Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 08, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | 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 | 27,862,873 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 39,679 | $ 60,765 |
Accounts receivable, net | 14,988 | 17,812 |
Prepaid expenses | 3,083 | 1,770 |
Other current assets | 2,650 | 2,536 |
Total current assets | 60,400 | 82,883 |
Property and equipment, net | 2,687 | 2,923 |
Capitalized software development costs, net | 8,796 | 8,792 |
Goodwill | 30,932 | 9,676 |
Intangible assets, net | 11,023 | 3,940 |
Other assets | 121 | 108 |
Total assets | 113,959 | 108,322 |
Current liabilities: | ||
Accounts payable | 2,630 | 2,434 |
Accrued payroll and employee related liabilities | 8,403 | 7,456 |
Accrued expenses | 2,438 | 1,957 |
Deferred revenue | 54,496 | 51,388 |
Contingent liabilities | 5,417 | |
Other current liabilities | 613 | 548 |
Total current liabilities | 73,997 | 63,783 |
Long-term liabilities: | ||
Deferred revenue, noncurrent | 1,382 | 1,246 |
Deferred tax liabilities | 501 | 494 |
Other long term liabilities | 54 | 447 |
Total liabilities | 75,934 | 65,970 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, par value $0.001, 10,000,000 shares authorized, no shares issued or outstanding as of March 31, 2017 and December 31, 2016, respectively | ||
Common stock, $0.001 par value, 100,000,000 shares authorized, 27,235,785 and 27,150,674 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively | 27 | 27 |
Additional paid-in capital | 134,080 | 132,246 |
Accumulated deficit | (95,820) | (89,618) |
Accumulated other comprehensive loss | (262) | (303) |
Total stockholders’ equity | 38,025 | 42,352 |
Total liabilities and stockholders’ equity | $ 113,959 | $ 108,322 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 27,235,785 | 27,150,674 |
Common stock, shares outstanding | 27,235,785 | 27,150,674 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Revenue | $ 22,844 | $ 17,069 |
Cost of revenue | 7,654 | 5,475 |
Gross profit | 15,190 | 11,594 |
Operating expenses: | ||
Sales and marketing | 10,906 | 8,205 |
Research and development | 5,277 | 3,180 |
General and administrative | 5,200 | 3,458 |
Total operating expenses | 21,383 | 14,843 |
Operating loss | (6,193) | (3,249) |
Other income (expense), net: | ||
Interest income | 51 | |
Interest expense | (1) | (137) |
Other income (expense), net | (32) | 6 |
Total other expense, net | 18 | (131) |
Loss before income taxes | (6,175) | (3,380) |
(Provision for) benefit from income taxes | (27) | 155 |
Net loss | $ (6,202) | $ (3,225) |
Net loss per share attributable to common stockholders: | ||
Basic | $ (0.23) | $ (0.26) |
Diluted | $ (0.23) | $ (0.26) |
Weighted-average common shares outstanding: | ||
Basic | 27,170,827 | 12,273,023 |
Diluted | 27,170,827 | 12,273,023 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (6,202) | $ (3,225) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment, net of taxes | 41 | (259) |
Total comprehensive loss | $ (6,161) | $ (3,484) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) (unaudited) - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Balance at December 31, 2016 at Dec. 31, 2016 | $ 42,352 | $ 27 | $ 132,246 | $ (89,618) | $ (303) |
Balance at December 31, 2016, shares at Dec. 31, 2016 | 27,150,674 | ||||
Stock-based compensation | 968 | 968 | |||
Exercise of stock options | $ 12 | 12 | |||
Exercise of stock options, shares | 1,321 | 1,321 | |||
Issuance of shares under employee stock purchase plan | $ 854 | 854 | |||
Issuance of shares under employee stock purchase plan, shares | 83,790 | ||||
Other comprehensive income | 41 | 41 | |||
Net loss | (6,202) | (6,202) | |||
Balance at March 31, 2017 at Mar. 31, 2017 | $ 38,025 | $ 27 | $ 134,080 | $ (95,820) | $ (262) |
Balance at March 31, 2017, shares at Mar. 31, 2017 | 27,235,785 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (6,202) | $ (3,225) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 2,933 | 1,793 |
Non-cash interest expense on line of credit and term loan | 5 | |
Provision for doubtful accounts and sales reserve | 80 | 87 |
Stock-based compensation | 955 | 657 |
Increase (decrease) in operating assets and liabilities: | ||
Accounts receivable | 4,277 | 1,417 |
Prepaid expenses | (1,071) | (815) |
Other assets | 338 | (1,202) |
Accounts payable | (4) | 589 |
Accrued payroll and employee related liabilities | 888 | 1,264 |
Accrued expenses | 94 | 2 |
Deferred revenue | (816) | 826 |
Other liabilities | (13) | (2) |
Net cash provided by operating activities | 1,459 | 1,396 |
Cash flows from investing activities: | ||
Capital expenditures | (223) | (203) |
Payments for acquisition of business, net of acquired cash | (21,235) | |
Additions to capitalized software development costs | (1,487) | (1,612) |
Net cash used in investing activities | (22,945) | (1,815) |
Cash flows from financing activities: | ||
Proceeds from line of credit | 7,000 | |
Payments on line of credit | (7,000) | |
Principal payments on capital leases | (32) | |
Payments of public offering costs | (298) | (1,099) |
Payments on notes payable | (2,018) | |
Proceeds from employee stock purchase plan | 854 | |
Proceeds from option exercises | 12 | 58 |
Net cash provided by (used in) financing activities | 568 | (3,091) |
Effect of exchange rates on cash and cash equivalents | (168) | 27 |
Net decrease in cash and cash equivalents | (21,086) | (3,483) |
Cash and cash equivalents—beginning of year | 60,765 | 8,578 |
Cash and cash equivalents—end of year | 39,679 | 5,095 |
Supplemental disclosures of cash flow information: | ||
Interest | 150 | |
Taxes, net of refunds received | (3) | |
Supplemental disclosure of non-cash activities: | ||
Capitalized assets included in accounts payable and accrued expenses | 195 | 87 |
Deferred offering costs in accounts payable and accrued expenses | 465 | 127 |
Stock-based compensation capitalized for software development | $ 13 | $ 14 |
Business and Nature of Operatio
Business and Nature of Operations | 3 Months Ended |
Mar. 31, 2017 | |
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 event management 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, such as Mass Notification, Incident Management, IT Alerting, Safety Connection, Community Engagement, CareConverge, Crisis Commander and Visual Command Center, automate numerous critical event management and enterprise safety processes. The Company generates revenue primarily from subscription fees to the Company’s enterprise applications. The Company has operations in the United States, Sweden, 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. As of March 31, 2017, 27,235,785 shares of the Company’s common stock were outstanding. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
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 Company’s Annual Report on Form 10-K for the year ended December 31, 2016. The condensed consolidated balance sheet as of December 31, 2016, 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 2017 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. Concentrations of Credit and Business Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents 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, Sweden and the United Kingdom and are generally denominated in U.S. dollars, Swedish kronor 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 March 31, 2017 and 2016. Cash and Cash Equivalents The Company considers all highly liquid instruments with original maturities of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents are recorded at cost, which approximates fair value. As of March 31, 2017, $35.6 million of the Company’s cash equivalents were invested in money market funds. Significant Accounting Policies There have been no changes to the Company’s significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. Recently Issued Accounting Guidance, Not Yet Adopted In January 2017, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash In September 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In February 2016, the FASB issued ASU 2016-02, Leases In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) |
