Document_Entity_and_Informatio
Document, Entity and Information Document | 6 Months Ended | ||
Jun. 30, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | |
Common Class A [Member] | Common Class B [Member] | ||
Class of Stock [Line Items] | ' | ' | ' |
Entity Registrant Name | 'GoPro, Inc. | ' | ' |
Entity Central Index Key | '0001500435 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 20,470,000 | 105,542,238 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheet (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash | $104,879 | $101,410 |
Accounts receivable, net | 49,230 | 122,669 |
Inventory, net | 80,376 | 111,994 |
Prepaid expenses and other current assets | 65,409 | 21,967 |
Total current assets | 299,894 | 358,040 |
Property and equipment, net | 38,939 | 32,111 |
Intangible assets and goodwill | 16,805 | 17,365 |
Other long-term assets | 36,562 | 32,155 |
Total assets | 392,200 | 439,671 |
Current liabilities: | ' | ' |
Accounts payable | 54,925 | 126,423 |
Accrued liabilities | 78,819 | 86,391 |
Deferred revenue | 8,158 | 7,781 |
Income taxes payable | 4,366 | 19,702 |
Current portion of long-term debt | 66,306 | 60,297 |
Total current liabilities | 212,574 | 300,594 |
Long-term debt, less current portion | 41,433 | 53,315 |
Other long-term liabilities | 13,719 | 13,930 |
Total liabilities | 267,726 | 367,839 |
Commitments and contingencies | ' | ' |
Redeemable convertible preferred stock, $0.0001 par value; 36,000,000 shares authorized: 30,523,036 shares issued and outstanding as of December 31, 2013 and June 30, 2014, respectively | 77,227 | 77,198 |
Stockholdersb equity: | ' | ' |
Common stock, $0.0001 par value, 150,000,000 shares authorized, 81,420,040 shares issued and outstanding as of December 31, 2013 | 0 | 8 |
Additional paid-in capital | 75,914 | 14,510 |
Accumulated deficit | -28,676 | -19,884 |
Total stockholdersb equity (deficit) | 47,247 | -5,366 |
Total liabilities and stockholdersb equity (deficit) | 392,200 | 439,671 |
Common Class A [Member] | ' | ' |
Stockholdersb equity: | ' | ' |
Common stock, $0.0001 par value, 150,000,000 shares authorized, 81,420,040 shares issued and outstanding as of December 31, 2013 | 0 | 0 |
Common Class B [Member] | ' | ' |
Stockholdersb equity: | ' | ' |
Common stock, $0.0001 par value, 150,000,000 shares authorized, 81,420,040 shares issued and outstanding as of December 31, 2013 | $9 | $0 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheet (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Common stock, par value (in dollars per share) | ' | $0.00 |
Common stock, shares authorized | 0 | 150,000,000 |
Common stock, shares issued | 0 | 81,420,040 |
Common stock, shares outstanding | 0 | 81,420,040 |
Redeemable Convertible Preferred Stock [Member] | ' | ' |
Preferred stock, par value ( in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 36,000,000 | 36,000,000 |
Preferred stock, shares issued | 30,523,036 | 30,523,036 |
Preferred stock, shares outstanding | 30,523,036 | 30,523,036 |
Common Class A [Member] | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | ' |
Common stock, shares authorized | 150,000,000 | 0 |
Common stock, shares issued | 0 | 0 |
Common stock, shares outstanding | 0 | 0 |
Common Class B [Member] | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | ' |
Common stock, shares authorized | 150,000,000 | 0 |
Common stock, shares issued | 86,177,848 | 0 |
Common stock, shares outstanding | 86,177,848 | 0 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue | $244,605 | $177,082 | $480,321 | $432,139 |
Cost of revenue | 141,736 | 120,242 | 280,938 | 285,870 |
Gross profit | 102,869 | 56,840 | 199,383 | 146,269 |
Operating Expenses [Abstract] | ' | ' | ' | ' |
Research and development | 34,663 | 16,687 | 63,402 | 28,699 |
Sales and marketing | 43,701 | 39,065 | 85,042 | 74,738 |
General and administrative | 41,171 | 7,044 | 51,049 | 14,032 |
Total operating expenses | 119,535 | 62,796 | 199,493 | 117,469 |
Operating income (loss) | -16,666 | -5,956 | -110 | 28,800 |
Other income (expense), net | -1,536 | -1,697 | -3,161 | -3,391 |
Income (loss) before income taxes | -18,202 | -7,653 | -3,271 | 25,409 |
Income tax (benefit) expense | 1,639 | -2,568 | 5,521 | 7,459 |
Net income (loss) | -19,841 | -5,085 | -8,792 | 17,950 |
Less: undistributed earnings allocable to: holders of preferred stock and unvested early exercised options and restricted stock | 0 | 0 | 0 | -4,964 |
Undistributed net income (loss) attributable to common stockholdersbbasic | -19,841 | -5,085 | -8,792 | 12,986 |
Add: adjustments to net income for dilutive securities allocable to: holders of preferred stock and unvested early exercised options and restricted stock | 0 | 0 | 0 | 680 |
Undistributed net income (loss) attributable to common stockholdersbdiluted | ($19,841) | ($5,085) | ($8,792) | $13,666 |
Net income per share attributable to common stockholders - Basic (in dollars per share) | ($0.24) | ($0.06) | ($0.11) | $0.16 |
Net income per share attributable to common stockholders - Diluted (in dollars per share) | ($0.24) | ($0.06) | ($0.11) | $0.14 |
Weighted-average shares used to compute net income per share attributable to common stockholders - Basic (in shares) | 82,936 | 80,902 | 82,263 | 80,836 |
Weighted-average shares used to compute net income per share attributable to common stockholders - Diluted (in shares) | 82,936 | 80,902 | 82,263 | 98,577 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | ($8,792) | $17,950 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 7,988 | 5,416 |
Deferred taxes | -799 | -1,028 |
Excess tax benefit from stock-based compensation | -20,836 | -20 |
Stock-based compensation | 38,230 | 4,627 |
Provision for doubtful accounts | 246 | 293 |
Provision for inventory obsolescence | 1,316 | 2,939 |
Loss on disposals of fixed assets and other | 298 | 759 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable, net | 73,193 | 26,020 |
Inventory | 30,301 | -51,590 |
Prepaids and other assets | -39,504 | -9,786 |
Accounts payable and accrued liabilities | -75,270 | 2,607 |
Deferred revenue | 378 | -1,427 |
Net cash provided by (used in) operating activities | 6,749 | -3,240 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -12,657 | -7,872 |
Proceeds from sale of property and equipment | 288 | 0 |
Cash paid for acquisition | -3,200 | 0 |
Net cash used in investing activities | -15,569 | -7,872 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of common stock | 1,429 | 137 |
Excess tax benefit from stock-based compensation | 20,836 | 20 |
Payment of debt issuance costs and deferred public offering costs | -3,056 | -232 |
Purchase of shares and net exercise of stock options | -920 | 0 |
Issuance of debt | 0 | 15,000 |
Repayment of debt | -6,000 | -13,000 |
Net cash provided by financing activities | 12,289 | 1,925 |
Net increase (decrease) in cash and cash equivalents | 3,469 | -9,187 |
Cash and cash equivalents at beginning of period | 101,410 | 36,485 |
Cash and cash equivalents at end of period | 104,879 | 27,298 |
Non-cash investing and financing activities: | ' | ' |
Purchases of property and equipment included in accounts payable and accrued liabilities | 5,803 | 2,076 |
Deferred public offering costs included in accounts payable and accrued liabilities | 2,204 | 366 |
Exercise of selling stockholder options | $1,709 | $0 |
Business_Overview
Business Overview | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Business Overview | ' |
Business overview | |
GoPro, Inc. (GoPro or the Company) was incorporated as Woodman Labs, Inc. in California on February 14, 2004 as an S Corporation. The Company produces mountable and wearable cameras and accessories, which the Company refers to as capture devices. The Company’s products are sold globally through retailers, wholesale distributors and on the Company’s website. The Company’s corporate headquarters are located in San Mateo, California with additional offices in Hong Kong and Shenzhen, China and Munich, Germany. | |
The Company completed its initial public offering (IPO) of common stock on July 1, 2014 in accordance with the Securities Act of 1933, as amended. The Company sold 8,900,000 shares and certain of its stockholders sold 11,570,000 shares, including 2,670,000 shares for the underwriters' option to purchase additional shares. The shares were sold at an initial public offering price of $24.00 per share for net proceeds of $200.8 million to the Company, after deducting underwriting discounts and commissions. See Note 13, Subsequent Events for additional information. |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Summary of Significant Accounting Policies | ' |
Basis of presentation and Summary of Significant Accounting Policies | |
The Company’s fiscal year ends on December 31, and its fiscal quarters end on March 31, June 30 and September 30. | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary to present fairly the financial position of the Company and its results of operations and cash flow for the interim periods presented have been included. Operating results for the six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014, for any other interim period or for any other future year. | |
The condensed consolidated balance sheet at December 31, 2013 has been derived from the audited financial statements at that date, but does not include all of the disclosures required by GAAP. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s prospectus filed with the Securities and Exchange Commission (SEC) on June 26, 2014. | |
There have been no significant changes in the Company’s accounting policies from those disclosed in its prospectus filed with the SEC on June 26, 2014. | |
Principles of consolidation | |
These consolidated financial statements include all the accounts of the Company and its wholly-owned subsidiaries. Unless otherwise specified, references to the Company are references to GoPro, Inc. and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. | |
Use of estimates | |
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the Company’s consolidated financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to its allowance for doubtful accounts, stock-based compensation, inventory valuation, warranty liabilities, sales returns, web-based sale deliveries at period-end, implied post contract support and marketing allowances, the valuation and useful life evaluation of acquired intangibles, the valuation of deferred income tax assets and uncertain tax positions. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from management’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |
Recent accounting pronouncements | |
On May 28, 2014, the Financial Accounting Standards Board (FASB) issued a new accounting standard update on revenue from contracts with customers, which supercedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The new guidance adheres to the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this principle, the new guidance lists five steps that entities should follow, including identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations in the contract and recognizing revenue when the entity satisfies a performance obligation. The new guidance becomes effective for the Company on January 1, 2017, with retrospective application permitted. Early application is not permitted. The Company is currently assessing the impact of this new guidance. | |
In June 2014, the FASB issued a new accounting standard update on the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The new guidance becomes effective for the Company on January 1, 2016, with early adoption is permitted. The Company does not believe the adoption of this guidance will have a material impact on its Condensed Consolidated Financial Statements. | |
Correction of error | |
During the preparation of the accompanying condensed consolidated financial statements, the Company determined that within the consolidated statement of cash flows previously disclosed for the quarter ended March 31, 2014, net cash provided by operating activities was understated by $3.2 million and net cash used for investing activities was understated by the same amount. The Company has properly presented its condensed consolidated statement of cash flows for the six month period ended June 30, 2014 and determined that this revision is not material to prior periods. |
Balance_Sheet_Components
Balance Sheet Components | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||
Balance Sheet Components | ' | |||||||||||||
Balance sheet components | ||||||||||||||
Inventory, net. Inventory, net consisted of the following: | ||||||||||||||
(in thousands) | June 30, | December 31, | ||||||||||||
2014 | 2013 | |||||||||||||
Components | $ | 3,754 | $ | 8,000 | ||||||||||
Finished goods | 76,622 | 103,994 | ||||||||||||
Total inventory, net | $ | 80,376 | $ | 111,994 | ||||||||||
Prepaid expenses and other current assets. Prepaid expenses and other current assets consisted of the following: | ||||||||||||||
(in thousands) | June 30, | December 31, | ||||||||||||
2014 | 2013 | |||||||||||||
Prepaid expenses | $ | 28,239 | $ | 3,830 | ||||||||||
Non-trade receivables | 19,963 | 144 | ||||||||||||
Current deferred tax assets | 14,984 | 15,173 | ||||||||||||
Other current assets | 2,223 | 2,820 | ||||||||||||
Total prepaid expenses and other current assets | $ | 65,409 | $ | 21,967 | ||||||||||
Property and equipment, net. Property and equipment, net consisted of the following: | ||||||||||||||
(in thousands) | Useful life (in years) | June 30, | December 31, | |||||||||||
2014 | 2013 | |||||||||||||
Leasehold improvements | 3–7 | $ | 22,247 | $ | 20,111 | |||||||||
Computers, software, equipment and furniture | 2–7 | 19,697 | 11,988 | |||||||||||
Tooling | 1–4 | 11,317 | 8,799 | |||||||||||
Tradeshow equipment and other | 2–5 | 3,759 | 3,469 | |||||||||||
Construction in progress | 2,650 | 2,151 | ||||||||||||
59,670 | 46,518 | |||||||||||||
Less: Accumulated depreciation | -20,731 | -14,407 | ||||||||||||
$ | 38,939 | $ | 32,111 | |||||||||||
Intangible Assets. Intangible asset balances are presented below: | ||||||||||||||
Weighted | ||||||||||||||
average | ||||||||||||||
remaining | ||||||||||||||
30-Jun-14 | useful life | |||||||||||||
(in thousands) | Gross | Accumulated | Net | (in years) | ||||||||||
amortization | ||||||||||||||
Developed technology | $ | 5,330 | $ | (2,961 | ) | $ | 2,369 | 2.7 | ||||||
Other intangible assets | 1,160 | (819 | ) | 341 | 1.6 | |||||||||
$ | 6,490 | $ | (3,780 | ) | $ | 2,710 | ||||||||
Weighted | ||||||||||||||
average | ||||||||||||||
remaining | ||||||||||||||
31-Dec-13 | useful life | |||||||||||||
(in thousands) | Gross | Accumulated | Net | (in years) | ||||||||||
amortization | ||||||||||||||
Developed technology | $ | 5,330 | $ | (2,517 | ) | $ | 2,813 | 3.2 | ||||||
Other intangible assets | 1,160 | (703 | ) | 457 | 2 | |||||||||
$ | 6,490 | $ | (3,220 | ) | $ | 3,270 | ||||||||
The estimated future amortization expense of acquired intangible assets to be charged to cost of revenue and operating expenses after June 30, 2014, is as follows: | ||||||||||||||
(in thousands) | Cost of | Operating | Total | |||||||||||
revenue | expenses | |||||||||||||
Years ending December 31, | ||||||||||||||
2014 (remaining 6 months) | $ | 444 | $ | 107 | $ | 551 | ||||||||
2015 | 888 | 197 | 1,085 | |||||||||||
2016 | 888 | 22 | 910 | |||||||||||
2017 | 149 | — | 149 | |||||||||||
$ | 2,369 | $ | 326 | $ | 2,695 | |||||||||
Other long-term assets. Other long-term assets consisted of the following: | ||||||||||||||
(in thousands) | June 30, | December 31, | ||||||||||||
2014 | 2013 | |||||||||||||
POP displays | $ | 19,077 | $ | 22,379 | ||||||||||
Deposits | 4,999 | 2,698 | ||||||||||||
Long-term licenses | 4,000 | 4,000 | ||||||||||||
Long-term deferred tax assets and other | 2,320 | 1,683 | ||||||||||||
Deferred public offering costs | 6,166 | 1,395 | ||||||||||||
Total other long-term assets | $ | 36,562 | $ | 32,155 | ||||||||||
Deferred public offering costs consist principally of legal, accounting and other fees incurred through the balance sheet date that are directly related to the Company's IPO and will be recorded against the proceeds received from the sale of the common stock. As of December 31, 2013 and June 30, 2014, $0.4 million and $2.2 million, respectively, of deferred public offering costs were included in accounts payable and accrued liabilities. | ||||||||||||||
Accrued liabilities. Accrued liabilities consisted of the following: | ||||||||||||||
(in thousands) | June 30, | December 31, | ||||||||||||
2014 | 2013 | |||||||||||||
Accrued payables | $ | 39,778 | $ | 49,975 | ||||||||||
Employee related liabilities | 12,571 | 11,932 | ||||||||||||
