Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Enphase Energy, Inc. | ' |
Entity Central Index Key | '0001463101 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 42,041,741 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $31,778 | $45,294 |
Accounts receivable, net of allowances of $1,460 and $1,177 | 34,744 | 27,743 |
Inventory | 24,392 | 19,843 |
Prepaid expenses and other | 3,153 | 2,118 |
Total current assets | 94,067 | 94,998 |
Property and equipment, net | 24,823 | 25,541 |
Other assets | 1,420 | 1,752 |
Total assets | 120,310 | 122,291 |
Current liabilities: | ' | ' |
Accounts payable | 15,103 | 11,272 |
Accrued liabilities | 20,909 | 19,266 |
Deferred revenues | 2,980 | 933 |
Current portion of term loans | 3,432 | 2,384 |
Total current liabilities | 42,424 | 33,855 |
Long-term liabilities: | ' | ' |
Deferred revenues | 10,325 | 7,537 |
Warranty obligations | 20,932 | 15,260 |
Other liabilities | 435 | 307 |
Term loans | 5,861 | 8,677 |
Total liabilities | 79,977 | 65,636 |
Commitments and contingencies | ' | ' |
Stockholders’ equity: | ' | ' |
Preferred stock, $0.00001 par value, 10,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $0.00001 par value, 100,000 shares authorized; 41,813 and 40,856 shares issued and outstanding as of September 30, 2013 and December 31, 2012, respectively | 0 | 0 |
Additional paid-in capital | 190,265 | 183,629 |
Accumulated deficit | -150,129 | -127,026 |
Accumulated other comprehensive income | 197 | 52 |
Total stockholders’ equity | 40,333 | 56,655 |
Total liabilities and stockholders’ equity | $120,310 | $122,291 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited ) (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Allowances, accounts receivable | $1,460 | $1,177 |
Common stock, par value (usd per share) | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 41,813,000 | 40,856,000 |
Common stock, shares outstanding | 41,813,000 | 40,856,000 |
Preferred stock, par value (usd per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net revenues | $62,046 | $60,813 | $165,790 | $159,110 |
Cost of revenues | 44,611 | 44,489 | 119,870 | 119,878 |
Gross profit | 17,435 | 16,324 | 45,920 | 39,232 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 8,293 | 10,571 | 25,803 | 27,068 |
Sales and marketing | 8,550 | 7,039 | 22,765 | 18,448 |
General and administrative | 5,937 | 6,911 | 17,899 | 18,698 |
Total operating expenses | 22,780 | 24,521 | 66,467 | 64,214 |
Loss from operations | -5,345 | -8,197 | -20,547 | -24,982 |
Other income (expense), net: | ' | ' | ' | ' |
Interest expense | -437 | -527 | -1,385 | -5,411 |
Other income (expense) | -378 | -53 | -724 | 263 |
Total other expense, net | -815 | -580 | -2,109 | -5,148 |
Loss before income taxes | -6,160 | -8,777 | -22,656 | -30,130 |
Provision for income taxes | -141 | -130 | -447 | -346 |
Net loss attributable to common stockholders | ($6,301) | ($8,907) | ($23,103) | ($30,476) |
Net loss per share attributable to common stockholders, basic and diluted (usd per share) | ($0.15) | ($0.22) | ($0.56) | ($1.11) |
Shares used in computing net loss per share attributable to common stockholders, basic and diluted | 41,777 | 40,755 | 41,517 | 27,356 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net loss attributable to common stockholders | ($6,301) | ($8,907) | ($23,103) | ($30,476) |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Foreign currency translation adjustments | 104 | -102 | 145 | -85 |
Comprehensive loss attributable to common stockholders | ($6,197) | ($9,009) | ($22,958) | ($30,561) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net loss | ($23,103) | ($30,476) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 5,122 | 3,938 |
Provision for doubtful accounts | 665 | 60 |
Net loss on disposal of assets | 82 | 110 |
Non-cash interest expense | 322 | 3,969 |
Stock-based compensation | 4,955 | 3,159 |
Change in fair value of convertible preferred stock warrants | 0 | -520 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -7,666 | -15,023 |
Inventory | -4,549 | -5,422 |
Prepayment to supplier | 0 | -5,000 |
Prepaid expenses and other assets | -969 | -448 |
Accounts payable, accrued and other liabilities | 11,855 | 13,543 |
Deferred revenues | 4,835 | -20,164 |
Net cash used in operating activities | -8,451 | -52,274 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -4,886 | -11,054 |
Net cash used in investing activities | -4,886 | -11,054 |
Cash flows from financing activities: | ' | ' |
Proceeds from term loans and debt | 0 | 2,600 |
Repayments of term loans | -1,815 | -5,522 |
Principal payments under capital leases | -40 | -96 |
Proceeds from issuance of common stock under employee stock plans | 1,672 | 47 |
Proceeds from issuance of common stock in IPO, net of underwriting discounts and commissions | 0 | 58,609 |
Payment of offering costs | 0 | -2,032 |
Net cash (used in) provided by financing activities | -183 | 53,606 |
Effect of exchange rate changes on cash | 4 | -85 |
Net (decrease) increase in cash and cash equivalents | -13,516 | -9,807 |
Cash and cash equivalents—Beginning of period | 45,294 | 51,524 |
Cash and cash equivalents—End of period | 31,778 | 41,717 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash paid for interest | 1,069 | 1,250 |
Noncash financing and investing activities: | ' | ' |
Purchases of property and equipment included in accounts payable | 302 | 412 |
Conversion of convertible notes into common stock upon IPO | 0 | 21,204 |
Reclassification of convertible preferred stock warrant liability to additional paid-in capital upon IPO | $0 | $879 |
Overview_and_Summary_of_Signif
Overview and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Overview and Summary of Significant Accounting Policies | ' |
Overview and Summary of Significant Accounting Policies | |
The Company | |
