Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 3-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | JIVE | |
Entity Registrant Name | Jive Software, Inc. | |
Entity Central Index Key | 1462633 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 74,818,044 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $28,024 | $20,594 |
Short-term marketable securities | 91,338 | 93,001 |
Accounts receivable, net of allowances of $694 and $559 | 42,921 | 66,729 |
Prepaid expenses and other current assets | 13,476 | 13,490 |
Total current assets | 175,759 | 193,814 |
Marketable securities, noncurrent | 14,641 | 7,542 |
Property and equipment, net of accumulated depreciation of $31,457 and $29,548 | 13,600 | 12,986 |
Goodwill | 29,753 | 29,753 |
Intangible assets, net of accumulated amortization of $19,032 and $17,390 | 7,809 | 9,448 |
Other assets | 8,962 | 9,314 |
Total assets | 250,524 | 262,857 |
Current liabilities: | ||
Accounts payable | 4,248 | 3,565 |
Accrued payroll and related liabilities | 5,830 | 6,622 |
Other accrued liabilities | 6,874 | 8,246 |
Deferred revenue, current | 124,774 | 128,592 |
Term debt, current | 2,400 | 2,400 |
Total current liabilities | 144,126 | 149,425 |
Deferred revenue, less current portion | 27,631 | 31,947 |
Term debt, less current portion | 3,000 | 3,600 |
Other long-term liabilities | 1,458 | 1,288 |
Total liabilities | 176,215 | 186,260 |
Commitments and contingencies (Note 9) | ||
Stockholders' Equity: | ||
Common stock, $0.0001 par value. Authorized 290,000 shares; issued-81,210 shares at March 31, 2015 and 80,342 at December 31, 2014; outstanding-74,784 at March 31, 2015 and 73,917 at December 31, 2014 | 7 | 7 |
Less treasury stock at cost | -3,352 | -3,352 |
Additional paid-in capital | 369,683 | 363,587 |
Accumulated deficit | -291,849 | -283,684 |
Accumulated other comprehensive income (loss) | -180 | 39 |
Total stockholders' equity | 74,309 | 76,597 |
Total liabilities and stockholders' equity | $250,524 | $262,857 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $694 | $559 |
Property and equipment, accumulated depreciation | 31,457 | 29,548 |
Intangible assets, accumulated amortization | $19,032 | $17,390 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 290,000,000 | 290,000,000 |
Common stock, shares issued | 81,210,000 | 80,342,000 |
Common stock, shares outstanding | 74,784,000 | 73,917,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Product | $43,512 | $37,377 |
Professional services | 3,614 | 3,652 |
Total revenues | 47,126 | 41,029 |
Cost of revenues: | ||
Product | 11,633 | 9,921 |
Professional services | 5,593 | 5,534 |
Total cost of revenues | 17,226 | 15,455 |
Gross profit | 29,900 | 25,574 |
Operating expenses: | ||
Research and development | 13,973 | 12,897 |
Sales and marketing | 18,865 | 23,501 |
General and administrative | 6,499 | 6,319 |
Total operating expenses | 39,337 | 42,717 |
Loss from operations | -9,437 | -17,143 |
Other income (expense), net: | ||
Interest income | 53 | 41 |
Interest expense | -79 | -83 |
Other, net | 1,501 | -10 |
Total other income (expense), net | 1,475 | -52 |
Loss before provision for income taxes | -7,962 | -17,195 |
Provision for income taxes | 203 | 129 |
Net loss | ($8,165) | ($17,324) |
Basic and diluted net loss per share | ($0.11) | ($0.25) |
Shares used in basic and diluted per share calculations | 74,107 | 69,330 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net loss | ($8,165) | ($17,324) |
Other comprehensive income (loss): | ||
Foreign currency translation, net of tax | -265 | -23 |
Unrealized gain on marketable securities, net of tax | 46 | 26 |
Other comprehensive income (loss) | -219 | 3 |
Comprehensive loss | ($8,384) | ($17,321) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net loss | ($8,165) | ($17,324) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 4,138 | 3,982 |
Stock-based compensation | 5,636 | 9,817 |
Change in deferred taxes | 32 | 32 |
Non-recurring gain | -1,107 | |
(Increase) decrease in: | ||
Accounts receivable, net | 23,808 | 10,682 |
Prepaid expenses and other assets | 228 | -1,091 |
Increase (decrease) in: | ||
Accounts payable | 555 | -2,461 |
Accrued payroll and related liabilities | -1,016 | 253 |
Other accrued liabilities | -1,548 | -761 |
Deferred revenue | -8,134 | -1,187 |
Other long-term liabilities | 138 | -53 |
Net cash provided by operating activities | 14,565 | 1,889 |
Cash flows from investing activities: | ||
Payments for purchase of property and equipment | -2,436 | -3,632 |
Purchases of marketable securities | -33,368 | -18,634 |
Sales of marketable securities | 4,600 | 3,500 |
Maturities of marketable securities | 23,051 | 20,567 |
Net cash provided by (used in) investing activities | -8,153 | 1,801 |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 627 | 1,048 |
Taxes paid related to net share settlement of equity awards | -167 | -254 |
Repayments of term loans | -600 | -600 |
Earnout payment for prior acquisition | -576 | |
Non-recurring gain | 1,107 | |
Net cash provided by (used in) financing activities | 967 | -382 |
Net increase in cash and cash equivalents | 7,379 | 3,308 |
Effect of exchange rate changes | 51 | 2 |
