Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 26, 2016 | Jun. 30, 2015 | |
Entity Information [Line Items] | |||
Entity Registrant Name | WORKIVA INC | ||
Entity Central Index Key | 1,445,305 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $ 373.6 | ||
Class A Common Stock | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 29,020,139 | ||
Class B Common Stock | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 11,909,784 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 58,750 | $ 101,131 |
Marketable securities | 17,420 | 0 |
Accounts receivable, net of allowance for doubtful accounts of $713 and $274 in 2015 and 2014, respectively | 15,647 | 11,120 |
Deferred commissions | 1,368 | 852 |
Other receivables | 818 | 295 |
Prepaid expenses and other current assets | 3,875 | 3,143 |
Total current assets | 97,878 | 116,541 |
Restricted cash | 0 | 401 |
Property and equipment, net | 44,410 | 46,265 |
Intangible assets, net | 896 | 549 |
Other assets | 711 | 795 |
Total assets | 143,895 | 164,551 |
Current liabilities | ||
Accounts payable | 5,138 | 3,011 |
Accrued expenses and other current liabilities | 20,394 | 16,765 |
Deferred revenue | 55,741 | 42,605 |
Deferred government grant obligation | 985 | 2,324 |
Current portion of capital lease and financing obligations | 1,808 | 1,941 |
Current portion of long-term debt | 18 | 84 |
Total current liabilities | 84,084 | 66,730 |
Deferred revenue | 7,597 | 13,671 |
Deferred government grant obligation | 1,996 | 3,424 |
Other long-term liabilities | 3,343 | 2,069 |
Capital lease and financing obligations | 21,083 | 22,747 |
Long-term debt | 73 | 91 |
Total liabilities | 118,176 | 108,732 |
Stockholders’ equity | ||
Preferred stock, $0.001 par value per share, 100,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Additional paid-in-capital | 202,371 | 189,168 |
Accumulated deficit | (176,934) | (133,535) |
Accumulated other comprehensive income | 241 | 147 |
Total stockholders’ equity | 25,719 | 55,819 |
Total liabilities and stockholders’ equity | 143,895 | 164,551 |
Class A Common Stock | ||
Stockholders’ equity | ||
Common stock | 29 | 27 |
Class B Common Stock | ||
Stockholders’ equity | ||
Common stock | $ 12 | $ 12 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Allowance for doubtful accounts | $ 713 | $ 274 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, share authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 29,014,665 | 27,213,791 |
Common stock, shares outstanding | 29,014,665 | 27,213,791 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, share authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 11,933,784 | 12,426,947 |
Common stock, shares outstanding | 11,933,784 | 12,426,947 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 10, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue | |||||||||||||
Subscription and support | $ 32,102 | $ 29,832 | $ 28,085 | $ 26,269 | $ 25,011 | $ 23,690 | $ 21,968 | $ 20,648 | $ 116,288 | $ 91,317 | $ 65,164 | ||
Professional services | 7,780 | 6,436 | 5,883 | 8,885 | 5,118 | 4,229 | 4,546 | 7,484 | 28,984 | 21,377 | 19,987 | ||
Total revenue | 39,882 | 36,268 | 33,968 | 35,154 | 30,129 | 27,919 | 26,514 | 28,132 | 145,272 | 112,694 | 85,151 | ||
Cost of revenue | |||||||||||||
Subscription and support | 5,791 | 5,319 | 5,564 | 5,885 | 6,097 | 5,387 | 5,029 | 4,669 | 22,559 | 21,182 | 15,129 | ||
Professional services | 5,222 | 4,457 | 4,189 | 3,777 | 3,864 | 3,152 | 2,882 | 2,798 | 17,645 | 12,696 | 9,520 | ||
Total cost of revenue | 11,013 | 9,776 | 9,753 | 9,662 | 9,961 | 8,539 | 7,911 | 7,467 | 40,204 | 33,878 | 24,649 | ||
Gross profit | 28,869 | 26,492 | 24,215 | 25,492 | 20,168 | 19,380 | 18,603 | 20,665 | 105,068 | 78,816 | 60,502 | ||
Operating expenses | |||||||||||||
Research and development | 13,496 | 12,766 | 12,196 | 12,008 | 11,911 | 11,175 | 10,772 | 10,287 | 50,466 | 44,145 | 34,116 | ||
Sales and marketing | 18,632 | 20,903 | 16,329 | 13,705 | 14,063 | 16,248 | 12,747 | 10,440 | 69,569 | 53,498 | 41,067 | ||
General and administrative | 8,538 | 7,153 | 6,291 | 6,734 | 5,797 | 4,572 | 5,186 | 4,228 | 28,716 | 19,783 | 14,601 | ||
Total operating expenses | 40,666 | 40,822 | 34,816 | 32,447 | 31,771 | 31,995 | 28,705 | 24,955 | 148,751 | 117,426 | 89,784 | ||
Loss from operations | (11,797) | (14,330) | (10,601) | (6,955) | (11,603) | (12,615) | (10,102) | (4,290) | (43,683) | (38,610) | (29,282) | ||
Interest expense | (508) | (494) | (513) | (510) | (763) | (700) | (316) | (265) | (2,025) | (2,044) | (366) | ||
Other income and (expense), net | 2,014 | 163 | 191 | (66) | (259) | (67) | (145) | 3 | 2,302 | (468) | 104 | ||
Loss before provision for income taxes | (10,291) | (14,661) | (10,923) | (7,531) | (12,625) | (13,382) | (10,563) | (4,552) | (43,406) | (41,122) | (29,544) | ||
(Benefit) provision for income taxes | 2 | (31) | 106 | (84) | 32 | 0 | 0 | 0 | (7) | 32 | 0 | ||
Net loss | $ (5,909) | $ (10,293) | $ (14,630) | $ (11,029) | $ (7,447) | $ (12,657) | $ (13,382) | $ (10,563) | $ (4,552) | $ (35,246) | $ (43,399) | $ (41,154) | $ (29,544) |
Net loss per common share: | |||||||||||||
Basic and diluted (in dollars per share) | $ (1.09) | $ (1.28) | $ (0.94) | ||||||||||
Weighted average common shares outstanding - basic and diluted (in shares) | 39,852,624 | 32,156,060 | 31,376,603 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (43,399) | $ (41,154) | $ (29,544) |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustment, net of income tax expense of $101, $0 and $0 for the years ended December 31, 2015, 2014 and 2013, respectively | 133 | 93 | 56 |
Unrealized (loss) gain on available-for-sale securities, net of income tax benefit of $25, $0 and $0 for the years ended December 31, 2015, 2014 and 2013, respectively | (39) | 60 | (156) |
Reclassification of realized net losses on available-for-sale securities to net loss | 0 | 136 | 0 |
Available-for-sale securities | (39) | 196 | (156) |
Other comprehensive income (loss), net of tax | 94 | 289 | (100) |
Comprehensive loss | $ (43,305) | $ (40,865) | $ (29,644) |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustment, tax | $ 101 | $ 0 | $ 0 |
Unrealized (loss) gain on available-for-sale securities, tax benefit | $ 25 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF MEMB
CONSOLIDATED STATEMENTS OF MEMBERS' EQUITY (DEFICIT) AND STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Member UnitsSeries A Preferred Units | Member UnitsSeries B Preferred Units | Member UnitsSeries C Preferred Units | Member UnitsCommon Units | Member UnitsAppreciation and Participation Units | Common Stock | Additional Paid-in-Capital | Accumulated other comprehensive income (loss) | Retained Earnings (Accumulated Deficit) |
Shares outstanding beginning of the period (in shares) at Dec. 31, 2012 | 21,050,000 | 15,665,000 | 9,053,000 | 18,692,000 | 20,484,000 | |||||
Members' equity, beginning balance at Dec. 31, 2012 | $ 12,147 | $ (10,543) | $ (6,908) | $ 29,213 | $ (2,986) | $ 3,413 | $ 0 | $ (42) | $ 0 | |
Beginning of the period at Dec. 31, 2012 | (42) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of stock/units (in shares) | 1,433,000 | |||||||||
Issuance of stock/units, net of issuance costs | 7,145 | $ 7,145 | ||||||||
Issuance of units in connection with vesting of restricted appreciation and participation units | 1,195,000 | |||||||||
Equity-based compensation | 3,370 | $ 3,146 | $ 224 | |||||||
Exercise of common unit options (in shares) | 262,000 | |||||||||
Exercise of common unit options | 256 | $ 256 | ||||||||
Distribution to members | (61) | $ (59) | $ (2) | 0 | ||||||
Net loss | (29,544) | $ (29,288) | $ (256) | |||||||
Other comprehensive loss | (100) | (100) | ||||||||
Shares outstanding end of the period (in shares) at Dec. 31, 2013 | 21,050,000 | 15,665,000 | 10,486,000 | 18,954,000 | 21,679,000 | |||||
Members' equity, ending balance at Dec. 31, 2013 | (6,787) | $ (10,602) | $ (6,910) | $ 7,070 | $ 160 | $ 3,637 | 0 | (142) | 0 | |
End of the period at Dec. 31, 2013 | (142) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net loss | (41,154) | |||||||||
Other comprehensive loss | 289 | |||||||||
Shares outstanding end of the period (in shares) at Dec. 31, 2014 | 39,641,000 | |||||||||
End of the period at Dec. 31, 2014 | $ 55,819 | $ 39 | 189,168 | 147 | (133,535) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Exercise of common unit options (in shares) | 707,291 | 707,000 | ||||||||
Exercise of common unit options | $ 2,244 | $ 2 | 2,242 | |||||||
Distribution to members | (35) | (35) | ||||||||
Cost of offering | (4) | (4) | ||||||||
Stock-based compensation expense | 11,000 | 11,000 | ||||||||
Grant of restricted stock award | 600,000 | |||||||||
Net loss | (43,399) | (43,399) | ||||||||
Other comprehensive loss | 94 | 94 | ||||||||
Shares outstanding end of the period (in shares) at Dec. 31, 2015 | 40,948,000 | |||||||||
End of the period at Dec. 31, 2015 | $ 25,719 | $ 41 | $ 202,371 | $ 241 | $ (176,934) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | |||
Net loss | $ (43,399) | $ (41,154) | $ (29,544) |
Adjustments to reconcile net loss to net cash used in operating activities | |||
Depreciation and amortization | 4,410 | 3,877 | 2,373 |
Stock-based compensation expense | 11,000 | 7,385 | 3,370 |
Provision for (recovery of) doubtful accounts | 449 | 123 | (83) |
Accretion of discount on convertible note | 0 | 266 | 0 |
Paid-in-kind interest on convertible note | 0 | 134 | 0 |
Change in fair value of derivative liability | 0 | 193 | 0 |
Loss on early extinguishment of convertible note | 0 | 111 | 0 |
Realized (gain) loss on sale of available-for-sale securities | (13) | 136 | 0 |
Amortization (accretion) of premiums and discounts on marketable securities, net | 77 | 0 | 0 |
Recognition of deferred government grant obligation | (2,383) | (99) | 0 |
Deferred income tax | (76) | 0 | 0 |
Changes in assets and liabilities: | |||
Accounts receivable | (5,080) | 2,602 | (8,647) |
Deferred commissions | (520) | (553) | 244 |
Other receivables | (523) | 155 | (686) |
Prepaid expenses and other | (734) | (2,251) | 394 |
Other assets | 81 | (52) | (216) |
Accounts payable | 2,331 | (1,530) | 1,598 |
Deferred revenue | 7,297 | 19,961 | 18,237 |
Accrued expenses and other liabilities | 5,390 | 7,137 | 2,508 |
Change in restricted cash | 101 | 54 | 0 |
Net cash used in operating activities | (21,592) | (3,505) | (10,452) |
Cash flows from investing activities | |||
Purchase of property and equipment | (1,843) | (8,566) | (9,503) |
Purchase of marketable securities | (24,069) | 0 | (920) |
Sale of marketable securities | 6,521 | 4,864 | 1,160 |
Purchase of intangible assets | (386) | (394) | (169) |
Net cash used in investing activities | (19,777) | (4,096) | (9,432) |
Cash flows from financing activities | |||
Proceeds from issuance of Series C preferred units | 0 | 0 | 7,165 |
Payment of equity issuance costs | (1,346) | 0 | (20) |
Proceeds from public offering, net of underwriters' discount and offering costs | 0 | 91,769 | 0 |
Proceeds from issuance of convertible notes | 0 | 5,000 | 0 |
Proceeds from option exercises | 2,244 | 580 | 256 |
Changes in restricted cash | 300 | (275) | 20 |
Repayment of other long-term debt | (84) | (2,365) | (181) |
Principal payments on capital lease and financing obligations | (2,282) | (1,338) | (346) |
Distributions to members | (381) | (279) | (61) |
Proceeds from borrowings on line of credit | 0 | 3,020 | 2,017 |
Proceeds from government grants | 548 | 2,194 | 1,520 |
Payments of issuance costs on line of credit | 0 | (113) | 0 |
Repayment of line of credit | 0 | (5,038) | 0 |
Repayment of government grant | (101) | 0 | 0 |
Net cash (used in) provided by financing activities | (1,102) | 93,155 | 10,370 |
Effect of foreign exchange rates on cash | 90 | 62 | 50 |
Net (decrease) increase in cash and cash equivalents | (42,381) | 85,616 | (9,464) |
Cash and cash equivalents at beginning of year | 101,131 | 15,515 | 24,979 |
Cash and cash equivalents at end of year | 58,750 | 101,131 | 15,515 |
Supplemental cash flow disclosure | |||
Cash paid for interest | 2,048 | 1,678 | 488 |
Cash paid for income taxes, net of refunds | 64 | 0 | 0 |
Supplemental disclosure of noncash investing and financing activities | |||
Fixed assets acquired through financing obligations | 0 | 3,478 | 10,278 |
Fixed assets acquired through capital lease arrangements | 527 | 1,677 | 1,749 |
Government loan awarded but not yet received | 0 | 0 | 2,000 |
Derivative liability reclassified upon settlement of convertible notes | 0 | 1,392 | 0 |
Conversion of convertible notes and accrued interest into Class A common stock | 0 | 4,312 | 0 |
Accrued distributions to members | 0 | 346 | 0 |
Initial public offering cost accruals | 0 | 1,342 | 0 |
Government grant recorded against property and equipment, net | 908 | 0 | 0 |
Allowance for tenant improvements | 698 | 1,301 | 0 |
Purchases of property and equipment, accrued but not paid | $ 354 | $ 0 | $ 0 |
Organization and Significant Ac
Organization and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Significant Accounting Policies | Organization and Significant Accounting Policies Organization Workiva Inc., a Delaware corporation, and its wholly-owned subsidiaries created Wdesk, a cloud-based productivity platform for enterprises to collect, link, report and analyze business data with control and accountability. The Wdesk proprietary word processing, spreadsheet and presentation applications are integrated and built upon a data management engine, offering synchronized data, controlled collaboration, granular permissions and a full audit trail. We offer our customers solutions in the areas of compliance, risk, finance, accounting, and audit management. Our operational headquarters are located in Ames, Iowa, with additional offices located in the United States, Europe, and Canada. Basis of Presentation and Principles of Consolidation The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of Workiva Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Initial Public Offering In December 2014, we completed our initial public offering (IPO) and sold 7,200,000 shares of Class A common stock at a public offering price of $14.00 per share. We received net proceeds of $90.4 million after deducting underwriting discounts and commissions of $7.1 million and other offering expenses of $3.3 million . Foreign Currency We translate the financial statements of our foreign subsidiaries, which have a functional currency in the respective country’s local currency, to U.S. dollars using month-end exchange rates for assets and liabilities and average exchange rates for revenue, costs and expenses. Translation gains and losses are recorded in accumulated other comprehensive income as a component of stockholders’ equity. Gains and losses resulting from foreign currency transactions that are denominated in currencies other than the entity's functional currency are included within “Other income and (expense), net” on the consolidated statements of operations. We recorded $293,000 , $141,000 and $108,000 of transaction losses during the years ended December 31, 2015 , 2014 and 2013 , respectively. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We base our estimates on historical experience and various other assumptions believed to be reasonable. These estimates include, but are not limited to, the determination of the relative selling prices of our services, self-insurance reserves for claims incurred but not yet reported, collectability of accounts receivable, valuation of available-for-sale marketable securities, useful lives of intangible assets and property and equipment, income taxes and certain assumptions used in the valuation of equity awards. While these estimates are based on our best knowledge of current events and actions that may affect us in the future, actual results may differ materially from these estimates. Cash and Cash Equivalents Cash consists of cash on deposit with banks that is stated at cost, which approximates fair value. We invest our excess cash primarily in highly liquid certificates of deposit, money market funds and marketable securities. We classify all highly liquid investments with stated maturities of three months or less from date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months as marketable securities. Marketable Securities Our marketable securities consist of U.S. corporate debt securities and U.S. treasury debt securities . We classify our marketable securities as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. We may sell these securities at any time for use in current operations even if they have not yet reached maturity. As a result, we classify our investments, including securities with maturities beyond twelve months as current assets in the accompanying consolidated balance sheets. Available-for-sale securities are recorded at fair value each reporting period. Unrealized gains and losses are excluded from earnings and recorded as a separate component within “Accumulated other comprehensive income” on the consolidated balance sheets until realized. Dividend income is reported within “Other income and (expense), net” on the consolidated statements of operations. We evaluate our investments to assess whether those with unrealized loss positions are other than temporarily impaired. We consider impairments to be other than temporary if they are related to deterioration in credit risk or if it is likely we will sell the securities before the recovery of their cost basis. Realized gains and losses and declines in value judged to be other than temporary are determined based on the specific identification method and are reported in “Other income and (expense), net” on the consolidated statements of operations. Fair Value of Financial Instruments Our financial assets, which include cash equivalents and marketable securities, are measured and recorded at fair value on a recurring basis. Our other current financial assets and our other current financial liabilities have fair values that approximate their carrying value due to their short-term maturities. Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. We place our cash and cash equivalents with high credit-quality financial institutions. Such deposits may be in excess of federally insured limits. To date, we have not experienced any losses on our cash and cash equivalents. We perform periodic evaluations of the relative credit standing of the financial institutions. Our accounts receivable are derived primarily from customers located in North America. We perform ongoing credit evaluations of our customers’ financial condition and require no collateral from our customers. We maintain an allowance for doubtful accounts receivable based upon the expected collectability of accounts receivable balances. We did not have a significant concentration of accounts receivable from any single customer or from customers in any single country outside of the United States at December 31, 2015 or 2014 . Property and Equipment, net Property and equipment is stated at cost, net of accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, generally three to ten years. We amortize leasehold improvements and assets under capital leases or financing arrangements over the lesser of the term of the lease including renewal options that are reasonably assured or the estimated useful life of the assets. Depreciation and amortization expense totaled $4.4 million , $3.9 million and $2.4 million for the years ended December 31, 2015 , 2014 and 2013 , respectively, and included $2.4 million , $1.9 million and $607,000 of amortization of assets recorded under capital leases during the years ended December 31, 2015 , 2014 and 2013 , respectively. Revenue Recognition We generate revenue through the sale of subscriptions to our cloud-based software and the delivery of professional services. Our customer contracts typically range in length from three to 36 months. Our arrangements do not contain general rights of return. Our subscription contracts do not provide customers with the right to take possession of the software supporting the applications and, as a result, are accounted for as service contracts. We commence revenue recognition for subscriptions to our cloud applications and professional services when all of the following criteria are met: • There is persuasive evidence of an arrangement; • The service has been or is being provided to the customer; • Collection of the fees is reasonably assured; and • The amount of fees to be paid by the customer is fixed or determinable. Collectability is assessed based on a number of factors, including past transaction history with the customer and the creditworthiness of the customer. Collateral is not requested from the customer. If it is determined that the collection of a fee is not probable, the revenue is deferred until collection becomes probable, which is generally upon the receipt of cash. Revenue is reported net of sales and other taxes collected from customers to be remitted to government authorities. Subscription and Support Revenue We recognize the aggregate minimum subscription and support fees ratably on a straight-line basis over the subscription term, provided that an enforceable contract has been signed by both parties, access to our SaaS solutions has been granted to the customer, the fee for the subscription and support is fixed or determinable, and collection is reasonably assured. Professional Services Revenue We recognize revenue for our professional services contracts when the services are performed. Multiple Deliverable Arrangements For arrangements with multiple deliverables, we evaluate whether the individual deliverables qualify as separate units of accounting. I n order to treat deliverables in a multiple deliverable arrangement as separate units of accounting, the deliverables must have standalone value upon delivery. For deliverables that have standalone value upon delivery, we account for each deliverable separately and recognize revenue for the respective deliverables as they are delivered. Subscription contracts have standalone value as we sell the subscriptions separately. In determining whether professional services can be accounted for separately from s ubscription services, we consider the availability of the professional services from other vendors, t he nature of our professional services and whether we sell our applications to new customers without professional services. In the years ended December 31, 2015 , 2014 and 2013 , we determined that we had established standalone value for our professional services. This determination was made due primarily to the ability of the customer to complete these tasks without assistance and the sale of services separate from the initial subscription order. Because we established standalone value for our professional services in the years ended December 31, 2015 , 2014 and 2013 , such service arrangements are being accounted for separately from subscription services. When multiple deliverables included in an arrangement are separable into different units of accounting, the arrangement consideration is allocated to the identified separate units of accounting based on their relative selling price. Multiple deliverable arrangements accounting guidance provides a hierarchy to use when determining the relative selling price for each unit of accounting. Vendor-specific objective evidence (VSOE) of selling price, based on the price at which the item is regularly sold by the vendor on a standalone basis, should be used if it exists. If VSOE of selling price is not available, third-party evidence (TPE) of selling price is used to establish the selling price if it exists. VSOE and TPE do not currently exist for any of our deliverables. Accordingly, for arrangements with multiple deliverables that can be separated into different units of accounting, we allocate the arrangement fee to the separate units of accounting based on our best estimate of selling price. The amount of arrangement fee allocated is limited by contingent revenue, if any. We determine our best estimate of selling price for our deliverables based on our overall pricing objectives, taking into consideration market conditions and entity-specific factors. We evaluate our best estimate of selling price by reviewing historical data related to sales of our deliverables, including comparing the percentages of our contract prices to our list prices. We also may consider several other data points in our evaluation, including the size of our arrangements, length of term, the cloud applications sold, customer demographics and the numbers and types of users within our arrangements. Deferred Revenue We typically invoice our customers for subscription fees in advance on a quarterly, annual, two- or three-year basis, with payment due at the start of the subscription term. Unpaid invoice amounts for services starting in future periods are excluded from accounts receivable and deferred revenue. Invoiced amounts are reflected as accounts receivable once we have initiated services with an offset to deferred revenue or revenue depending on whether the revenue recognition criteria have been met. Deferred revenue also includes certain deferred professional service fees that are recognized upon completion of the service. The portion of deferred revenue that we anticipate will be recognized after the succeeding twelve-month period is recorded as non-current deferred revenue, and the remaining portion is recorded as current deferred revenue. Cost of Revenue Cost of revenue consists primarily of personnel and related costs directly associated with the professional services and customer success teams and training personnel, including salaries, benefits, bonuses, and stock-based compensation; the costs of contracted third-party vendors; the costs of server usage by our customers; information technology costs; and facility costs. Sales and Marketing Expenses Sales and marketing expenses consist primarily of personnel and related costs, including salaries, benefits, bonuses, commissions, travel, and stock-based compensation. Other costs included in this expense are marketing and promotional events, our annual user conference, online marketing, product marketing, information technology costs, and facility costs. We amortize sales commissions that are directly attributable to a contract over the lesser of 12 months or the non-cancelable term of the customer contract based on the terms of our commission arrangements. Advertising costs are charged to sales and marketing expense as incurred. Advertising expense totaled $2.8 million , $1.8 million and $454,000 for the years ended December 31, 2015 , 2014 and 2013 , respectively. Research and Development Expenses Research and development expenses consist primarily of personnel and related costs, including salaries, benefits, bonuses, and stock-based compensation, costs of server usage by our developers, information technology costs, and facility costs. General and Administrative Expenses General and administrative expenses consist primarily of personnel and related costs for our executive, finance, legal, human resources, and administrative personnel, including salaries, benefits, bonuses, and stock-based compensation; legal, accounting, and other professional service fees; other corporate expenses; information technology costs; and facility costs. Leases We categorize leases at their inception as either operating or capital leases and may receive renewal or expansion options, rent holidays, and leasehold improvement and other incentives on certain lease agreements. We recognize lease costs on a straight-line basis, taking into account adjustments for free or escalating rental payments, renewals at our option that are reasonably assured and deferred payment terms. Additionally, lease incentives are accounted for as a reduction of lease costs over the term of the agreement. Leasehold improvements are capitalized at cost and amortized over the shorter of their useful life or the term of the lease. Government Grants Government grants received are recorded as a liability on the balance sheet until all contingencies are resolved and the grant is determined to be realized. Intangible Assets We account for intangible assets under Accounting Standards Codification (ASC) 350, Goodwill and Other Intangibles—30 General Intangibles Other than Goodwill . Intangible assets consist of legal fees incurred for patents and are recorded at cost and amortized over the useful lives of the assets of ten years , using the straight-line method. Certain patents are in the legal application process and therefore are not currently being amortized. Accumulated amortization of patents as of December 31, 2015 and 2014 was approximately $53,000 and $14,800 , respectively. Future amortization expense for legally approved patents is estimated at $56,000 per year through 2020 and approximately $207,000 thereafter. Impairment of Long-Lived Assets Long-lived assets, such as property, equipment and software and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If circumstances require that a long-lived asset or asset group be tested for possible impairment, we first compare the undiscounted cash flows expected to be generated by that long-lived asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Stock-Based Compensation We measure all share-based payments, including grants of options to purchase common stock, unvested stock and the issuance of restricted stock to employees, service providers and board members, using a fair-value based method. The cost of services received from employees and non-employees in exchange for awards of equity instruments is recognized in the consolidated statement of operations based on the estimated fair value of those awards on the grant date or reporting date, if required to be remeasured, and amortized on a straight-line basis over the requisite service period. We use the Black-Scholes option-pricing model to determine the fair values of stock option awards and also used the Black-Scholes option-pricing model for appreciation units and participation units granted prior to our corporate conversion. For restricted stock awards, fair value is based on the closing price of our common stock on the grant date. Income Taxes We record current income taxes based on our estimates of current taxable income and provide for deferred income taxes to reflect estimated future income tax payments and receipts. We are subject to U.S. federal income taxes as well as state taxes. In addition, we are subject to taxes in the foreign jurisdictions where we operate. Prior to our corporate conversion in December 2014, we were a Delaware limited liability company that passed through income and losses to our members for U.S. federal and state income tax purposes. As a result, we were not subject to any U.S. federal or state income taxes as our taxable income was reported by our individual members. Effective upon our corporate conversion, we account for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, we determine deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment rate. We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. We record uncertain tax positions in accordance with ASC 740, Income Taxes, on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. We recognize interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statement of operations. Accrued interest and penalties are included on the related tax liability line in the consolidated balance sheet. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at the invoiced amount net of an allowance for doubtful accounts. The allowance for doubtful accounts is based on our assessment of the collectability of customer accounts. We regularly review our receivables that remain outstanding past their applicable payment terms and established an allowance for potential write-offs by considering factors such as historical experience, credit quality, age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay. Accounts receivable deemed uncollectible are charged against the allowance once collection efforts have been exhausted. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance codified in ASC 606, Revenue Recognition - Revenue from Contracts with Customers , which amends the guidance in former ASC 605, Revenue Recognition . In August 2015, the FASB approved the deferral of the effective date of the standard by one year. The new guidance is effective for our fiscal year beginning January 1, 2018 instead of January 1, 2017 and permits the use of either a full retrospective or modified retrospective transition method. Entities are permitted to adopt the guidance in accordance with the original effective date if they choose. We have not determined our transition method, and we are currently evaluating the impact the provisions of ASC 606 will have on our consolidated financial statements and whether we will adopt the guidance early. In April 2015, the FASB issued ASU 2015-05, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement . The amendments in this update provide guidance to customers about whether a cloud computing arrangement includes a software license. The amendment is effective for interim and annual periods beginning after December 15, 2015 with early adoption permitted. The implementation of this standard is not expected to have a significant impact on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . The standard requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. The standard will become effective for interim and annual periods beginning after December 15, 2015. The implementation of this standard is not expected to have a significant impact on our consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes . The standard requires entities to classify all deferred tax assets and liabilities as noncurrent. The standard will become effective for interim and annual periods beginning after December 15, 2016 with early adoption permitted. Entities may elect to adopt the guidance either prospectively or retrospectively to all prior periods. Effective December 31, 2015, we adopted this standard retrospectively. The adoption did not have a material impact on our consolidated financial statements. In February 2016, the FASB issued guidance codified in ASC 842, Leases , which supersedes the guidance in former ASC 840, Leases , to increase transparency and comparability among organizations by requiring recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The standard will become effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. The guidance is required to be adopted at the earliest period presented using a modified retrospective approach. We are currently evaluating the impact the provisions will have on our consolidated financial statements and whether we will adopt the guidance early. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities At December 31, 2015 , marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value U.S. treasury debt securities $ 4,805 $ — $ (31 ) $ 4,774 U.S. corporate debt securities 12,679 1 (34 ) 12,646 Money market funds 53,365 — — 53,365 $ 70,849 $ 1 $ (65 ) $ 70,785 Included in cash and cash equivalents $ 53,365 $ — $ — $ 53,365 Included in marketable securities $ 17,484 $ 1 $ (65 ) $ 17,420 At December 31, 2014 , we reported money market funds with an amortized cost and aggregate fair value of $97.1 million in cash and cash equivalents. The following table presents gross unrealized losses and fair values for those marketable securities that were in an unrealized loss position as of December 31, 2015 , aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands): As of December 31, 2015 Less than 12 months 12 months or greater Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. treasury debt securities $ 4,774 $ (31 ) $ — $ — U.S. corporate debt securities 10,104 (34 ) — — Total $ 14,878 $ (65 ) $ — $ — As of December 31, 2014 , we did not have any marketable securities in an unrealized loss position. We did not believe any of the unrealized losses represented an other-than-temporary impairment based on our evaluation of available evidence, which includes our intent as of December 31, 2015 to hold these investments until the cost basis is recovered. |
Supplemental Consolidated Balan
Supplemental Consolidated Balance Sheet and Statement of Operations Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Balance Sheet and Statement of Operations Information [Abstract] | |
Supplemental Consolidated Balance Sheet and Statement of Operations Information | Supplemental Consolidated Balance Sheet and Statement of Operations Information Restricted Cash At December 31, 2015 , we had no restricted cash. We had $101,000 of restricted cash associated with an irrevocable letter of credit in place as collateral for a lease on a building at December 31, 2014 . As of December 31, 2014 , we also had $300,000 of restricted cash serving as collateral for an irrevocable letter of credit with Morgan Stanley. Property and Equipment, net Property and equipment, net as of December 31, 2015 and 2014 consisted of (in thousands): As of December 31, 2015 2014 Buildings $ 36,596 $ 37,380 Computers, equipment and software 7,286 6,773 Furniture and fixtures 7,484 7,024 Vehicles 148 148 Leasehold improvements 3,697 1,105 Construction in process 168 1,520 55,379 53,950 Less: accumulated depreciation and amortization (10,969 ) (7,685 ) $ 44,410 $ 46,265 The following assets included in property and equipment, net were acquired under capital and financing leases (see Note 5) (in thousands): As of December 31, 2015 2014 Buildings $ 36,596 $ 37,380 Computers and equipment 3,254 3,034 Furniture and fixtures — 392 39,850 40,806 Less: accumulated amortization (4,511 ) (2,477 ) $ 35,339 $ 38,329 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities as of December 31, 2015 and 2014 consisted of (in thousands): As of December 31, 2015 2014 Accrued vacation $ 3,604 $ 2,949 Accrued commissions 2,470 1,649 Accrued bonuses 9,598 6,336 Self-insurance reserves 900 800 Accrued other liabilities 3,822 5,031 $ 20,394 $ 16,765 Other Income and (Expense), net Other income and (expense), net for the years ended December 31, 2015 , 2014 and 2013 consisted of (in thousands): For the year ended December 31, 2015 2014 2013 Interest income $ 151 $ 73 $ 220 Recognition of IEDA government grant (Note 5) 1,638 — — Income from training reimbursement program (Note 5) 744 99 — Change in fair value of derivative — (193 ) — Loss on early extinguishment of convertible note — (111 ) — Other (231 ) (336 ) (116 ) $ 2,302 $ (468 ) $ 104 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements We determine the fair values of our financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value assumes that the transaction to sell the asset or transfer the liability occurs in the principal or most advantageous market for the asset or liability and establishes that the fair value of an asset or liability shall be determined based on the assumptions that market participants would use in pricing the asset or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value: Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 - Inputs are unobservable inputs based on our assumptions. Financial Assets Cash equivalents primarily consist of AAA-rated money market funds with overnight liquidity and no stated maturities. We classified cash equivalents as Level 1 due to the short-term nature of these instruments and measured the fair value based on quoted prices in active markets for identical assets. When available, our marketable securities are valued using quoted prices for identical instruments in active markets. If we are unable to value our marketable securities using quoted prices for identical instruments in active markets, we value our investments using broker reports that utilize quoted market prices