Enphase Energy, Inc. ("Enphase" or the “Company”) designs, develops, and sells microinverter systems for the solar photovoltaic industry. The Company’s microinverter system consists of (i) an Enphase microinverter and related accessories that convert direct current (“DC”) power to grid-compliant alternating current (“AC”) power; (ii) an Envoy communications gateway device that collects and transmits performance information from each solar module to the Company’s hosted data center; and (iii) the Enlighten web-based software platform that collects and processes this information to enable customers to monitor and manage their solar power systems. The Company sells microinverter systems primarily to distributors who resell them to solar installers. The Company also sells directly to large installers as well as through original equipment manufacturers (“OEMs”) and strategic partners. | |
On April 4, 2012, the Company completed its initial public offering ("IPO"), issuing 10,315,151 shares of common stock at an offering price of $6.00 per share. The net proceeds from the sale of the shares were $53.8 million, after deducting the underwriters’ discounts and commissions of $3.3 million and other offering costs of $4.8 million. Upon consummation of the IPO, the Company’s 22,220,856 outstanding shares of convertible preferred stock were automatically converted into 25,171,017 shares of common stock, and the $21.2 million outstanding balance of principal and accrued paid-in-kind interest in convertible notes were automatically converted into 3,533,988 shares of common stock at a conversion price equal to the IPO price of $6.00 per share | |
Basis of Presentation and Consolidation | |
The accompanying condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in the consolidation. | |
Unaudited Interim Financial Information | |
These accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of normal recurring items, considered necessary to present fairly the Company's financial condition, results of operations, comprehensive loss and cash flows for the periods indicated. The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the operating results for the full year. Certain information and footnote disclosures typically included in annual consolidated financial statements have been condensed or omitted. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. | |
Significant Accounting Policies | |
There have been no material changes in the Company's significant accounting policies, as compared to the significant accounting policies described in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. | |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events, and apply judgments that affect the reported amounts of assets, liabilities, revenue, expenses and the related disclosures. Significant estimates and assumptions reflected in the financial statements include revenue recognition, inventory valuation and accrued warranty obligations. Actual results could differ from those estimates. |
Inventory
Inventory | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
INVENTORY | ' | |||||||
INVENTORY | ||||||||
Inventory as of September 30, 2013 and December 31, 2012 consists of the following (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Raw materials | $ | 1,553 | $ | 2,223 | ||||
Finished goods | 22,839 | 17,620 | ||||||
Total inventory | $ | 24,392 | $ | 19,843 | ||||
Warranty_Obligations
Warranty Obligations | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||||||||||
WARRANTY OBLIGATIONS | ' | |||||||||||||||
WARRANTY OBLIGATIONS | ||||||||||||||||
The Company’s warranty activities during the three and nine months ended September 30, 2013 and 2012 were as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Balance, at beginning of period | $ | 26,777 | $ | 11,412 | $ | 21,338 | $ | 8,738 | ||||||||
Accruals for warranties issued during the period | 1,392 | 2,515 | 4,802 | 6,571 | ||||||||||||
Changes in estimates | 3,823 | 2,896 | 8,537 | 2,539 | ||||||||||||
Settlements | (2,626 | ) | (1,330 | ) | (5,311 | ) | (2,355 | ) | ||||||||
Balance, at end of period | $ | 29,366 | $ | 15,493 | $ | 29,366 | $ | 15,493 | ||||||||
Current portion included in accrued liabilities | $ | 8,434 | $ | 3,589 | ||||||||||||
Long-term portion | $ | 20,932 | $ | 11,904 | ||||||||||||
Included within warranty expense in the three and nine months ended September 30, 2013 were net changes in estimates of $3.8 million and $8.5 million, respectively. During the three and nine months ended September 30, 2013, the Company experienced actual failures of its second generation microinverters that exceeded its then current failure rate estimate. Based on continuing analysis of field performance data and diagnostic root-cause failure analysis performed on returned units, the Company concluded that it was necessary to increase the estimated failure rates for its second generation product and recorded additional warranty expense of $7.3 million and $15.9 million for the three and nine months ended September 30, 2013, respectively. In addition, the Company recorded a reduction to warranty expense of $3.1 million for the three and nine months ended September 30, 2013 related to a decrease in the expected failure rate of the Company's third generation product. During the third quarter of 2013, the Company concluded that there was sufficient historical data of actual field performance of previously sold third generation products to support a lower estimated failure rate. Further decreases to warranty expense were $0.4 million and $0.1 million of net decreases in estimated replacement costs for the three and nine months ended September 30, 2013, respectively. In addition, for the nine months ended September 30, 2013, the Company updated its estimated claim rates for all product generations resulting in a decrease to warranty expense of $4.2 million. The revision to estimated claim rates was based on the Company’s observed historical end user behavior and assumptions with respect to expected customer behavior over the warranty term (15 years for first and second generation products, up to 25 years for third and fourth generation products). | ||||||||||||||||
