangible assets: Developed technology $ 1,101 2-7 years $ (852 ) $ 249 Tradenames 550 2-7 years (236 ) $ 314 Customer relationships 4,136 5 years (1,961 ) $ 2,175 Total intangible assets $ 5,787 $ (3,049 ) $ 2,738 As of December 31, 2015 Gross carrying amount Amortization period Accumulated amortization Net carrying amount Amortizable intangible assets: Developed technology $ 1,211 2-7 years $ (763 ) $ 448 Tradenames 582 2-7 years (223 ) 359 Customer relationships 4,941 5 years (1,629 ) 3,312 Total intangible assets $ 6,734 $ (2,615 ) $ 4,119 |
Schedule of Expected Amortization of Intangible Assets | The expected amortization of the intangible assets, as of September 30, 2016, for each of the next five years and thereafter is as follows (in thousands): Amounts 2016 (for the remaining three months) $ 260 2017 1,041 2018 871 2019 447 2020 60 Thereafter 59 $ 2,738 |
Stock Plans and Stock-Based C27
Stock Plans and Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Assumptions Used in Determining Fair Value of Stock Option Grants | The fair value of stock option grants is determined using the Black-Scholes option pricing model with the following weighted average assumptions. In addition, the fair value per share on grant date is presented below: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Employee Stock Options: Fair value per share on grant date $8.94 - $9.02 $5.06 - $7.76 $8.51 - $9.02 $5.06 - $7.76 Expected term (in years) 5.99 - 6.11 5.52 - 6.15 5.29 - 6.11 5.52 - 6.15 Expected volatility 70% 60% 70% 60% Risk-free interest rate 1.21% - 1.25% 1.47% - 1.94% 1.21% - 1.86% 1.47% - 1.94% Dividend rate 0% 0% 0% 0% (1) The expected term represents the period that the stock-based compensation awards are expected to be outstanding. Since the Company did not have sufficient historical information to develop reasonable expectations about future exercise behavior, the Company used the simplified method to compute expected term, which reflects the average of the time-to-vesting and the contractual life; (2) The expected volatility of the Company’s common stock on the date of grant is based on the volatilities of publicly traded peer companies that are reasonably comparable to the Company’s own operations; (3) The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero coupon U.S. Treasury notes with maturities approximately equal to the expected term of the options; and (4) The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on the Company’s common stock. |
Schedule of Stock Option Activity | A summary of activities under the 2008 Option Plan and the 2016 Option Plan is shown as follows for the years ended December 31, 2014 and 2015 and the nine months ended September 30, 2016: Stock options outstanding Weighted average exercise price Outstanding at December 31, 2014 699,662 $ 2.24 Granted 1,190,317 12.19 Exercised (37,559 ) 1.32 Forfeited/canceled (30,698 ) 7.76 Outstanding at December 31, 2015 1,821,722 8.68 Granted 241,590 14.66 Exercised (161,336 ) 4.34 Forfeited/canceled (55,123 ) 8.29 Outstanding at September 30, 2016 1,846,853 $ 9.89 |
Schedule of Stock Options Outstanding and Options Exercisable and Vested | Stock options outstanding, and options exercisable and vested are as follows: Outstanding as of September 30, 2016 Remaining contractual life (years) Weighted average exercise price Exercisable as of June 30, 2016 Remaining contractual life (years) Weighted average exercise price 1,846,853 8.17 $ 9.89 722,492 7.20 $ 6.07 Outstanding as of December 31, 2015 Remaining contractual life (years) Weighted average exercise price Exercisable as of December 31, 2015 Remaining contractual life (years) Weighted average exercise price 1,821,722 8.62 $ 8.68 472,463 6.88 $ 1.90 |
Schedule of Vested and Nonvested Stock Option Activity | Vested and nonvested stock option activity was as follows: Vested Nonvested Options outstanding Weighted average exercise price Options outstanding Weighted average exercise price Outstanding at September 30, 2016 722,492 $ 6.07 1,124,361 $ 12.24 Outstanding at December 31, 2015 472,463 $ 1.90 1,349,259 $ 10.87 |
Schedule of Stock-Based Compensation Expense | The Company recorded the total stock-based compensation expense as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Cost of revenue $ 46 $ 46 $ 135 $ 103 Sales and marketing 211 98 503 200 Research and development 87 79 263 213 General and administrative 415 319 1,264 384 Total $ 759 $ 542 $ 2,165 $ 900 |
Basic and Diluted Net Loss Pe28