for comparable instruments. We validate, on a sample basis, the derived prices provided by the brokers by comparing their assessment of the fair values of our investments against the fair values of the portfolio balances of another third-party professional pricing service. As of December 31, 2015 , all of our marketable securities were valued using quoted prices for comparable instruments in active markets and are classified as Level 2. Based on our valuation of our money market funds and marketable securities, we concluded that they are classified in either Level 1 or Level 2 and we have no financial assets measured using Level 3 inputs. Liabilities classified as Level 3 are described below. The following table presents information about our assets that are measured at fair value on a recurring basis using the above input categories (in thousands): Fair Value Measurements as of December 31, 2015 Fair Value Measurements as of December 31, 2014 Description Total Level 1 Level 2 Total Level 1 Level 2 Money market funds $ 53,365 $ 53,365 $ — $ 97,085 $ 97,085 $ — U.S. treasury debt securities 4,774 — 4,774 — — — U.S. corporate debt securities 12,646 — 12,646 — — — $ 70,785 $ 53,365 $ 17,420 $ 97,085 $ 97,085 $ — Included in cash and cash equivalents $ 53,365 $ 97,085 Included in marketable securities $ 17,420 $ — Other Fair Value Measurements During 2014, there was an embedded derivative liability associated with a convertible note that was issued in July 2014 (see Note 6). To derive the fair value of the embedded derivative, we estimated the fair value of the convertible note “with” and “without” the embedded derivative using a discounted cash-flow approach. The difference between the “with” and “without” note prices was determined to be the fair value of the embedded derivative at inception. Key inputs for this valuation model were the stated interest rate of the convertible note, our assumed cost of debt, assessment of the likelihood of conversion, timing and the stated value of the discount upon conversion of the notes into our equity. The derivative liability was re-measured at fair value each reporting period through December 16, 2014 when the note was settled in shares of our Class A common stock. Changes in the fair value measurement of the embedded derivative were reported in “Other income and (expense), net” on the consolidated statement of operations. We classified the derivative liability as Level 3 due to the lack of relevant observable market data over fair value inputs such as the probability-weighting of the various scenarios in the arrangement. The following table represents a rollforward of the fair value of Level 3 instruments (significant unobservable inputs): As of December 31, 2015 2014 Liabilities Balance at beginning of period $ — $ — Convertible notes - embedded derivative — 1,199 Change in fair value of derivative — 193 Share settlement of convertible debt — (1,392 ) Balance at end of period $ — $ — At December 31, 2015 , the fair value of our debt obligations approximated the carrying amount of $91,000 . The estimated fair value was based in part on our consideration of incremental borrowing rates for similar types of borrowing arrangements. We have classified the fair value of our debt obligations as Level 3 due to the lack of relevant observable market data over fair value inputs. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lease Commitments We lease certain office and residential space under non-cancelable operating leases with various lease terms through June 2043. Rent expense for the years ended December 31, 2015 , 2014 and 2013 was $3.7 million , $3.2 million and $2.5 million , respectively. We lease computer equipment under capital lease agreements that expire through September 2018. The total amount financed under these capital leases was $0.5 million , $1.7 million and $1.7 million during the years ended December 31, 2015 , 2014 and 2013 , respectively. Build to Suit We entered into a lease agreement for land and an office building in Ames, Iowa, which was constructed in two phases. As part of the lease agreement, the landlord was responsible for constructing the building in accordance with our specifications and agreed to fund $11.8 million for the first phase and $11.1 million for the second phase of construction. We were the developer of the project and responsible for construction costs in excess of these amounts. As a result of this involvement, we were deemed the “owner” for accounting purposes during the construction period and were required to capitalize the construction costs associated with the office building. Upon completion of each phase of the project, we performed a sale-leaseback analysis pursuant to ASC 840, Leases , to determine if the building could be removed from the balance sheet. We determined there was continuing involvement, which precluded derecognition of the building. The construction liability of $11.8 million was reclassified to a financing obligation, and $17.1 million of costs capitalized during construction was placed in service during June 2013 for the initial phase. Upon completion of the second phase of the project, the construction liability of $11.1 million was reclassified to a financing obligation, and $19.9 million of costs capitalized during construction was placed in service during 2014. Total cash payments due under the arrangement were allocated on a relative fair value basis between rent related to the land lease and debt service payments related to the financing obligation. The portion of the lease payments allocated to the land is expensed straight-line over the term of the lease from the point we took possession of the land and including renewal periods where renewal was deemed reasonably assured at the inception of the lease. The lease contains purchase options to acquire the landlord’s interest in the land lease and building at any time beginning three years from the commencement date of the lease. In addition, the lease requires us upon certain events, such as a change in control, to purchase the building from the landlord. The purchase options were deemed to be fair value at the inception of the lease. As of December 31, 2015 , future estimated minimum lease payments under non-cancelable operating, capital and financing leases were as follows (in thousands): Operating Leases Capital Leases Financing Obligations 2016 $ 2,655 $ 1,009 $ 2,458 2017 2,904 414 2,681 2018 2,761 66 2,681 2019 1,933 — 2,681 2020 1,391 — 2,681 Thereafter 8,151 — 29,653 Total minimum lease payments $ 19,795 1,489 42,835 Less: Amount representing interest (82 ) (21,351 ) Present value of capital lease and financing obligations $ 1,407 $ 21,484 Government Grants Since 2009, we have participated in a program with a local area community college, enlisted by the state of Iowa, that provides reimbursement of training dollars spent on employees hired in Iowa. The community college funds training through the sale of certificates for the amount of anticipated training expenses to be incurred and an estimate of the costs to administer the program. At each payroll date, the state allows us to divert a specified portion of employee state income tax withholdings for the qualified employees to the community college. The community college uses the funds to pay for the program and principal and interest on the certificates. In the event that the funds generated from withholding taxes are insufficient to pay the principal and interest on the certificates, we would be liable for any shortfall. To date, we have entered into three agreements under this program and have been reimbursed for training costs incurred for a total of 378 employees. During the years ended December 31, 2015 , 2014 and 2013 , we were reimbursed $0 , $194,000 and $1.5 million , respectively. We have concluded that the realization of these amounts is contingent on continuing employment levels. Therefore, in accordance with ASC 450, the amounts received are recorded on the balance sheet as a liability until all contingencies have been resolved. We release the liability to “Other income and (expense), net” on our statement of operations once the amounts diverted and paid to the community college have reduced the total principal and interest due on the certificates to a level below the amounts reimbursed to date. The amount recognized in other income is measured as the excess of the reimbursements received as of each balance sheet date over the total principal and interest due on the certificates, net of amounts diverted. To the extent we have not diverted amounts sufficient to reduce the principal and interest on the certificates to a level below the reimbursements received for each of the programs, there is no benefit recorded in the statement of operations. During the years ended December 31, 2015 and 2014 , the total benefit recorded on the statement of operations was $744,000 and $99,000 , respectively. There was no benefit recorded in 2013. At December 31, 2015 and 2014 , there was $2.7 million and $3.5 million included in “Deferred government grant obligation” on the consolidated balance sheet, respectively. The deferred liability is classified as current or non-current based on the estimated timing of when the amounts will be recorded as income. At December 31, 2015 and 2014 , there was $985,000 and $697,000 classified as a current liability, respectively. On February 1, 2011 , we received financing from the Iowa Economic Development Authority (IEDA) that provides for a grant in the form of a forgivable loan of $2.3 million . The note matures in five years , and in the event of default, bears interest at 6% . Under the terms of the loan, we must complete and maintain the project performance obligation, including the creation of 251 qualified jobs by December 16, 2013, and the retention of six previously created qualified jobs through December 16, 2015. The Company and IEDA also agreed to a $31.6 million development plan that was required to be invested by December 16, 2013. The job creation obligation was met and the $31.6 million development plan was complete as of December 16, 2013. We were required to maintain the jobs through December 16, 2015. In the event that such condition is not met, we must repay $8,799 per job not maintained. The financing is secured by a letter of credit issued pursuant to our credit facility with Silicon Valley Bank. As the project plan was completed in 2013, which included the creation of 251 qualified jobs, and any failure to maintain these qualified jobs during the maintenance period would not give rise to a requirement to accrue or repay interest on the loan, interest expense of $260,000 that had been previously accrued was offset against “Interest expense” on the consolidated statement of operations during the year ended December 31, 2013. Also in connection with this grant agreement, we were awarded a grant that provides for reimbursement of sales tax costs we incurred in connection with the construction of the first phase of the Ames office building. In March 2015, we received proceeds of $313,000 in connection with this grant. In December 2015, after completing the project close out procedures, IEDA determined that 10 of the 251 positions originally hired under this grant did not meet minimum wage requirements resulting in a repayment of $88,000 . The remaining balance under the forgivable loan portion of this government grant of $2.2 million was recognized during the fourth quarter of 2015, with $608,000 recorded as a reduction of our property and equipment and $1.6 million included in “Other income and (expense), net” on the consolidated statement of operations. The $313,000 received in connection with the sales tax grant was recognized as a reduction of our property and equipment in December 2015. At December 31, 2015 and 2014 , there was $0 and $2.3 million related to the forgivable loan included in “Deferred government grant obligation” on the consolidated balance sheet. In October 2013, we received a grant from the IEDA in the form of forgivable loans up to $2.5 million and non-interest bearing loans up to $2.5 million available to us based on qualified job growth. On December 20, 2013, the initial disbursement was awarded consisting of $2.0 million in non-interest bearing and forgivable loans. This disbursement was not received by us until after year end. In connection with our initial public offering, the outstanding balance of the loans became due and payable and were repaid in full during December 2014. Also, in connection with this grant agreement with the Iowa Economic Development Authority, we were awarded a grant that provides for reimbursement of sales tax costs we incurred in connection with the construction of the second phase of the Ames office building. In August 2015, we received proceeds of $235,000 , which are included in “Deferred government grant obligation” on the consolidated balance sheet at December 31, 2015 . At December 31, 2015 , this amount is presented as a non-current liability as all contingencies will not be resolved until October 2020. Litigation From time to time we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. Although the results of litigation and claims cannot be predicted with certainty, we currently believe that the final outcome of any currently pending legal proceedings to which we are a party will not have a material adverse effect on our business, operating results, financial condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt Convertible Notes In July 2014, we issued a subordinated promissory note (the 2014 Note) totaling $5.0 million with a 7% coupon rate and maturing January 31, 2016. The note contained an option to convert outstanding principal and paid-in-kind interest into our Class A common stock upon successful completion of an initial public offering at a 10% discount to the offering price. We evaluated the convertible debt instrument under ASC 480, Distinguishing Liabilities from Equity and concluded it would be accounted for as a liability. We concluded the holder’s redemption rights upon a new equity financing or change of control event and the holder’s options to either convert the note into shares in the event of an initial public offering or to continue receiving simple interest at a 10% paid-in-kind coupon rate were embedded features of the note that were required to be bifurcated and accounted for as a compound derivative in accordance with ASC 815-15, Derivatives and Hedging . We recorded $1.2 million as the fair value of the embedded derivative liability upon issuance of the convertible note as of July 31, 2014, with a corresponding amount recorded as a debt discount. The discount was being accreted to interest expense over the term of the note. On December 16, 2014, in conjunction with the close of our initial public offering, the holder elected to exercise the option to convert the 2014 Note. We settled the $5.1 million of outstanding principal and interest with 407,480 shares of our Class A common stock at a price of $12.60 per share, which represents 90% of the initial public offering price of our Class A common stock. This settlement resulted in a loss of $111,000 , which is reported in “Other income and (expense), net” on the consolidated statement of operations. The change in fair value of the derivative resulted in expense of $193,000 through conversion and is reported in “Other income and (expense), net” on the consolidated statement of operations. We recorded $400,000 of interest related to the convertible note through conversion. Other Long-Term Debt On August 31, 2009 , we received financing from the IEDA that provides for a loan of $100,000 , accruing interest at 5% , due in monthly installments maturing on August 31, 2014 . The loan was paid in full during the year ended December 31, 2014. In addition, we received a loan of $150,000 from IEDA on August 31, 2009. We are required to pay the lesser of 2% of prior year total gross revenue or $25,000 per year until $225,000 has been remitted. We expect to pay $25,000 in 2016, and therefore, the principal portion of $18,000 and $73,000 have been reflected in the current and long-term portion of debt on our balance sheet, respectively. Interest will be accreted over the estimated period of repayment. Under the terms of both IEDA notes, we were required to create 20 jobs in Iowa by May 2012 and maintain them through May 2014, which we did. In the event such conditions were not met, $150,000 of the loan amount would have been immediately due and payable. We recorded interest expense of $7,100 , $6,800 and $11,000 for the years ended December 31, 2015 , 2014 and 2013 , respectively, related to such 2009 debt agreements. On February 15, 2010 , we received financing from IEDA that provides for a forgivable grant of $150,000 . The grant is forgivable after 10 years unless any of the following events occur: we complete an initial public offering, our operations and development center move out of Iowa, or we sell 51% or more of our assets or the company. We recorded interest expense of $9,000 and $11,000 for the years ended December 31, 2014 and 2013 , respectively, related to such debt agreement. In connection with our initial public offering in December 2014, the grant became due and payable including accrued interest at a rate of 6% . The outstanding principal and interest was paid in full during December 2014. On April 30, 2010 , we received a loan of $100,000 from the City of Ames accruing interest at 1.625% per annum, due in monthly installments. The loan was secured by furniture located in Ames, Iowa. The terms of the loan included a requirement to create 62 jobs by January 2015, which was met. We recorded interest expense of $300 and $1,000 for the years ended December 31, 2014 and 2013 , respectively, related to such debt agreements. This loan was paid in full during December 2014. On May 20, 2010 , we received a non-interest bearing loan of $500,000 from IEDA, due in monthly installments from September 2010 through August 2015 . Under the terms of the loan, we were required to create 62 jobs by January 2013 and maintain them through January 2015. We have met this requirement. This loan was paid in full during the year ended December 31, 2015. On July 14, 2011 , we obtained a $1.0 million line of credit with Bankers Trust. The line of credit has a variable interest rate of the bank’s prime lending rate plus 1.5% . We recorded interest expense of $0 for the years ended December 31, 2014 and 2013 related to such debt agreement. The line of credit matured during 2014 and was not renewed. During 2012, we entered into various vehicle financing arrangements totaling $85,000 . The loans accrued interest at 8.35% per annum and were due in monthly installments maturing August 2015 . We recorded interest expense of $3,200 and $5,400 for the years ended December 31, 2014 and 2013 , respectively related to such debt agreements. These debt agreements were paid in full during the year ended December 31, 2014. On March 6, 2013, we obtained a line of credit with Morgan Stanley providing for maximum borrowings of $20.8 million . The availability on the line of credit is limited to the value of our cash and marketable securities held in the associated account at Morgan Stanley. We recorded interest expense of $0 , $16,000 and $27,000 for the years ended December 31, 2015 , 2014 and 2013 related to such debt agreement. The line of credit was closed during 2015. In August 2014, we entered into a $15.0 million credit facility with Silicon Valley Bank, which was subsequently amended. The credit facility can be used to fund working capital and general business requirements and matures in August 2016. The credit facility is secured by all of our assets, has first priority over our other debt obligations, and requires us to maintain certain financial covenants, including the maintenance of at least $5.0 million of cash on hand or unused borrowing capacity. The credit facility contains certain restrictive covenants that limit our ability to transfer or dispose of assets, merge with other companies or consummate certain changes of control, acquire other companies, pay dividends, incur additional indebtedness and liens, experience changes in management and enter into new businesses. The credit facility has a variable interest rate equal to the bank’s prime lending rate with interest payable monthly and the principal balance due at maturity. The credit facility’s interest rate was 3.5% at December 31, 2015 . In connection with the credit facility, at December 31, 2015 a letter of credit issued by the bank was outstanding in the amount of $2.3 million as security against a February 2011 forgivable loan that was closed out in December 2015 (see Note 5). This letter of credit does not reduce availability under the credit facility. We recorded interest expense of $0 and $28,000 for the years ended December 31, 2015 and 2014 related to such debt agreement. No amounts were outstanding under the credit facility as of December 31, 2015 and 2014 . |
