Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'Marketo, Inc. | ' |
Entity Central Index Key | '0001490660 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 37,980,913 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $140,920 | $44,247 |
Accounts receivable, net of allowances | 13,398 | 14,106 |
Prepaid expenses and other current assets | 4,441 | 2,379 |
Total current assets | 158,759 | 60,732 |
Property and equipment, net | 13,072 | 5,617 |
Goodwill | 9,537 | 9,537 |
Intangible assets, net | 2,584 | 2,734 |
Other assets | 524 | 536 |
Total assets | 184,476 | 79,156 |
Current liabilities: | ' | ' |
Accounts payable | 4,108 | 2,217 |
Accrued expenses and other current liabilities | 15,471 | 8,945 |
Deferred revenue | 30,585 | 20,642 |
Current portion of credit facility | 1,814 | 582 |
Total current liabilities | 51,978 | 32,386 |
Credit facility, net of current portion | 6,035 | 3,058 |
Deferred rent | 1,481 | 148 |
Total liabilities | 59,494 | 35,592 |
Commitments and contingencies (Note 6) | ' | ' |
Stockholder's equity: | ' | ' |
Convertible preferred stock | ' | 119,121 |
Common stock | 4 | ' |
Additional paid-in capital | 238,923 | 6,499 |
Accumulated other comprehensive income | 121 | 145 |
Accumulated deficit | -114,066 | -82,201 |
Total stockholders' equity | 124,982 | 43,564 |
Total liabilities and stockholders' equity | $184,476 | $79,156 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Loss (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 |
Revenue: | ' | ' | ' | ' |
Subscription and support | $22,504 | $14,064 | $59,942 | $37,464 |
Professional services and other | 3,003 | 1,363 | 7,805 | 4,102 |
Total revenue | 25,507 | 15,427 | 67,747 | 41,566 |
Cost of revenue: | ' | ' | ' | ' |
Subscription and support | 6,245 | 4,402 | 18,386 | 11,144 |
Professional services and other | 3,568 | 2,162 | 9,307 | 6,068 |
Total cost of revenue | 9,813 | 6,564 | 27,693 | 17,212 |
Gross profit: | ' | ' | ' | ' |
Subscription and support | 16,259 | 9,662 | 41,556 | 26,320 |
Professional services and other | -565 | -799 | -1,502 | -1,966 |
Total gross profit | 15,694 | 8,863 | 40,054 | 24,354 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 5,938 | 4,661 | 16,919 | 13,835 |
Sales and marketing | 15,244 | 10,844 | 43,050 | 28,451 |
General and administrative | 4,356 | 3,086 | 11,659 | 8,361 |
Total operating expenses | 25,538 | 18,591 | 71,628 | 50,647 |
Loss from operations | -9,844 | -9,728 | -31,574 | -26,293 |
Other income (expense), net | -98 | -36 | -245 | -51 |
Loss before provision for income taxes | -9,942 | -9,764 | -31,819 | -26,344 |
Provision for income taxes | 9 | 2 | 46 | 5 |
Net loss | -9,951 | -9,766 | -31,865 | -26,349 |
Net loss per share of common stock, basic and diluted (in dollars per share) | ($0.27) | ($3.35) | ($1.58) | ($9.61) |
Shares used in computing net loss per share of common stock, basic and diluted (in shares) | 37,054 | 2,915 | 20,144 | 2,742 |
Comprehensive loss: | ' | ' | ' | ' |
Net loss | -9,951 | -9,766 | -31,865 | -26,349 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | -36 | -10 | -24 | 9 |
Comprehensive loss | ($9,987) | ($9,776) | ($31,889) | ($26,340) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net loss | ($31,865) | ($26,349) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 3,037 | 1,090 |
Stock-based compensation expense | 5,640 | 2,160 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable, net | 759 | -1,624 |
Prepaid expenses and other current assets | -2,088 | -622 |
Other assets | -51 | -695 |
Accounts payable | 1,057 | -1,373 |
Accrued expenses and other current liabilities | 6,099 | 2,765 |
Deferred revenue | 9,846 | 5,313 |
Deferred rent | 144 | -29 |
Net cash used in operating activities | -7,422 | -19,364 |
Cash flows from investing activities: | ' | ' |
Purchase of property and equipment | -8,234 | -3,715 |
Capitalized software development | -345 | ' |
Cash acquired in acquisition | ' | 698 |
Net cash used in investing activities | -8,579 | -3,017 |
Cash flows from financing activities: | ' | ' |
Proceeds from initial public offering, net of underwriting discount | 80,506 | ' |
Proceeds from follow-on offering, net of underwriting discount | 22,519 | ' |
Proceeds from private placement | 6,500 | ' |
Proceeds from issuance of common stock upon exercise of stock options | 2,478 | 516 |
Repurchase of unvested common stock from terminated employees | -20 | -59 |
Withholding taxes remitted for the net share settlement of an equity award | -124 | ' |
Proceeds from issuance of debt | 4,500 | 2,220 |
Repayment of debt | -292 | ' |
Payment of deferred initial public offering and follow-on offering costs | -3,383 | ' |
Net cash provided by financing activities | 112,684 | 2,677 |
Effect of foreign exchange rate changes on cash and cash equivalents | -10 | 16 |
Net increase (decrease) in cash and cash equivalents | 96,673 | -19,688 |
Cash and cash equivalents - beginning of period | 44,247 | 67,400 |
Cash and cash equivalents -end of period | 140,920 | 47,712 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash paid for interest | 132 | 20 |
Cash paid for income taxes | 31 | ' |
Supplemental disclosure of noncash investing and financing activities: | ' | ' |
Conversion of convertible preferred stock into common stock | 119,121 | ' |
Vesting of early exercise options | 555 | 183 |
Property and equipment acquired through tenant improvement allowance | $1,189 | ' |
The_Company_and_Summary_of_Sig
The Company and Summary of Significant Accounting Policies and Estimates | 9 Months Ended |
Sep. 30, 2013 | |
The Company and Summary of Significant Accounting Policies and Estimates | ' |
The Company and Summary of Significant Accounting Policies and Estimates | ' |
1. The Company and Summary of Significant Accounting Policies and Estimates | |
Business | |
Marketo, Inc. (Marketo or the Company) was incorporated in the state of California on January 20, 2006. The Company was reincorporated in the state of Delaware in 2010. The Company operates from its headquarters in San Mateo, California and has operating subsidiaries in Ireland and Australia. | |
Marketo is a provider of a cloud-based marketing software platform that enables organizations to engage in modern relationship marketing. The Company’s software platform is designed to enable the effective management, optimization and analytical measurement of marketing activities, enabling organizations to acquire new customers more efficiently, build stronger relationships with existing customers, improve sales effectiveness and drive faster revenue growth. On this platform, the Company delivers an easy to use, integrated suite of advanced applications. The Company generally offers its services on an annual subscription basis with quarterly or annual payment terms. | |
Initial Public Offering and Follow-on Offering | |
On May 17, 2013, the Company closed its initial public offering (IPO) where it sold 6,968,435 shares of common stock to the public, including the underwriters’ overallotment option of 908,926 shares of common stock and 309,509 shares of common stock sold by selling stockholders, at a price of $13.00 per share. In addition, the Company sold 500,000 shares of common stock to funds affiliated with Battery Ventures in a concurrent private placement, at a price of $13.00 per share. The Company received aggregate proceeds of approximately $87.0 million from the IPO and concurrent private placement, net of underwriters’ discounts and commissions, but before deduction of offering expenses of approximately $3.4 million. Upon the closing of the IPO, all shares of the Company’s outstanding convertible preferred stock automatically converted into 25,876,142 shares of common stock. | |
On September 13, 2013, the Company closed its follow-on public offering of 6,000,000 shares of its common stock, which included 662,498 shares of common stock sold by the Company and 5,337,502 shares of common stock sold by selling stockholders. The public offering price of the shares sold in the follow-on offering was $35.50 per share. The Company received aggregate proceeds of approximately $22.5 million from the follow-on offering, net of underwriters’ discounts and commissions applicable to the sale of shares by the Company, but before deduction of offering costs of approximately $0.7 million payable by the Company. The Company did not receive any proceeds from the sale of shares by the selling stockholders. | |
Basis of Presentation | |
The unaudited condensed consolidated financial statements and accompanying notes of the Company reflect all adjustments (all of which are normal and recurring in nature) that, in the opinion of management, are necessary for a fair presentation of the interim periods presented. All intercompany balances and transactions have been eliminated in consolidation. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the entire year ending December 31, 2013. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) have been condensed or omitted under the rules and regulations of the Securities and Exchange Commission (SEC). | |
These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and related notes presented in the Company’s final prospectus filed with the SEC on September 13, 2013 pursuant to Rule 424(b) of the Securities Act of 1933. There have been no changes in the Company’s significant accounting policies from those that were disclosed in the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2012 included in the Company’s final prospectus for its follow-on public offering. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Such management estimates and assumptions include the estimated selling price for the various elements in our customer contracts, the allowance for doubtful accounts, amounts collectible for sales tax, the fair value of common stock, stock-based compensation expense, useful lives of intangible assets and the valuation of deferred tax assets. Actual results could differ materially from those estimates, and such differences could be material to the financial statements and affect the results of operations reported in future periods. | |
Recent Accounting Pronouncements | |
In February 2013, the FASB issued Accounting Standards Update (ASU) No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. This new accounting pronouncement is effective for interim and fiscal reporting periods beginning after December 15, 2012, with early adoption permitted. The Company adopted this standard during the first quarter of 2013. The adoption of this standard expanded the consolidated financial statement footnote disclosures, however there were no amounts reclassified out of accumulated other comprehensive income in any period presented. | |
