Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 23, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | JIVE | ||
Entity Registrant Name | Jive Software, Inc. | ||
Entity Central Index Key | 1462633 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 74,395,022 | ||
Entity Public Float | $370 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $20,594 | $38,415 |
Short-term marketable securities | 93,001 | 69,809 |
Accounts receivable, net | 66,729 | 58,829 |
Prepaid expenses and other current assets | 13,490 | 9,425 |
Total current assets | 193,814 | 176,478 |
Marketable securities, noncurrent | 7,542 | 33,443 |
Property and equipment, net | 12,986 | 21,379 |
Goodwill | 29,753 | 29,753 |
Intangible assets, net | 9,448 | 14,310 |
Other assets | 9,314 | 572 |
Total assets | 262,857 | 275,935 |
Current liabilities: | ||
Accounts payable | 3,565 | 6,412 |
Accrued payroll and related liabilities | 6,622 | 7,469 |
Other accrued liabilities | 8,246 | 8,478 |
Deferred revenue, current | 128,592 | 112,432 |
Term debt, current | 2,400 | 2,400 |
Total current liabilities | 149,425 | 137,191 |
Deferred revenue, less current portion | 31,947 | 34,905 |
Term debt, less current portion | 3,600 | 6,000 |
Other long-term liabilities | 1,288 | 1,605 |
Total liabilities | 186,260 | 179,701 |
Commitments and contingencies (Note 13) | ||
Stockholders' Equity: | ||
Common stock, $0.0001 par value. Authorized 290,000 shares; issued - 80,342 shares at December 31, 2014 and 76,174 at December 31, 2013; outstanding - 73,917 at December 31, 2014 and 69,653 at December 31, 2013 | 7 | 7 |
Less treasury stock at cost | -3,352 | -3,352 |
Additional paid-in capital | 363,587 | 326,834 |
Accumulated deficit | -283,684 | -227,531 |
Accumulated other comprehensive income | 39 | 276 |
Total stockholders' equity | 76,597 | 96,234 |
Total liabilities and stockholders' equity | $262,857 | $275,935 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 290,000 | 290,000 |
Common stock, shares issued | 80,342 | 76,174 |
Common stock, shares outstanding | 73,917 | 69,653 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Product | $162,185 | $131,507 | $100,040 |
Professional services | 16,508 | 14,256 | 13,626 |
Total revenues | 178,693 | 145,763 | 113,666 |
Cost of revenues: | |||
Product | 43,494 | 37,419 | 30,240 |
Professional services | 23,179 | 17,873 | 14,625 |
Total cost of revenues | 66,673 | 55,292 | 44,865 |
Gross profit | 112,020 | 90,471 | 68,801 |
Operating expenses: | |||
Research and development | 52,275 | 55,742 | 39,190 |
Sales and marketing | 90,141 | 86,083 | 60,235 |
General and administrative | 24,633 | 24,613 | 16,444 |
Total operating expenses | 167,049 | 166,438 | 115,869 |
Loss from operations | -55,029 | -75,967 | -47,068 |
Other income (expense), net: | |||
Interest income | 205 | 249 | 180 |
Interest expense | -269 | -314 | -421 |
Other, net | 78 | -349 | -98 |
Total other income (expense), net | 14 | -414 | -339 |
Loss before provision for (benefit from) income taxes | -55,015 | -76,381 | -47,407 |
Provision for (benefit from) income taxes | 1,138 | -1,010 | 28 |
Net loss | ($56,153) | ($75,371) | ($47,435) |
Basic and diluted net loss per share | ($0.79) | ($1.12) | ($0.76) |
Shares used in basic and diluted per share calculations | 70,751 | 67,381 | 62,614 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net loss | ($56,153) | ($75,371) | ($47,435) |
Other comprehensive income (loss): | |||
Foreign currency translation | -205 | 290 | 8 |
Unrealized gain (loss) on marketable securities | -32 | -45 | 13 |
Other comprehensive income (loss) | -237 | 245 | 21 |
Comprehensive loss | ($56,390) | ($75,126) | ($47,414) |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common stock [Member] | Treasury stock [Member] | Additional paid-in capital [Member] | Accumulated Deficit [Member] | Accumulated other comprehensive income [Member] |
In Thousands | ||||||
Beginning balance at Dec. 31, 2011 | $150,719 | $7 | ($3,352) | $258,779 | ($104,725) | $10 |
Beginning balance, shares at Dec. 31, 2011 | 61,308 | |||||
Issuance of common stock for employee stock options exercised and vesting of restricted shares | 5,970 | 5,970 | ||||
Issuance of common stock for employee stock options exercised and vesting of restricted shares, shares | 3,631 | |||||
Issuance of common stock for acquisitions | 2,374 | 2,374 | ||||
Issuance of common stock for acquisitions, shares | 460 | |||||
Stock-based compensation | 18,209 | 18,209 | ||||
Foreign currency translation, net of tax | 8 | 8 | ||||
Unrealized gain on marketable securities, net of tax | 13 | 13 | ||||
Net loss | -47,435 | -47,435 | ||||
Ending balance at Dec. 31, 2012 | 129,858 | 7 | -3,352 | 285,332 | -152,160 | 31 |
Ending balance, shares at Dec. 31, 2012 | 65,399 | |||||
Issuance of common stock for employee stock options exercised and vesting of restricted shares | 5,873 | 5,873 | ||||
Issuance of common stock for employee stock options exercised and vesting of restricted shares, shares | 3,783 | |||||
Issuance of common stock for acquisitions | 852 | 852 | ||||
Issuance of common stock for acquisitions, shares | 471 | |||||
Stock-based compensation | 34,777 | 34,777 | ||||
Foreign currency translation, net of tax | 290 | 290 | ||||
Unrealized gain on marketable securities, net of tax | -45 | -45 | ||||
Net loss | -75,371 | -75,371 | ||||
Ending balance at Dec. 31, 2013 | 96,234 | 7 | -3,352 | 326,834 | -227,531 | 276 |
Ending balance, shares at Dec. 31, 2013 | 69,653 | |||||
Issuance of common stock for employee stock options exercised and vesting of restricted shares | 2,492 | 2,492 | ||||
Issuance of common stock for employee stock options exercised and vesting of restricted shares, shares | 4,264 | |||||
Stock-based compensation | 34,261 | 34,261 | ||||
Foreign currency translation, net of tax | -205 | -205 | ||||
Unrealized gain on marketable securities, net of tax | -32 | -32 | ||||
Net loss | -56,153 | -56,153 | ||||
Ending balance at Dec. 31, 2014 | $76,597 | $7 | ($3,352) | $363,587 | ($283,684) | $39 |
Ending balance, shares at Dec. 31, 2014 | 73,917 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net loss | ($56,153) | ($75,371) | ($47,435) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 15,458 | 15,774 | 10,050 |
Stock-based compensation | 32,908 | 34,754 | 18,209 |
Change in deferred taxes | 243 | -1,231 | -281 |
Loss on sale of property and equipment | 19 | 10 | 21 |
(Increase) decrease, net of acquisitions, in: | |||
Accounts receivable, net | -7,900 | -4,629 | -22,201 |
Prepaid expenses and other assets | -4,084 | -1,437 | -3,343 |
Increase (decrease), net of acquisitions, in: | |||
Accounts payable | -2,622 | -2,669 | 5,529 |
Accrued payroll and related liabilities | -883 | 101 | 728 |
Other accrued liabilities | 139 | 1,057 | 2,645 |
Deferred revenue | 13,202 | 30,290 | 39,221 |
Other long-term liabilities | 16 | 373 | |
Net cash provided by (used in) operating activities | -9,657 | -2,978 | 3,143 |
Cash flows from investing activities: | |||
Payments for purchase of property and equipment | -9,313 | -13,934 | -10,648 |
Purchases of marketable securities | -91,987 | -111,700 | -154,475 |
Sales of marketable securities | 36,174 | 40,772 | 11,147 |
Maturities of marketable securities | 57,324 | 84,934 | 24,229 |
Acquisitions, net of cash acquired | -11,047 | -7,613 | |
Net cash used in investing activities | -7,802 | -10,975 | -137,360 |
Cash flows from financing activities: | |||
Proceeds from exercise of stock options | 4,250 | 6,947 | 5,970 |
Taxes paid related to net share settlement of equity awards | -1,758 | -1,074 | |
Proceeds from initial public offering, net of offering costs | -1,014 | ||
Repayments of term loans | -2,400 | -2,400 | -2,450 |
Earnout payment for prior acquisition | -576 | ||
Net cash provided by (used in) financing activities | -484 | 3,473 | 2,506 |
Net decrease in cash and cash equivalents | -17,943 | -10,480 | -131,711 |
Effect of exchange rate changes | 122 | -60 | 17 |
Cash and cash equivalents, beginning of period | 38,415 | 48,955 | 180,649 |
Cash and cash equivalents, end of period | $20,594 | $38,415 | $48,955 |
Nature_of_Business
Nature of Business | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Nature of Business | Note 1. Nature of Business |
We provide products that we believe improve business results by enabling a more productive and effective workforce through enhanced communications and collaboration both inside and outside the enterprise. Organizations deploy our products to improve the level of engagement, the quality of interaction and the overall relationship they have with their employees, customers and partners. Our products are primarily offered on a subscription basis, deployable in a private or public cloud and used for internal or external communities. We generate revenues from product subscription license fees as well as from professional service fees for strategic consulting, configuration, implementation and training. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies | ||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”), requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities in the financial statements and the accompanying notes. Significant estimates include the estimates relating to revenue recognition, the useful lives of property and equipment, stock-based compensation, assumptions used in testing for impairment of goodwill, other long-lived assets, capitalized software development costs, and the recoverability of deferred income tax assets and liabilities. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements. | |||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of Jive Software, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||
Segments | |||||||||||||
An operating segment is defined as a component of an enterprise that meets the following criteria: | |||||||||||||
• | engages in business activities from which it may earn revenues and incur expenses; | ||||||||||||
• | operating results are regularly reviewed by the enterprise’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and | ||||||||||||
• | discrete financial information is available. | ||||||||||||
We define the term “chief operating decision maker” to be our Chief Executive Officer. Our Chief Executive Officer reviews financial information presented on a consolidated basis, accompanied by information about revenue by product line and geographic region for purposes of allocating resources and evaluating financial performance. We have one business activity and there are no segment managers who are held accountable for operations, operating results or plans for levels or components below the consolidated unit level. Accordingly, we have determined that we operate in a single reporting segment, software sales and service. | |||||||||||||
Revenue Recognition | |||||||||||||
We generate revenues in the form of product fees and related professional service fees. Product fees include subscription fees, perpetual license fees, associated support and maintenance fees and hosting fees. Professional services primarily consist of fees for strategic consulting, configuration, training, consultation and implementation services, which are not essential to the functionality of the software. For statement of operations classification purposes, we allocate revenues to professional services based on the hourly rate billed for time and materials arrangements and based on the total fixed fee for fixed fee professional services. We recognize revenue when all of the following conditions are met: | |||||||||||||
• | there is persuasive evidence of an arrangement; | ||||||||||||
• | the product or services have been delivered to the customer; | ||||||||||||
• | the amount of fees to be paid by the customer is fixed or determinable; and | ||||||||||||
• | the collection of the related fees is reasonably assured. | ||||||||||||
Signed agreements are used as evidence of an arrangement. If a contract signed by the customer does not exist, we have historically used a purchase order as evidence of an arrangement. In cases where both a signed contract and a purchase order exist, we consider the signed contract to be the final persuasive evidence of an arrangement. Software and corresponding license keys are delivered to customers electronically. Electronic delivery occurs when we provide the customer with access to the software. We assess whether a fee is fixed or determinable at the outset of the arrangement, primarily based on the payment terms associated with the transaction. We do not generally offer extended payment terms with typical terms of payment due between 30 and 60 days from delivery of solutions or services. For professional services that are billable under a time and materials based arrangement, these fees are neither fixed nor determinable until the work is performed and the fee becomes billable to the customer. We assess collectability of the customer receivable based on a number of factors such as collection history with the customer and creditworthiness of the customer. If we determine that collectability is not reasonably assured, revenue is deferred until collectability becomes reasonably assured, generally upon receipt of cash. | |||||||||||||
We offer subscriptions of our platform to customers most frequently on a term basis with terms typically ranging from 12 to 36 months. While term-based licenses make up the majority of our total revenues, we occasionally license our solutions to customers on a perpetual basis with on-going support and maintenance services. We recognize license revenue in accordance with software industry specific guidance. Revenues related to term license fees are recognized ratably over the contract term beginning on the date the customer has access to the software license key and continuing through the end of the contract term. For term-based licenses, we do not charge separately for standard support and maintenance, and, therefore, inherent in the license fees are fees for support and maintenance services for the duration of the license term. As fees for support and maintenance are always bundled with the license over the entire term of the contract, we do not have vendor-specific objective evidence (“VSOE”) of fair value for support and maintenance. Revenues generated from perpetual license sales also include support and maintenance services for an initial stated term, both the perpetual license and support and maintenance are recognized ratably over the initial stated term. We do not have VSOE of fair value for support and maintenance on perpetual licenses as we have not had sufficient consistently priced standalone sales of support and maintenance, nor have we offered substantive renewal rates for support and maintenance. Additionally, customers who have purchased perpetual licenses to the base platform have historically also purchased term-based subscriptions to certain of our modules. We do not have VSOE of fair value for either the support and maintenance on the perpetual license or the module and, therefore, revenue is recognized ratably over the longer of the initial maintenance term for the perpetual license or the term for the subscription elements. | |||||||||||||
License arrangements may also include professional services, such as strategic consulting installation, upgrades and training services, which are typically delivered early in the contract term. This combination of products and services represents a multiple-element arrangement for revenue recognition purposes. We have determined that we do not have VSOE of fair value for each element of a multiple-element sales arrangement and, accordingly, we account for fees received under that multiple-element arrangement as a single unit of accounting and recognize the fees for the entire arrangement ratably, commencing on delivery of the software, over the longer of the term of the support and maintenance or the period over which professional services are delivered. Support and maintenance is always the last undelivered element in the arrangement and, therefore, we recognize the fixed portion of the fees ratably over the support and maintenance term. For contracts with multiple elements, we recognize the license, support and maintenance, and fixed fee professional service revenue ratably over the term of the arrangement beginning upon delivery of the software. We believe this method most closely reflects the economics of the transaction as we deliver access to the software and we begin providing support and maintenance services as of the date the software is delivered. | |||||||||||||
Professional services are offered on both fixed fee and time and materials hourly billing arrangements. For time and materials-based professional services that are part of a multiple-element arrangement where the fees for the professional services are not fixed or determinable upon delivery of the software, revenue is recognized ratably over the contract term as the related fees become fixed. These fees are not considered fixed at the outset of the arrangement and become fixed as the related work is performed and the fees are earned and billed. These services are typically provided early in the contract term with completion typically occurring in the first six months. As these fees become fixed, they are added to the total fee for the multiple-element arrangement and recognized ratably with all other arrangement fees over the entire contract term. When billed, a cumulative revenue catch-up is calculated as the revenue earned from the date the software was made available to the customer to the date services have been completed, with recognition continuing ratably to the end of the contract term. These amounts, when recognized in our Consolidated Statements of Operations, are classified as professional services revenues based on the hourly rates at which they are billed. If there are significant acceptance clauses associated with the license or services or uncertainty associated with our ability to perform the professional services, revenues are deferred until the acceptance is received or the uncertainty is resolved. We record amounts that have been invoiced, in accordance with the terms of the agreement, in accounts receivable and in deferred revenues or revenues, depending on whether the revenue recognition criteria have been met. | |||||||||||||
Hosting revenues are derived from providing our software solutions in a hosted environment where the customer does not take possession of the software on their premises. With the exception of the Jive Cloud licensing model, customers have the option to elect to take possession of the software and install on their premises or sub-contract the hosting services through us. Such arrangements are considered software sales as the customer has the same rights to the software license regardless of their election to have us host on their behalf or install on their premises. As a result, the fees associated with license, support and hosted services are recognized as revenue ratably over the term of the arrangement. For Jive Cloud licensing arrangements, customers do not have the right to take possession of the software supporting the cloud-based application service at any time. | |||||||||||||
We occasionally sell professional services separately and recognize revenues resulting from those as professional services are performed. If there is a significant uncertainty about the project completion or receipt of payment for the consulting services, revenues are deferred until the uncertainty is resolved. If acceptance provisions exist within a professional services arrangement, revenues will be deferred until the services are accepted, the acceptance period has expired or cash is received from the customer. | |||||||||||||
Taxes Collected from Customers and Remitted to Governmental Authorities | |||||||||||||
We account for tax assessed by a governmental authority that is directly imposed on a revenue-producing transaction (i.e., sales, use, value added) on a net (excluded from revenue) basis. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Our cash balances with financial institutions may exceed the deposit insurance limits. Included in cash and cash equivalents were cash equivalents of $1.6 million and $6.7 million at December 31, 2014 and 2013, respectively. Cash equivalents are stated at cost, which approximates market value. | |||||||||||||
Marketable Securities | |||||||||||||
We classify our marketable securities as available-for-sale and, accordingly, record them at fair value based on quoted market prices. Unrealized holding gains and losses are excluded from earnings and are reported as a separate component of stockholders’ equity until realized. See the Consolidated Statements of Comprehensive Loss. | |||||||||||||
We periodically evaluate whether declines in fair values of our marketable securities below their cost are “other-than-temporary.” This evaluation consists of qualitative and quantitative factors regarding the severity and duration of the unrealized loss, as well as our ability and intent to hold the marketable securities until a forecasted recovery occurs. Dividend and interest income is recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold. | |||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | |||||||||||||
Accounts receivable are carried at their original invoice amounts less the allowance for doubtful accounts and do not bear interest. Our policy is to maintain an allowance for estimated losses resulting from the inability or refusal of our customers to make required payments. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and the customers’ financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. On a quarterly basis, we evaluate the collectability of our trade receivable balances based on a combination of factors. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. If the financial conditions of our customers were to materially change or there were other circumstances that resulted in their inability or unwillingness to pay, the estimates of recoverability of receivables could materially change. | |||||||||||||
Activity related to our allowance for doubtful accounts was as follows (in thousands): | |||||||||||||
Balance, December 31, 2011 | $ | 144 | |||||||||||
Charges to costs and expenses | 229 | ||||||||||||
Write-offs | (155 | ) | |||||||||||
Balance, December 31, 2012 | 218 | ||||||||||||
Charges to costs and expenses | 672 | ||||||||||||
Write-offs | (150 | ) | |||||||||||
Balance, December 31, 2013 | 740 | ||||||||||||
Charges to costs and expenses | 599 | ||||||||||||
Write-offs | (780 | ) | |||||||||||
Balance, December 31, 2014 | $ | 559 | |||||||||||
Fair Value of Financial Assets and Liabilities | |||||||||||||
The carrying value of cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued payroll and related liabilities and other accrued liabilities approximates their fair values due to the short-term nature of their maturities. The fair value of the long-term debt approximates its carrying value since the interest rate is variable and based on current market rates. | |||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives as follows: | |||||||||||||
• | three years for computer equipment, hardware and software; | ||||||||||||
• | seven years for furniture, fixtures and equipment; and | ||||||||||||
• | the lesser of five years or the remaining term of the underlying lease for leasehold improvements. | ||||||||||||
Ordinary maintenance and repairs are expensed as incurred. | |||||||||||||
Research and Development | |||||||||||||
We expense research and development costs, including costs to develop software products to be marketed to external users, before technological feasibility of such products is reached. We believe our software development process is essentially completed concurrent with the establishment of technological feasibility; accordingly, development costs are expensed as incurred. | |||||||||||||
Software Development Costs and Internal-Use Software Development Costs | |||||||||||||
Through the third quarter of 2014, we capitalized costs to develop internal-use software during the application development stage. These costs related to application development activities. In the third quarter of 2014, management developed a substantive plan to repurpose the in-process development into our existing software platform and new software products. As a result of this decision, the associated capitalized internal-use software costs became governed by the accounting standards related to capitalized software development costs in the third quarter of 2014. As such, subsequent to July 2014, we will no longer capitalize costs related to internal-use software and, going forward, we will account for our current capitalized costs as capitalized software development costs. | |||||||||||||