Included within warranty expense in the three and nine months ended September 30, 2012 were net changes in estimates of $2.9 million and $2.5 million, respectively. During the three and nine months ended September 30, 2012, the Company experienced actual failures of its second generation microinverters that exceeded its then current failure rate estimate. Based on continuing analysis of field performance data and diagnostic root-cause failure analysis performed on returned units, the Company concluded that it was necessary to increase the estimated failure rates for its second generation product and recorded additional warranty expense of $4.8 million and $4.4 million for the three and nine months ended September 30, 2012, respectively. In addition, the Company recorded a reduction to warranty expense of $1.9 million for the three and nine months ended September 30, 2012. During the third quarter of 2012, the Company updated the estimated per unit shipping cost for replacement units delivered to customers and reduced warranty expense to reflect a revision in its business practice. Prior to the third quarter of 2012, the Company’s business practice was to expedite shipment of all replacement units to customers to fulfill warranty claims. These shipping costs are included in the Company’s estimate of total per unit replacement cost. Beginning in the third quarter of 2012, the Company revised its business practice to utilize non-expedited shipping terms for future replacement units, resulting in the reduction in estimated future replacement costs. | ||||||||||||||||
If actual failure rates, claim rates or replacement costs differ from the Company’s estimates in future periods, changes to these estimates would be required, resulting in increases or decreases to the Company’s warranty obligations. Such increases or decreases could be material. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | |||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||||||
The accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. | ||||||||||||||||
The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset’s or liability’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value: | ||||||||||||||||
• | Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of such assets or liabilities do not entail a significant degree of judgment. | |||||||||||||||
• | Level 2—Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | |||||||||||||||
• | Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. | |||||||||||||||
Derivative Instruments—The Company utilizes foreign currency forward contracts to reduce the impact of foreign currency fluctuations arising from both sales and purchases denominated in Euros and the British Pound Sterling. As of September 30, 2013 and December 31, 2012, the aggregate gross notional amounts of outstanding foreign currency forward contracts, all with maturities of less than one year, were $20.7 million and $6.1 million, respectively. | ||||||||||||||||
The following table presents the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy at September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||
September 30, | December 31, | September 30, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Foreign currency forward contracts (Level 2) | $ | 94 | $ | — | $ | 863 | $ | 268 | ||||||||
For the three and nine months ended September 30, 2013, the Company recognized net losses of $0.6 million related to foreign currency forward contracts. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ' | |||||||
LONG-TERM DEBT | ' | |||||||
LONG-TERM DEBT | ||||||||
The Company’s long-term debt at September 30, 2013 and December 31, 2012 consists of the following (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Term loans | $ | 7,400 | $ | 7,400 | ||||
Equipment financing facility, net of unamortized discount of $47 and $94, respectively | 1,893 | 3,661 | ||||||
Total debt | 9,293 | 11,061 | ||||||
Less current portion | (3,432 | ) | (2,384 | ) | ||||
Long-term portion | $ | 5,861 | $ | 8,677 | ||||
As of September 30, 2013, the Company was a party to three debt agreements: (i) the $50.0 million revolving credit facility (the "Revolver") with Wells Fargo Bank, N.A., (ii) the facility with Hercules Technology Growth Capital, Inc. (“Hercules Facility”) consisting of a $7.4 million initial term loan and lending commitments of up to $15.6 million in additional term loans, and (iii) the $5.0 million equipment financing facility, also with Hercules. As of September 30, 2013, the Company has not drawn upon the Revolver or additional term loans available under the Hercules Facility. Each of these debt agreements is described in greater detail in the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | |
Contingencies —The Company is not currently involved in any material legal proceedings. The Company may become involved in various legal proceedings and claims that arise in the ordinary course of business. Such matters are subject to uncertainty and there can be no assurance that such legal proceedings will not have a material adverse effect on its business, results of operations, financial position or cash flows. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
STOCK-BASED COMPENSATION | ' | |||||||||||||||
STOCK-BASED COMPENSATION | ||||||||||||||||
The Company has adopted certain equity incentive and stock purchase plans as described in the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | ||||||||||||||||