Accounts Receivable, Net
Accounts Receivable, Net | 3 Months Ended |
Mar. 31, 2017 | |
Accounts Receivable Net [Abstract] | |
Accounts Receivable, Net | (3) Accounts Receivable, Net Accounts receivable, net is as follows (in thousands): As of As of March 31, 2017 December 31, 2016 Accounts receivable $ 15,472 $ 18,231 Allowance for doubtful accounts and sales reserve (484 ) (419 ) Net accounts receivable $ 14,988 $ 17,812 Bad debt expense and sales credits reserve were $0.1 million and $0.1 million for the three months ended March 31, 2017 and 2016, respectively. The following table summarizes the changes in the allowance for doubtful accounts (in thousands): Three Months Ended March 31, 2017 2016 Balance, beginning of period $ (374 ) $ (336 ) Additions — (87 ) Write-offs 15 49 Balance, end of period $ (359 ) $ (374 ) The following table summarizes the changes in the sales reserve (in thousands): Three Months Ended March 31, 2017 2016 Balance, beginning of period $ (45 ) $ (45 ) Additions (80 ) — Write-offs — — Balance, end of period $ (125 ) $ (45 ) |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 December 31, 2016 Furniture and equipment 5 $ 1,267 $ 928 System hardware 5 3,320 3,320 Office computers 3 1,938 1,777 Computer and system software 3 1,502 1,478 8,027 7,503 Less accumulated depreciation and amortization (5,340 ) (4,580 ) Property and equipment, net $ 2,687 $ 2,923 Depreciation and amortization expense for property and equipment was $0.8 million and $0.4 million for the three months ended March 31, 2017 and 2016, respectively. |
Capitalized Software Developmen
Capitalized Software Development Costs | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 Gross carrying amount Amortization period Accumulated amortization Net carrying amount Capitalized software development costs $ 32,155 3 years $ (23,359 ) $ 8,796 Total capitalized software development costs $ 32,155 $ (23,359 ) $ 8,796 As of December 31, 2016 Gross carrying amount Amortization period Accumulated amortization Net carrying amount Capitalized software development costs $ 30,658 3 years $ (21,866 ) $ 8,792 Total capitalized software development costs $ 30,658 $ (21,866 ) $ 8,792 The Company capitalized software development costs of $1.5 million and $5.5 million for the three months ended March 31, 2017 and the year ended December 31, 2016, respectively. Amortization expense for capitalized software development costs was $1.5 million and $1.0 million for the three months ended March 31, 2017 and 2016, 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 March 31, 2017, for each of the following years is as follows (in thousands): Amounts 2017 (for the remaining nine months) $ 3,242 2018 3,218 2019 1,961 2020 375 $ 8,796 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (6) Fair Value Measurements The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, capital leases and accrued liabilities approximate fair value because of the short maturity of these items. Certain assets, including long-lived assets, goodwill and intangible assets are also subject to measurement at fair value on a non-recurring basis if they are deemed to be impaired as a result of an impairment review. For the three months ended March 31, 2017 and year ended December 31, 2016, no impairments were identified. The following table summarizes the Company's financial assets and liabilities measured at fair value on a recurring basis at March 31, 2017 and December 31, 2016 by level within the fair value hierarchy. Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement (in thousands): At March 31, 2017 Quoted Significant Prices in Other Significant Active Observable Unobservable Markets Inputs Inputs Total Fair (Level 1) (Level 2) (Level 3) Value (in thousands) Assets: Money market funds (included in cash and cash equivalents) $ 35,582 — — $ 35,582 Total financial assets $ 35,582 $ — $ — $ 35,582 Liabilities: Contingent consideration — — $ 5,417 $ 5,417 Total financial liabilities $ — $ — $ 5,417 $ 5,417 At December 31, 2016 Quoted Significant Prices in Other Significant Active Observable Unobservable Markets Inputs Inputs Total Fair (Level 1) (Level 2) (Level 3) Value (in thousands) Assets: Money market funds (included in cash and cash equivalents) $ 57,032 — — $ 57,032 Total financial assets $ 57,032 $ — $ — $ 57,032 Liabilities: Contingent consideration — — $ 388 $ 388 Total financial liabilities $ — $ — $ 388 $ 388 The following table summarizes the changes in Level 3 financial instruments (in thousands). Amount Fair Value at December 31, 2016 $ 388 Foreign currency translation 9 Contingent consideration from IDV acquisition 5,020 Balance at March 31, 2017 $ 5,417 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | (7) Goodwill and Intangible Assets Goodwill was $30.9 million and $9.7 million as of March 31, 2017 and December 31, 2016, respectively. There were no impairments recorded against goodwill during the three months ended March 31, 2017 and for the year ended December 31, 2016. The following table displays the changes in the gross carrying amount of goodwill (in thousands): Amount Balance at December 31, 2016 $ 9,676 Foreign currency translation 149 IDV acquisition 21,107 Balance at March 31, 2017 $ 30,932 Intangible assets consisted of the following (in thousands): As of March 31, 2017 Gross carrying amount Weighted average life (years) Accumulated amortization Net carrying amount Amortizable intangible assets: Developed technology $ 3,993 3.04 $ (1,102 ) $ 2,891 Trade names and patents 2,476 5.30 (339 ) $ 2,137 Customer relationships 8,224 5.00 (2,449 ) $ 5,775 Non-compete arrangement 240 2.00 (20 ) $ 220 Total intangible assets $ 14,933 $ (3,910 ) $ 11,023 As of December 31, 2016 Gross carrying amount Weighted average life (years) Accumulated amortization Net carrying amount Amortizable intangible assets: Developed technology $ 1,490 3.60 $ (878 ) $ 612 Trade names and patents 883 6.08 (254 ) $ 629 Customer relationships 4,779 5.00 (2,080 ) $ 2,699 Total intangible assets $ 7,152 $ (3,212 ) $ 3,940 Amortization expense for intangible assets was $0.7 million and $0.3 million for the three months ended March 31, 2017 and 2016, respectively. The expected amortization of the intangible assets, as of March 31, 2017, for each of the next five years and thereafter is as follows (in thousands): Amounts 2017 (for the remaining nine months) $ 2,548 2018 3,221 2019 2,560 2020 1,340 2021 1,223 2022 and thereafter 131 $ 11,023 |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Business Combinations | (8) Business Combinations The Company accounted for the IDV Solutions LLC, or IDV and Crisis Commander acquisitions using the purchase method of accounting for business combinations under ASC 805, Business Combinations As the Company finalizes the fair value of assets acquired and liabilities assumed, additional purchase price adjustments may be recorded during the measurement period (a period not to exceed 12 months). Fair value estimates are based on a complex series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. The judgments used to determine the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives and the expected future cash flows and related discount rates, can materiality impact our results of operations. Significant inputs used for the model included the amount of cash flows, the expected period of the cash flows and the discount rates. The finalization of the purchase accounting assessment may result in a change in the valuation of the contingent consideration and intangible assets, which may have a material impact on our results of operations and financial position. IDV Acquisition On January 27, 2017, the Company acquired IDV, in exchange for current cash consideration of $21.2 million, net of cash acquired and the fair value of contingent future consideration. At the date of acquisition, $2.5 million was deposited in an escrow account for fifteen months. The escrow fund is available