Material software development costs incurred subsequent to establishing technological feasibility through the general release of the software products are capitalized. Technological feasibility is demonstrated by the completion of a detailed program design or working model, if no program design is completed. Historically, technological feasibility has occurred concurrently with the commercial release of our products and as a result we have not capitalized software development costs. We do not anticipate capitalizing material software development costs in future periods. | |||||||||||||
GAAP requires that annual amortization expense of the capitalized software development costs be the greater of the amounts computed using the ratio of gross revenue to a products’ total current and anticipated revenues or the straight-line method over the products’ remaining estimated economic life. | |||||||||||||
The software development costs will be amortized on a straight-line basis over their estimated useful life and recorded as a component of cost of product revenues. We will begin amortizing the associated capitalized costs upon on each product’s or enhancement’s release. During the fourth quarter of 2014, we released products related to $0.8 million of the capitalized costs. We anticipate the remaining products related to the capitalized costs to be commercially released through the second half of 2015. | |||||||||||||
We make ongoing evaluations of the recoverability of our capitalized software by comparing the amount capitalized for each product to the estimated net realizable value of the product. If such evaluations indicate that the unamortized software development costs exceed the net realizable value, we write off the amount by which the unamortized software development costs exceed net realizable value. There was no impairment charge related to capitalized software development costs during the years ended December 31, 2014 and 2013. | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Total capitalized software development costs | $ | 5,924 | $ | 3,057 | $ | — | |||||||
Total amortization of capitalized software development costs | 65 | — | — | ||||||||||
Capitalized computer software development costs consist of the following at December 31, 2014 and 2013 (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Capitalized software development costs | $ | 8,981 | $ | 3,057 | |||||||||
Accumulated amortization | 65 | — | |||||||||||
$ | 8,916 | $ | 3,057 | ||||||||||
As of December 31, 2014, the net balance of software development costs is included in other assets. As of December 31, 2013, the capitalized balance was internal-use software and the balance is included in fixed assets. | |||||||||||||
Of our capitalized software development costs that are currently completed and being amortized, we expect amortization expense for the next five years to be as follows (in thousands): | |||||||||||||
2015 | $ | 393 | |||||||||||
2016 | 327 | ||||||||||||
$ | 720 | ||||||||||||
Accounting for the Impairment of Long-Lived Assets | |||||||||||||
We evaluate the recoverability of our long-lived assets, which principally consist of property and equipment and acquired intangible assets with finite lives, whenever events or circumstances indicate that the carrying amount of these assets may not be recoverable. Recoverability of an asset is measured by comparing the carrying amount to the expected future undiscounted cash flows that the asset is expected to generate. If that review indicates that the carrying amount of the long-lived asset is not recoverable, an impairment loss is recorded for the amount by which the carrying amount of the asset exceeds its fair value. | |||||||||||||
We did not incur any long-lived asset impairment charges in the years ended December 31, 2014, 2013 or 2012. | |||||||||||||
Goodwill | |||||||||||||
Goodwill represents the excess of the purchase price over the estimated fair value of the net tangible and intangible assets of acquired entities. We perform a goodwill impairment test annually during the fourth quarter of our fiscal year and more frequently if an event or circumstance indicates that an impairment may have occurred. Such events or circumstances may include significant adverse changes in the general business climate, among other things. | |||||||||||||
To test for impairment, we can choose to first make a qualitative assessment to determine whether it is more likely than not that goodwill is impaired before applying the two-step goodwill impairment test. If the conclusion is that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we then perform a two-step goodwill impairment test. During 2014, 2013 and 2012, we elected to forgo the qualitative assessment, and proceeded to the first step of the test for goodwill impairment. Under the first step, the fair value of the reporting unit is compared with its carrying value, and, if an indication of goodwill impairment exists for the reporting unit, we must perform step two of the impairment test (measurement). Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill as determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation. The residual fair value after this allocation is the implied fair value of the reporting unit goodwill. If the fair value of the reporting unit exceeds its carrying value, step two does not need to be performed. If the carrying amount of goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. We determined that the fair value of the reporting unit substantially exceeded its carrying value and, accordingly, we did not record any charges related to goodwill impairment during the years ended December 31, 2014, 2013 or 2012. | |||||||||||||
Intangible Assets | |||||||||||||
Definite-lived intangible assets are amortized using the straight-line method over estimated useful lives and have no significant residual value. Definite-lived intangible assets are reviewed for impairment as discussed above under “Accounting for the Impairment of Long-Lived Assets.” | |||||||||||||
Other Assets | |||||||||||||
Other assets include deposits for facilities’ leases, capitalized software development costs and other miscellaneous long-term assets. | |||||||||||||
Deferred Revenue | |||||||||||||
Deferred revenue consists of billings or payments received in advance of revenue recognition from our subscription license, perpetual license, hosting, professional services and support and maintenance revenues described above and are recognized as the revenue recognition criteria are met. We generally invoice our customers in annual installments. Accordingly, the deferred revenues balance does not represent the total contract value of annual or multi-year non-cancelable subscription agreements. Deferred revenue also includes certain deferred professional services fees, which are recognized as revenues ratably over the associated contract term. We defer the professional service fees in situations where the professional services and subscription or perpetual contracts are accounted for as a single unit of accounting. Deferred revenue that will be recognized during the succeeding 12-month period is recorded as current deferred revenue, and the remaining portion is recorded as noncurrent. Approximately 4% of total deferred revenue as of December 31, 2014 and 2013, related to deferred professional services revenues. | |||||||||||||
Concentration of Risk | |||||||||||||
Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and trade receivables. Cash is placed on deposit in major financial institutions in the United States. Such deposits may be in excess of insured limits. Management believes that the financial institutions that hold our cash deposits are financially sound and, accordingly, minimal credit risk exists with respect to these balances. | |||||||||||||
We sell our products to companies in diverse industries and do not require our customers to provide collateral to support accounts receivable. When necessary, credit reviews of significant customers are performed prior to extending credit. The determination of a customer’s ability to pay requires significant judgment, and failure to collect from a customer can adversely affect revenues, cash and net income. | |||||||||||||
No individual customer accounted for 10% or more of total revenues in the years ended December 31, 2014, 2013 or 2012. One customer accounted for 14% of accounts receivable at December 31, 2013. No customer accounted for 10% or more of total accounts receivable at December 31, 2014. | |||||||||||||
Stock-Based Compensation | |||||||||||||
We recognize compensation expense for all share-based payment awards, including stock options and restricted stock, based on the estimated fair value of the award on the grant date. We use the Black-Scholes-Merton valuation model to estimate the fair value of stock option awards. The fair value of the awards is recognized as expense, net of estimated forfeitures, on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. | |||||||||||||
Stock-based compensation expense is recognized for performance-based restricted stock awards based on the probability of achieving certain performance criteria. We estimate the number of performance-based restricted stock awards ultimately expected to vest and recognize expense using the graded vesting attribution method over the requisite service period. | |||||||||||||
The determination of the grant date fair value of options using an option-pricing model is affected by assumptions regarding a number of other complex and subjective variables, which include our expected stock price volatility over the expected term of the options, stock option exercise and cancellation behaviors, risk-free interest rates and expected dividends. In addition, prior to our IPO in December 2011, we also made assumptions regarding the fair value of our common stock. | |||||||||||||
Income Taxes | |||||||||||||
We record deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of the assets and liabilities. Deferred tax assets are reduced by a valuation allowance when it is estimated to be more likely than not that a portion of the deferred tax assets will not be realized. | |||||||||||||
We recognize the effect of income tax positions only if those positions are “more likely than not” of being sustained. Interest and penalties accrued on unrecognized tax benefits are recorded as tax expense within our consolidated financial statements. | |||||||||||||
Warranties and Indemnification | |||||||||||||
We typically warrant that our products will perform in a manner consistent with the product specifications provided to the customer for 180 days for sales to companies in the United States and 365 days for sales to companies in Europe. Historically, we have not been required to make payments under these obligations, and we have not recorded any liability for these obligations in our consolidated financial statements. | |||||||||||||
In our cloud and hosted agreements, we include service level commitments to customers relating to levels of uptime availability and permitting those customers to receive credits in the event that we fail to meet those levels. To date, we have not incurred any material costs as a result of such commitments and have not accrued any liabilities related to such obligations in the accompanying consolidated financial statements. | |||||||||||||
Our contracts also include provisions indemnifying customers against liabilities if our products infringe a third-party’s intellectual property rights. We have not incurred any costs as a result of such indemnification obligations and have not accrued any liabilities related to such obligations in the accompanying consolidated financial statements. | |||||||||||||
We have also agreed to indemnify our directors and executive officers for costs associated with any fees, expenses, judgments, fines and settlement amounts incurred by any of these persons in any action or proceeding to which any of those persons is, or is threatened to be, made a party by reason of the person’s service as a director or officer, arising out of that person’s services as our director or officer or that person’s services provided to any other company or enterprise at our request. We maintain director and officer insurance coverage that may enable us to recover a portion of any future amounts paid. | |||||||||||||
Commissions | |||||||||||||
Commissions are recorded as a component of sales and marketing expenses and consist of the variable compensation paid to our direct sales force. Generally, sales commissions are earned and recorded as an expense at the time that a customer has entered into a binding purchase agreement. Commissions paid to sales personnel are recoverable only in the case that we cannot collect against any invoiced fee associated with a sales order. Commission expense was $13.7 million, $15.7 million and $12.9 million, for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
Leases | |||||||||||||
We lease our facilities and certain equipment under operating leases. For facility leases that contain rent escalation or rent concession provisions, we record the total rent expense during the lease term on a straight-line basis over the term of the lease. We record the difference between the rent paid and the straight-line rent expense as a deferred rent liability in other long-term liabilities in the accompanying Consolidated Balance Sheets. | |||||||||||||
Advertising Costs | |||||||||||||
Advertising costs are expensed as incurred as a component of sales and marketing expense and totaled $7.7 million, $5.3 million and $4.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
Legal Costs | |||||||||||||
We are a party to legal proceedings arising in the normal course of business. Legal costs are expensed as incurred as a component of general and administrative expense. | |||||||||||||
Net Loss Per Share | |||||||||||||
Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, less the weighted-average unvested common stock subject to repurchase or forfeiture. Diluted net loss per share is computed by giving effect to all potential shares of common stock, including preferred stock, stock options and warrants, to the extent dilutive. Since we were in a loss position for all periods presented, basic and diluted net loss per share was the same for each period presented as the inclusion of all potential common shares outstanding would have been anti-dilutive. | |||||||||||||
Foreign Currency Translation | |||||||||||||
The functional currency of our foreign subsidiaries is the local currency. Adjustments resulting from translating foreign functional currency financial statements into U.S. dollars are recorded as a separate component of stockholders’ deficit. Income and expense accounts are translated into U.S. dollars at average rates of exchange prevailing during the periods presented. Foreign currency transaction gains and losses are included in net loss. All assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the respective exchange rates in effect on the consolidated balance sheet dates. Foreign currency transaction gains and losses were not material in the years ended December 31, 2014, 2013 or 2012. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Acquisitions | Note 3. Acquisitions | ||||||||
2013 | |||||||||
Clara Ehf. (“Clara”) | |||||||||
On April 18, 2013, we acquired substantially all of the assets and certain related liabilities of Clara, a private limited company founded in Iceland that provides a cloud-based analytics tool that allows businesses to understand, monitor and actively engage with community members within online platforms. The total purchase consideration of approximately $6.5 million was comprised entirely of cash. | |||||||||
The allocation of the purchase price was as follows (dollars in thousands): | |||||||||
Useful Life | |||||||||
Current assets | $ | 81 | |||||||
Goodwill | 3,161 | — | |||||||
Other intangible assets: | |||||||||
Core technology | 2,315 | 5 years | |||||||
Covenant not to compete | 227 | 2 years | |||||||
Customer relationships | 570 | 3 years | |||||||
Trade names | 230 | 3 years | |||||||
3,342 | |||||||||
Current liabilities | (96 | ) | — | ||||||
Net assets acquired | $ | 6,488 | |||||||
The key factor attributable to the creation of goodwill by the transaction is the synergies created by the integration of the Clara analytics technology with our social platform, for both internal and external communities. All of the goodwill is expected to be deductible for income tax purposes. | |||||||||
The weighted average amortization period for all intangible assets acquired is 4.3 years. | |||||||||
Transaction costs of $0.2 million associated with the acquisition of Clara were expensed as incurred as a component of general and administrative expenses on our Consolidated Statements of Operations. | |||||||||
Clara’s results of operations have been included in our consolidated financial statements subsequent to the date of acquisition. Pro forma results of operations have not been presented because the effect of the acquisition was not material to prior period financial statements. Revenue and earnings information since the date of acquisition was not material to the current period financial statements. | |||||||||
StreamOnce, Inc. (“StreamOnce”) | |||||||||
On April 29, 2013, we acquired all of the outstanding shares of StreamOnce, whose product offers a platform that connects third-party information streams directly into our Jive Social Business Platform, integrating disparate information systems for increased productivity. The total initial purchase consideration was comprised of $4.7 million in cash and 532,952 shares of our common stock with a fair value on April 29, 2013 of $7.3 million. Of the 532,952 shares of common stock, 470,552 shares of common stock issued to certain StreamOnce employees vest over a two-year period contingent upon the continued employment of the recipients. The fair value of these shares on the grant date was $6.4 million, which is being recognized as stock-based compensation over the two-year vesting period. Additionally, during 2014, certain StreamOnce employees received additional consideration of $0.7 million, based on our sales and customer count relating to the acquired business exceeding certain thresholds over an 18-month period commencing as of the acquisition date (the “Earnout”). | |||||||||
We recorded a contingent consideration liability of approximately $0.6 million within other accrued liabilities in our Consolidated Balance Sheets as of the acquisition date related to the Earnout. The fair value of the liability was estimated using internal forecasts with inputs that are not observable in the market, and thus represents a Level 3 fair value measurement as defined within Note 7. The inputs in the Level 3 measurement are not supported by market activity, as they are probability assessments of expected future sales and customer count related to our acquisition of StreamOnce during the Earnout period. The Earnout was remeasured quarterly until paid, with the change being reflected as a component of research and development in our Consolidated Statements of Operations. See Note 7 for additional information. | |||||||||
The allocation of the purchase price was as follows (dollars in thousands): | |||||||||
Cash paid | $ | 4,667 | |||||||
Value of common stock issued | 852 | ||||||||
Contingent consideration | 576 | ||||||||
Total transaction consideration: | $ | 6,095 | |||||||
Useful Life | |||||||||
Current assets | $ | 108 | — | ||||||
Goodwill | 3,157 | — | |||||||
Other intangible assets: | |||||||||
Core technology | 3,671 | 5 years | |||||||
Covenant not to compete | 459 | 3 years | |||||||
Trade names | 118 | 3 years | |||||||
4,248 | |||||||||
Current liabilities | (67 | ) | — | ||||||
Deferred tax liability | (1,351 | ) | — | ||||||
Net assets acquired | $ | 6,095 | |||||||
The goodwill recorded in connection with the acquisition of StreamOnce is primarily related to the ability of StreamOnce to increase viral adoption of the Jive Platform within our customers by integrating their existing third-party business applications with our platform and from the expected synergies to be achieved in connection with the acquisition. None of the goodwill is expected to be deductible for income tax purposes. | |||||||||
The weighted average amortization period for all intangible assets acquired is 4.7 years. | |||||||||
In connection with the StreamOnce acquisition, a deferred tax liability of $1.4 million was established for the book and tax basis differences related to specifically identified non-goodwill intangibles. The net liability from the acquisition created an additional source of income to utilize our deferred tax assets and, therefore, a corresponding amount of the valuation allowance was released and recorded as a benefit from income taxes. | |||||||||
Transaction costs of $0.2 million associated with the acquisition of StreamOnce were expensed as incurred as a component of general and administrative expenses on our Consolidated Statements of Operations. | |||||||||
StreamOnce’s results of operations have been included in our Consolidated Financial Statements subsequent to the date of acquisition. Pro forma results of operations have not been presented because the effect of the acquisition was not material to prior period financial statements. Revenue and earnings information since the date of acquisition was not material to the current period financial statements. | |||||||||
2012 | |||||||||
Producteev LLC | |||||||||
On November 21, 2012, we acquired all of the outstanding shares of Producteev LLC (“Producteev”), a cloud-based project and task management company. The total purchase consideration of $7.0 million was comprised of cash. | |||||||||
The allocation of the purchase price was as follows (dollars in thousands): | |||||||||
Useful | |||||||||
Life | |||||||||
Current assets | $ | 28 | — | ||||||
Goodwill | 4,186 | — | |||||||
Other intangible assets: | |||||||||
Core technology | 2,127 | 5 years | |||||||
Covenant not to compete | 272 | 3 years | |||||||
Customer relationships | 421 | 3 years | |||||||
Trade names | 284 | 4 years | |||||||
3,104 | |||||||||
Current liabilities | (70 | ) | — | ||||||
Deferred tax liabilities | (241 | ) | — | ||||||
Net assets acquired | $ | 7,007 | |||||||
The key factors attributable to the creation of goodwill by the transaction are the synergies associated with the integration of the Producteev task-management product into our social platform. | |||||||||
The weighted average amortization period for all intangible assets acquired is 4.5 years. | |||||||||
See Note 10, “Income Taxes” regarding the tax effect of the acquisition on our consolidated financial statements. | |||||||||
Transaction costs of $0.2 million associated with the acquisition of Producteev were expensed as incurred as a component of general and administrative expenses on our Consolidated Statements of Operations. | |||||||||
Producteev’s results of operations have been included in our consolidated financial statements subsequent to the date of acquisition. Pro forma results of operations have not been presented because the effect of the acquisition was not material to prior period financial statements. Revenue and earnings information since the date of acquisition was not material to the current period financial statements. | |||||||||
Meetings.io | |||||||||
On November 5, 2012, we acquired all of the outstanding shares of Meetings.io, a cloud-based real-time video, chat and screen sharing collaboration company. The total purchase consideration of $3.0 million was comprised of $0.6 million in cash and 211,936 shares of our common stock with a fair value on November 5, 2012 of $2.4 million. | |||||||||
We also issued 248,064 shares of restricted common stock to certain Meetings.io employees which vest over a three year period contingent upon the continued employment of the recipients. The fair value of these shares on the grant date was $2.8 million, which is being recognized as stock-based compensation over the three-year vesting period. | |||||||||
The allocation of the purchase price was as follows (dollars in thousands): | |||||||||
Useful | |||||||||
Life | |||||||||
Current assets | $ | 27 | — | ||||||
Goodwill | 1,984 | — | |||||||
Other intangible assets: | |||||||||
Core technology | 764 | 5 years | |||||||
Covenant not to compete | 263 | 3 years | |||||||
1,027 | |||||||||
Current liabilities | (3 | ) | — | ||||||
Deferred tax liabilities | (40 | ) | — | ||||||
Net assets acquired | $ | 2,995 | |||||||