Customer deposits | 1,736 | 1,316 | ||||||||||||
Warranty liability | 4,512 | 3,691 | ||||||||||||
Taxes payable | 11,211 | 7,766 | ||||||||||||
Accrued sponsorship expense | 2,191 | 2,909 | ||||||||||||
Accrued sales incentives | 3,579 | 4,909 | ||||||||||||
Sales commissions | 1,608 | 2,454 | ||||||||||||
Other | 1,633 | 1,439 | ||||||||||||
Total accrued liabilities | $ | 78,819 | $ | 86,391 | ||||||||||
Redeemable_Convertible_Preferr
Redeemable Convertible Preferred Stock | 6 Months Ended |
Jun. 30, 2014 | |
Temporary Equity [Abstract] | ' |
Redeemable Convertible Preferred Stock | ' |
Redeemable convertible preferred stock | |
At December 31, 2013 and June 30, 2014, there were 36,000,000 shares of Series A preferred stock authorized and 30,523,036 of Series A preferred stock issued and outstanding. Concurrent with the close of the IPO on July 1, 2014, all shares of Series A preferred stock were converted into Class B common stock. Prior to the conversion to Class B common stock, and after giving effect to the Reclassification (defined in Note 5 below), the Series A preferred stock had the following terms: | |
Conversion | |
Each share of Series A preferred stock is convertible, at the option of the holder, into shares of Class B common stock at a rate of 1-for-1. The conversion of all outstanding Series A preferred stock will occur in connection with the closing of an initial public offering, provided the aggregate offering price equals or exceeds $50.0 million. | |
Voting rights | |
The holders of shares of the Company’s Series A preferred stock vote equally with shares of Class B common stock on an as-if converted to common stock basis on all matters, including the election of directors. | |
Dividend rights | |
The holders of each Series A share are entitled to receive any noncumulative dividends on an equal basis with common stock, when and if declared by the Board of Directors of the Company (Board). | |
Redemption rights | |
In the event of any liquidation, dissolution, or winding up of the Company, whether voluntary or involuntary, the Company is required to redeem shares of Series A preferred stock at the original issue price of $2.53 per share plus any noncumulative dividends declared by the Board. If the holders have not previously exercised the rights granted to them, the Series A preferred stock is redeemable within 365 days after July 1, 2017, subject to a majority vote of the then outstanding Series A preferred shares. As the redemption events described above could occur and are not solely within the Company’s control, all shares of preferred stock have been presented outside of permanent equity. | |
On December 19, 2012, certain Series A stockholders exercised their conversion right and converted 4,211,303 shares of Series A preferred stock to common stock to participate in a common share sale transaction between the Company’s principal stockholder and a new investor pursuant to the pre-existing tag-along right. On December 20, 2012, the Series A preferred stock was modified to eliminate an 8% cumulative dividend and to extend the redemption date to July 2017. The 8% cumulative dividend had been accreted using the effective interest method from the time of issue through February 28, 2016, until the 8% cumulative dividend was eliminated on December 20, 2012. The Company recorded preferred stock dividend accretion of $4.2 million and $3.4 million in the years ended December 31, 2012 and 2011, respectively. On December 21, 2012, a dividend of $1.05 per share was declared and paid to holders of common and preferred stock totaling $117.4 million. The dividend payment to the preferred stockholders represented a settlement of accumulated dividends to date, prepayments of future cumulative dividends and participation in additional dividends paid to common stockholders as contractually provided for. The cash dividend was reflected first as a reduction to preferred stock to the extent that such dividend payments were accreted, with any cash paid in excess of this amount recorded as a reduction of retained earnings until exhausted, then as a reduction of additional paid-in-capital until exhausted, and then as accumulated deficit. |
Common_Stock_and_Stockholders_
Common Stock and Stockholders' Equity | 6 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||
Common Stock and Stock-based Compensation | ' | |||||||||||||||||||||
Common stock and stock-based compensation | ||||||||||||||||||||||
Common stock | ||||||||||||||||||||||
At December 31, 2013, the Company had 150,000,000 shares of common stock authorized for issuance and 81,420,040 shares issued and outstanding. On June 20, 2014, the Company filed a Restated Certificate of Incorporation to establish two classes of authorized common stock (Reclassification): Class A common stock and Class B common stock. As a result of the Reclassification, all outstanding shares of common stock were converted into shares of Class B common stock. At June 30, 2014, the Company had 150,000,000 shares of Class A common stock authorized and 150,000,000 shares of Class B common stock authorized. At June 30, 2014, 86,177,848 shares of Class B stock were issued and outstanding and no shares of Class A stock were issued and outstanding. | ||||||||||||||||||||||
The Company had the following shares of common stock reserved for issuance upon the exercise or vesting of equity instruments: | ||||||||||||||||||||||
(in thousands) | June 30, | December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Stock options outstanding | 27,294 | 26,724 | ||||||||||||||||||||
Restricted stock units outstanding | 3,820 | 270 | ||||||||||||||||||||
Stock options, restricted stock and RSUs available for future grants | 13,821 | 1,306 | ||||||||||||||||||||
44,935 | 28,300 | |||||||||||||||||||||
Equity incentive plans | ||||||||||||||||||||||
2010 Equity Incentive Plan | ||||||||||||||||||||||
In August 2010, the Board approved the adoption of the 2010 Equity Incentive Plan (2010 EIP). As amended, the 2010 EIP permitted the Company to grant up to 40,920,000 shares of the Company’s common stock. The 2010 EIP provides for the grant of incentive and nonqualified stock options, restricted stock, restricted stock units (RSUs) and stock appreciation rights to employees, non-employee directors and consultants of the Company. All shares that were cancelled, forfeited or expired in accordance with the terms of the 2010 EIP were returned to the plan and became available for grant in conjunction with the issuance of new stock awards. Following the Reclassification, all shares subject to the 2010 EIP were Class B common stock. The 2010 EIP terminated with the establishment of the 2014 Equity Incentive Plan (2014 EIP), and no further grants were issued out of the 2010 EIP following termination, though outstanding awards under the 2010 EIP at the time of the plan’s termination remained outstanding in accordance with their terms. | ||||||||||||||||||||||
2014 Equity Incentive Plan | ||||||||||||||||||||||
In June 2014, the Board approved the adoption of the 2014 EIP, which became effective on June 26, 2014. The 2014 EIP permits the Company to grant up to 13,809,488 shares of the Company’s Class A common stock, which includes 339,259 shares of Class B common stock previously reserved but unissued under the 2010 EIP that became available for issuance as Class A common stock under the 2014 EIP. The share reserve may also increase to the extent that outstanding awards under the 2010 EIP expire or terminate unexercised. | ||||||||||||||||||||||
The 2014 EIP will terminate in 2024, unless sooner terminated by the board of directors. The 2014 EIP provides for the grant of incentive and nonqualified stock options, restricted stock, RSUs, stock appreciation rights and performance awards to employees, non-employee directors and consultants of the Company. All shares that are cancelled, forfeited or expired are returned to the 2014 EIP and are available for grant in conjunction with the issuance of new stock awards. | ||||||||||||||||||||||
The Board oversees the administration of the Company’s equity plans and generally determines eligibility, vesting schedules and other terms for awards granted under the plans. Stock options under the 2014 EIP have a maximum contractual term of not more than ten years from the date of grant and are generally exercisable upon vesting. Vesting generally occurs over four years and becomes exercisable at the rate of 25% on the first anniversary of the date of grant and ratably on a monthly basis over the remaining 36-month period thereafter. Awards that provide for early exercise are subject to repurchase upon the termination of services prior to vesting. The exercise price of stock options must generally be at least 100% of the fair value of the Company’s Class A common stock based on the closing price of the shares on the date of grant. | ||||||||||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||||||||
Concurrent with the effectiveness of the Company’s registration statement on Form S-1 on June 26, 2014, the Company’s 2014 Employee Stock Purchase Plan (ESPP) became effective. The ESPP allows eligible employees to purchase shares of the Company’s Class A common stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations. The ESPP generally provides for six-month offering periods, and at the end of each offering period, employees are able to purchase shares at 85% of the lower of the fair market value of the Company’s Class A common stock on the first trading day of the offering period or on the last day of the offering period. | ||||||||||||||||||||||
Stock option activity | ||||||||||||||||||||||
A summary of the Company’s stock option activity and related information is as follows: | ||||||||||||||||||||||
Options outstanding | ||||||||||||||||||||||
(shares in thousands) | Shares | Weighted- | Weighted- | Total intrinsic | Weighted- | Aggregate | ||||||||||||||||
average | average | value of | average | intrinsic value | ||||||||||||||||||
exercise | grant | options | remaining | (in thousands) | ||||||||||||||||||
price | date fair | exercised | contractual | |||||||||||||||||||
value | (in thousands) | term | ||||||||||||||||||||
(in years) | ||||||||||||||||||||||
Outstanding at December 31, 2013: | 26,724 | $ | 2.47 | 7.55 | $ | 367,395 | ||||||||||||||||
Granted | 4,635 | 17.57 | $ | 9.35 | ||||||||||||||||||
Exercised | (3,835 | ) | 0.88 | $ | 80,108 | |||||||||||||||||
Forfeited/Cancelled | (230 | ) | 11.58 | |||||||||||||||||||
Outstanding at June 30, 2014: | 27,294 | $ | 5.18 | 7.6 | $ | 965,340 | ||||||||||||||||
Exercisable at December 31, 2013 | 20,605 | $ | 0.84 | 7.26 | $ | 316,812 | ||||||||||||||||
Vested and expected to vest at December 31, 2013 | 25,798 | $ | 2.32 | 7.52 | $ | 358,624 | ||||||||||||||||
Exercisable at June 30, 2014 | 18,594 | $ | 1.19 | 6.9 | $ | 731,810 | ||||||||||||||||
Vested and expected to vest at June 30, 2014 | 26,076 | $ | 4.84 | 7.54 | $ | 931,254 | ||||||||||||||||
The total fair value of stock options vested was $1.5 million and $2.3 million in the three months ended June 30, 2013 and June 30, 2014, respectively, and $2.5 million and $4.9 million in the six months ended June 30, 2013 and June 30, 2014, respectively. | ||||||||||||||||||||||
The following is a further breakdown of the options outstanding and exercisable at June 30, 2014: | ||||||||||||||||||||||
Options outstanding | Options exercisable | |||||||||||||||||||||
(options in thousands) | Options | Weighted | Weighted | Options | Weighted | |||||||||||||||||
outstanding | average | average | exercisable | average | ||||||||||||||||||
remaining | exercise price | exercise price | ||||||||||||||||||||
contractual | ||||||||||||||||||||||
life (in years) | ||||||||||||||||||||||
Range of exercise prices | ||||||||||||||||||||||
$ 0.18–0.66 | 8,944 | 6.62 | $ | 0.62 | 8,736 | $ | 0.62 | |||||||||||||||
0.76–0.76 | 8,752 | 6.97 | 0.76 | 8,133 | 0.76 | |||||||||||||||||
1.52–2.96 | 1,795 | 7.56 | 1.91 | 1,031 | 1.86 | |||||||||||||||||
8.30–8.30 | 513 | 8.3 | 8.3 | 218 | 8.3 | |||||||||||||||||
13.72–13.72 | 873 | 8.65 | 13.72 | 294 | 13.72 | |||||||||||||||||
15.40–15.40 | 584 | 8.94 | 15.4 | 171 | 15.4 | |||||||||||||||||
15.59–15.59 | 444 | 9.15 | 15.59 | 1 | 15.59 | |||||||||||||||||
16.19–16.19 | 797 | 9.39 | 16.19 | — | — | |||||||||||||||||
16.22–16.22 | 1,125 | 9.59 | 16.22 | — | — | |||||||||||||||||
16.39–16.39 | 651 | 9.78 | 16.39 | 10 | 16.39 | |||||||||||||||||
18.40–18.40 | 2,816 | 9.93 | 18.4 | — | — | |||||||||||||||||
$ 0.18–18.40 | 27,294 | 7.6 | $ | 5.18 | 18,594 | $ | 1.19 | |||||||||||||||
The amount of unearned stock-based compensation currently estimated to be expensed with respect to unvested employee options at December 31, 2013 and June 30, 2014 was $22.8 million and $53.6 million, respectively. As of December 31, 2013 and June 30, 2014, the weighted-average period over which the unearned stock-based compensation is expected to be recognized was 1.0 year and 2.0 years, respectively. If there are any modifications or cancellations of the underlying unvested awards, the Company may be required to accelerate, increase or cancel any remaining unearned stock-based compensation expense. Future stock-based compensation expense will increase to the extent that the Company grants additional equity awards or assumes unvested equity awards in connection with acquisitions. | ||||||||||||||||||||||
Restricted stock | ||||||||||||||||||||||
The Company has granted restricted stock pursuant to the 2010 EIP. Restricted stock are share awards that, upon grant, the holder receives restricted shares of the Company’s Class B common stock, subject to repurchase at the original issuance price upon termination of services prior to vesting. These repurchase terms are considered to be a forfeiture provision and do not result in mark-to-market accounting each reporting period. Restricted stock is legally issued and outstanding. However, restricted stock is only deemed outstanding for basic earnings per share computation purposes upon the lapse of the Company’s right of repurchase. | ||||||||||||||||||||||
Early exercised stock options subject to repurchase | ||||||||||||||||||||||
The Company has granted options that provide the right to exercise unvested options for shares of restricted stock pursuant to the 2010 EIP. Restricted shares issued upon early exercise of stock options are legally issued and outstanding. However, these restricted shares are only deemed outstanding for basic earnings per share computation purposes upon the lapse of the Company’s right of repurchase. Cash received from option holders for exercise of unvested options is treated as a refundable deposit shown as a liability on the accompanying condensed consolidated balance sheets, and reclassified to stockholders’ equity (deficit) as the Company’s repurchase right lapses. | ||||||||||||||||||||||
The following table summarizes the activities of the Company’s restricted stock and early-exercised stock options subject to repurchase: | ||||||||||||||||||||||
(in thousands except for weighted average grant date fair value) | Shares | Weighted- average grant date fair value | Aggregate intrinsic value | |||||||||||||||||||
Non-vested shares at December 31, 2013 | 487 | $ | 11.03 | $ | 7,628 | |||||||||||||||||
Granted | — | |||||||||||||||||||||
Vested | (152 | ) | ||||||||||||||||||||
Non-vested shares at June 30, 2014 | 335 | $ | 12.73 | $ | 13,461 | |||||||||||||||||
The weighted average remaining vesting term for the restricted stock and unvested early-exercised stock options subject to repurchase as of December 31, 2013 and June 30, 2014 was 1.4 years and 1.3 years, respectively. The amount of unearned stock-based compensation currently estimated to be expensed with respect to unvested restricted stock and early-exercised stock options at December 31, 2013 and June 30, 2014 was $7.4 million and $7.2 million, respectively. The total fair value of vested restricted stock and early exercised stock options subject to repurchase was $0.2 million and $0.5 million in the three months ended June 30, 2013 and June 30, 2014, respectively, and $0.3 million and $1.1 million in the six months ended June 30, 2013 and June 30, 2014 respectively. | ||||||||||||||||||||||
Restricted stock units | ||||||||||||||||||||||
RSUs are share awards that, upon vesting, will deliver to the holder shares of the Company’s Class A common stock under the 2014 EIP or Class B common stock under the 2010 EIP. Typically, vesting of RSUs is subject to the employee’s continuing service to the Company. The cost of these awards is determined using the fair value of the Company’s common stock on the date of grant, and compensation is recognized on a straight-line basis over the requisite vesting period. The Company also issues RSUs with both a market condition and a service condition. The Company estimates the fair value of these market-based RSUs using a Monte Carlo valuation model on the date of grant. | ||||||||||||||||||||||