Stock Options | ||||||||||||||||
The following is a summary of stock option activity for the nine months ended September 30, 2013 (in thousands, except per share data): | ||||||||||||||||
Number of | Weighted- | |||||||||||||||
Shares | Average | |||||||||||||||
Outstanding | Exercise Price | |||||||||||||||
per Share | ||||||||||||||||
Outstanding at December 31, 2012 | 8,169 | $ | 3.28 | |||||||||||||
Granted | 1,417 | 7.15 | ||||||||||||||
Exercised | (773 | ) | 1.65 | |||||||||||||
Canceled | (300 | ) | 7.73 | |||||||||||||
Outstanding at September 30, 2013 | 8,513 | 3.92 | ||||||||||||||
The total fair value of options exercised in the nine months ended September 30, 2013 was $2.9 million. As of September 30, 2013, the intrinsic value of options outstanding was $31.7 million based on the closing price of the Company's stock as of September 30, 2013. | ||||||||||||||||
Restricted Stock Units | ||||||||||||||||
The following is a summary of restricted stock unit activity for the nine months ended September 30, 2013 (in thousands, except per share data): | ||||||||||||||||
Restricted Stock Units | Weighted Average | |||||||||||||||
Fair Value per Share at | ||||||||||||||||
Grant Date | ||||||||||||||||
Outstanding at December 31, 2012 | 248 | $ | 5.53 | |||||||||||||
Granted | 285 | 6.92 | ||||||||||||||
Vested | (37 | ) | 6.64 | |||||||||||||
Canceled | (5 | ) | 6.9 | |||||||||||||
Outstanding at September 30, 2013 | 491 | 6.24 | ||||||||||||||
The total fair value of restricted stock units that vested in the nine months ended September 30, 2013 was $0.3 million. As of September 30, 2013, the intrinsic value of restricted stock units outstanding was $4.0 million based on the closing price of the Company's stock as of September 30, 2013. | ||||||||||||||||
Stock-Based Compensation Expense | ||||||||||||||||
Compensation cost for all stock-based awards expected to vest is measured at fair value on the date of grant and recognized ratably over the requisite service period. The following table summarizes the components of total stock-based compensation expense included in the condensed consolidated statements of operations for the periods presented (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Cost of revenues | $ | 137 | $ | 62 | $ | 309 | $ | 119 | ||||||||
Research and development | 625 | 514 | 1,541 | 1,171 | ||||||||||||
Sales and marketing | 542 | 362 | 1,317 | 826 | ||||||||||||
General and administrative | 741 | 513 | 1,788 | 1,043 | ||||||||||||
Total | $ | 2,045 | $ | 1,451 | $ | 4,955 | $ | 3,159 | ||||||||
The following table summarizes stock-based compensation associated with each type of award for the periods presented (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Stock options and restricted stock units | $ | 1,871 | $ | 1,451 | $ | 4,588 | $ | 3,159 | ||||||||
Employee Stock Purchase Plan | 174 | — | 367 | — | ||||||||||||
Total | $ | 2,045 | $ | 1,451 | $ | 4,955 | $ | 3,159 | ||||||||
Valuation Assumptions | ||||||||||||||||
The fair value of option awards is estimated on the date of the grant using the Black-Scholes option pricing model with the following input assumptions: | ||||||||||||||||
• | Expected term—The expected term of the option awards represents the period of time between the grant date of the option awards and the date the option awards are either exercised, converted or canceled, including an estimate for those option awards still outstanding. | |||||||||||||||
• | Expected volatility—The Company uses the simplified method, as permitted by the SEC for companies with a limited history of stock option exercise activity, to determine the expected term for its option grants. Expected stock price volatility is determined based on an average of the historical volatilities of the common stock of several companies with characteristics similar to those of the Company. | |||||||||||||||
• | Risk-free interest rate—The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant and with a maturity that approximates our expected term. | |||||||||||||||
• | Dividend yield—The dividend yield is based on our dividend history and the anticipated dividend payout over our expected term. | |||||||||||||||
The following table presents the weighted-average assumptions used to estimate the fair values of the stock options granted in the periods presented: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Expected term (in years) | 4.4 | 4.8 | 4.4 | 5.8 | ||||||||||||
Expected volatility | 67.2 | % | 78 | % | 68.7 | % | 74.4 | % | ||||||||
Annual risk-free rate of return | 1.2 | % | 0.6 | % | 1 | % | 0.9 | % | ||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Weighted average grant date fair value | $ | 4.07 | $ | 3.15 | $ | 3.84 | $ | 4.82 | ||||||||
The fair value of restricted stock units granted is determined based on the price of the Company's common stock on the date of grant. | ||||||||||||||||
As of September 30, 2013, there was approximately $14.6 million of total unrecognized compensation cost related to unvested equity awards expected to be recognized over a weighted-average period of 2.7 years. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
No provision for U.S. federal or state income taxes has been made due to cumulative losses since the commencement of operations. The Company had a provision for income taxes of $141,000 and $130,000 for the three months ended September 30, 2013 and 2012, respectively, and $447,000 and $346,000 for the nine months ended September 30, 2013 and 2012, respectively. The provision relates to the Company's subsidiaries located outside of the United States. |
Net_Loss_Per_Share_Attributabl
Net Loss Per Share Attributable to Common Stockholders | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS | ' | |||||||||||
NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS | ||||||||||||