We do not expect the goodwill to be deductible for tax purposes. Intangible assets acquired included core technologies and covenants not to compete. The key factors attributable to the creation of goodwill by the transaction are the synergies associated with the integration of the Meetings.io real-time features into our social platform. | |||||||||
The weighted average amortization period for all intangible assets acquired is 4.5 years. | |||||||||
See Note 10, “Income Taxes” regarding the tax effect of the acquisition on our consolidated financial statements. | |||||||||
Transaction costs of $0.2 million associated with the acquisition of Meetings.io were expensed as | |||||||||
incurred as a component of general and administrative expenses on our Consolidated Statements of Operations. | |||||||||
Meetings.io’s results of operations have been included in our consolidated financial statements subsequent to the date of acquisition. Pro forma results of operations have not been presented because the effect of the acquisition was not material to prior period financial statements. Revenue and earnings information since the date of acquisition was not material to the current period financial statements. |
Cash_Cash_Equivalents_and_Mark
Cash, Cash Equivalents and Marketable Securities | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||
Cash, Cash Equivalents and Marketable Securities | Note 4. Cash, Cash Equivalents and Marketable Securities | ||||||||||||||||
Cash and cash equivalents and marketable securities consisted of the following as of December 31, 2014 and 2013 (in thousands): | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Description | Cost | Unrealized | Unrealized | Estimated | |||||||||||||
Gains | Losses | Fair Value | |||||||||||||||
Cash | $ | 18,985 | $ | — | $ | — | $ | 18,985 | |||||||||
Cash equivalents: | |||||||||||||||||
Money market mutual funds | 1,609 | — | — | 1,609 | |||||||||||||
Total cash and cash equivalents | 20,594 | — | — | 20,594 | |||||||||||||
Short-term marketable securities: | |||||||||||||||||
Commercial paper | 2,499 | — | — | 2,499 | |||||||||||||
Corporate notes and bonds | 53,643 | — | (35 | ) | 53,608 | ||||||||||||
U.S. agency obligations | 36,907 | — | (13 | ) | 36,894 | ||||||||||||
Total short-term marketable securities | 93,049 | — | (48 | ) | 93,001 | ||||||||||||
Marketable securities, noncurrent: | |||||||||||||||||
Corporate notes and bonds | 3,501 | — | (4 | ) | 3,497 | ||||||||||||
Government obligations | 1,995 | 1 | — | 1,996 | |||||||||||||
U.S. agency obligations | 2,049 | — | — | 2,049 | |||||||||||||
Total marketable securities, noncurrent | 7,545 | 1 | (4 | ) | 7,542 | ||||||||||||
Cash, cash equivalents, short-term marketable securities and marketable securities, noncurrent | $ | 121,188 | $ | 1 | $ | (52 | ) | $ | 121,137 | ||||||||
December 31, 2013 | |||||||||||||||||
Description | Cost | Unrealized | Unrealized | Estimated | |||||||||||||
Gains | Losses | Fair Value | |||||||||||||||
Cash | $ | 31,704 | $ | — | $ | — | $ | 31,704 | |||||||||
Cash equivalents: | |||||||||||||||||
Money market mutual funds | 6,711 | — | — | 6,711 | |||||||||||||
Total cash and cash equivalents | 38,415 | — | — | 38,415 | |||||||||||||
Short-term marketable securities: | |||||||||||||||||
Commercial paper | 5,497 | — | — | 5,497 | |||||||||||||
Corporate notes and bonds | 38,645 | 6 | — | 38,651 | |||||||||||||
Government obligations | 2,701 | — | — | 2,701 | |||||||||||||
U.S. agency obligations | 22,963 | — | (3 | ) | 22,960 | ||||||||||||
Total short-term marketable securities | 69,806 | 6 | (3 | ) | 69,809 | ||||||||||||
Marketable securities, noncurrent: | |||||||||||||||||
Corporate notes and bonds | 14,302 | — | (29 | ) | 14,273 | ||||||||||||
U.S. agency obligations | 19,162 | 8 | — | 19,170 | |||||||||||||
Total marketable securities, noncurrent | 33,464 | 8 | (29 | ) | 33,443 | ||||||||||||
Cash, cash equivalents, short-term marketable securities and marketable securities, noncurrent | $ | 141,685 | $ | 14 | $ | (32 | ) | $ | 141,667 | ||||||||
As of December 31, 2014 and 2013, we did not consider any of our investments to be other-than-temporarily impaired. | |||||||||||||||||
As of December 31, 2014, the following table summarizes the estimated fair value of our investments in marketable securities, all of which are considered available-for-sale, classified by the contractual maturity date (in thousands): | |||||||||||||||||
Due within 1 year | $ | 93,001 | |||||||||||||||
Due within 1 year through 3 years | 7,542 | ||||||||||||||||
Total marketable securities | $ | 100,543 | |||||||||||||||
See also Note 7. |
Property_and_Equipment_net
Property and Equipment, net | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property and Equipment, net | Note 5. Property and Equipment, net | ||||||||
The following table sets forth the components of property and equipment (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Computers, equipment and software | $ | 33,706 | $ | 31,488 | |||||
Leasehold improvements | 5,214 | 5,047 | |||||||
Furniture and fixtures | 2,559 | 2,559 | |||||||
Construction in progress | 1,055 | 2,619 | |||||||
42,534 | 41,713 | ||||||||
Less accumulated depreciation and amortization | (29,548 | ) | (20,334 | ) | |||||
$ | 12,986 | $ | 21,379 | ||||||
Depreciation expense related to property and equipment was as follows (in thousands): | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
$9,351 | $9,180 | $6,488 |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets, net | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||
Goodwill and Other Intangible Assets, net | Note 6. Goodwill and Other Intangible Assets, net | ||||||||||
The roll-forward of activity related to goodwill was as follows (in thousands): | |||||||||||
Balance at December 31, 2011 | $ | 17,265 | |||||||||
Acquisition of Producteev | 4,186 | ||||||||||
Acquisition of Meetings.io | 1,984 | ||||||||||
Balance at December 31, 2012 | 23,435 | ||||||||||
Acquisition of Clara | 3,161 | ||||||||||
Acquisition of StreamOnce | 3,157 | ||||||||||
Balance at December 31, 2013 and 2014 | $ | 29,753 | |||||||||
The following table presents our intangible assets and their related useful lives (dollars in thousands): | |||||||||||
Useful | December 31, | ||||||||||
Life | 2014 | 2013 | |||||||||
Acquired technology | 5-7 years | $ | 20,441 | $ | 20,441 | ||||||
Accumulated amortization | (12,049 | ) | (8,167 | ) | |||||||
8,392 | 12,274 | ||||||||||
Perpetual software licenses | 2 years | 2,430 | 2,430 | ||||||||
Accumulated amortization | (2,430 | ) | (2,430 | ) | |||||||
— | — | ||||||||||
Covenant not to compete | 1-4 years | 2,028 | 2,028 | ||||||||
Accumulated amortization | (1,634 | ) | (1,172 | ) | |||||||
394 | 856 | ||||||||||
Other | 2-7 years | 1,939 | 1,939 | ||||||||
Accumulated amortization | (1,277 | ) | (759 | ) | |||||||
662 | 1,180 | ||||||||||
Total intangible assets, net | $ | 9,448 | $ | 14,310 | |||||||
Amortization expense related to intangible assets was as follows (in thousands): | |||||||||||
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
$4,862 | $4,990 | $3,562 | |||||||||
Estimated future amortization expense as of December 31, 2014, is as follows (in thousands): | |||||||||||
2015 | $ | 4,622 | |||||||||
2016 | 2,732 | ||||||||||
2017 | 1,715 | ||||||||||
2018 | 379 | ||||||||||
2019 | — | ||||||||||
Thereafter | — | ||||||||||
$ | 9,448 | ||||||||||
Fair_Value_Measurements_of_Ass
Fair Value Measurements of Assets and Liabilities | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements of Assets and Liabilities | Note 7. Fair Value Measurements of Assets and Liabilities | ||||||||||||||||
Factors used in determining the fair value of financial assets and liabilities are summarized into three broad categories: | |||||||||||||||||
• | Level 1 – quoted prices in active markets for identical securities as of the reporting date; | ||||||||||||||||
• | Level 2 – other significant directly or indirectly observable inputs, including quoted prices for similar securities, interest rates, prepayment speeds and credit risk; and | ||||||||||||||||
• | Level 3 – significant inputs that are generally less observable than objective sources, including our own assumptions in determining fair value. | ||||||||||||||||
The factors or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. | |||||||||||||||||
The following table presents our financial assets that were measured at fair value on a recurring basis as of December 31, 2014 and 2013 (in thousands): | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | |||||||||||||||||
Money market mutual funds | $ | 1,609 | $ | — | $ | — | $ | 1,609 | |||||||||
Marketable securities | |||||||||||||||||
Commercial paper | — | 2,499 | — | 2,499 | |||||||||||||
Corporate notes and bonds | — | 57,105 | — | 57,105 | |||||||||||||
Government obligations | — | 1,996 | — | 1,996 | |||||||||||||
U.S. government and agency | — | 38,943 | — | 38,943 | |||||||||||||
— | 100,543 | — | 100,543 | ||||||||||||||
Total | $ | 1,609 | $ | 100,543 | $ | — | $ | 102,152 | |||||||||
31-Dec-13 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | |||||||||||||||||
Money market mutual funds | $ | 6,711 | $ | — | $ | — | $ | 6,711 | |||||||||
Marketable securities | |||||||||||||||||
Commercial paper | — | 5,497 | — | 5,497 | |||||||||||||
Corporate notes and bonds | — | 52,924 | — | 52,924 | |||||||||||||
Government obligations | — | 2,701 | — | 2,701 | |||||||||||||
U.S. government and agency | — | 42,130 | — | 42,130 | |||||||||||||
— | 103,252 | — | 103,252 | ||||||||||||||
Total | $ | 6,711 | $ | 103,252 | $ | — | $ | 109,963 | |||||||||
Liabilities: | |||||||||||||||||
Contingent consideration | |||||||||||||||||
Earnout liability | $ | — | $ | — | $ | 726 | $ | 726 | |||||||||
The fair value of our cash equivalents and marketable securities is determined based on quoted market prices for similar or identical securities. | |||||||||||||||||
The following table summarizes our Level 3 activity for our contingent consideration liability (in thousands): | |||||||||||||||||
Level 3 | |||||||||||||||||
Balance at December 31, 2012 | $ | — | |||||||||||||||
Addition related to earnout for StreamOnce acquisition | 576 | ||||||||||||||||
Increase in earnout due to re-measurement | 150 | ||||||||||||||||
Balance at December 31, 2013 | 726 | ||||||||||||||||
Decrease in earnout liability due to payment | (726 | ) | |||||||||||||||
Balance at December 31, 2014 | $ | — | |||||||||||||||
During 2014, 2013 and 2012, we did not record any other-than-temporary impairments on those financial assets required to be measured at fair value on a non-recurring basis. | |||||||||||||||||
We recognize or disclose the fair value of certain assets such as non-financial assets, primarily long-lived assets, goodwill, intangible assets and certain other assets in connection with impairment evaluations. All of our non-recurring valuations use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy. | |||||||||||||||||
The carrying value of our term loan approximates its fair value and falls under Level 2 of the fair value hierarchy, as the interest rate is variable and based on current market rates. | |||||||||||||||||
Our contingent consideration was re-measured at fair value as of December 31, 2013 and quarterly thereafter until payment and fell under Level 3 of the fair value hierarchy, as the forecasted bookings and customer count were based on internal forecasts, and were not directly observable. | |||||||||||||||||
There were no changes to our valuation techniques during 2014. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-Term Debt | Note 8. Long-Term Debt | ||||||||
Credit Facility with Silicon Valley Bank | |||||||||
In May 2012, we entered into a loan agreement with Silicon Valley Bank (the “Loan Agreement”), which provides a secured revolving loan facility, which expires May 23, 2015, and term loan facility of up to $30.0 million. Under the Loan Agreement, revolving loans may be converted into term loans under the facility, subject to specified conditions, with all outstanding term loans reducing the availability under the revolving loan facility. The Loan Agreement also provides up to $3.0 million for the issuance of letters of credit, foreign exchange contracts, cash management services and secured swap obligations. On May 23, 2012, we converted the outstanding balance of pre-existing term loans with Silicon Valley Bank to a new term loan for $12.0 million under the Loan Agreement and terminated the previous credit facility agreement. The converted term loan matures in April 1, 2017. Revolving loans drawn under the Loan Agreement will be used for working capital, potential acquisitions, and general corporate purposes. | |||||||||
Revolving loans bear interest, at our option, at: | |||||||||
(i) | an adjusted LIBOR rate, plus a margin of 1.75% or 2.0%; or | ||||||||
(ii) | the prime rate published in the Wall Street Journal, plus a margin of 0% or 0.25%. | ||||||||
Term loans bear interest, at our option, at | |||||||||
(i) | an adjusted LIBOR rate, plus a margin of 2.0% or 2.25%, or | ||||||||
(ii) | the prime rate, plus a margin of 0.25% or 0.50%. | ||||||||
In each case, such margin is determined based on our adjusted quick ratio. | |||||||||
The adjusted quick ratio is a ratio of our unrestricted cash and cash equivalents to our current liabilities minus the current portion of our deferred revenue. Interest on the revolving loans and the term loans is due and payable in arrears at the end of an interest period of 30, 60 or 90 days, as selected by us, for loans that bear interest based on the adjusted LIBOR rate, or quarterly for loans that bear interest based on the prime rate. Obligations under the loan facility are secured by a security interest on substantially all of our assets, excluding intellectual property. | |||||||||
The Loan Agreement contains affirmative and negative covenants subject to certain exceptions. We must also comply with financial covenants under the Loan Agreement, including: | |||||||||
(i) | a minimum quick ratio, | ||||||||
(ii) | for the period from the closing through December 31, 2013, a minimum adjusted EBITDA; and | ||||||||
(iii) | beginning with the fiscal quarter ending March 31, 2014, a minimum fixed charge coverage ratio and a maximum leverage ratio. | ||||||||
On February 18, 2014, we entered into a Second Loan Modification Agreement with Silicon Valley Bank to modify the minimum adjusted EBITDA financial covenant for periods occurring after December 31, 2013. Additionally, the Second Loan Modification Agreement removed the fixed charge coverage ratio and maximum leverage ratio financial covenants, which were set to begin in periods occurring after December 31, 2013. | |||||||||
The Loan Agreement also restricts our ability to pay dividends by requiring the written consent of Silicon Valley Bank to pay cash dividends to our stockholders. | |||||||||
The Loan Agreement contains events of default including, among others, payment defaults, breaches of covenants, bankruptcy and insolvency events, cross defaults with certain material indebtedness, judgment defaults, and breaches of representations and warranties. Upon an event of default, all or a portion of the outstanding obligations may be declared to be immediately due and payable. During the existence of an event of default, interest on the obligations under the Loan Agreement could be increased by 5.0% per annum. | |||||||||
At December 31, 2014, we had $0.9 million of outstanding letters of credit, no revolving loans outstanding under the Loan Agreement and $6.0 million of term loans outstanding at an interest rate of 2.26%. We were in compliance with all covenants as of December 31, 2014. | |||||||||
Summary | |||||||||
Our long-term debt is summarized as follows (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Silicon Valley Bank loans | $ | 6,000 | $ | 8,400 | |||||
Less current portion | (2,400 | ) | (2,400 | ) | |||||
$ | 3,600 | $ | 6,000 | ||||||
Annual maturities of long-term debt as of December 31, 2014 were as follows (in thousands): | |||||||||
2015 | $ | 2,400 | |||||||
2016 | 2,400 | ||||||||
2017 | 1,200 | ||||||||
$ | 6,000 | ||||||||
StockBased_Awards_and_StockBas
Stock-Based Awards and Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Stock-Based Awards and Stock-Based Compensation | Note 9. Stock-Based Awards and Stock-Based Compensation | ||||||||||||||||||||
Stock Option Plans | |||||||||||||||||||||
2011 Plan | |||||||||||||||||||||
Our 2011 Equity Incentive Plan (the “2011 Plan”) replaced our 2007 Stock Incentive Plan (the “2007 Plan”) and our 2002 Equity Incentive Plan (the “2002 Plan”) upon completion of our IPO. Both the 2007 Plan and the 2002 Plan were then terminated. Awards that were outstanding upon termination of the 2007 Plan and the 2002 Plan remained outstanding pursuant to their original terms and awards subsequently terminated return to the pool of shares available for grant under the 2011 Plan. | |||||||||||||||||||||
The 2011 Plan provides our board of directors broad discretion in creating employee equity incentives. Unless otherwise provided in the 2011 Plan document, the compensation committee in its discretion, determines the stock option exercise prices, which may not be less than the fair value of our common stock at the date of grant, vesting periods, and expiration periods, which are a maximum of ten years from the date of grant. | |||||||||||||||||||||
The 2011 Plan allows for grants of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and performance units. Generally, all stock option grants are issued under an option agreement that provides, among other things, that the option grant vests over a four-year period while restricted stock units and performance stock unit agreements vest between one and four years. | |||||||||||||||||||||
The number of shares available for issuance under the 2011 Plan increases on the first day of each year in an amount equal to the lesser of (i) 5,000,000 shares; (ii) 3.9% of the outstanding shares on the last day of the immediately preceding year; or (iii) such number of shares as determined by the board of directors. | |||||||||||||||||||||
Stock Plan and Option Activity | |||||||||||||||||||||
Certain information regarding stock option activity and stock options outstanding as of December 31, 2014 was as follows: | |||||||||||||||||||||
Shares | Outstanding | Weighted | Weighted | Aggregate | |||||||||||||||||
Available | Stock | average | average | intrinsic | |||||||||||||||||
for Grant | Options | exercise | remaining | value | |||||||||||||||||
price | life | (in | |||||||||||||||||||
(in years) | thousands) | ||||||||||||||||||||
Balances, December 31, 2013 | 2,030,319 | 9,480,138 | $ | 5.54 | |||||||||||||||||
Additional shares reserved | 2,720,200 | ||||||||||||||||||||
Stock options granted | (1,376,500 | ) | 1,376,500 | 7.48 | |||||||||||||||||
Forfeited – stock options | 1,167,019 | (1,167,019 | ) | 12.66 | |||||||||||||||||
Stock options exercised | — | (2,360,044 | ) | 1.83 | |||||||||||||||||
Restricted stock units (“RSUs”) granted | (2,874,873 | ) | |||||||||||||||||||
Performance stock units (“PSUs”) granted | (430,000 | ) | |||||||||||||||||||
Forfeited – RSUs | 1,675,897 | ||||||||||||||||||||
Forfeited – PSUs | 255,000 | ||||||||||||||||||||
Vested RSUs adjusted for taxes | 222,070 | ||||||||||||||||||||
Balances, December 31, 2014 | 3,389,132 | 7,329,575 | $ | 5.97 | 5.36 | $ | 17,496 | ||||||||||||||
Exercisable at December 31, 2014 | 5,665,452 | $ | 4.9 | 4.37 | $ | 17,465 | |||||||||||||||
Vested and expected to vest | 7,116,925 | $ | 5.88 | 5.25 | $ | 17,491 | |||||||||||||||
On January 1, 2015, an additional 2,870,538 shares were reserved for future awards under the 2011 Plan. | |||||||||||||||||||||
Restricted Stock Activity | |||||||||||||||||||||
Restricted stock results from the exercise of unvested restricted stock purchases (“RSPs”) and non-qualified stock options (“NSOs”) with reverse vesting provisions, and the grant of restricted stock awards (“RSAs”), PSUs, and RSUs. The shares of restricted stock vest over the period specified in the related RSP, NSO, RSA, PSU and RSU agreements. Restricted stock activity was as follows: | |||||||||||||||||||||
Number | Weighted average | ||||||||||||||||||||
of shares | grant date | ||||||||||||||||||||
fair value | |||||||||||||||||||||
Balances, December 31, 2013 | 4,796,112 | $ | 15.24 | ||||||||||||||||||
Granted RSUs | 2,874,873 | 8.08 | |||||||||||||||||||
Granted PSUs | 430,000 | 8.13 | |||||||||||||||||||
Vested RSUs | (2,030,930 | ) | 13.08 | ||||||||||||||||||
Vested RSAs | (95,246 | ) | 7.4 | ||||||||||||||||||
Forfeited RSUs | (1,675,897 | ) | 13.9 | ||||||||||||||||||
Forfeited PSUs | (255,000 | ) | 10.38 | ||||||||||||||||||
Balances, December 31, 2014 | 4,043,912 | 11.21 | |||||||||||||||||||
All shares to be issued upon the exercise of stock options and the vesting of RSUs and PSUs will come from newly issued shares. | |||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||
The fair value of the stock-based awards granted to employees was estimated using the Black-Scholes-Merton option-pricing model with the following weighted average assumptions: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Expected term (in years) | 6 | 5.9 | 6.05 | ||||||||||||||||||
Risk-free interest rate | 1.83 | % | 1.09 | % | 1.01 | % | |||||||||||||||
Volatility | 50.43 | % | 52.17 | % | 54.47 | % | |||||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||||
The expected terms of options granted were calculated using the simplified method, which defines the expected term as the average of the contractual term and the vesting period. We elected to use the simplified method due to a lack of term length data since we completed our initial public offering in December 2011 and our stock options meet the criteria of “plain-vanilla.” Estimated volatility incorporates a calculated volatility derived from the historical closing prices of common shares of our stock as well as similar entities whose share prices are publicly available for the expected term of the option. The risk-free interest rate is based on the U.S. Treasury constant maturities in effect at the time of grant for the expected term of the option. We use historical data to estimate the number of future stock option forfeitures. | |||||||||||||||||||||
Certain information regarding our stock-based compensation was as follows (in thousands, except per share data): | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Weighted average per share grant date fair value of stock options granted | $ | 3.68 | $ | 7.57 | $ | 8.46 | |||||||||||||||
Total intrinsic value of stock options exercised | $ | 12,573 | $ | 36,367 | $ | 44,499 | |||||||||||||||
Total fair value of restricted stock and stock options vested | $ | 38,071 | $ | 21,045 | $ | 9,107 | |||||||||||||||
Stock-based compensation was included in our Consolidated Statements of Operations as follows (in thousands): | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Cost of revenues | $ | 4,276 | $ | 3,450 | $ | 2,035 | |||||||||||||||
Research and development | 10,642 | 14,133 | 6,250 | ||||||||||||||||||
Sales and marketing | 10,852 | 10,614 | 4,970 | ||||||||||||||||||
General and administrative | 7,138 | 6,557 | 4,954 | ||||||||||||||||||
Total | $ | 32,908 | $ | 34,754 | $ | 18,209 | |||||||||||||||
Stock-based compensation related to non-employee awards (included in total stock-based compensation above) | $ | 41 | $ | 488 | $ | 1,723 | |||||||||||||||
There were no grants of stock-based awards to non-employees in 2014, 2013 or 2012. Vesting of shares granted to non-employees is contingent on the individual continuing to provide service. Expense for these awards was calculated using the Black-Scholes-Merton option-pricing model. These awards are equity classified and are marked to market each period with the change in fair value recorded in earnings. At December 31, 2014, there were no options exercisable for shares of our common stock by non-employees. | |||||||||||||||||||||
As of December 31, 2014, we had unrecognized compensation related to all stock-based awards of $44.4 million, which will be recognized over the weighted average remaining vesting period of 2.4 years. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | Note 10. Income Taxes | ||||||||||||
Income Tax Provision (Benefit) | |||||||||||||
Pretax income (loss) is as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Domestic | $ | (55,660 | ) | $ | (76,714 | ) | $ | (47,882 | ) | ||||
Foreign | 645 | 333 | 475 | ||||||||||
Total | $ | (55,015 | ) | $ | (76,381 | ) | $ | (47,407 | ) | ||||
The provision (benefit) for federal, state and foreign income taxes was as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current tax provision (benefit): | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | 50 | 79 | 51 | ||||||||||