Cash and cash equivalents, beginning of period | 20,594 | 38,415 |
Cash and cash equivalents, end of period | $28,024 | $41,725 |
Nature_of_Business
Nature of Business | 3 Months Ended |
Mar. 31, 2015 | |
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. |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Accounting Policies [Abstract] | ||||
Basis of Presentation | Note 2. Basis of Presentation | |||
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. | ||||
The accompanying consolidated financial statements and condensed footnotes have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In the opinion of management, all adjustments considered necessary for fair presentation have been included. The results of operations for the three months ended March 31, 2015 is not necessarily indicative of the results to be expected for the full year. For further information, refer to the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2015. | ||||
The preparation of financial statements in conformity with 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. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Stock-Based Compensation | Note 3. Stock-Based Compensation | ||||||||||||||||||||
Stock Plan and Option Activity | |||||||||||||||||||||
Certain information regarding stock option activity for the three months ended March 31, 2015 and stock options outstanding as of March 31, 2015 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, 2014 | 3,389,132 | 7,329,575 | $ | 5.97 | |||||||||||||||||
Additional shares reserved | 2,870,538 | ||||||||||||||||||||
Granted – stock options | (778,500 | ) | 778,500 | 5.34 | |||||||||||||||||
Forfeited – stock options | 285,723 | (285,723 | ) | 13.2 | |||||||||||||||||
Exercised – stock options | (742,432 | ) | 0.84 | ||||||||||||||||||
Granted – restricted stock units (“RSUs”) | (1,130,213 | ) | |||||||||||||||||||
Forfeited – RSUs | 297,685 | ||||||||||||||||||||
Forfeited performance stock units (“PSUs”) | 250,000 | ||||||||||||||||||||
Vested RSUs adjusted for taxes | 28,476 | ||||||||||||||||||||
Balances, March 31, 2015 | 5,212,841 | 7,079,920 | $ | 6.15 | 6.04 | $ | 10,800 | ||||||||||||||
Exercisable at March 31, 2015 | 4,887,977 | $ | 5.37 | 4.67 | $ | 10,800 | |||||||||||||||
Vested and expected to vest | 6,762,274 | $ | 6.11 | 5.88 | $ | 10,800 | |||||||||||||||
Restricted Stock Activity | |||||||||||||||||||||
Restricted stock results from the exercise of non-qualified stock options (“NSOs”) with reverse vesting provisions and the grant of PSUs and RSUs. The shares of restricted stock vest over the period specified in the related NSO, PSU and RSU agreements. Restricted stock activity was as follows: | |||||||||||||||||||||
Number | Weighted average | ||||||||||||||||||||
of shares | grant date | ||||||||||||||||||||
fair value | |||||||||||||||||||||
Balances, December 31, 2014 | 4,043,912 | $ | 11.21 | ||||||||||||||||||
Granted – RSUs | 1,130,213 | 5.5 | |||||||||||||||||||
Vested – RSUs | (190,572 | ) | 9.44 | ||||||||||||||||||
Forfeited – RSUs | (297,685 | ) | 12.74 | ||||||||||||||||||
Forfeited – PSUs | (250,000 | ) | 8.12 | ||||||||||||||||||
Balances, March 31, 2015 | 4,435,868 | 9.9 | |||||||||||||||||||
All shares to be issued upon the exercise of stock options and the vesting of restricted stock awards will come from newly issued shares. | |||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||
Our stock-based compensation expense was included in our Consolidated Statements of Operations as follows (in thousands): | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Cost of revenues | $ | 820 | $ | 1,170 | |||||||||||||||||
Research and development | 2,518 | 2,980 | |||||||||||||||||||
Sales and marketing | 784 | 3,742 | |||||||||||||||||||
General and administrative | 1,522 | 1,925 | |||||||||||||||||||
$ | 5,644 | $ | 9,817 | ||||||||||||||||||
Stock-based compensation related to non-employee awards (included in total stock-based compensation above) | $ | — | $ | 41 | |||||||||||||||||
Stock-based compensation capitalized related to the development of internal-use software | $ | — | $ | 438 | |||||||||||||||||
As of March 31, 2015, unrecognized stock-based compensation related to all stock-based awards was $42.7 million, which will be recognized over the weighted average remaining vesting period of 2.7 years. |
Net_Loss_Per_Share
Net Loss Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Net Loss Per Share | Note 4. Net Loss Per Share | ||||||||
Since we were in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods. | |||||||||
The following table sets forth the computation of historical basic and diluted net loss per share (in thousands, except per share data): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net loss | $ | (8,165 | ) | $ | (17,324 | ) | |||
Denominator: | |||||||||
Weighted-average common shares outstanding | 74,417 | 70,059 | |||||||
Less: Weighted-average unvested common | (310 | ) | (729 | ) | |||||
shares subject to repurchase or forfeiture | |||||||||
Weighted-average shares used to compute | 74,107 | 69,330 | |||||||
net loss per share, basic and diluted | |||||||||
