Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Trading Symbol | RPXC | |
Entity Registrant Name | RPX Corporation | |
Entity Central Index Key | 1509432 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 54,273,296 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $118,858 | $78,019 |
Short-term investments | 256,080 | 239,514 |
Restricted cash | 785 | 584 |
Accounts receivable | 15,351 | 24,793 |
Prepaid expenses and other current assets | 8,353 | 3,466 |
Deferred tax assets | 4,647 | 4,400 |
Total current assets | 404,074 | 350,776 |
Patent assets, net | 256,898 | 236,349 |
Property and equipment, net | 4,230 | 4,151 |
Intangible assets, net | 3,095 | 3,526 |
Goodwill | 19,978 | 19,978 |
Restricted cash, less current portion | 1,091 | 1,091 |
Deferred Tax Assets, Net, Noncurrent | 473 | 93 |
Other assets | 1,128 | 26,100 |
Total assets | 690,967 | 642,064 |
Current liabilities: | ||
Accounts payable | 1,583 | 235 |
Accrued liabilities | 7,190 | 14,257 |
Deferred revenue | 152,602 | 133,316 |
Deferred payment obligations | 10,290 | 0 |
Other current liabilities | 857 | 640 |
Total current liabilities | 172,522 | 148,448 |
Deferred revenue, less current portion | 5,809 | 2,893 |
Other liabilities | 5,770 | 5,678 |
Total liabilities | 184,101 | 157,019 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Common stock | 5 | 5 |
Additional paid-in capital | 330,274 | 326,280 |
Retained earnings | 176,611 | 158,868 |
Accumulated other comprehensive loss | -24 | -108 |
Total stockholders’ equity | 506,866 | 485,045 |
Total liabilities and stockholders’ equity | $690,967 | $642,064 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Revenue | $83,287 | $61,888 |
Cost of revenue | 34,759 | 28,920 |
Selling, general and administrative expenses | 19,459 | 17,255 |
Operating income | 29,069 | 15,713 |
Other income, net | 121 | 99 |
Income before provision for income taxes | 29,190 | 15,812 |
Provision for income taxes | 11,159 | 5,952 |
Net income | 18,031 | 9,860 |
Net income available to common stockholders | $18,031 | $9,860 |
Net income per common share: | ||
Basic (dollars per common share) | $0.33 | $0.19 |
Diluted (dollars per common share) | $0.33 | $0.18 |
Weighted-average shares used in computing net income per common share: | ||
Basic (in shares) | 54,175 | 52,803 |
Diluted (in shares) | 55,197 | 54,443 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $18,031 | $9,860 |
Unrealized gains (losses) on available-for-sale securities: | ||
Unrealized holding gains (losses) arising during the period | 84 | -18 |
Net unrealized gains (losses) on available-for-sale securities, net of tax | 84 | -18 |
Comprehensive income | $18,115 | $9,842 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities | ||
Net income | $18,031 | $9,860 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation | 34,011 | 28,418 |
Stock-based compensation | 3,881 | 3,802 |
Excess tax benefit from stock-based compensation | -316 | -694 |
Amortization of premium on investments | 1,435 | 1,608 |
Deferred taxes | -738 | -893 |
Other | 0 | -500 |
Changes in assets and liabilities: | ||
Accounts receivable | 9,442 | 25,406 |
Prepaid expenses and other assets | -5,323 | 463 |
Accounts payable | 1,348 | 467 |
Accrued and other liabilities | -6,802 | -2,601 |
Deferred revenue | 22,102 | 2,791 |
Net cash provided by operating activities | 77,071 | 68,127 |
Investing activities | ||
Purchases of investments | -57,663 | -51,125 |
Maturities of investments | 44,559 | 59,945 |
Increase in restricted cash | -201 | 0 |
Purchases of property and equipment | -547 | -426 |
Acquisitions of patent assets | -28,636 | -56,153 |
Net cash used in investing activities | -42,488 | -47,759 |
Proceeds from Deferred Payment Obligations | 6,270 | 0 |
Financing activities | ||
Proceeds from exercise of stock options and other common stock issuances | 671 | 582 |
Taxes paid related to net-share settlements of restricted stock units | -857 | -901 |
Excess tax benefit from stock-based compensation | 316 | 694 |
Payments for Repurchase of Common Stock | -144 | 0 |
Net cash provided by financing activities | 6,256 | 375 |
Net increase in cash and cash equivalents | 40,839 | 20,743 |
Cash and cash equivalents at beginning of period | 78,019 | |
Cash and cash equivalents at end of period | 118,858 | 120,898 |
Non-cash investing and financing activities | ||
Change in patent assets purchased and accrued but not paid | 0 | -500 |
Change in fixed assets purchased and accrued but not paid | 0 | -166 |
Change in other assets purchased and accrued but not paid | 0 | -63 |
Unpaid cash consideration for business acquisition | 425 | 0 |
Noncash or Part Noncash Acquisition, Debt Assumed | $5,935 | $0 |
Nature_of_Business
Nature of Business | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature Of Business | Nature of Business |
RPX Corporation (also referred to herein as “RPX” or the “Company”) helps companies reduce patent-related risk and expense by providing a subscription-based patent risk management solution that facilitates more efficient exchanges of value between owners and users of patents compared to transactions driven by actual or threatened litigation. The core of the Company’s solution is defensive patent aggregation, in which it acquires patents or licenses to patents that are being or may be asserted against the Company’s current or prospective clients. The Company may occasionally enter into agreements to acquire covenants not to sue in order to further mitigate its clients’ litigation risk. The acquired patents, licenses to patents, patent rights and agreements for covenants not to sue are collectively referred to as “patent assets.” The Company’s clients pay an annual subscription fee and in return, receive a license from the Company to substantially all of its patent assets and access to its proprietary patent market intelligence and data. In addition to the Company’s core solution, in August 2012, the Company began underwriting patent infringement liability insurance policies to insure against certain costs of litigation from non-practicing entities (“NPEs”). In March 2014, the Company formed a reinsurance company to assume some portion of the underwriting risk on insurance policies that the Company issues on behalf of a Lloyd’s of London underwriting syndicate. The Company began placing new policies under the reinsurance model in May 2014. As of, and for the three months ended March 31, 2015, the effect of the insurance policies that the Company has issued or assumed through our reinsurance business was not material to the Company’s results of operations, financial condition or cash flows. |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis Of Presentation And Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies |
Basis of Presentation | |
The accompanying condensed consolidated balance sheet as of March 31, 2015, the condensed consolidated statements of operations, the condensed consolidated statements of comprehensive income and the condensed consolidated statements of cash flows for the three months ended March 31, 2015 and 2014, are unaudited. The condensed consolidated balance sheet as of December 31, 2014 was derived from the audited consolidated financial statements which are included in the Company’s Form 10-K for the fiscal year ended December 31, 2014, which was filed with the U.S. Securities and Exchange Commission (“SEC”) on March 2, 2015. The unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. | |
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and with the instructions for Form 10-Q and Regulation S-X for interim financial statements. Accordingly, they do not include all of the information and notes required for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring items, necessary to state fairly the results of the interim periods have been included in the accompanying financial statements. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for any subsequent interim period or for the year ending December 31, 2015. | |
Recently Adopted Accounting Standards | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which will supersede most existing revenue recognition guidance in U.S. generally accepted accounting principles (“U.S. GAAP”) once it becomes effective. ASU 2014-09 requires an entity to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than required under existing U.S. GAAP including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU 2014-09 will be effective for annual and interim periods beginning after December 15, 2016 and early adoption is not permitted. The Company is currently evaluating the impact of the adoption of ASU 2014-12 on its consolidated financial statements. | |
Significant Accounting Policies | |
There have been no material changes to the Company’s significant accounting policies during the three months ended March 31, 2015, as compared to the significant accounting policies presented under the heading “Basis of Presentation and Significant Accounting Policies” in Note 2 of the Notes to Consolidated Financial Statements in Part II, Item 8 of the Company’s Annual Report on Form 10-K filed with the SEC on March 2, 2015. |
Net_Income_Per_Share
Net Income Per Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Net Income Available to Common Stockholders | Net Income Per Share | |||||||
Basic and diluted net income per share are computed by dividing the net income by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by using the weighted-average number of shares of common stock outstanding, including potential dilutive shares of common stock, assuming the dilutive effect of outstanding stock options and restricted stock units using the treasury stock method. | ||||||||
The following table presents the calculation of basic and diluted net income per share (in thousands, except per share data): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net income | $ | 18,031 | $ | 9,860 | ||||
Denominator: | ||||||||
Basic shares: | ||||||||
Weighted-average shares used in computing basic net income per common share | 54,175 | 52,803 | ||||||
Diluted shares: | ||||||||
Weighted-average shares used in computing basic net income per common share | 54,175 | 52,803 | ||||||
Dilutive effect of stock options and restricted stock units using the treasury-stock method | 1,022 | 1,640 | ||||||
Weighted-average shares used in computing diluted net income per common share | 55,197 | 54,443 | ||||||
Net income per common share: | ||||||||
Basic | $ | 0.33 | $ | 0.19 | ||||
Diluted | $ | 0.33 | $ | 0.18 | ||||
The following securities were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Weighted-average: | ||||||||
Stock options outstanding | 922 | 798 | ||||||
Restricted stock units outstanding | 714 | 60 | ||||||
Financial_Instruments
Financial Instruments | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||
Fair Value Measurements | The following tables present the Company's financial assets and liabilities measured at fair value on a recurring basis (in thousands): | |||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||
Amortized Cost | Unrealized | Estimated Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||||
Commercial paper | $ | 16,599 | $ | — | $ | — | $ | 16,599 | $ | — | $ | 16,599 | $ | — | ||||||||||||||
Municipal bonds | 29,384 | — | — | 29,384 | 29,384 | — | — | |||||||||||||||||||||
Money market funds | 2,573 | — | — | 2,573 | — | 2,573 | — | |||||||||||||||||||||
$ | 48,556 | $ | — | $ | — | $ | 48,556 | $ | 29,384 | $ | 19,172 | $ | — | |||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||||
Municipal bonds | $ | 110,325 | $ | 10 | $ | (21 | ) | $ | 110,314 | $ | — | $ | 110,314 | $ | — | |||||||||||||
Commercial paper | 8,790 | — | — | 8,790 | — | 8,790 | — | |||||||||||||||||||||
Corporate bonds | 70,297 | 10 | (31 | ) | 70,276 | — | 70,276 | — | ||||||||||||||||||||
U.S. government and agency securities | 56,403 | 16 | (9 | ) | 56,410 | — | 56,410 | — | ||||||||||||||||||||
Equity securities | 6,620 | — | — | 6,620 | 685 | 5,935 | — | |||||||||||||||||||||
$ | 252,435 | $ | 36 | $ | (61 | ) | $ | 252,410 | $ | 685 | $ | 251,725 | $ | — | ||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||
Deferred payment obligation | $ | 4,355 | $ | — | $ | — | $ | 4,355 | $ | — | $ | — | $ | 4,355 | ||||||||||||||
$ | 4,355 | $ | — | $ | — | $ | 4,355 | $ | — | $ | — | $ | 4,355 | |||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
Amortized Cost | Unrealized | Estimated Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||||
Commercial paper | $ | 5,749 | $ | — | $ | — | $ | 5,749 | $ | — | $ | 5,749 | $ | — | ||||||||||||||
U.S. government and agency securities | 2,000 | — | — | 2,000 | — | 2,000 | — | |||||||||||||||||||||
Municipal bonds | 1,409 | — | — | 1,409 | — | 1,409 | — | |||||||||||||||||||||
Money market funds | 451 | — | — | 451 | 451 | — | — | |||||||||||||||||||||
$ | 9,609 | $ | — | $ | — | $ | 9,609 | $ | 451 | $ | 9,158 | $ | — | |||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||||