The following table summarizes the activities of the Company’s RSUs: | ||||||||||||||||||||||
(in thousands except for weighted average grant date fair value) | Shares | Weighted- average grant date fair value | ||||||||||||||||||||
Non-vested shares at December 31, 2013 | 270 | $ | 1.52 | |||||||||||||||||||
Granted | 5,050 | 16.66 | ||||||||||||||||||||
Vested | (1,500 | ) | 18.4 | |||||||||||||||||||
Non-vested shares at June 30, 2014 | 3,820 | 14.91 | ||||||||||||||||||||
The balance as of June 30, 2014 included 3 million RSUs subject to a market condition. These RSUs were issued to the Chief Executive Officer (CEO) in the second quarter of fiscal 2014 and can be earned ratably over a period of three years, subject to the achievement of certain market condition milestones that were set by the Compensation Committee. The Company estimated the fair value of these shares using a Monte Carlo valuation model with the following weighted-average assumptions: | ||||||||||||||||||||||
Dividend yield | None | |||||||||||||||||||||
Expected volatility | 50.90% | |||||||||||||||||||||
Risk-free interest rate | 2.69% | |||||||||||||||||||||
Expected term (years) | 10 | |||||||||||||||||||||
Grant date fair value of underlying shares | $18.40 | |||||||||||||||||||||
The weighted average remaining vesting term for RSUs as of June 30, 2014 was 3.1 years. The amount of unearned stock-based compensation currently estimated to be expensed with respect to RSUs at December 31, 2013 and June 30, 2014 was $4.7 million and $54.7 million, respectively. The total fair value of RSUs vested in the three and six months ended June 30, 2014 was $27.6 million. | ||||||||||||||||||||||
Sharing of proceeds from sale of securities | ||||||||||||||||||||||
During the development stage of the Company, the founder and CEO entered into a verbal agreement with an employee to share 10% of any proceeds from the sale of equity securities held by the founder and CEO. As a result of the issuance of preferred stock to common stockholders in February 2011, and subsequent sale of these preferred shares by the founder and CEO to third parties, an obligation under this verbal agreement arose. In order to satisfy this obligation and any future obligations that may have arisen out of this verbal agreement, the Company entered into a written agreement and provided the following forms of compensation to the employee: | ||||||||||||||||||||||
• | In March 2011, the Company paid the employee $6.1 million in cash, which was recorded as compensation expense within sales and marketing expense. Also in March 2011, the CEO reimbursed the Company for $6.1 million, which was recorded as a stockholder contribution to additional paid-in capital; | |||||||||||||||||||||
• | In June 2011, the Company issued the employee an option to purchase 6,584,427 shares of common stock at an exercise price of $0.763 per share. The option vested immediately and has a contractual life of 10 years. Stock compensation expense of $6.8 million was recorded in June 2011 within sales and marketing expense as a result of this grant. Upon exercise of this option by the employee, the founder and CEO will contribute an equal number of common shares back to the Company. In June 2014, the employee exercised the option to purchase 665,443 shares, for which the CEO contributed the same number of shares back to the Company; and | |||||||||||||||||||||
• | In December 2011, the Company issued the employee 270,000 RSUs that vest upon a change in control of the Company. | |||||||||||||||||||||
Stock-based compensation expense. The following tables set forth the detailed allocation of the stock-based compensation expense (in thousands): | ||||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||||||||||
Stock-based compensation expense: | ||||||||||||||||||||||
Cost of revenue | $ | 154 | $ | 157 | $ | 322 | $ | 377 | ||||||||||||||
Research and development | 1,657 | 556 | 3,058 | 997 | ||||||||||||||||||
Sales and marketing | 1,654 | 1,454 | 3,068 | 2,658 | ||||||||||||||||||
General and administrative | 30,728 | 365 | 31,782 | 595 | ||||||||||||||||||
Total stock-based compensation expense | 34,193 | 2,532 | 38,230 | 4,627 | ||||||||||||||||||
Total tax benefit recognized | (11,483 | ) | (203 | ) | (11,825 | ) | (546 | ) | ||||||||||||||
Decrease in net income | $ | 22,710 | $ | 2,329 | $ | 26,405 | $ | 4,081 | ||||||||||||||
Stock-based compensation expense by type of award: | ||||||||||||||||||||||
Stock options | $ | 3,487 | $ | 2,027 | $ | 6,380 | $ | 3,650 | ||||||||||||||
RSUs | 29,313 | — | 29,493 | — | ||||||||||||||||||
Restricted stock | 1,352 | 505 | 2,316 | 977 | ||||||||||||||||||
ESPP | 41 | — | 41 | — | ||||||||||||||||||
Total stock-based compensation expense | 34,193 | 2,532 | 38,230 | 4,627 | ||||||||||||||||||
Total tax benefit recognized | (11,483 | ) | (203 | ) | (11,825 | ) | (546 | ) | ||||||||||||||
Decrease in net income | $ | 22,710 | $ | 2,329 | $ | 26,405 | $ | 4,081 | ||||||||||||||
Stock option valuation assumptions. | ||||||||||||||||||||||
The fair value of the Company’s stock options granted to employees, officers and non-employee board members was estimated using the following weighted average assumptions: | ||||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||||||||||
Dividend yield | None | None | None | None | ||||||||||||||||||
Expected volatility | 53.90% | 59.80% | 53.9% - 56.0% | 56.0% - 59.8% | ||||||||||||||||||
Risk-free interest rate | 1.7% - 1.9% | 0.8% - 1.6% | 1.7% - 2.0% | 0.8% - 1.6% | ||||||||||||||||||
Expected term (years) | 5.3 - 6.1 | 5.3 - 6.1 | 5.3 - 6.3 | 5.3 - 6.1 | ||||||||||||||||||
Estimated annual forfeiture rate | 6.00% | 6.00% | 6.00% | 6.00% | ||||||||||||||||||
Weighted average fair value at grant date | $9.63 | $8.64 | $9.35 | $7.92 | ||||||||||||||||||
Employee Stock Purchase Plan Shares. | ||||||||||||||||||||||
The fair value of the Company’s ESPP shares issued to employees was estimated using the following weighted average assumptions: | ||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||
Dividend yield | None | |||||||||||||||||||||
Expected volatility | 45.50% | |||||||||||||||||||||
Risk-free interest rate | 0.10% | |||||||||||||||||||||
Expected term (years) | 0.6 | |||||||||||||||||||||
Weighted average fair value at purchase date | $7.04 |
Income_Taxes_Notes
Income Taxes (Notes) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Tax (Benefit) Expense | ' | |||||||||||
Income tax (benefit) expense | ||||||||||||
Three months ended | Six months ended | |||||||||||
30-Jun-14 | 30-Jun-13 | 30-Jun-14 | 30-Jun-13 | |||||||||
Income tax (benefit) expense | 1,639 | (2,568 | ) | 5,521 | 7,459 | |||||||
Effective tax rate | (9.0 | )% | 33.6 | % | (168.8 | )% | 29.4 | % | ||||
Income tax expense for the three months ended June 30, 2014 was $1.6 million compared to a tax benefit of $2.6 million for the three months ended June 30, 2013. The tax expense for the three months ended June 30, 2014 was higher than for the three months ended June 30, 2013 primarily due to the impact of losses which could not be benefited in 2014 and foreign withholding taxes. | ||||||||||||
Income tax expense for the six months ended June 30, 2014 was $5.5 million compared to $7.5 million for the six months ended June 30, 2013. The tax expense for the six months ended June 30, 2014 was lower than for the six months ended June 30, 2013 primarily due to lower U.S. pre-tax income. |
Net_Income_Loss_per_Share_Attr
Net Income (Loss) per Share Attributable to Common Stockholders | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Net Income (loss) per Share Attributable to Common Stockholders | ' | |||||||||||||||
Net income (loss) per share attributable to common stockholders | ||||||||||||||||
Basic and diluted net income (loss) per common share is presented in conformity with the two-class method required for participating securities. In June 2014, the Company filed a Restated Certificate of Incorporation which established two classes of authorized common stock: Class A common stock and Class B common stock. As a result, all outstanding shares of common stock were converted into shares of Class B common stock. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to ten votes per share. Each share of Class B common stock is convertible at any time at the option of the stockholder into one share of Class A common stock and has no expiration date. The Class B common stock is also convertible into Class A common stock on the same basis upon any transfer, whether or not for value, except for “Permitted Transfers” as defined in the Company’s Restated Certificate of Incorporation. Each share of Class B common stock will convert automatically into one share of Class A common stock upon the date when the outstanding shares of Class B common stock represent less than 10% of the aggregate number of shares of common stock then outstanding. | ||||||||||||||||
Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income | ||||||||||||||||
attributable to common stockholders by the weighted-average number of common shares outstanding during the period. All participating securities are excluded from basic weighted average common shares outstanding. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding, including all potentially dilutive common shares, if the effect of each class of potential shares of common stock is dilutive. | ||||||||||||||||
The undistributed earnings are allocated based on the contractual participation rights of the Class A and Class B common shares as if the earnings for the year have been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. Further, as the conversion of Class B common stock is assumed in the computation of the diluted net income per share of Class A common stock, the undistributed earnings are equal to net income for that computation. As of June 30, 2014, there were no Class A shares issued and outstanding. | ||||||||||||||||
The following table presents the calculations of basic and diluted net income (loss) per share attributable to Class B common stockholders: | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
(in thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) | $ | (19,841 | ) | $ | (5,085 | ) | $ | (8,792 | ) | $ | 17,950 | |||||
Less: undistributed earnings allocable to: | ||||||||||||||||
holders of preferred stock | — | — | — | -4,904 | ||||||||||||
holders of unvested early exercised options and restricted stock | — | — | — | (60 | ) | |||||||||||
Undistributed net income (loss) attributable to common stockholders—basic | $ | (19,841 | ) | $ | (5,085 | ) | $ | (8,792 | ) | $ | 12,986 | |||||
Add: adjustments to net income (loss) for dilutive securities allocable to: | ||||||||||||||||
holders of preferred stock | — | — | — | 672 | ||||||||||||
holders of unvested early exercised options and restricted stock | — | — | — | 8 | ||||||||||||
Undistributed net income (loss) attributable to common stockholders—diluted | $ | (19,841 | ) | $ | (5,085 | ) | $ | (8,792 | ) | $ | 13,666 | |||||
Denominator: | ||||||||||||||||
Weighted-average common shares—basic | 82,936 | 80,902 | 82,263 | 80,836 | ||||||||||||
Effect of potentially dilutive securities: | ||||||||||||||||
Stock options and RSUs | — | — | — | 17,741 | ||||||||||||
Weighted-average common shares—diluted | 82,936 | 80,902 | 82,263 | 98,577 | ||||||||||||
Net income per share attributable to common stockholders: | ||||||||||||||||
Distributed earnings—basic | $ | — | $ | — | $ | — | $ | — | ||||||||
Undistributed earnings (loss)—basic | (0.24 | ) | (0.06 | ) | (0.11 | ) | 0.16 | |||||||||
Basic net income (loss) per share | $ | (0.24 | ) | $ | (0.06 | ) | $ | (0.11 | ) | $ | 0.16 | |||||
Distributed earnings—diluted | $ | — | $ | — | $ | — | $ | — | ||||||||
Undistributed earnings (loss)—diluted | (0.24 | ) | (0.06 | ) | (0.11 | ) | 0.14 | |||||||||
Diluted net income (loss) per share | $ | (0.24 | ) | $ | (0.06 | ) | $ | (0.11 | ) | $ | 0.14 | |||||
The following potentially dilutive shares of common stock subject to options, RSUs, unvested stock awards and redeemable convertible preferred stock were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive: | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
(in thousands) | June 30, | June 30, | June 30, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Series A redeemable convertible preferred stock | 30,523 | 30,523 | 30,523 | 30,523 | ||||||||||||
Stock options and RSUs | 29,502 | 25,296 | 28,550 | 762 | ||||||||||||
Unvested stock awards and stock options | 370 | 347 | 411 | 378 | ||||||||||||
60,395 | 56,166 | 59,484 | 31,663 | |||||||||||||
Financing_Arrangements
Financing Arrangements | 6 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Financing Arrangements | ' |
Financing Arrangements | |
Credit facility | |
On December 21, 2012, the Company entered into a $170.0 million syndicated senior secured credit facility consisting of a $120.0 million three-year term loan facility and a $50.0 million four-year revolving credit facility. The Company received net proceeds of $127.6 million, net of $2.4 million of debt issuance and lender costs. The debt issuance and lender costs were allocated between the term loan facility and the revolving credit facility based on the maximum lending commitment amounts. The debt issuance costs allocated to the term loan facility are reported as deferred charges and the lender costs allocated to the term loan facility are included in the carrying value of the term loan as debt discount. The deferred issuance and lender costs allocated to the term loan facility are being amortized to interest expense over the contractual term of the term loan facility using the effective interest method. Costs allocated to the revolving credit facility are deferred and amortized using the straight-line method over the four-year contractual term of the revolving credit facility. Borrowings under the credit facility are collateralized by substantially all of the assets of the Company. | |
The term loan facility has scheduled quarterly principal repayments due on the last day of each quarter of $1.5 million per quarter in 2013, $3.0 million per quarter in 2014 and $6.0 million for the first three quarters of 2015 with the balance of $84.0 million due on December 21, 2015. The interest rate is based on the 6-month adjusted LIBOR (London Interbank Offered Rate) plus 2.5%. The initial contractual interest rate is 3.06% and will adjust every six months. The inception date effective interest rate was 3.71%. The Company may prepay the term loan at any time, without penalty. Mandatory additional principal prepayments may be required based on excess cash flows of the Company. The Company’s excess cash flows, as defined in the credit facility, for 2013 triggered a contractual principal prepayment obligation of $48.5 million, which amount has been classified as a current liability as of December 31, 2013 and June 30, 2014. In April 2014, the Company amended the credit facility agreement for its term loan to extend the due date for this contractual principal prepayment from April 2014 to December 2014. | |
As of December 31, 2013 and June 30, 2014, $114.0 million and $108.0 million of the term loan were outstanding, respectively. The remaining unamortized discount was $0.4 million and $0.3 million as of December 31, 2013 and June 30, 2014, respectively. The effective interest rate on the term loan was 3.79% and 4.03% on December 31, 2013 and June 30, 2014, respectively. Concurrent with the close of the IPO on July 1, 2014, the Company repaid, in full, the term loan outstanding of $108.0 million. | |
The revolving credit facility, which remains in place, matures on December 21, 2016. Principal can be paid and re-borrowed during the term of the revolving credit facility. The interest rate is based on the 3-month adjusted LIBOR plus 2.5%. The initial interest rate was 2.81% and will adjust quarterly for any balance outstanding. Mandatory additional principal repayments may be required based on excess cash flows of the Company once the term loan facility has been fully repaid. As of December 31, 2013 and June 30, 2014, zero of the revolving credit facility was drawn down. As of December 31, 2013, $20.0 million of the revolving credit facility was committed to a standby letter of credit. In April 2014, the $20.0 million standby letter of credit was terminated. | |