Net loss per share, basic and diluted | $ | (0.11 | ) | $ | (0.25 | ) | |||
Potentially dilutive securities that are not included in the diluted per share calculations because they would be anti-dilutive were as follows: | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Shares subject to outstanding common stock options | 7,079,920 | 9,269,904 | |||||||
Unvested restricted common stock | 4,435,868 | 5,518,538 | |||||||
Common stock subject to repurchase | 272,068 | 635,928 | |||||||
11,787,856 | 15,424,370 | ||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets, net | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||
Goodwill and Other Intangible Assets, net | Note 5. Goodwill and Other Intangible Assets, net | ||||||||||
Goodwill | |||||||||||
Our goodwill balance did not change during the three months ended March 31, 2015 or during the year ended December 31, 2014. | |||||||||||
Other Intangible Assets, net | |||||||||||
The following table presents our intangible assets and their related useful lives (dollars in thousands): | |||||||||||
Useful | March 31, | December 31, | |||||||||
Life | 2015 | 2014 | |||||||||
Acquired technology | 5-7 years | $ | 20,441 | $ | 20,441 | ||||||
Accumulated amortization | (13,395 | ) | (12,049 | ) | |||||||
7,046 | 8,392 | ||||||||||
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 | (1,797 | ) | (1,634 | ) | |||||||
231 | 394 | ||||||||||
Other | 2-7 years | 1,939 | 1,939 | ||||||||
Accumulated amortization | (1,407 | ) | (1,277 | ) | |||||||
532 | 662 | ||||||||||
Total intangible assets, net | $ | 7,809 | $ | 9,448 | |||||||
Amortization expense related to intangible assets was as follows (in thousands): | |||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2015 | 2014 | ||||||||||
$1,639 | $ | 1,229 | |||||||||
Expected future amortization expense as of March 31, 2015 is as follows (in thousands): | |||||||||||
Remainder of 2015 | $ | 3,263 | |||||||||
2016 | 2,579 | ||||||||||
2017 | 1,587 | ||||||||||
2018 | 380 | ||||||||||
2019 | — | ||||||||||
Thereafter | — | ||||||||||
$ | 7,809 | ||||||||||
Cash_Cash_Equivalents_and_Mark
Cash, Cash Equivalents and Marketable Securities | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||
Cash, Cash Equivalents and Marketable Securities | Note 6. Cash, Cash Equivalents and Marketable Securities | ||||||||||||||||
Cash, cash equivalents and marketable securities consisted of the following (in thousands): | |||||||||||||||||
March 31, 2015 | |||||||||||||||||
Description | Cost | Unrealized | Unrealized | Estimated | |||||||||||||
Gains | Losses | Fair Value | |||||||||||||||
Cash | $ | 25,737 | $ | — | $ | — | $ | 25,737 | |||||||||
Cash equivalents: | |||||||||||||||||
Money market mutual funds | 2,287 | — | — | 2,287 | |||||||||||||
Total cash and cash equivalents | 28,024 | — | — | 28,024 | |||||||||||||
Short-term marketable securities: | |||||||||||||||||
Commercial paper | 3,498 | — | — | 3,498 | |||||||||||||
Corporate notes and bonds | 49,378 | — | (12 | ) | 49,366 | ||||||||||||
U.S. agency obligations | 38,476 | — | (2 | ) | 38,474 | ||||||||||||
Total short-term marketable securities | 91,352 | — | (14 | ) | 91,338 | ||||||||||||
Marketable securities, noncurrent: | |||||||||||||||||
Corporate notes and bonds | 7,078 | 2 | — | 7,080 | |||||||||||||
Government obligations | 3,993 | 6 | — | 3,999 | |||||||||||||
U.S. agency obligations | 3,561 | 1 | — | 3,562 | |||||||||||||
Total marketable securities, noncurrent | 14,632 | 9 | — | 14,641 | |||||||||||||
Cash, cash equivalents, short-term marketable securities and marketable securities, noncurrent | $ | 134,008 | $ | 9 | $ | (14 | ) | $ | 134,003 | ||||||||
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 | ||||||||
As of March 31, 2015 and December 31, 2014, we did not consider any of our investments to be other-than-temporarily impaired. | |||||||||||||||||
As of March 31, 2015, 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 | $ | 91,338 | |||||||||||||||
Due within 1 year through 3 years | 14,641 | ||||||||||||||||
Total marketable securities | $ | 105,979 | |||||||||||||||
See also Note 7. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | Note 7. Fair Value Measurements | ||||||||||||||||
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 tables present our financial assets and liabilities that are measured at fair value on a recurring basis (in thousands): | |||||||||||||||||
March 31, 2015 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | |||||||||||||||||
Money market mutual funds | $ | 2,287 | $ | — | $ | — | $ | 2,287 | |||||||||
Marketable securities | |||||||||||||||||
Commercial paper | — | 3,498 | — | 3,498 | |||||||||||||
Corporate notes and bonds | — | 56,446 | — | 56,446 | |||||||||||||
Government obligations | — | 3,999 | — | 3,999 | |||||||||||||
U.S. government and agency | — | 42,036 | — | 42,036 | |||||||||||||
— | 105,979 | — | 105,979 | ||||||||||||||
Total | $ | 2,287 | $ | 105,979 | $ | — | $ | 108,266 | |||||||||
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 | |||||||||
We classify our marketable securities as available-for-sale and, accordingly, record them at fair value based on quoted market prices for similar securities. 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. | |||||||||||||||||