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740) - Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This amendment clarifies the guidance on the presentation of an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The Company does not believe the adoption of this update will have a material impact to the consolidated financial position, results of operations, or cash flows. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||||||
2. Fair Value of Financial Instruments | ||||||||||||||||||||
The Company measures certain financial assets at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy, as follows: | ||||||||||||||||||||
· Level 1 — Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||||
· Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||||||||
· Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. | ||||||||||||||||||||
The fair value of the Company’s investments in certain money market funds is their face value. Such instruments are classified as Level 1 and are included in cash and cash equivalents. The Company considers all highly liquid investments purchased with a remaining maturity of three months or less at the date of purchase to be cash equivalents. | ||||||||||||||||||||
For certain other financial instruments, including accounts receivable, accounts payable and other current liabilities, the carrying amounts approximate their fair value due to the relatively short maturity of these balances. | ||||||||||||||||||||
As of September 30, 2013 and December 31, 2012 financial assets stated at fair value on a recurring basis were comprised of money market funds and a certificate of deposit included within cash and equivalents. The fair value of these financial assets was determined using the following inputs for the periods presented: | ||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Money market funds | $ | 138,957 | $ | — | $ | — | $ | 42,446 | $ | — | $ | — | ||||||||
Certificate of deposit | 25 | 25 | ||||||||||||||||||
Total | $ | 138,982 | $ | — | $ | — | $ | 42,471 | $ | — | $ | — |
Balance_Sheet_Components
Balance Sheet Components | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Balance Sheet Components | ' | |||||||
Balance Sheet Components | ' | |||||||
3. Balance Sheet Components | ||||||||
Cash and Cash Equivalents | ||||||||
Cash and cash equivalents consist of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Cash | $ | 1,938 | $ | 1,776 | ||||
Cash equivalents: | ||||||||
Money market funds | 138,957 | 42,446 | ||||||
Certificate of deposit | 25 | 25 | ||||||
138,982 | 42,471 | |||||||
Cash and cash equivalents | $ | 140,920 | $ | 44,247 | ||||
Accounts Receivable | ||||||||
Accounts receivable consist of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Accounts receivable | $ | 13,726 | $ | 14,442 | ||||
Allowance for doubtful accounts | (328 | ) | (336 | ) | ||||
Accounts receivable, net | $ | 13,398 | $ | 14,106 | ||||
Property and Equipment, Net | ||||||||
Property and equipment, net consists of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Computer equipment | $ | 11,602 | $ | 4,385 | ||||
Software | 1,145 | 788 | ||||||
Office furniture | 1,199 | 803 | ||||||
Leasehold improvements | 2,627 | 986 | ||||||
Construction in progress | 871 | 542 | ||||||
Total property and equipment | 17,444 | 7,504 | ||||||
Less accumulated depreciation | (4,372 | ) | (1,887 | ) | ||||
Property and equipment, net | $ | 13,072 | $ | 5,617 | ||||
Accrued Expenses and Other Current Liabilities | ||||||||
Accrued expenses and other current liabilities are as follows: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Accrued bonuses, commissions and wages | $ | 7,599 | $ | 4,737 | ||||
Liability for employee stock purchase plan | 2,077 | — | ||||||
Accrued vacation | 1,935 | 1,502 | ||||||
Accrued marketing expenses | 1,132 | 395 | ||||||
Liability payable for unvested stock options exercises | 652 | 523 | ||||||
Accrued legal, consulting and audit fees | 625 | 282 | ||||||
Accrued sales taxes | 311 | 543 | ||||||
Accrued other | 1,140 | 963 | ||||||
Accrued expenses and other current liabilities | $ | 15,471 | $ | 8,945 | ||||
Changes in Accumulated Other Comprehensive Income | ||||||||
Changes in accumulated other comprehensive income is as follows: | ||||||||
Foreign | Total | |||||||
Currency Items | ||||||||
(in thousands) | ||||||||
Beginning balance at January 1, 2013 | $ | 145 | $ | 145 | ||||
Other comprehensive income before reclassfications | (24 | ) | (24 | ) | ||||
Amounts reclassified from accumulated other comprehensive income | — | — | ||||||
Ending balance at September 30, 2013 | $ | 121 | $ | 121 |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||||||||||
4. Goodwill and Intangible Assets | ||||||||||||||||||||||||
Goodwill and intangible assets consisted of the following as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||||||
September 30, 2013 | Weighted | December 31, 2012 | Weighted | |||||||||||||||||||||
Average | Average | |||||||||||||||||||||||
Remaining | Remaining | |||||||||||||||||||||||
Useful Life | Useful Life | |||||||||||||||||||||||
(in years) | (in years) | |||||||||||||||||||||||
Developed technology | $ | 1,300 | 4 | $ | 1,300 | 4.8 | ||||||||||||||||||
Domain names | 700 | 5.5 | 700 | 6.3 | ||||||||||||||||||||
Customer relationships | 900 | 7 | 900 | 7.8 | ||||||||||||||||||||
Non-compete agreements | 130 | 0.5 | 130 | 1.3 | ||||||||||||||||||||
Capitalized software development costs | 1,235 | 1.4 | 877 | 0.8 | ||||||||||||||||||||
4,265 | 3,907 | |||||||||||||||||||||||
Less accumulated amortization | (1,681 | ) | (1,173 | ) | ||||||||||||||||||||
Intangible assets, net | 2,584 | 2,734 | ||||||||||||||||||||||
Goodwill | 9,537 | 9,537 | ||||||||||||||||||||||
Goodwill and intangible assets, net | $ | 12,121 | $ | 12,271 | ||||||||||||||||||||
Amortization expense for the periods indicated below was as follows (in thousands): | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | |||||||||||||||||||||
Amortization expense | $ | 191 | $ | 174 | $ | 508 | $ | 367 | ||||||||||||||||
Based on the carrying amount of intangible assets as of September 30, 2013, the estimated future amortization is as follows (in thousands): | ||||||||||||||||||||||||
Three Months | ||||||||||||||||||||||||
Ending | Years Ending December 31, | |||||||||||||||||||||||
December 31, | 2018 | |||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | and beyond | Total | ||||||||||||||||||
Developed Technology | $ | 57 | $ | 229 | $ | 229 | $ | 229 | $ | 181 | $ | — | $ | 925 | ||||||||||
Domain Names | 25 | 100 | 100 | 100 | 100 | 129 | 554 | |||||||||||||||||
Customer Relationships | 27 | 106 | 106 | 106 | 106 | 295 | 746 | |||||||||||||||||
Non-compete Agreements | 16 | 19 | — | — | — | — | 35 | |||||||||||||||||
Capitalized Software Development Costs | 32 | 238 | 54 | — | — | — | 324 | |||||||||||||||||
Total | $ | 157 | $ | 692 | $ | 489 | $ | 435 | $ | 387 | $ | 424 | $ | 2,584 | ||||||||||
Credit_Facility
Credit Facility | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Credit Facility | ' | ||||||||||
Credit Facility | ' | ||||||||||
5. Credit Facility | |||||||||||
On May 21, 2012, the Company entered into a loan and security agreement with a bank related to an equipment facility providing the Company with an equipment line of up to $4.0 million (Original Line of Credit). On June 6, 2013, the Company entered into a first amendment to the loan and security agreement, which provided an additional line of credit for advances of up to $4.5 million (New Line of Credit). The interest rate associated with the Original Line of Credit and New Line of Credit is the greater of 4% or three-quarters percentage points above the prime rate, as determined on the applicable funding date. For each equipment advance, the Company will pay interest only for approximately nine months. Subsequently, the Company will make thirty-six equal monthly payments of principal and interest. The loan is secured by a security interest on substantially all of the Company’s assets, including the equipment purchased with the advances, and excludes the Company’s intellectual property. The loan and security agreement contains customary affirmative and negative covenants, including, among other things, maintaining certain business performance levels and limitations on disposal of assets, certain fundamental business changes, incurrences of debt, incurrences of liens, payments of dividends, repurchases of stock and engaging in affiliate transactions, in each case subject to certain exceptions. The loan and security agreement also contains customary events of default and provides that during the existence of an event of default, interest on the obligations could be increased by 5%. As of September 30, 2013, the Company is in compliance with all of the covenants contained in the loan and securities agreement. As of September 30, 2013 and December 31, 2012, the outstanding loan balance related to the Original Line of Credit and New Line of Credit was $7.8 million and $3.6 million, respectively. | |||||||||||
Contractual future repayments in relation to the outstanding loan balance are as follows for the remainder of 2013 and the subsequent years ending December 31: | |||||||||||
Principal | Interest | Total | |||||||||
(in thousands) | |||||||||||
2013 (3 months) | $ | 290 | $ | 78 | $ | 368 | |||||
2014 | 2,187 | 272 | 2,459 | ||||||||
2015 | 2,719 | 168 | 2,887 | ||||||||
2016 | 2,174 | 62 | 2,236 | ||||||||
2017 | 479 | 4 | 483 | ||||||||
Total | $ | 7,849 | $ | 584 | $ | 8,433 |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies | ' |
Commitments and Contingencies | ' |
6. Commitments and Contingencies | |
Except as set forth in Note 5 and below, there were no material changes in our commitments under contractual obligations, as disclosed in the Company’s audited consolidated financial statements for the year ended December 31, 2012. | |
On April 15, 2013, the Company entered into a definitive lease agreement where the Company will lease approximately 10,406 square feet of office space in Portland, Oregon. The Company’s contractual operating lease obligation under this agreement is approximately $1.2 million, payable over the five-year term of the lease. | |
On September 30, 2013, the Company entered into an amendment with a vendor related to a software end user agreement which grants the Company the right to use the software and technical support and provides for the conversion to a limited perpetual license at the end of the term. The Company’s contractual obligation under this agreement is approximately $1.8 million, payable over the three-year term of the agreement. | |
Legal Contingencies | |
From time to time, the Company may be involved in various legal proceedings arising from the normal course of business activities. | |