In April 2012, all of the Company’s then outstanding convertible preferred stock automatically converted into common stock in connection with its IPO. For periods that ended prior to the conversion, basic and diluted net income per common share were presented in conformity with the two-class method required for participating securities. | ||||||||||||
Under the two-class method, net loss is allocated between common shares and other participating securities to the extent that the securities are required to share in the losses. The Company’s convertible preferred stock did not meet the definition of a participating security in periods of net losses as the convertible preferred stockholders did not have a contractual obligation to share in the Company’s losses. Accordingly, net losses were attributable to common stockholders. Subsequent to the IPO and the automatic conversion of the outstanding convertible preferred stock, the Company had no other participating securities and the two-class method is no longer applicable. | ||||||||||||
Basic net loss per share attributable to common stockholders is calculated by dividing net loss attributable to common stockholders by the weighted average number of shares outstanding for the period. The disproportional change in loss per share for the nine months ended September 30, 2013, as compared to the same period in the prior year, is attributed to the effect of the IPO of 10.3 million shares of its common stock. In addition, the IPO also effected the automatic conversion of the Company's convertible preferred stock and convertible notes into 28.7 million shares of its common stock. | ||||||||||||
Diluted net loss per share attributable to common stockholders is calculated by dividing net loss attributable to common stockholders by the weighted average number of common shares and potential dilutive common share equivalents outstanding during the period if the effect is dilutive. The Company’s potentially dilutive common shares include convertible notes and convertible preferred stock prior to their conversion, outstanding stock options and warrants, shares issuable pursuant to the ESPP and non-vested restricted stock units. | ||||||||||||
The following table presents the potential common shares outstanding that were excluded from the computation of diluted net loss per share attributable to common stockholders for the three and nine months ended September 30, 2013 and 2012, respectively, because including them would have been anti-dilutive (in thousands): | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Stock options to purchase common stock | 8,493 | 8,180 | 8,095 | 8,420 | ||||||||
Restricted stock units | 482 | 132 | 363 | 268 | ||||||||
Warrants to purchase common stock | 293 | 331 | 312 | 331 | ||||||||
Total | 9,268 | 8,643 | 8,770 | 9,019 | ||||||||
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
RELATED PARTY TRANSACTIONS | |
KPCB Holdings, Inc. ("KPCB"), as nominee for certain funds of Kleiner Perkins Caufield & Byers, owned approximately 12 percent of the Company's outstanding stock as of September 30, 2013. Revenues recognized from sales of microinverters to entities that are majority-owned by KPCB entities were $0.6 million and $0 in the three months ended September 30, 2013 and 2012, respectively, and $2.7 million and $16.8 million in the nine months ended September 30, 2013 and 2012, respectively. |
Overview_and_Summary_of_Signif1
Overview and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation, Consolidation and Related Party Transactions | ' |
Basis of Presentation and Consolidation | |
The accompanying condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in the consolidation. | |
Unaudited Interim Financial Information | ' |
Unaudited Interim Financial Information | |
These accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of normal recurring items, considered necessary to present fairly the Company's financial condition, results of operations, comprehensive loss and cash flows for the periods indicated. The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the operating results for the full year. Certain information and footnote disclosures typically included in annual consolidated financial statements have been condensed or omitted. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. | |
Significant Accounting Policies | ' |
Significant Accounting Policies | |
There have been no material changes in the Company's significant accounting policies, as compared to the significant accounting policies described in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events, and apply judgments that affect the reported amounts of assets, liabilities, revenue, expenses and the related disclosures. Significant estimates and assumptions reflected in the financial statements include revenue recognition, inventory valuation and accrued warranty obligations. Actual results could differ from those estimates. |
Inventory_Tables
Inventory (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of inventory | ' | |||||||
Inventory as of September 30, 2013 and December 31, 2012 consists of the following (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Raw materials | $ | 1,553 | $ | 2,223 | ||||
Finished goods | 22,839 | 17,620 | ||||||
Total inventory | $ | 24,392 | $ | 19,843 | ||||
Warranty_Obligations_Tables
Warranty Obligations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||||||||||
Changes in the Company's product warranty liability | ' | |||||||||||||||
The Company’s warranty activities during the three and nine months ended September 30, 2013 and 2012 were as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Balance, at beginning of period | $ | 26,777 | $ | 11,412 | $ | 21,338 | $ | 8,738 | ||||||||