to provide security to the Company to compensate it for losses it may incur as a result of any inaccuracy in the representations or warranties of IDV or the sellers contained in the IDV purchase agreement, any failure to comply with any covenant contained in the IDV purchase agreement or any liabilities or obligations related to the operation of IDV’s business prior to the closing of the acquisition. In addition, in order to earn any future contingent consideration, IDV is required to meet certain billings thresholds at June 30, 2017 and December 31, 2017. At the date of the acquisition, the Company preliminarily assessed the probabilities of IDV meeting the future sales and billing thresholds and determined them to be probable. Therefore, contingent consideration was recorded as part of the purchase price allocation and the preliminary fair value of the contingent consideration was determined to be $5.0 million. IDV is a provider of threat assessment and operational visualization software located in Lansing, Michigan. The following table summarizes the allocation of the purchase consideration and the estimated fair value of the assets acquired and the liabilities assumed for the acquisition of IDV made by the Company. The purchase price allocations for IDV included in the table below are preliminary. The following table summarizes the aggregate consideration for IDV during the three months ended March 31, 2017 (in thousands): Assets acquired IDV Accounts receivable 1,533 Other assets 242 Property and equipment 174 Trade names 1,590 Acquired technology 2,490 Customer relationships 3,400 Non-compete arrangement 240 Goodwill 21,107 Total assets acquired $ 30,776 Liabilities assumed Accounts payable and accrued expenses 329 Deferred revenue 4,060 Other liabilities 132 Net assets acquired $ 26,255 Consideration paid Cash paid, net of cash acquired 21,235 Contingent consideration 5,020 Total $ 26,255 The weighted average useful life of all identified acquired intangible assets is 4.26 years. The weighted average useful lives for acquired technologies, customer relationships, non-compete arrangements and trade names are 3.0 years 5.0 years, 2.0 years and 5.0 years, respectively. Identifiable intangible assets with definite lives are amortized over the period of estimated benefit using the straight-line method and the estimated useful lives of two to five years. The straight-line method of amortization represents the Company’s best estimate of the distribution of the economic value of the identifiable intangible assets. As a result of the acquisition, the Company recorded $21.1 million of goodwill. The goodwill balance is primarily attributed to the anticipated synergies from the acquisition and expanded market opportunities with respect to the integration of IDV’s products with the Company's other solutions For the three months ended March 31, 2017, the Company incurred transaction costs of $0.1 million in connection with the IDV acquisition, which were expensed as incurred and included in general and administrative expenses within the accompanying consolidated statements of operations. Unaudited Pro Forma Financial Information The following table reflects the unaudited pro forma consolidated revenue and net loss for the three months ended March 31, 2017 and 2016 as if the acquisition of IDV had taken place on January 1, 2017 and 2016, after giving effect to certain adjustments, including the amortization of acquired intangible assets and the associated tax effect and the elimination of the Company’s and the acquiree’s non-recurring acquisition related expenses: Revenue Net loss Results of acquired business included in our three months ended (in thousands): From the acquisition date to March 31, 2017 $ 1,348 $ (635 ) For the three months ended March 31, 2017 pro forma $ 1,885 $ (1,389 ) For the three months ended March 31, 2016 pro forma $ 1,790 $ (1,378 ) The unaudited pro forma information presented does not purport to be indicative of the results that would have been achieved had the acquisitions been consummated at January 1, 2017 nor of the results which may occur in the future. The pro forma adjustments are based upon available information and certain assumptions that the Company believes are reasonable. Crisis Commander Acquisition On December 30, 2016, the Company completed the acquisition of Crisis Commander, a privately held SaaS mobile crisis management company based in Norsborg, Sweden. The acquisition was consummated pursuant to a purchase agreement for an initial preliminary purchase price of $2.7 million, subject to earn out payments contingent on meeting certain revenue thresholds, which are expected to be paid in March 2018. The excess of purchase consideration over the fair value of net tangible liabilities assumed and identifiable intangible assets acquired was recorded as goodwill. The fair values assigned to tangible and identifiable intangible assets acquired and liabilities assumed are based on management’s estimates and assumptions. The estimated fair values of assets acquired and liabilities assumed may be subject to change as additional information is received. Thus, the provisional measurements of fair value have been recorded. The goodwill balance is primarily attributed to the anticipated synergies from the acquisition and expanded market opportunities with respect to the integration of Crisis Commander’s platform with the Company's other solutions. The goodwill balance is not deductible for U.S. income tax purposes. The assets and results of operations of Crisis Commander were not significant to the Company’s consolidated financial position or results of operations, and thus pro forma information is not presented. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | (9) Stockholders’ Equity Preferred Stock As of March 31, 2017, the Company had authorized 10,000,000 shares of preferred stock, par value $0.001, of which no shares were outstanding. Common Stock As of March 31, 2017, 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 March 31, 2017 and December 31, 2016, there were 27,235,785 and 27,150,674 shares of common stock issued and outstanding, respectively. |
Stock Plans and Stock-Based Com
Stock Plans and Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Plans and Stock-Based Compensation | (10) 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 became 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 the Company’s 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 Company’s 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 March 31, 2017, 83,790 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 $1.0 million and $0.7 million for the three months ended March 31, 2017 and 2016, respectively. The total intrinsic value of options exercised for the three months ended March 31, 2017 and 2016 was $0.1 million and $0.1 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 March 31, 2017, the total intrinsic value of all outstanding options was $20.2 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 March 31, 2017 2016 Employee Stock Options: Fair value per share on grant date $18.05 - $18.78 $12.31 Expected term (in years) 6.00 - 6.11 6.00 - 6.10 Expected volatility 60% 70% Risk-free interest rate 1.98% - 2.47% 1.86% - 2.18% Dividend rate 0% 0% Employee Stock Purchase Plan: Expected term (in years) 0.50 — Expected volatility 60% — Risk-free interest rate 0.45% — Dividend rate 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 related to nonvested stock options was approximately $8.4 million as of March 31, 2017, and is expected to be recognized over a weighted average period of 2.78 years. A summary of activities under the 2008 Plan and the 2016 Plan is shown as follows for the year ended December 31, 2016 and the three months ended March 31, 2017: Stock options outstanding Weighted average exercise price Outstanding at December 31, 2015 1,821,722 $ 8.68 Granted 292,204 14.75 Exercised (163,968 ) 4.30 Forfeited (65,533 ) 8.03 Outstanding at December 31, 2016 1,884,425 10.02 Granted 229,970 18.51 Exercised (1,321 ) 9.21 Forfeited (6,963 ) 12.71 Outstanding at March 31, 2017 2,106,111 $ 10.94 Stock-based compensation expense is recognized over the award’s expected vesting schedule, which is reduced for forfeitures. Stock options outstanding, and options exercisable and vested are as follows: Outstanding as of March 31, 2017 Remaining contractual life (years) Weighted average exercise price Exercisable as of March 31, 2017 Remaining contractual life (years) Weighted average exercise price 2,106,111 7.70 $ 10.94 934,301 7.06 $ 7.43 Outstanding as of December 31, 2016 Remaining contractual life (years) Weighted average exercise price Exercisable as of December 31, 2016 Remaining contractual life (years) Weighted average exercise price 1,884,425 7.86 $ 10.02 809,900 7.13 $ 6.81 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 March 31, 2017 934,301 $ 7.43 1,171,810 $ 13.73 Outstanding at December 31, 2016 809,900 $ 6.81 1,074,525 $ 12.44 Stock-Based Compensation Expense The Company recorded the total stock-based compensation expense as follows (in thousands): Three Months Ended March 31, 2017 2016 Cost of revenue $ 65 $ 45 Sales and marketing 277 117 Research and development 146 85 General and administrative 480 424 Total $ 968 $ 671 |
Basic and Diluted Net Loss Per
Basic and Diluted Net Loss Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Loss Per Share | (11) 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 March 31, 2017 2016 Stock options 2,106,111 1,822,139 Series A-1 preferred stock warrants — 130,384 Convertible preferred stock — 8,354,963 Total 2,106,111 10,307,486 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. The amount of such shares of the Company’s common stock reserved for these purposes at March 31, 2017 is as follows: Number of Shares Stock options issued and outstanding 2,106,111 Additional shares available for grant under equity plans 3,213,206 Total 5,319,317 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (12) 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 US deferred 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. For the three months ended March 31, 2017 and 2016, the Company recorded a provision for income taxes of $27,000 and a tax benefit of $0.2 million, respectively, resulting in an effective tax rate of 0.44% and benefit of 4.59%, 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 March 31, 2017, the Company had gross tax-effected unrecognized tax benefits of $0.3 million, of which $0.3 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 months ended March 31, 2017 and 2016, the amounts recorded related to the accrual of interest and penalties were immaterial in each period. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | (13) 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 | 3 Months Ended |
Mar. 31, 2017 | |
Risks And Uncertainties [Abstract] | |
Geographic Concentrations | (14) Geographic Concentrations Revenue by location is determined by the billing address of the customer. Approximately 91% and 90% of the Company’s revenue was from the United States for the three months ended March 31, 2017 and 2016, respectively. No other individual country comprised more than 10% of total revenue for the three months ended March 31, 2017 and 2016. Property and equipment by geographic location is based on the location of the legal entity that owns the asset. As of March 31, 2017, more than 95% of the Company’s property and equipment was located in the United States. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (15) Commitments and Contingencies (a) Leases The Company leases office space in Pasadena, California; San Francisco, California; Burlington, Massachusetts; Colchester, England; Windsor, England; Lansing, Michigan, Norsborg, Sweden and Beijing, China under operating leases and recognizes escalating rent expense on a straight-line basis over the expected lease term. In December 2016, the Company entered into a new lease for its executive offices in Burlington, Massachusetts that will increase its future minimum lease payments beginning in June 2017 by $8.0 million over the next five years. As of March 31, 2017, future minimum lease payments under non-cancelable operating leases are as follows (in thousands): Amounts 2017 (for the remaining 9 months) $ 1,544 2018 1,875 2019 1,641 2020 1,661 2021 1,674 2022 and thereafter 705 Total minimum lease payments $ 9,100 Future minimum operating lease payments have been reduced by future minimum sublease income of $0.1 million. (b) Rent Rent expense was $0.4 million and $0.3 million, respectively, for the three months ended March 31, 2017 and 2016, respectively. (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) The Company has a revolving line of credit agreement with Western Alliance Bank, which provides for a $15.0 million revolving secured credit facility maturing on June 30, 2018. Amounts outstanding under the line of credit bear interest at the prime rate plus 0.75% with accrued interest payable on a monthly basis and outstanding and unpaid principal due upon maturity. Western Alliance Bank maintains a security interest in substantially all of the Company’s tangible and intangible assets, excluding intellectual property, to secure any outstanding amounts under the loan agreement. The loan agreement contains customary events of default, conditions to borrowing and covenants, including restrictions on the Company’s ability to dispose of assets, make acquisitions, incur debt, incur liens and make distributions and dividends to stockholders. The loan agreement also includes a financial covenant related to the Company’s recurring revenue renewal rate. During the continuance of an event of default, Western Alliance Bank may accelerate amounts outstanding, terminate the credit facility and foreclose on the collateral. As of March 31, 2017, no amounts had been drawn under the credit facility. (e) 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. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | (16) Subsequent Events In April 2017, the Company completed a follow-on public offering in which the Company sold 553,825 shares of its common stock, which included 26,825 shares sold pursuant to the exercise by the underwriters of an option to purchase additional shares, at a public offering price of $19.85 per share. In addition, another 3,162,164 shares of the Company’s common stock were sold by selling stockholders of the Company, which included 73,000 shares sold pursuant to the exercise of employee stock options by certain selling stockholders. The Company received aggregate proceeds of $9.9 million, after deducting underwriting discounts and commissions and estimated offering expenses paid and payable by the Company. The Company did not receive any of the net proceeds from the sales by the selling stockholders. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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 Company’s Annual Report on Form 10-K for the year ended December 31, 2016. The condensed consolidated balance sheet as of December 31, 2016, 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 2017 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. |
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 cash equivalents 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, Sweden and the United Kingdom and are generally denominated in U.S. dollars, Swedish kronor 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 March 31, 2017 and 2016. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid instruments with original maturities of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents are recorded at cost, which approximates fair value. As of March 31, 2017, $35.6 million of the Company’s cash equivalents were invested in money market funds. |
Significant Accounting Policies | Significant Accounting Policies There have been no changes to the Company’s significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. |