On May 17, 2013, iHance, Inc. filed a complaint against the Company in the United States District Court for the Northern District of California, alleging that a salesperson email tracking feature in the Marketo Sales Insight application infringed upon certain of iHance’s patents. On July 29, 2013, the Company filed an answer to the complaint, denying iHance’s infringement allegations and asserting counterclaims for a declaratory judgment of noninfringement and invalidity. While the Company denies iHance’s claims, there can be no assurance that the Company will prevail in this matter, and any adverse ruling may have a significant impact on the Company’s business and operating results. In addition, regardless of the outcome of the matter, the Company may incur significant legal fees defending the action until it is resolved. There is a reasonable possibility that a loss may be incurred, however, an estimate of the loss or potential range of loss, if any, associated with the litigation cannot reasonably be made as of the filing date of this quarterly report. |
Stockholders_Equity_and_Stock_
Stockholder's Equity and Stock Based Compensation | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Stockholder's Equity and Stock Based Compensation | ' | |||||||||||||
Stockholder's Equity and Stock Based Compensation | ' | |||||||||||||
7. Stockholder’s Equity and Stock Based Compensation | ||||||||||||||
Convertible Preferred Stock | ||||||||||||||
Upon the completion of the IPO, all outstanding convertible preferred stock was converted into 25,876,142 shares of common stock on a one-to-one basis. | ||||||||||||||
Reverse Stock Split | ||||||||||||||
On May 3, 2013, the Company effected a one-for-two reverse stock split of common stock and preferred stock. Upon the effectiveness of the reverse stock split, each two outstanding shares of common stock and each two outstanding shares of preferred stock, were exchanged into one share of common stock and one share of preferred stock, respectively. The reverse stock split also applied to any outstanding securities or rights convertible into, or exchangeable or exercisable for, common stock or preferred stock of the Company. Unless otherwise indicated, all share numbers, share prices and exercise prices (except shares authorized and par values) have been adjusted to reflect the stock split on a retroactive basis. | ||||||||||||||
Common Stock Authorized and Outstanding | ||||||||||||||
Upon the closing of the IPO, the Company increased the amount of common stock authorized for issuance from 100,000,000 to 1,000,000,000 common shares with a par value of $0.0001 per share. As of September 30, 2013, the Company had approximately 38.0 million shares of common stock issued and outstanding. | ||||||||||||||
Stock Option Plans | ||||||||||||||
2006 Stock Plan | ||||||||||||||
The Company’s Board of Directors (Board) and the Company’s stockholders adopted the 2006 Stock Plan (2006 Plan) in October 2006. The 2006 Plan was most recently amended in May 2013. The 2006 Plan was terminated in connection with the IPO, and accordingly, no shares will be available for issuance under this plan. The 2006 Plan will continue to govern outstanding awards granted thereunder. The 2006 Plan provided for the grant of incentive stock options and nonqualified stock options. As of September 30, 2013, options to purchase 7,340,914 shares of common stock and 167,572 restricted stock units remained outstanding under the 2006 Plan. | ||||||||||||||
2013 Equity Incentive Plan | ||||||||||||||
The Board adopted, and the Company’s stockholders approved, the 2013 Equity Incentive Plan (2013 Plan) on May 1, 2013. The 2013 Plan was effective May 16, 2013. The 2013 Plan provides for the grant of incentive stock options, to the Company’s employees and any parent and subsidiary corporations’ employees, and for the grant of nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights, performance units and performance shares to the Company’s employees, directors and consultants and the Company’s subsidiary corporations’ employees and consultants. In addition, the shares reserved for issuance under the 2013 Plan also include (a) those shares reserved but unissued under the 2006 Stock Plan (2006 Plan), and (b) shares returned to the 2006 Plan as the result of expiration or termination of awards (provided that the maximum number of shares that may be added to the 2013 Plan pursuant to (a) and (b) is 9,119,341 shares). The number of shares available for issuance under the 2013 Plan will also include an annual increase on the first day of each fiscal year beginning in 2014, equal to the least of: | ||||||||||||||
· 3,250,000 shares; | ||||||||||||||
· 5% of the outstanding shares of common stock as of the last day of the Company’s immediately preceding fiscal year; or | ||||||||||||||
· such other amount as the Company’s Board of directors may determine. | ||||||||||||||
If an award expires or becomes unexercisable without having been exercised in full, is surrendered pursuant to an exchange program, or, with respect to restricted stock, restricted stock units, performance units or performance shares, is forfeited to or repurchased due to failure to vest, the unpurchased shares (or for awards other than stock options or stock appreciation rights, the forfeited or repurchased shares) will become available for future grant or sale under the 2013 Plan. With respect to stock appreciation rights, the net shares issued will cease to be available under the 2013 Plan and all remaining shares will remain available for future grant or sale under the 2013 Plan. Shares used to pay the exercise price of an award or satisfy the tax withholding obligations related to an award will become available for future grant or sale under the 2013 Plan. To the extent an award is paid out in cash rather than shares, such cash payment will not result in reducing the number of shares available for issuance under the 2013 Plan. | ||||||||||||||
Summary of Stock Option Activity | ||||||||||||||
A summary of the Company’s stock option activity under all stock option plans and related information for nine months ended September 30, 2013 is as follows: | ||||||||||||||
OPTIONS OUTSTANDING | ||||||||||||||
Shares | Stock | Weighted- | Weighted- | Aggregate | ||||||||||
Available | Options | Average | Average | Intrinsic | ||||||||||
for Grant (in | Outstanding | Exercise | Remaining | Value | ||||||||||
thousands) | (in | Price | Contractual | (in | ||||||||||
thousands) | Life (Years) | thousands) | ||||||||||||
Balance as of December 31, 2012 | 928 | 6,581 | $ | 3.21 | 8.08 | $ | 11,431 | |||||||
Additional shares authorized | 4,502 | |||||||||||||
Granted | (2,118 | ) | 2,118 | 8.26 | ||||||||||
Exercised | — | (921 | ) | 2.69 | ||||||||||
Repurchased | 17 | — | 8.66 | |||||||||||
RSUs granted, net of cancellations/forfeitures | (262 | ) | — | |||||||||||
Cancelled/forfeited | 419 | (419 | ) | 4.29 | ||||||||||
Balance as of September 30, 2013 | 3,486 | 7,360 | 4.67 | 7.9 | 200,285 | |||||||||
Exercisable as of September 30, 2013 | 7,117 | 4.65 | 7.21 | 193,780 | ||||||||||
Vested and expected to vest as of September 30, 2013 | 7,175 | $ | 4.67 | 7.88 | $ | 195,215 | ||||||||
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the Company’s closing price of $31.88 as of September 30, 2013 for options that were in-the-money as of that date. | ||||||||||||||
Option awards generally vest over a four year period, with 25% vesting after one year from date of grant and monthly thereafter. Stock options granted under our 2006 Plan provided employee option holders with an early exercise provision, where in the event of termination any unvested shares purchased are subject to repurchase by the Company at the original purchase price. This right of repurchase lapses as the option vests. Options exercisable as of September 30, 2013 include options that are exercisable prior to vesting. | ||||||||||||||
The weighted average grant date fair value of options granted and the total intrinsic value of options exercised were as follows (in thousands, except weighted average grant date fair value): | ||||||||||||||
Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | |||||||||||||
Weighted average grant date fair value | $ | 4.44 | $ | 2.67 | ||||||||||
Total intrinsic value of options exercised | $ | 13,568 | $ | 771 | ||||||||||
The total estimated grant date fair value of options vested during the nine months ended September 30, 2013 was approximately $3.3 million. | ||||||||||||||
Determining Fair Value of Stock Options | ||||||||||||||
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option valuation model. The following assumptions were used to estimate the fair value of options granted to employees: | ||||||||||||||
Three Months | Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Expected term (in years) | (A) | 6 | 6 | 6 | ||||||||||
Risk-free interest rate | (A) | 0.80% | 0.86% - 1.375% | 0.80% - 1.09% | ||||||||||
Expected volatility | (A) | 70% | 57% - 58% | 63% - 70% | ||||||||||
Expected dividend rate | (A) | 0% | 0% | 0% | ||||||||||
(A) No options were granted during the three months ended September 30, 2013. | ||||||||||||||
The assumptions are based on the following for each of the periods presented: | ||||||||||||||
Expected Term — The Company estimates the expected term consistent with the simplified method identified by the SEC. The Company elected to use the simplified method because of its limited history of stock option exercise activity and its stock options meet the criteria of the “plain-vanilla” options as defined by the SEC. The simplified method calculates the expected term as the average of the vesting and contractual terms of the award. | ||||||||||||||
Volatility — Since the Company has limited trading history by which to determine the volatility of its own common stock price, the expected volatility being used is derived from the historical stock volatilities of a representative industry peer group of comparable publicly listed companies over a period approximately equal to the expected term of the options. | ||||||||||||||
Risk Free Interest Rate — The risk free interest rate is based on U.S. Treasury zero coupon issues with remaining terms similar to the expected term on the options. | ||||||||||||||
Expected Dividend — The Company has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future, and, therefore, used an expected dividend yield of zero in the valuation model. | ||||||||||||||