Basic and Diluted Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Common Equivalent Shares were Excluded From Diluted Net Loss Per Share Calculation because their Inclusion would have been Anti-Dilutive | The following common equivalent shares were excluded from the diluted net loss per share calculation because their inclusion would have been anti-dilutive: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Stock options 1,846,853 1,827,157 1,846,853 1,827,157 Series A-1 preferred stock warrants — 130,384 — 130,384 Convertible preferred stock — 8,354,963 — 8,354,963 Total 1,846,853 10,312,504 1,846,853 10,312,504 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments Under Noncancelable Operating Leases | As of September 30, 2016, future minimum lease payments under non-cancelable operating leases are as follows (in thousands): Amounts 2016 (for the remaining 3 months) $ 384 2017 1,101 2018 321 2019 54 2020 35 Total minimum lease payments $ 1,895 |
Business and Nature of Operat30
Business and Nature of Operations - Additional Information (Details) $ / shares in Units, $ in Millions | Sep. 21, 2016USD ($)$ / sharesshares | Sep. 30, 2016shares | Dec. 31, 2015shares |
Business and Nature of Operations [Line Items] | |||
Common stock, shares outstanding | 27,148,042 | 11,106,926 | |
Class A Common Stock | |||
Business and Nature of Operations [Line Items] | |||
Shares converted to common stock | 1,164,105 | ||
Common stock, shares outstanding | 0 | 1,164,105 | |
Common Stock | |||
Business and Nature of Operations [Line Items] | |||
Conversion of preferred stock into common stock | 8,354,963 | ||
Common Stock | Class A Common Stock | |||
Business and Nature of Operations [Line Items] | |||
Stock conversion ratio | 1 | ||
Common Stock | Convertible Preferred Stock | |||
Business and Nature of Operations [Line Items] | |||
Stock conversion ratio | 1 | ||
IPO | Common Stock | |||
Business and Nature of Operations [Line Items] | |||
Shares sold of common stock | 6,250,000 | 6,250,000 | |
Shares sold, price per share | $ / shares | $ 12 | ||
Net proceeds from initial public offering | $ | $ 66.1 | ||
Conversion of preferred stock into common stock | 8,354,963 | ||
Convertible preferred stock conversion basis | one-to-one |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule of Accounts Receivable Net (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts Receivable Net [Abstract] | ||||||
Accounts receivable | $ 16,392 | $ 16,080 | ||||
Allowance for doubtful accounts | (397) | $ (422) | (381) | $ (478) | $ (357) | $ (282) |
Net accounts receivable | $ 15,995 | $ 15,699 |
Accounts Receivable, Net - Addi
Accounts Receivable, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accounts Receivable Net [Abstract] | ||||
Bad debt expense | $ 100 | $ 200 | $ 95 | $ 331 |
Accounts Receivable, Net - Sc33
Accounts Receivable, Net - Schedule of Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accounts Receivable Net [Abstract] | ||||
Balance, beginning of period | $ 422 | $ 357 | $ 381 | $ 282 |
Additions | 8 | 242 | 95 | 331 |
Write-offs | (33) | (121) | (79) | (135) |
Balance, end of period | $ 397 | $ 478 | $ 397 | $ 478 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 7,282 | $ 10,661 |
Less accumulated depreciation and amortization | (4,154) | (7,041) |
Property and equipment, net | 3,128 | 3,620 |
Furniture and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 844 | 822 |
Property and equipment, useful life in years | 5 years | |
Systems Hardware | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 3,320 | 6,495 |
Property and equipment, useful life in years | 5 years | |
Office Computers | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 1,649 | 2,003 |
Property and equipment, useful life in years | 3 years | |
Computer and System Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 1,469 | $ 1,341 |
Property and equipment, useful life in years | 3 years |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation and amortization expense for property and equipment | $ 0.4 | $ 0.4 | $ 1.2 | $ 1 |
Capitalized Software Developm36
Capitalized Software Development Costs - Summary of Capitalized Software Development Costs (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Capitalized Computer Software Net [Line Items] | ||
Gross carrying amount | $ 29,451 | $ 25,119 |
Accumulated amortization | (20,496) | (16,941) |
Net carrying amount | 8,955 | 8,178 |
Capitalized software development costs [Member] | ||
Capitalized Computer Software Net [Line Items] | ||
Gross carrying amount | $ 29,451 | $ 25,119 |
Amortization period | 3 years | 3 years |