The credit agreement contains customary representations and warranties and customary affirmative and negative covenants applicable to the Company and its restricted subsidiaries, including, among other things, restrictions on indebtedness, liens, investments, mergers, dispositions, prepayment of other indebtedness and dividends and other distributions. The credit agreement contains an acceleration clause for certain events related to the Company’s financial creditworthiness, including a financial covenant that requires the Company to maintain specific consolidated ratios. As of December 31, 2013 and June 30, 2014, the Company was in compliance with all covenants. |
Related_Parties
Related Parties | 6 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Parties | ' |
Related parties | |
Beginning in fiscal year 2013, the Company entered into agreements for certain contract manufacturing and engineering services with a company affiliated with one of its investors. In the three and six months ended June 30, 2014, the Company made payments of $3.0 million and $11.4 million, respectively, for services rendered. As of December 31, 2013 and June 30, 2014, the Company had accounts payable associated with this vendor of $3.9 million and $0.1 million, respectively. | |
In the second quarter of fiscal year 2013, the Company settled an outstanding legal matter with one of the CEO’s family members for $0.2 million. | |
In the second quarter of fiscal year 2013, the Company loaned one of its executive officers $150,000 pursuant to a demand payment loan that did not bear interest, which was fully repaid in March 2014. | |
In the third quarter of fiscal year 2013, the Company entered into an agreement with a company affiliated with the son of one of the members of the Board to acquire certain naming rights to a sprint kart race track. As consideration for these naming rights, the Company will pay a total of $0.5 million in installments beginning in October 2013 over the naming rights period. In addition to the fee, the Company will also provide the company with 100 GoPro capture devices at no cost each year during the term of the agreement, which is three years. As of June 30, 2014, the Company has paid $0.2 million related to this agreement. | |
In fiscal year 2013 and the first six months of fiscal year 2014, the Company incurred and expensed company related chartered aircraft fees for the use of the CEO’s private plane, for which $0.3 million was accrued as of June 30, 2014. | |
In May 2014, the Company amended the outstanding stock options granted to the former Chief Financial Officer to facilitate the net exercise of those options and subsequently repurchased 41,154 shares of common stock from the former Chief Financial Officer’s estate at a purchase price of $18.40 per share. | |
On June 3, 2014, the Company granted to the newly hired President of the Company an option to purchase 2,227,106 shares of common stock. In addition, the Company issued the President 248,749 RSUs and the CEO 4,500,000 RSUs. Of the 4,500,000 RSUs issued to the CEO, 1,500,000 RSUs vested immediately, 1,500,000 RSUs vest over a three-year period with the attainment of a milestone stock price for 30 consecutive days, and 1,500,000 RSUs vest over a 3-year period with the attainment of a second milestone stock price for 30 consecutive days. | |
In June 2014, the CEO purchased seven automobiles from the Company for a total purchase price of $0.3 million. | |
Other related party transactions involving the Company’s CEO are discussed in Note 5, “Common stock and stock-based compensation.” |
Commitments_Contingencies_and_
Commitments, Contingencies and Guarantees | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||
Commitments Contingencies and Guarantees | ' | |||||||||||||||||||
Commitments, contingencies and guarantees | ||||||||||||||||||||
The following table summarizes the Company’s contractual commitments as of June 30, 2014: | ||||||||||||||||||||
(in thousands) | Total | 1 year (remaining 6 months fiscal 2014) | 2-3 years (fiscal 2015 and 2016) | 4-5 years (fiscal 2017 and 2018) | More than 5 years (beyond fiscal 2018) | |||||||||||||||
Term loan principal and interest(1) | $ | 112,340 | $ | 57,419 | $ | 54,921 | $ | — | $ | — | ||||||||||
Operating leases(2) | 29,459 | 4,332 | 13,829 | 10,705 | 593 | |||||||||||||||
Sponsorship commitments(3) | 17,851 | 4,929 | 12,621 | 301 | — | |||||||||||||||
Other contractual commitments(4) | 3,937 | 232 | 3,705 | — | — | |||||||||||||||
Capital equipment purchase commitments(5) | 12,242 | 12,242 | — | — | — | |||||||||||||||
Total contractual cash obligations | $ | 175,829 | $ | 79,154 | $ | 85,076 | $ | 11,006 | $ | 593 | ||||||||||
-1 | See Note 8, “Financing arrangements.” Interest payments were calculated using the applicable rate as of June 30, 2014. | |||||||||||||||||||
-2 | The Company leases its facilities under long-term operating leases, which expire at various dates through May 2019. The lease agreements frequently include leasehold improvement incentives, escalating lease payments, renewal provisions and other provisions which require the Company to pay taxes, insurance, maintenance costs or defined rent increases. | |||||||||||||||||||
-3 | The Company sponsors sporting events and athletes as part of its marketing efforts. In many cases, the Company enters into multi-year agreements with event organizers and athletes. | |||||||||||||||||||
-4 | The Company purchases software licenses and engages outside consultants to assist with upgrading or implementing its financial and IT systems, which require payments over multiple years. | |||||||||||||||||||
-5 | The Company enters into contracts to acquire equipment for tooling and molds as part of its manufacturing operations. In addition, the Company incurs purchase commitments related to the manufacturing of its POP displays by third parties. | |||||||||||||||||||
Rent expense was $0.9 million and $1.9 million for the three months ended June 30, 2013 and June 30, 2014, respectively, and $1.6 million and $3.2 million for the six months ended June 30, 2013 and June 30, 2014, respectively. | ||||||||||||||||||||
Legal proceedings | ||||||||||||||||||||
From time to time, the Company is involved in legal proceedings in the ordinary course of business. The Company believes that the outcome of any existing litigation, either individually or in the aggregate, will not have a material impact on the results of operations, financial condition or cash flows of the Company. | ||||||||||||||||||||
Indemnifications | ||||||||||||||||||||
In the normal course of business, the Company enters into agreements that contain a variety of representations and warranties and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future, but have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. | ||||||||||||||||||||
Product warranty | ||||||||||||||||||||
As of December 31, 2013, $3.7 million of the Company's warranty liability was recorded as an element of accrued liabilities and $0.2 million was recorded as an element of other long-term liabilities. As of June 30, 2014, $4.5 million of the warranty liability was recorded as an element of accrued liabilities and $0.2 million was recorded as an element of other long-term liabilities. | ||||||||||||||||||||
The following table summarizes the warranty liability activity: | ||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||
(in thousands) | June 30, | June 30, | June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Beginning balances | $ | 2,551 | $ | 2,695 | $ | 3,870 | $ | 1,937 | ||||||||||||
Charged to cost of revenue | 3,928 | 1,291 | 4,200 | 3,119 | ||||||||||||||||
Settlements of warranty claims | (1,801 | ) | (1,169 | ) | (3,392 | ) | (2,239 | ) | ||||||||||||
Ending balances | $ | 4,678 | $ | 2,817 | $ | 4,678 | $ | 2,817 | ||||||||||||
Employee_Retirement_Plan_Notes
Employee Retirement Plan (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee retirement plan | ' |
Employee retirement plan | |
The Company has established a 401(k) tax-deferred savings plan (401(k) Plan), which permits participants to make contributions by salary deduction pursuant to Section 401(k) of the Internal Revenue Code. In March 2014, the Company modified its 401(k) Plan to allow the Company to make a matching contribution up to 4% of the employees' 401(k) eligible compensation, which was made retroactive to January 1, 2014. |
Concentration_of_Risk_and_Segm
Concentration of Risk and Segment Information | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Risks and Uncertainties [Abstract] | ' | |||||||||||||||
Concentration of Risk and Segment Information | ' | |||||||||||||||
Concentrations of risk and segment information | ||||||||||||||||
Segment information | ||||||||||||||||
The Company operates as one operating segment as it only reports financial information on an aggregate and consolidated basis to its CEO, who is the Company’s chief operating decision maker. | ||||||||||||||||
Customer concentration | ||||||||||||||||
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of trade receivables. The Company believes that the credit risk in its trade receivables is mitigated by the Company’s credit evaluation process, relatively short collection terms and dispersion of its customer base. The Company generally does not require collateral and losses on trade receivables have historically been within management’s expectations. | ||||||||||||||||
Customers with accounts receivable equal to or greater than 10% of total accounts receivable as of December 31, 2013 and June 30, 2014 were as follows: | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Customer A | 20% | 21% | ||||||||||||||
Customer B | 12% | 14% | ||||||||||||||
Customer C | * | 11% | ||||||||||||||
* Less than 10% of total accounts receivable for the period indicated | ||||||||||||||||
In the three and six months ended June 30, 2014, respectively, the Company sold accounts receivables, without recourse, of $37.9 million and $69.2 million, respectively, from a retail customer to a third-party banking institution. Factoring fees of $0.3 million and $0.6 million in the three and six months ended June 30, 2014, respectively, related to the sale of trade accounts receivable were included in interest expense. | ||||||||||||||||
Customers with revenue equal to or greater than 10% of total revenue for the three and six months ended June 30, 2013 and June 30, 2014 were as follows: | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Customer A | 17% | 15% | 15% | 14% | ||||||||||||
Customer B | * | 10% | * | * | ||||||||||||
* | Less than 10% of total revenue for the period indicated | |||||||||||||||
Supplier concentration | ||||||||||||||||
The Company relies on third parties for the supply and manufacture of its capture devices. In instances where a supply and manufacture agreement does not exist or suppliers fail to perform their obligations, the Company may be unable to find alternative suppliers or satisfactorily deliver its products to its customers on time, if at all. | ||||||||||||||||
The Company also relies on third parties with whom it outsources supply chain activities related to inventory warehousing, order fulfillment, distribution and other direct sales logistics. The Company cannot be sure that these parties will perform their obligations as expected or that any cost savings, or other benefits will be derived from the efforts of these parties. If any of these parties breaches or terminates their agreement with the Company or otherwise fails to perform their obligations in a timely manner, the Company’s financial results may be adversely affected. | ||||||||||||||||
Geographic and other information | ||||||||||||||||
Revenue by geographic region, based on ship-to destinations, was as follows: | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
(in thousands) | June 30, | June 30, | June 30, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Americas | $ | 152,710 | $ | 102,017 | $ | 277,876 | $ | 235,491 | ||||||||
Europe, Middle East and Africa | 62,832 | 58,925 | 142,939 | 146,708 | ||||||||||||
Asia and Pacific area countries | 29,063 | 16,140 | 59,506 | 49,940 | ||||||||||||
$ | 244,605 | $ | 177,082 | $ | 480,321 | $ | 432,139 | |||||||||
Revenue in the United States, which is included in the Americas geographic region, was $92.1 million and $132.7 million for the three months ended June 30, 2013 and June 30, 2014, respectively, and $207.6 million and $243.3 million for the six months ended June 30, 2013 and June 30, 2014, respectively. | ||||||||||||||||
As of December 31, 2013 and June 30, 2014, long-lived assets, which represent property and equipment, located outside the United States, primarily China, were $6.0 million and $10.8 million, respectively. | ||||||||||||||||
The Company does not disclose revenue by product category as it does not track sales incentives and other revenue adjustments by product category to report such data. |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent events | |
On July 1, 2014, subsequent to the close of the Company’s second quarter ended June 30, 2014, the Company completed its IPO of 17,800,000 shares of Class A common stock, at $24.00 per share, before underwriting discounts and commissions. The Company sold 8,900,000 shares and existing stockholders sold an aggregate of 11,570,000 shares, including 2,670,000 shares as a result of the underwriters’ exercise of their option to purchase additional shares. The IPO generated net proceeds to the Company of approximately $200.8 million, after deducting underwriting discounts and commissions. Offering costs incurred by the Company were approximately $6.2 million and will be recorded against the proceeds received from the sale of the common stock. The Company did not receive any proceeds from the sale of shares by the selling stockholders. | |
The outstanding shares of convertible preferred stock converted into shares of the Company’s Class B common stock concurrent with the close of the IPO on July 1, 2014. Following the IPO, there were no shares of the Company’s convertible preferred stock outstanding. | |
Concurrent with the close of the IPO, the Company paid off, in full, the term loan balance outstanding of $108.0 million. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of accounting | ' |
The Company’s fiscal year ends on December 31, and its fiscal quarters end on March 31, June 30 and September 30. | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary to present fairly the financial position of the Company and its results of operations and cash flow for the interim periods presented have been included. Operating results for the six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014, for any other interim period or for any other future year. | |
The condensed consolidated balance sheet at December 31, 2013 has been derived from the audited financial statements at that date, but does not include all of the disclosures required by GAAP. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s prospectus filed with the Securities and Exchange Commission (SEC) on June 26, 2014. | |
There have been no significant changes in the Company’s accounting policies from those disclosed in its prospectus filed with the SEC on June 26, 2014. | |
Principles of consolidation | ' |
Principles of consolidation | |
These consolidated financial statements include all the accounts of the Company and its wholly-owned subsidiaries. Unless otherwise specified, references to the Company are references to GoPro, Inc. and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. | |
Use of estimates | ' |
Use of estimates | |
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the Company’s consolidated financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to its allowance for doubtful accounts, stock-based compensation, inventory valuation, warranty liabilities, sales returns, web-based sale deliveries at period-end, implied post contract support and marketing allowances, the valuation and useful life evaluation of acquired intangibles, the valuation of deferred income tax assets and uncertain tax positions. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from management’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |
Recent accounting pronouncements | ' |
Recent accounting pronouncements | |
On May 28, 2014, the Financial Accounting Standards Board (FASB) issued a new accounting standard update on revenue from contracts with customers, which supercedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The new guidance adheres to the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this principle, the new guidance lists five steps that entities should follow, including identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations in the contract and recognizing revenue when the entity satisfies a performance obligation. The new guidance becomes effective for the Company on January 1, 2017, with retrospective application permitted. Early application is not permitted. The Company is currently assessing the impact of this new guidance. | |