Forfeiture — The Company estimates forfeitures at the time of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates. The Company uses historical data to estimate pre-vesting forfeitures and records stock-based compensation expense only for those awards that are expected to vest. All service based stock-based payment awards are amortized on a straight-line basis over the requisite service periods of the awards, which are generally the vesting periods. | ||||||||||||||
Restricted Stock Units | ||||||||||||||
A summary of the Company’s Restricted Stock Units (RSU) activity and related information for the nine months ended September 30, 2013 is as follows: | ||||||||||||||
Number of | Weighted | Aggregate | ||||||||||||
RSUs | Average | Intrinsic | ||||||||||||
(in thousands) | Grant Date | Value | ||||||||||||
Fair Value | (in thousands) | |||||||||||||
Balance as of December 31, 2012 | 328 | $ | 4.58 | $ | 2,437 | |||||||||
RSUs Granted | 276 | 25.88 | ||||||||||||
RSUs Vested | (167 | ) | 16.5 | |||||||||||
RSUs Cancelled/Forfeited | (14 | ) | 5.01 | |||||||||||
Balance as of September 30, 2013 | 423 | $ | 18.48 | $ | 13,482 | |||||||||
During 2012 and the first nine months of 2013, the Company granted RSUs to certain employees. These RSUs are subject to a time-based vesting condition and some are also subject to performance-based vesting condition, both of which must be satisfied before the RSUs are vested and settled for shares of common stock. The time-based vesting condition generally ranges from 2 to 4 years, and the performance-based vesting condition is satisfied upon the occurrence of a sale event or the completion of the Company’s IPO. Stock-based compensation expense associated with the performance-based RSUs is recognized if the achievement of the performance-based vesting condition is considered probable. Recognition of compensation expense for these performance-based RSUs commenced during the second quarter of 2013 upon the successful completion of the Company’s IPO, which satisfied the performance-based condition. For the nine months ended September 30, 2013, the Company recognized stock based compensation expense of approximately $1.2 million associated with these performance-based RSUs. RSUs granted subsequent to the IPO are subject to a time-based vesting condition of 4 years. | ||||||||||||||
The aggregate intrinsic value of RSUs outstanding at September 30, 2013 was approximately $13.5 million, using the Company’s closing stock price of $31.88 per share as of September 30, 2013. | ||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||
The Board adopted, and the Company’s stockholders approved, a 2013 Employee Stock Purchase Plan (ESPP), which became effective on May 1, 2013. The ESPP provides for annual increases in the number of shares available for issuance under the ESPP on the first day of each fiscal year beginning in fiscal 2014, equal to the lesser of: | ||||||||||||||
· 1% of the outstanding shares of our common stock on the first day of such fiscal year; | ||||||||||||||
· 650,000 shares; or | ||||||||||||||
· such other amount as may be determined by our board of directors | ||||||||||||||
The ESPP allows eligible employees to purchase shares of our common stock at a discount through payroll deductions of up to 15% of their eligible compensation, at not less than 85% of the fair market value, as defined in the ESPP, subject to any plan limitations. A participant may purchase a maximum of 1,250 shares during an offering period. The offering period generally start on the first trading day on or after February 15th and August 15th of each year, except that the first offering period commenced on May 18, 2013, the first trading day following the effective date of the Company’s registration statement. At September 30, 2013, 738,032 shares were available for issuance under the ESPP. | ||||||||||||||
Determining Fair Value of Employee Stock Plan Purchase Rights | ||||||||||||||
The assumptions used to value employee stock purchase rights under the Black-Scholes model during the three and nine months ended September 30, 2013 were as follows: | ||||||||||||||
Expected term (in months) | 9 | |||||||||||||
Risk-free interest rate | 0.11 | % | ||||||||||||
Expected volatility | 42 | % | ||||||||||||
Expected dividend rate | 0 | % | ||||||||||||
Stock Compensation Expense | ||||||||||||||
The stock-based compensation expense included in operating results was allocated as follows (in thousands): | ||||||||||||||
Three Months | Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Cost of subscription and support revenue | $ | 140 | $ | 75 | $ | 317 | $ | 143 | ||||||
Cost of professional services and other revenue | 198 | 30 | 445 | 121 | ||||||||||
Research and development | 458 | 110 | 1,605 | 391 | ||||||||||
Sales and marketing | 553 | 377 | 1,646 | 800 | ||||||||||
General and administrative | 674 | 334 | 1,627 | 705 | ||||||||||
Total stock-based compensation expense | $ | 2,023 | $ | 926 | $ | 5,640 | $ | 2,160 | ||||||
As of September 30, 2013, total unrecognized compensation cost related to unvested awards not yet recognized under all equity compensation plans, adjusted for estimate forfeitures, was as follows: | ||||||||||||||
September 30, 2013 | ||||||||||||||
Unrecognized | Average | |||||||||||||
Expense | Expected | |||||||||||||
Recognition | ||||||||||||||
Period | ||||||||||||||
(in thousands) | (in years) | |||||||||||||
Stock options | $ | 11,417 | 2.69 | |||||||||||
Restricted stock units | 5,366 | 2.67 | ||||||||||||
Employee Stock Purchase Plan | 574 | 0.39 | ||||||||||||
Total unrecognized stock-based compensation expense | $ | 17,357 |
Net_Loss_per_Share
Net Loss per Share | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Net Loss per Share | ' | |||||||||||||
Net Loss per Share | ' | |||||||||||||
8. Net Loss per Share | ||||||||||||||
Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, less the weighted-average unvested common stock subject to repurchase or forfeiture as they are not deemed to be issued for accounting purposes. Diluted net loss per share is computed by giving effect to all potential shares of common stock, including preferred stock, stock options, RSUs and employee stock purchase plan, to the extent they are dilutive. | ||||||||||||||
The following table sets forth the computation of the Company’s basic and diluted net loss per share of common stock under the two-class method attributable to common stockholders: | ||||||||||||||
Three Months | Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(in thousands, except per share amount) | ||||||||||||||
Numerator: | ||||||||||||||
Net loss | $ | (9,951 | ) | $ | (9,766 | ) | $ | (31,865 | ) | $ | (26,349 | ) | ||
Denominator: | ||||||||||||||
Weighted-average common shares outstanding | 37,230 | 3,016 | 20,320 | 2,901 | ||||||||||
Less: Weighted-average unvested common shares subject to repurchase or forfeiture | (176 | ) | (101 | ) | (176 | ) | (159 | ) | ||||||
Weighted-average shares used in computing net loss per share of common stock, basic and diluted | 37,054 | 2,915 | 20,144 | 2,742 | ||||||||||
Net loss per share of common stock, basic and diluted | $ | (0.27 | ) | $ | (3.35 | ) | $ | (1.58 | ) | $ | (9.61 | ) | ||
The Company applied the two-class method to calculate its basic and diluted net loss per share of common stock, as its convertible preferred stock and common stock subject to repurchase are participating securities. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common shareholders. | ||||||||||||||
However, the two-class method does not impact the net loss per share of common stock as the Company was in a loss position for each of the periods presented and preferred shareholders and holders of common stock subject to repurchase do not have to participate in losses. | ||||||||||||||
Additionally, since the Company was in a loss position for each of the periods presented, diluted net loss per share is the same as basic net loss per share for each periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities that were excluded from the diluted per share calculation because they would have been antidilutive were as follows: | ||||||||||||||
As of September 30, | ||||||||||||||
2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||
Convertible preferred stock | — | 25,876 | ||||||||||||
Stock options to purchase common stock | 7,360 | 6,659 | ||||||||||||
Employee stock purchase plan | 257 | — | ||||||||||||
Common stock held in escrow | — | 12 | ||||||||||||
Common stock subject to repurchase | 158 | 107 | ||||||||||||
Restricted stock units | 423 | 320 | ||||||||||||
8,198 | 32,974 |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes | ' |
Income Taxes | ' |
9. Income Taxes | |
The provision for income taxes for the three months ended September 30, 2013 and September 30, 2012 was approximately $9,000 and $2,000, respectively. The provision for income taxes consists primarily of foreign income taxes. The provisions for income taxes for the nine months ended September 30, 2013 and 2012 were approximately $46,000 and $5,000, respectively. The provision for income taxes consists primarily of state minimum taxes and foreign income taxes. | |
For the three and nine months ended September 30, 2013 and 2012, the provision for income taxes differed from the statutory amount primarily due to state and foreign taxes currently payable, and the Company realized no benefit for current year losses due to maintaining a full valuation allowance against the U.S. and foreign net deferred tax assets. | |
The realization of tax benefits of deferred tax assets is dependent upon future levels of taxable income, of an appropriate character, in the periods the items are expected to be deductible or taxable. Based on the available objective evidence, the Company does not believe it is more likely than not that the net deferred tax assets will be realizable. Accordingly, the Company has provided a full valuation allowance against the domestic and foreign net deferred tax assets as of September 30, 2013 and December 31, 2012. The Company intends to maintain the remaining valuation allowance until sufficient positive evidence exists to support a reversal of, or decrease in, the valuation allowance. During the three and nine months ended September 30, 2013, there have been no material changes to the total amount of unrecognized tax benefits. |
Segment_Information_and_Inform
Segment Information and Information about Geographic Areas | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Segment Information and Information about Geographic Areas | ' | |||||||||||||
Segment Information and Information about Geographic Areas | ' | |||||||||||||
10. Segment Information and Information about Geographic Areas | ||||||||||||||