There were no changes to our valuation techniques during the three months ended March 31, 2015. | |||||||||||||||||
During the three months ended March 31, 2015 and 2014, 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. |
LongTerm_Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 8. Long-Term Debt |
We have a secured revolving loan facility and term loan facility of up to $30.0 million under a loan agreement (the “Loan Agreement”) with Silicon Valley Bank (“SVB”), which expires by its terms on May 23, 2017. | |
On March 31, 2015, we entered into a Third Loan Modification Agreement with SVB to modify the adjusted EBITDA financial covenant for periods ending after December 31, 2014 and to amend the expiration date of the Loan Agreement. | |
At March 31, 2015, we had $0.9 million of outstanding letters of credit, no revolving loans outstanding under the Loan Agreement and $5.4 million of term loans outstanding at an interest rate of 2.26%. We were in compliance with all covenants as of March 31, 2015. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9. Commitments and Contingencies |
In addition to $19.5 million in future payments under our operating leases, we have $3.4 million of commitments under non-cancelable purchase orders at March 31, 2015. The non-cancelable purchase order commitments will be filled at various times through the third quarter of 2016. Our longest operating lease expires in March 2020. |
Statements_of_Cash_Flows
Statements of Cash Flows | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||
Statements of Cash Flows | Note 10. Statements of Cash Flows | ||||||||
The summary of supplemental cash flows information is as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Supplemental Cash Flow Information | |||||||||
Cash paid for interest | $ | 45 | $ | 64 | |||||
Cash paid for income taxes | 168 | 24 |
RelatedParty_Transactions
Related-Party Transactions | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Related-Party Transactions | Note 11. 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): | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Accounts receivable | $ | 225 | $ | 46 | |||||
Current deferred revenue | 746 | 548 | |||||||
Non-current deferred revenue | 33 | 75 | |||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Revenues | $ | 197 | $ | 231 |
Disgorgement_Funds_Received
Disgorgement Funds Received | 3 Months Ended |
Mar. 31, 2015 | |
Extraordinary and Unusual Items [Abstract] | |
Disgorgement Funds Received | Note 12. 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 Securities Exchange Act of 1934. We recognized the amount when realized in other, net on our Consolidated Statements of Operations. The amount is reflected as a non-recurring gain in our financing cash flows. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | Note 13. New Accounting Pronouncements |
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. On April 1, 2015, the FASB tentatively agreed to propose a one-year deferral of the effective date for ASU 2014-09, but would permit all entities to adopt the standard as of the original effective date for public business entities (i.e., annual periods beginning after December 15, 2016, and interim periods therein). The FASB expects to issue an Exposure Draft for this issue in the near term. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Stock Option Activity and Stock Options Outstanding | Certain information regarding stock option activity for the three months ended March 31, 2015 and stock options outstanding as of March 31, 2015 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, 2014 | 3,389,132 | 7,329,575 | $ | 5.97 | |||||||||||||||||
Additional shares reserved | 2,870,538 | ||||||||||||||||||||
Granted – stock options | (778,500 | ) | 778,500 | 5.34 | |||||||||||||||||
Forfeited – stock options | 285,723 | (285,723 | ) | 13.2 | |||||||||||||||||
Exercised – stock options | (742,432 | ) | 0.84 | ||||||||||||||||||
Granted – restricted stock units (“RSUs”) | (1,130,213 | ) | |||||||||||||||||||
Forfeited – RSUs | 297,685 | ||||||||||||||||||||
Forfeited performance stock units (“PSUs”) | 250,000 | ||||||||||||||||||||
Vested RSUs adjusted for taxes | 28,476 | ||||||||||||||||||||
Balances, March 31, 2015 | 5,212,841 | 7,079,920 | $ | 6.15 | 6.04 | $ | 10,800 | ||||||||||||||
Exercisable at March 31, 2015 | 4,887,977 | $ | 5.37 | 4.67 | $ | 10,800 | |||||||||||||||
Vested and expected to vest | 6,762,274 | $ | 6.11 | 5.88 | $ | 10,800 | |||||||||||||||
Schedule of Restricted Stock Activity | The shares of restricted stock vest over the period specified in the related NSO, PSU and RSU agreements. Restricted stock activity was as follows: | ||||||||||||||||||||
Number | Weighted average | ||||||||||||||||||||
of shares | grant date | ||||||||||||||||||||
fair value | |||||||||||||||||||||
Balances, December 31, 2014 | 4,043,912 | $ | 11.21 | ||||||||||||||||||
Granted – RSUs | 1,130,213 | 5.5 | |||||||||||||||||||
Vested – RSUs | (190,572 | ) | 9.44 | ||||||||||||||||||
Forfeited – RSUs | (297,685 | ) | 12.74 | ||||||||||||||||||