In June 2014, the FASB issued a new accounting standard update on the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The new guidance becomes effective for the Company on January 1, 2016, with early adoption is permitted. The Company does not believe the adoption of this guidance will have a material impact on its Condensed Consolidated Financial Statements. |
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||
Schedule of Inventory | ' | |||||||||||||
Inventory, net. Inventory, net consisted of the following: | ||||||||||||||
(in thousands) | June 30, | December 31, | ||||||||||||
2014 | 2013 | |||||||||||||
Components | $ | 3,754 | $ | 8,000 | ||||||||||
Finished goods | 76,622 | 103,994 | ||||||||||||
Total inventory, net | $ | 80,376 | $ | 111,994 | ||||||||||
Prepaid Expenses and Other Current Assets | ' | |||||||||||||
Prepaid expenses and other current assets. Prepaid expenses and other current assets consisted of the following: | ||||||||||||||
(in thousands) | June 30, | December 31, | ||||||||||||
2014 | 2013 | |||||||||||||
Prepaid expenses | $ | 28,239 | $ | 3,830 | ||||||||||
Non-trade receivables | 19,963 | 144 | ||||||||||||
Current deferred tax assets | 14,984 | 15,173 | ||||||||||||
Other current assets | 2,223 | 2,820 | ||||||||||||
Total prepaid expenses and other current assets | $ | 65,409 | $ | 21,967 | ||||||||||
Property, Plant and Equipment | ' | |||||||||||||
Property and equipment, net. Property and equipment, net consisted of the following: | ||||||||||||||
(in thousands) | Useful life (in years) | June 30, | December 31, | |||||||||||
2014 | 2013 | |||||||||||||
Leasehold improvements | 3–7 | $ | 22,247 | $ | 20,111 | |||||||||
Computers, software, equipment and furniture | 2–7 | 19,697 | 11,988 | |||||||||||
Tooling | 1–4 | 11,317 | 8,799 | |||||||||||
Tradeshow equipment and other | 2–5 | 3,759 | 3,469 | |||||||||||
Construction in progress | 2,650 | 2,151 | ||||||||||||
59,670 | 46,518 | |||||||||||||
Less: Accumulated depreciation | -20,731 | -14,407 | ||||||||||||
$ | 38,939 | $ | 32,111 | |||||||||||
Intangible Assets | ' | |||||||||||||
Intangible Assets. Intangible asset balances are presented below: | ||||||||||||||
Weighted | ||||||||||||||
average | ||||||||||||||
remaining | ||||||||||||||
30-Jun-14 | useful life | |||||||||||||
(in thousands) | Gross | Accumulated | Net | (in years) | ||||||||||
amortization | ||||||||||||||
Developed technology | $ | 5,330 | $ | (2,961 | ) | $ | 2,369 | 2.7 | ||||||
Other intangible assets | 1,160 | (819 | ) | 341 | 1.6 | |||||||||
$ | 6,490 | $ | (3,780 | ) | $ | 2,710 | ||||||||
Weighted | ||||||||||||||
average | ||||||||||||||
remaining | ||||||||||||||
31-Dec-13 | useful life | |||||||||||||
(in thousands) | Gross | Accumulated | Net | (in years) | ||||||||||
amortization | ||||||||||||||
Developed technology | $ | 5,330 | $ | (2,517 | ) | $ | 2,813 | 3.2 | ||||||
Other intangible assets | 1,160 | (703 | ) | 457 | 2 | |||||||||
$ | 6,490 | $ | (3,220 | ) | $ | 3,270 | ||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | ' | |||||||||||||
The estimated future amortization expense of acquired intangible assets to be charged to cost of revenue and operating expenses after June 30, 2014, is as follows: | ||||||||||||||
(in thousands) | Cost of | Operating | Total | |||||||||||
revenue | expenses | |||||||||||||
Years ending December 31, | ||||||||||||||
2014 (remaining 6 months) | $ | 444 | $ | 107 | $ | 551 | ||||||||
2015 | 888 | 197 | 1,085 | |||||||||||
2016 | 888 | 22 | 910 | |||||||||||
2017 | 149 | — | 149 | |||||||||||
$ | 2,369 | $ | 326 | $ | 2,695 | |||||||||
Other Long-term Assets | ' | |||||||||||||
Other long-term assets. Other long-term assets consisted of the following: | ||||||||||||||
(in thousands) | June 30, | December 31, | ||||||||||||
2014 | 2013 | |||||||||||||
POP displays | $ | 19,077 | $ | 22,379 | ||||||||||
Deposits | 4,999 | 2,698 | ||||||||||||
Long-term licenses | 4,000 | 4,000 | ||||||||||||
Long-term deferred tax assets and other | 2,320 | 1,683 | ||||||||||||
Deferred public offering costs | 6,166 | 1,395 | ||||||||||||
Total other long-term assets | $ | 36,562 | $ | 32,155 | ||||||||||
Schedule of Accrued Liabilities | ' | |||||||||||||
Accrued liabilities. Accrued liabilities consisted of the following: | ||||||||||||||
(in thousands) | June 30, | December 31, | ||||||||||||
2014 | 2013 | |||||||||||||
Accrued payables | $ | 39,778 | $ | 49,975 | ||||||||||
Employee related liabilities | 12,571 | 11,932 | ||||||||||||
Customer deposits | 1,736 | 1,316 | ||||||||||||
Warranty liability | 4,512 | 3,691 | ||||||||||||
Taxes payable | 11,211 | 7,766 | ||||||||||||
Accrued sponsorship expense | 2,191 | 2,909 | ||||||||||||
Accrued sales incentives | 3,579 | 4,909 | ||||||||||||
Sales commissions | 1,608 | 2,454 | ||||||||||||
Other | 1,633 | 1,439 | ||||||||||||
Total accrued liabilities | $ | 78,819 | $ | 86,391 | ||||||||||
Common_Stock_and_Stockholders_1
Common Stock and Stockholders' Equity (Tables) | 6 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | ' | |||||||||||||||||||||
The Company had the following shares of common stock reserved for issuance upon the exercise or vesting of equity instruments: | ||||||||||||||||||||||
(in thousands) | June 30, | December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Stock options outstanding | 27,294 | 26,724 | ||||||||||||||||||||
Restricted stock units outstanding | 3,820 | 270 | ||||||||||||||||||||
Stock options, restricted stock and RSUs available for future grants | 13,821 | 1,306 | ||||||||||||||||||||
44,935 | 28,300 | |||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||||||||||||||||
A summary of the Company’s stock option activity and related information is as follows: | ||||||||||||||||||||||
Options outstanding | ||||||||||||||||||||||
(shares in thousands) | Shares | Weighted- | Weighted- | Total intrinsic | Weighted- | Aggregate | ||||||||||||||||
average | average | value of | average | intrinsic value | ||||||||||||||||||
exercise | grant | options | remaining | (in thousands) | ||||||||||||||||||
price | date fair | exercised | contractual | |||||||||||||||||||
value | (in thousands) | term | ||||||||||||||||||||
(in years) | ||||||||||||||||||||||
Outstanding at December 31, 2013: | 26,724 | $ | 2.47 | 7.55 | $ | 367,395 | ||||||||||||||||
Granted | 4,635 | 17.57 | $ | 9.35 | ||||||||||||||||||
Exercised | (3,835 | ) | 0.88 | $ | 80,108 | |||||||||||||||||
Forfeited/Cancelled | (230 | ) | 11.58 | |||||||||||||||||||
Outstanding at June 30, 2014: | 27,294 | $ | 5.18 | 7.6 | $ | 965,340 | ||||||||||||||||
Exercisable at December 31, 2013 | 20,605 | $ | 0.84 | 7.26 | $ | 316,812 | ||||||||||||||||
Vested and expected to vest at December 31, 2013 | 25,798 | $ | 2.32 | 7.52 | $ | 358,624 | ||||||||||||||||
Exercisable at June 30, 2014 | 18,594 | $ | 1.19 | 6.9 | $ | 731,810 | ||||||||||||||||
Vested and expected to vest at June 30, 2014 | 26,076 | $ | 4.84 | 7.54 | $ | 931,254 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable | ' | |||||||||||||||||||||
The following is a further breakdown of the options outstanding and exercisable at June 30, 2014: | ||||||||||||||||||||||
Options outstanding | Options exercisable | |||||||||||||||||||||
(options in thousands) | Options | Weighted | Weighted | Options | Weighted | |||||||||||||||||
outstanding | average | average | exercisable | average | ||||||||||||||||||
remaining | exercise price | exercise price | ||||||||||||||||||||
contractual | ||||||||||||||||||||||
life (in years) | ||||||||||||||||||||||
Range of exercise prices | ||||||||||||||||||||||
$ 0.18–0.66 | 8,944 | 6.62 | $ | 0.62 | 8,736 | $ | 0.62 | |||||||||||||||
0.76–0.76 | 8,752 | 6.97 | 0.76 | 8,133 | 0.76 | |||||||||||||||||
1.52–2.96 | 1,795 | 7.56 | 1.91 | 1,031 | 1.86 | |||||||||||||||||
8.30–8.30 | 513 | 8.3 | 8.3 | 218 | 8.3 | |||||||||||||||||
13.72–13.72 | 873 | 8.65 | 13.72 | 294 | 13.72 | |||||||||||||||||
15.40–15.40 | 584 | 8.94 | 15.4 | 171 | 15.4 | |||||||||||||||||
15.59–15.59 | 444 | 9.15 | 15.59 | 1 | 15.59 | |||||||||||||||||
16.19–16.19 | 797 | 9.39 | 16.19 | — | — | |||||||||||||||||
16.22–16.22 | 1,125 | 9.59 | 16.22 | — | — | |||||||||||||||||
16.39–16.39 | 651 | 9.78 | 16.39 | 10 | 16.39 | |||||||||||||||||
18.40–18.40 | 2,816 | 9.93 | 18.4 | — | — | |||||||||||||||||
$ 0.18–18.40 | 27,294 | 7.6 | $ | 5.18 | 18,594 | $ | 1.19 | |||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | ' | |||||||||||||||||||||
The following table summarizes the activities of the Company’s restricted stock and early-exercised stock options subject to repurchase: | ||||||||||||||||||||||
(in thousands except for weighted average grant date fair value) | Shares | Weighted- average grant date fair value | Aggregate intrinsic value | |||||||||||||||||||
Non-vested shares at December 31, 2013 | 487 | $ | 11.03 | $ | 7,628 | |||||||||||||||||
Granted | — | |||||||||||||||||||||
Vested | (152 | ) | ||||||||||||||||||||
Non-vested shares at June 30, 2014 | 335 | $ | 12.73 | $ | 13,461 | |||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | ' | |||||||||||||||||||||
The following table summarizes the activities of the Company’s RSUs: | ||||||||||||||||||||||
(in thousands except for weighted average grant date fair value) | Shares | Weighted- average grant date fair value | ||||||||||||||||||||
Non-vested shares at December 31, 2013 | 270 | $ | 1.52 | |||||||||||||||||||
Granted | 5,050 | 16.66 | ||||||||||||||||||||
Vested | (1,500 | ) | 18.4 | |||||||||||||||||||
Non-vested shares at June 30, 2014 | 3,820 | 14.91 | ||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ' | |||||||||||||||||||||
Stock-based compensation expense. The following tables set forth the detailed allocation of the stock-based compensation expense (in thousands): | ||||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||||||||||
Stock-based compensation expense: | ||||||||||||||||||||||
Cost of revenue | $ | 154 | $ | 157 | $ | 322 | $ | 377 | ||||||||||||||
Research and development | 1,657 | 556 | 3,058 | 997 | ||||||||||||||||||
Sales and marketing | 1,654 | 1,454 | 3,068 | 2,658 | ||||||||||||||||||
General and administrative | 30,728 | 365 | 31,782 | 595 | ||||||||||||||||||
Total stock-based compensation expense | 34,193 | 2,532 | 38,230 | 4,627 | ||||||||||||||||||
Total tax benefit recognized | (11,483 | ) | (203 | ) | (11,825 | ) | (546 | ) | ||||||||||||||
Decrease in net income | $ | 22,710 | $ | 2,329 | $ | 26,405 | $ | 4,081 | ||||||||||||||
Stock-based compensation expense by type of award: | ||||||||||||||||||||||
Stock options | $ | 3,487 | $ | 2,027 | $ | 6,380 | $ | 3,650 | ||||||||||||||
RSUs | 29,313 | — | 29,493 | — | ||||||||||||||||||
Restricted stock | 1,352 | 505 | 2,316 | 977 | ||||||||||||||||||
ESPP | 41 | — | 41 | — | ||||||||||||||||||
Total stock-based compensation expense | 34,193 | 2,532 | 38,230 | 4,627 | ||||||||||||||||||
Total tax benefit recognized | (11,483 | ) | (203 | ) | (11,825 | ) | (546 | ) | ||||||||||||||
Decrease in net income | $ | 22,710 | $ | 2,329 | $ | 26,405 | $ | 4,081 | ||||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | ' | |||||||||||||||||||||
Stock-based compensation expense. The following tables set forth the detailed allocation of the stock-based compensation expense (in thousands): | ||||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||||||||||
Stock-based compensation expense: | ||||||||||||||||||||||
Cost of revenue | $ | 154 | $ | 157 | $ | 322 | $ | 377 | ||||||||||||||
Research and development | 1,657 | 556 | 3,058 | 997 | ||||||||||||||||||
Sales and marketing | 1,654 | 1,454 | 3,068 | 2,658 | ||||||||||||||||||
General and administrative | 30,728 | 365 | 31,782 | 595 | ||||||||||||||||||
Total stock-based compensation expense | 34,193 | 2,532 | 38,230 | 4,627 | ||||||||||||||||||
Total tax benefit recognized | (11,483 | ) | (203 | ) | (11,825 | ) | (546 | ) | ||||||||||||||
Decrease in net income | $ | 22,710 | $ | 2,329 | $ | 26,405 | $ | 4,081 | ||||||||||||||
Stock-based compensation expense by type of award: | ||||||||||||||||||||||
Stock options | $ | 3,487 | $ | 2,027 | $ | 6,380 | $ | 3,650 | ||||||||||||||
RSUs | 29,313 | — | 29,493 | — | ||||||||||||||||||
Restricted stock | 1,352 | 505 | 2,316 | 977 | ||||||||||||||||||
ESPP | 41 | — | 41 | — | ||||||||||||||||||
Total stock-based compensation expense | 34,193 | 2,532 | 38,230 | 4,627 | ||||||||||||||||||
Total tax benefit recognized | (11,483 | ) | (203 | ) | (11,825 | ) | (546 | ) | ||||||||||||||
Decrease in net income | $ | 22,710 | $ | 2,329 | $ | 26,405 | $ | 4,081 | ||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | |||||||||||||||||||||
The fair value of the Company’s stock options granted to employees, officers and non-employee board members was estimated using the following weighted average assumptions: | ||||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||||||||||
Dividend yield | None | None | None | None | ||||||||||||||||||
Expected volatility | 53.90% | 59.80% | 53.9% - 56.0% | 56.0% - 59.8% | ||||||||||||||||||
Risk-free interest rate | 1.7% - 1.9% | 0.8% - 1.6% | 1.7% - 2.0% | 0.8% - 1.6% | ||||||||||||||||||
Expected term (years) | 5.3 - 6.1 | 5.3 - 6.1 | 5.3 - 6.3 | 5.3 - 6.1 | ||||||||||||||||||
Estimated annual forfeiture rate | 6.00% | 6.00% | 6.00% | 6.00% | ||||||||||||||||||
Weighted average fair value at grant date | $9.63 | $8.64 | $9.35 | $7.92 | ||||||||||||||||||
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | ' | |||||||||||||||||||||
The fair value of the Company’s ESPP shares issued to employees was estimated using the following weighted average assumptions: | ||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||
Dividend yield | None | |||||||||||||||||||||
Expected volatility | 45.50% | |||||||||||||||||||||
Risk-free interest rate | 0.10% | |||||||||||||||||||||
Expected term (years) | 0.6 | |||||||||||||||||||||
Weighted average fair value at purchase date | $7.04 |
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||
Income tax (benefit) expense | ||||||||||||
Three months ended | Six months ended | |||||||||||
30-Jun-14 | 30-Jun-13 | 30-Jun-14 | 30-Jun-13 | |||||||||
Income tax (benefit) expense | 1,639 | (2,568 | ) | 5,521 | 7,459 | |||||||
Effective tax rate | (9.0 | )% | 33.6 | % | (168.8 | )% | 29.4 | % |
Net_Income_Loss_per_Share_Attr1
Net Income (Loss) per Share Attributable to Common Stockholders (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Net Income per Share, Basic and Diluted | ' | |||||||||||||||
The following table presents the calculations of basic and diluted net income (loss) per share attributable to Class B common stockholders: | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
(in thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) | $ | (19,841 | ) | $ | (5,085 | ) | $ | (8,792 | ) | $ | 17,950 | |||||
Less: undistributed earnings allocable to: | ||||||||||||||||
holders of preferred stock | — | — | — | -4,904 | ||||||||||||
holders of unvested early exercised options and restricted stock | — | — | — | (60 | ) | |||||||||||
Undistributed net income (loss) attributable to common stockholders—basic | $ | (19,841 | ) | $ | (5,085 | ) | $ | (8,792 | ) | $ | 12,986 | |||||
Add: adjustments to net income (loss) for dilutive securities allocable to: | ||||||||||||||||
holders of preferred stock | — | — | — | 672 | ||||||||||||
holders of unvested early exercised options and restricted stock | — | — | — | 8 | ||||||||||||
Undistributed net income (loss) attributable to common stockholders—diluted | $ | (19,841 | ) | $ | (5,085 | ) | $ | (8,792 | ) | $ | 13,666 | |||||
Denominator: | ||||||||||||||||
Weighted-average common shares—basic | 82,936 | 80,902 | 82,263 | 80,836 | ||||||||||||
Effect of potentially dilutive securities: | ||||||||||||||||
Stock options and RSUs | — | — | — | 17,741 | ||||||||||||
Weighted-average common shares—diluted | 82,936 | 80,902 | 82,263 | 98,577 | ||||||||||||
Net income per share attributable to common stockholders: | ||||||||||||||||
Distributed earnings—basic | $ | — | $ | — | $ | — | $ | — | ||||||||
Undistributed earnings (loss)—basic | (0.24 | ) | (0.06 | ) | (0.11 | ) | 0.16 | |||||||||
Basic net income (loss) per share | $ | (0.24 | ) | $ | (0.06 | ) | $ | (0.11 | ) | $ | 0.16 | |||||
Distributed earnings—diluted | $ | — | $ | — | $ | — | $ | — | ||||||||
Undistributed earnings (loss)—diluted | (0.24 | ) | (0.06 | ) | (0.11 | ) | 0.14 | |||||||||