Recently Issued Accounting Guidance, Not Yet Adopted | Recently Issued Accounting Guidance, Not Yet Adopted In January 2017, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash In September 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In February 2016, the FASB issued ASU 2016-02, Leases In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accounts Receivable Net [Abstract] | |
Schedule of Accounts Receivable Net | Accounts receivable, net is as follows (in thousands): As of As of March 31, 2017 December 31, 2016 Accounts receivable $ 15,472 $ 18,231 Allowance for doubtful accounts and sales reserve (484 ) (419 ) Net accounts receivable $ 14,988 $ 17,812 |
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 March 31, 2017 2016 Balance, beginning of period $ (374 ) $ (336 ) Additions — (87 ) Write-offs 15 49 Balance, end of period $ (359 ) $ (374 ) |
Schedule of Changes in Sales Reserve | The following table summarizes the changes in the sales reserve (in thousands): Three Months Ended March 31, 2017 2016 Balance, beginning of period $ (45 ) $ (45 ) Additions (80 ) — Write-offs — — Balance, end of period $ (125 ) $ (45 ) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 December 31, 2016 Furniture and equipment 5 $ 1,267 $ 928 System hardware 5 3,320 3,320 Office computers 3 1,938 1,777 Computer and system software 3 1,502 1,478 8,027 7,503 Less accumulated depreciation and amortization (5,340 ) (4,580 ) Property and equipment, net $ 2,687 $ 2,923 |
Capitalized Software Developm27
Capitalized Software Development Costs (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Research And Development [Abstract] | |
Summary of Capitalized Software Development Costs | Capitalized software development costs consisted of the following (in thousands): As of March 31, 2017 Gross carrying amount Amortization period Accumulated amortization Net carrying amount Capitalized software development costs $ 32,155 3 years $ (23,359 ) $ 8,796 Total capitalized software development costs $ 32,155 $ (23,359 ) $ 8,796 As of December 31, 2016 Gross carrying amount Amortization period Accumulated amortization Net carrying amount Capitalized software development costs $ 30,658 3 years $ (21,866 ) $ 8,792 Total capitalized software development costs $ 30,658 $ (21,866 ) $ 8,792 |
Schedule of Expected Amortization of Capitalized Software Development Costs | The expected amortization of capitalized software development costs, as of March 31, 2017, for each of the following years is as follows (in thousands): Amounts 2017 (for the remaining nine months) $ 3,242 2018 3,218 2019 1,961 2020 375 $ 8,796 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes the Company's financial assets and liabilities measured at fair value on a recurring basis at March 31, 2017 and December 31, 2016 by level within the fair value hierarchy. Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement (in thousands): At March 31, 2017 Quoted Significant Prices in Other Significant Active Observable Unobservable Markets Inputs Inputs Total Fair (Level 1) (Level 2) (Level 3) Value (in thousands) Assets: Money market funds (included in cash and cash equivalents) $ 35,582 — — $ 35,582 Total financial assets $ 35,582 $ — $ — $ 35,582 Liabilities: Contingent consideration — — $ 5,417 $ 5,417 Total financial liabilities $ — $ — $ 5,417 $ 5,417 At December 31, 2016 Quoted Significant Prices in Other Significant Active Observable Unobservable Markets Inputs Inputs Total Fair (Level 1) (Level 2) (Level 3) Value (in thousands) Assets: Money market funds (included in cash and cash equivalents) $ 57,032 — — $ 57,032 Total financial assets $ 57,032 $ — $ — $ 57,032 Liabilities: Contingent consideration — — $ 388 $ 388 Total financial liabilities $ — $ — $ 388 $ 388 |
Summary of Changes in Level 3 Financial Instruments | The following table summarizes the changes in Level 3 financial instruments (in thousands). Amount Fair Value at December 31, 2016 $ 388 Foreign currency translation 9 Contingent consideration from IDV acquisition 5,020 Balance at March 31, 2017 $ 5,417 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Gross Carrying Amount of Goodwill | The following table displays the changes in the gross carrying amount of goodwill (in thousands): Amount Balance at December 31, 2016 $ 9,676 Foreign currency translation 149 IDV acquisition 21,107 Balance at March 31, 2017 $ 30,932 |
Schedule of Intangible Assets | Intangible assets consisted of the following (in thousands): As of March 31, 2017 Gross carrying amount Weighted average life (years) Accumulated amortization Net carrying amount Amortizable intangible assets: Developed technology $ 3,993 3.04 $ (1,102 ) $ 2,891 Trade names and patents 2,476 5.30 (339 ) $ 2,137 Customer relationships 8,224 5.00 (2,449 ) $ 5,775 Non-compete arrangement 240 2.00 (20 ) $ 220 Total intangible assets $ 14,933 $ (3,910 ) $ 11,023 As of December 31, 2016 Gross carrying amount Weighted average life (years) Accumulated amortization Net carrying amount Amortizable intangible assets: Developed technology $ 1,490 3.60 $ (878 ) $ 612 Trade names and patents 883 6.08 (254 ) $ 629 Customer relationships 4,779 5.00 (2,080 ) $ 2,699 Total intangible assets $ 7,152 $ (3,212 ) $ 3,940 |
Schedule of Expected Amortization of Intangible Assets | The expected amortization of the intangible assets, as of March 31, 2017, for each of the next five years and thereafter is as follows (in thousands): Amounts 2017 (for the remaining nine months) $ 2,548 2018 3,221 2019 2,560 2020 1,340 2021 1,223 2022 and thereafter 131 $ 11,023 |
Business Combinations (Tables)
Business Combinations (Tables) - IDV Solutions LLC | 3 Months Ended |
Mar. 31, 2017 | |
Summary of Allocation of Purchase Consideration and Estimated Values of Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of the purchase consideration and the estimated fair value of the assets acquired and the liabilities assumed for the acquisition of IDV made by the Company. The purchase price allocations for IDV included in the table below are preliminary. The following table summarizes the aggregate consideration for IDV during the three months ended March 31, 2017 (in thousands): Assets acquired IDV Accounts receivable 1,533 Other assets 242 Property and equipment 174 Trade names 1,590 Acquired technology 2,490 Customer relationships 3,400 Non-compete arrangement 240 Goodwill 21,107 Total assets acquired $ 30,776 Liabilities assumed Accounts payable and accrued expenses 329 Deferred revenue 4,060 Other liabilities 132 Net assets acquired $ 26,255 Consideration paid Cash paid, net of cash acquired 21,235 Contingent consideration 5,020 Total $ 26,255 |
Summary of Unaudited Pro Forma Consolidated Revenue and Net Loss | The following table reflects the unaudited pro forma consolidated revenue and net loss for the three months ended March 31, 2017 and 2016 as if the acquisition of IDV had taken place on January 1, 2017 and 2016, after giving effect to certain adjustments, including the amortization of acquired intangible assets and the associated tax effect and the elimination of the Company’s and the acquiree’s non-recurring acquisition related expenses: Revenue Net loss Results of acquired business included in our three months ended (in thousands): From the acquisition date to March 31, 2017 $ 1,348 $ (635 ) For the three months ended March 31, 2017 pro forma $ 1,885 $ (1,389 ) For the three months ended March 31, 2016 pro forma $ 1,790 $ (1,378 ) |
Stock Plans and Stock-Based C31
Stock Plans and Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 2016 Employee Stock Options: Fair value per share on grant date $18.05 - $18.78 $12.31 Expected term (in years) 6.00 - 6.11 6.00 - 6.10 Expected volatility 60% 70% Risk-free interest rate 1.98% - 2.47% 1.86% - 2.18% Dividend rate 0% 0% Employee Stock Purchase Plan: Expected term (in years) 0.50 — Expected volatility 60% — Risk-free interest rate 0.45% — Dividend rate 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 Plan and the 2016 Plan is shown as follows for the year ended December 31, 2016 and the three months ended March 31, 2017: Stock options outstanding Weighted average exercise price Outstanding at December 31, 2015 1,821,722 $ 8.68 Granted 292,204 14.75 Exercised (163,968 ) 4.30 Forfeited (65,533 ) 8.03 Outstanding at December 31, 2016 1,884,425 10.02 Granted 229,970 18.51 Exercised (1,321 ) 9.21 Forfeited (6,963 ) 12.71 Outstanding at March 31, 2017 2,106,111 $ 10.94 |