Municipal bonds | $ | 120,270 | $ | 24 | $ | (12 | ) | $ | 120,282 | $ | — | $ | 120,282 | $ | — | |||||||||||||
Commercial paper | $ | 2,498 | — | — | 2,498 | — | 2,498 | — | ||||||||||||||||||||
Corporate bonds | $ | 68,758 | 1 | (87 | ) | 68,672 | — | 68,672 | — | |||||||||||||||||||
U.S. government and agency securities | $ | 48,095 | — | (33 | ) | 48,062 | — | 48,062 | — | |||||||||||||||||||
$ | 239,621 | $ | 25 | $ | (132 | ) | $ | 239,514 | $ | — | $ | 239,514 | $ | — | ||||||||||||||
The Company's short-term investments in Level 2 equity securities are classified as held-to-maturity with the remainder of the Company's short-term investments classified as available-for-sale. Available-for-sale and held-to-maturity securities are reported at fair value, with unrealized gains and losses, net of tax, included as a separate component of stockholders’ equity within accumulated other comprehensive income (loss). Realized gains and losses on these securities are included in other income, net in the Company’s condensed consolidated statements of operations and have not been material for all periods presented. | ||||||||||||||||||||||||||||
The weighted-average remaining maturity of the Company’s financial assets and liabilities was less than one year as of March 31, 2015 and December 31, 2014. As of March 31, 2015, no individual securities incurred continuous unrealized losses for greater than 12 months. | ||||||||||||||||||||||||||||
In connection with the Rockstar Transaction (see Note 9, "Commitments and Contingencies"), the Company received funding of $6.3 million from a syndicate participant. At March 31, 2015, the fair value of the loan from the syndicate participant was $4.4 million and was categorized as Level 3. | ||||||||||||||||||||||||||||
Level 3 Valuation Techniques | ||||||||||||||||||||||||||||
Level 3 financial liabilities consist of repayment obligations to a third party for which determination of fair value requires significant judgment and estimation. Changes in fair value measurement categorized within Level 3 of the fair value hierarchy are analyzed each period for changes in estimates or assumptions and recorded as appropriate. | ||||||||||||||||||||||||||||
The Company uses the Black-Scholes option valuation model to value certain Level 3 financial liabilities at inception and subsequent valuation dates. This model incorporates assumptions about details such as the value of underlying securities, expected terms, maturity, risk-free interest rates, as well as volatility. A significant change in volatility and expected term could result in a significant change in fair value. The risk-free interest rate was based on the implied yield currently available on U.S. Treasury zero coupon issues with an equivalent remaining term at the measurement date. The expected volatility was calculated using the standard deviation of the underlying security's daily returns over the estimated period of time to take to settle the liability. The expected term of the liability is determined by the estimated settlement date of the liability. Changes in the values are recorded in the Company's statement of operations. As of March 31, 2015, there were no transfers in or out of Level 3 from other levels of the fair value hierarchy. |
Patent_Assets_Net
Patent Assets, Net | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Patent Assets, Net [Abstract] | ||||||||||||||||
Patent Assets, Net | Patent Assets, Net | |||||||||||||||
Patent assets, net, consisted of the following (in thousands): | ||||||||||||||||
December 31, | Additions | Dispositions | March 31, | |||||||||||||
2014 | 2015 | |||||||||||||||
Patent assets | $ | 665,290 | $ | 53,636 | $ | (61 | ) | $ | 718,865 | |||||||
Accumulated amortization | (428,941 | ) | (33,059 | ) | 33 | (461,967 | ) | |||||||||
Patent assets, net | $ | 236,349 | $ | 256,898 | ||||||||||||
The Company’s acquired patent assets relate to technologies used or supplied by companies in a variety of market sectors, including consumer electronics, e-commerce, financial services, media distribution, mobile communications, networking, semiconductors and software. The Company amortizes each acquired portfolio of patent assets on a straight-line basis over its estimated economic useful life. As of March 31, 2015, the estimated economic useful lives of the Company’s patent assets generally ranged from 24 to 60 months. As of March 31, 2015, the weighted-average estimated economic useful life at the time of acquisition of all patents acquired since the Company’s inception was 45 months. | ||||||||||||||||
As of March 31, 2015, the Company expects amortization expense in future periods to be as follows (in thousands): | ||||||||||||||||
2015 (remainder) | $ | 93,531 | ||||||||||||||
2016 | 96,032 | |||||||||||||||
2017 | 45,922 | |||||||||||||||
2018 | 14,106 | |||||||||||||||
2019 | 6,864 | |||||||||||||||
Thereafter | 443 | |||||||||||||||
Total estimated future amortization expense | $ | 256,898 | ||||||||||||||
Amortization expense was $33.1 million and $27.6 million for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||
On December 22, 2014, the Company and RPX Clearinghouse LLC (a wholly-owned subsidiary of the Company) entered into an Asset Purchase Agreement by and among Rockstar Consortium US LP, Rockstar Consortium LLC, Bockstar Technologies LLC, Constellation Technologies LLC, MobileStar Technologies LLC, and NetStar Technologies LLC (the “Sellers”), for the purchase of substantially all of the patent assets owned or controlled by the Sellers (the “Rockstar Transaction”), as well as other ancillary agreements, including but not limited to an Escrow Agreement by and among the Sellers, Citibank, N.A., acting as escrow agent, RPX Clearinghouse LLC and the Company (the “Escrow Agreement”). Upon the closing of the Rockstar Transaction, syndicate participants received non-exclusive licenses to the patent assets included in the Rockstar Transaction, and RPX Clearinghouse made the patent assets available for license to all other interested companies under fair, reasonable, and non-discriminatory terms. RPX Clearinghouse LLC paid the Sellers $25.0 million as a non-refundable deposit on December 26, 2014 upon the execution of the Asset Purchase Agreement. The third-party funding commitments described below were derived pursuant with the Escrow Agreement and the remaining closing conditions under the Asset Purchase Agreement were met on January 28, 2015 on which date the Rockstar Transaction was consummated and the Sellers received an additional payment of $875.0 million from escrow. | ||||||||||||||||