The accounting principles guiding disclosures about segments of an enterprise and related information establishes standards for the reporting by business enterprises of information about operating segments, products and services, geographic areas, and major customers. The method of determining which information is reported is based on the way that management organizes the operating segments within the Company for making operational decisions and assessments of financial performance. The Company’s chief operating decision maker (the CODM) is considered to be the Company’s chief executive officer (CEO). The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance. As such, the Company is determined to be operating in one business segment. | ||||||||||||||
All of the Company’s principal operations and decision-making functions are located in the United States. | ||||||||||||||
Revenue | ||||||||||||||
Revenue by geography is based on the shipping address of the customer. The following table presents our revenue by geographic region for the periods presented: | ||||||||||||||
Three Months | Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(in thousands) | ||||||||||||||
United States | $ | 21,748 | $ | 13,429 | $ | 58,023 | $ | 36,467 | ||||||
EMEA | 1,896 | 1,001 | 4,913 | 2,505 | ||||||||||
Other | 1,863 | 997 | 4,811 | 2,594 | ||||||||||
Total | $ | 25,507 | $ | 15,427 | $ | 67,747 | $ | 41,566 | ||||||
No single customer accounted for more than 10% of our total revenue during the three and nine months ended September 30, 2013 and 2012. No single customer accounted for more than 10% of accounts receivable as of September 30, 2013 and December 31, 2012. | ||||||||||||||
Long-lived Assets | ||||||||||||||
The following table sets forth the Company’s long-lived assets by geographic areas as of the periods presented (in thousands): | ||||||||||||||
September 30, | December 31, | |||||||||||||
2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||
United States | $ | 12,829 | $ | 5,369 | ||||||||||
EMEA | 239 | 248 | ||||||||||||
Other | 4 | — | ||||||||||||
Total | $ | 13,072 | $ | 5,617 |
The_Company_and_Summary_of_Sig1
The Company and Summary of Significant Accounting Policies and Estimates (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
The Company and Summary of Significant Accounting Policies and Estimates | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The unaudited condensed consolidated financial statements and accompanying notes of the Company reflect all adjustments (all of which are normal and recurring in nature) that, in the opinion of management, are necessary for a fair presentation of the interim periods presented. All intercompany balances and transactions have been eliminated in consolidation. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the entire year ending December 31, 2013. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) have been condensed or omitted under the rules and regulations of the Securities and Exchange Commission (SEC). | |
These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and related notes presented in the Company’s final prospectus filed with the SEC on September 13, 2013 pursuant to Rule 424(b) of the Securities Act of 1933. There have been no changes in the Company’s significant accounting policies from those that were disclosed in the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2012 included in the Company’s final prospectus for its follow-on public offering. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Such management estimates and assumptions include the estimated selling price for the various elements in our customer contracts, the allowance for doubtful accounts, amounts collectible for sales tax, the fair value of common stock, stock-based compensation expense, useful lives of intangible assets and the valuation of deferred tax assets. Actual results could differ materially from those estimates, and such differences could be material to the financial statements and affect the results of operations reported in future periods. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In February 2013, the FASB issued Accounting Standards Update (ASU) No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. This new accounting pronouncement is effective for interim and fiscal reporting periods beginning after December 15, 2012, with early adoption permitted. The Company adopted this standard during the first quarter of 2013. The adoption of this standard expanded the consolidated financial statement footnote disclosures, however there were no amounts reclassified out of accumulated other comprehensive income in any period presented. | |
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740) - Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This amendment clarifies the guidance on the presentation of an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The Company does not believe the adoption of this update will have a material impact to the consolidated financial position, results of operations, or cash flows. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||||||
Schedule of financial assets stated at fair value on a recurring basis | ' | |||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Money market funds | $ | 138,957 | $ | — | $ | — | $ | 42,446 | $ | — | $ | — | ||||||||
Certificate of deposit | 25 | 25 | ||||||||||||||||||
Total | $ | 138,982 | $ | — | $ | — | $ | 42,471 | $ | — | $ | — |
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Balance Sheet Components | ' | |||||||
Schedule of cash and cash equivalents | ' | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Cash | $ | 1,938 | $ | 1,776 | ||||
Cash equivalents: | ||||||||
Money market funds | 138,957 | 42,446 | ||||||
Certificate of deposit | 25 | 25 | ||||||
138,982 | 42,471 | |||||||
Cash and cash equivalents | $ | 140,920 | $ | 44,247 | ||||
Schedule of accounts receivable | ' | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Accounts receivable | $ | 13,726 | $ | 14,442 | ||||
Allowance for doubtful accounts | (328 | ) | (336 | ) | ||||
Accounts receivable, net | $ | 13,398 | $ | 14,106 | ||||
Schedule of property and equipment, net | ' | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Computer equipment | $ | 11,602 | $ | 4,385 | ||||
Software | 1,145 | 788 | ||||||
Office furniture | 1,199 | 803 | ||||||
Leasehold improvements | 2,627 | 986 | ||||||
Construction in progress | 871 | 542 | ||||||
Total property and equipment | 17,444 | 7,504 | ||||||
Less accumulated depreciation | (4,372 | ) | (1,887 | ) | ||||
Property and equipment, net | $ | 13,072 | $ | 5,617 | ||||
Schedule of accrued expenses and other current liabilities | ' | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Accrued bonuses, commissions and wages | $ | 7,599 | $ | 4,737 | ||||
Liability for employee stock purchase plan | 2,077 | — | ||||||
Accrued vacation | 1,935 | 1,502 | ||||||
Accrued marketing expenses | 1,132 | 395 | ||||||
Liability payable for unvested stock options exercises | 652 | 523 | ||||||
Accrued legal, consulting and audit fees | 625 | 282 | ||||||
Accrued sales taxes | 311 | 543 | ||||||
Accrued other | 1,140 | 963 | ||||||
Accrued expenses and other current liabilities | $ | 15,471 | $ | 8,945 | ||||
Schedule of changes in accumulated other comprehensive income | ' | |||||||
Foreign | Total | |||||||
Currency Items | ||||||||
(in thousands) | ||||||||
Beginning balance at January 1, 2013 | $ | 145 | $ | 145 | ||||
Other comprehensive income before reclassfications | (24 | ) | (24 | ) | ||||
Amounts reclassified from accumulated other comprehensive income | — | — | ||||||
Ending balance at September 30, 2013 | $ | 121 | $ | 121 |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||||||||||
Schedule of goodwill and intangible assets | ' | |||||||||||||||||||||||
Goodwill and intangible assets consisted of the following as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||||||
September 30, 2013 | Weighted | December 31, 2012 | Weighted | |||||||||||||||||||||
Average | Average | |||||||||||||||||||||||
Remaining | Remaining | |||||||||||||||||||||||
Useful Life | Useful Life | |||||||||||||||||||||||
(in years) | (in years) | |||||||||||||||||||||||
Developed technology | $ | 1,300 | 4 | $ | 1,300 | 4.8 | ||||||||||||||||||
Domain names | 700 | 5.5 | 700 | 6.3 | ||||||||||||||||||||
Customer relationships | 900 | 7 | 900 | 7.8 | ||||||||||||||||||||
Non-compete agreements | 130 | 0.5 | 130 | 1.3 | ||||||||||||||||||||
Capitalized software development costs | 1,235 | 1.4 | 877 | 0.8 | ||||||||||||||||||||
4,265 | 3,907 | |||||||||||||||||||||||
Less accumulated amortization | (1,681 | ) | (1,173 | ) | ||||||||||||||||||||
Intangible assets, net | 2,584 | 2,734 | ||||||||||||||||||||||
Goodwill | 9,537 | 9,537 | ||||||||||||||||||||||
Goodwill and intangible assets, net | $ | 12,121 | $ | 12,271 | ||||||||||||||||||||
Schedule of amortization expense | ' | |||||||||||||||||||||||
Amortization expense for the periods indicated below was as follows (in thousands): | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | |||||||||||||||||||||
Amortization expense | $ | 191 | $ | 174 | $ | 508 | $ | 367 | ||||||||||||||||
Schedule of estimated future amortization based on the carrying amount of intangible assets | ' | |||||||||||||||||||||||
Based on the carrying amount of intangible assets as of September 30, 2013, the estimated future amortization is as follows (in thousands): | ||||||||||||||||||||||||
Three Months | ||||||||||||||||||||||||
Ending | Years Ending December 31, | |||||||||||||||||||||||
December 31, | 2018 | |||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | and beyond | Total | ||||||||||||||||||
Developed Technology | $ | 57 | $ | 229 | $ | 229 | $ | 229 | $ | 181 | $ | — | $ | 925 | ||||||||||
Domain Names | 25 | 100 | 100 | 100 | 100 | 129 | 554 | |||||||||||||||||
Customer Relationships | 27 | 106 | 106 | 106 | 106 | 295 | 746 | |||||||||||||||||
Non-compete Agreements | 16 | 19 | — | — | — | — | 35 | |||||||||||||||||
Capitalized Software Development Costs | 32 | 238 | 54 | — | — | — | 324 | |||||||||||||||||
Total | $ | 157 | $ | 692 | $ | 489 | $ | 435 | $ | 387 | $ | 424 | $ | 2,584 | ||||||||||
Credit_Facility_Tables
Credit Facility (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Line of credit | ' | ||||||||||
Schedule of contractual future repayments in relation to the outstanding loan balance | ' | ||||||||||
Principal | Interest | Total | |||||||||
(in thousands) | |||||||||||
2013 (3 months) | $ | 290 | $ | 78 | $ | 368 | |||||
2014 | 2,187 | 272 | 2,459 | ||||||||
2015 | 2,719 | 168 | 2,887 | ||||||||
2016 | 2,174 | 62 | 2,236 | ||||||||
2017 | 479 | 4 | 483 | ||||||||
Total | $ | 7,849 | $ | 584 | $ | 8,433 |
Stockholders_Equity_and_Stock_1
Stockholder's Equity and Stock Based Compensation (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Stockholder's Equity and Stock Based Compensation | ' | |||||||||||||