Schedule of Stock Options Outstanding and Options Exercisable and Vested | Stock options outstanding, and options exercisable and vested are as follows: Outstanding as of March 31, 2017 Remaining contractual life (years) Weighted average exercise price Exercisable as of March 31, 2017 Remaining contractual life (years) Weighted average exercise price 2,106,111 7.70 $ 10.94 934,301 7.06 $ 7.43 Outstanding as of December 31, 2016 Remaining contractual life (years) Weighted average exercise price Exercisable as of December 31, 2016 Remaining contractual life (years) Weighted average exercise price 1,884,425 7.86 $ 10.02 809,900 7.13 $ 6.81 |
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 March 31, 2017 934,301 $ 7.43 1,171,810 $ 13.73 Outstanding at December 31, 2016 809,900 $ 6.81 1,074,525 $ 12.44 |
Schedule of Stock-Based Compensation Expense | The Company recorded the total stock-based compensation expense as follows (in thousands): Three Months Ended March 31, 2017 2016 Cost of revenue $ 65 $ 45 Sales and marketing 277 117 Research and development 146 85 General and administrative 480 424 Total $ 968 $ 671 |
Basic and Diluted Net Loss Pe32
Basic and Diluted Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 2016 Stock options 2,106,111 1,822,139 Series A-1 preferred stock warrants — 130,384 Convertible preferred stock — 8,354,963 Total 2,106,111 10,307,486 |
Schedule of Common Stock Reserved | The amount of such shares of the Company’s common stock reserved for these purposes at March 31, 2017 is as follows: Number of Shares Stock options issued and outstanding 2,106,111 Additional shares available for grant under equity plans 3,213,206 Total 5,319,317 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments Under Noncancelable Operating Leases | As of March 31, 2017, future minimum lease payments under non-cancelable operating leases are as follows (in thousands): Amounts 2017 (for the remaining 9 months) $ 1,544 2018 1,875 2019 1,641 2020 1,661 2021 1,674 2022 and thereafter 705 Total minimum lease payments $ 9,100 |
Business and Nature of Operat34
Business and Nature of Operations - Additional Information (Details) $ / shares in Units, $ in Millions | Sep. 21, 2016USD ($)$ / sharesshares | Mar. 31, 2017$ / sharesshares | Dec. 31, 2016$ / sharesshares |
Business And Nature Of Operations [Line Items] | |||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | |
Common stock, shares outstanding | shares | 27,235,785 | 27,150,674 | |
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 | |||
Business And Nature Of Operations [Line Items] | |||
Issuance of common stock in initial public offering, net of issuance costs, shares | shares | 6,250,000 | ||
Common stock, par value | $ / shares | $ 12 | ||
Proceeds from issuance initial public offering gross | $ | $ 66.1 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017USD ($)Customer | |
Money Market Funds | |
Cash and cash equivalents fair value disclosure | $ | $ 35,600,000 |
Customer Concentration Risk | Revenue | |
Number of customers above 10% threshold | Customer | 0 |
Customer Concentration Risk | Accounts Receivable | |
Number of customers above 10% threshold | Customer | 0 |
Maximum | |
Cash and cash equivalent, FDIC insured amount | $ | $ 250,000 |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule of Accounts Receivable Net (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts Receivable Net [Abstract] | ||
Accounts receivable | $ 15,472 | $ 18,231 |
Allowance for doubtful accounts and sales reserve | (484) | (419) |
Net accounts receivable | $ 14,988 | $ 17,812 |
Accounts Receivable, Net - Addi
Accounts Receivable, Net - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accounts Receivable Net [Abstract] | ||
Bad debt expense and sales credits reserve | $ 0.1 | $ 0.1 |
Accounts Receivable, Net - Sc38
Accounts Receivable, Net - Schedule of Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accounts Receivable Net [Abstract] | ||
Balance, beginning of period | $ (374) | $ (336) |
Additions | 0 | (87) |
Write-offs | 15 | 49 |
Balance, end of period | $ (359) | $ (374) |
Accounts Receivable, Net - Sc39
Accounts Receivable, Net - Schedule of Changes in Sales Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accounts Receivable Net [Abstract] | ||
Balance, beginning of period | $ (45) | $ (45) |
Additions | (80) | 0 |
Write-offs | 0 | 0 |
Balance, end of period | $ (125) | $ (45) |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 8,027 | $ 7,503 |
Less accumulated depreciation and amortization | (5,340) | (4,580) |
Property and equipment, net | 2,687 | 2,923 |
Furniture and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 1,267 | 928 |
Property and equipment, useful life in years | 5 years | |
Systems Hardware | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 3,320 | 3,320 |
Property and equipment, useful life in years | 5 years | |
Office Computers | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 1,938 | 1,777 |
Property and equipment, useful life in years | 3 years | |
Computer and System Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 1,502 | $ 1,478 |
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Property Plant And Equipment [Abstract] | ||
Depreciation and amortization expense | $ 0.8 | $ 0.4 |
Capitalized Software Developm42
Capitalized Software Development Costs - Summary of Capitalized Software Development Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Capitalized Computer Software Net [Line Items] | ||
Gross carrying amount | $ 32,155 | $ 30,658 |
Accumulated amortization | (23,359) | (21,866) |
Net carrying amount | 8,796 | 8,792 |
Capitalized software development costs [Member] | ||
Capitalized Computer Software Net [Line Items] | ||
Gross carrying amount | $ 32,155 | $ 30,658 |
Amortization period | 3 years | 3 years |
Accumulated amortization | $ (23,359) | $ (21,866) |
Net carrying amount | $ 8,796 | $ 8,792 |
Capitalized Software Developm43
Capitalized Software Development Costs - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Capitalized Computer Software Net [Abstract] | |||
Capitalized software development costs | $ 1.5 | $ 5.5 | |
Capitalized software development costs, amortization expense | $ 1.5 | $ 1 |
Capitalized Software Developm44
Capitalized Software Development Costs - Schedule of Expected Amortization of Capitalized Software Development Costs (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Capitalized Computer Software Net [Abstract] | ||
2017 (for the remaining nine months) | $ 3,242 | |
2,018 | 3,218 | |
2,019 | 1,961 | |
2,020 | 375 | |
Net carrying amount | $ 8,796 | $ 8,792 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | ||
Asset impairment charges | $ 0 | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value Measurements, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | $ 35,582 | $ 57,032 |
Contingent consideration | 5,417 | 388 |
Total financial liabilities | 5,417 | 388 |
Fair Value Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 35,582 | 57,032 |
Fair Value Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Contingent consideration | 5,417 | 388 |
Total financial liabilities | 5,417 | 388 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Money market funds (included in cash and cash equivalents) | 35,600 | |
Money Market Funds | Fair Value Measurements, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Money market funds (included in cash and cash equivalents) | 35,582 | 57,032 |
Money Market Funds | Fair Value Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Money market funds (included in cash and cash equivalents) | $ 35,582 | $ 57,032 |
Fair Value Measurements - Sum47
Fair Value Measurements - Summary of Changes in Level 3 Financial Instruments (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Beginning balance, fair value | $ 388 |