Stockholders' Equity and Member
Stockholders' Equity and Members' Equity (Deficit) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity and Members' Equity (Deficit) | Stockholders’ Equity and Members’ Equity (Deficit) In December 2014, we converted from a limited liability corporation to a C-corporation. Subsequent to our corporate conversion, we have two classes of authorized common stock: Class A common stock and Class B common stock. The rights of the holders of our Class A common stock and our Class B common stock are identical, except with respect to voting and conversion. Each share of our Class A common stock is entitled to one vote per share and is not convertible into any other shares of our capital stock. Each share of our Class B common stock is entitled to ten votes per share and is convertible into one share of our Class A common stock at any time. Our Class B common stock also will automatically convert into shares of our Class A common stock upon certain transfers and other events. Prior to our corporate conversion, our Operating Agreement, as amended and restated, provided for classes of units, allocation of profits and losses, distribution preferences, and other member rights. The Operating Agreement allowed for preferred units, common units, capped common units, appreciation units and participation units. Capped common units were interests that entitled the holder to receive distributions up to a stated threshold amount. Appreciation units and participation units were interests that entitled a holder to receive distributions in excess of a stated threshold amount. Members were limited in their liability to their capital contributions. Distributions from the LLC Our Amended and Restated Operating Agreement provided that any distributions, other than tax distributions, would be made according to the following priority: • First, to each holder of Series B preferred units and Series C preferred units until the cumulative distributions received (including any tax distributions) by holders of Series B preferred units equal $1.00 per Series B unit and the cumulative distribution received (including any tax distributions) by holders of Series C preferred units equal $5.00 per Series C preferred unit, provided that if the amount of distributable cash and property is insufficient to make such distribution in full, then all distributable cash and property shall be distributed to the holders of the Series B preferred and Series C preferred pro rata on the basis of their respective distribution preferences. • Second, to each holder of Series A preferred units until the cumulative distributions received (including any tax distributions) by each holder of a Series A preferred unit equal $0.20 per Series A preferred unit held. • Third, to each holder of common units or capped common units in proportion to the number of units held until the cumulative distributions received (including tax distributions) by each holder of a common unit or capped common unit equals $0.20 per common unit or capped common unit held. • Fourth, pro rata based on the number of units held to the holders of all units other than Series C preferred units based on the number of units held until the cumulative distributions received by each holder of common units and Series A preferred units equals the amount distributed to holders of Series C units, provided that holders of appreciation units or participation units will only receive distributions to the extent that pro rata distributions to all holders exceed the threshold levels of the applicable appreciation or participation units. • Fifth, pro rata to the holders of all units, provided that holders of appreciation units or participation units will only receive distributions to the extent that pro rata distributions to all holders exceed the threshold levels of the appreciation units or participation units. Allocation o f Profits and Losses from the LLC Profits and losses were allocated among the members so that the balance in each member’s capital account equaled or was as close as possible to the amount such member would receive upon our hypothetical sale and liquidation, assuming that our assets were sold for an amount equal to their book value, all our liabilities were paid and any remaining proceeds were distributed to the members in accordance with the terms of the Operating Agreement. Losses were allocated first to members with positive capital accounts until such capital account balances are reduced to zero, in the reverse order of the priority the members have to receive a return of their capital, as noted above, and then in proportion to the number of units held. Specifically, losses were first allocated to reduce any proceeds from common unit holders to zero, then to offset gross proceeds from Series A preferred unit holders and finally to offset gross proceeds from Series B and C preferred unit holders pro rata based on the number of units held. Once all contributed capital has been reduced to zero, the losses were then allocated pro rata based on the number of units held by each class of member units. Profits were allocated first to offset losses previously allocated, in the reverse order that such losses were allocated, and then in accordance with the members’ rights to receive distributions of profits, as noted above. During 2014 and 2013, losses offset proceeds from option exercises during the year and the gross proceeds from the 2012 and 2013 issuances of Series C preferred units to bring those positive capital accounts to zero. During 2014, the remaining losses incurred through the corporate conversion were then allocated pro rata to all classes of units. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation We grant stock-based incentive awards to attract, motivate and retain qualified employees, non-employee directors and consultants, and to align their financial interests with those of our stockholders. Prior to our corporate conversion in December 2014, awards were provided under the 2009 Unit Incentive Plan (the “2009 Plan”). We utilized stock-based compensation in the form of restricted participation units, appreciation units and options to purchase common units. We determined these forms of stock-based compensation were substantive classes of equity for accounting purposes. Immediately prior to our IPO, the 2009 Plan was amended to provide that no further awards will be issued thereunder, and our board of directors and stockholders adopted and approved our 2014 Equity Incentive Plan (the “2014 Plan” and, together with the 2009 Plan, the “Plans”). We utilize stock-based compensation in the form of restricted stock and options to purchase Class A common stock. Options to purchase Class A common stock generally vest over a four -year period and are generally granted for a term of ten years . As of December 31, 2015 , awards granted under the 2009 Plan consisted of stock options and awards granted under the 2014 Plan consisted of stock options and restricted stock awards. There were no other grants of any other award types under the Plans. At December 31, 2015 , there were 1,617,311 shares available for grant under the 2014 Plan. Stock-based compensation expense for the year ended December 31, 2015 was $7.6 million and $3.4 million for options to purchase common stock and restricted stock, respectively. Stock-based compensation expense for the year ended December 31, 2014 was $50,000 , $7.3 million and $31,000 for restricted participation and appreciation units, options to purchase common stock and restricted stock, respectively. Stock-based compensation expense for the year ended December 31, 2013 , was $224,000 and $3.1 million for restricted participation and appreciation units and options to purchase common stock, respectively. Stock-based compensation expense associated with restricted participation and appreciation units, stock options and restricted stock was recorded in the following cost and expense categories consistent with the respective employee or service provider’s related cash compensation (in thousands): Year ended December 31, 2015 2014 2013 Cost of revenue Subscription and support $ 363 $ 502 $ 200 Professional services 349 337 171 Operating expenses Research and development 1,924 1,757 762 Sales and marketing 1,727 1,241 799 General and administrative 6,637 3,548 1,438 Total $ 11,000 $ 7,385 $ 3,370 The fair value of each option, participation and appreciation unit grant is estimated on the date of grant using the Black-Scholes option-pricing model. Expected volatility is based on historical volatilities for publicly traded stock options of comparable companies over the estimated expected life of the options. The expected term represents the period of time the options are expected to be outstanding and is based on the “simplified method.” We use the “simplified method” due to the lack of sufficient historical exercise data to provide a reasonable basis upon which to otherwise estimate the expected life of the options. The risk-free interest rate is based on yields on U.S. Treasury STRIPS with a maturity similar to the estimated expected term of the options. The fair value of our participation and appreciation units and options was estimated assuming no expected dividends and the following weighted-average assumptions: Year ended December 31, 2015 2014 2013 Expected term (in years) 6.1 5.0 - 10.0 6.1 - 10.0 Risk-free interest rate 1.35% - 1.93% 1.52% - 2.80% 1.00% - 2.89% Expected volatility 42.35% - 47.07% 45.84% - 52.50% 51.09% - 53.84% Forfeiture rate 4.82% - 5.21% 0% - 6.76% 0% - 6.02% Stock Options The following table summarizes the option activity under the Plans for the year ended December 31, 2015 : Options Weighted- Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2014 6,089,938 $ 9.63 7.8 $ 30,066 Granted 1,718,332 14.36 Forfeited 131,846 13.75 Exercised 707,291 3.17 Outstanding at December 31, 2015 6,969,133 $ 11.37 7.7 $ 43,287 Exercisable at December 31, 2015 3,471,017 $ 7.96 6.5 $ 33,348 The total intrinsic value of options exercised during the years ended December 31, 2015 , 2014 and 2013 was $8.4 million , $1.7 million and $638,000 , respectively. The weighted-average grant-date fair value of options granted during the years ended December 31, 2015 , 2014 and 2013 was $6.53 , $7.85 and $6.24 , respectively. The total fair value of options vested during the years ended December 31, 2015 , 2014 and 2013 was approximately $8.7 million , $5.1 million and $2.3 million , respectively. Total unrecognized compensation expense of $20.6 million related to options will be recognized over a weighted-average period of 2.8 years. Total compensation expense recognized during the years ended December 31, 2015 , 2014 and 2013 for outstanding options granted to service providers was $236,000 , $1.8 million and $1.6 million , respectively, based on the fair value on the vesting date or the fair value on the reporting date if unvested. Restricted Stock We have granted restricted stock awards to our executive officers that vest in three equal annual installments from the date of grant and to non-employee members of our Board of Directors with one -year cliff vesting from the date of grant. The fair value for restricted stock awards is calculated based on the stock price on the date of grant. The total fair value of restricted stock awards vested during the year ended December 31, 2015 was approximately $750,000 . No restricted stock awards vested prior to 2015. The following table summarizes the restricted stock activity under the Plan for the year ended December 31, 2015 : Number of Shares Weighted- Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2014 54,350 $ 13.80 $ 728 Granted 600,025 13.38 Forfeited — — Vested (54,350 ) 13.80 Outstanding at December 31, 2015 600,025 $ 13.38 $ 10,542 Compensation expense associated with unvested restricted stock is recognized on a straight-line basis over the vesting period. The expense recognized each period is dependent upon our estimate of the number of shares that will ultimately be issued. At December 31, 2015 , there was approximately $5.3 million of total unrecognized compensation expense related to restricted stock, which is expected to be recognized over a weighted average period of 2.0 years. Restricted participation and appreciation units At December 31, 2013, there were 108,975 outstanding participation and appreciation units under the 2009 Plan that vested during 2014 prior to our conversion to a corporation. The total fair value of participation and appreciat ion units vested during the years ended December 31, 2014 and 2013 was approximately $77,000 and $242,000 , respectively . At December 10, 2014, all participation and appreciation units converted into Class A common stock as part of the corporate conversion. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table summarizes the activity of accumulated other comprehensive income (loss) during the years ended December 31, 2015 , 2014 and 2013 (in thousands): Accumulated translation adjustment Accumulated unrealized holding gains (losses) on available-for-sale securities Accumulated other comprehensive income (loss) Balance at December 31, 2012 $ (2 ) $ (40 ) $ (42 ) Other comprehensive income (loss) 56 (156 ) (100 ) Balance at December 31, 2013 54 (196 ) (142 ) Other comprehensive income 93 60 153 Reclassification of realized loss — 136 136 Balance at December 31, 2014 147 — 147 Other comprehensive income (loss) 133 (39 ) 94 Balance at December 31, 2015 $ 280 $ (39 ) $ 241 |
Segments
Segments | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segments | Segments Our chief operating decision maker reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. There are no segment managers who are held accountable by the chief operating decision maker, or anyone else, for operations, operating results and planning for levels or components below the consolidated unit level. Accordingly, we determined we have a single operating segment. During the years ended December 31, 2015 , 2014 and 2013 , 94.3% , 94.7% and 95.8% of our revenue, respectively, and substantially all of our long-lived assets were attributable to operations in the United States. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Loss before income tax provision consisted of the following (in thousands): For the year ended December 31, 2015 2014 2013 United States $ (42,788 ) $ (40,363 ) $ (29,202 ) Foreign (618 ) (759 ) (342 ) Total $ (43,406 ) $ (41,122 ) $ (29,544 ) As a result of our corporate conversion from an LLC to a corporation, we are now subject to U.S. federal and state income taxes. We recognized a net deferred tax asset of $29.9 million as of December 10, 2014 due to the change in tax status. This amount was offset by a full valuation allowance. The provision (benefit) for income taxes consisted of the following (in thousands): For the year ended December 31, 2015 2014 Current State $ 69 $ 32 Total Current $ 69 $ 32 Deferred Federal $ (76 ) $ — Total Deferred $ (76 ) $ — Total $ (7 ) $ 32 During 2015 , we recorded a federal income tax benefit of $76,000 that was primarily related to the allocation of tax expense (benefit) between continuing operations and other comprehensive income when applying the exception to the ASC 740 intraperiod tax allocation rule. Intraperiod tax allocation rules require us to allocate the provision for income taxes between continuing operations and other categories of earnings, such as other comprehensive income. In periods in which we have a year-to-date pre-tax loss from continuing operations and pre-tax income in other categories of earnings, such as other comprehensive income, we must allocate the tax provision to the other categories of earnings and then record a related tax benefit in continuing operations. This exception to the general rule applies even when a valuation allowance is in place at the beginning and end of the year. The items accounting for the difference between income taxes computed at the federal statutory income tax rate and the provision for income taxes consisted of the following (in thousands): Year ended December 31, 2015 2014 Federal statutory rate 35.0 % 35.0 % Effect of: Tax benefit at federal statutory rate $ (15,192 ) $ (14,393 ) State taxes, net of federal benefit (1,833 ) (347 ) Non-taxable flow-through earnings — 12,336 Foreign (64 ) (130 ) Recognition of deferred tax assets — (29,870 ) Valuation allowance 17,697 32,440 Other (615 ) (4 ) Total income tax provision $ (7 ) $ 32 No provision or benefit for U.S. federal or state income taxes was included in the accompanying consolidated statements of operations prior to our conversion to a corporation in 2014 because our results of operations were allocated to our members for inclusion in their respective income tax returns. Certain of our foreign subsidiaries were subject to income tax in 2013. The components of deferred tax assets and liabilities were as follows (in thousands): As of December 31, 2015 2014 Deferred tax assets: Property and equipment $ 1 $ 56 Accruals and reserves 1,407 1,523 Deferred rent 654 354 Compensation and benefits 12,512 8,056 Deferred revenue 5,372 17,779 Net operating loss and credits 30,475 4,786 Other 74 17 Total deferred tax assets 50,495 32,571 Valuation allowance (50,212 ) (32,514 ) Total deferred tax assets 283 57 Deferred tax liabilities: Property and equipment (134 ) — Other deferred tax liabilities (149 ) (57 ) Deferred tax liabilities (283 ) (57 ) Total $ — $ — Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the three-year period ended December 31, 2015 . Such objective evidence limits the ability to consider other subjective evidence, such as our projections for future growth. On the basis of this evaluation, we recognized a full valuation allowance against our net deferred tax asset at December 31, 2015 , because we believe it is more likely than not that these benefits will not be realized. As of December 31, 2015 , we have unrealized tax benefits of $2.5 million arising from tax deductions for share based compensation in excess of the compensation recognized for financial reporting purposes. Realization of this excess tax benefit will occur when current taxes payable are reduced with a corresponding credit to additional paid in capital. As of December 31, 2015 , we have federal and state net operating loss carryforwards of approximately $80.0 million and $62.0 million , respectively, available to reduce any future taxable income. The federal and state net operating loss carryforwards will expire in varying amounts between years 2021 and 2035. Additionally, we have total net operating loss carryforwards from international operations of $1.2 million that will expire in varying amounts beginning in 2023. We also have approximately $1.4 million of federal and $575,000 of state tax credit carryforwards as of December 31, 2015 . The federal credits will expire in varying amounts between the years 2034 and 2035. The state credits expire beginning in 2021. We have analyzed our inventory of tax positions taken with respect to all applicable income tax issues for all open tax years and have concluded that no uncertain tax positions are required to be recognized in our consolidated financial statements. We are subject to taxation in the United States and various states and foreign jurisdictions. As of December 31, 2015 , tax years for 2012 through 2015 are subject to examination by the tax authorities. With few exceptions, as of December 31, 2015 , we are no longer subject to U.S. federal, state, local or foreign examinations by tax authorities for years before 2012. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential shares of common stock, including our outstanding stock options and stock related to unvested restricted stock awards to the extent dilutive. The net loss per share attributable to common stockholders is allocated based on the contractual participation rights of the Class A and Class B common shares as if the loss for the year has been distributed. As the liquidation and dividend rights are identical, the net loss attributable to common stockholders is allocated on a proportionate basis. We consider unvested restricted stock awards granted under the 2014 Equity Incentive Plan to be participating securities because holders of such shares have non-forfeitable dividend rights in the event of our declaration of a dividend for common shares. In future periods to the extent we are profitable, we will subtract earnings allocated to these participating securities from net income to determine net income attributable to common stockholders. A reconciliation of the denominator used in the calculation of basic and diluted loss per share is as follows (in thousands, except share and per share data): Year ended December 31, 2015 December 31, 2014 December 31, 2013 Class A Class B Class A Class B Class A Class B Numerator Net loss $ (30,075 ) $ (13,324 ) $ (25,259 ) $ (15,895 ) $ (18,016 ) $ (11,528 ) Denominator Weighted-average common shares outstanding - basic and diluted 27,617,350 12,235,274 19,736,342 12,419,718 19,133,028 12,243,575 Basic and diluted net loss per share $ (1.09 ) $ (1.09 ) $ (1.28 ) $ (1.28 ) $ (0.94 ) $ (0.94 ) The anti-dilutive securities excluded from the weighted-average shares used to calculate the diluted net loss per common share were as follows: As of December 31, 2015 2014 2013 Shares subject to outstanding common stock options 6,969,133 6,089,938 3,411,237 Shares subject to unvested appreciation units and participation units — — 108,975 Shares subject to unvested restricted stock awards 600,025 54,350 — |