Forfeited – PSUs | (250,000 | ) | 8.12 | ||||||||||||||||||
Balances, March 31, 2015 | 4,435,868 | 9.9 | |||||||||||||||||||
Stock-Based Compensation Expense Included in Consolidated Statements of Operations | Our stock-based compensation expense was included in our Consolidated Statements of Operations as follows (in thousands): | ||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Cost of revenues | $ | 820 | $ | 1,170 | |||||||||||||||||
Research and development | 2,518 | 2,980 | |||||||||||||||||||
Sales and marketing | 784 | 3,742 | |||||||||||||||||||
General and administrative | 1,522 | 1,925 | |||||||||||||||||||
$ | 5,644 | $ | 9,817 | ||||||||||||||||||
Stock-based compensation related to non-employee awards (included in total stock-based compensation above) | $ | — | $ | 41 | |||||||||||||||||
Stock-based compensation capitalized related to the development of internal-use software | $ | — | $ | 438 | |||||||||||||||||
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Historical Basic and Diluted Net Loss Per Share | The following table sets forth the computation of historical basic and diluted net loss per share (in thousands, except per share data): | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net loss | $ | (8,165 | ) | $ | (17,324 | ) | |||
Denominator: | |||||||||
Weighted-average common shares outstanding | 74,417 | 70,059 | |||||||
Less: Weighted-average unvested common | (310 | ) | (729 | ) | |||||
shares subject to repurchase or forfeiture | |||||||||
Weighted-average shares used to compute | 74,107 | 69,330 | |||||||
net loss per share, basic and diluted | |||||||||
Net loss per share, basic and diluted | $ | (0.11 | ) | $ | (0.25 | ) | |||
Summary of Potentially Dilutive Securities that are not Included in Diluted Per Share | Potentially dilutive securities that are not included in the diluted per share calculations because they would be anti-dilutive were as follows: | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Shares subject to outstanding common stock options | 7,079,920 | 9,269,904 | |||||||
Unvested restricted common stock | 4,435,868 | 5,518,538 | |||||||
Common stock subject to repurchase | 272,068 | 635,928 | |||||||
11,787,856 | 15,424,370 | ||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets, net (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||
Intangible Assets and their Related Useful Lives | The following table presents our intangible assets and their related useful lives (dollars in thousands): | ||||||||||
Useful | March 31, | December 31, | |||||||||
Life | 2015 | 2014 | |||||||||
Acquired technology | 5-7 years | $ | 20,441 | $ | 20,441 | ||||||
Accumulated amortization | (13,395 | ) | (12,049 | ) | |||||||
7,046 | 8,392 | ||||||||||
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 | (1,797 | ) | (1,634 | ) | |||||||
231 | 394 | ||||||||||
Other | 2-7 years | 1,939 | 1,939 | ||||||||
Accumulated amortization | (1,407 | ) | (1,277 | ) | |||||||
532 | 662 | ||||||||||
Total intangible assets, net | $ | 7,809 | $ | 9,448 | |||||||
Amortization Expense Related to Intangible Assets | Amortization expense related to intangible assets was as follows (in thousands): | ||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2015 | 2014 | ||||||||||
$1,639 | $ | 1,229 | |||||||||
Expected Future Amortization Expense | Expected future amortization expense as of March 31, 2015 is as follows (in thousands): | ||||||||||
Remainder of 2015 | $ | 3,263 | |||||||||
2016 | 2,579 | ||||||||||
2017 | 1,587 | ||||||||||
2018 | 380 | ||||||||||
2019 | — | ||||||||||
Thereafter | — | ||||||||||
$ | 7,809 | ||||||||||
Cash_Cash_Equivalents_and_Mark1
Cash, Cash Equivalents and Marketable Securities (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||
Cash, Cash Equivalents and Marketable Securities | Cash, cash equivalents and marketable securities consisted of the following (in thousands): | ||||||||||||||||
March 31, 2015 | |||||||||||||||||
Description | Cost | Unrealized | Unrealized | Estimated | |||||||||||||
Gains | Losses | Fair Value | |||||||||||||||
Cash | $ | 25,737 | $ | — | $ | — | $ | 25,737 | |||||||||
Cash equivalents: | |||||||||||||||||
Money market mutual funds | 2,287 | — | — | 2,287 | |||||||||||||
Total cash and cash equivalents | 28,024 | — | — | 28,024 | |||||||||||||
Short-term marketable securities: | |||||||||||||||||
Commercial paper | 3,498 | — | — | 3,498 | |||||||||||||
Corporate notes and bonds | 49,378 | — | (12 | ) | 49,366 | ||||||||||||
U.S. agency obligations | 38,476 | — | (2 | ) | 38,474 | ||||||||||||
Total short-term marketable securities | 91,352 | — | (14 | ) | 91,338 | ||||||||||||
Marketable securities, noncurrent: | |||||||||||||||||
Corporate notes and bonds | 7,078 | 2 | — | 7,080 | |||||||||||||
Government obligations | 3,993 | 6 | — | 3,999 | |||||||||||||
U.S. agency obligations | 3,561 | 1 | — | 3,562 | |||||||||||||
Total marketable securities, noncurrent | 14,632 | 9 | — | 14,641 | |||||||||||||
Cash, cash equivalents, short-term marketable securities and marketable securities, noncurrent | $ | 134,008 | $ | 9 | $ | (14 | ) | $ | 134,003 | ||||||||