Summary of stock option activity | ' | |||||||||||||
OPTIONS OUTSTANDING | ||||||||||||||
Shares | Stock | Weighted- | Weighted- | Aggregate | ||||||||||
Available | Options | Average | Average | Intrinsic | ||||||||||
for Grant (in | Outstanding | Exercise | Remaining | Value | ||||||||||
thousands) | (in | Price | Contractual | (in | ||||||||||
thousands) | Life (Years) | thousands) | ||||||||||||
Balance as of December 31, 2012 | 928 | 6,581 | $ | 3.21 | 8.08 | $ | 11,431 | |||||||
Additional shares authorized | 4,502 | |||||||||||||
Granted | (2,118 | ) | 2,118 | 8.26 | ||||||||||
Exercised | — | (921 | ) | 2.69 | ||||||||||
Repurchased | 17 | — | 8.66 | |||||||||||
RSUs granted, net of cancellations/forfeitures | (262 | ) | — | |||||||||||
Cancelled/forfeited | 419 | (419 | ) | 4.29 | ||||||||||
Balance as of September 30, 2013 | 3,486 | 7,360 | 4.67 | 7.9 | 200,285 | |||||||||
Exercisable as of September 30, 2013 | 7,117 | 4.65 | 7.21 | 193,780 | ||||||||||
Vested and expected to vest as of September 30, 2013 | 7,175 | $ | 4.67 | 7.88 | $ | 195,215 | ||||||||
Schedule of weighted average grant date fair value of options granted and the total intrinsic value of options exercised | ' | |||||||||||||
The weighted average grant date fair value of options granted and the total intrinsic value of options exercised were as follows (in thousands, except weighted average grant date fair value): | ||||||||||||||
Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | |||||||||||||
Weighted average grant date fair value | $ | 4.44 | $ | 2.67 | ||||||||||
Total intrinsic value of options exercised | $ | 13,568 | $ | 771 | ||||||||||
Schedule of assumptions used for estimation of fair value of options granted to employees | ' | |||||||||||||
Three Months | Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Expected term (in years) | (A) | 6 | 6 | 6 | ||||||||||
Risk-free interest rate | (A) | 0.80% | 0.86% - 1.375% | 0.80% - 1.09% | ||||||||||
Expected volatility | (A) | 70% | 57% - 58% | 63% - 70% | ||||||||||
Expected dividend rate | (A) | 0% | 0% | 0% | ||||||||||
(A) No options were granted during the three months ended September 30, 2013. | ||||||||||||||
Summary of RSU activity | ' | |||||||||||||
Number of | Weighted | Aggregate | ||||||||||||
RSUs | Average | Intrinsic | ||||||||||||
(in thousands) | Grant Date | Value | ||||||||||||
Fair Value | (in thousands) | |||||||||||||
Balance as of December 31, 2012 | 328 | $ | 4.58 | $ | 2,437 | |||||||||
RSUs Granted | 276 | 25.88 | ||||||||||||
RSUs Vested | (167 | ) | 16.5 | |||||||||||
RSUs Cancelled/Forfeited | (14 | ) | 5.01 | |||||||||||
Balance as of September 30, 2013 | 423 | $ | 18.48 | $ | 13,482 | |||||||||
Schedule of assumptions used to value employee stock purchase rights under the Black-Scholes model | ' | |||||||||||||
Expected term (in months) | 9 | |||||||||||||
Risk-free interest rate | 0.11 | % | ||||||||||||
Expected volatility | 42 | % | ||||||||||||
Expected dividend rate | 0 | % | ||||||||||||
Schedule of stock-based compensation expense included in operating results | ' | |||||||||||||
The stock-based compensation expense included in operating results was allocated as follows (in thousands): | ||||||||||||||
Three Months | Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Cost of subscription and support revenue | $ | 140 | $ | 75 | $ | 317 | $ | 143 | ||||||
Cost of professional services and other revenue | 198 | 30 | 445 | 121 | ||||||||||
Research and development | 458 | 110 | 1,605 | 391 | ||||||||||
Sales and marketing | 553 | 377 | 1,646 | 800 | ||||||||||
General and administrative | 674 | 334 | 1,627 | 705 | ||||||||||
Total stock-based compensation expense | $ | 2,023 | $ | 926 | $ | 5,640 | $ | 2,160 | ||||||
Schedule of total unrecognized compensation cost related to unvested awards not yet recognized under all equity compensation plans, adjusted for estimate forfeitures | ' | |||||||||||||
September 30, 2013 | ||||||||||||||
Unrecognized | Average | |||||||||||||
Expense | Expected | |||||||||||||
Recognition | ||||||||||||||
Period | ||||||||||||||
(in thousands) | (in years) | |||||||||||||
Stock options | $ | 11,417 | 2.69 | |||||||||||
Restricted stock units | 5,366 | 2.67 | ||||||||||||
Employee Stock Purchase Plan | 574 | 0.39 | ||||||||||||
Total unrecognized stock-based compensation expense | $ | 17,357 |
Net_Loss_per_Share_Tables
Net Loss per Share (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Net Loss per Share | ' | |||||||||||||
Schedule of computation of basic and diluted net loss per share of common stock | ' | |||||||||||||
Three Months | Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(in thousands, except per share amount) | ||||||||||||||
Numerator: | ||||||||||||||
Net loss | $ | (9,951 | ) | $ | (9,766 | ) | $ | (31,865 | ) | $ | (26,349 | ) | ||
Denominator: | ||||||||||||||
Weighted-average common shares outstanding | 37,230 | 3,016 | 20,320 | 2,901 | ||||||||||
Less: Weighted-average unvested common shares subject to repurchase or forfeiture | (176 | ) | (101 | ) | (176 | ) | (159 | ) | ||||||
Weighted-average shares used in computing net loss per share of common stock, basic and diluted | 37,054 | 2,915 | 20,144 | 2,742 | ||||||||||
Net loss per share of common stock, basic and diluted | $ | (0.27 | ) | $ | (3.35 | ) | $ | (1.58 | ) | $ | (9.61 | ) | ||
Schedule of potentially dilutive securities excluded from the diluted per share calculation | ' | |||||||||||||
As of September 30, | ||||||||||||||
2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||
Convertible preferred stock | — | 25,876 | ||||||||||||
Stock options to purchase common stock | 7,360 | 6,659 | ||||||||||||
Employee stock purchase plan | 257 | — | ||||||||||||
Common stock held in escrow | — | 12 | ||||||||||||
Common stock subject to repurchase | 158 | 107 | ||||||||||||
Restricted stock units | 423 | 320 | ||||||||||||
8,198 | 32,974 |
Segment_Information_and_Inform1
Segment Information and Information about Geographic Areas (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Segment Information and Information about Geographic Areas | ' | |||||||||||||
Schedule of total revenue by geographic areas | ' | |||||||||||||
Three Months | Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(in thousands) | ||||||||||||||
United States | $ | 21,748 | $ | 13,429 | $ | 58,023 | $ | 36,467 | ||||||
EMEA | 1,896 | 1,001 | 4,913 | 2,505 | ||||||||||
Other | 1,863 | 997 | 4,811 | 2,594 | ||||||||||
Total | $ | 25,507 | $ | 15,427 | $ | 67,747 | $ | 41,566 | ||||||
Schedule of long-lived assets by geographic areas | ' | |||||||||||||
The following table sets forth the Company’s long-lived assets by geographic areas as of the periods presented (in thousands): | ||||||||||||||
September 30, | December 31, | |||||||||||||
2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||
United States | $ | 12,829 | $ | 5,369 | ||||||||||
EMEA | 239 | 248 | ||||||||||||
Other | 4 | — | ||||||||||||
Total | $ | 13,072 | $ | 5,617 |
The_Company_and_Summary_of_Sig2
The Company and Summary of Significant Accounting Policies and Estimates (Details) (USD $) | 0 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 13, 2013 | 17-May-13 |
Initial Public Offering and Follow-on Offering | ' | ' |
Aggregate proceeds from the IPO and concurrent private placement before deduction of offering expenses | ' | $87 |
Offering expenses | ' | 3.4 |
Number of shares of common stock issued upon automatic conversion of convertible preferred stock | ' | 25,876,142 |
Initial public offering | ' | ' |
Initial Public Offering and Follow-on Offering | ' | ' |
Shares of common stock sold | ' | 6,968,435 |
Share price (in dollars per share) | ' | $13 |
Underwriters' overallotment option | ' | ' |
Initial Public Offering and Follow-on Offering | ' | ' |
Shares of common stock sold | ' | 908,926 |
Share price (in dollars per share) | ' | $13 |
Selling Stockholders' | ' | ' |
Initial Public Offering and Follow-on Offering | ' | ' |
Shares of common stock sold | 5,337,502 | 309,509 |
Share price (in dollars per share) | ' | $13 |
Private Placement | ' | ' |
Initial Public Offering and Follow-on Offering | ' | ' |
Shares of common stock sold | ' | 500,000 |
Share price (in dollars per share) | ' | $13 |
Follow-on offering | ' | ' |
Initial Public Offering and Follow-on Offering | ' | ' |
Shares of common stock sold | 6,000,000 | ' |
Share price (in dollars per share) | 35.5 | ' |
Proceeds from common stock sold | 22.5 | ' |
Offering expenses | 0.7 | ' |
Common stock sold by the Company | ' | ' |
Initial Public Offering and Follow-on Offering | ' | ' |
Shares of common stock sold | 662,498 | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (Recurring basis, Level 1, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value of Financial Instruments | ' | ' |
Total fair value of financial assets | $138,982 | $42,471 |
Money market funds | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total fair value of financial assets | 138,957 | 42,446 |
Certificate of deposit | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total fair value of financial assets | $25 | $25 |
Balance_Sheet_Components_Detai
Balance Sheet Components (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Cash and cash equivalents | ' | ' | ' | ' |
Cash | $1,938 | $1,776 | ' | ' |
Cash equivalents: | ' | ' | ' | ' |
Money market funds | 138,957 | 42,446 | ' | ' |
Certificate of deposit | 25 | 25 | ' | ' |
Total cash equivalents | 138,982 | 42,471 | ' | ' |
Cash and cash equivalents | 140,920 | 44,247 | 47,712 | 67,400 |
Accounts Receivable | ' | ' | ' | ' |
Accounts receivable | 13,726 | 14,442 | ' | ' |
Allowance for doubtful accounts | -328 | -336 | ' | ' |
Accounts receivable, net | 13,398 | 14,106 | ' | ' |
Property and equipment, net | ' | ' | ' | ' |
Total property and equipment | 17,444 | 7,504 | ' | ' |
Less accumulated depreciation | -4,372 | -1,887 | ' | ' |
Property and equipment, net | 13,072 | 5,617 | ' | ' |
Computer equipment | ' | ' | ' | ' |
Property and equipment, net | ' | ' | ' | ' |
Total property and equipment | 11,602 | 4,385 | ' | ' |
Software | ' | ' | ' | ' |
Property and equipment, net | ' | ' | ' | ' |
Total property and equipment | 1,145 | 788 | ' | ' |
Office furniture | ' | ' | ' | ' |
Property and equipment, net | ' | ' | ' | ' |
Total property and equipment | 1,199 | 803 | ' | ' |
Leasehold improvements | ' | ' | ' | ' |
Property and equipment, net | ' | ' | ' | ' |
Total property and equipment | 2,627 | 986 | ' | ' |
Construction in progress | ' | ' | ' | ' |
Property and equipment, net | ' | ' | ' | ' |
Total property and equipment | $871 | $542 | ' | ' |
Balance_Sheet_Components_Detai1
Balance Sheet Components (Details 2) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Accrued expenses and other current liabilities | ' | ' |