RPX Clearinghouse LLC received funding commitments for the Rockstar Transaction from a syndicate of more than 30 companies. The Company evaluated the contributions from syndicate members to determine whether they should be recorded on a gross or net basis. As a result, the Company accounted for these third-party funding commitments on a net basis as it acted as an agent to acquire patent rights from the Sellers on behalf of the syndicate who paid for such rights separately from a subscription agreement. The Company contributed approximately $29.0 million which was recorded as a patent asset upon closing of the Rockstar Transaction and is amortized over its estimated economic useful life of 60 months. |
Property_and_Equipment_Net
Property and Equipment, Net | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment, Net, by Type [Abstract] | ||||||||
Property and Equipment, Net | Property and Equipment, Net | |||||||
Property and equipment, net, consisted of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Internal-use software | $ | 5,929 | $ | 5,358 | ||||
Leasehold improvements | 1,799 | 1,799 | ||||||
Computer, equipment and software | 1,388 | 1,221 | ||||||
Furniture and fixtures | 818 | 818 | ||||||
Construction-in-progress | — | 167 | ||||||
Total property and equipment, gross | 9,934 | 9,363 | ||||||
Less: Accumulated depreciation and amortization | (5,704 | ) | (5,212 | ) | ||||
Total property and equipment, net | $ | 4,230 | $ | 4,151 | ||||
Depreciation and amortization expense was $0.5 million for both three month periods ended March 31, 2015 and 2014. |
Intangible_Assets_Net
Intangible Assets, Net | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||||||||||||||||||||||
Intangible Assets, Net | Intangible Assets, Net | |||||||||||||||||||||||
Intangible assets, net, consisted of the following (in thousands): | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
Carrying Amount | Accumulated Amortization | Net Carrying Amount | Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Proprietary data and models | $ | 2,100 | $ | (1,262 | ) | $ | 838 | $ | 2,100 | $ | (1,119 | ) | $ | 981 | ||||||||||
Trademarks | 1,890 | (1,628 | ) | 262 | 1,890 | (1,565 | ) | 325 | ||||||||||||||||
Developed technology | 433 | (433 | ) | — | 433 | (433 | ) | — | ||||||||||||||||
Customer relationships | 1,050 | (459 | ) | 591 | 1,050 | (392 | ) | 658 | ||||||||||||||||
Covenant not to compete | 1,920 | (516 | ) | 1,404 | 1,920 | (358 | ) | 1,562 | ||||||||||||||||
$ | 7,393 | $ | (4,298 | ) | $ | 3,095 | $ | 7,393 | $ | (3,867 | ) | $ | 3,526 | |||||||||||
As of March 31, 2015, the Company expects amortization expense in future periods to be as follows (in thousands): | ||||||||||||||||||||||||
2015 (remainder) | $ | 1,294 | ||||||||||||||||||||||
2016 | 1,288 | |||||||||||||||||||||||
2017 | 513 | |||||||||||||||||||||||
Total estimated future amortization expense | $ | 3,095 | ||||||||||||||||||||||
Amortization expense was $0.4 million and $0.3 million for the three months ended March 31, 2015 and 2014, respectively. |
Accrued_and_Other_Current_Liab
Accrued and Other Current Liabilities | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accrued And Other Current Liabilities | Accrued Liabilities | |||||||
Accrued liabilities consisted of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Accrued payroll-related expenses | $ | 4,862 | $ | 9,270 | ||||
Accrued expenses | 2,328 | 4,987 | ||||||
Total accrued liabilities | $ | 7,190 | $ | 14,257 | ||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies |
Operating Lease Commitments | |
The Company generally does not enter into long-term minimum purchase commitments. Its principal long-term commitments consist of obligations under operating leases for office space. There were no substantial changes to the Company’s contractual obligations or commitments during the three months ended March 31, 2015 as compared to those presented under the heading “Commitments and Contingencies” in Note 12 of the Notes to Consolidated Financial Statements in Part II, Item 8 of the Company’s Annual Report on Form 10-K filed with the SEC on March 2, 2015. | |
Rent expense related to non-cancelable operating leases was $0.9 million for each of the three months ended March 31, 2015 and 2014, net of sublease income of $0.2 million and $0.1 million, respectively. | |
Deferred Payment Obligations | |
In connection with the Rockstar Transaction (see Note 5, "Patent Assets, Net"), the Company acquired certain common stock, convertible preferred stock, and redeemable convertible preferred stock investments held by the Seller. To fund the acquisition of these securities, the Company received funding of $6.3 million from a syndicate participant and seller financing of $5.9 million. These amounts are considered loans in the Company's condensed consolidated balance sheets and are recorded as current liabilities as they are expected to be repaid within 12 months. The loan received from the syndicate participant bears no interest and is repayable upon the sale of the common stock and convertible preferred stock securities. The amount repayable under this loan is limited to the proceeds received from the sale of the common and convertible preferred stock securities, up to a maximum amount of $6.3 million. The Company has elected to carry this loan at fair value and changes are reported in other income, net in the Company's condensed consolidated statements of operations. At March 31, 2015, the fair value of the loan was $4.4 million and was categorized as a Level 3 due to the significance of unobservable inputs developed using company-specific information. A gain of $0.1 million was recognized in the condensed consolidated statement of operations during the three months ended March 31, 2015 as a result of the changes in fair value of this loan and corresponding securities. | |
The loan received from the Seller is carried at cost, bears no interest, and is repayable upon redemption or conversion of the redeemable convertible preferred stock. At March 31, 2015, the loan was recorded at $5.9 million. | |
Litigation | |
From time to time, the Company may be a party to various litigation claims in the normal course of business. Legal fees and other costs associated with such actions are expensed as incurred. The Company assesses, in conjunction with its legal counsel, the need to record a liability for litigation or contingencies. A liability is recorded when and if it is determined that such a liability for litigation or contingencies is both probable and reasonably estimable. No liability for litigation or contingencies was recorded as of March 31, 2015 or December 31, 2014. | |