Diluted net income (loss) per share | $ | (0.24 | ) | $ | (0.06 | ) | $ | (0.11 | ) | $ | 0.14 | |||||
Schedule of Antidilutive Securities Excluded from Computation of Net Income per Share | ' | |||||||||||||||
The following potentially dilutive shares of common stock subject to options, RSUs, unvested stock awards and redeemable convertible preferred stock were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive: | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
(in thousands) | June 30, | June 30, | June 30, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Series A redeemable convertible preferred stock | 30,523 | 30,523 | 30,523 | 30,523 | ||||||||||||
Stock options and RSUs | 29,502 | 25,296 | 28,550 | 762 | ||||||||||||
Unvested stock awards and stock options | 370 | 347 | 411 | 378 | ||||||||||||
60,395 | 56,166 | 59,484 | 31,663 | |||||||||||||
Commitments_Contingencies_and_1
Commitments, Contingencies and Guarantees (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of the Company's Contractual Commitments | ' | |||||||||||||||||||
The following table summarizes the Company’s contractual commitments as of June 30, 2014: | ||||||||||||||||||||
(in thousands) | Total | 1 year (remaining 6 months fiscal 2014) | 2-3 years (fiscal 2015 and 2016) | 4-5 years (fiscal 2017 and 2018) | More than 5 years (beyond fiscal 2018) | |||||||||||||||
Term loan principal and interest(1) | $ | 112,340 | $ | 57,419 | $ | 54,921 | $ | — | $ | — | ||||||||||
Operating leases(2) | 29,459 | 4,332 | 13,829 | 10,705 | 593 | |||||||||||||||
Sponsorship commitments(3) | 17,851 | 4,929 | 12,621 | 301 | — | |||||||||||||||
Other contractual commitments(4) | 3,937 | 232 | 3,705 | — | — | |||||||||||||||
Capital equipment purchase commitments(5) | 12,242 | 12,242 | — | — | — | |||||||||||||||
Total contractual cash obligations | $ | 175,829 | $ | 79,154 | $ | 85,076 | $ | 11,006 | $ | 593 | ||||||||||
-1 | See Note 8, “Financing arrangements.” Interest payments were calculated using the applicable rate as of June 30, 2014. | |||||||||||||||||||
-2 | The Company leases its facilities under long-term operating leases, which expire at various dates through May 2019. The lease agreements frequently include leasehold improvement incentives, escalating lease payments, renewal provisions and other provisions which require the Company to pay taxes, insurance, maintenance costs or defined rent increases. | |||||||||||||||||||
-3 | The Company sponsors sporting events and athletes as part of its marketing efforts. In many cases, the Company enters into multi-year agreements with event organizers and athletes. | |||||||||||||||||||
-4 | The Company purchases software licenses and engages outside consultants to assist with upgrading or implementing its financial and IT systems, which require payments over multiple years. | |||||||||||||||||||
-5 | The Company enters into contracts to acquire equipment for tooling and molds as part of its manufacturing operations. In addition, the Company incurs purchase commitments related to the manufacturing of its POP displays by third parties. | |||||||||||||||||||
Schedule of Product Warranty Liability Activity | ' | |||||||||||||||||||
The following table summarizes the warranty liability activity: | ||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||
(in thousands) | June 30, | June 30, | June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Beginning balances | $ | 2,551 | $ | 2,695 | $ | 3,870 | $ | 1,937 | ||||||||||||
Charged to cost of revenue | 3,928 | 1,291 | 4,200 | 3,119 | ||||||||||||||||
Settlements of warranty claims | (1,801 | ) | (1,169 | ) | (3,392 | ) | (2,239 | ) | ||||||||||||
Ending balances | $ | 4,678 | $ | 2,817 | $ | 4,678 | $ | 2,817 | ||||||||||||
Concentration_of_Risk_and_Segm1
Concentration of Risk and Segment Information (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Concentration Risk [Line Items] | ' | |||||||||||||||
Schedule of Revenue by Geographic Region | ' | |||||||||||||||
Revenue by geographic region, based on ship-to destinations, was as follows: | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
(in thousands) | June 30, | June 30, | June 30, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Americas | $ | 152,710 | $ | 102,017 | $ | 277,876 | $ | 235,491 | ||||||||
Europe, Middle East and Africa | 62,832 | 58,925 | 142,939 | 146,708 | ||||||||||||
Asia and Pacific area countries | 29,063 | 16,140 | 59,506 | 49,940 | ||||||||||||
$ | 244,605 | $ | 177,082 | $ | 480,321 | $ | 432,139 | |||||||||
Accounts Receivable [Member] | ' | |||||||||||||||
Concentration Risk [Line Items] | ' | |||||||||||||||
Schedules of Customer Concentration by Risk Factor | ' | |||||||||||||||
Customers with accounts receivable equal to or greater than 10% of total accounts receivable as of December 31, 2013 and June 30, 2014 were as follows: | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Customer A | 20% | 21% | ||||||||||||||
Customer B | 12% | 14% | ||||||||||||||
Customer C | * | 11% | ||||||||||||||
Sales Revenue [Member] | ' | |||||||||||||||
Concentration Risk [Line Items] | ' | |||||||||||||||
Schedules of Customer Concentration by Risk Factor | ' | |||||||||||||||
Customers with revenue equal to or greater than 10% of total revenue for the three and six months ended June 30, 2013 and June 30, 2014 were as follows: | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Customer A | 17% | 15% | 15% | 14% | ||||||||||||
Customer B | * | 10% | * | * | ||||||||||||
* | Less than 10% of total revenue for the period indicated |
Business_Overview_Details
Business Overview (Details) (Subsequent Event [Member], USD $) | 0 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jul. 01, 2014 | Jul. 01, 2014 |
Subsequent Event [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Shares of stock sold as part of public offering | 8,900,000 | ' |
Shares of stock sold by certain stockholders as part of underwritten public offering | 11,570,000 | ' |
Shares of stock sold by certain stockholders as part of underwriterss options to purchase additional shares through underwritten public offering | 2,670,000 | ' |
Initial public offering price (in US$ per share) | ' | $24 |
Aggregate gross proceeds from sale of stock | $200.80 | ' |
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2014 |
Scenario, Adjustment [Member] | Scenario, Adjustment [Member] | |||
Net cash provided by (used in) operating activities | $6,749 | ($3,240) | $3,200 | ' |
Net cash used in investing activities | ($15,569) | ($7,872) | ' | ($3,200) |
Balance_Sheet_Components_Inven
Balance Sheet Components Inventory (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Components | $3,754 | $8,000 |
Finished goods | 76,622 | 103,994 |
Total inventory, net | $80,376 | $111,994 |
Balance_Sheet_Components_Prepa
Balance Sheet Components Prepaid Expenses and other Current Assets (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Prepaid expenses | $28,239 | $3,830 |
Non-trade receivables | 19,963 | 144 |
Current deferred tax assets | 14,984 | 15,173 |
Other current assets | 2,223 | 2,820 |
Total prepaid expenses and other current assets | $65,409 | $21,967 |
Balance_Sheet_Components_Prope
Balance Sheet Components Property, Plant and Equipment (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | Leasehold Improvements [Member] | Leasehold Improvements [Member] | 3570 Computer and office Equipment [Member] | 3570 Computer and office Equipment [Member] | Tools, Dies and Molds [Member] | Tools, Dies and Molds [Member] | Tradeshow Equipment [Member] | Tradeshow Equipment [Member] | Construction in Progress [Member] | Construction in Progress [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||
Leasehold Improvements [Member] | 3570 Computer and office Equipment [Member] | Tools, Dies and Molds [Member] | Tradeshow Equipment [Member] | Automobiles [Member] | Leasehold Improvements [Member] | 3570 Computer and office Equipment [Member] | Tools, Dies and Molds [Member] | Tradeshow Equipment [Member] | Automobiles [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '2 years | '1 year | '2 years | ' | '7 years | '7 years | '4 years | '5 years | ' |
Property, Plant and Equipment, Gross | $59,670 | $46,518 | $22,247 | $20,111 | $19,697 | $11,988 | $11,317 | $8,799 | $3,759 | $3,469 | $2,650 | $2,151 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | -20,731 | -14,407 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, net | $38,939 | $32,111 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance_Sheet_Components_Intan
Balance Sheet Components Intangible Assets (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | ($3,780) | ($3,220) |
Finite-Lived Intangible Assets, Net | 2,695 | ' |
Intangible Assets, Gross (Excluding Goodwill) | 6,490 | 6,490 |
Intangible Assets, Net (Excluding Goodwill) | 2,710 | 3,270 |
Developed Technology | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '2 years 8 months 12 days | '3 years 2 months 12 days |
Finite-Lived Intangible Assets, Gross | 5,330 | 5,330 |
Finite-Lived Intangible Assets, Accumulated Amortization | -2,961 | -2,517 |
Finite-Lived Intangible Assets, Net | 2,369 | 2,813 |
Other acquired intangible assets | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '1 year 7 months 6 days | '2 years |
Finite-Lived Intangible Assets, Gross | 1,160 | 1,160 |
Finite-Lived Intangible Assets, Accumulated Amortization | -819 | -703 |
Finite-Lived Intangible Assets, Net | $341 | $457 |
Balance_Sheet_Components_Futur
Balance Sheet Components Future Amortization Expense (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
2014 (remaining 6 months) | $551 |
2015 | 1,085 |
2016 | 910 |
2017 | 149 |
Finite-Lived Intangible Assets, Net | 2,695 |
Cost of Sales [Member] | ' |
2014 (remaining 6 months) | 444 |
2015 | 888 |
2016 | 888 |
2017 | 149 |
Finite-Lived Intangible Assets, Net | 2,369 |
Operating Expenses | ' |
2014 (remaining 6 months) | 107 |
2015 | 197 |
2016 | 22 |
2017 | 0 |
Finite-Lived Intangible Assets, Net | $326 |
Balance_Sheet_Components_Other
Balance Sheet Components Other Long-Term Assets (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
POP displays | $19,077 | $22,379 |
Deposits | 4,999 | 2,698 |
Long-term licenses | 4,000 | 4,000 |
Long-term deferred tax assets and other | 2,320 | 1,683 |
Deferred public offering costs | 6,166 | 1,395 |
Total other long-term assets | $36,562 | $32,155 |
Balance_Sheet_Components_Accru
Balance Sheet Components Accrued Liabilities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' |
Deferred public offering costs included in accounts payable and accrued liabilities | $2,204 | $366 | $366 |
Accrued payables | 39,778 | 49,975 | ' |
Employee related liabilities | 12,571 | 11,932 | ' |
Customer deposits | 1,736 | 1,316 | ' |
Warranty liability | 4,512 | 3,691 | ' |
Taxes payable | 11,211 | 7,766 | ' |
Accrued sponsorship expense | 2,191 | 2,909 | ' |
Accrued sales incentives | 3,579 | 4,909 | ' |
Sales commissions | 1,608 | 2,454 | ' |
Other | 1,633 | 1,439 | ' |
Total accrued liabilities | $78,819 | $86,391 | ' |
Redeemable_Convertible_Preferr1
Redeemable Convertible Preferred Stock (Details) (USD $) | 0 Months Ended | 6 Months Ended | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Dec. 21, 2012 | Dec. 19, 2012 | Jun. 30, 2014 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 19, 2012 |
Temporary Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Common stock dividends declared and paid (in US$ per share) | $1.05 | ' | ' | ' | ' | ' | ' |
Common and preferred stock dividends declared and paid | $117.40 | ' | ' | ' | ' | ' | ' |
Series A Preferred Stock [Member] | ' | ' | ' | ' | ' | ' | ' |
Temporary Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Shares of Series A preferred stock authorized | ' | ' | 36,000,000 | ' | ' | 36,000,000 | ' |
Shares of Series A preferred stock issued | ' | ' | 30,523,036 | ' | ' | 30,523,036 | ' |
Shares of Series A preferred stock outstanding | ' | ' | 30,523,036 | ' | ' | 30,523,036 | ' |
Convertible preferred stock, stock price trigger | ' | ' | $50,000,000 | ' | ' | ' | ' |
Convertible preferred stock redemption price (in US$ per share) | ' | ' | $2.53 | ' | ' | ' | ' |
Convertible preferred stock - redemption period after July 1st, 2017 | ' | ' | '365 days | ' | ' | ' | ' |
Number of shares of Series A preferred stock converted to common stock | ' | ' | ' | ' | ' | ' | 4,211,303 |
Convertible preferred stock cumulative dividend rate (percent) | ' | 8.00% | ' | ' | ' | ' | ' |
Preferred stock dividends accrued | ' | ' | ' | $4.20 | $3.40 | ' | ' |
Preferred stock dividends declared and paid (in US$ per share) | $1.05 | ' | ' | ' | ' | ' | ' |
Common_Stock_and_Stockholders_2
Common Stock and Stockholders' Equity - Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 1 Months Ended | ||||||||||||||||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Aug. 31, 2010 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2011 | Mar. 31, 2011 | Feb. 28, 2011 | Dec. 31, 2011 |
Common Class A [Member] | Common Class A [Member] | Common Class B [Member] | Common Class B [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Purchase Plan Shares [Member] | Restricted Stock and Early-exercised Options [Member] | Restricted Stock and Early-exercised Options [Member] | Restricted Stock and Early-exercised Options [Member] | Restricted Stock and Early-exercised Options [Member] | Restricted Stock and Early-exercised Options [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | 2010 Equity Incentive Plans [Member] | 2014 Equity Incentive Plans [Member] | Selling Stockholders Program [Member] | Selling Stockholders Program [Member] | Selling Stockholders Program [Member] | Selling Stockholders Program [Member] | Selling Stockholders Program [Member] | ||||||
Chief Executive Officer (CEO) [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | 0 | ' | 0 | ' | 150,000,000 | 150,000,000 | 0 | 150,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | 0 | ' | 0 | ' | 81,420,040 | 0 | 0 | 86,177,848 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Outstanding | 0 | ' | 0 | ' | 81,420,040 | 0 | 0 | 86,177,848 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common shares authorized for grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,920,000 | 13,809,488 | ' | ' | ' | ' | ' |
Shares of common stock previously reserved but unissued under the 2010 EIP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 339,259 | ' | ' | ' | ' | ' |
Vesting period for awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' |
Exercisable rate subsequent to first anniversary (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting period, portion monthly vesting | ' | ' | ' | ' | ' | ' | ' | ' | ' | '36 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of common stock as percentage of fair value of Company common stock (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock purchase price discount as percentage of eligible compensation (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of stock options vested during period | $2.30 | $1.50 | $4.90 | $2.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unearned stock-based compensation currently estimated to be expensed | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53.6 | 22.8 | ' | 7.2 | ' | 7.2 | ' | 7.4 | 54.7 | 54.7 | 4.7 | ' | ' | ' | ' | ' | ' | ' | ' |
Unearned stock-based compensation expected recognition period | ' | ' | '2 years | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining vesting term for awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 3 months 18 days | ' | '1 year 4 months 24 days | ' | '3 years 1 month 15 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of awards vested during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | 0.2 | 1.1 | 0.3 | ' | 27.6 | 27.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock units outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 335,000 | ' | 335,000 | ' | 487,000 | 3,820,000 | 3,820,000 | 270,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Percent of Proceeds From Sale of Equity Securities to be Shared | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.1 | ' | ' |
Proceeds from Contributed Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.1 | ' | ' |
Number of shares that can be purchased with options granted in period (shares) | ' | ' | 4,635,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,584,427 | ' | ' | ' |
Options granted - Weighted average exercise price (in US$ per share) | ' | ' | $17.57 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.76 | ' | ' | ' |
Options vested and expected to vest - Weighted average remaining contractual term | ' | ' | '7 years 6 months 15 days | ' | '7 years 6 months 7 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.80 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | ' | 3,835,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 665,443 | ' | ' | ' | ' |