Accrued bonuses, commissions and wages | $7,599 | $4,737 |
Liability for employee stock purchase plan | 2,077 | ' |
Accrued vacation | 1,935 | 1,502 |
Accrued marketing expenses | 1,132 | 395 |
Liability payable for unvested stock options exercises | 652 | 523 |
Accrued legal, consulting and audit fees | 625 | 282 |
Accrued sales taxes | 311 | 543 |
Accrued other | 1,140 | 963 |
Accrued expenses and other current liabilities | 15,471 | 8,945 |
Changes in accumulated other comprehensive income | ' | ' |
Beginning balance | 145 | ' |
Other comprehensive income before reclassifications | -24 | ' |
Ending balance | 121 | ' |
Foreign Currency Items | ' | ' |
Changes in accumulated other comprehensive income | ' | ' |
Beginning balance | 145 | ' |
Other comprehensive income before reclassifications | -24 | ' |
Ending balance | $121 | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Developed technology | Developed technology | Domain names | Domain names | Customer relationships | Customer relationships | Non-compete agreements | Non-compete agreements | Capitalized software development costs | Capitalized software development costs | ||||||
Goodwill and Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, gross | $4,265 | ' | $4,265 | ' | $3,907 | $1,300 | $1,300 | $700 | $700 | $900 | $900 | $130 | $130 | $1,235 | $877 |
Less accumulated amortization | -1,681 | ' | -1,681 | ' | -1,173 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Carrying Amount | 2,584 | ' | 2,584 | ' | 2,734 | 925 | ' | 554 | ' | 746 | ' | 35 | ' | 324 | ' |
Goodwill | 9,537 | ' | 9,537 | ' | 9,537 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill and intangible assets, net | 12,121 | ' | 12,121 | ' | 12,271 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Remaining Useful Life | ' | ' | ' | ' | ' | '4 years | '4 years 9 months 18 days | '5 years 6 months | '6 years 3 months 18 days | '7 years | '7 years 9 months 18 days | '6 months | '1 year 3 months 18 days | '1 year 4 months 24 days | '9 months 18 days |
Amortization expense | 191 | 174 | 508 | 367 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated future amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Three Months Ending December 31, 2013 | 157 | ' | 157 | ' | ' | 57 | ' | 25 | ' | 27 | ' | 16 | ' | 32 | ' |
2014 | 692 | ' | 692 | ' | ' | 229 | ' | 100 | ' | 106 | ' | 19 | ' | 238 | ' |
2015 | 489 | ' | 489 | ' | ' | 229 | ' | 100 | ' | 106 | ' | ' | ' | 54 | ' |
2016 | 435 | ' | 435 | ' | ' | 229 | ' | 100 | ' | 106 | ' | ' | ' | ' | ' |
2017 | 387 | ' | 387 | ' | ' | 181 | ' | 100 | ' | 106 | ' | ' | ' | ' | ' |
2018 and beyond | 424 | ' | 424 | ' | ' | ' | ' | 129 | ' | 295 | ' | ' | ' | ' | ' |
Net Carrying Amount | $2,584 | ' | $2,584 | ' | $2,734 | $925 | ' | $554 | ' | $746 | ' | $35 | ' | $324 | ' |
Credit_Facility_Details
Credit Facility (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | 21-May-12 | Sep. 30, 2013 | Jun. 06, 2013 |
Equipment facility | Equipment facility | Original Line of Credit | Original Line of Credit | New line of credit | |
item | |||||
Credit facility | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | $4,000,000 | ' | $4,500,000 |
Minimum interest rate (as a percent) | ' | ' | 4.00% | ' | ' |
Percentage points above prime rate considered for determining interest rate | ' | ' | 0.75% | ' | ' |
Interest payment period | ' | ' | ' | '9 months | ' |
Number of equal monthly principal and interest payments | ' | ' | ' | 36 | ' |
Percentage of increase in interest rate basis of existence of an event as per loan and security agreement | ' | ' | ' | 5.00% | ' |
Principal | ' | ' | ' | ' | ' |
2013 (3 months) | 290,000 | ' | ' | ' | ' |
2014 | 2,187,000 | ' | ' | ' | ' |
2015 | 2,719,000 | ' | ' | ' | ' |
2016 | 2,174,000 | ' | ' | ' | ' |
2017 | 479,000 | ' | ' | ' | ' |
Total | 7,849,000 | 3,600,000 | ' | ' | ' |
Interest | ' | ' | ' | ' | ' |
2013 (3 months) | 78,000 | ' | ' | ' | ' |
2014 | 272,000 | ' | ' | ' | ' |
2015 | 168,000 | ' | ' | ' | ' |
2016 | 62,000 | ' | ' | ' | ' |
2017 | 4,000 | ' | ' | ' | ' |
Total | 584,000 | ' | ' | ' | ' |
Total | ' | ' | ' | ' | ' |
2013 (3 months) | 368,000 | ' | ' | ' | ' |
2014 | 2,459,000 | ' | ' | ' | ' |
2015 | 2,887,000 | ' | ' | ' | ' |
2016 | 2,236,000 | ' | ' | ' | ' |
2017 | 483,000 | ' | ' | ' | ' |
Total | $8,433,000 | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Apr. 15, 2013 |
sqft | ||
Leases | ' | ' |
Area of office space (in square feet) | ' | 10,406 |
Contractual operating lease obligation | $1.20 | ' |
Term of operating lease | '5 years | ' |
Contractual obligation | ' | ' |
Contractual obligation under the software end user agreement | $1.80 | ' |
Term of the software end user agreement | '3 years | ' |
Stockholders_Equity_and_Stock_2
Stockholder's Equity and Stock Based Compensation (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||
17-May-13 | 3-May-13 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
item | RSUs | RSUs | Options | Options | Options | Options | 2006 Stock Plan | 2006 Stock Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | Employee Stock Purchase Plan | Employee Stock Purchase Plan | Employee Stock Purchase Plan | |||
RSUs | Options | Options | Options | Options | Options | Options | ||||||||||
Minimum | Minimum | Maximum | ||||||||||||||
Stockholder's Equity and Stock Based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible preferred stock converted into common stock | 25,876,142 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion ratio of convertible preferred stock | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reverse Stock Split | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock reverse split, conversion ratio | ' | 0.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of outstanding common stock before exercise of option | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of outstanding preferred stock before exercise of option | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of outstanding common stock after exercise of option | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of outstanding preferred stock after exercise of option | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholder's Equity and Stock Based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized prior to IPO | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value (in dollars per share) | ' | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | ' | ' | 38,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | ' | ' | 38,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares available for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 9,119,341 | ' | ' | ' | ' |
Stock options to purchase common stock (in shares) | ' | ' | ' | ' | ' | 7,360,000 | 7,360,000 | ' | 6,581,000 | ' | 7,340,914 | ' | ' | ' | ' | ' |
Restricted stock units outstanding (in shares) | ' | ' | ' | 423,000 | 328,000 | ' | ' | ' | ' | 167,572 | ' | ' | ' | ' | ' | ' |
Number of business days prior to date of IPO on which plan will be effective | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 day | ' | ' | ' | ' |
Number of shares increased annually under the plan which is available for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,250,000 | ' | 650,000 | ' |
Number of shares as a percentage of outstanding shares on last day of preceding fiscal year which are available for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' |
Shares Available for Grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period (in shares) | ' | ' | ' | ' | ' | ' | 928,000 | ' | ' | ' | ' | ' | ' | 738,032 | ' | ' |
Additional shares authorized | ' | ' | ' | ' | ' | ' | 4,502,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | ' | -2,118,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchased (in shares) | ' | ' | ' | ' | ' | ' | 17,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RSUs granted, net of cancellations/forfeitures (in shares) | ' | ' | ' | ' | ' | ' | -262,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancelled/forfeited (in shares) | ' | ' | ' | ' | ' | ' | 419,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the period (in shares) | ' | ' | ' | ' | ' | 3,486,000 | 3,486,000 | ' | 928,000 | ' | ' | ' | ' | 738,032 | ' | ' |
Stock Options Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period (in shares) | ' | ' | ' | ' | ' | ' | 6,581,000 | ' | ' | ' | 7,340,914 | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | 0 | 2,118,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in shares) | ' | ' | ' | ' | ' | ' | -921,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancelled/forfeited (in shares) | ' | ' | ' | ' | ' | ' | -419,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the period (in shares) | ' | ' | ' | ' | ' | 7,360,000 | 7,360,000 | ' | 6,581,000 | ' | 7,340,914 | ' | ' | ' | ' | ' |
Exercisable at the end of the period (in shares) | ' | ' | ' | ' | ' | 7,117,000 | 7,117,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested and expected to vest at the end of the period (in shares) | ' | ' | ' | ' | ' | 7,175,000 | 7,175,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | $3.21 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | ' | ' | ' | $8.26 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in dollars per share) | ' | ' | ' | ' | ' | ' | $2.69 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchased (in dollars per share) | ' | ' | ' | ' | ' | ' | $8.66 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancelled/forfeited (in dollars per share) | ' | ' | ' | ' | ' | ' | $4.29 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at end of the period (in dollars per share) | ' | ' | ' | ' | ' | $4.67 | $4.67 | ' | $3.21 | ' | ' | ' | ' | ' | ' | ' |
Exercisable at the end of the period (in dollars per share) | ' | ' | ' | ' | ' | $4.65 | $4.65 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested and expected to vest at the end of the period (in dollars per share) | ' | ' | ' | ' | ' | $4.67 | $4.67 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-Average Remaining Contractual Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period | ' | ' | ' | ' | ' | ' | '7 years 10 months 24 days | ' | '8 years 29 days | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period | ' | ' | ' | ' | ' | ' | '7 years 10 months 24 days | ' | '8 years 29 days | ' | ' | ' | ' | ' | ' | ' |
Exercisable at the end of the period | ' | ' | ' | ' | ' | ' | '7 years 2 months 16 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested and expected to vest at the end of the period | ' | ' | ' | ' | ' | ' | '7 years 10 months 17 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period | ' | ' | ' | ' | ' | ' | $11,431,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period | ' | ' | ' | ' | ' | 200,285,000 | 200,285,000 | ' | 11,431,000 | ' | ' | ' | ' | ' | ' | ' |