Accumulated amortization | $ (20,496) | $ (16,941) |
Net carrying amount | $ 8,955 | $ 8,178 |
Capitalized Software Developm37
Capitalized Software Development Costs - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Capitalized Computer Software Net [Abstract] | |||||
Capitalized software development costs | $ 1.3 | $ 4.3 | $ 4.9 | ||
Capitalized software development costs, amortization expense | $ 1.3 | $ 1 | $ 3.6 | $ 2.1 |
Capitalized Software Developm38
Capitalized Software Development Costs - Schedule of Expected Amortization of Capitalized Software Development Costs (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Capitalized Computer Software Net [Abstract] | ||
2016 (for the remaining three months) | $ 1,386 | |
2,017 | 3,917 | |
2,018 | 2,659 | |
2,019 | 993 | |
Net carrying amount | $ 8,955 | $ 8,178 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 5,787 | $ 6,734 |
Accumulated amortization | (3,049) | (2,615) |
Net carrying amount | 2,738 | 4,119 |
Developed Technology | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 1,101 | 1,211 |
Accumulated amortization | (852) | (763) |
Net carrying amount | $ 249 | $ 448 |
Developed Technology | Minimum | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization period | 2 years | 2 years |
Developed Technology | Maximum | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization period | 7 years | 7 years |
Tradenames | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 550 | $ 582 |
Accumulated amortization | (236) | (223) |
Net carrying amount | $ 314 | $ 359 |
Tradenames | Minimum | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization period | 2 years | 2 years |
Tradenames | Maximum | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization period | 7 years | 7 years |
Customer Relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 4,136 | $ 4,941 |
Amortization period | 5 years | 5 years |
Accumulated amortization | $ (1,961) | $ (1,629) |
Net carrying amount | $ 2,175 | $ 3,312 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Amortization expense for intangible assets | $ 0.3 | $ 0.4 | $ 0.9 | $ 1.2 |
Intangible Assets - Schedule 41
Intangible Assets - Schedule of Expected Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2016 (for the remaining three months) | $ 260 | |
2,017 | 1,041 | |
2,018 | 871 | |
2,019 | 447 | |
2,020 | 60 | |
Thereafter | 59 | |
Net carrying amount | $ 2,738 | $ 4,119 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | Sep. 22, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
Line Of Credit Facility [Line Items] | ||||||
Repayments of line of credit | $ 19,500,000 | $ 5,000,000 | ||||
Interest expense | $ 195,000 | $ 160,000 | 506,000 | $ 405,000 | ||
Reclassification of deferred financing costs, net | $ 48,000 | |||||
Western Alliance Bank | ||||||
Line Of Credit Facility [Line Items] | ||||||
Repayment of term loan | $ 5,100,000 | |||||
Repayment of full principal amount | 5,000,000 | |||||
Repayment of accrued interest | 100,000 | |||||
Repayments of line of credit | 5,800,000 | |||||
Line of credit, outstanding amount | $ 0 | $ 0 | ||||
Interest expense | $ 100,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) | Jun. 30, 2009$ / sharesshares | Sep. 30, 2016$ / sharesshares | Dec. 31, 2015$ / sharesshares |
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized | 10,000,000 | 0 | |
Preferred stock, par value | $ / shares | $ 0.001 | $ 0.001 | |
Preferred stock, shares outstanding | 0 | 0 | |
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | |
Common stock, voting rights | Holders of common stock are entitled to one vote per share | ||
Common stock, shares issued | 27,148,042 | 11,106,926 | |
Common stock, shares outstanding | 27,148,042 | 11,106,926 | |
Warrants outstanding | 0 | ||
Class A Common Stock | |||
Class Of Stock [Line Items] | |||
Shares converted to common stock | 1,164,105 | ||
Common stock, shares authorized | 0 | 1,164,497 | |
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | |
Common stock, shares issued | 0 | 1,164,105 | |
Common stock, shares outstanding | 0 | 1,164,105 | |
Series A-1 Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized | 0 | 5,870,914 | |
Preferred stock, par value | $ / shares | $ 0.001 | $ 0.001 | |
Preferred stock, shares outstanding | 0 | 5,225,879 | |
Exercise price of warrants, per share | $ / shares | $ 2.49 | ||
Exercise of warrant, shares | 130,384 | ||
Common Stock | |||
Class Of Stock [Line Items] | |||
Conversion of preferred stock into common stock | 8,354,963 | ||
Conversion of Class A common stock, Shares Issued | 1,164,105 | ||