Foreign | 1,015 | 142 | 260 | ||||||||||
Total current tax provision (benefit) | 1,065 | 221 | 311 | ||||||||||
Deferred tax provision (benefit): | |||||||||||||
Federal | 50 | (1,025 | ) | (237 | ) | ||||||||
State | 23 | (206 | ) | (46 | ) | ||||||||
Foreign | — | — | — | ||||||||||
Total deferred tax expense | 73 | (1,231 | ) | (283 | ) | ||||||||
Provision for (benefit from) income taxes | $ | 1,138 | $ | (1,010 | ) | $ | 28 | ||||||
The 2014 provision for income taxes includes an impact from our Israeli tax examination of $0.5 million. Included in the provision for (benefit from) income taxes for the years ended December 31, 2013 and 2012 is a $1.4 million and $0.3 million tax benefit, respectively, from the release of valuation allowance on our deferred tax assets related to our acquisitions. In connection with the acquisitions of StreamOnce, Producteev and Meetings.io, a deferred tax liability was established for the book-tax basis differences related to the non-goodwill intangibles. The net deferred tax liability from these acquisitions creates an additional source of income to offset our deferred tax assets. The impact on our deferred tax assets and liabilities caused by the acquisitions is recorded outside of acquisition accounting. | |||||||||||||
The reconciliation of the statutory federal income tax rate to the effective tax rate is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory tax rate | (34.0 | )% | (34.0 | )% | (34.0 | )% | |||||||
State tax | (6.7 | ) | (10.4 | ) | (6.5 | ) | |||||||
Change in valuation allowance | 39 | 42.8 | 35.3 | ||||||||||
Permanent differences | 5.3 | 4.6 | 5.1 | ||||||||||
Tax credits | (3.3 | ) | (4.4 | ) | (0.2 | ) | |||||||
Foreign rate impact | (0.2 | ) | (0.1 | ) | (0.1 | ) | |||||||
Other | 2 | 0.2 | 0.5 | ||||||||||
2.1 | % | (1.3 | )% | 0.1 | % | ||||||||
Deferred Income Taxes | |||||||||||||
Deferred income taxes reflect the net tax effects of (i) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (ii) operating losses and tax credit carryforwards. The tax effects of significant items comprising our deferred tax assets and liabilities are as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss (“NOL”) carryforwards | $ | 69,176 | $ | 61,568 | |||||||||
Accrued expenses, reserves and allowances | 1,220 | 717 | |||||||||||
Deferred revenue | 16,429 | 12,421 | |||||||||||
Tax credit carryforwards | 9,580 | 7,152 | |||||||||||
Deferred rent | 363 | 282 | |||||||||||
Other | 13,840 | 10,727 | |||||||||||
Total deferred tax assets | 110,608 | 92,867 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation and amortization | (3,128 | ) | (6,756 | ) | |||||||||
Prepaid expenses | — | (146 | ) | ||||||||||
Other | (177 | ) | — | ||||||||||
Total deferred tax liabilities | (3,305 | ) | (6,902 | ) | |||||||||
Valuation allowance | (107,540 | ) | (86,077 | ) | |||||||||
Net deferred taxes | $ | (237 | ) | $ | (112 | ) | |||||||
The tax benefit of net operating losses, temporary differences and credit carryforwards is recorded as an asset to the extent that we assess that realization is more likely than not. Realization of the future tax benefits is dependent on our ability to generate sufficient taxable income within the carryforward period. Due to our recent history of operating losses, we currently believe that the recognition of the deferred tax assets arising from the above mentioned future tax benefits is not more likely than not to be realized and, accordingly, have provided a full valuation allowance. | |||||||||||||
Certain other information regarding our deferred income taxes was as follows: | |||||||||||||
(In thousands) | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Increase in valuation allowance | $ | 21,463 | $ | 32,692 | $ | 16,410 | |||||||
(In millions) | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Federal and state NOL carryforwards | $ | 238.8 | $ | 211.5 | |||||||||
Research and development tax credit carryforwards | 10.3 | 7.8 | |||||||||||
These carryforwards expire between 2015 and 2034. | |||||||||||||
Approximately $73.9 million of our NOL carryforwards at December 31, 2014 were generated as a result of excess tax deductions related to exercises of stock options and disqualifying dispositions. If utilized, this portion of our carryforwards, as tax effected, will be accounted for as a direct increase to contributed capital rather than as a reduction of that year’s provision for income taxes. NOL carryforwards created by excess tax benefits from the exercise of stock options are not recorded as deferred tax assets. Accordingly, the deferred tax assets related to the net operating losses were reduced by $31.1 million and $28.0 million at December 31, 2014 and 2013, respectively. | |||||||||||||
Unrecognized Tax Benefits | |||||||||||||
We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. We recognize penalties and interest related to unrecognized tax benefits as a component of income tax expense. As of December 31, 2014 and 2013, there were no accrued penalties or interest recorded in the consolidated financial statements. Only $0.1 million of the unrecognized tax benefits would currently have an impact on the effective tax rate if recognized. The following is a reconciliation of our unrecognized tax benefits (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning balance | $ | 409 | $ | 737 | $ | 660 | |||||||
Additions based on tax positions related to the current year | 240 | 205 | 77 | ||||||||||
Additions based on prior year tax positions | 36 | 151 | — | ||||||||||
Reductions for tax positions in prior years | (118 | ) | (212 | ) | — | ||||||||
Settlements | — | (472 | ) | — | |||||||||
Ending balance | $ | 567 | $ | 409 | $ | 737 | |||||||
We are subject to income taxes in U.S. federal and various state, local and foreign jurisdictions. Generally, we are no longer subject to U.S. federal, state and local tax examinations for tax years ended before December 31, 2010. However, to the extent allowed by law, the tax authorities may have the right to examine prior periods where NOLs or tax credits were generated and carried forward, and make adjustments up to the amount of the NOL or credit carryforward. At December 31, 2014, we were not under exam in any jurisdictions. There could be a significant impact to our uncertain tax positions over the next twelve months depending on the outcome of any audit. We do not anticipate that unrecognized tax benefits will decrease relating to expiring statutes of limitation by the end of 2015. | |||||||||||||
Unrepatriated Foreign Earnings | |||||||||||||
We did not repatriate any earnings of our foreign subsidiaries in 2014, 2013 or 2012. We plan to indefinitely reinvest the earnings of all of our foreign subsidiaries overseas. Should we plan to repatriate any foreign earnings in the future, we will be required to establish an income tax liability and recognize additional income tax expense related to such earnings. As of December 31, 2014, we had $1.6 million of unrepatriated cash held in foreign bank accounts. |
Net_Loss_Per_Share
Net Loss Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Net Loss Per Share | Note 11. Net Loss Per Share | ||||||||||||
The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share data): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Net loss | $ | (56,153 | ) | $ | (75,371 | ) | $ | (47,435 | ) | ||||
Denominator: | |||||||||||||
Weighted-average common shares outstanding | 71,251 | 67,858 | 63,266 | ||||||||||
Less: Weighted-average unvested common shares subject to repurchase or forfeiture | 500 | 477 | 652 | ||||||||||
Weighted-average shares used to compute net loss per share, basic and diluted | 70,751 | 67,381 | 62,614 | ||||||||||
Net loss per share, basic and diluted | $ | (0.79 | ) | $ | (1.12 | ) | $ | (0.76 | ) | ||||
Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Shares subject to outstanding common stock options | 7,329,575 | 9,480,138 | 12,814,724 | ||||||||||
Unvested restricted common stock | 4,043,912 | 4,796,112 | 2,681,944 | ||||||||||
Common stock subject to repurchase | 313,412 | 635,928 | 248,064 | ||||||||||
11,686,899 | 14,912,178 | 15,744,732 | |||||||||||
Statements_of_Cash_Flows
Statements of Cash Flows | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||
Statements of Cash Flows | Note 12. Statements of Cash Flows | ||||||||||||
The summary of supplemental cash flows information is as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Supplemental Cash Flow Information | |||||||||||||
Cash paid for interest | $ | 181 | $ | 246 | $ | 461 | |||||||
Cash paid for income taxes | 235 | 258 | 224 | ||||||||||
Supplemental Non-Cash Information | |||||||||||||
Common stock issued in connection with acquisition of Meetings.io | $ | — | $ | — | $ | 2,374 | |||||||
Common stock issued in connection with StreamOnce acquisition | — | 852 | — |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||
Commitments and Contingencies | Note 13. Commitments and Contingencies | ||||||||||||
Legal Matters | |||||||||||||
In October 2012, Bascom Research, LLC filed a complaint for patent infringement against us, among others, in the United States District Court for the Eastern District of Virginia, captioned Bascom Research, LLC v. Jive Software, Inc., Civil Case No. 1:12CV1114. In May 2013, we entered into a settlement and license agreement with Bascom. The cost of such settlement was consistent with amounts accrued for settlement and was not material to our business, financial condition, or results of operations. | |||||||||||||
From time to time, we may become involved in routine litigation arising in the ordinary course of business. While the results of such litigation cannot be predicted with certainty, we believe that the final outcome of such matters will not have a material adverse effect on our financial position, results of operations or cash flows. | |||||||||||||
Operating Leases | |||||||||||||
Operating lease payments primarily relate to equipment leases and noncancelable operating leases associated with the following spaces that we currently utilize: | |||||||||||||
Location | Lease | ||||||||||||
expiration | |||||||||||||
Palo Alto, California headquarters | March 2020 | ||||||||||||
Portland, Oregon office | September 2018 | ||||||||||||
San Francisco, California office | Nov-15 | ||||||||||||
Boulder, Colorado office | Mar-16 | ||||||||||||
United Kingdom office | May-18 | ||||||||||||
Israel office | Sep-17 | ||||||||||||
Arizona data center | Dec-16 | ||||||||||||
New Jersey data center | Sep-16 | ||||||||||||
Netherlands data center | Oct-15 | ||||||||||||
London data center | Mar-16 | ||||||||||||
In addition to the facilities listed above, we also occupy a number of smaller sales and service offices around the world. In addition to our currently occupied space, there are other facility leases that are no longer being utilized by us that have been fully sublet. | |||||||||||||
Rent expense was as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Gross rent expense | $ | 7,023 | $ | 5,570 | $ | 4,409 | |||||||
Sublease income | 45 | 45 | 557 | ||||||||||
Net rent expense | $ | 6,978 | $ | 5,525 | $ | 3,852 | |||||||
Minimum rentals to be received in the future under subleases as of December 31, 2014 were $1.0 million. | |||||||||||||
The approximate future minimum lease payments required under operating leases (including for sublet facilities) were as follows (in thousands): | |||||||||||||
Year ending December 31, | |||||||||||||
2015 | $ | 8,069 | |||||||||||
2016 | 6,216 | ||||||||||||
2017 | 4,010 | ||||||||||||
2018 | 2,861 | ||||||||||||
2019 | 419 | ||||||||||||
Thereafter | 106 | ||||||||||||
$ | 21,681 | ||||||||||||
Contractual Commitments | |||||||||||||
We have commitments under non-cancelable purchase orders or vendor agreements of $4.8 million at December 31, 2014. The non-cancelable purchase order and vendor agreement commitments will be filled at various times through the third quarter of 2016. |
Geographic_Information
Geographic Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Geographic Information | Note 14. Geographic Information | ||||||||||||
Sales to countries which totaled 10% or more of our total revenues, determined based on the location of the end customer, were as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. | $ | 135,876 | $ | 112,693 | $ | 87,984 | |||||||
Rest of world | 42,817 | 33,070 | 25,682 | ||||||||||
$ | 178,693 | $ | 145,763 | $ | 113,666 | ||||||||
We did not have a significant amount of long-lived assets located outside of the U.S. at December 31, 2014 or 2013. |
Employee_Benefit_Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2014 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plan | Note 15. Employee Benefit Plan |
We offer a 401(k) employee savings plan to our U.S.-based employees. We make a nondiscretionary matching contribution equal to 100% of the first 3% and 50% of the next 2% of compensation contributed by employees. We made matching contributions of $2.4 million, $2.2 million and $1.7 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Related Party Transactions [Abstract] | |||||||||||||
Related-Party Transactions | Note 16. Related-Party Transactions | ||||||||||||
Certain members of our board of directors also serve on the board of directors of certain of our customers and in some cases are also investors of these customers. We believe the transactions between these customers and us were carried out on an arm’s-length basis and that the pricing is consistent with similar transactions with other of our comparable customers. Certain information regarding these customers was as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Accounts receivable | $ | 46 | $ | 804 | |||||||||
Current deferred revenue | 548 | 1,504 | |||||||||||
Non-current deferred revenue | 75 | 1,034 | |||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | $ | 929 | $ | 1,820 | $ | 802 |
New_Accounting_Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | Note 17. New Accounting Pronouncements |
Recently Adopted Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” ASU 2013-11 amends the guidance related to the presentation of unrecognized tax benefits and allows for the reduction of a deferred tax asset for a net operating loss (“NOL”) carryforward whenever the NOL or tax credit carryforward would be available to reduce the additional taxable income or tax due if the tax position is disallowed. ASU 2013-11 is effective for annual and interim periods for fiscal years beginning after December 15, 2013, and early adoption is permitted. Since ASU 2013-11 relates only to the presentation of unrecognized tax benefits, the adoption of ASU 2013-11 in January 2014 did not have a material effect on our financial position, results of operations or cash flows. | |
Accounting Pronouncements Not Yet Adopted | |
In May, 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for us on January 1, 2017 and early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. | |
In June 2014, the FASB issued ASU 2014-12, “Compensation – Stock Compensation (Topic 718).” ASU 2014-12 addresses accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. ASU 2014-12 indicates that, in such situations, the performance target should be treated as a performance condition and, accordingly, the performance target should not be reflected in estimating the grant-date fair value of the award. Instead, compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved. ASU 2014-12 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. We do not expect the adoption of ASU 2014-12 to have a material effect on our financial position, results of operations or cash flows. | |
In November 2014, the FASB issued ASU 2014-16, “Derivatives and Hedging (Topic 815).” ASU 2014-16 addresses whether the host contract in a hybrid financial instrument issued in the form of a share should be accounted for as debt or equity. ASU 2014-16 is effective for annual periods and interim periods beginning after December 15, 2015. We do not currently have issued, nor are we investors in, hybrid financial instruments. Accordingly, we do not expect the adoption of ASU 2014-16 to have any effect on our financial position, results of operations or cash flows. | |
In January 2015, the FASB issued ASU 2015-01, “Income Statement – Extraordinary and Unusual Items (Subtopic 225-20).” ASU 2015-01 simplifies income statement presentation by eliminating the concept of extraordinary items. ASU 2015-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The adoption of ASU 2015-01 will not have any effect on our financial position, results of operations or cash flows. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Selected Quarterly Financial Data | Note 18. Selected Quarterly Financial Data (Unaudited) | ||||||||||||||||
For the Quarter Ended | |||||||||||||||||
(Dollars in thousands, except per share amounts) | March 31, | June 30, | Sept. 30, | Dec. 31, | |||||||||||||
2014 | 2014 | 2014 | 2014 | ||||||||||||||
Total revenues | $ | 41,029 | $ | 43,375 | $ | 46,600 | $ | 47,689 | |||||||||
Gross profit | 25,574 | 26,735 | 29,365 | 30,346 | |||||||||||||
Net loss | (17,324 | ) | (14,630 | ) | (12,109 | ) | (12,090 | ) | |||||||||
Net loss per share, basic and diluted | (0.25 | ) | (0.21 | ) | (0.17 | ) | (0.17 | ) | |||||||||
For the Quarter Ended | |||||||||||||||||
(Dollars in thousands, except per share amounts) | March 31, | June 30, | Sept. 30, | Dec. 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
Total revenues | $ | 33,852 | $ | 35,242 | $ | 37,359 | $ | 39,310 | |||||||||
Gross profit | 20,792 | 21,487 | 23,474 | 24,718 | |||||||||||||
Net loss | (16,601 | ) | (17,780 | ) | (18,705 | ) | (22,285 | ) | |||||||||
Net loss per share, basic and diluted | (0.25 | ) | (0.27 | ) | (0.27 | ) | (0.32 | ) | |||||||||
Net loss per share of common stock for the four quarters of each year in the table above may not sum to the total for each year because of the different number of weighted-average shares outstanding in each respective period. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 19. Subsequent Events |
Disgorgement Funds Received | |
On January 8, 2015, we received $1.1 million from a stockholder in settlement of a claim under Section 16(b) of the United States Security Exchange Act of 1934. We recognized the amount when realized in other income. | |
Appointment of Chief Executive Officer | |
On February 10, 2015, we announced that our board of directors appointed Elisa Steele as our Chief Executive Officer and a Director as of February 9, 2015. In addition to her appointment as Chief Executive Officer, Ms. Steele will continue to serve as our President. | |
In connection with Ms. Steele’s appointment as our Chief Executive Officer, the board disbanded the Office of the Chief Executive Officer. William A. Lanfri will remain a member of the board and, in connection with the dissolution of the Office of the CEO, was reappointed to serve on the Audit Committee of the Board with Theodore Schlein resigning from such committee. | |
Equity Grants to Management and Board | |
In connection with her appointment to Chief Executive Officer, Ms. Steele received a stock option to purchase 500,000 shares of our common stock and 500,000 restricted stock units (“RSUs”). The stock options vest as to 1/48th of the shares on each monthly anniversary following February 9, 2015, subject to Ms. Steele’s continued service. The RSUs vest quarterly over a four-year period beginning on or about May 16, 2015, subject to Ms. Steele’s continued service. The grant of stock options and RSUs became effective on February 13, 2015. | |
In recognition of his service as a member of the Office of Chief Executive Officer, Mr. Lanfri received 100,000 RSUs, which vest 50% on the grant date and the remaining RSUs vest in four equal monthly installments beginning on March 1, 2015, subject to Mr. Lanfri’s continued service as a member of our board. The RSU grant became effective on February 13, 2015. | |
Additionally, the board granted Bryan LeBlanc, Executive Vice President and Chief Financial Officer, a stock option to purchase 138,500 shares of our common stock and 138,500 RSUs. The stock options vest as to 1/48th of the shares on each monthly anniversary following February 9, 2015, subject to Mr. LeBlanc’s continued service. The RSUs will vest quarterly over a four-year period beginning on or about May 16, 2015, subject to Mr. LeBlanc’s continued service. The grant of stock options and RSUs became effective on February 13, 2015. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Use of Estimates | Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”), requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities in the financial statements and the accompanying notes. Significant estimates include the estimates relating to revenue recognition, the useful lives of property and equipment, stock-based compensation, assumptions used in testing for impairment of goodwill, other long-lived assets, capitalized software development costs, and the recoverability of deferred income tax assets and liabilities. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements. | |||||||||||||
Principles of Consolidation | Principles of Consolidation | ||||||||||||
The consolidated financial statements include the accounts of Jive Software, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||
Segments | Segments | ||||||||||||
An operating segment is defined as a component of an enterprise that meets the following criteria: | |||||||||||||
• | engages in business activities from which it may earn revenues and incur expenses; | ||||||||||||
• | operating results are regularly reviewed by the enterprise’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and | ||||||||||||
• | discrete financial information is available. | ||||||||||||
We define the term “chief operating decision maker” to be our Chief Executive Officer. Our Chief Executive Officer reviews financial information presented on a consolidated basis, accompanied by information about revenue by product line and geographic region for purposes of allocating resources and evaluating financial performance. We have one business activity and there are no segment managers who are held accountable for operations, operating results or plans for levels or components below the consolidated unit level. Accordingly, we have determined that we operate in a single reporting segment, software sales and service. | |||||||||||||
Revenue Recognition | Revenue Recognition | ||||||||||||
We generate revenues in the form of product fees and related professional service fees. Product fees include subscription fees, perpetual license fees, associated support and maintenance fees and hosting fees. Professional services primarily consist of fees for strategic consulting, configuration, training, consultation and implementation services, which are not essential to the functionality of the software. For statement of operations classification purposes, we allocate revenues to professional services based on the hourly rate billed for time and materials arrangements and based on the total fixed fee for fixed fee professional services. We recognize revenue when all of the following conditions are met: | |||||||||||||
• | there is persuasive evidence of an arrangement; | ||||||||||||
• | the product or services have been delivered to the customer; | ||||||||||||
• | the amount of fees to be paid by the customer is fixed or determinable; and | ||||||||||||
• | the collection of the related fees is reasonably assured. | ||||||||||||
Signed agreements are used as evidence of an arrangement. If a contract signed by the customer does not exist, we have historically used a purchase order as evidence of an arrangement. In cases where both a signed contract and a purchase order exist, we consider the signed contract to be the final persuasive evidence of an arrangement. Software and corresponding license keys are delivered to customers electronically. Electronic delivery occurs when we provide the customer with access to the software. We assess whether a fee is fixed or determinable at the outset of the arrangement, primarily based on the payment terms associated with the transaction. We do not generally offer extended payment terms with typical terms of payment due between 30 and 60 days from delivery of solutions or services. For professional services that are billable under a time and materials based arrangement, these fees are neither fixed nor determinable until the work is performed and the fee becomes billable to the customer. We assess collectability of the customer receivable based on a number of factors such as collection history with the customer and creditworthiness of the customer. If we determine that collectability is not reasonably assured, revenue is deferred until collectability becomes reasonably assured, generally upon receipt of cash. | |||||||||||||