Exercisable at the end of the period | ' | ' | ' | ' | ' | 193,780,000 | 193,780,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested and expected to vest at the end of the period | ' | ' | ' | ' | ' | 195,215,000 | 195,215,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing stock price (in dollars per share) | ' | ' | ' | $31.88 | ' | $31.88 | $31.88 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant date fair value (in dollars per share) | ' | ' | ' | ' | ' | ' | $4.44 | $2.67 | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of options exercised | ' | ' | ' | ' | ' | ' | 13,568,000 | 771,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Total estimated grant date fair value of options vested | ' | ' | ' | ' | ' | ' | $3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares as a percentage of outstanding shares on first day of fiscal year which are available for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' |
Maximum percentage of eligible compensation of employees to purchase shares of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% |
Percentage of fair market value to purchase shares of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' |
Maximum number of shares that can be purchased by participant during an offering period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,250 |
Number of shares available for issuance | ' | ' | ' | ' | ' | 3,486,000 | 3,486,000 | ' | 928,000 | ' | ' | ' | ' | 738,032 | ' | ' |
Stockholders_Equity_and_Stock_3
Stockholder's Equity and Stock Based Compensation (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Employee Stock Purchase Plan | ' | ' | ' | ' |
Assumptions used for estimation of fair value | ' | ' | ' | ' |
Risk-free interest rate (as a percent) | ' | ' | 0.11% | ' |
Expected volatility (as a percent) | ' | ' | 42.00% | ' |
RSUs | ' | ' | ' | ' |
Assumptions used for estimation of fair value | ' | ' | ' | ' |
Vesting period | ' | ' | '4 years | ' |
Number of RSUs | ' | ' | ' | ' |
Balance at the beginning of the period (in shares) | ' | ' | 328,000 | ' |
RSUs Granted (in shares) | ' | ' | 276,000 | ' |
RSUs vested (in shares) | ' | ' | -167,000 | ' |
RSUs Cancelled/Forfeited (in shares) | ' | ' | -14,000 | ' |
Balance at the end of the period (in shares) | 423,000 | ' | 423,000 | ' |
Weighted Average Grant Date Fair Value | ' | ' | ' | ' |
Balance at the beginning of the period (in dollars per share) | ' | ' | $4.58 | ' |
RSUs Granted (in dollars per share) | ' | ' | $25.88 | ' |
RSUs vested (in dollars per share) | ' | ' | $16.50 | ' |
RSUs Cancelled/Forfeited (in dollars per share) | ' | ' | $5.01 | ' |
Balance at the end of the period (in dollars per share) | $18.48 | ' | $18.48 | ' |
Aggregate Intrinsic Value | ' | ' | ' | ' |
Balance at the beginning of the period (in dollars) | ' | ' | $2,437 | ' |
Balance at the end of the period (in dollars) | $13,482 | ' | $13,482 | ' |
Additional information | ' | ' | ' | ' |
Closing stock price (in dollars per share) | $31.88 | ' | $31.88 | ' |
RSUs | Minimum | ' | ' | ' | ' |
Assumptions used for estimation of fair value | ' | ' | ' | ' |
Vesting period | ' | ' | '2 years | ' |
RSUs | Maximum | ' | ' | ' | ' |
Assumptions used for estimation of fair value | ' | ' | ' | ' |
Vesting period | ' | ' | '4 years | ' |
Options | ' | ' | ' | ' |
Assumptions used for estimation of fair value | ' | ' | ' | ' |
Expected term | ' | '6 years | '6 years | '6 years |
Risk-free interest rate (as a percent) | ' | 0.80% | ' | ' |
Expected volatility (as a percent) | ' | 70.00% | ' | ' |
Expected dividend rate (as a percent) | ' | 0.00% | 0.00% | 0.00% |
Options granted (in shares) | 0 | ' | 2,118,000 | ' |
Additional information | ' | ' | ' | ' |
Closing stock price (in dollars per share) | $31.88 | ' | $31.88 | ' |
Options | Minimum | ' | ' | ' | ' |
Assumptions used for estimation of fair value | ' | ' | ' | ' |
Risk-free interest rate (as a percent) | ' | ' | 0.86% | 0.80% |
Expected volatility (as a percent) | ' | ' | 57.00% | 63.00% |
Options | Maximum | ' | ' | ' | ' |
Assumptions used for estimation of fair value | ' | ' | ' | ' |
Risk-free interest rate (as a percent) | ' | ' | 1.38% | 1.09% |
Expected volatility (as a percent) | ' | ' | 58.00% | 70.00% |
Stockholders_Equity_and_Stock_4
Stockholder's Equity and Stock Based Compensation (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Stock Compensation Expense | ' | ' | ' | ' |
Total stock-based compensation expense | $2,023,000 | $926,000 | $5,640,000 | $2,160,000 |
Total unrecognized compensation cost related to unvested awards not yet recognized | ' | ' | ' | ' |
Unrecognized Expense | 17,357,000 | ' | 17,357,000 | ' |
Employee Stock Purchase Plan | ' | ' | ' | ' |
Total unrecognized compensation cost related to unvested awards not yet recognized | ' | ' | ' | ' |
Unrecognized Expense | 574,000 | ' | 574,000 | ' |
Expected Recognition Period | ' | ' | '4 months 20 days | ' |
RSUs | ' | ' | ' | ' |
Stock Compensation Expense | ' | ' | ' | ' |
Stock-based compensation from performance based restricted stock units | ' | ' | 1,200,000 | ' |
Vesting period | ' | ' | '4 years | ' |
Total unrecognized compensation cost related to unvested awards not yet recognized | ' | ' | ' | ' |
Unrecognized Expense | 5,366,000 | ' | 5,366,000 | ' |
Expected Recognition Period | ' | ' | '2 years 8 months 1 day | ' |
RSUs | Minimum | ' | ' | ' | ' |
Stock Compensation Expense | ' | ' | ' | ' |
Vesting period | ' | ' | '2 years | ' |
RSUs | Maximum | ' | ' | ' | ' |
Stock Compensation Expense | ' | ' | ' | ' |
Vesting period | ' | ' | '4 years | ' |
Stock options | ' | ' | ' | ' |
Total unrecognized compensation cost related to unvested awards not yet recognized | ' | ' | ' | ' |
Unrecognized Expense | 11,417,000 | ' | 11,417,000 | ' |
Expected Recognition Period | ' | ' | '2 years 8 months 8 days | ' |
Stock options | 2006 Stock Plan | ' | ' | ' | ' |
Stock Compensation Expense | ' | ' | ' | ' |
Vesting period | ' | ' | '4 years | ' |
Percentage of awards which will vest after one year | 25.00% | ' | 25.00% | ' |
Period of beginning of vesting of awards from grant date | ' | ' | '1 year | ' |
Cost of subscription and support revenue | ' | ' | ' | ' |
Stock Compensation Expense | ' | ' | ' | ' |
Total stock-based compensation expense | 140,000 | 75,000 | 317,000 | 143,000 |
Cost of professional services and other revenue | ' | ' | ' | ' |
Stock Compensation Expense | ' | ' | ' | ' |
Total stock-based compensation expense | 198,000 | 30,000 | 445,000 | 121,000 |
Research and development | ' | ' | ' | ' |
Stock Compensation Expense | ' | ' | ' | ' |
Total stock-based compensation expense | 458,000 | 110,000 | 1,605,000 | 391,000 |
Sales and marketing | ' | ' | ' | ' |
Stock Compensation Expense | ' | ' | ' | ' |
Total stock-based compensation expense | 553,000 | 377,000 | 1,646,000 | 800,000 |
General and administrative | ' | ' | ' | ' |
Stock Compensation Expense | ' | ' | ' | ' |
Total stock-based compensation expense | $674,000 | $334,000 | $1,627,000 | $705,000 |
Net_Loss_per_Share_Details
Net Loss per Share (Details) (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 |
Numerator: | ' | ' | ' | ' |
Net loss | ($9,951) | ($9,766) | ($31,865) | ($26,349) |
Denominator: | ' | ' | ' | ' |
Weighted-average common shares outstanding | 37,230 | 3,016 | 20,320 | 2,901 |
Less: Weighted-average unvested common shares subject to repurchase or forfeiture | -176 | -101 | -176 | -159 |
Weighted-average shares used in computing net loss per share of common stock, basic and diluted | 37,054 | 2,915 | 20,144 | 2,742 |
Net loss per share of common stock, basic and diluted (in dollars per share) | ($0.27) | ($3.35) | ($1.58) | ($9.61) |
Potentially dilutive securities that were excluded from the diluted per share | ' | ' | ' | ' |
Potentially dilutive securities excluded from the diluted per share calculation | ' | ' | 8,198 | 32,974 |
Convertible preferred stock | ' | ' | ' | ' |
Potentially dilutive securities that were excluded from the diluted per share | ' | ' | ' | ' |
Potentially dilutive securities excluded from the diluted per share calculation | ' | ' | ' | 25,876 |
Stock options to purchase common stock | ' | ' | ' | ' |
Potentially dilutive securities that were excluded from the diluted per share | ' | ' | ' | ' |
Potentially dilutive securities excluded from the diluted per share calculation | ' | ' | 7,360 | 6,659 |
Employee stock purchase plan | ' | ' | ' | ' |
Potentially dilutive securities that were excluded from the diluted per share | ' | ' | ' | ' |
Potentially dilutive securities excluded from the diluted per share calculation | ' | ' | 257 | ' |
Common stock held in escrow | ' | ' | ' | ' |
Potentially dilutive securities that were excluded from the diluted per share | ' | ' | ' | ' |
Potentially dilutive securities excluded from the diluted per share calculation | ' | ' | ' | 12 |
Common stock subject to repurchase | ' | ' | ' | ' |
Potentially dilutive securities that were excluded from the diluted per share | ' | ' | ' | ' |
Potentially dilutive securities excluded from the diluted per share calculation | ' | ' | 158 | 107 |
Restricted stock units | ' | ' | ' | ' |
Potentially dilutive securities that were excluded from the diluted per share | ' | ' | ' | ' |
Potentially dilutive securities excluded from the diluted per share calculation | ' | ' | 423 | 320 |
Income_Taxes_Details
Income Taxes (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 |
Provision for income taxes | ' | ' | ' | ' |
Provision for income taxes | $9 | $2 | $46 | $5 |
Segment_Information_and_Inform2
Segment Information and Information about Geographic Areas (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 |
item | |||||
Segment Information and Information about Geographic Areas | ' | ' | ' | ' | ' |
Number of business segments | ' | ' | 1 | ' | ' |
Total revenue and long-lived assets by geographic area | ' | ' | ' | ' | ' |
Revenue | $25,507 | $15,427 | $67,747 | $41,566 | ' |
Long-lived assets | 13,072 | ' | 13,072 | ' | 5,617 |
United States | ' | ' | ' | ' | ' |
Total revenue and long-lived assets by geographic area | ' | ' | ' | ' | ' |
Revenue | 21,748 | 13,429 | 58,023 | 36,467 | ' |
Long-lived assets | 12,829 | ' | 12,829 | ' | 5,369 |
EMEA | ' | ' | ' | ' | ' |
Total revenue and long-lived assets by geographic area | ' | ' | ' | ' | ' |
Revenue | 1,896 | 1,001 | 4,913 | 2,505 | ' |
Long-lived assets | 239 | ' | 239 | ' | 248 |
Other | ' | ' | ' | ' | ' |
Total revenue and long-lived assets by geographic area | ' | ' | ' | ' | ' |
Revenue | 1,863 | 997 | 4,811 | 2,594 | ' |
Long-lived assets | $4 | ' | $4 | ' | ' |