Unaudited Quarterly Results of
Unaudited Quarterly Results of Operations | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Results of Operations | Unaudited Quarterly Results of Operations The following tables set forth selected unaudited quarterly consolidated statement of operations data for each of the quarters indicated as well as the percentage of total revenue for each line item shown. The unaudited information should be read in conjunction with our financial statements and related notes included elsewhere in this report. We believe that the following unaudited information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. Three months ended Dec 31, Sept 30, 2015 Jun 30, Mar 31, Dec 31, Sept 30, 2014 Jun 30, Mar 31, (in thousands) Revenue Subscription and support $ 32,102 $ 29,832 $ 28,085 $ 26,269 $ 25,011 $ 23,690 $ 21,968 $ 20,648 Professional services 7,780 6,436 5,883 8,885 5,118 4,229 4,546 7,484 Total revenue 39,882 36,268 33,968 35,154 30,129 27,919 26,514 28,132 Cost of revenue Subscription and support 5,791 5,319 5,564 5,885 6,097 5,387 5,029 4,669 Professional services 5,222 4,457 4,189 3,777 3,864 3,152 2,882 2,798 Total cost of revenue 11,013 9,776 9,753 9,662 9,961 8,539 7,911 7,467 Gross profit 28,869 26,492 24,215 25,492 20,168 19,380 18,603 20,665 Operating expenses Research and development 13,496 12,766 12,196 12,008 11,911 11,175 10,772 10,287 Sales and marketing 18,632 20,903 16,329 13,705 14,063 16,248 12,747 10,440 General and administrative 8,538 7,153 6,291 6,734 5,797 4,572 5,186 4,228 Total operating expenses 40,666 40,822 34,816 32,447 31,771 31,995 28,705 24,955 Loss from operations (11,797 ) (14,330 ) (10,601 ) (6,955 ) (11,603 ) (12,615 ) (10,102 ) (4,290 ) Interest expense (508 ) (494 ) (513 ) (510 ) (763 ) (700 ) (316 ) (265 ) Other income and (expense), net (1) 2,014 163 191 (66 ) (259 ) (67 ) (145 ) 3 Loss before provision for income taxes (10,291 ) (14,661 ) (10,923 ) (7,531 ) (12,625 ) (13,382 ) (10,563 ) (4,552 ) Provision (benefit) for income taxes 2 (31 ) 106 (84 ) 32 — — — Net loss $ (10,293 ) $ (14,630 ) $ (11,029 ) $ (7,447 ) $ (12,657 ) $ (13,382 ) $ (10,563 ) $ (4,552 ) (1) During December 2015, we resolved all contingencies associated with a government grant agreement resulting in higher government grant income recorded to “Other income and (expense), net” (see Note 5). |
Organization and Significant 22
Organization and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of Workiva Inc. and its wholly owned subsidiaries. |
Foreign Currency | We translate the financial statements of our foreign subsidiaries, which have a functional currency in the respective country’s local currency, to U.S. dollars using month-end exchange rates for assets and liabilities and average exchange rates for revenue, costs and expenses. Translation gains and losses are recorded in accumulated other comprehensive income as a component of stockholders’ equity. Gains and losses resulting from foreign currency transactions that are denominated in currencies other than the entity's functional currency are included within “Other income and (expense), net” on the consolidated statements of operations. |
Use of Estimates | The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We base our estimates on historical experience and various other assumptions believed to be reasonable. These estimates include, but are not limited to, the determination of the relative selling prices of our services, self-insurance reserves for claims incurred but not yet reported, collectability of accounts receivable, valuation of available-for-sale marketable securities, useful lives of intangible assets and property and equipment, income taxes and certain assumptions used in the valuation of equity awards. While these estimates are based on our best knowledge of current events and actions that may affect us in the future, actual results may differ materially from these estimates. |
Cash and Cash Equivalents | Cash consists of cash on deposit with banks that is stated at cost, which approximates fair value. We invest our excess cash primarily in highly liquid certificates of deposit, money market funds and marketable securities. We classify all highly liquid investments with stated maturities of three months or less from date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months as marketable securities. |
Marketable Securities | Available-for-sale securities are recorded at fair value each reporting period. Unrealized gains and losses are excluded from earnings and recorded as a separate component within “Accumulated other comprehensive income” on the consolidated balance sheets until realized. Dividend income is reported within “Other income and (expense), net” on the consolidated statements of operations. We evaluate our investments to assess whether those with unrealized loss positions are other than temporarily impaired. We consider impairments to be other than temporary if they are related to deterioration in credit risk or if it is likely we will sell the securities before the recovery of their cost basis. Realized gains and losses and declines in value judged to be other than temporary are determined based on the specific identification method and are reported in “Other income and (expense), net” on the consolidated statements of operations. |
Fair Value of Financial Instruments | Our financial assets, which include cash equivalents and marketable securities, are measured and recorded at fair value on a recurring basis. Our other current financial assets and our other current financial liabilities have fair values that approximate their carrying value due to their short-term maturities. |
Concentration of Credit Risk | Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. We place our cash and cash equivalents with high credit-quality financial institutions. Such deposits may be in excess of federally insured limits. To date, we have not experienced any losses on our cash and cash equivalents. We perform periodic evaluations of the relative credit standing of the financial institutions. Our accounts receivable are derived primarily from customers located in North America. We perform ongoing credit evaluations of our customers’ financial condition and require no collateral from our customers. We maintain an allowance for doubtful accounts receivable based upon the expected collectability of accounts receivable balances. |
Property and Equipment, net | Property and equipment is stated at cost, net of accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, generally three to ten years. We amortize leasehold improvements and assets under capital leases or financing arrangements over the lesser of the term of the lease including renewal options that are reasonably assured or the estimated useful life of the assets. |
Revenue Recognition | We generate revenue through the sale of subscriptions to our cloud-based software and the delivery of professional services. Our customer contracts typically range in length from three to 36 months. Our arrangements do not contain general rights of return. Our subscription contracts do not provide customers with the right to take possession of the software supporting the applications and, as a result, are accounted for as service contracts. We commence revenue recognition for subscriptions to our cloud applications and professional services when all of the following criteria are met: • There is persuasive evidence of an arrangement; • The service has been or is being provided to the customer; • Collection of the fees is reasonably assured; and • The amount of fees to be paid by the customer is fixed or determinable. Collectability is assessed based on a number of factors, including past transaction history with the customer and the creditworthiness of the customer. Collateral is not requested from the customer. If it is determined that the collection of a fee is not probable, the revenue is deferred until collection becomes probable, which is generally upon the receipt of cash. Revenue is reported net of sales and other taxes collected from customers to be remitted to government authorities. Subscription and Support Revenue We recognize the aggregate minimum subscription and support fees ratably on a straight-line basis over the subscription term, provided that an enforceable contract has been signed by both parties, access to our SaaS solutions has been granted to the customer, the fee for the subscription and support is fixed or determinable, and collection is reasonably assured. Professional Services Revenue We recognize revenue for our professional services contracts when the services are performed. |
Multiple-deliverable Arrangements | For arrangements with multiple deliverables, we evaluate whether the individual deliverables qualify as separate units of accounting. I n order to treat deliverables in a multiple deliverable arrangement as separate units of accounting, the deliverables must have standalone value upon delivery. For deliverables that have standalone value upon delivery, we account for each deliverable separately and recognize revenue for the respective deliverables as they are delivered. Subscription contracts have standalone value as we sell the subscriptions separately. In determining whether professional services can be accounted for separately from s ubscription services, we consider the availability of the professional services from other vendors, t he nature of our professional services and whether we sell our applications to new customers without professional services. In the years ended December 31, 2015 , 2014 and 2013 , we determined that we had established standalone value for our professional services. This determination was made due primarily to the ability of the customer to complete these tasks without assistance and the sale of services separate from the initial subscription order. Because we established standalone value for our professional services in the years ended December 31, 2015 , 2014 and 2013 , such service arrangements are being accounted for separately from subscription services. When multiple deliverables included in an arrangement are separable into different units of accounting, the arrangement consideration is allocated to the identified separate units of accounting based on their relative selling price. Multiple deliverable arrangements accounting guidance provides a hierarchy to use when determining the relative selling price for each unit of accounting. Vendor-specific objective evidence (VSOE) of selling price, based on the price at which the item is regularly sold by the vendor on a standalone basis, should be used if it exists. If VSOE of selling price is not available, third-party evidence (TPE) of selling price is used to establish the selling price if it exists. VSOE and TPE do not currently exist for any of our deliverables. Accordingly, for arrangements with multiple deliverables that can be separated into different units of accounting, we allocate the arrangement fee to the separate units of accounting based on our best estimate of selling price. The amount of arrangement fee allocated is limited by contingent revenue, if any. We determine our best estimate of selling price for our deliverables based on our overall pricing objectives, taking into consideration market conditions and entity-specific factors. We evaluate our best estimate of selling price by reviewing historical data related to sales of our deliverables, including comparing the percentages of our contract prices to our list prices. We also may consider several other data points in our evaluation, including the size of our arrangements, length of term, the cloud applications sold, customer demographics and the numbers and types of users within our arrangements. |
Deferred Revenue | We typically invoice our customers for subscription fees in advance on a quarterly, annual, two- or three-year basis, with payment due at the start of the subscription term. Unpaid invoice amounts for services starting in future periods are excluded from accounts receivable and deferred revenue. Invoiced amounts are reflected as accounts receivable once we have initiated services with an offset to deferred revenue or revenue depending on whether the revenue recognition criteria have been met. Deferred revenue also includes certain deferred professional service fees that are recognized upon completion of the service. The portion of deferred revenue that we anticipate will be recognized after the succeeding twelve-month period is recorded as non-current deferred revenue, and the remaining portion is recorded as current deferred revenue. |
Cost of Revenue | Cost of revenue consists primarily of personnel and related costs directly associated with the professional services and customer success teams and training personnel, including salaries, benefits, bonuses, and stock-based compensation; the costs of contracted third-party vendors; the costs of server usage by our customers; information technology costs; and facility costs. |
Advertising Costs | Advertising costs are charged to sales and marketing expense as incurred. |
Research and Development Expense | Research and development expenses consist primarily of personnel and related costs, including salaries, benefits, bonuses, and stock-based compensation, costs of server usage by our developers, information technology costs, and facility costs. |
General and Administrative Expenses | Sales and marketing expenses consist primarily of personnel and related costs, including salaries, benefits, bonuses, commissions, travel, and stock-based compensation. Other costs included in this expense are marketing and promotional events, our annual user conference, online marketing, product marketing, information technology costs, and facility costs. We amortize sales commissions that are directly attributable to a contract over the lesser of 12 months or the non-cancelable term of the customer contract based on the terms of our commission arrangements. General and administrative expenses consist primarily of personnel and related costs for our executive, finance, legal, human resources, and administrative personnel, including salaries, benefits, bonuses, and stock-based compensation; legal, accounting, and other professional service fees; other corporate expenses; information technology costs; and facility costs. |
Leases | We categorize leases at their inception as either operating or capital leases and may receive renewal or expansion options, rent holidays, and leasehold improvement and other incentives on certain lease agreements. We recognize lease costs on a straight-line basis, taking into account adjustments for free or escalating rental payments, renewals at our option that are reasonably assured and deferred payment terms. Additionally, lease incentives are accounted for as a reduction of lease costs over the term of the agreement. Leasehold improvements are capitalized at cost and amortized over the shorter of their useful life or the term of the lease. |
Government Grants | Government grants received are recorded as a liability on the balance sheet until all contingencies are resolved and the grant is determined to be realized. |
Intangible Assets | We account for intangible assets under Accounting Standards Codification (ASC) 350, Goodwill and Other Intangibles—30 General Intangibles Other than Goodwill . Intangible assets consist of legal fees incurred for patents and are recorded at cost and amortized over the useful lives of the assets of ten years , using the straight-line method. Certain patents are in the legal application process and therefore are not currently being amortized. |
Impairment of Long-Lived Assets | Long-lived assets, such as property, equipment and software and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If circumstances require that a long-lived asset or asset group be tested for possible impairment, we first compare the undiscounted cash flows expected to be generated by that long-lived asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. |
Share-based Compensation | We measure all share-based payments, including grants of options to purchase common stock, unvested stock and the issuance of restricted stock to employees, service providers and board members, using a fair-value based method. The cost of services received from employees and non-employees in exchange for awards of equity instruments is recognized in the consolidated statement of operations based on the estimated fair value of those awards on the grant date or reporting date, if required to be remeasured, and amortized on a straight-line basis over the requisite service period. We use the Black-Scholes option-pricing model to determine the fair values of stock option awards and also used the Black-Scholes option-pricing model for appreciation units and participation units granted prior to our corporate conversion. For restricted stock awards, fair value is based on the closing price of our common stock on the grant date. |