Accruals for warranties issued during the period | 1,392 | 2,515 | 4,802 | 6,571 | ||||||||||||
Changes in estimates | 3,823 | 2,896 | 8,537 | 2,539 | ||||||||||||
Settlements | (2,626 | ) | (1,330 | ) | (5,311 | ) | (2,355 | ) | ||||||||
Balance, at end of period | $ | 29,366 | $ | 15,493 | $ | 29,366 | $ | 15,493 | ||||||||
Current portion included in accrued liabilities | $ | 8,434 | $ | 3,589 | ||||||||||||
Long-term portion | $ | 20,932 | $ | 11,904 | ||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of financial instruments that are measured at fair value on a recurring basis | ' | |||||||||||||||
The following table presents the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy at September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||
September 30, | December 31, | September 30, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Foreign currency forward contracts (Level 2) | $ | 94 | $ | — | $ | 863 | $ | 268 | ||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ' | |||||||
Schedule of long-term debt | ' | |||||||
The Company’s long-term debt at September 30, 2013 and December 31, 2012 consists of the following (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Term loans | $ | 7,400 | $ | 7,400 | ||||
Equipment financing facility, net of unamortized discount of $47 and $94, respectively | 1,893 | 3,661 | ||||||
Total debt | 9,293 | 11,061 | ||||||
Less current portion | (3,432 | ) | (2,384 | ) | ||||
Long-term portion | $ | 5,861 | $ | 8,677 | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Schedule of summary of stock option activity | ' | |||||||||||||||
The following is a summary of stock option activity for the nine months ended September 30, 2013 (in thousands, except per share data): | ||||||||||||||||
Number of | Weighted- | |||||||||||||||
Shares | Average | |||||||||||||||
Outstanding | Exercise Price | |||||||||||||||
per Share | ||||||||||||||||
Outstanding at December 31, 2012 | 8,169 | $ | 3.28 | |||||||||||||
Granted | 1,417 | 7.15 | ||||||||||||||
Exercised | (773 | ) | 1.65 | |||||||||||||
Canceled | (300 | ) | 7.73 | |||||||||||||
Outstanding at September 30, 2013 | 8,513 | 3.92 | ||||||||||||||
Schedule of restricted stock unit activity | ' | |||||||||||||||
The following is a summary of restricted stock unit activity for the nine months ended September 30, 2013 (in thousands, except per share data): | ||||||||||||||||
Restricted Stock Units | Weighted Average | |||||||||||||||
Fair Value per Share at | ||||||||||||||||
Grant Date | ||||||||||||||||
Outstanding at December 31, 2012 | 248 | $ | 5.53 | |||||||||||||
Granted | 285 | 6.92 | ||||||||||||||
Vested | (37 | ) | 6.64 | |||||||||||||
Canceled | (5 | ) | 6.9 | |||||||||||||
Outstanding at September 30, 2013 | 491 | 6.24 | ||||||||||||||
Schedule of components of stock-based compensation expense in the consolidated statement of operations, by report line | ' | |||||||||||||||
The following table summarizes the components of total stock-based compensation expense included in the condensed consolidated statements of operations for the periods presented (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Cost of revenues | $ | 137 | $ | 62 | $ | 309 | $ | 119 | ||||||||
Research and development | 625 | 514 | 1,541 | 1,171 | ||||||||||||
Sales and marketing | 542 | 362 | 1,317 | 826 | ||||||||||||
General and administrative | 741 | 513 | 1,788 | 1,043 | ||||||||||||
Total | $ | 2,045 | $ | 1,451 | $ | 4,955 | $ | 3,159 | ||||||||
Schedule of stock-based compensation expense by award type | ' | |||||||||||||||
The following table summarizes stock-based compensation associated with each type of award for the periods presented (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Stock options and restricted stock units | $ | 1,871 | $ | 1,451 | $ | 4,588 | $ | 3,159 | ||||||||
Employee Stock Purchase Plan | 174 | — | 367 | — | ||||||||||||
Total | $ | 2,045 | $ | 1,451 | $ | 4,955 | $ | 3,159 | ||||||||
Schedule of valuation assumptions of stock options | ' | |||||||||||||||
The following table presents the weighted-average assumptions used to estimate the fair values of the stock options granted in the periods presented: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Expected term (in years) | 4.4 | 4.8 | 4.4 | 5.8 | ||||||||||||
Expected volatility | 67.2 | % | 78 | % | 68.7 | % | 74.4 | % | ||||||||
Annual risk-free rate of return | 1.2 | % | 0.6 | % | 1 | % | 0.9 | % | ||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Weighted average grant date fair value | $ | 4.07 | $ | 3.15 | $ | 3.84 | $ | 4.82 | ||||||||
Net_Loss_Per_Share_Attributabl1
Net Loss Per Share Attributable to Common Stockholders (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of potential common shares outstanding that were excluded from the computation of diluted net loss per share attributable to common stockholders | ' | |||||||||||
The following table presents the potential common shares outstanding that were excluded from the computation of diluted net loss per share attributable to common stockholders for the three and nine months ended September 30, 2013 and 2012, respectively, because including them would have been anti-dilutive (in thousands): | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Stock options to purchase common stock | 8,493 | 8,180 | 8,095 | 8,420 | ||||||||
Restricted stock units | 482 | 132 | 363 | 268 | ||||||||
Warrants to purchase common stock | 293 | 331 | 312 | 331 | ||||||||
Total | 9,268 | 8,643 | 8,770 | 9,019 | ||||||||
Overview_and_Summary_of_Accoun
Overview and Summary of Accounting Policies (Details) (USD $) | 0 Months Ended | 9 Months Ended | ||
Apr. 04, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' |
Common stock, shares issued | 10,315,151 | ' | ' | ' |
Stock issued during period offering price | $6 | ' | ' | ' |