Foreign currency translation | 9 |
Ending balance, fair value | 5,417 |
IDV Solutions LLC | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Contingent consideration from IDV acquisition | $ 5,020 |
Goodwill and Intangible Asset48
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 30,932,000 | $ 9,676,000 | |
Impairment of goodwill | 0 | $ 0 | |
Amortization expense for intangible assets | $ 700,000 | $ 300,000 |
Goodwill and Intangible Asset49
Goodwill and Intangible Assets - Schedule of Changes in Gross Carrying Amount of Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Goodwill [Line Items] | |
Goodwill, beginning balance | $ 9,676 |
Foreign currency translation | 149 |
Goodwill, ending balance | 30,932 |
IDV Solutions LLC | |
Goodwill [Line Items] | |
Goodwill, acquisition | 21,107 |
Goodwill, ending balance | $ 21,107 |
Goodwill and Intangible Asset50
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 14,933 | $ 7,152 |
Accumulated amortization | (3,910) | (3,212) |
Net carrying amount | 11,023 | 3,940 |
Developed Technology | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 3,993 | 1,490 |
Accumulated amortization | (1,102) | (878) |
Net carrying amount | $ 2,891 | $ 612 |
Developed Technology | Weighted Average | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted average life (years) | 3 years 15 days | 3 years 7 months 6 days |
Trade Names and Patents | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 2,476 | $ 883 |
Accumulated amortization | (339) | (254) |
Net carrying amount | $ 2,137 | $ 629 |
Trade Names and Patents | Weighted Average | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted average life (years) | 5 years 3 months 18 days | 6 years 29 days |
Customer Relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 8,224 | $ 4,779 |
Accumulated amortization | (2,449) | (2,080) |
Net carrying amount | $ 5,775 | $ 2,699 |
Customer Relationships | Weighted Average | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted average life (years) | 5 years | 5 years |
Non-compete Arrangement | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 240 | |
Accumulated amortization | (20) | |
Net carrying amount | $ 220 | |
Non-compete Arrangement | Weighted Average | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted average life (years) | 2 years |
Goodwill and Intangible Asset51
Goodwill and Intangible Assets - Schedule of Expected Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2017 (for the remaining nine months) | $ 2,548 | |
2,018 | 3,221 | |
2,019 | 2,560 | |
2,020 | 1,340 | |
2,021 | 1,223 | |
2022 and thereafter | 131 | |
Net carrying amount | $ 11,023 | $ 3,940 |
Business Combinations - Additio
Business Combinations - Additional Information (Details) - USD ($) $ in Thousands | Jan. 27, 2017 | Dec. 30, 2016 | Mar. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Purchase price of acquisition, cash | $ 21,235 | |||
Goodwill | $ 30,932 | $ 9,676 | ||
IDV Solutions LLC | ||||
Business Acquisition [Line Items] | ||||
Date of acquisition of business | Jan. 27, 2017 | |||
Purchase price of acquisition, cash | $ 21,200 | |||
Escrow deposit | 2,500 | |||
Acquisition, preliminary purchase price | 5,000 | $ 26,255 | ||
Weighted average useful life of identified acquired intangible assets | 4 years 3 months 4 days | |||
Goodwill | $ 21,100 | $ 21,107 | ||
Business acquisition transaction costs | $ 100 | |||
IDV Solutions LLC | Developed Technology | ||||
Business Acquisition [Line Items] | ||||
Weighted average useful life of identified acquired intangible assets | 3 years | |||
IDV Solutions LLC | Customer Relationships | ||||
Business Acquisition [Line Items] | ||||
Weighted average useful life of identified acquired intangible assets | 5 years | |||
IDV Solutions LLC | Non-compete Arrangement | ||||
Business Acquisition [Line Items] | ||||
Weighted average useful life of identified acquired intangible assets | 2 years | |||
IDV Solutions LLC | Trade Names | ||||
Business Acquisition [Line Items] | ||||
Weighted average useful life of identified acquired intangible assets | 5 years | |||
IDV Solutions LLC | Minimum | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, billings threshold date | Jun. 30, 2017 | |||
Weighted average life (years) | 2 years | |||
IDV Solutions LLC | Maximum | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, billings threshold date | Dec. 31, 2017 | |||
Weighted average life (years) | 5 years | |||
Crisis Commander | ||||
Business Acquisition [Line Items] | ||||
Acquisition, preliminary purchase price | $ 2,700 | |||
Business acquisition closing date | Dec. 30, 2016 |
Business Combinations - Summary
Business Combinations - Summary of Allocation of Purchase Consideration and Estimated Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jan. 27, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Assets acquired | |||
Goodwill | $ 30,932 | $ 9,676 | |
IDV Solutions LLC | |||
Assets acquired | |||
Accounts receivable | 1,533 | ||
Other assets | 242 | ||
Property and equipment | 174 | ||
Goodwill | $ 21,100 | 21,107 | |
Total assets acquired | 30,776 | ||
Liabilities assumed | |||
Accounts payable and accrued expenses | 329 | ||
Deferred revenue | 4,060 | ||
Other liabilities | 132 | ||
Net assets acquired | 26,255 | ||
Consideration paid | |||
Cash paid, net of cash acquired | 21,235 | ||
Contingent consideration | 5,020 | ||
Total | $ 5,000 | 26,255 | |
IDV Solutions LLC | Trade Names | |||
Assets acquired | |||
Intangible assets other than goodwill | 1,590 | ||
IDV Solutions LLC | Acquired Technology | |||
Assets acquired | |||
Intangible assets other than goodwill | 2,490 | ||
IDV Solutions LLC | Customer Relationships | |||
Assets acquired | |||
Intangible assets other than goodwill | 3,400 | ||
IDV Solutions LLC | Non-compete Arrangement | |||
Assets acquired | |||
Intangible assets other than goodwill | $ 240 |
Business Combinations - Summa54
Business Combinations - Summary of Unaudited Pro Forma Consolidated Revenue and Net Loss (Details) - IDV Solutions LLC - USD ($) $ in Millions | 2 Months Ended | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | |
Business Acquisition [Line Items] | |||
Revenue | $ 1,348 | $ 1,885 | $ 1,790 |
Net loss | $ (635) | $ (1,389) | $ (1,378) |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Equity [Abstract] | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, voting rights | Holders of common stock are entitled to one vote per share | |
Common stock, shares issued | 27,235,785 | 27,150,674 |
Common stock, shares outstanding | 27,235,785 | 27,150,674 |
Stock Plans and Stock-Based C56
Stock Plans and Stock-Based Compensation - Additional Information (Details) - shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 15, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares reserved for issuance | 5,319,317 | ||
Stock option granted during period | 229,970 | 292,204 | |
2016 Equity Incentive Plan | |||
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 | Tranche One | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares reserved for issuance | 2,000,000 | ||
2008 Equity Incentive Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock options vesting period | 4 years | ||
Stock options expiration period | 10 years | ||
Stock option granted during period | 0 | ||
2008 Equity Incentive Plan | Tranche Two | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares reserved for issuance | 42,934 | ||
2008 Equity Incentive Plan | Tranche Three | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares reserved for issuance | 1,850,184 |
Stock Plans and Stock-Based C57
Stock Plans and Stock-Based Compensation - 2016 Employee Stock Purchase Plan - Additional Information (Details) - shares | Sep. 15, 2016 | Mar. 31, 2017 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares reserved for issuance | 5,319,317 | |
2016 Employee Stock Purchase Plan | ||
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 | 83,790 | |