We offer subscriptions of our platform to customers most frequently on a term basis with terms typically ranging from 12 to 36 months. While term-based licenses make up the majority of our total revenues, we occasionally license our solutions to customers on a perpetual basis with on-going support and maintenance services. We recognize license revenue in accordance with software industry specific guidance. Revenues related to term license fees are recognized ratably over the contract term beginning on the date the customer has access to the software license key and continuing through the end of the contract term. For term-based licenses, we do not charge separately for standard support and maintenance, and, therefore, inherent in the license fees are fees for support and maintenance services for the duration of the license term. As fees for support and maintenance are always bundled with the license over the entire term of the contract, we do not have vendor-specific objective evidence (“VSOE”) of fair value for support and maintenance. Revenues generated from perpetual license sales also include support and maintenance services for an initial stated term, both the perpetual license and support and maintenance are recognized ratably over the initial stated term. We do not have VSOE of fair value for support and maintenance on perpetual licenses as we have not had sufficient consistently priced standalone sales of support and maintenance, nor have we offered substantive renewal rates for support and maintenance. Additionally, customers who have purchased perpetual licenses to the base platform have historically also purchased term-based subscriptions to certain of our modules. We do not have VSOE of fair value for either the support and maintenance on the perpetual license or the module and, therefore, revenue is recognized ratably over the longer of the initial maintenance term for the perpetual license or the term for the subscription elements. | |||||||||||||
License arrangements may also include professional services, such as strategic consulting installation, upgrades and training services, which are typically delivered early in the contract term. This combination of products and services represents a multiple-element arrangement for revenue recognition purposes. We have determined that we do not have VSOE of fair value for each element of a multiple-element sales arrangement and, accordingly, we account for fees received under that multiple-element arrangement as a single unit of accounting and recognize the fees for the entire arrangement ratably, commencing on delivery of the software, over the longer of the term of the support and maintenance or the period over which professional services are delivered. Support and maintenance is always the last undelivered element in the arrangement and, therefore, we recognize the fixed portion of the fees ratably over the support and maintenance term. For contracts with multiple elements, we recognize the license, support and maintenance, and fixed fee professional service revenue ratably over the term of the arrangement beginning upon delivery of the software. We believe this method most closely reflects the economics of the transaction as we deliver access to the software and we begin providing support and maintenance services as of the date the software is delivered. | |||||||||||||
Professional services are offered on both fixed fee and time and materials hourly billing arrangements. For time and materials-based professional services that are part of a multiple-element arrangement where the fees for the professional services are not fixed or determinable upon delivery of the software, revenue is recognized ratably over the contract term as the related fees become fixed. These fees are not considered fixed at the outset of the arrangement and become fixed as the related work is performed and the fees are earned and billed. These services are typically provided early in the contract term with completion typically occurring in the first six months. As these fees become fixed, they are added to the total fee for the multiple-element arrangement and recognized ratably with all other arrangement fees over the entire contract term. When billed, a cumulative revenue catch-up is calculated as the revenue earned from the date the software was made available to the customer to the date services have been completed, with recognition continuing ratably to the end of the contract term. These amounts, when recognized in our Consolidated Statements of Operations, are classified as professional services revenues based on the hourly rates at which they are billed. If there are significant acceptance clauses associated with the license or services or uncertainty associated with our ability to perform the professional services, revenues are deferred until the acceptance is received or the uncertainty is resolved. We record amounts that have been invoiced, in accordance with the terms of the agreement, in accounts receivable and in deferred revenues or revenues, depending on whether the revenue recognition criteria have been met. | |||||||||||||
Hosting revenues are derived from providing our software solutions in a hosted environment where the customer does not take possession of the software on their premises. With the exception of the Jive Cloud licensing model, customers have the option to elect to take possession of the software and install on their premises or sub-contract the hosting services through us. Such arrangements are considered software sales as the customer has the same rights to the software license regardless of their election to have us host on their behalf or install on their premises. As a result, the fees associated with license, support and hosted services are recognized as revenue ratably over the term of the arrangement. For Jive Cloud licensing arrangements, customers do not have the right to take possession of the software supporting the cloud-based application service at any time. | |||||||||||||
We occasionally sell professional services separately and recognize revenues resulting from those as professional services are performed. If there is a significant uncertainty about the project completion or receipt of payment for the consulting services, revenues are deferred until the uncertainty is resolved. If acceptance provisions exist within a professional services arrangement, revenues will be deferred until the services are accepted, the acceptance period has expired or cash is received from the customer. | |||||||||||||
Taxes Collected from Customers and Remitted to Governmental Authorities | Taxes Collected from Customers and Remitted to Governmental Authorities | ||||||||||||
We account for tax assessed by a governmental authority that is directly imposed on a revenue-producing transaction (i.e., sales, use, value added) on a net (excluded from revenue) basis. | |||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||||||||
We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Our cash balances with financial institutions may exceed the deposit insurance limits. Included in cash and cash equivalents were cash equivalents of $1.6 million and $6.7 million at December 31, 2014 and 2013, respectively. Cash equivalents are stated at cost, which approximates market value. | |||||||||||||
Marketable Securities | Marketable Securities | ||||||||||||
We classify our marketable securities as available-for-sale and, accordingly, record them at fair value based on quoted market prices. Unrealized holding gains and losses are excluded from earnings and are reported as a separate component of stockholders’ equity until realized. See the Consolidated Statements of Comprehensive Loss. | |||||||||||||
We periodically evaluate whether declines in fair values of our marketable securities below their cost are “other-than-temporary.” This evaluation consists of qualitative and quantitative factors regarding the severity and duration of the unrealized loss, as well as our ability and intent to hold the marketable securities until a forecasted recovery occurs. Dividend and interest income is recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold. | |||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts | ||||||||||||
Accounts receivable are carried at their original invoice amounts less the allowance for doubtful accounts and do not bear interest. Our policy is to maintain an allowance for estimated losses resulting from the inability or refusal of our customers to make required payments. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and the customers’ financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. On a quarterly basis, we evaluate the collectability of our trade receivable balances based on a combination of factors. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. If the financial conditions of our customers were to materially change or there were other circumstances that resulted in their inability or unwillingness to pay, the estimates of recoverability of receivables could materially change. | |||||||||||||
Activity related to our allowance for doubtful accounts was as follows (in thousands): | |||||||||||||
Balance, December 31, 2011 | $ | 144 | |||||||||||
Charges to costs and expenses | 229 | ||||||||||||
Write-offs | (155 | ) | |||||||||||
Balance, December 31, 2012 | 218 | ||||||||||||
Charges to costs and expenses | 672 | ||||||||||||
Write-offs | (150 | ) | |||||||||||
Balance, December 31, 2013 | 740 | ||||||||||||
Charges to costs and expenses | 599 | ||||||||||||
Write-offs | (780 | ) | |||||||||||
Balance, December 31, 2014 | $ | 559 | |||||||||||
Fair Value of Financial Assets and Liabilities | Fair Value of Financial Assets and Liabilities | ||||||||||||
The carrying value of cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued payroll and related liabilities and other accrued liabilities approximates their fair values due to the short-term nature of their maturities. The fair value of the long-term debt approximates its carrying value since the interest rate is variable and based on current market rates. | |||||||||||||
Property and Equipment | Property and Equipment | ||||||||||||
Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives as follows: | |||||||||||||
• | three years for computer equipment, hardware and software; | ||||||||||||
• | seven years for furniture, fixtures and equipment; and | ||||||||||||
• | the lesser of five years or the remaining term of the underlying lease for leasehold improvements. | ||||||||||||
Ordinary maintenance and repairs are expensed as incurred. | |||||||||||||
Research and Development | Research and Development | ||||||||||||
We expense research and development costs, including costs to develop software products to be marketed to external users, before technological feasibility of such products is reached. We believe our software development process is essentially completed concurrent with the establishment of technological feasibility; accordingly, development costs are expensed as incurred. | |||||||||||||
Software Development Costs and Internal-Use Software Development Costs | Software Development Costs and Internal-Use Software Development Costs | ||||||||||||
Through the third quarter of 2014, we capitalized costs to develop internal-use software during the application development stage. These costs related to application development activities. In the third quarter of 2014, management developed a substantive plan to repurpose the in-process development into our existing software platform and new software products. As a result of this decision, the associated capitalized internal-use software costs became governed by the accounting standards related to capitalized software development costs in the third quarter of 2014. As such, subsequent to July 2014, we will no longer capitalize costs related to internal-use software and, going forward, we will account for our current capitalized costs as capitalized software development costs. | |||||||||||||
Material software development costs incurred subsequent to establishing technological feasibility through the general release of the software products are capitalized. Technological feasibility is demonstrated by the completion of a detailed program design or working model, if no program design is completed. Historically, technological feasibility has occurred concurrently with the commercial release of our products and as a result we have not capitalized software development costs. We do not anticipate capitalizing material software development costs in future periods. | |||||||||||||
GAAP requires that annual amortization expense of the capitalized software development costs be the greater of the amounts computed using the ratio of gross revenue to a products’ total current and anticipated revenues or the straight-line method over the products’ remaining estimated economic life. | |||||||||||||
The software development costs will be amortized on a straight-line basis over their estimated useful life and recorded as a component of cost of product revenues. We will begin amortizing the associated capitalized costs upon on each product’s or enhancement’s release. During the fourth quarter of 2014, we released products related to $0.8 million of the capitalized costs. We anticipate the remaining products related to the capitalized costs to be commercially released through the second half of 2015. | |||||||||||||
We make ongoing evaluations of the recoverability of our capitalized software by comparing the amount capitalized for each product to the estimated net realizable value of the product. If such evaluations indicate that the unamortized software development costs exceed the net realizable value, we write off the amount by which the unamortized software development costs exceed net realizable value. There was no impairment charge related to capitalized software development costs during the years ended December 31, 2014 and 2013. | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Total capitalized software development costs | $ | 5,924 | $ | 3,057 | $ | — | |||||||
Total amortization of capitalized software development costs | 65 | — | — | ||||||||||
Capitalized computer software development costs consist of the following at December 31, 2014 and 2013 (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Capitalized software development costs | $ | 8,981 | $ | 3,057 | |||||||||
Accumulated amortization | 65 | — | |||||||||||
$ | 8,916 | $ | 3,057 | ||||||||||
As of December 31, 2014, the net balance of software development costs is included in other assets. As of December 31, 2013, the capitalized balance was internal-use software and the balance is included in fixed assets. | |||||||||||||
Of our capitalized software development costs that are currently completed and being amortized, we expect amortization expense for the next five years to be as follows (in thousands): | |||||||||||||
2015 | $ | 393 | |||||||||||
2016 | 327 | ||||||||||||
$ | 720 | ||||||||||||
Accounting for the Impairment of Long-Lived Assets | Accounting for the Impairment of Long-Lived Assets | ||||||||||||
We evaluate the recoverability of our long-lived assets, which principally consist of property and equipment and acquired intangible assets with finite lives, whenever events or circumstances indicate that the carrying amount of these assets may not be recoverable. Recoverability of an asset is measured by comparing the carrying amount to the expected future undiscounted cash flows that the asset is expected to generate. If that review indicates that the carrying amount of the long-lived asset is not recoverable, an impairment loss is recorded for the amount by which the carrying amount of the asset exceeds its fair value. | |||||||||||||
We did not incur any long-lived asset impairment charges in the years ended December 31, 2014, 2013 or 2012. | |||||||||||||
Goodwill | Goodwill | ||||||||||||
Goodwill represents the excess of the purchase price over the estimated fair value of the net tangible and intangible assets of acquired entities. We perform a goodwill impairment test annually during the fourth quarter of our fiscal year and more frequently if an event or circumstance indicates that an impairment may have occurred. Such events or circumstances may include significant adverse changes in the general business climate, among other things. | |||||||||||||
To test for impairment, we can choose to first make a qualitative assessment to determine whether it is more likely than not that goodwill is impaired before applying the two-step goodwill impairment test. If the conclusion is that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we then perform a two-step goodwill impairment test. During 2014, 2013 and 2012, we elected to forgo the qualitative assessment, and proceeded to the first step of the test for goodwill impairment. Under the first step, the fair value of the reporting unit is compared with its carrying value, and, if an indication of goodwill impairment exists for the reporting unit, we must perform step two of the impairment test (measurement). Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill as determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation. The residual fair value after this allocation is the implied fair value of the reporting unit goodwill. If the fair value of the reporting unit exceeds its carrying value, step two does not need to be performed. If the carrying amount of goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. We determined that the fair value of the reporting unit substantially exceeded its carrying value and, accordingly, we did not record any charges related to goodwill impairment during the years ended December 31, 2014, 2013 or 2012. | |||||||||||||
Intangible Assets | Intangible Assets | ||||||||||||
Definite-lived intangible assets are amortized using the straight-line method over estimated useful lives and have no significant residual value. Definite-lived intangible assets are reviewed for impairment as discussed above under “Accounting for the Impairment of Long-Lived Assets.” | |||||||||||||
Other Assets | Other Assets | ||||||||||||
Other assets include deposits for facilities’ leases, capitalized software development costs and other miscellaneous long-term assets. | |||||||||||||
Deferred Revenue | Deferred Revenue | ||||||||||||
Deferred revenue consists of billings or payments received in advance of revenue recognition from our subscription license, perpetual license, hosting, professional services and support and maintenance revenues described above and are recognized as the revenue recognition criteria are met. We generally invoice our customers in annual installments. Accordingly, the deferred revenues balance does not represent the total contract value of annual or multi-year non-cancelable subscription agreements. Deferred revenue also includes certain deferred professional services fees, which are recognized as revenues ratably over the associated contract term. We defer the professional service fees in situations where the professional services and subscription or perpetual contracts are accounted for as a single unit of accounting. Deferred revenue that will be recognized during the succeeding 12-month period is recorded as current deferred revenue, and the remaining portion is recorded as noncurrent. Approximately 4% of total deferred revenue as of December 31, 2014 and 2013, related to deferred professional services revenues. | |||||||||||||
Concentration of Risk | Concentration of Risk | ||||||||||||
Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and trade receivables. Cash is placed on deposit in major financial institutions in the United States. Such deposits may be in excess of insured limits. Management believes that the financial institutions that hold our cash deposits are financially sound and, accordingly, minimal credit risk exists with respect to these balances. | |||||||||||||
We sell our products to companies in diverse industries and do not require our customers to provide collateral to support accounts receivable. When necessary, credit reviews of significant customers are performed prior to extending credit. The determination of a customer’s ability to pay requires significant judgment, and failure to collect from a customer can adversely affect revenues, cash and net income. | |||||||||||||
No individual customer accounted for 10% or more of total revenues in the years ended December 31, 2014, 2013 or 2012. One customer accounted for 14% of accounts receivable at December 31, 2013. No customer accounted for 10% or more of total accounts receivable at December 31, 2014. | |||||||||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||||||||
We recognize compensation expense for all share-based payment awards, including stock options and restricted stock, based on the estimated fair value of the award on the grant date. We use the Black-Scholes-Merton valuation model to estimate the fair value of stock option awards. The fair value of the awards is recognized as expense, net of estimated forfeitures, on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. | |||||||||||||
Stock-based compensation expense is recognized for performance-based restricted stock awards based on the probability of achieving certain performance criteria. We estimate the number of performance-based restricted stock awards ultimately expected to vest and recognize expense using the graded vesting attribution method over the requisite service period. | |||||||||||||
The determination of the grant date fair value of options using an option-pricing model is affected by assumptions regarding a number of other complex and subjective variables, which include our expected stock price volatility over the expected term of the options, stock option exercise and cancellation behaviors, risk-free interest rates and expected dividends. In addition, prior to our IPO in December 2011, we also made assumptions regarding the fair value of our common stock. | |||||||||||||
Income Taxes | Income Taxes | ||||||||||||
We record deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of the assets and liabilities. Deferred tax assets are reduced by a valuation allowance when it is estimated to be more likely than not that a portion of the deferred tax assets will not be realized. | |||||||||||||
We recognize the effect of income tax positions only if those positions are “more likely than not” of being sustained. Interest and penalties accrued on unrecognized tax benefits are recorded as tax expense within our consolidated financial statements. | |||||||||||||
Warranties and Indemnification | Warranties and Indemnification | ||||||||||||
We typically warrant that our products will perform in a manner consistent with the product specifications provided to the customer for 180 days for sales to companies in the United States and 365 days for sales to companies in Europe. Historically, we have not been required to make payments under these obligations, and we have not recorded any liability for these obligations in our consolidated financial statements. | |||||||||||||
In our cloud and hosted agreements, we include service level commitments to customers relating to levels of uptime availability and permitting those customers to receive credits in the event that we fail to meet those levels. To date, we have not incurred any material costs as a result of such commitments and have not accrued any liabilities related to such obligations in the accompanying consolidated financial statements. | |||||||||||||
Our contracts also include provisions indemnifying customers against liabilities if our products infringe a third-party’s intellectual property rights. We have not incurred any costs as a result of such indemnification obligations and have not accrued any liabilities related to such obligations in the accompanying consolidated financial statements. | |||||||||||||
We have also agreed to indemnify our directors and executive officers for costs associated with any fees, expenses, judgments, fines and settlement amounts incurred by any of these persons in any action or proceeding to which any of those persons is, or is threatened to be, made a party by reason of the person’s service as a director or officer, arising out of that person’s services as our director or officer or that person’s services provided to any other company or enterprise at our request. We maintain director and officer insurance coverage that may enable us to recover a portion of any future amounts paid. | |||||||||||||
Commissions | Commissions | ||||||||||||