In June 2013, Kevin O’Halloran, as Trustee of the Liquidating Trust of Teltronics, Inc. (the “Debtor”), filed a complaint in the U.S. Bankruptcy Court for the Middle District of Florida against the Company and Harris Corporation (the “Defendants”). The complaint alleges that the Defendants are liable under federal and state bankruptcy law regarding fraudulent transfers for the value of a patent portfolio purchased by the Company from Harris Corporation pursuant to an agreement entered into in January 2009, and within four years of the date the Debtor filed its petition in bankruptcy. The Company is not currently able to determine whether there is a reasonable possibility that a loss has been incurred, nor can it estimate the potential loss or range of the potential loss that may result from this litigation. | |
In March 2012, Cascades Computer Innovations LLC filed a complaint in U.S. District Court for the Northern District of California (the “Court”) against the Company and five of its clients (collectively the “Defendants”). The complaint alleges that the Defendants violated federal antitrust law, California antitrust law and California unfair competition law. The complaint further alleges that after we terminated our negotiations with the plaintiff to license certain patents held by the plaintiff, the Defendants violated the law by jointly refusing to negotiate or accept licenses under the plaintiff’s patents. The plaintiff seeks unspecified monetary damages and injunctive relief. In January 2013, the Court dismissed the complaint against the Defendants and granted the plaintiff leave to amend its complaint. In February 2013, the plaintiff filed an amended lawsuit alleging that the Defendants violated federal antitrust law, California antitrust law and California unfair competition law. In March 2014, the Court entered an order staying the litigation pending the resolution of related litigation in the U.S. District Court for the Northern District of Illinois, and has subsequently continued the stay until July 2015. We are not currently able to determine whether there is a reasonable possibility that a loss has been incurred, nor can we estimate the potential loss or range of the potential loss that may result from this litigation. | |
Guarantees and Indemnifications | |
The Company has, in connection with the sale of patent assets, agreed to indemnify and hold harmless the buyer of such patent assets for losses resulting from breaches of representations and warranties made by the Company. The terms of these indemnification agreements are generally perpetual. The maximum amount of potential future indemnification is unlimited. To date, the Company has not paid any amount to settle claims or defend lawsuits. The Company is unable to reasonably estimate the maximum amount that could be payable under these arrangements since these obligations are not capped but are conditional to the unique facts and circumstances involved. The Company had no liabilities recorded for these agreements as of March 31, 2015 or December 31, 2014. The Company has no reason to believe that there is any material liability related to such indemnification provisions. The Company does not indemnify its clients for patent infringement. | |
In accordance with its amended and restated bylaws, the Company also indemnifies certain officers and employees for losses incurred in connection with actions, suits or proceedings threatened or brought against such officer or employee arising from his or her service to the Company as an officer or employee, subject to certain limitations. The term of the indemnification period is indefinite. The maximum amount of potential future indemnification is unspecified. The Company has no reason to believe that there is any material liability for actions, events or occurrences that have occurred to date. | |
Reserves for Known and Incurred but not Reported Claims | |
In August 2012, the Company began offering insurance to cover certain costs of litigation brought against its insured clients by NPEs. As of March 31, 2015, the Company had a total of 57 active policies and had recorded a reserve of $0.9 million for known and incurred but not reported claims that represent estimated claim costs and related expenses. | |
The Company regularly reviews its loss reserves using a variety of actuarial techniques and updates them as its loss experience develops. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Stockholders Equity and Share-based Compensation [Abstract] | ||||||||||||||||
Stockholders' Equity | Stockholders’ Equity | |||||||||||||||
Equity Plans | ||||||||||||||||
A summary of the Company’s activity under its equity-settled award plans and related information is as follows (in thousands, except per share data): | ||||||||||||||||
Options Outstanding | ||||||||||||||||
Shares Available for Grant | Number of Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Life in Years | Aggregate Intrinsic Value | ||||||||||||
Balance - December 31, 2014 | 2,685 | 3,264 | $ | 10.38 | ||||||||||||
Shares authorized(1) | 1,000 | — | — | |||||||||||||
Options exercised | — | (165 | ) | 4.46 | ||||||||||||
Options forfeited/canceled | 76 | (76 | ) | 13.8 | ||||||||||||
Restricted stock units granted | (1,066 | ) | — | — | ||||||||||||
Restricted stock units forfeited | 345 | — | — | |||||||||||||
Restricted stock units withheld related to net-share settlement of restricted stock units | 61 | — | — | |||||||||||||
Balance - March 31, 2015 | 3,101 | 3,023 | 10.61 | 5.7 | $ | 14,240 | ||||||||||
Vested and exercisable - March 31, 2015 | 2,425 | 10.92 | 5.7 | 11,077 | ||||||||||||
Vested and expected to vest - March 31, 2015 | 2,963 | 10.65 | 5.7 | 13,896 | ||||||||||||
(1) In March 2015, the Company reserved an additional 1,000,000 shares of its common stock for future issuance under the 2011 Plan. | ||||||||||||||||
The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2015 and 2014 was $1.6 million and $1.7 million, respectively. The total fair value of stock options vested during the three months ended March 31, 2015 and 2014 was $0.9 million and $1.7 million, respectively. | ||||||||||||||||
Restricted Stock Units | ||||||||||||||||