2016 Employee Stock Purchase Plan | Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Increase in number of shares reserved and available for issuance | 200,000 | |
2016 Employee Stock Purchase Plan | 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% | |
2016 Employee Stock Purchase Plan | 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 C58
Stock Plans and Stock-Based Compensation - Stock Options - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 968 | $ 671 |
Intrinsic value of options exercised | 100 | 100 |
Intrinsic value of all outstanding options | 20,200 | |
Total unrecognized compensation cost | 8,400 | |
Stock Options | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 968 | $ 671 |
Weighted-average amortization period | 2 years 9 months 11 days |
Stock Plans and Stock-Based C59
Stock Plans and Stock-Based Compensation - Schedule of Assumptions Used in Determining Fair Value of Stock Option Grants (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Dividend rate | 0.00% | |
2016 Employee Stock Purchase Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 6 months | |
Expected volatility | 60.00% | |
Dividend rate | 0.00% | |
Risk-free interest rate | 0.45% | |
Employee Stock Options | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Fair value per share on grant date | $ 12.31 | |
Expected volatility | 60.00% | 70.00% |
Risk-free interest rate, minimum | 1.98% | 1.86% |
Risk-free interest rate, maximum | 2.47% | 2.18% |
Dividend rate | 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 | $ 18.05 | |
Expected term (in years) | 6 years | 6 years |
Employee Stock Options | Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Fair value per share on grant date | $ 18.78 | |
Expected term (in years) | 6 years 1 month 10 days | 6 years 1 month 6 days |
Stock Plans and Stock-Based C60
Stock Plans and Stock-Based Compensation - Schedule of Assumptions Used in Determining Fair Value of Stock Option Grants (Parenthetical) (Details) | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Dividend rate | 0.00% |
Stock Plans and Stock-Based C61
Stock Plans and Stock-Based Compensation - Schedule of Stock Option Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Stock options outstanding, Beginning Balance | 1,884,425 | 1,821,722 |
Stock options outstanding, Granted | 229,970 | 292,204 |
Stock options outstanding, Exercised | (1,321) | (163,968) |
Stock options outstanding, Forfeited | (6,963) | (65,533) |
Stock options outstanding, Ending Balance | 2,106,111 | 1,884,425 |
Weighted average exercise price, Beginning Balance | $ 10.02 | $ 8.68 |
Weighted average exercise price, Granted | 18.51 | 14.75 |
Weighted average exercise price, Exercised | 9.21 | 4.30 |
Weighted average exercise price, Forfeited | 12.71 | 8.03 |
Weighted average exercise price, Ending Balance | $ 10.94 | $ 10.02 |
Stock Plans and Stock-Based C62
Stock Plans and Stock-Based Compensation - Schedule of Stock Options Outstanding and Options Exercisable and Vested (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Stock options, outstanding | 2,106,111 | 1,884,425 | 1,821,722 |
Stock options, remaining contractual life (years) | 7 years 8 months 12 days | 7 years 10 months 10 days | |
Stock options ,weighted average exercise price | $ 10.94 | $ 10.02 | $ 8.68 |
Stock options, exercisable | 934,301 | 809,900 | |
Stock options exercisable, remaining contractual life (years) | 7 years 22 days | 7 years 1 month 17 days | |
Stock options exercisable, weighted average exercise price | $ 7.43 | $ 6.81 |
Stock Plans and Stock-Based C63
Stock Plans and Stock-Based Compensation - Schedule of Vested and Nonvested Stock Option Activity (Details) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Options outstanding, Vested | 934,301 | 809,900 |
Weighted average exercise price, Vested | $ 7.43 | $ 6.81 |
Options outstanding, Nonvested | 1,171,810 | 1,074,525 |
Weighted average exercise price, Nonvested | $ 13.73 | $ 12.44 |
Stock Plans and Stock-Based C64
Stock Plans and Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 968 | $ 671 |
Cost of Revenue | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 65 | 45 |
Sales and Marketing | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 277 | 117 |
Research and Development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 146 | 85 |
General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 480 | $ 424 |
Basic and Diluted Net Loss Pe65
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from diluted net loss per share | 2,106,111 | 10,307,486 |
Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from diluted net loss per share | 2,106,111 | 1,822,139 |
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 | |
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 |
Basic and Diluted Net Loss Pe66
Basic and Diluted Net Loss Per Share - Summary of Common Stock Reserved (Details) | Mar. 31, 2017shares |
Class Of Stock [Line Items] | |
Amount of common stock reserved | 5,319,317 |
Stock Options | |
Class Of Stock [Line Items] | |
Amount of common stock reserved | 2,106,111 |
Additional Shares Available for Grant Under Equity Plan | |
Class Of Stock [Line Items] | |
Amount of common stock reserved | 3,213,206 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Provision (Benefit) for income taxes | $ 27 | $ (155) |
Effective income tax rate | 0.44% | 4.59% |
Unrecognized tax benefits | $ 300 | |
Unrecognized tax benefits that would favorably impact effective tax rate | $ 300 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2017Segment | |
Segment Reporting [Abstract] | |
Number of operating segment | 1 |
Geographic Concentrations - Add
Geographic Concentrations - Additional Information (Details) - United States - Geographic Concentration Risk | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenue | ||
Concentration Risk [Line Items] | ||
Concentration percentage | 91.00% | 90.00% |
Minimum | Property and Equipment | ||
Concentration Risk [Line Items] | ||
Concentration percentage | 95.00% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |
Dec. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Loss Contingencies [Line Items] | |||
Increase in future minimum payments | $ 8,000,000 | ||
Future minimum sublease income | $ 100,000 | ||
Rent expense | 400,000 | $ 300,000 | |
Revolving Credit Facility | secured Debt | |||
Loss Contingencies [Line Items] | |||
Line of credit drawn amount | 0 | ||
Revolving Credit Facility | secured Debt | Western Alliance Bank | |||
Loss Contingencies [Line Items] | |||
Line of credit facility | $ 15,000,000 | ||
Line of credit facility, expiration date | Jun. 30, 2018 | ||
Revolving Credit Facility | secured Debt | Western Alliance Bank | Prime Rate | |||
Loss Contingencies [Line Items] | |||
Line of credit, interest rate | 0.75% |
Commitments and Contingencies71
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) $ in Thousands | Mar. 31, 2017USD ($) |
Future minimum lease payments | |
2017 (for the remaining 9 months) | $ 1,544 |
2,018 | 1,875 |
2,019 | 1,641 |
2,020 | 1,661 |
2,021 | 1,674 |
2022 and thereafter | 705 |
Total minimum lease payments | $ 9,100 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Apr. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Subsequent Event [Line Items] | |||
Common stock, par value | $ 0.001 | $ 0.001 | |
Exercise of stock options, shares | 1,321 | 163,968 | |
Subsequent Event | Follow-On Public Offering [Member] | |||
Subsequent Event [Line Items] | |||
Issuance of common stock in initial public offering, net of issuance costs, shares | 553,825 | ||
Common stock, par value | $ 19.85 | ||
Proceeds from issuance of common stock | $ 9,900,000 | ||
Subsequent Event | Underwriter Purchase Option {Member] | |||
Subsequent Event [Line Items] | |||
Issuance of common stock in initial public offering, net of issuance costs, shares | 26,825 | ||
Subsequent Event | Selling Stockholders [Member] | |||
Subsequent Event [Line Items] | |||
Issuance of common stock in initial public offering, net of issuance costs, shares | 3,162,164 | ||
Exercise of stock options, shares | 73,000 | ||
Proceeds from issuance of common stock | $ 0 |