Commissions are recorded as a component of sales and marketing expenses and consist of the variable compensation paid to our direct sales force. Generally, sales commissions are earned and recorded as an expense at the time that a customer has entered into a binding purchase agreement. Commissions paid to sales personnel are recoverable only in the case that we cannot collect against any invoiced fee associated with a sales order. Commission expense was $13.7 million, $15.7 million and $12.9 million, for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
Leases | Leases | ||||||||||||
We lease our facilities and certain equipment under operating leases. For facility leases that contain rent escalation or rent concession provisions, we record the total rent expense during the lease term on a straight-line basis over the term of the lease. We record the difference between the rent paid and the straight-line rent expense as a deferred rent liability in other long-term liabilities in the accompanying Consolidated Balance Sheets. | |||||||||||||
Advertising Costs | Advertising Costs | ||||||||||||
Advertising costs are expensed as incurred as a component of sales and marketing expense and totaled $7.7 million, $5.3 million and $4.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
Legal Costs | Legal Costs | ||||||||||||
We are a party to legal proceedings arising in the normal course of business. Legal costs are expensed as incurred as a component of general and administrative expense. | |||||||||||||
Net Loss Per Share | Net Loss Per Share | ||||||||||||
Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, less the weighted-average unvested common stock subject to repurchase or forfeiture. Diluted net loss per share is computed by giving effect to all potential shares of common stock, including preferred stock, stock options and warrants, to the extent dilutive. Since we were in a loss position for all periods presented, basic and diluted net loss per share was the same for each period presented as the inclusion of all potential common shares outstanding would have been anti-dilutive. | |||||||||||||
Foreign Currency Translation | Foreign Currency Translation | ||||||||||||
The functional currency of our foreign subsidiaries is the local currency. Adjustments resulting from translating foreign functional currency financial statements into U.S. dollars are recorded as a separate component of stockholders’ deficit. Income and expense accounts are translated into U.S. dollars at average rates of exchange prevailing during the periods presented. Foreign currency transaction gains and losses are included in net loss. All assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the respective exchange rates in effect on the consolidated balance sheet dates. Foreign currency transaction gains and losses were not material in the years ended December 31, 2014, 2013 or 2012. | |||||||||||||
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements | ||||||||||||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” ASU 2013-11 amends the guidance related to the presentation of unrecognized tax benefits and allows for the reduction of a deferred tax asset for a net operating loss (“NOL”) carryforward whenever the NOL or tax credit carryforward would be available to reduce the additional taxable income or tax due if the tax position is disallowed. ASU 2013-11 is effective for annual and interim periods for fiscal years beginning after December 15, 2013, and early adoption is permitted. Since ASU 2013-11 relates only to the presentation of unrecognized tax benefits, the adoption of ASU 2013-11 in January 2014 did not have a material effect on our financial position, results of operations or cash flows. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Allowance for Doubtful Accounts | Activity related to our allowance for doubtful accounts was as follows (in thousands): | ||||||||||||
Balance, December 31, 2011 | $ | 144 | |||||||||||
Charges to costs and expenses | 229 | ||||||||||||
Write-offs | (155 | ) | |||||||||||
Balance, December 31, 2012 | 218 | ||||||||||||
Charges to costs and expenses | 672 | ||||||||||||
Write-offs | (150 | ) | |||||||||||
Balance, December 31, 2013 | 740 | ||||||||||||
Charges to costs and expenses | 599 | ||||||||||||
Write-offs | (780 | ) | |||||||||||
Balance, December 31, 2014 | $ | 559 | |||||||||||
Schedule of Capitalized and Amortization of Software Development Costs | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Total capitalized software development costs | $ | 5,924 | $ | 3,057 | $ | — | |||||||
Total amortization of capitalized software development costs | 65 | — | — | ||||||||||
Schedule of Capitalized Software Development Costs | Capitalized computer software development costs consist of the following at December 31, 2014 and 2013 (in thousands): | ||||||||||||
2014 | 2013 | ||||||||||||
Capitalized software development costs | $ | 8,981 | $ | 3,057 | |||||||||
Accumulated amortization | 65 | — | |||||||||||
$ | 8,916 | $ | 3,057 | ||||||||||
Capitalized Software Development Costs Expected Amortization Expense | Of our capitalized software development costs that are currently completed and being amortized, we expect amortization expense for the next five years to be as follows (in thousands): | ||||||||||||
2015 | $ | 393 | |||||||||||
2016 | 327 | ||||||||||||
$ | 720 | ||||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Clara Ehf. [Member] | |||||||||
Allocation of Purchase Price | The allocation of the purchase price was as follows (dollars in thousands): | ||||||||
Useful Life | |||||||||
Current assets | $ | 81 | |||||||
Goodwill | 3,161 | — | |||||||
Other intangible assets: | |||||||||
Core technology | 2,315 | 5 years | |||||||
Covenant not to compete | 227 | 2 years | |||||||
Customer relationships | 570 | 3 years | |||||||
Trade names | 230 | 3 years | |||||||
3,342 | |||||||||
Current liabilities | (96 | ) | — | ||||||
Net assets acquired | $ | 6,488 | |||||||
StreamOnce, Inc. [Member] | |||||||||
Allocation of Purchase Price | The allocation of the purchase price was as follows (dollars in thousands): | ||||||||
Cash paid | $ | 4,667 | |||||||
Value of common stock issued | 852 | ||||||||
Contingent consideration | 576 | ||||||||
Total transaction consideration: | $ | 6,095 | |||||||
Useful Life | |||||||||
Current assets | $ | 108 | — | ||||||
Goodwill | 3,157 | — | |||||||
Other intangible assets: | |||||||||
Core technology | 3,671 | 5 years | |||||||
Covenant not to compete | 459 | 3 years | |||||||
Trade names | 118 | 3 years | |||||||
4,248 | |||||||||
Current liabilities | (67 | ) | — | ||||||
Deferred tax liability | (1,351 | ) | — | ||||||
Net assets acquired | $ | 6,095 | |||||||
Producteev LLC [Member] | |||||||||
Allocation of Purchase Price | The allocation of the purchase price was as follows (dollars in thousands): | ||||||||
Useful | |||||||||
Life | |||||||||
Current assets | $ | 28 | — | ||||||
Goodwill | 4,186 | — | |||||||
Other intangible assets: | |||||||||
Core technology | 2,127 | 5 years | |||||||
Covenant not to compete | 272 | 3 years | |||||||
Customer relationships | 421 | 3 years | |||||||
Trade names | 284 | 4 years | |||||||
3,104 | |||||||||
Current liabilities | (70 | ) | — | ||||||
Deferred tax liabilities | (241 | ) | — | ||||||
Net assets acquired | $ | 7,007 | |||||||
Meetings.io [Member] | |||||||||
Allocation of Purchase Price | The allocation of the purchase price was as follows (dollars in thousands): | ||||||||
Useful | |||||||||
Life | |||||||||
Current assets | $ | 27 | — | ||||||
Goodwill | 1,984 | — | |||||||
Other intangible assets: | |||||||||
Core technology | 764 | 5 years | |||||||
Covenant not to compete | 263 | 3 years | |||||||
1,027 | |||||||||
Current liabilities | (3 | ) | — | ||||||
Deferred tax liabilities | (40 | ) | — | ||||||
Net assets acquired | $ | 2,995 | |||||||
Cash_Cash_Equivalents_and_Mark1
Cash, Cash Equivalents and Marketable Securities (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||
Cash and Cash Equivalents and Marketable Securities | Cash and cash equivalents and marketable securities consisted of the following as of December 31, 2014 and 2013 (in thousands): | ||||||||||||||||
December 31, 2014 | |||||||||||||||||
Description | Cost | Unrealized | Unrealized | Estimated | |||||||||||||
Gains | Losses | Fair Value | |||||||||||||||
Cash | $ | 18,985 | $ | — | $ | — | $ | 18,985 | |||||||||
Cash equivalents: | |||||||||||||||||
Money market mutual funds | 1,609 | — | — | 1,609 | |||||||||||||
Total cash and cash equivalents | 20,594 | — | — | 20,594 | |||||||||||||
Short-term marketable securities: | |||||||||||||||||
Commercial paper | 2,499 | — | — | 2,499 | |||||||||||||
Corporate notes and bonds | 53,643 | — | (35 | ) | 53,608 | ||||||||||||
U.S. agency obligations | 36,907 | — | (13 | ) | 36,894 | ||||||||||||
Total short-term marketable securities | 93,049 | — | (48 | ) | 93,001 | ||||||||||||
Marketable securities, noncurrent: | |||||||||||||||||
Corporate notes and bonds | 3,501 | — | (4 | ) | 3,497 | ||||||||||||
Government obligations | 1,995 | 1 | — | 1,996 | |||||||||||||
U.S. agency obligations | 2,049 | — | — | 2,049 | |||||||||||||
Total marketable securities, noncurrent | 7,545 | 1 | (4 | ) | 7,542 | ||||||||||||
Cash, cash equivalents, short-term marketable securities and marketable securities, noncurrent | $ | 121,188 | $ | 1 | $ | (52 | ) | $ | 121,137 | ||||||||
December 31, 2013 | |||||||||||||||||
Description | Cost | Unrealized | Unrealized | Estimated | |||||||||||||
Gains | Losses | Fair Value | |||||||||||||||
Cash | $ | 31,704 | $ | — | $ | — | $ | 31,704 | |||||||||
Cash equivalents: | |||||||||||||||||
Money market mutual funds | 6,711 | — | — | 6,711 | |||||||||||||
Total cash and cash equivalents | 38,415 | — | — | 38,415 | |||||||||||||
Short-term marketable securities: | |||||||||||||||||
Commercial paper | 5,497 | — | — | 5,497 | |||||||||||||
Corporate notes and bonds | 38,645 | 6 | — | 38,651 | |||||||||||||
Government obligations | 2,701 | — | — | 2,701 | |||||||||||||
U.S. agency obligations | 22,963 | — | (3 | ) | 22,960 | ||||||||||||
Total short-term marketable securities | 69,806 | 6 | (3 | ) | 69,809 | ||||||||||||
Marketable securities, noncurrent: | |||||||||||||||||
Corporate notes and bonds | 14,302 | — | (29 | ) | 14,273 | ||||||||||||
U.S. agency obligations | 19,162 | 8 | — | 19,170 | |||||||||||||
Total marketable securities, noncurrent | 33,464 | 8 | (29 | ) | 33,443 | ||||||||||||
Cash, cash equivalents, short-term marketable securities and marketable securities, noncurrent | $ | 141,685 | $ | 14 | $ | (32 | ) | $ | 141,667 | ||||||||
Estimated Fair Value of Investments in Marketable Securities, Available-for-Sale, Classified by Contractual Maturity Date | As of December 31, 2014, the following table summarizes the estimated fair value of our investments in marketable securities, all of which are considered available-for-sale, classified by the contractual maturity date (in thousands): | ||||||||||||||||
Due within 1 year | $ | 93,001 | |||||||||||||||
Due within 1 year through 3 years | 7,542 | ||||||||||||||||
Total marketable securities | $ | 100,543 | |||||||||||||||
Property_and_Equipment_net_Tab
Property and Equipment, net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Components of Property and Equipment | The following table sets forth the components of property and equipment (in thousands): | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Computers, equipment and software | $ | 33,706 | $ | 31,488 | |||||
Leasehold improvements | 5,214 | 5,047 | |||||||
Furniture and fixtures | 2,559 | 2,559 | |||||||
Construction in progress | 1,055 | 2,619 | |||||||
42,534 | 41,713 | ||||||||
Less accumulated depreciation and amortization | (29,548 | ) | (20,334 | ) | |||||
$ | 12,986 | $ | 21,379 | ||||||
Depreciation Expense Related to Property and Equipment | Depreciation expense related to property and equipment was as follows (in thousands): | ||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
$9,351 | $9,180 | $6,488 |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets, net (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||
Goodwill | The roll-forward of activity related to goodwill was as follows (in thousands): | ||||||||||
Balance at December 31, 2011 | $ | 17,265 | |||||||||
Acquisition of Producteev | 4,186 | ||||||||||
Acquisition of Meetings.io | 1,984 | ||||||||||
Balance at December 31, 2012 | 23,435 | ||||||||||
Acquisition of Clara | 3,161 | ||||||||||
Acquisition of StreamOnce | 3,157 | ||||||||||
Balance at December 31, 2013 and 2014 | $ | 29,753 | |||||||||
Intangible Assets and their Related Useful Lives | The following table presents our intangible assets and their related useful lives (dollars in thousands): | ||||||||||
Useful | December 31, | ||||||||||
Life | 2014 | 2013 | |||||||||
Acquired technology | 5-7 years | $ | 20,441 | $ | 20,441 | ||||||
Accumulated amortization | (12,049 | ) | (8,167 | ) | |||||||
8,392 | 12,274 | ||||||||||
Perpetual software licenses | 2 years | 2,430 | 2,430 | ||||||||
Accumulated amortization | (2,430 | ) | (2,430 | ) | |||||||
— | — | ||||||||||
Covenant not to compete | 1-4 years | 2,028 | 2,028 | ||||||||
Accumulated amortization | (1,634 | ) | (1,172 | ) | |||||||
394 | 856 | ||||||||||
Other | 2-7 years | 1,939 | 1,939 | ||||||||
Accumulated amortization | (1,277 | ) | (759 | ) | |||||||
662 | 1,180 | ||||||||||
Total intangible assets, net | $ | 9,448 | $ | 14,310 | |||||||
Amortization Expense Related to Intangible Assets | Amortization expense related to intangible assets was as follows (in thousands): | ||||||||||
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
$4,862 | $4,990 | $3,562 | |||||||||
Estimated Future Amortization Expense | Estimated future amortization expense as of December 31, 2014, is as follows (in thousands): | ||||||||||
2015 | $ | 4,622 | |||||||||
2016 | 2,732 | ||||||||||
2017 | 1,715 | ||||||||||
2018 | 379 | ||||||||||
2019 | — | ||||||||||
Thereafter | — | ||||||||||
$ | 9,448 | ||||||||||
Fair_Value_Measurements_of_Ass1
Fair Value Measurements of Assets and Liabilities (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Financial Assets Measured at Fair Value on Recurring Basis | The following table presents our financial assets that were measured at fair value on a recurring basis as of December 31, 2014 and 2013 (in thousands): | ||||||||||||||||
December 31, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | |||||||||||||||||
Money market mutual funds | $ | 1,609 | $ | — | $ | — | $ | 1,609 | |||||||||
Marketable securities | |||||||||||||||||
Commercial paper | — | 2,499 | — | 2,499 | |||||||||||||
Corporate notes and bonds | — | 57,105 | — | 57,105 | |||||||||||||
Government obligations | — | 1,996 | — | 1,996 | |||||||||||||
U.S. government and agency | — | 38,943 | — | 38,943 | |||||||||||||
— | 100,543 | — | 100,543 | ||||||||||||||
Total | $ | 1,609 | $ | 100,543 | $ | — | $ | 102,152 | |||||||||
31-Dec-13 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | |||||||||||||||||
Money market mutual funds | $ | 6,711 | $ | — | $ | — | $ | 6,711 | |||||||||
Marketable securities | |||||||||||||||||
Commercial paper | — | 5,497 | — | 5,497 | |||||||||||||
Corporate notes and bonds | — | 52,924 | — | 52,924 | |||||||||||||
Government obligations | — | 2,701 | — | 2,701 | |||||||||||||
U.S. government and agency | — | 42,130 | — | 42,130 | |||||||||||||
— | 103,252 | — | 103,252 | ||||||||||||||
Total | $ | 6,711 | $ | 103,252 | $ | — | $ | 109,963 | |||||||||
Liabilities: | |||||||||||||||||
Contingent consideration | |||||||||||||||||
Earnout liability | $ | — | $ | — | $ | 726 | $ | 726 | |||||||||
Summary of Contingent Consideration Liability | The following table summarizes our Level 3 activity for our contingent consideration liability (in thousands): | ||||||||||||||||
Level 3 | |||||||||||||||||
Balance at December 31, 2012 | $ | — | |||||||||||||||
Addition related to earnout for StreamOnce acquisition | 576 | ||||||||||||||||
Increase in earnout due to re-measurement | 150 | ||||||||||||||||
Balance at December 31, 2013 | 726 | ||||||||||||||||
Decrease in earnout liability due to payment | (726 | ) | |||||||||||||||
Balance at December 31, 2014 | $ | — | |||||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Summary of Long-Term Debt | Our long-term debt is summarized as follows (in thousands): | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Silicon Valley Bank loans | $ | 6,000 | $ | 8,400 | |||||
Less current portion | (2,400 | ) | (2,400 | ) | |||||
$ | 3,600 | $ | 6,000 | ||||||
Summary of Long-Term Debt Maturities | Annual maturities of long-term debt as of December 31, 2014 were as follows (in thousands): | ||||||||
2015 | $ | 2,400 | |||||||
2016 | 2,400 | ||||||||
2017 | 1,200 | ||||||||
$ | 6,000 | ||||||||
StockBased_Awards_and_StockBas1
Stock-Based Awards and Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Stock Option Activity and Stock Options Outstanding | Certain information regarding stock option activity and stock options outstanding as of December 31, 2014 was as follows: | ||||||||||||||||||||
Shares | Outstanding | Weighted | Weighted | Aggregate | |||||||||||||||||
Available | Stock | average | average | intrinsic | |||||||||||||||||
for Grant | Options | exercise | remaining | value | |||||||||||||||||
price | life | (in | |||||||||||||||||||
(in years) | thousands) | ||||||||||||||||||||
Balances, December 31, 2013 | 2,030,319 | 9,480,138 | $ | 5.54 | |||||||||||||||||
Additional shares reserved | 2,720,200 | ||||||||||||||||||||
Stock options granted | (1,376,500 | ) | 1,376,500 | 7.48 | |||||||||||||||||
Forfeited – stock options | 1,167,019 | (1,167,019 | ) | 12.66 | |||||||||||||||||
Stock options exercised | — | (2,360,044 | ) | 1.83 | |||||||||||||||||
Restricted stock units (“RSUs”) granted | (2,874,873 | ) | |||||||||||||||||||
Performance stock units (“PSUs”) granted | (430,000 | ) | |||||||||||||||||||
Forfeited – RSUs | 1,675,897 | ||||||||||||||||||||
Forfeited – PSUs | 255,000 | ||||||||||||||||||||
Vested RSUs adjusted for taxes | 222,070 | ||||||||||||||||||||
Balances, December 31, 2014 | 3,389,132 | 7,329,575 | $ | 5.97 | 5.36 | $ | 17,496 | ||||||||||||||
Exercisable at December 31, 2014 | 5,665,452 | $ | 4.9 | 4.37 | $ | 17,465 | |||||||||||||||
Vested and expected to vest | 7,116,925 | $ | 5.88 | 5.25 | $ | 17,491 | |||||||||||||||
Schedule of Restricted Stock Activity | The shares of restricted stock vest over the period specified in the related RSP, NSO, RSA, PSU and RSU agreements. Restricted stock activity was as follows: | ||||||||||||||||||||
Number | Weighted average | ||||||||||||||||||||
of shares | grant date | ||||||||||||||||||||
fair value | |||||||||||||||||||||
Balances, December 31, 2013 | 4,796,112 | $ | 15.24 | ||||||||||||||||||
Granted RSUs | 2,874,873 | 8.08 | |||||||||||||||||||
Granted PSUs | 430,000 | 8.13 | |||||||||||||||||||
Vested RSUs | (2,030,930 | ) | 13.08 | ||||||||||||||||||
Vested RSAs | (95,246 | ) | 7.4 | ||||||||||||||||||
Forfeited RSUs | (1,675,897 | ) | 13.9 | ||||||||||||||||||
Forfeited PSUs | (255,000 | ) | 10.38 | ||||||||||||||||||
Balances, December 31, 2014 | 4,043,912 | 11.21 | |||||||||||||||||||
Schedule of Black-Scholes-Merton Option-Pricing Model with Weighted Average Assumptions | The fair value of the stock-based awards granted to employees was estimated using the Black-Scholes-Merton option-pricing model with the following weighted average assumptions: | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Expected term (in years) | 6 | 5.9 | 6.05 | ||||||||||||||||||
Risk-free interest rate | 1.83 | % | 1.09 | % | 1.01 | % | |||||||||||||||
Volatility | 50.43 | % | 52.17 | % | 54.47 | % | |||||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||||
Schedule of Stock-Based Compensation | Certain information regarding our stock-based compensation was as follows (in thousands, except per share data): | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Weighted average per share grant date fair value of stock options granted | $ | 3.68 | $ | 7.57 | $ | 8.46 | |||||||||||||||
Total intrinsic value of stock options exercised | $ | 12,573 | $ | 36,367 | $ | 44,499 | |||||||||||||||
Total fair value of restricted stock and stock options vested | $ | 38,071 | $ | 21,045 | $ | 9,107 | |||||||||||||||
Stock-Based Compensation Expense Included in Consolidated Statements of Operations | Stock-based compensation was included in our Consolidated Statements of Operations as follows (in thousands): | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Cost of revenues | $ | 4,276 | $ | 3,450 | $ | 2,035 | |||||||||||||||
Research and development | 10,642 | 14,133 | 6,250 | ||||||||||||||||||
Sales and marketing | 10,852 | 10,614 | 4,970 | ||||||||||||||||||
General and administrative | 7,138 | 6,557 | 4,954 | ||||||||||||||||||
Total | $ | 32,908 | $ | 34,754 | $ | 18,209 | |||||||||||||||
Stock-based compensation related to non-employee awards (included in total stock-based compensation above) | $ | 41 | $ | 488 | $ | 1,723 | |||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Pretax Income (Loss) | Pretax income (loss) is as follows (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Domestic | $ | (55,660 | ) | $ | (76,714 | ) | $ | (47,882 | ) | ||||
Foreign | 645 | 333 | 475 | ||||||||||
Total | $ | (55,015 | ) | $ | (76,381 | ) | $ | (47,407 | ) | ||||
Schedule of Income Tax Provision (Benefit) | The provision (benefit) for federal, state and foreign income taxes was as follows (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current tax provision (benefit): | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | 50 | 79 | 51 | ||||||||||
Foreign | 1,015 | 142 | 260 | ||||||||||
Total current tax provision (benefit) | 1,065 | 221 | 311 | ||||||||||
Deferred tax provision (benefit): | |||||||||||||
Federal | 50 | (1,025 | ) | (237 | ) | ||||||||
State | 23 | (206 | ) | (46 | ) | ||||||||
Foreign | — | — | — | ||||||||||
Total deferred tax expense | 73 | (1,231 | ) | (283 | ) | ||||||||
Provision for (benefit from) income taxes | $ | 1,138 | $ | (1,010 | ) | $ | 28 | ||||||
Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate | The reconciliation of the statutory federal income tax rate to the effective tax rate is as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory tax rate | (34.0 | )% | (34.0 | )% | (34.0 | )% | |||||||
State tax | (6.7 | ) | (10.4 | ) | (6.5 | ) | |||||||
Change in valuation allowance | 39 | 42.8 | 35.3 | ||||||||||
Permanent differences | 5.3 | 4.6 | 5.1 | ||||||||||
Tax credits | (3.3 | ) | (4.4 | ) | (0.2 | ) | |||||||
Foreign rate impact | (0.2 | ) | (0.1 | ) | (0.1 | ) | |||||||
Other | 2 | 0.2 | 0.5 | ||||||||||
2.1 | % | (1.3 | )% | 0.1 | % | ||||||||
Components of Deferred Tax Assets and Liabilities | The tax effects of significant items comprising our deferred tax assets and liabilities are as follows (in thousands): | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss (“NOL”) carryforwards | $ | 69,176 | $ | 61,568 | |||||||||
Accrued expenses, reserves and allowances | 1,220 | 717 | |||||||||||
Deferred revenue | 16,429 | 12,421 | |||||||||||
Tax credit carryforwards | 9,580 | 7,152 | |||||||||||
Deferred rent | 363 | 282 | |||||||||||
Other | 13,840 | 10,727 | |||||||||||
Total deferred tax assets | 110,608 | 92,867 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation and amortization | (3,128 | ) | (6,756 | ) | |||||||||
Prepaid expenses | — | (146 | ) | ||||||||||
Other | (177 | ) | — | ||||||||||
Total deferred tax liabilities | (3,305 | ) | (6,902 | ) | |||||||||
Valuation allowance | (107,540 | ) | (86,077 | ) | |||||||||
Net deferred taxes | $ | (237 | ) | $ | (112 | ) | |||||||
Deferred Income Taxes | Certain other information regarding our deferred income taxes was as follows: | ||||||||||||
(In thousands) | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Increase in valuation allowance | $ | 21,463 | $ | 32,692 | $ | 16,410 | |||||||
(In millions) | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Federal and state NOL carryforwards | $ | 238.8 | $ | 211.5 | |||||||||
Research and development tax credit carryforwards | 10.3 | 7.8 | |||||||||||
Schedule of Unrecognized Tax Benefits | The following is a reconciliation of our unrecognized tax benefits (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning balance | $ | 409 | $ | 737 | $ | 660 | |||||||
Additions based on tax positions related to the current year | 240 | 205 | 77 | ||||||||||
Additions based on prior year tax positions | 36 | 151 | — | ||||||||||
Reductions for tax positions in prior years | (118 | ) | (212 | ) | — | ||||||||
Settlements | — | (472 | ) | — | |||||||||
Ending balance | $ | 567 | $ | 409 | $ | 737 | |||||||