The summary of restricted stock unit activity, which includes performance-based restricted stock units with a market condition (“PBRSUs”), is as follows (in thousands, except per share data): | ||||||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | Aggregate Intrinsic Value | ||||||||||||||
Non-vested units - December 31, 2014 | 2,460 | $ | 13.15 | |||||||||||||
Granted | 1,066 | 13.51 | ||||||||||||||
Vested | (163 | ) | 13.82 | |||||||||||||
Forfeited | (345 | ) | 13.03 | |||||||||||||
Non-vested units - March 31, 2015 | 3,018 | 13.25 | $ | 43,435 | ||||||||||||
The total fair value of restricted stock units (“RSUs”) vested during the three months ended March 31, 2015 and 2014 was $2.3 million and $2.4 million, respectively. | ||||||||||||||||
In October 2013, the Board of Directors approved net-share settlement for tax withholdings on RSU vesting. During the three months ended March 31, 2015, the Company withheld issuing 60,742 shares of its common stock based on the value of the RSUs on their vesting dates as determined by the Company’s closing common stock price. Total payments for employees’ minimum tax obligations to taxing authorities were $0.9 million for the three months ended March 31, 2015, and were recorded as a reduction to additional paid-in capital and reflected as a financing activity within the condensed consolidated statements of cash flows. The net-share settlements reduced the number of shares that would have otherwise been issued on the vesting date and increased the number of shares reserved for future issuance under the 2011 Plan. | ||||||||||||||||
Stock-Based Compensation Related to Employees and Directors | ||||||||||||||||
The fair value of RSUs granted to employees and directors is measured by reference to the fair value of the underlying shares on the date of grant. | ||||||||||||||||
PBRSUs contain both service and market conditions that affect the quantity of awards that will vest. During the three months ended March 31, 2015 and 2014, the Company granted nil and 200,000 PBRSUs, respectively. The Company estimates the grant date fair value of PBRSUs using the Monte Carlo simulation model. The weighted-average assumptions used to estimate the fair value of PBRSUs and the resulting fair values are as follows: | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Dividend yield | n/a | — | % | |||||||||||||
Risk-free rate | n/a | 1.11 | % | |||||||||||||
Expected volatility | n/a | 48 | % | |||||||||||||
Grant date fair value | n/a | $ | 7.47 | |||||||||||||
Stock-based compensation expense related to stock options granted to employees and directors was $0.7 million and $1.5 million for the three months ended March 31, 2015 and 2014, respectively. Stock-based compensation expense related to RSUs granted to employees and directors was $3.0 million and $2.2 million for the three months ended March 31, 2015 and 2014, respectively. Stock-based compensation expense related to PBRSUs granted to employees was $0.1 million and $0.2 million for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||
As of March 31, 2015, there was $3.2 million and $36.2 million of unrecognized compensation cost related to stock options and RSUs, including PBRSUs, respectively, which is expected to be recognized over a weighted-average period of 1.2 years and 3.0 years, respectively. Future grants of equity awards will increase the amount of stock-based compensation expense to be recorded. | ||||||||||||||||
Stock Repurchase Program | ||||||||||||||||
On February 10, 2015, the Company announced that its Board of Directors has authorized a share repurchase program under which the Company is authorized to repurchase up to $75.0 million of its outstanding common stock with no expiration date from the date of authorization. As of March 31, 2015, $0.3 million of the $75.0 million had been utilized. Under the program, shares may be purchased in open market transactions, including through block purchases, through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The share repurchase program does not have an expiration date and may be suspended, terminated or modified at any time for any reason. The Company’s share repurchase program does not obligate it to acquire any specific number of shares. The Company repurchased shares of its common stock in the open market, which were retired upon repurchase, during the period presented as follows (in thousands, except per share data): | ||||||||||||||||
Shares Repurchased | Average Price per Share | Value of Shares Repurchased | ||||||||||||||
Balance as of January 1, 2015 | — | $ | — | $ | — | |||||||||||
Repurchase of shares of common stock | 20 | 14.39 | 287.8 | |||||||||||||
Balance as of March 31, 2015 | 20 | $ | 14.39 | $ | 287.8 | |||||||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The Company uses an estimated annual effective tax rate based upon a projection of its annual fiscal year results to measure the income tax benefit or expense recognized in each interim period. The Company’s effective tax rate, including the impact of discrete benefit items, was 38% for each three months ended March 31, 2015 and 2014, respectively. | |
The Company’s 2010 tax year is currently under examination by the State of California Franchise Tax Board. The Company does not expect a material impact on its consolidated financial statements as a result of this examination. The 2011 through 2013 tax periods remain open to examination by the Internal Revenue Service and the 2010 through 2013 tax periods remain open to examination by most state tax authorities. For the Company's foreign jurisdictions, the 2009 through 2013 tax years remain open to examination by their respective tax authorities. |
RelatedParty_Transactions
Related-Party Transactions | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related-Party Transactions |
During the three months ended March 31, 2015, five members of the Company’s Board of Directors also served on the boards of directors of RPX clients. During the three months ended March 31, 2014, four members of the Company’s Board of Directors also served on the boards of directors of RPX clients. The Company recognized subscription revenue from these clients in the amount of $2.4 million and $1.4 million for the three months ended March 31, 2015 and 2014, respectively. As of December 31, 2014, there was $0.1 million of receivables due from these clients. There were no receivables due from these clients on March 31, 2015. |
Segment_Reporting
Segment Reporting | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||