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 | ||||||||
Estimated Fair Value of Investments in Marketable Securities, Available-for-Sale, Classified by Contractual Maturity Date | As of March 31, 2015, 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 | $ | 91,338 | |||||||||||||||
Due within 1 year through 3 years | 14,641 | ||||||||||||||||
Total marketable securities | $ | 105,979 | |||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present our financial assets and liabilities that are measured at fair value on a recurring basis (in thousands): | ||||||||||||||||
March 31, 2015 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | |||||||||||||||||
Money market mutual funds | $ | 2,287 | $ | — | $ | — | $ | 2,287 | |||||||||
Marketable securities | |||||||||||||||||
Commercial paper | — | 3,498 | — | 3,498 | |||||||||||||
Corporate notes and bonds | — | 56,446 | — | 56,446 | |||||||||||||
Government obligations | — | 3,999 | — | 3,999 | |||||||||||||
U.S. government and agency | — | 42,036 | — | 42,036 | |||||||||||||
— | 105,979 | — | 105,979 | ||||||||||||||
Total | $ | 2,287 | $ | 105,979 | $ | — | $ | 108,266 | |||||||||
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 | |||||||||
Statements_of_Cash_Flows_Table
Statements of Cash Flows (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||
Summary of Supplemental Cash Flows Information | The summary of supplemental cash flows information is as follows (in thousands): | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Supplemental Cash Flow Information | |||||||||
Cash paid for interest | $ | 45 | $ | 64 | |||||
Cash paid for income taxes | 168 | 24 |
RelatedParty_Transactions_Tabl
Related-Party Transactions (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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): | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Accounts receivable | $ | 225 | $ | 46 | |||||
Current deferred revenue | 746 | 548 | |||||||
Non-current deferred revenue | 33 | 75 | |||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Revenues | $ | 197 | $ | 231 |
StockBased_Compensation_Stock_
Stock-Based Compensation - Stock Option Activity and Stock Options Outstanding (Detail) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Shares Available for Grant | 3,389,132 |
Additional shares reserved, Shares Available for Grant | 2,870,538 |
Granted - stock options, Shares Available for Grant | -778,500 |
Forfeited - stock options, Shares Available for Grant | 285,723 |
Exercised - stock options, Shares Available for Grant | 0 |
Ending balance, Shares Available for Grant | 5,212,841 |
Beginning balance, Outstanding Stock Options | 7,329,575 |
Granted - stock options, Outstanding Stock Options | 778,500 |
Forfeited - stock options, Outstanding Stock Options | -285,723 |
Exercised - stock options, Outstanding Stock Options | -742,432 |
Ending balance, Outstanding Stock Options | 7,079,920 |
Exercisable at March 31, 2015, Outstanding Stock Options | 4,887,977 |
Vested and expected to vest, Outstanding Stock Options | 6,762,274 |
Beginning balance, Weighted average exercise price | $5.97 |
Granted - stock options, Weighted average exercise price | $5.34 |
Forfeited - stock options, Weighted average exercise price | $13.20 |
Exercised - stock options, Weighted average exercise price | $0.84 |
Ending balance, Weighted average exercise price | $6.15 |
Exercisable at March 31, 2015, Weighted average exercise price | $5.37 |
Vested and expected to vest, Weighted average exercise price | $6.11 |
Balances, March 31, 2015, Weighted average remaining life (in years) | 6 years 15 days |
Exercisable at March 31, 2015, Weighted average remaining life (in years) | 4 years 8 months 1 day |
Vested and expected to vest, Weighted average remaining life (in years) | 5 years 10 months 17 days |
Aggregate intrinsic value, Balances, March 31, 2015 | $10,800 |
Aggregate intrinsic value, Exercisable at March 31, 2015 | 10,800 |
Aggregate intrinsic value, Vested and expected to vest | $10,800 |
Restricted stock units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted stock units, Shares Available for Grant | -1,130,213 |
Forfeited, Shares Available for Grant | 297,685 |
Vested RSUs adjusted for taxes, Shares Available for Grant | 28,476 |
Performance stock units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Forfeited, Shares Available for Grant | 250,000 |
StockBased_Compensation_Schedu
Stock-Based Compensation - Schedule of Restricted Stock Activity (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Restricted stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning balances, Number of shares | 4,043,912 | |
Ending balances, Number of shares | 4,435,868 | 4,043,912 |
Beginning balances, Weighted average grant date fair value | $11.21 | |
Ending balances, Weighted average grant date fair value | $9.90 | $11.21 |
Restricted stock units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, Number of shares | 1,130,213 | |
Vested, Number of shares | -190,572 | |
Forfeited, Number of shares | -297,685 | |
Granted, Weighted average grant date fair value | $5.50 | |
Vested, Weighted average grant date fair value | $9.44 | |