Income Taxes | We record current income taxes based on our estimates of current taxable income and provide for deferred income taxes to reflect estimated future income tax payments and receipts. We are subject to U.S. federal income taxes as well as state taxes. In addition, we are subject to taxes in the foreign jurisdictions where we operate. Prior to our corporate conversion in December 2014, we were a Delaware limited liability company that passed through income and losses to our members for U.S. federal and state income tax purposes. As a result, we were not subject to any U.S. federal or state income taxes as our taxable income was reported by our individual members. Effective upon our corporate conversion, we account for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, we determine deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment rate. We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. We record uncertain tax positions in accordance with ASC 740, Income Taxes, on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. We recognize interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statement of operations. Accrued interest and penalties are included on the related tax liability line in the consolidated balance sheet. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts receivable are recorded at the invoiced amount net of an allowance for doubtful accounts. The allowance for doubtful accounts is based on our assessment of the collectability of customer accounts. We regularly review our receivables that remain outstanding past their applicable payment terms and established an allowance for potential write-offs by considering factors such as historical experience, credit quality, age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay. Accounts receivable deemed uncollectible are charged against the allowance once collection efforts have been exhausted. |
New Accounting Pronouncements | In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance codified in ASC 606, Revenue Recognition - Revenue from Contracts with Customers , which amends the guidance in former ASC 605, Revenue Recognition . In August 2015, the FASB approved the deferral of the effective date of the standard by one year. The new guidance is effective for our fiscal year beginning January 1, 2018 instead of January 1, 2017 and permits the use of either a full retrospective or modified retrospective transition method. Entities are permitted to adopt the guidance in accordance with the original effective date if they choose. We have not determined our transition method, and we are currently evaluating the impact the provisions of ASC 606 will have on our consolidated financial statements and whether we will adopt the guidance early. In April 2015, the FASB issued ASU 2015-05, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement . The amendments in this update provide guidance to customers about whether a cloud computing arrangement includes a software license. The amendment is effective for interim and annual periods beginning after December 15, 2015 with early adoption permitted. The implementation of this standard is not expected to have a significant impact on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . The standard requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. The standard will become effective for interim and annual periods beginning after December 15, 2015. The implementation of this standard is not expected to have a significant impact on our consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes . The standard requires entities to classify all deferred tax assets and liabilities as noncurrent. The standard will become effective for interim and annual periods beginning after December 15, 2016 with early adoption permitted. Entities may elect to adopt the guidance either prospectively or retrospectively to all prior periods. Effective December 31, 2015, we adopted this standard retrospectively. The adoption did not have a material impact on our consolidated financial statements. In February 2016, the FASB issued guidance codified in ASC 842, Leases , which supersedes the guidance in former ASC 840, Leases , to increase transparency and comparability among organizations by requiring recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The standard will become effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. The guidance is required to be adopted at the earliest period presented using a modified retrospective approach. We are currently evaluating the impact the provisions will have on our consolidated financial statements and whether we will adopt the guidance early. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities | At December 31, 2015 , marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value U.S. treasury debt securities $ 4,805 $ — $ (31 ) $ 4,774 U.S. corporate debt securities 12,679 1 (34 ) 12,646 Money market funds 53,365 — — 53,365 $ 70,849 $ 1 $ (65 ) $ 70,785 Included in cash and cash equivalents $ 53,365 $ — $ — $ 53,365 Included in marketable securities $ 17,484 $ 1 $ (65 ) $ 17,420 |
Schedule of Cash and Cash Equivalents | At December 31, 2015 , marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value U.S. treasury debt securities $ 4,805 $ — $ (31 ) $ 4,774 U.S. corporate debt securities 12,679 1 (34 ) 12,646 Money market funds 53,365 — — 53,365 $ 70,849 $ 1 $ (65 ) $ 70,785 Included in cash and cash equivalents $ 53,365 $ — $ — $ 53,365 Included in marketable securities $ 17,484 $ 1 $ (65 ) $ 17,420 |
Schedule of Available-for-sale Securities, Continuous Unrealized Loss Position | The following table presents gross unrealized losses and fair values for those marketable securities that were in an unrealized loss position as of December 31, 2015 , aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands): As of December 31, 2015 Less than 12 months 12 months or greater Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. treasury debt securities $ 4,774 $ (31 ) $ — $ — U.S. corporate debt securities 10,104 (34 ) — — Total $ 14,878 $ (65 ) $ — $ — |
Supplemental Consolidated Bal24
Supplemental Consolidated Balance Sheet and Statement of Operations Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Balance Sheet and Statement of Operations Information [Abstract] | |
Schedule of Property, Plant and Equipment | Property and equipment, net as of December 31, 2015 and 2014 consisted of (in thousands): As of December 31, 2015 2014 Buildings $ 36,596 $ 37,380 Computers, equipment and software 7,286 6,773 Furniture and fixtures 7,484 7,024 Vehicles 148 148 Leasehold improvements 3,697 1,105 Construction in process 168 1,520 55,379 53,950 Less: accumulated depreciation and amortization (10,969 ) (7,685 ) $ 44,410 $ 46,265 |
Schedule of Capital Leased Assets | The following assets included in property and equipment, net were acquired under capital and financing leases (see Note 5) (in thousands): As of December 31, 2015 2014 Buildings $ 36,596 $ 37,380 Computers and equipment 3,254 3,034 Furniture and fixtures — 392 39,850 40,806 Less: accumulated amortization (4,511 ) (2,477 ) $ 35,339 $ 38,329 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities as of December 31, 2015 and 2014 consisted of (in thousands): As of December 31, 2015 2014 Accrued vacation $ 3,604 $ 2,949 Accrued commissions 2,470 1,649 Accrued bonuses 9,598 6,336 Self-insurance reserves 900 800 Accrued other liabilities 3,822 5,031 $ 20,394 $ 16,765 |
Schedule of Other Income and (Expense), net | Other income and (expense), net for the years ended December 31, 2015 , 2014 and 2013 consisted of (in thousands): For the year ended December 31, 2015 2014 2013 Interest income $ 151 $ 73 $ 220 Recognition of IEDA government grant (Note 5) 1,638 — — Income from training reimbursement program (Note 5) 744 99 — Change in fair value of derivative — (193 ) — Loss on early extinguishment of convertible note — (111 ) — Other (231 ) (336 ) (116 ) $ 2,302 $ (468 ) $ 104 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured on Recurring Basis | The following table presents information about our assets that are measured at fair value on a recurring basis using the above input categories (in thousands): Fair Value Measurements as of December 31, 2015 Fair Value Measurements as of December 31, 2014 Description Total Level 1 Level 2 Total Level 1 Level 2 Money market funds $ 53,365 $ 53,365 $ — $ 97,085 $ 97,085 $ — U.S. treasury debt securities 4,774 — 4,774 — — — U.S. corporate debt securities 12,646 — 12,646 — — — $ 70,785 $ 53,365 $ 17,420 $ 97,085 $ 97,085 $ — Included in cash and cash equivalents $ 53,365 $ 97,085 Included in marketable securities $ 17,420 $ — |
Schedule of Fair Value, Liabilities Level 3 Roll Forward | The following table represents a rollforward of the fair value of Level 3 instruments (significant unobservable inputs): As of December 31, 2015 2014 Liabilities Balance at beginning of period $ — $ — Convertible notes - embedded derivative — 1,199 Change in fair value of derivative — 193 Share settlement of convertible debt — (1,392 ) Balance at end of period $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments | As of December 31, 2015 , future estimated minimum lease payments under non-cancelable operating, capital and financing leases were as follows (in thousands): Operating Leases Capital Leases Financing Obligations 2016 $ 2,655 $ 1,009 $ 2,458 2017 2,904 414 2,681 2018 2,761 66 2,681 2019 1,933 — 2,681 2020 1,391 — 2,681 Thereafter 8,151 — 29,653 Total minimum lease payments $ 19,795 1,489 42,835 Less: Amount representing interest (82 ) (21,351 ) Present value of capital lease and financing obligations $ 1,407 $ 21,484 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock-based Compensation Expense | Stock-based compensation expense associated with restricted participation and appreciation units, stock options and restricted stock was recorded in the following cost and expense categories consistent with the respective employee or service provider’s related cash compensation (in thousands): Year ended December 31, 2015 2014 2013 Cost of revenue Subscription and support $ 363 $ 502 $ 200 Professional services 349 337 171 Operating expenses Research and development 1,924 1,757 762 Sales and marketing 1,727 1,241 799 General and administrative 6,637 3,548 1,438 Total $ 11,000 $ 7,385 $ 3,370 |
Schedule of Share-based Payment Award, Valuation Assumptions | The fair value of each option, participation and appreciation unit grant is estimated on the date of grant using the Black-Scholes option-pricing model. Expected volatility is based on historical volatilities for publicly traded stock options of comparable companies over the estimated expected life of the options. The expected term represents the period of time the options are expected to be outstanding and is based on the “simplified method.” We use the “simplified method” due to the lack of sufficient historical exercise data to provide a reasonable basis upon which to otherwise estimate the expected life of the options. The risk-free interest rate is based on yields on U.S. Treasury STRIPS with a maturity similar to the estimated expected term of the options. The fair value of our participation and appreciation units and options was estimated assuming no expected dividends and the following weighted-average assumptions: Year ended December 31, 2015 2014 2013 Expected term (in years) 6.1 5.0 - 10.0 6.1 - 10.0 Risk-free interest rate 1.35% - 1.93% 1.52% - 2.80% 1.00% - 2.89% Expected volatility 42.35% - 47.07% 45.84% - 52.50% 51.09% - 53.84% Forfeiture rate 4.82% - 5.21% 0% - 6.76% 0% - 6.02% |
Schedule of Stock-Option Activity | The following table summarizes the option activity under the Plans for the year ended December 31, 2015 : Options Weighted- Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2014 6,089,938 $ 9.63 7.8 $ 30,066 Granted 1,718,332 14.36 Forfeited 131,846 13.75 Exercised 707,291 3.17 Outstanding at December 31, 2015 6,969,133 $ 11.37 7.7 $ 43,287 Exercisable at December 31, 2015 3,471,017 $ 7.96 6.5 $ 33,348 |
Schedule of Restricted Stock Activity | The following table summarizes the restricted stock activity under the Plan for the year ended December 31, 2015 : Number of Shares Weighted- Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2014 54,350 $ 13.80 $ 728 Granted 600,025 13.38 Forfeited — — Vested (54,350 ) 13.80 Outstanding at December 31, 2015 600,025 $ 13.38 $ 10,542 |
Accumulated Other Comprehensi28
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the activity of accumulated other comprehensive income (loss) during the years ended December 31, 2015 , 2014 and 2013 (in thousands): Accumulated translation adjustment Accumulated unrealized holding gains (losses) on available-for-sale securities Accumulated other comprehensive income (loss) Balance at December 31, 2012 $ (2 ) $ (40 ) $ (42 ) Other comprehensive income (loss) 56 (156 ) (100 ) Balance at December 31, 2013 54 (196 ) (142 ) Other comprehensive income 93 60 153 Reclassification of realized loss — 136 136 Balance at December 31, 2014 147 — 147 Other comprehensive income (loss) 133 (39 ) 94 Balance at December 31, 2015 $ 280 $ (39 ) $ 241 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Loss Before Income Tax Provision | Loss before income tax provision consisted of the following (in thousands): For the year ended December 31, 2015 2014 2013 United States $ (42,788 ) $ (40,363 ) $ (29,202 ) Foreign (618 ) (759 ) (342 ) Total $ (43,406 ) $ (41,122 ) $ (29,544 ) |
Schedule of Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes consisted of the following (in thousands): For the year ended December 31, 2015 2014 Current State $ 69 $ 32 Total Current $ 69 $ 32 Deferred Federal $ (76 ) $ — Total Deferred $ (76 ) $ — Total $ (7 ) $ 32 |
Schedule of Effective Income Tax Rate Reconciliation | The items accounting for the difference between income taxes computed at the federal statutory income tax rate and the provision for income taxes consisted of the following (in thousands): Year ended December 31, 2015 2014 Federal statutory rate 35.0 % 35.0 % Effect of: Tax benefit at federal statutory rate $ (15,192 ) $ (14,393 ) State taxes, net of federal benefit (1,833 ) (347 ) Non-taxable flow-through earnings — 12,336 Foreign (64 ) (130 ) Recognition of deferred tax assets — (29,870 ) Valuation allowance 17,697 32,440 Other (615 ) (4 ) Total income tax provision $ (7 ) $ 32 |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities were as follows (in thousands): As of December 31, 2015 2014 Deferred tax assets: Property and equipment $ 1 $ 56 Accruals and reserves 1,407 1,523 Deferred rent 654 354 Compensation and benefits 12,512 8,056 Deferred revenue 5,372 17,779 Net operating loss and credits 30,475 4,786 Other 74 17 Total deferred tax assets 50,495 32,571 Valuation allowance (50,212 ) (32,514 ) Total deferred tax assets 283 57 Deferred tax liabilities: Property and equipment (134 ) — Other deferred tax liabilities (149 ) (57 ) Deferred tax liabilities (283 ) (57 ) Total $ — $ — |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | A reconciliation of the denominator used in the calculation of basic and diluted loss per share is as follows (in thousands, except share and per share data): Year ended December 31, 2015 December 31, 2014 December 31, 2013 Class A Class B Class A Class B Class A Class B Numerator Net loss $ (30,075 ) $ (13,324 ) $ (25,259 ) $ (15,895 ) $ (18,016 ) $ (11,528 ) Denominator Weighted-average common shares outstanding - basic and diluted 27,617,350 12,235,274 19,736,342 12,419,718 19,133,028 12,243,575 Basic and diluted net loss per share $ (1.09 ) $ (1.09 ) $ (1.28 ) $ (1.28 ) $ (0.94 ) $ (0.94 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The anti-dilutive securities excluded from the weighted-average shares used to calculate the diluted net loss per common share were as follows: As of December 31, 2015 2014 2013 Shares subject to outstanding common stock options 6,969,133 6,089,938 3,411,237 Shares subject to unvested appreciation units and participation units — — 108,975 Shares subject to unvested restricted stock awards 600,025 54,350 — |
Unaudited Quarterly Results o31
Unaudited Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following tables set forth selected unaudited quarterly consolidated statement of operations data for each of the quarters indicated as well as the percentage of total revenue for each line item shown. The unaudited information should be read in conjunction with our financial statements and related notes included elsewhere in this report. We believe that the following unaudited information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. Three months ended Dec 31, Sept 30, 2015 Jun 30, Mar 31, Dec 31, Sept 30, 2014 Jun 30, Mar 31, (in thousands) Revenue Subscription and support $ 32,102 $ 29,832 $ 28,085 $ 26,269 $ 25,011 $ 23,690 $ 21,968 $ 20,648 Professional services 7,780 6,436 5,883 8,885 5,118 4,229 4,546 7,484 Total revenue 39,882 36,268 33,968 35,154 30,129 27,919 26,514 28,132 Cost of revenue Subscription and support 5,791 5,319 5,564 5,885 6,097 5,387 5,029 4,669 Professional services 5,222 4,457 4,189 3,777 3,864 3,152 2,882 2,798 Total cost of revenue 11,013 9,776 9,753 9,662 9,961 8,539 7,911 7,467 Gross profit 28,869 26,492 24,215 25,492 20,168 19,380 18,603 20,665 Operating expenses Research and development 13,496 12,766 12,196 12,008 11,911 11,175 10,772 10,287 Sales and marketing 18,632 20,903 16,329 13,705 14,063 16,248 12,747 10,440 General and administrative 8,538 7,153 6,291 6,734 5,797 4,572 5,186 4,228 Total operating expenses 40,666 40,822 34,816 32,447 31,771 31,995 28,705 24,955 Loss from operations (11,797 ) (14,330 ) (10,601 ) (6,955 ) (11,603 ) (12,615 ) (10,102 ) (4,290 ) Interest expense (508 ) (494 ) (513 ) (510 ) (763 ) (700 ) (316 ) (265 ) Other income and (expense), net (1) 2,014 163 191 (66 ) (259 ) (67 ) (145 ) 3 Loss before provision for income taxes (10,291 ) (14,661 ) (10,923 ) (7,531 ) (12,625 ) (13,382 ) (10,563 ) (4,552 ) Provision (benefit) for income taxes 2 (31 ) 106 (84 ) 32 — — — Net loss $ (10,293 ) $ (14,630 ) $ (11,029 ) $ (7,447 ) $ (12,657 ) $ (13,382 ) $ (10,563 ) $ (4,552 ) (1) During December 2015, we resolved all contingencies associated with a government grant agreement resulting in higher government grant income recorded to “Other income and (expense), net” (see Note 5). |
Organization and Significant 32
Organization and Significant Accounting Policies - Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Class of Stock [Line Items] | ||||
Issuance of stock, net of issuance costs | $ 90,427 | $ 7,145 | ||
Underwriting discounts and commissions | $ 4 | |||
Class A Common Stock | IPO | ||||
Class of Stock [Line Items] | ||||
Issuance of stock (in shares) | 7,200,000 | |||
Share price (in dollars per share) | $ 14 | $ 14 | ||
Issuance of stock, net of issuance costs | $ 90,400 | |||
Underwriting discounts and commissions | 7,100 | |||
Payment of equity issuance costs | $ 3,300 |
Organization and Significant 33
Organization and Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Foreign currency transaction loss | $ 293 | $ 141 | $ 108 |
Organization and Significant 34
Organization and Significant Accounting Policies - Property and Equipment, net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 4,400 | $ 3,900 | $ 2,400 |
Capital lease amortization expense | $ 2,400 | $ 1,900 | $ 607 |
Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, useful life | 3 years | ||
Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, useful life | 10 years |
Organization and Significant 35
Organization and Significant Accounting Policies - Revenue Recognition and Sales and Marketing Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Revenue recognition, customer contract period, min | 3 months | ||
Revenue recognition, customer contract period, max | 36 months | ||
Sales commissions amortization period | 12 months | ||
Advertising expense | $ 2,800 | $ 1,800 | $ 454 |
Organization and Significant 36
Organization and Significant Accounting Policies - Intangible Assets (Details) - Patents - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets useful life | 10 years | |