Segment Reporting | Segment Reporting | |||||||||||||
Operating segments are components of an enterprise about which separate financial information is available. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The Company’s Chief Executive Officer reviews financial information presented on a consolidated basis and, as a result, the Company concluded that there is only one operating and reportable segment. | ||||||||||||||
The Company markets its solution to companies around the world. Revenue is generally attributed to geographic areas based on the country in which the client is domiciled. | ||||||||||||||
The following table presents revenue by location and revenue generated by country as a percentage of total revenue for the applicable period, for countries representing 10% or more of revenues for the periods presented (dollars in thousands): | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
United States | $ | 55,185 | 66 | % | $ | 37,105 | 60 | % | ||||||
Japan | 9,332 | 11 | 9,556 | 15 | ||||||||||
Other | 18,770 | 23 | 15,227 | 25 | ||||||||||
Total revenue | $ | 83,287 | 100 | % | $ | 61,888 | 100 | % | ||||||
Long-lived assets information by location is presented below (in thousands): | ||||||||||||||
March 31, | December 31, | |||||||||||||
2015 | 2014 | |||||||||||||
United States | $ | 4,218 | $ | 4,137 | ||||||||||
Japan | 12 | 14 | ||||||||||||
Total long-lived assets | $ | 4,230 | $ | 4,151 | ||||||||||
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
The accompanying condensed consolidated balance sheet as of March 31, 2015, the condensed consolidated statements of operations, the condensed consolidated statements of comprehensive income and the condensed consolidated statements of cash flows for the three months ended March 31, 2015 and 2014, are unaudited. The condensed consolidated balance sheet as of December 31, 2014 was derived from the audited consolidated financial statements which are included in the Company’s Form 10-K for the fiscal year ended December 31, 2014, which was filed with the U.S. Securities and Exchange Commission (“SEC”) on March 2, 2015. The unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. | |
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and with the instructions for Form 10-Q and Regulation S-X for interim financial statements. Accordingly, they do not include all of the information and notes required for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring items, necessary to state fairly the results of the interim periods have been included in the accompanying financial statements. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for any subsequent interim period or for the year ending December 31, 2015. | |
Recently Adopted Accounting Standards | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which will supersede most existing revenue recognition guidance in U.S. generally accepted accounting principles (“U.S. GAAP”) once it becomes effective. ASU 2014-09 requires an entity to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than required under existing U.S. GAAP including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU 2014-09 will be effective for annual and interim periods beginning after December 15, 2016 and early adoption is not permitted. The Company is currently evaluating the impact of the adoption of ASU 2014-12 on its consolidated financial statements. | |
Significant Accounting Policies | |
There have been no material changes to the Company’s significant accounting policies during the three months ended March 31, 2015, as compared to the significant accounting policies presented under the heading “Basis of Presentation and Significant Accounting Policies” in Note 2 of the Notes to Consolidated Financial Statements in Part II, Item 8 of the Company’s Annual Report on Form 10-K filed with the SEC on March 2, 2015. | |
Recently Issued Accounting Standards | Recently Adopted Accounting Standards |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which will supersede most existing revenue recognition guidance in U.S. generally accepted accounting principles (“U.S. GAAP”) once it becomes effective. ASU 2014-09 requires an entity to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than required under existing U.S. GAAP including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU 2014-09 will be effective for annual and interim periods beginning after December 15, 2016 and early adoption is not permitted. The Company is currently evaluating the impact of the adoption of ASU 2014-12 on its consolidated financial statements. |
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Basic and Diluted Net Income Per Share Available To Common Stockholders | The following table presents the calculation of basic and diluted net income per share (in thousands, except per share data): | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net income | $ | 18,031 | $ | 9,860 | ||||
Denominator: | ||||||||
Basic shares: | ||||||||
Weighted-average shares used in computing basic net income per common share | 54,175 | 52,803 | ||||||
Diluted shares: | ||||||||
Weighted-average shares used in computing basic net income per common share | 54,175 | 52,803 | ||||||
Dilutive effect of stock options and restricted stock units using the treasury-stock method | 1,022 | 1,640 | ||||||
Weighted-average shares used in computing diluted net income per common share | 55,197 | 54,443 | ||||||
Net income per common share: | ||||||||
Basic | $ | 0.33 | $ | 0.19 | ||||
Diluted | $ | 0.33 | $ | 0.18 | ||||
Anti-Dilutive Securities Not Included In Diluted Shares Outstanding Calculation | The following securities were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive (in thousands): | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Weighted-average: | ||||||||
Stock options outstanding | 922 | 798 | ||||||
Restricted stock units outstanding | 714 | 60 | ||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||
Finance Assets Measured At Fair Value On A Recurring Basis | The following tables present the Company's financial assets and liabilities measured at fair value on a recurring basis (in thousands): | |||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||
Amortized Cost | Unrealized | Estimated Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||||
Commercial paper | $ | 16,599 | $ | — | $ | — | $ | 16,599 | $ | — | $ | 16,599 | $ | — | ||||||||||||||
Municipal bonds | 29,384 | — | — | 29,384 | 29,384 | — | — | |||||||||||||||||||||