Common Stock | Convertible Preferred Stock | |||
Class Of Stock [Line Items] | |||
Stock conversion ratio | 1 | ||
Common Stock | Class A Common Stock | |||
Class Of Stock [Line Items] | |||
Stock conversion ratio | 1 | ||
Warrant One | |||
Class Of Stock [Line Items] | |||
Warrant expiration period | 10 years | ||
Warrant One | Series A-1 Preferred Stock | |||
Class Of Stock [Line Items] | |||
Number of shares purchased under each warrant | 10,029 | ||
Exercise price of warrants, per share | $ / shares | $ 2.49 | ||
Warrant Two | |||
Class Of Stock [Line Items] | |||
Warrant expiration period | 10 years | ||
Warrant expiration period from closing of initial public offering | 5 years | ||
Warrant Two | Series A-1 Preferred Stock | |||
Class Of Stock [Line Items] | |||
Number of shares purchased under each warrant | 120,355 | ||
Exercise price of warrants, per share | $ / shares | $ 2.49 |
Stock Plans and Stock-Based C44
Stock Plans and Stock-Based Compensation - Additional Information (Details) - shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 15, 2016 | |
2016 Equity Incentive Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares reserved for issuance | 3,893,118 | |
Automatic increase percentage | 3.00% | |
2016 Equity Incentive Plan [Member] | Tranche One [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares reserved for issuance | 2,000,000 | |
2008 Equity Incentive Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock options vesting period | 4 years | |
Stock options expiration period | 10 years | |
2008 Equity Incentive Plan [Member] | Tranche Two [Member] | Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares reserved for issuance | 42,934 | |
2008 Equity Incentive Plan [Member] | Tranche Three [Member] | Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares reserved for issuance | 1,850,184 |
Stock Plans and Stock-Based C45
Stock Plans and Stock-Based Compensation - 2016 Employee Stock Purchase Plan - Additional Information (Details) - 2016 Employee Stock Purchase Plan - shares | Sep. 15, 2016 | Sep. 30, 2016 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares reserved for issuance | 500,000 | |
Purchase price as percentage of fair market value of common stock | 85.00% | |
Shares purchased under the plan | 0 | |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Increase in number of shares reserved and available for issuance | 200,000 | |
Common Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Increase in number of shares reserved and available for issuance, percentage | 1.00% | |
Common Stock | Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Purchase price, discount percentage | 15.00% |
Stock Plans and Stock-Based C46
Stock Plans and Stock-Based Compensation - Stock Options - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 759 | $ 542 | $ 2,165 | $ 900 |
Intrinsic value of options exercised | 1,400 | 2,000 | ||
Intrinsic value of all outstanding options | 12,900 | 12,900 | ||
Total Unrecognized compensation cost, net of estimated forfeitures | 6,700 | 6,700 | ||
Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 800 | $ 500 | $ 2,200 | $ 900 |
Weighted-average amortization period | 1 year 4 months 10 days |
Stock Plans and Stock-Based C47
Stock Plans and Stock-Based Compensation - Schedule of Assumptions Used in Determining Fair Value of Stock Option Grants (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Dividend rate | 0.00% | |||
Employee Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected volatility | 70.00% | 60.00% | 70.00% | 60.00% |
Risk-free interest rate, minimum | 1.21% | 1.47% | 1.21% | 1.47% |
Risk-free interest rate, maximum | 1.25% | 1.94% | 1.86% | 1.94% |
Dividend rate | 0.00% | 0.00% | 0.00% | 0.00% |
Employee Stock Options | Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Fair value per share on grant date | $ 8.94 | $ 5.06 | $ 8.51 | $ 5.06 |
Expected term (in years) | 5 years 11 months 27 days | 5 years 6 months 7 days | 5 years 3 months 15 days | 5 years 6 months 7 days |
Employee Stock Options | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Fair value per share on grant date | $ 9.02 | $ 7.76 | $ 9.02 | $ 7.76 |
Expected term (in years) | 6 years 1 month 10 days | 6 years 1 month 24 days | 6 years 1 month 10 days | 6 years 1 month 24 days |
Stock Plans and Stock-Based C48
Stock Plans and Stock-Based Compensation - Schedule of Assumptions Used in Determining Fair Value of Stock Option Grants (Parenthetical) (Details) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Dividend rate | 0.00% |