Number of RSU's granted / issued during the period (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 5,050,000 | ' | ' | ' | ' | ' | ' | ' | ' | 270,000 |
Common_Stock_and_Stockholders_3
Common Stock and Stockholders' Equity - Common Stock Reserved for Issuance (Details) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock options outstanding | 27,294 | 26,724 |
Stock options, restricted stock and RSUs available for future grants | 44,935 | 28,300 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted stock units outstanding | 3,820 | 270 |
Stock Options, Restricted stock, and Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock options, restricted stock and RSUs available for future grants | 13,821 | 1,306 |
Common_Stock_and_Stockholders_4
Common Stock and Stockholders' Equity - Stock Option Activity (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock options, restricted stock and RSUs available for future grants | 28,300,000 | ' |
Stock options, restricted stock and RSUs available for future grants | 44,935,000 | 28,300,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' |
Outstanding at December 31, 2013 (shares) | 26,724,000 | ' |
Granted (shares) | 4,635,000 | ' |
Exercised (shares) | -3,835,000 | ' |
Forfeited/Cancelled (shares) | -230,000 | ' |
Outstanding at June 30, 2014 (shares) | 27,294,000 | 26,724,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ' | ' |
Options outstanding at December 31, 2013 - Weighted average exercise price (in US$ per share) | $5.18 | $2.47 |
Options granted - Weighted average exercise price (in US$ per share) | $17.57 | ' |
Options exercised - Weighted average exercise price (in US$ per share) | $0.88 | ' |
Options forfeited/cancelled - Weighted average exercise price (in US$ per share) | $11.58 | ' |
Options outstanding at June 30, 2014 - Weighted average exercise price (in US$ per share) | $5.18 | $2.47 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' |
Weighted average fair value at grant date | $9.35 | ' |
Options exercised - Total intrinsic value of options exercised | $80,108 | ' |
Options outstanding at December 31, 2013 - Weighted-average remaining contractual term | '7 years 7 months 6 days | '7 years 6 months 18 days |
Options outstanding at June 30, 2014 - Weighted-average remaining contractual term | '7 years 7 months 6 days | '7 years 6 months 18 days |
Options outstanding at December 31, 2013 - Aggregate intrinsic value | 367,395 | ' |
Options outstanding at June 30, 2014 - Aggregate intrinsic value | 965,340 | 367,395 |
Options exercisable (shares) | 18,594,000 | 20,605,000 |
Options exercisable - Weighted average exercise price (in US$ per share) | $1.19 | $0.84 |
Options exercisable - Weighted average remaining contractual term | '6 years 10 months 24 days | '7 years 3 months 4 days |
Options exercisable - Aggregate intrinsic value | 731,810 | 316,812 |
Options vested and expected to vest (shares) | 26,076,000 | 25,798,000 |
Options vested and expected to vest - Weighted average exercise price (in US$ per share) | $4.84 | $2.32 |
Options vested and expected to vest - Weighted average remaining contractual term | '7 years 6 months 15 days | '7 years 6 months 7 days |
Options vested and expected to vest - Aggregate intrinsic value | $931,254 | $358,624 |
Stock Options, Restricted stock, and Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock options, restricted stock and RSUs available for future grants | 13,821,000 | 1,306,000 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of RSU's granted / issued during the period (shares) | 5,050,000 | ' |
Common_Stock_and_Stockholders_5
Common Stock and Stockholders' Equity - Options Outstanding and Exercisable (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of exercise prices - Lower limit (in US$ per share) | $0.18 | ' |
Range of exercise prices - Upper limit (in US$ per share | $18.40 | ' |
Outstanding at June 30, 2014 (shares) | 27,294 | 26,724 |
Options outstanding at June 30, 2014 - Weighted-average remaining contractual term | '7 years 7 months 6 days | '7 years 6 months 18 days |
Options outstanding at June 30, 2014 - Weighted average exercise price (in US$ per share) | $5.18 | $2.47 |
Options exercisable (shares) | 18,594 | 20,605 |
Options exercisable - Weighted average exercise price (in US$ per share) | $1.19 | $0.84 |
$ 0.18b0.66 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of exercise prices - Lower limit (in US$ per share) | $0.18 | ' |
Range of exercise prices - Upper limit (in US$ per share | $0.66 | ' |
Outstanding at June 30, 2014 (shares) | 8,944 | ' |
Options outstanding at June 30, 2014 - Weighted-average remaining contractual term | '6 years 7 months 14 days | ' |
Options outstanding at June 30, 2014 - Weighted average exercise price (in US$ per share) | $0.62 | ' |
Options exercisable (shares) | 8,736 | ' |
Options exercisable - Weighted average exercise price (in US$ per share) | $0.62 | ' |
0.76b0.76 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of exercise prices - Lower limit (in US$ per share) | $0.76 | ' |
Range of exercise prices - Upper limit (in US$ per share | $0.76 | ' |
Outstanding at June 30, 2014 (shares) | 8,752 | ' |
Options outstanding at June 30, 2014 - Weighted-average remaining contractual term | '6 years 11 months 19 days | ' |
Options outstanding at June 30, 2014 - Weighted average exercise price (in US$ per share) | $0.76 | ' |
Options exercisable (shares) | 8,133 | ' |
Options exercisable - Weighted average exercise price (in US$ per share) | $0.76 | ' |
1.52b2.96 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of exercise prices - Lower limit (in US$ per share) | $1.52 | ' |
Range of exercise prices - Upper limit (in US$ per share | $2.96 | ' |
Outstanding at June 30, 2014 (shares) | 1,795 | ' |
Options outstanding at June 30, 2014 - Weighted-average remaining contractual term | '7 years 6 months 23 days | ' |
Options outstanding at June 30, 2014 - Weighted average exercise price (in US$ per share) | $1.91 | ' |
Options exercisable (shares) | 1,031 | ' |
Options exercisable - Weighted average exercise price (in US$ per share) | $1.86 | ' |
8.30b8.30 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of exercise prices - Lower limit (in US$ per share) | $8.30 | ' |
Range of exercise prices - Upper limit (in US$ per share | $8.30 | ' |
Outstanding at June 30, 2014 (shares) | 513 | ' |
Options outstanding at June 30, 2014 - Weighted-average remaining contractual term | '8 years 3 months 18 days | ' |
Options outstanding at June 30, 2014 - Weighted average exercise price (in US$ per share) | $8.30 | ' |
Options exercisable (shares) | 218 | ' |
Options exercisable - Weighted average exercise price (in US$ per share) | $8.30 | ' |
13.72b13.72 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of exercise prices - Lower limit (in US$ per share) | $13.72 | ' |
Range of exercise prices - Upper limit (in US$ per share | $13.72 | ' |
Outstanding at June 30, 2014 (shares) | 873 | ' |
Options outstanding at June 30, 2014 - Weighted-average remaining contractual term | '8 years 7 months 26 days | ' |
Options outstanding at June 30, 2014 - Weighted average exercise price (in US$ per share) | $13.72 | ' |
Options exercisable (shares) | 294 | ' |
Options exercisable - Weighted average exercise price (in US$ per share) | $13.72 | ' |
15.40b15.40 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of exercise prices - Lower limit (in US$ per share) | $15.40 | ' |
Range of exercise prices - Upper limit (in US$ per share | $15.40 | ' |
Outstanding at June 30, 2014 (shares) | 584 | ' |
Options outstanding at June 30, 2014 - Weighted-average remaining contractual term | '8 years 11 months 9 days | ' |
Options outstanding at June 30, 2014 - Weighted average exercise price (in US$ per share) | $15.40 | ' |
Options exercisable (shares) | 171 | ' |
Options exercisable - Weighted average exercise price (in US$ per share) | $15.40 | ' |
15.59b15.59 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of exercise prices - Lower limit (in US$ per share) | $15.59 | ' |
Range of exercise prices - Upper limit (in US$ per share | $15.59 | ' |
Outstanding at June 30, 2014 (shares) | 444 | ' |
Options outstanding at June 30, 2014 - Weighted-average remaining contractual term | '9 years 1 month 26 days | ' |
Options outstanding at June 30, 2014 - Weighted average exercise price (in US$ per share) | $15.59 | ' |
Options exercisable (shares) | 1 | ' |
Options exercisable - Weighted average exercise price (in US$ per share) | $15.59 | ' |
16.19b16.19 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of exercise prices - Lower limit (in US$ per share) | $16.19 | ' |
Range of exercise prices - Upper limit (in US$ per share | $16.19 | ' |
Outstanding at June 30, 2014 (shares) | 797 | ' |
Options outstanding at June 30, 2014 - Weighted-average remaining contractual term | '9 years 4 months 21 days | ' |
Options outstanding at June 30, 2014 - Weighted average exercise price (in US$ per share) | $16.19 | ' |
Options exercisable (shares) | 0 | ' |
Options exercisable - Weighted average exercise price (in US$ per share) | $0 | ' |
16.22b16.22 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of exercise prices - Lower limit (in US$ per share) | $16.22 | ' |
Range of exercise prices - Upper limit (in US$ per share | $16.22 | ' |
Outstanding at June 30, 2014 (shares) | 1,125 | ' |
Options outstanding at June 30, 2014 - Weighted-average remaining contractual term | '9 years 7 months 1 day | ' |
Options outstanding at June 30, 2014 - Weighted average exercise price (in US$ per share) | $16.22 | ' |
Options exercisable (shares) | 0 | ' |
Options exercisable - Weighted average exercise price (in US$ per share) | $0 | ' |
16.39b16.39 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of exercise prices - Lower limit (in US$ per share) | $16.39 | ' |
Range of exercise prices - Upper limit (in US$ per share | $16.39 | ' |
Outstanding at June 30, 2014 (shares) | 651 | ' |
Options outstanding at June 30, 2014 - Weighted-average remaining contractual term | '9 years 9 months 10 days | ' |
Options outstanding at June 30, 2014 - Weighted average exercise price (in US$ per share) | $16.39 | ' |
Options exercisable (shares) | 10 | ' |
Options exercisable - Weighted average exercise price (in US$ per share) | $16.39 | ' |
18.40b18.40 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of exercise prices - Lower limit (in US$ per share) | $18.40 | ' |
Range of exercise prices - Upper limit (in US$ per share | $18.40 | ' |
Outstanding at June 30, 2014 (shares) | 2,816 | ' |
Options outstanding at June 30, 2014 - Weighted-average remaining contractual term | '9 years 11 months 5 days | ' |
Options outstanding at June 30, 2014 - Weighted average exercise price (in US$ per share) | $18.40 | ' |
Options exercisable (shares) | 0 | ' |
Options exercisable - Weighted average exercise price (in US$ per share) | $0 | ' |
Common_Stock_and_Stockholders_6
Common Stock and Stockholders' Equity - Restricted Stock, Restricted Stock Units and Early-exercised Options Activity (Details) (USD $) | 6 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 |
Restricted Stock and Early-exercised Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Non-vested shares at December 31, 2013 (shares) | 487,000 |
Non-vested shares at December 31, 2013 - Weighted-average grant date fair value (in US$ per share) | $11.03 |
Non-vested shares at December 31, 2013 - Aggregate intrinsic value | $7,628 |
Granted (shares) | 0 |
Vested (shares) | -152,000 |
Non-vested shares at June 30, 2014 (shares) | 335,000 |
Non-vested shares at June 30, 2014 - Weighted-average grant date fair value (in US$ per share) | $12.73 |
Non-vested shares at June 30, 2014 - Aggregate intrinsic value | $13,461 |
Restricted Stock Units (RSUs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Non-vested shares at December 31, 2013 (shares) | 270,000 |
Non-vested shares at December 31, 2013 - Weighted-average grant date fair value (in US$ per share) | $1.52 |
Granted (shares) | 5,050,000 |
Granted - Weighted-average grant date fair value (in US$ per share) | $16.66 |
Vested (shares) | -1,500,000 |
Vested - Weighted-average grant date fair value (in US$ per share) | $18.40 |
Non-vested shares at June 30, 2014 (shares) | 3,820,000 |
Non-vested shares at June 30, 2014 - Weighted-average grant date fair value (in US$ per share) | $14.91 |
Common_Stock_and_Stockholders_7
Common Stock and Stockholders' Equity - Fair Value Assumptions for Restricted Stock Units (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 3 Months Ended |
Jun. 30, 2014 | |
Restricted Stock Units (RSUs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected volatility | 50.90% |
Risk-free interest rate | 2.69% |
Expected term (years) | '10 years |
Grant date fair value of underlying shares | $18.40 |
Common_Stock_and_Stockholders_8
Common Stock and Stockholders' Equity - Allocation of Stock-based Compensation Expense (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | $34,193 | $2,532 | $38,230 | $4,627 |
Total stock-based compensation expense | -11,483 | -203 | -11,825 | -546 |
Decrease in net income | 22,710 | 2,329 | 26,405 | 4,081 |
Cost of Sales [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 154 | 157 | 322 | 377 |
Research and Development Expense [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 1,657 | 556 | 3,058 | 997 |
Selling and Marketing Expense [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 1,654 | 1,454 | 3,068 | 2,658 |
General and Administrative Expense [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 30,728 | 365 | 31,782 | 595 |
Employee Stock Option [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 3,487 | 2,027 | 6,380 | 3,650 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 29,313 | 0 | 29,493 | 0 |
Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 1,352 | 505 | 2,316 | 977 |
Employee Stock Purchase Plan Shares [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | $41 | $0 | $41 | $0 |
Common_Stock_and_Stockholders_9
Common Stock and Stockholders' Equity - Fair Value Assumptions for Stock Options and Employee Stock Purchase Plan Shares Granted (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Weighted average fair value at grant date | ' | ' | $9.35 | ' |
Employee Stock Purchase Plan Shares [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected volatility | 45.50% | ' | ' | ' |
Risk-free interest rate | 0.10% | ' | ' | ' |
Expected term (years) | '7 months 6 days | ' | ' | ' |
Weighted average fair value at purchase date | $7.04 | ' | ' | ' |
Employee Stock Option [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected volatility | 53.90% | 59.80% | ' | ' |
Risk-free interest rate - lower range | 1.70% | 0.80% | 1.70% | 0.80% |
Risk-free interest rate - upper range | 1.90% | 1.60% | 2.00% | 1.60% |
Estimated annual forfeiture rate | 6.00% | 6.00% | 6.00% | 6.00% |
Weighted average fair value at grant date | $9.63 | $8.64 | $9.35 | $7.92 |
Employee Stock Option [Member] | Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected volatility | ' | ' | 53.90% | 56.00% |
Expected term (years) | '5 years 3 months 18 days | '5 years 3 months 18 days | '5 years 3 months 18 days | '5 years 3 months 18 days |
Employee Stock Option [Member] | Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected volatility | ' | ' | 56.00% | 59.80% |
Expected term (years) | '6 years 1 month 6 days | '6 years 1 month 6 days | '6 years 3 months 18 days | '6 years 1 month 6 days |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income tax (benefit) expense | $1,639 | ($2,568) | $5,521 | $7,459 |
Effective tax rate (percent) | -9.00% | 33.60% | -168.80% | 29.40% |
Net_Income_Loss_per_Share_Attr2
Net Income (Loss) per Share Attributable to Common Stockholders - Basic and Diluted Net Income per Share Attributable to Common Stockholders (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Net income (loss) | ($19,841) | ($5,085) | ($8,792) | $17,950 |
Less: undistributed earnings allocable to: holders of preferred stock and unvested early exercised options and restricted stock | 0 | 0 | 0 | -4,964 |
Undistributed net income (loss) attributable to common stockholdersbbasic | -19,841 | -5,085 | -8,792 | 12,986 |
Add: adjustments to net income for dilutive securities allocable to: holders of preferred stock and unvested early exercised options and restricted stock | 0 | 0 | 0 | -680 |
Undistributed net income (loss) attributable to common stockholdersbdiluted | -19,841 | -5,085 | -8,792 | 13,666 |
Weighted-average shares used to compute net income per share attributable to common stockholders - Basic (in shares) | 82,936 | 80,902 | 82,263 | 80,836 |