Forfeited, Weighted average grant date fair value | $12.74 | |
Performance stock units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Forfeited, Number of shares | -250,000 | |
Forfeited, Weighted average grant date fair value | $8.12 |
StockBased_Compensation_StockB
Stock-Based Compensation - Stock-Based Compensation Expense Included in Consolidated Statements of Operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Allocated stock-based compensation expense | $5,644 | $9,817 |
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 | |
Software development [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation capitalized related to the development of internal-use software | 438 | |
Cost of revenues [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Allocated stock-based compensation expense | 820 | 1,170 |
Research and development [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Allocated stock-based compensation expense | 2,518 | 2,980 |
Sales and marketing [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Allocated stock-based compensation expense | 784 | 3,742 |
General and administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Allocated stock-based compensation expense | $1,522 | $1,925 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Unrecognized stock-based compensation | $42.70 |
Weighted average remaining vesting period | 2 years 8 months 12 days |
Net_Loss_Per_Share_Schedule_of
Net Loss Per Share - Schedule of Historical Basic and Diluted Net Loss Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator: | ||
Net loss | ($8,165) | ($17,324) |
Denominator: | ||
Weighted-average common shares outstanding | 74,417 | 70,059 |
Less: Weighted-average unvested common shares subject to repurchase or forfeiture | -310 | -729 |
Weighted-average shares used to compute net loss per share, basic and diluted | 74,107 | 69,330 |
Net loss per share, basic and diluted | ($0.11) | ($0.25) |
Net_Loss_Per_Share_Summary_of_
Net Loss Per Share - Summary of Potentially Dilutive Securities that are not Included in Diluted Per Share (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 11,787,856 | 15,424,370 |
Stock options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 7,079,920 | 9,269,904 |
Restricted stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 4,435,868 | 5,518,538 |
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 | 272,068 | 635,928 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets, net - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill balance | $0 | $0 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets, net - Intangible Assets and their Related Useful Lives (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Accumulated amortization | ($19,032) | ($17,390) |
Intangible assets, net | 7,809 | 9,448 |
Acquired technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 20,441 | 20,441 |
Intangible assets, Accumulated amortization | -13,395 | -12,049 |
Intangible assets, net | 7,046 | 8,392 |
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 | -1,797 | -1,634 |
Intangible assets, net | 231 | 394 |
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 | -1,407 | -1,277 |
Intangible assets, net | $532 | $662 |
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 $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense related to intangible assets | $1,639 | $1,229 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets, net - Expected Future Amortization Expense (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2015 | $3,263 | |
2016 | 2,579 | |
2017 | 1,587 | |
2018 | 380 | |
2019 | 0 | |
Thereafter | 0 | |
Intangible assets, net | $7,809 | $9,448 |
Cash_Cash_Equivalents_and_Mark2
Cash, Cash Equivalents and Marketable Securities - Cash, Cash Equivalents and Marketable Securities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Investment Holdings [Line Items] | ||||
Cash and cash equivalents, cost and estimated fair value | $28,024 | $20,594 | $41,725 | $38,415 |
Cash, cost and estimated fair value | 25,737 | 18,985 | ||
Cost | 134,008 | 121,188 | ||
Unrealized Gains | 9 | 1 | ||
Unrealized Losses | -14 | -52 | ||
Estimated Fair Value | 105,979 | |||
Estimated Fair Value | 134,003 | 121,137 | ||
Money market mutual funds [Member] | ||||
Investment Holdings [Line Items] | ||||
Cash equivalents, cost and estimated fair value | 2,287 | 1,609 | ||
Short-term marketable securities [Member] | ||||
Investment Holdings [Line Items] | ||||
Cost | 91,352 | 93,049 | ||
Unrealized Losses | -14 | -48 | ||
Estimated Fair Value | 91,338 | 93,001 | ||
Short-term marketable securities [Member] | Commercial paper [Member] | ||||
Investment Holdings [Line Items] | ||||
Cost | 3,498 | 2,499 | ||
Estimated Fair Value | 3,498 | 2,499 | ||
Short-term marketable securities [Member] | Corporate notes and bonds [Member] | ||||
Investment Holdings [Line Items] | ||||
Cost | 49,378 | 53,643 | ||
Unrealized Losses | -12 | -35 | ||
Estimated Fair Value | 49,366 | 53,608 | ||
Short-term marketable securities [Member] | U.S. agency obligations [Member] | ||||
Investment Holdings [Line Items] | ||||
Cost | 38,476 | 36,907 | ||
Unrealized Losses | -2 | -13 | ||