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share data): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Net loss | $ | (56,153 | ) | $ | (75,371 | ) | $ | (47,435 | ) | ||||
Denominator: | |||||||||||||
Weighted-average common shares outstanding | 71,251 | 67,858 | 63,266 | ||||||||||
Less: Weighted-average unvested common shares subject to repurchase or forfeiture | 500 | 477 | 652 | ||||||||||
Weighted-average shares used to compute net loss per share, basic and diluted | 70,751 | 67,381 | 62,614 | ||||||||||
Net loss per share, basic and diluted | $ | (0.79 | ) | $ | (1.12 | ) | $ | (0.76 | ) | ||||
Summary of Potentially Dilutive Securities that are not Included in Diluted Per Share | Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Shares subject to outstanding common stock options | 7,329,575 | 9,480,138 | 12,814,724 | ||||||||||
Unvested restricted common stock | 4,043,912 | 4,796,112 | 2,681,944 | ||||||||||
Common stock subject to repurchase | 313,412 | 635,928 | 248,064 | ||||||||||
11,686,899 | 14,912,178 | 15,744,732 | |||||||||||
Statements_of_Cash_Flows_Table
Statements of Cash Flows (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||
Summary of Supplemental Cash Flows Information | The summary of supplemental cash flows information is as follows (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Supplemental Cash Flow Information | |||||||||||||
Cash paid for interest | $ | 181 | $ | 246 | $ | 461 | |||||||
Cash paid for income taxes | 235 | 258 | 224 | ||||||||||
Supplemental Non-Cash Information | |||||||||||||
Common stock issued in connection with acquisition of Meetings.io | $ | — | $ | — | $ | 2,374 | |||||||
Common stock issued in connection with StreamOnce acquisition | — | 852 | — |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||
Schedule of Operating Lease Spaces Currently Utilized | Operating lease payments primarily relate to equipment leases and noncancelable operating leases associated with the following spaces that we currently utilize: | ||||||||||||
Location | Lease | ||||||||||||
expiration | |||||||||||||
Palo Alto, California headquarters | March 2020 | ||||||||||||
Portland, Oregon office | September 2018 | ||||||||||||
San Francisco, California office | Nov-15 | ||||||||||||
Boulder, Colorado office | Mar-16 | ||||||||||||
United Kingdom office | May-18 | ||||||||||||
Israel office | Sep-17 | ||||||||||||
Arizona data center | Dec-16 | ||||||||||||
New Jersey data center | Sep-16 | ||||||||||||
Netherlands data center | Oct-15 | ||||||||||||
London data center | Mar-16 | ||||||||||||
Summary of Rent Expense | Rent expense was as follows (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Gross rent expense | $ | 7,023 | $ | 5,570 | $ | 4,409 | |||||||
Sublease income | 45 | 45 | 557 | ||||||||||
Net rent expense | $ | 6,978 | $ | 5,525 | $ | 3,852 | |||||||
Summary of Approximate Future Minimum Lease Payments Required Under Operating Leases | The approximate future minimum lease payments required under operating leases (including for sublet facilities) were as follows (in thousands): | ||||||||||||
Year ending December 31, | |||||||||||||
2015 | $ | 8,069 | |||||||||||
2016 | 6,216 | ||||||||||||
2017 | 4,010 | ||||||||||||
2018 | 2,861 | ||||||||||||
2019 | 419 | ||||||||||||
Thereafter | 106 | ||||||||||||
$ | 21,681 | ||||||||||||
Geographic_Information_Tables
Geographic Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Schedule of Geographic Information | Sales to countries which totaled 10% or more of our total revenues, determined based on the location of the end customer, were as follows (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. | $ | 135,876 | $ | 112,693 | $ | 87,984 | |||||||
Rest of world | 42,817 | 33,070 | 25,682 | ||||||||||
$ | 178,693 | $ | 145,763 | $ | 113,666 | ||||||||
RelatedParty_Transactions_Tabl
Related-Party Transactions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Related Party Transactions [Abstract] | |||||||||||||
Schedule of Information Regarding Related Party Transactions | Certain members of our board of directors also serve on the board of directors of certain of our customers and in some cases are also investors of these customers. We believe the transactions between these customers and us were carried out on an arm’s-length basis and that the pricing is consistent with similar transactions with other of our comparable customers. Certain information regarding these customers was as follows (in thousands): | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Accounts receivable | $ | 46 | $ | 804 | |||||||||
Current deferred revenue | 548 | 1,504 | |||||||||||
Non-current deferred revenue | 75 | 1,034 | |||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | $ | 929 | $ | 1,820 | $ | 802 |
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Selected Quarterly Financial Data | |||||||||||||||||
For the Quarter Ended | |||||||||||||||||
(Dollars in thousands, except per share amounts) | March 31, | June 30, | Sept. 30, | Dec. 31, | |||||||||||||
2014 | 2014 | 2014 | 2014 | ||||||||||||||
Total revenues | $ | 41,029 | $ | 43,375 | $ | 46,600 | $ | 47,689 | |||||||||
Gross profit | 25,574 | 26,735 | 29,365 | 30,346 | |||||||||||||
Net loss | (17,324 | ) | (14,630 | ) | (12,109 | ) | (12,090 | ) | |||||||||
Net loss per share, basic and diluted | (0.25 | ) | (0.21 | ) | (0.17 | ) | (0.17 | ) | |||||||||
For the Quarter Ended | |||||||||||||||||
(Dollars in thousands, except per share amounts) | March 31, | June 30, | Sept. 30, | Dec. 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
Total revenues | $ | 33,852 | $ | 35,242 | $ | 37,359 | $ | 39,310 | |||||||||
Gross profit | 20,792 | 21,487 | 23,474 | 24,718 | |||||||||||||
Net loss | (16,601 | ) | (17,780 | ) | (18,705 | ) | (22,285 | ) | |||||||||
Net loss per share, basic and diluted | (0.25 | ) | (0.27 | ) | (0.27 | ) | (0.32 | ) |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash equivalents maturity period maximum | 3 months | |||
Cash equivalents | $1,609,000 | $1,609,000 | $6,711,000 | |
Accounts receivable number of days past due evaluated for doubtful accounts | 90 days | |||
Capitalized costs, amortization | 800,000 | |||
Impairment charge related to capitalized software development costs | 0 | 0 | ||
Impairment charges of long-lived asset | 0 | 0 | 0 | |
Goodwill impairment | 0 | 0 | 0 | |
Percentage of deferred professional services revenues | 4.00% | 4.00% | ||
Percentage of total revenues | 10.00% | 10.00% | 10.00% | |
Percentage of total accounts receivable | 10.00% | 14.00% | ||
Computer equipment, hardware and software [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property plant and equipment useful life | 3 years | |||
Furniture and fixtures [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property plant and equipment useful life | 7 years | |||
Leasehold improvements [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property plant and equipment useful life | 5 years | |||
Sales and marketing [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Commissions expense | 13,700,000 | 15,700,000 | 12,900,000 | |
Advertising costs | $7,700,000 | $5,300,000 | $4,900,000 | |
U.S. [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Products warranty period | 180 days | |||
Europe [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Products warranty period | 365 days | |||
Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Payment due days | 30 days | |||
Subscriptions term to customers | 12 months | |||
Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Payment due days | 60 days | |||
Subscriptions term to customers | 36 months |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | |||
Beginning balance | $740 | $218 | $144 |
Charges to costs and expenses | 599 | 672 | 229 |
Write-offs | -780 | -150 | -155 |
Ending balance | $559 | $740 | $218 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Schedule of Capitalized and Amortization of Software Development Costs (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Research and Development [Abstract] | ||
Total capitalized software development costs | $5,924 | $3,057 |
Total amortization of capitalized software development costs | $65 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Schedule of Capitalized Software Development Costs (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Research and Development [Abstract] | ||
Capitalized software development costs | $8,981 | $3,057 |
Accumulated amortization | 65 | |
Capitalized software development costs net | $8,916 | $3,057 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Capitalized Software Development Costs Expected Amortization Expense (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
2015 | $4,622 | |
2016 | 2,732 | |
Intangible assets, net | 9,448 | 14,310 |
Software Development Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
2015 | 393 | |
2016 | 327 | |
Intangible assets, net | $720 |
Acquisitions_2013_Acquisitions
Acquisitions - 2013 Acquisitions - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Apr. 29, 2013 | Dec. 31, 2014 | Apr. 18, 2013 | |
Clara Ehf. [Member] | ||||
Business Acquisition [Line Items] | ||||
Total purchase consideration | $6,488,000 | $6,500,000 | ||
Weighted average amortization period for intangible assets acquired | 4 years 3 months 18 days | |||
Clara Ehf. [Member] | General and administrative [Member] | ||||
Business Acquisition [Line Items] | ||||
Transaction costs related to acquisition | 200,000 | |||
StreamOnce, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Total purchase consideration | 6,095,000 | 6,095,000 | ||
Weighted average amortization period for intangible assets acquired | 4 years 8 months 12 days | |||
Purchase price consideration paid in cash | 4,667,000 | |||
Common stock issued in connection with acquisition | 532,952 | |||
Purchase consideration paid in common stock | 7,300,000 | |||
Number of restricted common stock issued | 470,552 | |||
Vesting period of restricted common stock | 2 years | |||
Fair value of restricted common stock on grant date | 6,400,000 | |||
Vesting period to recognize expense | 2 years | |||
Additional consideration for employees | 700,000 | |||
Contingent consideration | 600,000 | |||
Deferred tax liability | 1,351,000 | |||
StreamOnce, Inc. [Member] | General and administrative [Member] | ||||
Business Acquisition [Line Items] | ||||
Transaction costs related to acquisition | $200,000 |
Acquisitions_Allocation_of_Pur
Acquisitions - Allocation of Purchase Price - 2013 Acquisitions (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Apr. 29, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 18, 2013 |
Business Acquisition [Line Items] | ||||||
Goodwill | $29,753 | $29,753 | $23,435 | $17,265 | ||
StreamOnce, Inc. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Current assets | 108 | |||||
Current liabilities | -67 | |||||
Goodwill | 3,157 | |||||
Deferred tax liability | -1,351 | |||||
Other intangible assets: | ||||||
Other intangible assets | 4,248 | |||||
Cash paid | 4,667 | |||||
Value of common stock issued | 852 | |||||
Contingent consideration | 576 | |||||
Net assets acquired | 6,095 | 6,095 | ||||
Clara Ehf. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Current assets | 81 | |||||
Current liabilities | -96 | |||||
Goodwill | 3,161 | |||||
Other intangible assets: | ||||||
Other intangible assets | 3,342 | |||||
Net assets acquired | 6,488 | 6,500 | ||||
Core technology [Member] | StreamOnce, Inc. [Member] | ||||||
Other intangible assets: | ||||||
Other intangible assets | 3,671 | |||||
Intangible assets, Useful Life | 5 years | |||||
Core technology [Member] | Clara Ehf. [Member] | ||||||
Other intangible assets: | ||||||
Other intangible assets | 2,315 | |||||
Intangible assets, Useful Life | 5 years | |||||
Covenant not to compete [Member] | StreamOnce, Inc. [Member] | ||||||
Other intangible assets: | ||||||
Other intangible assets | 459 | |||||
Intangible assets, Useful Life | 3 years | |||||
Covenant not to compete [Member] | Clara Ehf. [Member] | ||||||
Other intangible assets: | ||||||
Other intangible assets | 227 | |||||
Intangible assets, Useful Life | 2 years | |||||
Trade names [Member] | StreamOnce, Inc. [Member] | ||||||
Other intangible assets: | ||||||
Other intangible assets | 118 | |||||
Intangible assets, Useful Life | 3 years | |||||
Trade names [Member] | Clara Ehf. [Member] | ||||||
Other intangible assets: | ||||||
Other intangible assets | 230 | |||||
Intangible assets, Useful Life | 3 years | |||||
Customer relationships [Member] | Clara Ehf. [Member] | ||||||
Other intangible assets: | ||||||
Other intangible assets | $570 | |||||
Intangible assets, Useful Life | 3 years |
Acquisitions_2012_Acquisitions
Acquisitions - 2012 Acquisitions - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |
Dec. 31, 2012 | Nov. 05, 2012 | Nov. 21, 2012 | |
Producteev LLC [Member] | |||
Business Acquisition [Line Items] | |||
Total purchase consideration | $7,007,000 | $7,000,000 | |
Weighted average amortization period for intangible assets acquired | 4 years 6 months | ||
Producteev LLC [Member] | General and administrative [Member] | |||
Business Acquisition [Line Items] | |||
Transaction costs related to acquisition | 200,000 | ||
Meetings.io [Member] | |||
Business Acquisition [Line Items] | |||
Total purchase consideration | 2,995,000 | 3,000,000 | |
Weighted average amortization period for intangible assets acquired | 4 years 6 months | ||
Purchase price consideration paid in cash | 600,000 | ||
Common stock issued in connection with acquisition | 211,936 | ||
Purchase consideration paid in common stock | 2,400,000 | ||
Number of restricted common stock issued | 248,064 | ||
Fair value of restricted common stock on grant date | 2,800,000 | ||
Vesting period of restricted common stock | 3 years | ||
Vesting period to recognize expense | 3 years | ||
Meetings.io [Member] | General and administrative [Member] | |||
Business Acquisition [Line Items] | |||
Transaction costs related to acquisition | $200,000 |
Acquisitions_Allocation_of_Pur1
Acquisitions - Allocation of Purchase Price - 2012 Acquisitions (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | Nov. 05, 2012 | Nov. 21, 2012 |
Business Acquisition [Line Items] | ||||||
Goodwill | $23,435 | $29,753 | $29,753 | $17,265 | ||
Meetings.io [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Current assets | 27 | |||||
Goodwill | 1,984 | |||||
Other intangible assets: | ||||||
Other intangible assets | 1,027 | |||||
Current liabilities | -3 | |||||
Deferred tax liabilities | -40 | |||||
Net assets acquired | 2,995 | 3,000 | ||||
Meetings.io [Member] | Core technology [Member] | ||||||
Other intangible assets: | ||||||
Other intangible assets | 764 | |||||
Intangible assets, Useful Life | 5 years | |||||
Meetings.io [Member] | Covenant not to compete [Member] | ||||||
Other intangible assets: | ||||||
Other intangible assets | 263 | |||||
Intangible assets, Useful Life | 3 years | |||||
Producteev LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Current assets | 28 | |||||
Goodwill | 4,186 | |||||
Other intangible assets: | ||||||
Other intangible assets | 3,104 | |||||
Current liabilities | -70 | |||||
Deferred tax liabilities | -241 | |||||
Net assets acquired | 7,007 | 7,000 | ||||
Producteev LLC [Member] | Core technology [Member] | ||||||
Other intangible assets: | ||||||
Other intangible assets | 2,127 | |||||
Intangible assets, Useful Life | 5 years | |||||
Producteev LLC [Member] | Covenant not to compete [Member] | ||||||
Other intangible assets: | ||||||
Other intangible assets | 272 | |||||
Intangible assets, Useful Life | 3 years | |||||
Producteev LLC [Member] | Customer relationships [Member] | ||||||
Other intangible assets: | ||||||
Other intangible assets | 421 | |||||
Intangible assets, Useful Life | 3 years | |||||
Producteev LLC [Member] | Trade names [Member] | ||||||
Other intangible assets: | ||||||
Other intangible assets | $284 | |||||
Intangible assets, Useful Life | 4 years |
Cash_Cash_Equivalents_and_Mark2
Cash, Cash Equivalents and Marketable Securities - Cash and Cash Equivalents and Marketable Securities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Investment Holdings [Line Items] | ||||
Cash and cash equivalents, cost and estimated fair value | $20,594 | $38,415 | $48,955 | $180,649 |
Cash, cost and estimated fair value | 18,985 | 31,704 | ||
Cost | 121,188 | 141,685 | ||
Unrealized Gains | 1 | 14 | ||
Unrealized Losses | -52 | -32 | ||
Estimated Fair Value | 100,543 | |||
Estimated Fair Value | 121,137 | 141,667 | ||
Cash equivalents, cost and estimated fair value | 1,609 | 6,711 | ||
Money market mutual funds [Member] | ||||
Investment Holdings [Line Items] | ||||
Cash equivalents, cost and estimated fair value | 1,609 | 6,711 | ||
Short-term marketable securities [Member] | ||||
Investment Holdings [Line Items] | ||||
Cost | 93,049 | 69,806 | ||
Unrealized Gains | 6 | |||
Unrealized Losses | -48 | -3 | ||
Estimated Fair Value | 93,001 | 69,809 | ||
Short-term marketable securities [Member] | Commercial paper [Member] | ||||
Investment Holdings [Line Items] | ||||
Cost | 2,499 | 5,497 | ||
Estimated Fair Value | 2,499 | 5,497 | ||
Short-term marketable securities [Member] | Corporate notes and bonds [Member] | ||||
Investment Holdings [Line Items] | ||||
Cost | 53,643 | 38,645 | ||
Unrealized Gains | 6 | |||
Unrealized Losses | -35 | |||
Estimated Fair Value | 53,608 | 38,651 | ||
Short-term marketable securities [Member] | U.S. agency obligations [Member] | ||||
Investment Holdings [Line Items] | ||||
Cost | 36,907 | 22,963 | ||
Unrealized Losses | -13 | -3 | ||
Estimated Fair Value | 36,894 | 22,960 | ||
Short-term marketable securities [Member] | Government obligations [Member] | ||||
Investment Holdings [Line Items] | ||||
Cost | 2,701 | |||
Estimated Fair Value | 2,701 | |||
Marketable securities, noncurrent [Member] | ||||
Investment Holdings [Line Items] | ||||
Cost | 7,545 | 33,464 | ||
Unrealized Gains | 1 | 8 | ||
Unrealized Losses | -4 | -29 | ||
Estimated Fair Value | 7,542 | 33,443 | ||
Marketable securities, noncurrent [Member] | Corporate notes and bonds [Member] | ||||
Investment Holdings [Line Items] | ||||
Cost | 3,501 | 14,302 | ||
Unrealized Losses | -4 | -29 | ||
Estimated Fair Value | 3,497 | 14,273 | ||
Marketable securities, noncurrent [Member] | U.S. agency obligations [Member] | ||||
Investment Holdings [Line Items] | ||||
Cost | 2,049 | 19,162 | ||
Unrealized Gains | 8 | |||
Estimated Fair Value | 2,049 | 19,170 | ||
Marketable securities, noncurrent [Member] | Government obligations [Member] | ||||
Investment Holdings [Line Items] | ||||
Cost | 1,995 | |||
Unrealized Gains | 1 | |||
Estimated Fair Value | $1,996 |
Cash_Cash_Equivalents_and_Mark3
Cash, Cash Equivalents and Marketable Securities - Estimated Fair Value of Investments in Marketable Securities, Available-for-Sale, Classified by Contractual Maturity Date (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ||
Due within 1 year | $93,001 | $69,809 |
Due within 1 year through 3 years | 7,542 | 33,443 |
Total marketable securities | $100,543 |
Property_and_Equipment_net_Com
Property and Equipment, net - Components of Property and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $42,534 | $41,713 |
Less accumulated depreciation and amortization | -29,548 | -20,334 |
Property and equipment, net | 12,986 | 21,379 |
Computers, equipment and software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 33,706 | 31,488 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 5,214 | 5,047 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 2,559 | 2,559 |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $1,055 | $2,619 |
Property_and_Equipment_net_Dep
Property and Equipment, net - Depreciation Expense Related to Property and Equipment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure Property Plant And Equipment Depreciation And Amortization [Abstract] | |||
Depreciation expense | $9,351 | $9,180 | $6,488 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets, net - Goodwill (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Goodwill [Line Items] | |||
Balance, beginning of period | $23,435 | $17,265 | $29,753 |
Acquisition | |||
Balance, end of period | 29,753 | 23,435 | 29,753 |
Producteev LLC [Member] | |||
Goodwill [Line Items] | |||
Acquisition | 4,186 | ||
Balance, end of period | 4,186 | ||
Meetings.io [Member] | |||
Goodwill [Line Items] | |||
Acquisition | 1,984 | ||
Balance, end of period | 1,984 | ||
Clara Ehf. [Member] | |||
Goodwill [Line Items] | |||
Acquisition | 3,161 | ||
Balance, end of period | 3,161 | ||
StreamOnce, Inc. [Member] | |||
Goodwill [Line Items] | |||
Acquisition | 3,157 | ||
Balance, end of period | $3,157 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets, net - Intangible Assets and their Related Useful Lives (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, net | $9,448 | $14,310 |
Acquired technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 20,441 | 20,441 |
Intangible assets, Accumulated amortization | -12,049 | -8,167 |
Intangible assets, net | 8,392 | 12,274 |
Acquired technology [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Useful Life | 5 years | |
Acquired technology [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Useful Life | 7 years | |
Perpetual software licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Useful Life | 2 years | |
Intangible assets, gross | 2,430 | 2,430 |
Intangible assets, Accumulated amortization | -2,430 | -2,430 |
Covenant not to compete [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 2,028 | 2,028 |
Intangible assets, Accumulated amortization | -1,634 | -1,172 |
Intangible assets, net | 394 | 856 |
Covenant not to compete [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Useful Life | 1 year | |
Covenant not to compete [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Useful Life | 4 years | |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 1,939 | 1,939 |
Intangible assets, Accumulated amortization | -1,277 | -759 |
Intangible assets, net | $662 | $1,180 |
Other [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Useful Life | 2 years | |
Other [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Useful Life | 7 years |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets, net - Amortization Expense Related to Intangible Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense related to intangible assets | $4,862 | $4,990 | $3,562 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets, net - Estimated Future Amortization Expense (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2015 | $4,622 | |
2016 | 2,732 | |
2017 | 1,715 | |
2018 | 379 | |
2019 | 0 | |
Thereafter | 0 | |
Intangible assets, net | $9,448 | $14,310 |
Fair_Value_Measurements_of_Ass2
Fair Value Measurements of Assets and Liabilities - Financial Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Marketable securities | $100,543 | |
Level 3 [Member] | ||
Liabilities | ||
Contingent consideration, Earnout liability | 726 | |
Fair value measurements, recurring [Member] | ||
Assets | ||
Marketable securities | 100,543 | 103,252 |
Total | 102,152 | 109,963 |
Liabilities | ||
Contingent consideration, Earnout liability | 726 | |
Fair value measurements, recurring [Member] | Money market mutual funds [Member] | ||
Assets | ||
Cash equivalents | 1,609 | 6,711 |
Fair value measurements, recurring [Member] | Commercial paper [Member] | ||
Assets | ||
Marketable securities | 2,499 | 5,497 |
Fair value measurements, recurring [Member] | Corporate notes and bonds [Member] | ||
Assets | ||
Marketable securities | 57,105 | 52,924 |
Fair value measurements, recurring [Member] | Government obligations [Member] | ||
Assets | ||
Marketable securities | 1,996 | 2,701 |
Fair value measurements, recurring [Member] | U.S. government and agency [Member] | ||
Assets | ||
Marketable securities | 38,943 | 42,130 |
Fair value measurements, recurring [Member] | Level 1 [Member] | ||
Assets | ||
Total | 1,609 | 6,711 |
Fair value measurements, recurring [Member] | Level 1 [Member] | Money market mutual funds [Member] | ||
Assets | ||
Cash equivalents | 1,609 | 6,711 |
Fair value measurements, recurring [Member] | Level 2 [Member] | ||
Assets | ||
Marketable securities | 100,543 | 103,252 |
Total | 100,543 | 103,252 |
Fair value measurements, recurring [Member] | Level 2 [Member] | Commercial paper [Member] | ||
Assets | ||
Marketable securities | 2,499 | 5,497 |
Fair value measurements, recurring [Member] | Level 2 [Member] | Corporate notes and bonds [Member] | ||
Assets | ||
Marketable securities | 57,105 | 52,924 |
Fair value measurements, recurring [Member] | Level 2 [Member] | Government obligations [Member] | ||
Assets | ||
Marketable securities | 1,996 | 2,701 |