Proceeds from issuance of common stock in IPO, net of underwriting discounts and commissions | $53,800,000 | $0 | $58,609,000 | ' |
Underwriters Discounts and Commissions | 3,300,000 | ' | ' | ' |
Other estimated offering costs | 4,800,000 | ' | ' | ' |
Convertible preferred stock, shares outstanding | 22,220,856 | 0 | ' | 0 |
Conversion of convertible preferred stock into common stock | 25,171,017 | ' | ' | ' |
Convertible notes, outstanding balance of principal and accrued paid in kind interest | $21,200,000 | ' | ' | ' |
Conversion of notes into common stock | 3,533,988 | ' | ' | ' |
Conversion price of convertible notes | $6 | ' | ' | ' |
Inventory_Details
Inventory (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of inventory | ' | ' |
Raw materials | $1,553 | $2,223 |
Finished goods | 22,839 | 17,620 |
Total inventory | $24,392 | $19,843 |
Warranty_Obligations_Details
Warranty Obligations (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Changes in the Company's product warranty liability | ' | ' | ' | ' | ' |
Balance, at beginning of period | $26,777 | $11,412 | $21,338 | $8,738 | ' |
Accruals for warranties issued during the period | 1,392 | 2,515 | 4,802 | 6,571 | ' |
Changes in estimates | 3,823 | 2,896 | 8,537 | 2,539 | ' |
Settlements | -2,626 | -1,330 | -5,311 | -2,355 | ' |
Balance, at end of period | 29,366 | 15,493 | 29,366 | 15,493 | ' |
Current portion included in accrued liabilities | 8,434 | 3,589 | 8,434 | 3,589 | ' |
Long-term portion | $20,932 | $11,904 | $20,932 | $11,904 | $15,260 |
Warranty_Obligations_Warranty_
Warranty Obligations Warranty Obligations (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Standard Product Warranty Disclosure [Abstract] | ' | ' | ' | ' |
Changes in warranty accrual | $3,823,000 | $2,896,000 | $8,537,000 | $2,539,000 |
Replacement cost [Member] | ' | ' | ' | ' |
Standard Product Warranty Disclosure [Abstract] | ' | ' | ' | ' |
Increase (decrease) in warranty expense due to changes in warranty variables estimates | 400,000 | ' | -100,000 | ' |
Claim rate [Member] | ' | ' | ' | ' |
Standard Product Warranty Disclosure [Abstract] | ' | ' | ' | ' |
Increase (decrease) in warranty expense due to changes in warranty variables estimates | ' | ' | -4,200,000 | ' |
Shipping cost [Member] | ' | ' | ' | ' |
Standard Product Warranty Disclosure [Abstract] | ' | ' | ' | ' |
Increase (decrease) in warranty expense due to changes in warranty variables estimates | ' | -1,900,000 | ' | -1,900,000 |
Second generation products [Member] | ' | ' | ' | ' |
Standard Product Warranty Disclosure [Abstract] | ' | ' | ' | ' |
Product warranty term | ' | ' | '15 years | ' |
Second generation products [Member] | Failure rate [Member] | ' | ' | ' | ' |
Standard Product Warranty Disclosure [Abstract] | ' | ' | ' | ' |
Increase (decrease) in warranty expense due to changes in warranty variables estimates | 7,300,000 | 4,800,000 | 15,900,000 | 4,400,000 |
Third generation products [Member] | ' | ' | ' | ' |
Standard Product Warranty Disclosure [Abstract] | ' | ' | ' | ' |
Product warranty term | ' | ' | '25 years | ' |
Third generation products [Member] | Failure rate [Member] | ' | ' | ' | ' |
Standard Product Warranty Disclosure [Abstract] | ' | ' | ' | ' |
Increase (decrease) in warranty expense due to changes in warranty variables estimates | ($3,100,000) | ' | ($3,100,000) | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Fair value, measurements, recurring [Member], Level 2 [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair value, measurements, recurring [Member] | Level 2 [Member] | ' | ' |
Asset Derivatives | ' | ' |
Foreign currency forward contracts (Level 2) | $94 | $0 |
Liability Derivatives | ' | ' |
Foreign currency forward contracts (Level 2) | $863 | $268 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details Textual) (Not designated as hedging instrument [Member], Foreign exchange forward [Member], USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Not designated as hedging instrument [Member] | Foreign exchange forward [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Notional amount of foreign currency | $20.70 | $20.70 | $6.10 |
Net loss on foreign currency | $0.60 | $0.60 | ' |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of long-term debt | ' | ' |
Total debt | $9,293 | $11,061 |
Less current portion | -3,432 | -2,384 |
Long-term portion | 5,861 | 8,677 |
Term loans [Member] | ' | ' |
Schedule of long-term debt | ' | ' |
Total debt | 7,400 | 7,400 |
Equipment Financing Facility [Member] | ' | ' |
Schedule of long-term debt | ' | ' |
Total debt | 1,893 | 3,661 |
Unamortized discount | $47 | $94 |
LongTerm_Debt_Details_Textual
Long-Term Debt (Details Textual) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Debt Instrument [Line Items] | ' |
Number of debt agreements | 3 |
Wells Fargo Bank [Member] | Revolving Credit Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Credit line facility | $50,000,000 |
Hercules Technology Growth Capital Inc [Member] | Secured Debt [Member] | ' |
Debt Instrument [Line Items] | ' |
Credit line facility | 7,400,000 |
Debt instrument additional borrowing amount | 15,600,000 |
Hercules Technology Growth Capital Inc [Member] | Equipment Financing Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Credit line facility | $5,000,000 |
StockBased_Compensation_Stock_
Stock-Based Compensation Stock Option Activity (Details) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Number of Shares Outstanding | ' |
Outstanding at December 31, 2012 (in shares) | 8,169 |
Granted (in shares) | 1,417 |
Exercised (in shares) | -773 |
Canceled (in shares) | -300 |
Outstanding at September 30, 2013 (in shares) | 8,513 |
Weighted- Average Exercise Price per Share | ' |
Outstanding at December 31, 2012 (in usd per share) | $3.28 |
Granted (in usd per share) | $7.15 |
Exercised (in usd per share) | $1.65 |