Estimated Fair Value | 38,474 | 36,894 | ||
Marketable securities, noncurrent [Member] | ||||
Investment Holdings [Line Items] | ||||
Cost | 14,632 | 7,545 | ||
Unrealized Gains | 9 | 1 | ||
Unrealized Losses | -4 | |||
Estimated Fair Value | 14,641 | 7,542 | ||
Marketable securities, noncurrent [Member] | Corporate notes and bonds [Member] | ||||
Investment Holdings [Line Items] | ||||
Cost | 7,078 | 3,501 | ||
Unrealized Gains | 2 | |||
Unrealized Losses | -4 | |||
Estimated Fair Value | 7,080 | 3,497 | ||
Marketable securities, noncurrent [Member] | U.S. agency obligations [Member] | ||||
Investment Holdings [Line Items] | ||||
Cost | 3,561 | 2,049 | ||
Unrealized Gains | 1 | |||
Estimated Fair Value | 3,562 | 2,049 | ||
Marketable securities, noncurrent [Member] | Government obligations [Member] | ||||
Investment Holdings [Line Items] | ||||
Cost | 3,993 | 1,995 | ||
Unrealized Gains | 6 | 1 | ||
Estimated Fair Value | $3,999 | $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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ||
Due within 1 year | $91,338 | $93,001 |
Due within 1 year through 3 years | 14,641 | 7,542 |
Total marketable securities | $105,979 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Marketable securities | $105,979 | |
Fair value measurements, recurring [Member] | ||
Assets | ||
Marketable securities | 105,979 | 100,543 |
Total | 108,266 | 102,152 |
Fair value measurements, recurring [Member] | Money market mutual funds [Member] | ||
Assets | ||
Cash equivalents | 2,287 | 1,609 |
Fair value measurements, recurring [Member] | Commercial paper [Member] | ||
Assets | ||
Marketable securities | 3,498 | 2,499 |
Fair value measurements, recurring [Member] | Corporate notes and bonds [Member] | ||
Assets | ||
Marketable securities | 56,446 | 57,105 |
Fair value measurements, recurring [Member] | Government obligations [Member] | ||
Assets | ||
Marketable securities | 3,999 | 1,996 |
Fair value measurements, recurring [Member] | U.S. government and agency [Member] | ||
Assets | ||
Marketable securities | 42,036 | 38,943 |
Fair value measurements, recurring [Member] | Level 1 [Member] | ||
Assets | ||
Total | 2,287 | 1,609 |
Fair value measurements, recurring [Member] | Level 1 [Member] | Money market mutual funds [Member] | ||
Assets | ||
Cash equivalents | 2,287 | 1,609 |
Fair value measurements, recurring [Member] | Level 2 [Member] | ||
Assets | ||
Marketable securities | 105,979 | 100,543 |
Total | 105,979 | 100,543 |
Fair value measurements, recurring [Member] | Level 2 [Member] | Commercial paper [Member] | ||
Assets | ||
Marketable securities | 3,498 | 2,499 |
Fair value measurements, recurring [Member] | Level 2 [Member] | Corporate notes and bonds [Member] | ||
Assets | ||
Marketable securities | 56,446 | 57,105 |
Fair value measurements, recurring [Member] | Level 2 [Member] | Government obligations [Member] | ||
Assets | ||
Marketable securities | 3,999 | 1,996 |
Fair value measurements, recurring [Member] | Level 2 [Member] | U.S. government and agency [Member] | ||
Assets | ||
Marketable securities | $42,036 | $38,943 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Valuation techniques, description | There were no changes to our valuation techniques during the three months ended March 31, 2015. | |
Other-than-temporary impairments | $0 | $0 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Debt Instrument [Line Items] | |
Term loan facility | $30,000,000 |
Expiration of secured revolving loan facility | 23-May-17 |
Secured Debt [Member] | |
Debt Instrument [Line Items] | |
Letters of credit outstanding | 900,000 |
Line of credit outstanding | 0 |
Term loans outstanding | $5,400,000 |
Term loans, interest rate | 2.26% |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | |
Operating leases future payments due | $19.50 |
Commitments under non-cancelable purchase orders | $3.40 |
Longest operating lease expiration period | 2020-03 |
Non-cancelable purchase order commitments period | The non-cancelable purchase order commitments will be filled at various times through the third quarter of 2016. Our longest operating lease expires in March 2020. |
Statements_of_Cash_Flows_Summa
Statements of Cash Flows - Summary of Supplemental Cash Flows Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental Cash Flow Information | ||
Cash paid for interest | $45 | $64 |
Cash paid for income taxes | $168 | $24 |
RelatedParty_Transactions_Sche
Related-Party Transactions - Schedule of Information Regarding Related Party Transactions (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | |||
Current deferred revenue | $124,774 | $128,592 | |
Non-current deferred revenue | 27,631 | 31,947 | |
Customers [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts receivable | 225 | 46 | |
Current deferred revenue | 746 | 548 | |
Non-current deferred revenue | 33 | 75 | |
Revenues | $197 | $231 |
Disgorgement_Funds_Received_Ad
Disgorgement Funds Received - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended |
In Thousands, unless otherwise specified | Jan. 08, 2015 | Mar. 31, 2015 |
Regulated Operations [Abstract] | ||
Non-recurring gain | $1,100 | $1,107 |