Potentially dilutive securities - Stock options and RSUs | 0 | 0 | 0 | 17,741 |
Weighted-average shares used to compute net income per share attributable to common stockholders - Diluted (in shares) | 82,936 | 80,902 | 82,263 | 98,577 |
Earnings Per Share, Basic, Distributed | $0 | $0 | $0 | $0 |
Earnings Per Share, Basic, Undistributed | ($0.24) | ($0.06) | ($0.11) | $0.16 |
Earnings Per Share, Basic | ($0.24) | ($0.06) | ($0.11) | $0.16 |
Earnings Per Share, Diluted, Distributed | $0 | $0 | $0 | $0 |
Earnings Per Share, Diluted, Undistributed | ($0.24) | ($0.06) | ($0.11) | $0.14 |
Earnings Per Share, Diluted | ($0.24) | ($0.06) | ($0.11) | $0.14 |
Preferred Stock [Member] | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Less: undistributed earnings allocable to: holders of preferred stock and unvested early exercised options and restricted stock | 0 | 0 | 0 | -4,904 |
Add: adjustments to net income for dilutive securities allocable to: holders of preferred stock and unvested early exercised options and restricted stock | 0 | 0 | 0 | 672 |
Restricted Stock and Early-exercised Options [Member] | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Less: undistributed earnings allocable to: holders of preferred stock and unvested early exercised options and restricted stock | 0 | 0 | 0 | -60 |
Add: adjustments to net income for dilutive securities allocable to: holders of preferred stock and unvested early exercised options and restricted stock | $0 | $0 | $0 | $8 |
Net_Income_Loss_per_Share_Attr3
Net Income (Loss) per Share Attributable to Common Stockholders - Antidilutive Securities Excluded from Computation of Net Income per Share (Details) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from the calculation of diluted shares outstanding (shares) | 60,395 | 56,166 | 59,484 | 31,663 |
Series A Redeemable Convertible Preferred Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from the calculation of diluted shares outstanding (shares) | 30,523 | 30,523 | 30,523 | 30,523 |
Stock Options and Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from the calculation of diluted shares outstanding (shares) | 29,502 | 25,296 | 28,550 | 762 |
Unvested Stock Awards and Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from the calculation of diluted shares outstanding (shares) | 370 | 347 | 411 | 378 |
Financing_Arrangements_Details
Financing Arrangements (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 21, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 21, 2012 | Dec. 21, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 21, 2012 | Dec. 31, 2013 | Apr. 30, 2014 | Dec. 21, 2012 | Dec. 21, 2012 | Dec. 21, 2012 | Dec. 21, 2012 | Dec. 21, 2012 | Dec. 21, 2012 | Aug. 31, 2013 | Feb. 28, 2014 | Dec. 31, 2013 | Aug. 31, 2013 |
Syndicated Senior Secured Credit Facility [Member] | Syndicated Senior Secured Credit Facility [Member] | Syndicated Senior Secured Credit Facility [Member] | Syndicated Senior Secured Credit Facility [Member] | Syndicated Senior Secured Credit Facility [Member] | Syndicated Senior Secured Credit Facility [Member] | Syndicated Senior Secured Credit Facility [Member] | Syndicated Senior Secured Credit Facility [Member] | Syndicated Senior Secured Credit Facility [Member] | Syndicated Senior Secured Credit Facility [Member] | Syndicated Senior Secured Credit Facility [Member] | Syndicated Senior Secured Credit Facility [Member] | Syndicated Senior Secured Credit Facility [Member] | 2013 Quarterly [Member] | 2014 Quarterly [Member] | 1st Three Quarters of 2015 [Member] | December 21, 2015 [Member] | Stadium Builders License Agreement [Member] | Stadium Builders License Agreement [Member] | Stadium Builders License Agreement [Member] | Stadium Builders License Agreement [Member] | |||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Line of Credit [Member] | Standby Letters of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Syndicated Senior Secured Credit Facility [Member] | Syndicated Senior Secured Credit Facility [Member] | Syndicated Senior Secured Credit Facility [Member] | Syndicated Senior Secured Credit Facility [Member] | Santa Clara Stadium Authority [Member] | |||||||
Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | ||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility borrowing capacity | ' | ' | ' | ' | ' | ' | $50,000,000 | ' | ' | ' | $120,000,000 | ' | $20,000,000 | ' | $170,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 127,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance and lender costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Scheduled periodic payments on line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | 3,000,000 | 6,000,000 | 84,000,000 | ' | ' | ' | ' |
Basis spread on variable contractual rate (percent) | ' | ' | ' | 2.50% | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual interest rate (percent) | ' | ' | ' | ' | ' | ' | 2.81% | ' | ' | ' | 3.06% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years |
Effective interest rate on debt instrument (percent) | ' | ' | ' | ' | ' | ' | ' | ' | 4.03% | 3.79% | 3.71% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual principal prepayment obligation classified as a current liability | ' | ' | 48,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | 48,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of debt instrument outstanding | ' | ' | ' | ' | 0 | 0 | ' | ' | 108,000,000 | 114,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized discount on debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of license agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | 3,200,000 |
Required annual payments under license agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 |
Long-term asset recorded for license agreement | 4,000,000 | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' |
Liability recorded under license agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,600,000 | ' |
Payments for license agreement obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,600,000 | $400,000 | ' |
Related_Parties_Details
Related Parties (Details) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 03, 2014 | Jun. 03, 2014 | Jun. 03, 2014 | Jun. 03, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | 31-May-14 | Jun. 03, 2014 | Jun. 03, 2014 | |
Restricted Stock Units (RSUs) [Member] | Company Affiliated with Investors [Member] | Company Affiliated with Investors [Member] | Company Affiliated with Investors [Member] | Company Affiliated with Investors [Member] | CEO's Family Member [Member] | Executive Officer [Member] | Son of Member of the Board [Member] | Son of Member of the Board [Member] | Chief Executive Officer (CEO) [Member] | Chief Executive Officer (CEO) [Member] | Chief Executive Officer (CEO) [Member] | Chief Executive Officer (CEO) [Member] | Chief Executive Officer (CEO) [Member] | Chief Executive Officer (CEO) [Member] | Chief Financial Officer (CFO) [Member] | President [Member] | President [Member] | ||
Related Party Transaction, Contract Manufacturing Agreement [Member] | Related Party Transaction, Engineering Services Agreement [Member] | Related Party Transaction, Settlement of Legal Matter [Member] | Related Party Transaction, Demand Payment Loan [Member] | device | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Related Party Transaction, Chartered Aircraft Expenses [Member] | Related Party Transaction, Automobiles Purchased [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Vesting Period One, Immediate Vesting [Member] | Vesting Period Two, Milestone One [Member] | Vesting Period Three, Milestone Two [Member] | automobile | ||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments made to affiliated vendor for services rendered | ' | ' | ' | ' | $3,000,000 | $11,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable associated with affiliated vendor | ' | ' | 100,000 | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement amount for outstanding legal matter with CEO family member | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan amount to executive officer pursuant to demand payment loan | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to be made to related party for naming rights | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
GoPro devices provided to related party at no cost | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Naming Rights Agreement, Period | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate payments to related party for naming rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued amount related to chartered aircraft fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' |
Shares repurchased from former CFO's estate (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,154 | ' | ' |
Shares repurchased from former CFO's estate (in US dollars per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18.40 | ' | ' |
Number of shares that can be purchased with options granted in period (shares) | 4,635,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,227,106 | ' |
Number of RSU's granted / issued during the period (shares) | ' | 5,050,000 | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | 1,500,000 | 1,500,000 | 1,500,000 | ' | ' | ' | ' | 248,749 |
Vesting period for RSU's granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | ' | ' | ' | ' | ' |
Consecutive milestone period related to RSU's granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' |
Number of automobiles purchased from the Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' |
Revenue from related party transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | ' | ' | ' |
Commitments_Contingencies_and_2
Commitments, Contingencies and Guarantees - Schedule of Company's Contractual Commitments (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Term loan principal and interest | $112,340 |
Term loan principal and interest : 1 year (remaining 6 months fiscal 2014) | 57,419 |
Term loan principal and interest: 2-3 years (fiscal 2015 and 2016) | 54,921 |
Term loan principal and interest: 4-5 years (fiscal 2017 and 2018) | 0 |
Term loan principal and interest: More than 5 years (beyond fiscal 2018) | 0 |
Operating leases | 29,459 |
Operating leases: 1 year (remaining 6 months fiscal 2014) | 4,332 |
Operating leases: 2-3 years (fiscal 2015 and 2016) | 13,829 |
Operating leases: 4-5 years (fiscal 2017 and 2018) | 10,705 |
Operating leases: More than 5 years (beyond fiscal 2018) | 593 |
Sponsorship commitments | 17,851 |
Sponsorship commitments: 1 year (remaining 6 months fiscal 2014) | 4,929 |
Sponsorship commitments: 2-3 years (fiscal 2015 and 2016) | 12,621 |
Sponsorship commitments: 4-5 years (fiscal 2017 and 2018) | 301 |
Sponsorship commitments: More than 5 years (beyond fiscal 2018) | 0 |
Other contractual commitments | 3,937 |
Other contractual commitments: 1 year (remaining 6 months fiscal 2014) | 232 |
Other contractual commitments: 2-3 years (fiscal 2015 and 2016) | 3,705 |
Other contractual commitments: 4-5 years (fiscal 2017 and 2018) | 0 |
Other contractual commitments: More than 5 years (beyond fiscal 2018) | 0 |
Capital equipment purchase commitments | 12,242 |
Capital equipment purchase commitments: 1 year (remaining 6 months fiscal 2014) | 12,242 |
Capital equipment purchase commitments: 2-3 years (fiscal 2015 and 2016) | 0 |
Capital equipment purchase commitments: 4-5 years (fiscal 2017 and 2018) | 0 |
Capital equipment purchase commitments: More than 5 years (beyond fiscal 2018) | 0 |
Total contractual cash obligations | 175,829 |
Total contractual cash obligations: 1 year (remaining 6 months fiscal 2014) | 79,154 |
Total contractual cash obligations: 2-3 years (fiscal 2015 and 2016) | 85,076 |
Total contractual cash obligations: 4-5 years (fiscal 2017 and 2018) | 11,006 |
Total contractual cash obligations: More than 5 years (beyond fiscal 2018) | $593 |
Commitments_Contingencies_and_3
Commitments, Contingencies and Guarantees - Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' | ' | ' |
Rent expense | $1,900,000 | $900,000 | $3,200,000 | $1,600,000 | ' |
Warranty liability | 4,512,000 | ' | 4,512,000 | ' | 3,691,000 |
Warranty liability recorded as element of long-term liabilities | $200,000 | ' | $200,000 | ' | $200,000 |
Commitments_Contingencies_and_4
Commitments, Contingencies and Guarantees - Schedule of Product Warranty Liability Activity (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ' | ' | ' | ' |
Beginning balances | $2,551 | $2,695 | $3,870 | $1,937 |
Charged to cost of revenue | 3,928 | 1,291 | 4,200 | 3,119 |
Settlements of warranty claims | -1,801 | -1,169 | -3,392 | -2,239 |
Ending balances | $4,678 | $2,817 | $4,678 | $2,817 |
Employee_Retirement_Plan_Detai
Employee Retirement Plan (Details) | 4 Months Ended |
Jun. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employer matching contribution, percent | 4.00% |
Concentration_of_Risk_and_Segm2
Concentration of Risk and Segment Information - Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |
UNITED STATES [Member] | UNITED STATES [Member] | UNITED STATES [Member] | UNITED STATES [Member] | CHINA [Member] | CHINA [Member] | |||||
Risks and Uncertainties [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable sold during the period | $37,900,000 | ' | $69,200,000 | ' | ' | ' | ' | ' | ' | ' |
Factoring fees | 300,000 | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | 244,605,000 | 177,082,000 | 480,321,000 | 432,139,000 | 132,700,000 | 92,100,000 | 243,300,000 | 207,600,000 | ' | ' |
Long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | $10,800,000 | $6,000,000 |
Concentration_of_Risk_and_Segm3
Concentration of Risk and Segment Information - Schedule of Customer Concentration by Risk Factor (Details) (Customer Concentration Risk [Member]) | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | ||||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | |
Customer A (Retailer) [Member] | Customer A (Retailer) [Member] | Customer A (Retailer) [Member] | Customer A (Retailer) [Member] | Customer A (Retailer) [Member] | Customer A (Retailer) [Member] | Customer B (Retailer) [Member] | Customer B (Retailer) [Member] | Customer C (Retailer) [Member] | Customer B (Distributor) [Member] | |
Accounts Receivable [Member] | Accounts Receivable [Member] | Sales Revenue [Member] | Sales Revenue [Member] | Sales Revenue [Member] | Sales Revenue [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Sales Revenue [Member] | |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | 20.00% | 21.00% | 17.00% | 15.00% | 15.00% | 14.00% | 12.00% | 14.00% | 11.00% | 10.00% |
Concentration_of_Risk_and_Segm4
Concentration of Risk and Segment Information - Schedule of Revenue by Geographic Segment (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenue | $244,605 | $177,082 | $480,321 | $432,139 |
Americas [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenue | 152,710 | 102,017 | 277,876 | 235,491 |
Europe, Middle East and Africa [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenue | 62,832 | 58,925 | 142,939 | 146,708 |
Asia and Pacific area countries [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenue | $29,063 | $16,140 | $59,506 | $49,940 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 0 Months Ended | 0 Months Ended | ||||||
Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jul. 01, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | |
Common Class A [Member] | Common Class A [Member] | Convertible Preferred Stock [Member] | Syndicated Senior Secured Credit Facility [Member] | Syndicated Senior Secured Credit Facility [Member] | Syndicated Senior Secured Credit Facility [Member] | |||
Subsequent Event [Member] | ||||||||
Aggregate Number of Shares Sold During Period, Shares, Underwritten Public Offering | ' | ' | 17,800,000 | ' | ' | ' | ' | ' |
Shares of stock sold as part of public offering | 8,900,000 | ' | ' | ' | ' | ' | ' | ' |
Initial public offering price (in US$ per share) | ' | $24 | ' | $24 | ' | ' | ' | ' |
Shares of stock sold by certain stockholders as part of underwritten public offering | 11,570,000 | ' | ' | ' | ' | ' | ' | ' |
Shares of stock sold by certain stockholders as part of underwriterss options to purchase additional shares through underwritten public offering | 2,670,000 | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from Initial Public Offering | $200,800,000 | ' | ' | ' | ' | ' | ' | ' |
Expenses incurred by Company for sale of stock | 6,200,000 | ' | ' | ' | ' | ' | ' | ' |
Shares of Series A preferred stock outstanding | ' | ' | ' | ' | 0 | ' | ' | ' |
Amount of debt instrument outstanding | ' | ' | ' | ' | ' | $108,000,000 | $114,000,000 | $108,000,000 |