Canceled (in usd per share) | $7.73 |
Outstanding at September 30, 2013 (in usd per share) | $3.92 |
StockBased_Compensation_Restri
Stock-Based Compensation Restricted Stock Unit Activity (Details) (Restricted stock units [Member], USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Restricted stock units [Member] | ' |
Restricted Stock Units | ' |
Outstanding at December 31, 2012 (in shares) | 248 |
Granted (in shares) | 285 |
Vested (in shares) | -37 |
Canceled (in shares) | -5 |
Outstanding at September 30, 2013 (in shares) | 491 |
Weighted Average Fair Value per Share at Grant Date | ' |
Outstanding at December 31, 2012 (in usd per share) | $5.53 |
Granted (in usd per share) | $6.92 |
Vested (in usd per share) | $6.64 |
Canceled (in usd per share) | $6.90 |
Outstanding at September 30, 2013 (in usd per share) | $6.24 |
StockBased_Compensation_Compon
Stock-Based Compensation Components of Stock-based Compensation Expense by Report Line (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Allocation of Stock-based Compensation Expense Included in the Consolidated Statement of Operations [Abstract] | ' | ' | ' | ' |
Total stock-based compensation expense | $2,045 | $1,451 | $4,955 | $3,159 |
Cost of revenues [Member] | ' | ' | ' | ' |
Allocation of Stock-based Compensation Expense Included in the Consolidated Statement of Operations [Abstract] | ' | ' | ' | ' |
Total stock-based compensation expense | 137 | 62 | 309 | 119 |
Research and development [Member] | ' | ' | ' | ' |
Allocation of Stock-based Compensation Expense Included in the Consolidated Statement of Operations [Abstract] | ' | ' | ' | ' |
Total stock-based compensation expense | 625 | 514 | 1,541 | 1,171 |
Sales and marketing [Member] | ' | ' | ' | ' |
Allocation of Stock-based Compensation Expense Included in the Consolidated Statement of Operations [Abstract] | ' | ' | ' | ' |
Total stock-based compensation expense | 542 | 362 | 1,317 | 826 |
General and administrative [Member] | ' | ' | ' | ' |
Allocation of Stock-based Compensation Expense Included in the Consolidated Statement of Operations [Abstract] | ' | ' | ' | ' |
Total stock-based compensation expense | $741 | $513 | $1,788 | $1,043 |
StockBased_Compensation_Expens
Stock-Based Compensation Expense by Award Type (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | $2,045 | $1,451 | $4,955 | $3,159 |
Employee stock options and restricted stock units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 1,871 | 1,451 | 4,588 | 3,159 |
Employee Stock Purchase Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | $174 | $0 | $367 | $0 |
StockBased_Compensation_Valuat
Stock-Based Compensation Valuation Assumptions of Stock Options Under Black-Scholes Model (Details) (Stock options [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Stock options [Member] | ' | ' | ' | ' |
The fair value of each option granted during the periods | ' | ' | ' | ' |
Expected term | '4 years 4 months 24 days | '4 years 9 months 18 days | '4 years 4 months 24 days | '5 years 9 months 18 days |
Expected volatility | 67.20% | 78.00% | 68.70% | 74.40% |
Annual risk-free rate of return | 1.20% | 0.60% | 1.00% | 0.90% |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Weighted average grant date fair value | $4.07 | $3.15 | $3.84 | $4.82 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details Textual) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Fair value of options exercised during period | $2.90 |
Intrinsic value of options outstanding | 31.7 |
Total unrecognized compensation cost | 14.6 |
Weighted-average recognition period for unrecognized compensation cost | '2 years 8 months 12 days |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Fair value of stock vested during period | 0.3 |
Intrinsic value of restricted stock units outstanding | $4 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Provision for U.S. federal or state income taxes | ' | ' | $0 | ' |
Provision for income taxes related to subsidiaries located outside the U.S. | $141,000 | $130,000 | $447,000 | $346,000 |
Net_Loss_Per_Share_Attributabl2
Net Loss Per Share Attributable to Common Stockholders (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
The potential common shares outstanding that were excluded from the computation of diluted net loss per share attributable to common stockholders | ' | ' | ' | ' |
Total | 9,268 | 8,643 | 8,770 | 9,019 |
Stock options to purchase common stock [Member] | ' | ' | ' | ' |
The potential common shares outstanding that were excluded from the computation of diluted net loss per share attributable to common stockholders | ' | ' | ' | ' |
Total | 8,493 | 8,180 | 8,095 | 8,420 |
Restricted stock units [Member] | ' | ' | ' | ' |
The potential common shares outstanding that were excluded from the computation of diluted net loss per share attributable to common stockholders | ' | ' | ' | ' |
Total | 482 | 132 | 363 | 268 |
Warrants to purchase common stock [Member] | ' | ' | ' | ' |
The potential common shares outstanding that were excluded from the computation of diluted net loss per share attributable to common stockholders | ' | ' | ' | ' |
Total | 293 | 331 | 312 | 331 |
Net_Loss_Per_Share_Attributabl3
Net Loss Per Share Attributable to Common Stockholders (Details Textual) | 0 Months Ended |
Apr. 04, 2012 | |
Stock Issuance from Initial Public Offering [Abstract] | ' |
Common stock shares issued from the IPO | 10,315,151 |
Conversion of preferred stock into common stock (in shares) | 28,700,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (KPCB Holdings, Inc. [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
KPCB Holdings, Inc. [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Percentage of Company owned by related party | 12.00% | ' | 12.00% | ' |
Revenue from related parties | $0.60 | $0 | $2.70 | $16.80 |