Fair value measurements, recurring [Member] | Level 2 [Member] | U.S. government and agency [Member] | ||
Assets | ||
Marketable securities | 38,943 | 42,130 |
Fair value measurements, recurring [Member] | Level 3 [Member] | ||
Liabilities | ||
Contingent consideration, Earnout liability | $726 |
Fair_Value_Measurements_of_Ass3
Fair Value Measurements of Assets and Liabilities - Summary of Contingent Consideration Liability (Detail) (Level 3 [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Level 3 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $726 | |
Addition related to earnout for StreamOnce acquisition | 576 | |
Increase decrease in earnout liability due to payment / re-measurement | -726 | 150 |
Ending balance | $726 |
Fair_Value_Measurements_of_Ass4
Fair Value Measurements of Assets and Liabilities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |||
Other-than-temporary impairments | $0 | $0 | $0 |
Valuation techniques, description | There were no changes to our valuation techniques during 2014. |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||
Term loan facility | $30,000,000 | |
Expiration of secured revolving loan facility | 23-May-15 | |
Term loan sub limit for the issuance of letters of credit | 3,000,000 | |
Conversion of outstanding balance of pre-existing term loan to new term loan | 12,000,000 | |
Converted term loan maturity date | 1-Apr-17 | |
Line of credit facility period for interest due and payable in arrears one | 30 days | |
Line of credit facility period for interest due and payable in arrears two | 60 days | |
Line of credit facility period for interest due and payable in arrears three | 90 days | |
Second loan modification agreement date with Silicon Valley Bank | 18-Feb-14 | |
Increase in interest on obligation | 5.00% | |
Term loans outstanding | 6,000,000 | 8,400,000 |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Term loan facility, interest rate description | (i) an adjusted LIBOR rate, plus a margin of 2.0% or 2.25%, or (ii) the prime rate, plus a margin of 0.25% or 0.50%. In each case, such margin is determined based on our adjusted quick ratio. | |
Term loan facility basis spread on LIBOR rate one | 2.00% | |
Term loan facility basis spread on LIBOR rate two | 2.25% | |
Term loan facility basis spread on prime rate one | 0.25% | |
Term loan facility basis spread on prime rate two | 0.50% | |
Letters of credit outstanding | 900,000 | |
Line of credit outstanding | 0 | |
Term loans outstanding | $6,000,000 | |
Term loans, interest rate | 2.26% | |
Revolving loans [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, interest rate description | (i) an adjusted LIBOR rate, plus a margin of 1.75% or 2.0%; or (ii) the prime rate published in the Wall Street Journal, plus a margin of 0% or 0.25%. | |
Line of credit facility basis spread on LIBOR rate one | 1.75% | |
Line of credit facility basis spread on LIBOR rate two | 2.00% | |
Line of credit facility basis spread on prime rate one | 0.00% | |
Line of credit facility basis spread on prime rate two | 0.25% |
LongTerm_Debt_Summary_of_LongT
Long-Term Debt - Summary of Long-Term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Silicon Valley Bank loans | $6,000 | $8,400 |
Less current portion | -2,400 | -2,400 |
Long-term debt, less current portion | $3,600 | $6,000 |
LongTerm_Debt_Summary_of_LongT1
Long-Term Debt - Summary of Long-Term Debt Maturities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2015 | $2,400 | |
2016 | 2,400 | |
2017 | 1,200 | |
Silicon Valley Bank loans | $6,000 | $8,400 |
StockBased_Awards_and_StockBas2
Stock-Based Awards and Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 01, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Additional shares reserved for future issuance | 2,720,200 | |||
Number of options granted | 1,376,500 | |||
Options exercisable by non-employees | 5,665,452 | |||
Unrecognized stock-based compensation | $44.40 | |||
Weighted average remaining vesting period | 2 years 4 months 24 days | |||
Stock-based awards to non-employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options granted | 0 | 0 | 0 | |
Options exercisable by non-employees | 0 | |||
2011 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted options vesting period | 4 years | |||
Increase in number of shares available for issuance | 5,000,000 | |||
Increase in shares available for grant as a percent of total shares outstanding | 3.90% | |||
Share-based Payment Award, Description | The 2011 Plan increases on the first day of each year in an amount equal to the lesser of (i) 5,000,000 shares; (ii) 3.9% of the outstanding shares on the last day of the immediately preceding year; or (iii) such number of shares as determined by the board of directors. | |||
2011 Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted options expiration period | 10 years | |||
2011 Plan [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Additional shares reserved for future issuance | 2,870,538 | |||
2011 Plan [Member] | Restricted stock units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted options vesting period | 1 year | |||
2011 Plan [Member] | Performance stock units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted options vesting period | 4 years |
StockBased_Awards_and_StockBas3
Stock-Based Awards and Stock-Based Compensation - Stock Option Activity and Stock Options Outstanding (Detail) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Shares Available for Grant | 2,030,319 |
Additional shares reserved, Shares Available for Grant | 2,720,200 |
Stock options granted, Shares Available for Grant | -1,376,500 |
Forfeited - stock options, Shares Available for Grant | 1,167,019 |
Stock options exercised, Shares Available for Grant | 0 |
Vested RSUs adjusted for taxes, Shares Available for Grant | 222,070 |
Ending balance, Shares Available for Grant | 3,389,132 |
Beginning balance, Outstanding Stock Options | 9,480,138 |
Stock options granted, Outstanding Stock Options | 1,376,500 |
Forfeited - stock options, Outstanding Stock Options | -1,167,019 |
Stock options exercised, Outstanding Stock Options | -2,360,044 |
Ending balance, Outstanding Stock Options | 7,329,575 |
Exercisable at December 31, 2014, Outstanding Stock Options | 5,665,452 |
Vested and expected to vest, Outstanding Stock Options | 7,116,925 |
Beginning balance, Weighted average exercise price | $5.54 |
Stock options granted, Weighted average exercise price | $7.48 |
Forfeited - stock options, Weighted average exercise price | $12.66 |
Stock options exercised, Weighted average exercise price | $1.83 |
Ending balance, Weighted average exercise price | $5.97 |
Exercisable at December 31, 2014, Weighted average exercise price | $4.90 |
Vested and expected to vest, Weighted average exercise price | $5.88 |
Balances, December 31, 2014, Weighted average remaining life (in years) | 5 years 4 months 10 days |
Exercisable at December 31, 2014, Weighted average remaining life (in years) | 4 years 4 months 13 days |
Vested and expected to vest, Weighted average remaining life (in years) | 5 years 3 months |
Aggregate intrinsic value, Balances, December 31, 2014 | $17,496 |
Aggregate intrinsic value, Exercisable at December 31, 2014 | 17,465 |
Aggregate intrinsic value, Vested and expected to vest | $17,491 |
Restricted stock units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock units granted, Shares Available for Grant | -2,874,873 |
Forfeited, Shares Available for Grant | 1,675,897 |
Vested RSUs adjusted for taxes, Shares Available for Grant | 2,030,930 |
Performance stock units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock units granted, Shares Available for Grant | -430,000 |
Forfeited, Shares Available for Grant | 255,000 |
StockBased_Awards_and_StockBas4
Stock-Based Awards and Stock-Based Compensation - Schedule of Restricted Stock Activity (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vested, Number of shares | -222,070 | |
Restricted stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning balances, Number of shares | 4,796,112 | |
Ending balances, Number of shares | 4,043,912 | 4,796,112 |
Beginning balances, Weighted average grant date fair value | $15.24 | |
Ending balances, Weighted average grant date fair value | 11.21 | $15.24 |
Restricted stock units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, Number of shares | 2,874,873 | |
Vested, Number of shares | -2,030,930 | |
Forfeited, Number of shares | -1,675,897 | |
Granted, Weighted average grant date fair value | 8.08 | |
Vested, Weighted average grant date fair value | 13.08 | |
Forfeited, Weighted average grant date fair value | 13.9 | |
Performance stock units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, Number of shares | 430,000 | |
Forfeited, Number of shares | -255,000 | |
Granted, Weighted average grant date fair value | 8.13 | |
Forfeited, Weighted average grant date fair value | 10.38 | |
Restricted Stock Units RSAs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vested, Number of shares | -95,246 | |
Forfeited, Weighted average grant date fair value | 7.4 |
StockBased_Awards_and_StockBas5
Stock-Based Awards and Stock-Based Compensation - Schedule of Black-Scholes-Merton Option-Pricing Model with Weighted Average Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected term (in years) | 6 years | 5 years 10 months 24 days | 6 years 18 days |
Risk-free interest rate | 1.83% | 1.09% | 1.01% |
Volatility | 50.43% | 52.17% | 54.47% |
Dividend yield | 0.00% | 0.00% | 0.00% |
StockBased_Awards_and_StockBas6
Stock-Based Awards and Stock-Based Compensation - Schedule of Stock-Based Compensation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Weighted average per share grant date fair value of stock options granted | $3.68 | $7.57 | $8.46 |
Total intrinsic value of stock options exercised | $12,573 | $36,367 | $44,499 |
Total fair value of restricted stock and stock options vested | $38,071 | $21,045 | $9,107 |
StockBased_Awards_and_StockBas7
Stock-Based Awards and Stock-Based Compensation - Stock-Based Compensation Expense Included in Consolidated Statements of Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated stock-based compensation expense | $32,908 | $34,754 | $18,209 |
Stock-based awards to non-employees [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation related to non-employee awards (included in total stock-based compensation above) | 41 | 488 | 1,723 |
Cost of revenues [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated stock-based compensation expense | 4,276 | 3,450 | 2,035 |
Research and development [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated stock-based compensation expense | 10,642 | 14,133 | 6,250 |
Sales and marketing [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated stock-based compensation expense | 10,852 | 10,614 | 4,970 |
General and administrative [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated stock-based compensation expense | $7,138 | $6,557 | $4,954 |
Income_Taxes_Pretax_Income_Los
Income Taxes - Pretax Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Domestic | ($55,660) | ($76,714) | ($47,882) |
Foreign | 645 | 333 | 475 |
Loss before provision for (benefit from) income taxes | ($55,015) | ($76,381) | ($47,407) |
Income_Taxes_Schedule_of_Incom
Income Taxes - Schedule of Income Tax Provision (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current tax provision (benefit): | |||
Federal | $0 | $0 | $0 |
State | 50 | 79 | 51 |
Foreign | 1,015 | 142 | 260 |
Total current tax provision (benefit) | 1,065 | 221 | 311 |
Deferred tax provision (benefit): | |||
Federal | 50 | -1,025 | -237 |
State | 23 | -206 | -46 |
Foreign | 0 | 0 | 0 |
Total deferred tax expense | 73 | -1,231 | -283 |
Provision for (benefit from) income taxes | $1,138 | ($1,010) | $28 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule Of Deferred Tax Assets And Liabilities [Line Items] | |||
Change in valuation allowance related to deferred tax liabilities acquired | $21,463,000 | $32,692,000 | $16,410,000 |
Net operating loss carryforwards | 73,900,000 | ||
Deferred tax assets related to the net operating losses | 31,100,000 | 28,000,000 | |
Unrecognized tax benefits, accrued interest | 0 | 0 | |
Unrecognized tax benefits, accrued penalties | 0 | 0 | |
Unrecognized tax benefits, impact on effective tax rate | 100,000 | ||
Repatriate earnings of foreign subsidiaries | 0 | 0 | 0 |
Unrepatriated cash held in foreign bank accounts | 1,600,000 | ||
Acquisitions [Member] | |||
Schedule Of Deferred Tax Assets And Liabilities [Line Items] | |||
Change in valuation allowance related to deferred tax liabilities acquired | 1,400,000 | 300,000 | |
Provision for income taxes, tax examination | $500,000 | ||
Minimum [Member] | |||
Schedule Of Deferred Tax Assets And Liabilities [Line Items] | |||
Net operating loss carry forwards expiration date | 2015 | ||
Maximum [Member] | |||
Schedule Of Deferred Tax Assets And Liabilities [Line Items] | |||
Net operating loss carry forwards expiration date | 2034 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory tax rate | -34.00% | -34.00% | -34.00% |
State tax | -6.70% | -10.40% | -6.50% |
Change in valuation allowance | 39.00% | 42.80% | 35.30% |
Permanent differences | 5.30% | 4.60% | 5.10% |
Tax credits | -3.30% | -4.40% | -0.20% |
Foreign rate impact | -0.20% | -0.10% | -0.10% |
Other | 2.00% | 0.20% | 0.50% |
Total effective tax rate | 2.10% | -1.30% | 0.10% |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Net operating loss ("NOL") carryforwards | $69,176 | $61,568 |
Accrued expenses, reserves and allowances | 1,220 | 717 |
Deferred revenue | 16,429 | 12,421 |
Tax credit carryforwards | 9,580 | 7,152 |
Deferred rent | 363 | 282 |
Other | 13,840 | 10,727 |
Total deferred tax assets | 110,608 | 92,867 |
Deferred tax liabilities: | ||
Depreciation and amortization | -3,128 | -6,756 |
Prepaid expenses | -146 | |
Other | -177 | |
Total deferred tax liabilities | -3,305 | -6,902 |
Valuation allowance | -107,540 | -86,077 |
Net deferred taxes | ($237) | ($112) |
Income_Taxes_Deferred_Income_T
Income Taxes - Deferred Income Taxes (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Increase in valuation allowance | $21,463,000 | $32,692,000 | $16,410,000 |
Federal and state NOL carryforwards | 238,800,000 | 211,500,000 | |
Research and development tax credit carryforwards | $10,300,000 | $7,800,000 |
Income_Taxes_Schedule_of_Unrec
Income Taxes - Schedule of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $409 | $737 | $660 |
Additions based on tax positions related to the current year | 240 | 205 | 77 |
Additions based on prior year tax positions | 36 | 151 | |
Reductions for tax positions in prior years | -118 | -212 | |
Settlements | -472 | ||
Ending balance | $567 | $409 | $737 |
Net_Loss_Per_Share_Schedule_of
Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | |||||||||||
Net loss | ($12,090) | ($12,109) | ($14,630) | ($17,324) | ($22,285) | ($18,705) | ($17,780) | ($16,601) | ($56,153) | ($75,371) | ($47,435) |
Denominator: | |||||||||||
Weighted-average common shares outstanding | 71,251 | 67,858 | 63,266 | ||||||||
Less: Weighted-average unvested common shares subject to repurchase or forfeiture | 500 | 477 | 652 | ||||||||
Weighted-average shares used to compute net loss per share, basic and diluted | 70,751 | 67,381 | 62,614 | ||||||||
Net loss per share, basic and diluted | ($0.79) | ($1.12) | ($0.76) |
Net_Loss_Per_Share_Summary_of_
Net Loss Per Share - Summary of Potentially Dilutive Securities that are not Included in Diluted Per Share (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share amount | 11,686,899 | 14,912,178 | 15,744,732 |
Stock options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share amount | 7,329,575 | 9,480,138 | 12,814,724 |
Restricted stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share amount | 4,043,912 | 4,796,112 | 2,681,944 |
Common stock subject to repurchase [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share amount | 313,412 | 635,928 | 248,064 |
Statements_of_Cash_Flows_Summa
Statements of Cash Flows - Summary of Supplemental Cash Flows Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Cash Flow Information | |||
Cash paid for interest | $181 | $246 | $461 |
Cash paid for income taxes | 235 | 258 | 224 |
Supplemental Non-Cash Information | |||
Common stock issued in connection with acquisition | 852 | 2,374 | |
Meetings.io [Member] | |||
Supplemental Non-Cash Information | |||
Common stock issued in connection with acquisition | 2,374 | ||
StreamOnce, Inc. [Member] | |||
Supplemental Non-Cash Information | |||
Common stock issued in connection with acquisition | $852 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Schedule of Operating Lease Spaces Currently Utilized (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Palo Alto, California [Member] | Headquarters [Member] | |
Operating Leased Assets [Line Items] | |
Operating lease expiration period | Mar-20 |
Portland, Oregon office [Member] | |
Operating Leased Assets [Line Items] | |
Operating lease expiration period | Sep-18 |
San Francisco, California office [Member] | |
Operating Leased Assets [Line Items] | |
Operating lease expiration period | Nov-15 |
Boulder, Colorado office [Member] | |
Operating Leased Assets [Line Items] | |
Operating lease expiration period | Mar-16 |
United Kingdom office [Member] | |
Operating Leased Assets [Line Items] | |
Operating lease expiration period | May-18 |
Israel office [Member] | |
Operating Leased Assets [Line Items] | |
Operating lease expiration period | Sep-17 |
Arizona data center [Member] | |
Operating Leased Assets [Line Items] | |
Operating lease expiration period | Dec-16 |
New Jersey data center [Member] | |
Operating Leased Assets [Line Items] | |
Operating lease expiration period | Sep-16 |
Netherlands data center [Member] | |
Operating Leased Assets [Line Items] | |
Operating lease expiration period | Oct-15 |
London data center [Member] | |
Operating Leased Assets [Line Items] | |
Operating lease expiration period | Mar-16 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Summary of Rent Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | |||
Gross rent expense | $7,023 | $5,570 | $4,409 |
Sublease income | 45 | 45 | 557 |
Net rent expense | $6,978 | $5,525 | $3,852 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Additional Information (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum subleases rentals to be received | $1 |
Commitments under non-cancelable purchase orders | $4.80 |
Commitments_and_Contingencies_4
Commitments and Contingencies - Summary of Approximate Future Minimum Lease Payments Required Under Operating Leases (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $8,069 |
2016 | 6,216 |
2017 | 4,010 |
2018 | 2,861 |
2019 | 419 |
Thereafter | 106 |
Operating leases future payments due | $21,681 |
Geographic_Information_Additio
Geographic Information - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Percentage required for qualification as major customer or major geographic category | 10.00% | |
Rest of world [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 0 | $0 |
Geographic_Information_Schedul
Geographic Information - Schedule of Geographic Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | $47,689 | $46,600 | $43,375 | $41,029 | $39,310 | $37,359 | $35,242 | $33,852 | $178,693 | $145,763 | $113,666 |
U.S. [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 135,876 | 112,693 | 87,984 | ||||||||
Rest of world [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | $42,817 | $33,070 | $25,682 |
Employee_Benefit_Plan_Addition
Employee Benefit Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Contribution Plan Disclosure [Line Items] | |||
Employer matching contribution percentage description | We make a nondiscretionary matching contribution equal to 100% of the first 3% and 50% of the next 2% of compensation contributed by employees. | ||
Matching contributions from the employer | $2.40 | $2.20 | $1.70 |
Employee contribution first 3% [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Nondiscretionary matching contribution | 3.00% | ||
Employer matching contribution percent for employee contribution | 100.00% | ||
Employee contribution next 2% [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Nondiscretionary matching contribution | 2.00% | ||
Employer matching contribution percent for employee contribution | 50.00% |
RelatedParty_Transactions_Sche
Related-Party Transactions - Schedule of Information Regarding Related Party Transactions (Detail) (Customers [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Customers [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts receivable | $46 | $804 | |
Current deferred revenue | 548 | 1,504 | |
Non-current deferred revenue | 75 | 1,034 | |
Revenues | $929 | $1,820 | $802 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data - Schedule of Selected Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $47,689 | $46,600 | $43,375 | $41,029 | $39,310 | $37,359 | $35,242 | $33,852 | $178,693 | $145,763 | $113,666 |
Gross profit | 30,346 | 29,365 | 26,735 | 25,574 | 24,718 | 23,474 | 21,487 | 20,792 | 112,020 | 90,471 | 68,801 |
Net loss | ($12,090) | ($12,109) | ($14,630) | ($17,324) | ($22,285) | ($18,705) | ($17,780) | ($16,601) | ($56,153) | ($75,371) | ($47,435) |
Basic and diluted net loss per share | ($0.17) | ($0.17) | ($0.21) | ($0.25) | ($0.32) | ($0.27) | ($0.27) | ($0.25) | ($0.79) | ($1.12) | ($0.76) |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended |
In Millions, except Share data, unless otherwise specified | Jan. 08, 2015 | Dec. 31, 2014 | Feb. 10, 2015 |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Proceeds from stockholder in settlement | $1.10 | ||
Executive Vice President and Chief Financial Officer [Member] | |||
Subsequent Event [Line Items] | |||
Stock instrument, grant effective date | 13-Feb-15 | ||
Stock options [Member] | Executive Vice President and Chief Financial Officer [Member] | |||
Subsequent Event [Line Items] | |||
Stock instrument, vesting description | The stock options vest as to 1/48th of the shares on each monthly anniversary following February 9, 2015, subject to Ms. Steele's continued service. | ||
Stock instrument, grant effective date | 13-Feb-15 | ||
Stock options [Member] | Executive Vice President and Chief Financial Officer [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Stock instrument, issued in period | 500,000 | ||
Stock options [Member] | Executive Vice President and Chief Financial Officer [Member] | |||
Subsequent Event [Line Items] | |||
Stock instrument, vesting description | The stock options vest as to 1/48th of the shares on each monthly anniversary following February 9, 2015, subject to Mr. LeBlanc's continued service. | ||
Stock options [Member] | Executive Vice President and Chief Financial Officer [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Stock instrument, issued in period | 138,500 | ||
Restricted stock units [Member] | |||
Subsequent Event [Line Items] | |||
Stock instrument, issued in period | 2,874,873 | ||
Restricted stock units [Member] | Executive Vice President and Chief Financial Officer [Member] | |||
Subsequent Event [Line Items] | |||
Stock instrument, vesting description | The RSUs vest quarterly over a four-year period beginning on or about May 16, 2015, subject to Ms. Steele's continued service. | ||
Stock instrument, vesting period | 4 years | ||
Stock instrument, grant effective date | 13-Feb-15 | ||
Restricted stock units [Member] | Executive Vice President and Chief Financial Officer [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Stock instrument, issued in period | 500,000 | ||
Restricted stock units [Member] | Board of Directors [Member] | |||
Subsequent Event [Line Items] | |||
Stock instrument, vesting description | Vest 50% on the grant date and the remaining RSUs vest in four equal monthly installments beginning on March 1, 2015, subject to Mr. Lanfri's continued service as a member of our board. | ||
Stock instrument, grant effective date | 13-Feb-15 | ||
Restricted stock units [Member] | Board of Directors [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Stock instrument, issued in period | 100,000 | ||
Stock instrument, vesting percentage | 50.00% | ||
Restricted stock units [Member] | Executive Vice President and Chief Financial Officer [Member] | |||
Subsequent Event [Line Items] | |||
Stock instrument, vesting description | The RSUs will vest quarterly over a four-year period beginning on or about May 16, 2015, subject to Mr. LeBlanc's continued service. | ||
Stock instrument, vesting period | 4 years | ||
Restricted stock units [Member] | Executive Vice President and Chief Financial Officer [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Stock instrument, issued in period | 138,500 |