Finite-lived intangible assets, accumulated amortization | $ 53,000 | $ 14,800 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2,016 | 56,000 | |
2,017 | 56,000 | |
2,018 | 56,000 | |
2,019 | 56,000 | |
2,020 | 56,000 | |
Thereafter | $ 207,000 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 58,750 | $ 101,131 | $ 15,515 | $ 24,979 |
Available-for-sale Securities [Abstract] | ||||
Unrealized Gains | 1 | |||
Unrealized Losses | (65) | |||
Cash and cash equivalents and available-for-sale securities, amortized cost | 70,849 | |||
Cash and cash equivalents and available-for-sale securities | 70,785 | |||
U.S. treasury debt securities | ||||
Available-for-sale Securities [Abstract] | ||||
Amortized Cost | 4,805 | |||
Unrealized Gains | 0 | |||
Unrealized Losses | (31) | |||
Aggregate Fair Value | 4,774 | |||
U.S. corporate debt securities | ||||
Available-for-sale Securities [Abstract] | ||||
Amortized Cost | 12,679 | |||
Unrealized Gains | 1 | |||
Unrealized Losses | (34) | |||
Aggregate Fair Value | 12,646 | |||
Money market funds | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 53,365 | |||
Cash and cash equivalents, aggregate fair value | 53,365 | |||
Marketable Securities | U.S. corporate debt securities | ||||
Available-for-sale Securities [Abstract] | ||||
Amortized Cost | 17,484 | |||
Unrealized Gains | 1 | |||
Unrealized Losses | (65) | |||
Aggregate Fair Value | 17,420 | |||
Cash and Cash Equivalents | Money market funds | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 53,365 | 97,100 | ||
Cash and cash equivalents, aggregate fair value | $ 53,365 | $ 97,100 |
Marketable Securities - Continu
Marketable Securities - Continuous Unrealized Loss Position (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Fair Value: | |
Less than 12 months | $ 14,878 |
12 months or greater | 0 |
Unrealized Loss: | |
Less than 12 months | (65) |
12 months or greater | 0 |
U.S. treasury debt securities | |
Fair Value: | |
Less than 12 months | 4,774 |
12 months or greater | 0 |
Unrealized Loss: | |
Less than 12 months | (31) |
12 months or greater | 0 |
U.S. corporate debt securities | |
Fair Value: | |
Less than 12 months | 10,104 |
12 months or greater | 0 |
Unrealized Loss: | |
Less than 12 months | (34) |
12 months or greater | $ 0 |
Supplemental Consolidated Bal39
Supplemental Consolidated Balance Sheet and Statement of Operations Information - Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Restricted cash | $ 0 | $ 401 |
Collateral Pledged, Collateral for Lease | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Restricted cash | 101 | |
Collateral Pledged, Collateral for Letter of Credit | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Restricted cash | $ 300 |
Supplemental Consolidated Bal40
Supplemental Consolidated Balance Sheet and Statement of Operations Information - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | $ 55,379 | $ 53,950 | ||
Less: accumulated depreciation and amortization | (10,969) | (7,685) | ||
Property and equipment, net | 44,410 | 46,265 | ||
Capital and financing leased assets, gross | 39,850 | 40,806 | ||
Less: accumulated amortization | (4,511) | (2,477) | ||
Capital and financing leases, net | 35,339 | 38,329 | ||
Buildings | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 36,596 | 37,380 | $ 19,900 | $ 17,100 |
Capital and financing leased assets, gross | 36,596 | 37,380 | ||
Computers, equipment and software | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 7,286 | 6,773 | ||
Computers and equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Capital and financing leased assets, gross | 3,254 | 3,034 | ||
Furniture and fixtures | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 7,484 | 7,024 | ||
Capital and financing leased assets, gross | 0 | 392 | ||
Vehicles | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 148 | 148 | ||
Leasehold improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 3,697 | 1,105 | ||
Construction in process | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | $ 168 | $ 1,520 |
Supplemental Consolidated Bal41
Supplemental Consolidated Balance Sheet and Statement of Operations Information - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Accrued vacation | $ 3,604 | $ 2,949 |
Accrued commissions | 2,470 | 1,649 |
Accrued bonuses | 9,598 | 6,336 |
Self-insurance reserves | 900 | 800 |
Accrued other liabilities | 3,822 | 5,031 |
Accrued expenses and other current liabilities | $ 20,394 | $ 16,765 |
Supplemental Consolidated Bal42
Supplemental Consolidated Balance Sheet and Statement of Operations Information - Other Income (Expense), Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Nonoperating Income (Expense) [Abstract] | |||||||||||
Interest income | $ 151 | $ 73 | $ 220 | ||||||||
Recognition of IEDA government grant | 1,638 | 0 | 0 | ||||||||
Income from training reimbursement program | 744 | 99 | 0 | ||||||||
Change in fair value of derivative | 0 | (193) | 0 | ||||||||
Loss on early extinguishment of convertible note | 0 | (111) | 0 | ||||||||
Other | (231) | (336) | (116) | ||||||||
Nonoperating Income (Expense) | $ 2,014 | $ 163 | $ 191 | $ (66) | $ (259) | $ (67) | $ (145) | $ 3 | $ 2,302 | $ (468) | $ 104 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
U.S. treasury debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities - domestic debt mutual funds | $ 4,774 | |
U.S. corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities - domestic debt mutual funds | 12,646 | |
U.S. corporate debt securities | Marketable Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities - domestic debt mutual funds | 17,420 | |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents - money market funds | 53,365 | |
Money market funds | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents - money market funds | 53,365 | $ 97,100 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 70,785 | 97,085 |
Recurring | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents - money market funds | 53,365 | 97,085 |
Recurring | Marketable Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities - domestic debt mutual funds | 17,420 | 0 |
Recurring | U.S. treasury debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities - domestic debt mutual funds | 4,774 | 0 |
Recurring | U.S. corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities - domestic debt mutual funds | 12,646 | 0 |
Recurring | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents - money market funds | 53,365 | 97,085 |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 53,365 | 97,085 |
Recurring | Level 1 | U.S. treasury debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities - domestic debt mutual funds | 0 | 0 |
Recurring | Level 1 | U.S. corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities - domestic debt mutual funds | 0 | 0 |
Recurring | Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents - money market funds | 53,365 | 97,085 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 17,420 | 0 |
Recurring | Level 2 | U.S. treasury debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities - domestic debt mutual funds | 4,774 | 0 |
Recurring | Level 2 | U.S. corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities - domestic debt mutual funds | 12,646 | 0 |
Recurring | Level 2 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents - money market funds | $ 0 | $ 0 |
Fair Value Measurements - Level
Fair Value Measurements - Level 3 Roll Forward (Details) - Derivative Financial Instruments, Liabilities - Embedded Derivative Financial Instruments - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | $ 0 | $ 0 |
Convertible notes - embedded derivative | 0 | 1,199 |
Change in fair value of derivative | 0 | 193 |
Share settlement of convertible debt | 0 | (1,392) |
Balance at end of period | $ 0 | $ 0 |
Fair Value Measurements - Other
Fair Value Measurements - Other Fair Value Measurements (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Level 3 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-term debt fair value | $ 91 |
Commitments and Contingencies -
Commitments and Contingencies - Lease Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Operating lease rent expense | $ 3,700 | $ 3,200 | $ 2,500 |
Capital leased assets | 39,850 | 40,806 | |
Computer Equipment and Furniture | |||
Property, Plant and Equipment [Line Items] | |||
Capital leased assets | $ 500 | $ 1,700 | $ 1,700 |
Commitments and Contingencies47
Commitments and Contingencies - Build to Suit (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)phase | Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Financing obligation number of phases | phase | 2 | |||
Financing obligation, lessor committed fundings phase 1 | $ 11,800 | |||
Financing obligation, lessor committed fundings phase 2 | 11,100 | |||
Debt Instrument [Line Items] | ||||
Capital leased assets | 39,850 | $ 40,806 | ||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | $ 55,379 | 53,950 | ||
Financing obligation, purchase option period | 3 years | |||
Buildings | ||||
Debt Instrument [Line Items] | ||||
Capital leased assets | $ 36,596 | 37,380 | ||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | $ 36,596 | $ 37,380 | $ 19,900 | $ 17,100 |
Financing Lease Obligation | ||||
Debt Instrument [Line Items] | ||||
Capital leased assets | $ 11,100 | $ 11,800 |
Commitments and Contingencies48
Commitments and Contingencies - Operating Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,015 | $ 2,655 |
2,016 | 2,904 |
2,017 | 2,761 |
2,018 | 1,933 |
2,019 | 1,391 |
Thereafter | 8,151 |
Total minimum lease payments | 19,795 |
Financing Obligations | |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,015 | 2,458 |
2,016 | 2,681 |
2,017 | 2,681 |
2,018 | 2,681 |
2,019 | 2,681 |
Thereafter | 29,653 |
Total minimum lease payments | 42,835 |
Less: Amount representing interest | (21,351) |
Present value of capital lease and financing obligations | 21,484 |
Capital Leases | |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,015 | 1,009 |
2,016 | 414 |
2,017 | 66 |
2,018 | 0 |
2,019 | 0 |
Thereafter | 0 |
Total minimum lease payments | 1,489 |
Less: Amount representing interest | (82) |
Present value of capital lease and financing obligations | $ 1,407 |
Commitments and Contingencies49
Commitments and Contingencies - Government Grants (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)employeeagreement | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Gain Contingencies [Line Items] | |||
Government training reimbursement number of agreements | agreement | 3 | ||
Government training reimbursement number of employees | employee | 378 | ||
Proceeds from government grants, training reimbursement | $ 0 | $ 194,000 | $ 1,500,000 |
Gain (loss) on government grant reimbursement | 744,000 | 99,000 | 0 |
Deferred government grant obligation, current | 985,000 | 2,324,000 | |
Other Operating Income (Expense) | |||
Gain Contingencies [Line Items] | |||
Gain (loss) on government grant reimbursement | 744,000 | 99,000 | $ 0 |
Training Reimbursement | |||
Gain Contingencies [Line Items] | |||
Deferred government grant obligation | 2,700,000 | 3,500,000 | |
Deferred government grant obligation, current | $ 985,000 | $ 697,000 |
Commitments and Contingencies50
Commitments and Contingencies - Forgivable Grant (Details) | Feb. 01, 2011USD ($)job | Dec. 31, 2015USD ($)job | Aug. 31, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 30, 2015USD ($) | Dec. 20, 2013USD ($) | Oct. 31, 2013USD ($) |
Debt Instrument [Line Items] | |||||||||||
Repayment of government grant | $ 101,000 | $ 0 | $ 0 | ||||||||
Proceeds from government grants, training reimbursement | 0 | 194,000 | 1,500,000 | ||||||||
Other Commitments [Line Items] | |||||||||||
Recognition of IEDA government grant | 1,638,000 | 0 | 0 | ||||||||
Forgivable Grant | |||||||||||
Other Commitments [Line Items] | |||||||||||
Deferred government grant obligation | $ 0 | $ 0 | $ 0 | $ 2,300,000 | $ 2,200,000 | ||||||
Forgivable Grant | Operating Expenses | |||||||||||
Other Commitments [Line Items] | |||||||||||
Recognition of IEDA government grant | 608,000 | ||||||||||
Forgivable Grant | Other Operating Income (Expense) | |||||||||||
Other Commitments [Line Items] | |||||||||||
Recognition of IEDA government grant | $ 1,600,000 | ||||||||||
Forgivable Grant | February 2011, 6% IDED Forgivable Grant | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face amount | $ 2,300,000 | ||||||||||
Debt term | 5 years | ||||||||||
Debt stated interest rate | 6.00% | ||||||||||
Number of jobs required to create and retain for a specific period of time | job | 251 | ||||||||||
Number of previous jobs required to maintain | job | 6 | ||||||||||
Required investment in development plan | $ 31,600,000 | ||||||||||
Repayment amount per position | $ 8,799 | ||||||||||
Write off of debt interest expense | $ 260,000 | ||||||||||
Number of jobs failed that failed to meet requirement | job | 10 | ||||||||||
Repayment of government grant | $ 88,000 | ||||||||||
Proceeds from government grants, sales tax grant | $ 313,000 | ||||||||||
Forgivable Grant | October 2013, IEDA Forgivable Loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt maximum amount available | $ 2,500,000 | ||||||||||
Forgivable Grant | October 2013, Non-interest Bearing IEDA Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds from government grants, training reimbursement | $ 235,000 | ||||||||||
Debt maximum amount available | $ 2,500,000 | ||||||||||
Forgivable Grant | October 2013, IEDA Loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face amount | $ 2,000,000 |
Debt - Convertible Debt (Detail
Debt - Convertible Debt (Details) - USD ($) | Dec. 16, 2014 | Dec. 16, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2014 |
Debt Instrument [Line Items] | ||||||
Loss on settlement of convertible notes | $ 0 | $ 111,000 | $ 0 | |||
Convertible Debt | Other income (expense), net | ||||||
Debt Instrument [Line Items] | ||||||
Gain (loss) on embedded derivatives, net | $ 193,000 | |||||
Convertible Debt | July 2013, 7% Subordinated Promissory Note | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | $ 5,000,000 | |||||
Debt stated interest rate | 7.00% | |||||
Debt convertible, percent of discount of price | 10.00% | |||||
Debt convertible, paid in kind interest percentage | 10.00% | |||||
Fair value of embedded derivative liability | $ 1,200,000 | |||||
Extinguishment of debt amount | $ 5,100,000 | |||||
Debt conversion shares issued | 407,480 | |||||
Conversion price (in dollars per share) | $ 12.60 | $ 12.60 | ||||
Debt convertible, percent of price per unit | 90.00% | |||||
Loss on settlement of convertible notes | $ 111,000 | |||||
Interest expense | $ 400,000 |
Debt - Other Long-Term Debt (De
Debt - Other Long-Term Debt (Details) | Jul. 14, 2011USD ($) | Feb. 01, 2011USD ($)job | Feb. 15, 2010USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Aug. 31, 2014USD ($) | Dec. 20, 2013USD ($) | Oct. 31, 2013USD ($) | Mar. 06, 2013USD ($) | Dec. 31, 2012USD ($) | May. 20, 2010USD ($)job | Apr. 30, 2010USD ($)job | Aug. 31, 2009USD ($)job |
Debt Instrument [Line Items] | ||||||||||||||
Current portion of long-term debt | $ 18,000 | $ 84,000 | ||||||||||||
Long-term debt | 73,000 | 91,000 | ||||||||||||
Loans Payable | August 2009, IDED Loans | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of jobs required to create and retain for a specific period of time | job | 20 | |||||||||||||
Amount due if jobs not created | $ 150,000 | |||||||||||||
Interest expense | 7,100 | 6,800 | $ 11,000 | |||||||||||
Loans Payable | August 2009, 5% IDED Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt face amount | $ 100,000 | |||||||||||||
Debt stated interest rate | 5.00% | |||||||||||||
Loans Payable | August 2009, $150,000 IDED Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt face amount | $ 150,000 | |||||||||||||
Periodic payment minimum percentage of gross revenue | 2.00% | |||||||||||||
Periodic payment annual principal payment minimum | $ 25,000 | |||||||||||||
Periodic payment total expected payment | 225,000 | |||||||||||||
Expected principal payment in next fiscal year | $ 25,000 | |||||||||||||
Current portion of long-term debt | 18,000 | |||||||||||||
Long-term debt | 73,000 | |||||||||||||
Loans Payable | April 2010, 1.625% Percent City of Ames Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt face amount | $ 100,000 | |||||||||||||
Debt stated interest rate | 1.625% | |||||||||||||
Number of jobs required to create for a specific period of time | job | 62 | |||||||||||||
Interest expense | 300 | 1,000 | ||||||||||||
Loans Payable | May 2010, Non-Interest Bearing IDED Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt face amount | $ 500,000 | |||||||||||||
Number of jobs required to create and retain for a specific period of time | job | 62 | |||||||||||||
Forgivable Grant | February 2010, 6% IDED Forgivable Grant | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt face amount | $ 150,000 | |||||||||||||
Debt stated interest rate | 6.00% | |||||||||||||
Debt term | 10 years | |||||||||||||
Interest expense | 9,000 | 11,000 | ||||||||||||
Minimum percent of assets sold causing debt to no longer be forgivable | 51.00% | |||||||||||||
Forgivable Grant | February 2011, 6% IDED Forgivable Grant | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt face amount | $ 2,300,000 | |||||||||||||
Debt stated interest rate | 6.00% | |||||||||||||
Debt term | 5 years | |||||||||||||
Number of jobs required to create and retain for a specific period of time | job | 251 | |||||||||||||
Forgivable Grant | October 2013, IEDA Loans | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt face amount | $ 2,000,000 | |||||||||||||
Forgivable Grant | October 2013, IEDA Forgivable Loans | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt maximum amount available | $ 2,500,000 | |||||||||||||
Forgivable Grant | October 2013, Non-interest Bearing IEDA Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt maximum amount available | $ 2,500,000 | |||||||||||||
Line of Credit | Bankers Trust | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest expense | 0 | 0 | ||||||||||||
Line of credit, maximum borrowing capacity | $ 1,000,000 | |||||||||||||
Line of Credit | Bankers Trust | Prime Rate | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt basis spread on variable rate | 1.50% | |||||||||||||
Line of Credit | Morgan Stanley | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest expense | 0 | 16,000 | 27,000 | |||||||||||
Line of credit, maximum borrowing capacity | $ 20,800,000 | |||||||||||||
Line of Credit | Silicon Valley Bank | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest expense | 0 | 28,000 | ||||||||||||
Line of credit, maximum borrowing capacity | $ 15,000,000 | |||||||||||||
Line of credit asset restrictions on cash | $ 5,000,000 | |||||||||||||
Line of credit facility interest rate at period end | 3.50% | |||||||||||||
Line of credit outstanding | $ 0 | |||||||||||||
Line of Credit | February 2011, 6% IDED Forgivable Grant | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Letter of credit oustanding | $ 2,300,000 | |||||||||||||
Vehicle Financing Arrangements | 2012, 8.35% Vehicle Financing Arrangements | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt face amount | $ 85,000 | |||||||||||||
Debt stated interest rate | 8.35% | |||||||||||||
Interest expense | $ 3,200 | $ 5,400 |
Stockholders' Equity and Memb53
Stockholders' Equity and Members' Equity (Deficit) (Details) | 12 Months Ended |
Dec. 31, 2015voteclass$ / shares | |
Class of Stock [Line Items] | |
Number of classes of common stock | class | 2 |
Class A Common Stock | |
Class of Stock [Line Items] | |
Common stock votes per share | vote | 1 |
Class B Common Stock | |
Class of Stock [Line Items] | |
Common stock votes per share | vote | 10 |
Rate of conversion | 1 |
Series B Preferred Units | |
Class of Stock [Line Items] | |
Distribution made to LLC member, dollars per unit | $ 1 |