Stock Plans and Stock-Based C49
Stock Plans and Stock-Based Compensation - Schedule of Stock Option Activity (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Stock options outstanding, Beginning Balance | 1,821,722 | 699,662 |
Stock options outstanding, Granted | 241,590 | 1,190,317 |
Stock options outstanding, Exercised | (161,336) | (37,559) |
Stock options outstanding, Forfeited/canceled | (55,123) | (30,698) |
Stock options outstanding, Ending Balance | 1,846,853 | 1,821,722 |
Weighted average exercise price, Beginning Balance | $ 8.68 | $ 2.24 |
Weighted average exercise price, Granted | 14.66 | 12.19 |
Weighted average exercise price, Exercised | 4.34 | 1.32 |
Weighted average exercise price, Forfeited/canceled | 8.29 | 7.76 |
Weighted average exercise price, Ending Balance | $ 9.89 | $ 8.68 |
Stock Plans and Stock-Based C50
Stock Plans and Stock-Based Compensation - Schedule of Stock Options Outstanding and Options Exercisable and Vested (Details) - $ / shares | 6 Months Ended | 9 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Stock options, outstanding | 1,846,853 | 1,821,722 | 699,662 | |
Stock options, remaining contractual life (years) | 8 years 2 months 1 day | 8 years 7 months 13 days | ||
Stock options ,weighted average exercise price | $ 9.89 | $ 8.68 | $ 2.24 | |
Stock options, exercisable | 722,492 | 472,463 | ||
Stock options exercisable, remaining contractual life (years) | 7 years 2 months 12 days | 6 years 10 months 17 days | ||
Stock options exercisable, weighted average exercise price | $ 6.07 | $ 1.90 |
Stock Plans and Stock-Based C51
Stock Plans and Stock-Based Compensation - Schedule of Vested and Nonvested Stock Option Activity (Details) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Options outstanding, Vested | 722,492 | 472,463 |
Weighted average exercise price, Vested | $ 6.07 | $ 1.90 |
Options outstanding, Nonvested | 1,124,361 | 1,349,259 |
Weighted average exercise price, Nonvested | $ 12.24 | $ 10.87 |
Stock Plans and Stock-Based C52
Stock Plans and Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 759 | $ 542 | $ 2,165 | $ 900 |
Cost of Revenue | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 46 | 46 | 135 | 103 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 87 | 79 | 263 | 213 |
Sales and Marketing | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 211 | 98 | 503 | 200 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 415 | $ 319 | $ 1,264 | $ 384 |
Basic and Diluted Net Loss Pe53
Basic and Diluted Net Loss Per Share - Schedule of Common Equivalent Shares were Excluded From Diluted Net Loss Per Share Calculation because their Inclusion would have been Anti-Dilutive (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from diluted net loss per share | 1,846,853 | 10,312,504 | 1,846,853 | 10,312,504 |
Stock Options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from diluted net loss per share | 1,846,853 | 1,827,157 | 1,846,853 | 1,827,157 |
Series A-1 Preferred Stock Warrants | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from diluted net loss per share | 130,384 | 130,384 | ||
Convertible Preferred Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from diluted net loss per share | 8,354,963 | 8,354,963 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Provision (Benefit) for income taxes | $ 35 | $ (186) | $ (75) | $ (374) |
Effective income tax rate | 1.30% | 4.90% | 0.90% | 5.20% |
Unrecognized tax benefits | $ 200 | $ 200 | ||
Unrecognized tax benefits that would favorably impact effective tax rate | $ 200 | $ 200 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2016Segment | |
Segment Reporting [Abstract] | |
Number of operating segment | 1 |
Geographic Concentrations - Add
Geographic Concentrations - Additional Information (Details) - United States - Geographic Concentration Risk | Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2016 |
Revenue | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 90.00% | 89.00% | |
Minimum | Property and Equipment | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 95.00% |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) $ in Thousands | Sep. 30, 2016USD ($) |
Future minimum lease payments | |
2016 (for the remaining 3 months) | $ 384 |
2,017 | 1,101 |
2,018 | 321 |
2,019 | 54 |
2,020 | 35 |
Total minimum lease payments | $ 1,895 |
Commitments and Contingencies58
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | ||||
Future minimum sublease income | $ 0.2 | $ 0.2 | ||
Rent expense | $ 0.4 | $ 0.5 | $ 1.2 | $ 1.3 |