Series C Preferred Units | |
Class of Stock [Line Items] | |
Distribution made to LLC member, dollars per unit | 5 |
Series A Preferred Units | |
Class of Stock [Line Items] | |
Distribution made to LLC member, dollars per unit | 0.20 |
Common Units | |
Class of Stock [Line Items] | |
Distribution made to LLC member, dollars per unit | $ 0.20 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 11,000 | $ 7,385 | $ 3,370 |
Restricted Participation and Appreciation Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 50 | 224 | |
Employee and Nonemployee Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 7,600 | 7,300 | $ 3,100 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 3,400 | $ 31 | |
Class A Common Stock | 2014 Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for grant | 1,617,311 | ||
Class A Common Stock | 2014 Equity Incentive Plan | Employee and Nonemployee Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
Expiration period | 10 years |
Stock-Based Compensation - Expe
Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | $ 11,000 | $ 7,385 | $ 3,370 |
Subscription and support | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | 363 | 502 | 200 |
Professional services | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | 349 | 337 | 171 |
Research and development | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | 1,924 | 1,757 | 762 |
Sales and marketing | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | 1,727 | 1,241 | 799 |
General and administrative | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | $ 6,637 | $ 3,548 | $ 1,438 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Expected term (in years) | 6 years 1 month 6 days | ||
Risk-free interest rate, min | 1.35% | 1.52% | 1.00% |
Risk-free interest rate, max | 1.93% | 2.80% | 2.89% |
Expected volatility, min | 42.35% | 45.84% | 51.09% |
Expected volatility, max | 47.07% | 52.50% | 53.84% |
Forfeiture rate, min | 4.82% | 0.00% | 0.00% |
Forfeiture rate, max | 5.21% | 6.76% | 6.02% |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Expected term (in years) | 5 years | 6 years 1 month 6 days | |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Expected term (in years) | 10 years | 10 years |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Options (in shares): | |||
Outstanding beginning of the period (in shares) | 6,089,938 | ||
Granted (in shares) | 1,718,332 | ||
Forfeited (in shares) | 131,846 | ||
Exercised (in shares) | 707,291 | ||
Outstanding end of the period (in shares) | 6,969,133 | 6,089,938 | |
Exercisable at end of the period (in shares) | 3,471,017 | ||
Weighted-Average Exercise Price (in dollars per share): | |||
Outstanding beginning of the period, weighted average exercise price (in dollars per share) | $ 9.63 | ||
Granted, weighted-average exercise price (in dollars per share) | 14.36 | ||
Forfeited, weighted average exercise price (in dollars per share) | 13.75 | ||
Exercised, weighted average exercise price (in dollars per share) | 3.17 | ||
Outstanding end of the period, weighted average exercise price (in dollars per share) | 11.37 | $ 9.63 | |
Exercisable at the end of the period, weighted average exercise price (in dollars per share) | $ 7.96 | ||
Outstanding, weighted-average remaining contractual term (years) | 7 years 8 months 12 days | 7 years 9 months 18 days | |
Exercisable, weighted-average remaining contractual term (years) | 6 years 6 months | ||
Outstanding, aggregate intrinsic value | $ 43,287 | $ 30,066 | |
Exercisable, aggregate intrinsic value | 33,348 | ||
Options Additional Information: | |||
Options exercised intrinsic value | $ 8,400 | $ 1,700 | $ 638 |
Options grants in period, weighted average grant date fair value (in dollars per share) | $ 6.53 | $ 7.85 | $ 6.24 |
Options vested in period fair value | $ 8,700 | $ 5,100 | $ 2,300 |
Share-based compensation expense | 11,000 | 7,385 | 3,370 |
Employee and Nonemployee Stock Options | |||
Options Additional Information: | |||
Options unrecognized compensation expense | $ 20,600 | ||
Options unrecognized compensation expense, period for recognition | 2 years 9 months 26 days | ||
Share-based compensation expense | $ 7,600 | 7,300 | 3,100 |
Nonemployee Stock Options | |||
Options Additional Information: | |||
Share-based compensation expense | $ 236 | $ 1,800 | $ 1,600 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vested in period, fair value | $ 750 | |
Number of Shares (in shares): | ||
Outstanding at beginning of period (in shares) | 54,350 | |
Granted (in shares) | 600,025 | |
Forfeited (in shares) | 0 | |
Vested (in shares) | (54,350) | |
Outstanding at end of period (in shares) | 600,025 | 54,350 |
Weighted-Average Grant Date Fair Value (in dollars per share) | ||
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ 13.80 | |
Grants in period, weighted average grant date fair value (in dollars per share) | 13.38 | |
Forfeitures, weighted average grant date fair value (in dollars per share) | 0 | |
Vested, weight average grant date fair value (in dollars per share) | 13.80 | |
Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $ 13.38 | $ 13.80 |
Aggregate intrinsic value | $ 10,542 | $ 728 |
Unrecognized compensation expense | $ 5,300 | |
Unrecognized compensation expense, period for recognition | 1 year 11 months 23 days | |
Executive Officers | ||
Weighted-Average Grant Date Fair Value (in dollars per share) | ||
Award vesting period | 3 years | |
Non-employee Members, Board of Directors | ||
Weighted-Average Grant Date Fair Value (in dollars per share) | ||
Award vesting period | 1 year |
Stock-Based Compensation - Re59
Stock-Based Compensation - Restricted Participation and Appreciation Units (Details) - Restricted Participation and Appreciation Units - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Equity instruments other than options outstanding | 108,975 | |
Vested in period, fair value | $ 77 | $ 242 |
Accumulated Other Comprehensi60
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning of the period | $ 55,819 | ||
End of the period | 25,719 | $ 55,819 | |
Accumulated translation adjustment | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning of the period | 147 | 54 | $ (2) |
Other comprehensive income (loss), before reclassification | 133 | 93 | 56 |
Reclassification of realized loss | 0 | ||
End of the period | 280 | 147 | 54 |
Accumulated unrealized holding gains (losses) on available-for-sale securities | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning of the period | 0 | (196) | (40) |
Other comprehensive income (loss), before reclassification | (39) | 60 | (156) |
Reclassification of realized loss | 136 | ||
End of the period | (39) | 0 | (196) |
Accumulated other comprehensive income (loss) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning of the period | 147 | (142) | (42) |
Other comprehensive income (loss), before reclassification | 94 | 153 | (100) |
Reclassification of realized loss | 136 | ||
End of the period | $ 241 | $ 147 | $ (142) |
Segments (Details)
Segments (Details) - segment | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting [Abstract] | |||
Number of operating segments | 1 | ||
Geographic Concentration Risk | Revenue | United States | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 94.30% | 94.70% | 95.80% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 10, 2014 | |
Income Tax Disclosure [Abstract] | |||
Deferred federal income tax expense (benefit) | $ (76) | $ 0 | |
Deferred tax assets gross | 50,495 | $ 32,571 | $ 29,900 |
Unrecognized tax benefits | $ 2,500 |
Income Taxes - Income Before In
Income Taxes - Income Before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||||||||||
United States | $ (42,788) | $ (40,363) | $ (29,202) | ||||||||
Foreign | (618) | (759) | (342) | ||||||||
Loss before provision for income taxes | $ (10,291) | $ (14,661) | $ (10,923) | $ (7,531) | $ (12,625) | $ (13,382) | $ (10,563) | $ (4,552) | $ (43,406) | $ (41,122) | $ (29,544) |
Income Taxes - Components of Pr
Income Taxes - Components of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current | |||||||||||
State | $ 69 | $ 32 | |||||||||
Total Current | 69 | 32 | |||||||||
Deferred | |||||||||||
Federal | (76) | 0 | |||||||||
Total Deferred | (76) | 0 | $ 0 | ||||||||
Total income tax provision | $ 2 | $ (31) | $ 106 | $ (84) | $ 32 | $ 0 | $ 0 | $ 0 | $ (7) | $ 32 | $ 0 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||
Federal statutory rate (as percent) | 35.00% | 35.00% | |||||||||
Effect of: | |||||||||||
Tax benefit at federal statutory rate | $ (15,192) | $ (14,393) | |||||||||
State taxes, net of federal benefit | (1,833) | (347) | |||||||||
Non-taxable flow-through earnings | 0 | 12,336 | |||||||||
Foreign | (64) | (130) | |||||||||
Recognition of deferred tax assets | 0 | (29,870) | |||||||||
Valuation allowance | 17,697 | 32,440 | |||||||||
Other | (615) | (4) | |||||||||
Total income tax provision | $ 2 | $ (31) | $ 106 | $ (84) | $ 32 | $ 0 | $ 0 | $ 0 | $ (7) | $ 32 | $ 0 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 10, 2014 |
Deferred tax assets: | |||
Property and equipment | $ 1 | $ 56 | |
Accruals and reserves | 1,407 | 1,523 | |
Deferred rent | 654 | 354 | |
Compensation and benefits | 12,512 | 8,056 | |
Deferred revenue | 5,372 | 17,779 | |
Net operating loss and credits | 30,475 | 4,786 | |
Other | 74 | 17 | |
Total deferred tax assets | 50,495 | 32,571 | $ 29,900 |
Valuation allowance | (50,212) | (32,514) | |
Total deferred tax assets | 283 | 57 | |
Deferred tax liabilities: | |||
Property and equipment | (134) | 0 | |
Other deferred tax liabilities | (149) | (57) | |
Deferred tax liabilities | (283) | (57) | |
Total | $ 0 | $ 0 |
Income Taxes - Operating Loss C
Income Taxes - Operating Loss Carryforwards (Details) $ in Millions | Dec. 31, 2015USD ($) |
Federal | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 80 |
State | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 62 |
Foreign | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 1.2 |
Income Taxes - Tax Credit Carry
Income Taxes - Tax Credit Carryforwards (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Federal | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward | $ 1,400 |
State | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward | $ 575 |
Net Loss Per Share - Earnings P
Net Loss Per Share - Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 10, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | |||||||||||||
Net loss | $ (5,909) | $ (10,293) | $ (14,630) | $ (11,029) | $ (7,447) | $ (12,657) | $ (13,382) | $ (10,563) | $ (4,552) | $ (35,246) | $ (43,399) | $ (41,154) | $ (29,544) |
Weighted average common shares outstanding - basic and diluted (in shares) | 39,852,624 | 32,156,060 | 31,376,603 | ||||||||||
Basic and diluted net loss per share (in dollars per share) | $ (1.09) | $ (1.28) | $ (0.94) | ||||||||||
Class A Common Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Net loss | $ (30,075) | $ (25,259) | $ (18,016) | ||||||||||
Weighted average common shares outstanding - basic and diluted (in shares) | 27,617,350 | 19,736,342 | 19,133,028 | ||||||||||
Basic and diluted net loss per share (in dollars per share) | $ (1.09) | $ (1.28) | $ (0.94) | ||||||||||
Class B Common Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Net loss | $ (13,324) | $ (15,895) | $ (11,528) | ||||||||||
Weighted average common shares outstanding - basic and diluted (in shares) | 12,235,274 | 12,419,718 | 12,243,575 | ||||||||||
Basic and diluted net loss per share (in dollars per share) | $ (1.09) | $ (1.28) | $ (0.94) |
Net Loss Per Share - Antidiluti
Net Loss Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Shares subject to outstanding common stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 6,969,133 | 6,089,938 | 3,411,237 |
Shares subject to unvested appreciation units and participation units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 | 108,975 |
Shares subject to unvested restricted stock awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 600,025 | 54,350 | 0 |
Unaudited Quarterly Results o71
Unaudited Quarterly Results of Operations - Schedule of Quarterly Results (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 10, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue | |||||||||||||
Subscription and support | $ 32,102 | $ 29,832 | $ 28,085 | $ 26,269 | $ 25,011 | $ 23,690 | $ 21,968 | $ 20,648 | $ 116,288 | $ 91,317 | $ 65,164 | ||
Professional services | 7,780 | 6,436 | 5,883 | 8,885 | 5,118 | 4,229 | 4,546 | 7,484 | 28,984 | 21,377 | 19,987 | ||
Total revenue | 39,882 | 36,268 | 33,968 | 35,154 | 30,129 | 27,919 | 26,514 | 28,132 | 145,272 | 112,694 | 85,151 | ||
Cost of revenue | |||||||||||||
Subscription and support | 5,791 | 5,319 | 5,564 | 5,885 | 6,097 | 5,387 | 5,029 | 4,669 | 22,559 | 21,182 | 15,129 | ||
Professional services | 5,222 | 4,457 | 4,189 | 3,777 | 3,864 | 3,152 | 2,882 | 2,798 | 17,645 | 12,696 | 9,520 | ||
Total cost of revenue | 11,013 | 9,776 | 9,753 | 9,662 | 9,961 | 8,539 | 7,911 | 7,467 | 40,204 | 33,878 | 24,649 | ||
Gross profit | 28,869 | 26,492 | 24,215 | 25,492 | 20,168 | 19,380 | 18,603 | 20,665 | 105,068 | 78,816 | 60,502 | ||
Operating expenses | |||||||||||||
Research and development | 13,496 | 12,766 | 12,196 | 12,008 | 11,911 | 11,175 | 10,772 | 10,287 | 50,466 | 44,145 | 34,116 | ||
Sales and marketing | 18,632 | 20,903 | 16,329 | 13,705 | 14,063 | 16,248 | 12,747 | 10,440 | 69,569 | 53,498 | 41,067 | ||
General and administrative | 8,538 | 7,153 | 6,291 | 6,734 | 5,797 | 4,572 | 5,186 | 4,228 | 28,716 | 19,783 | 14,601 | ||
Total operating expenses | 40,666 | 40,822 | 34,816 | 32,447 | 31,771 | 31,995 | 28,705 | 24,955 | 148,751 | 117,426 | 89,784 | ||
Loss from operations | (11,797) | (14,330) | (10,601) | (6,955) | (11,603) | (12,615) | (10,102) | (4,290) | (43,683) | (38,610) | (29,282) | ||
Interest expense | (508) | (494) | (513) | (510) | (763) | (700) | (316) | (265) | (2,025) | (2,044) | (366) | ||
Other income and (expense), net | 2,014 | 163 | 191 | (66) | (259) | (67) | (145) | 3 | 2,302 | (468) | 104 | ||
Loss before provision for income taxes | (10,291) | (14,661) | (10,923) | (7,531) | (12,625) | (13,382) | (10,563) | (4,552) | (43,406) | (41,122) | (29,544) | ||
(Benefit) provision for income taxes | 2 | (31) | 106 | (84) | 32 | 0 | 0 | 0 | (7) | 32 | 0 | ||
Net loss | $ (5,909) | $ (10,293) | $ (14,630) | $ (11,029) | $ (7,447) | $ (12,657) | $ (13,382) | $ (10,563) | $ (4,552) | $ (35,246) | $ (43,399) | $ (41,154) | $ (29,544) |
Uncategorized Items - wk-201512
Label | Element | Value |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | $ 470,000 |
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | 15,000 |
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | 566,000 |
Stock Issued During Period, Value, Conversion of Convertible Securities | us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities | 5,704,000 |
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared | us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsDeclared | 625,000 |
Stock Issued During Period, Value, Conversion of Units | us-gaap_StockIssuedDuringPeriodValueConversionOfUnits | 0 |
Limited Liability Company (LLC) Members' Equity, Unit-based Compensation | us-gaap_LimitedLiabilityCompanyLLCMembersEquityUnitBasedCompensation | 6,915,000 |
AOCI Attributable to Parent [Member] | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent | 17,000 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent | 272,000 |
Additional Paid-in Capital [Member] | ||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 470,000 |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 90,420,000 |
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | 15,000 |
Stock Issued During Period, Value, Conversion of Convertible Securities | us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities | 5,704,000 |
Stock Issued During Period, Value, Conversion of Units | us-gaap_StockIssuedDuringPeriodValueConversionOfUnits | 92,559,000 |
Common Stock [Member] | ||
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | $ 7,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised | 2,000 |
Stock Issued During Period, Shares, Conversion of Units | us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits | 31,978,000 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities | 407,000 |
Stock Issued During Period, Shares, New Issues | us-gaap_StockIssuedDuringPeriodSharesNewIssues | 7,200,000 |
Stock Issued During Period, Value, Conversion of Units | us-gaap_StockIssuedDuringPeriodValueConversionOfUnits | $ 32,000 |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross | 54,000 |
Retained Earnings [Member] | ||
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | $ (5,909,000) |
Stock Issued During Period, Value, Conversion of Units | us-gaap_StockIssuedDuringPeriodValueConversionOfUnits | (127,626,000) |
Series A Preferred Stock [Member] | Member Units [Member] | ||
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | $ (6,567,000) |
Stock Issued During Period, Shares, Conversion of Units | us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits | (21,050,000) |
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared | us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsDeclared | $ 149,000 |
Stock Issued During Period, Value, Conversion of Units | us-gaap_StockIssuedDuringPeriodValueConversionOfUnits | 17,318,000 |
Series B Preferred Stock [Member] | Member Units [Member] | ||
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | $ (4,887,000) |
Stock Issued During Period, Shares, Conversion of Units | us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits | (15,665,000) |
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared | us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsDeclared | $ 111,000 |
Stock Issued During Period, Value, Conversion of Units | us-gaap_StockIssuedDuringPeriodValueConversionOfUnits | 11,908,000 |
Series C Preferred Stock [Member] | Member Units [Member] | ||
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | $ (10,343,000) |
Stock Issued During Period, Shares, Conversion of Units | us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits | (10,486,000) |
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared | us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsDeclared | $ 74,000 |
Stock Issued During Period, Value, Conversion of Units | us-gaap_StockIssuedDuringPeriodValueConversionOfUnits | 3,347,000 |
Appreciation and Participation Units [Member] | Member Units [Member] | ||
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | $ (6,857,000) |
Stock Issued During Period, Shares, Conversion of Units | us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits | (21,982,000) |
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared | us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsDeclared | $ 155,000 |
Stock Issued During Period, Shares, Share-based Compensation, Gross | us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross | 303,000 |
Stock Issued During Period, Value, Conversion of Units | us-gaap_StockIssuedDuringPeriodValueConversionOfUnits | $ 3,375,000 |
Common Units [Member] | Member Units [Member] | ||
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | $ (6,592,000) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised | 364,000 |
Stock Issued During Period, Shares, Conversion of Units | us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits | (19,318,000) |
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | $ 566,000 |
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared | us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsDeclared | 136,000 |
Stock Issued During Period, Value, Conversion of Units | us-gaap_StockIssuedDuringPeriodValueConversionOfUnits | (913,000) |
Limited Liability Company (LLC) Members' Equity, Unit-based Compensation | us-gaap_LimitedLiabilityCompanyLLCMembersEquityUnitBasedCompensation | $ 6,915,000 |