Money market funds | 2,573 | — | — | 2,573 | — | 2,573 | — | |||||||||||||||||||||
$ | 48,556 | $ | — | $ | — | $ | 48,556 | $ | 29,384 | $ | 19,172 | $ | — | |||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||||
Municipal bonds | $ | 110,325 | $ | 10 | $ | (21 | ) | $ | 110,314 | $ | — | $ | 110,314 | $ | — | |||||||||||||
Commercial paper | 8,790 | — | — | 8,790 | — | 8,790 | — | |||||||||||||||||||||
Corporate bonds | 70,297 | 10 | (31 | ) | 70,276 | — | 70,276 | — | ||||||||||||||||||||
U.S. government and agency securities | 56,403 | 16 | (9 | ) | 56,410 | — | 56,410 | — | ||||||||||||||||||||
Equity securities | 6,620 | — | — | 6,620 | 685 | 5,935 | — | |||||||||||||||||||||
$ | 252,435 | $ | 36 | $ | (61 | ) | $ | 252,410 | $ | 685 | $ | 251,725 | $ | — | ||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||
Deferred payment obligation | $ | 4,355 | $ | — | $ | — | $ | 4,355 | $ | — | $ | — | $ | 4,355 | ||||||||||||||
$ | 4,355 | $ | — | $ | — | $ | 4,355 | $ | — | $ | — | $ | 4,355 | |||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
Amortized Cost | Unrealized | Estimated Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||||
Commercial paper | $ | 5,749 | $ | — | $ | — | $ | 5,749 | $ | — | $ | 5,749 | $ | — | ||||||||||||||
U.S. government and agency securities | 2,000 | — | — | 2,000 | — | 2,000 | — | |||||||||||||||||||||
Municipal bonds | 1,409 | — | — | 1,409 | — | 1,409 | — | |||||||||||||||||||||
Money market funds | 451 | — | — | 451 | 451 | — | — | |||||||||||||||||||||
$ | 9,609 | $ | — | $ | — | $ | 9,609 | $ | 451 | $ | 9,158 | $ | — | |||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||||
Municipal bonds | $ | 120,270 | $ | 24 | $ | (12 | ) | $ | 120,282 | $ | — | $ | 120,282 | $ | — | |||||||||||||
Commercial paper | $ | 2,498 | — | — | 2,498 | — | 2,498 | — | ||||||||||||||||||||
Corporate bonds | $ | 68,758 | 1 | (87 | ) | 68,672 | — | 68,672 | — | |||||||||||||||||||
U.S. government and agency securities | $ | 48,095 | — | (33 | ) | 48,062 | — | 48,062 | — | |||||||||||||||||||
$ | 239,621 | $ | 25 | $ | (132 | ) | $ | 239,514 | $ | — | $ | 239,514 | $ | — | ||||||||||||||
Patent_Assets_Net_Tables
Patent Assets, Net (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Patent Assets, Net [Abstract] | ||||||||||||||||
Patent Assets, Net | Patent assets, net, consisted of the following (in thousands): | |||||||||||||||
December 31, | Additions | Dispositions | March 31, | |||||||||||||
2014 | 2015 | |||||||||||||||
Patent assets | $ | 665,290 | $ | 53,636 | $ | (61 | ) | $ | 718,865 | |||||||
Accumulated amortization | (428,941 | ) | (33,059 | ) | 33 | (461,967 | ) | |||||||||
Patent assets, net | $ | 236,349 | $ | 256,898 | ||||||||||||
Expected Future Annual Amortization Of Patent Assets | As of March 31, 2015, the Company expects amortization expense in future periods to be as follows (in thousands): | |||||||||||||||
2015 (remainder) | $ | 93,531 | ||||||||||||||
2016 | 96,032 | |||||||||||||||
2017 | 45,922 | |||||||||||||||
2018 | 14,106 | |||||||||||||||
2019 | 6,864 | |||||||||||||||
Thereafter | 443 | |||||||||||||||
Total estimated future amortization expense | $ | 256,898 | ||||||||||||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment, Net, by Type [Abstract] | ||||||||
Property And Equipment, Net | Property and equipment, net, consisted of the following (in thousands): | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Internal-use software | $ | 5,929 | $ | 5,358 | ||||
Leasehold improvements | 1,799 | 1,799 | ||||||
Computer, equipment and software | 1,388 | 1,221 | ||||||
Furniture and fixtures | 818 | 818 | ||||||
Construction-in-progress | — | 167 | ||||||
Total property and equipment, gross | 9,934 | 9,363 | ||||||
Less: Accumulated depreciation and amortization | (5,704 | ) | (5,212 | ) | ||||
Total property and equipment, net | $ | 4,230 | $ | 4,151 | ||||
Intangible_Assets_Net_Tables
Intangible Assets, Net (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||||||||||||||||||
Intangible Assets, Net | Intangible assets, net, consisted of the following (in thousands): | |||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
Carrying Amount | Accumulated Amortization | Net Carrying Amount | Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Proprietary data and models | $ | 2,100 | $ | (1,262 | ) | $ | 838 | $ | 2,100 | $ | (1,119 | ) | $ | 981 | ||||||||||
Trademarks | 1,890 | (1,628 | ) | 262 | 1,890 | (1,565 | ) | 325 | ||||||||||||||||
Developed technology | 433 | (433 | ) | — | 433 | (433 | ) | — | ||||||||||||||||
Customer relationships | 1,050 | (459 | ) | 591 | 1,050 | (392 | ) | 658 | ||||||||||||||||
Covenant not to compete | 1,920 | (516 | ) | 1,404 | 1,920 | (358 | ) | 1,562 | ||||||||||||||||
$ | 7,393 | $ | (4,298 | ) | $ | 3,095 | $ | 7,393 | $ | (3,867 | ) | $ | 3,526 | |||||||||||
Expected Future Annual Amortization Of Intangible Assets | As of March 31, 2015, the Company expects amortization expense in future periods to be as follows (in thousands): | |||||||||||||||||||||||
2015 (remainder) | $ | 93,531 | ||||||||||||||||||||||
2016 | 96,032 | |||||||||||||||||||||||
2017 | 45,922 | |||||||||||||||||||||||
2018 | 14,106 | |||||||||||||||||||||||
2019 | 6,864 | |||||||||||||||||||||||
Thereafter | 443 | |||||||||||||||||||||||
Total estimated future amortization expense | $ | 256,898 | ||||||||||||||||||||||
Intangible Assets Net | ||||||||||||||||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||||||||||||||||||
Expected Future Annual Amortization Of Intangible Assets | As of March 31, 2015, the Company expects amortization expense in future periods to be as follows (in thousands): | |||||||||||||||||||||||
2015 (remainder) | $ | 1,294 | ||||||||||||||||||||||
2016 | 1,288 | |||||||||||||||||||||||
2017 | 513 | |||||||||||||||||||||||
Total estimated future amortization expense | $ | 3,095 | ||||||||||||||||||||||
Accrued_and_Other_Current_Liab1
Accrued and Other Current Liabilities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accrued And Other Current Liabilities | Accrued liabilities consisted of the following (in thousands): | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Accrued payroll-related expenses | $ | 4,862 | $ | 9,270 | ||||
Accrued expenses | 2,328 | 4,987 | ||||||
Total accrued liabilities | $ | 7,190 | $ | 14,257 | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | Mar. 31, 2014 | |||||||||||||||||||||
Stockholders Equity and Share-based Compensation [Abstract] | ||||||||||||||||||||||
Activity Under Equity Settled Award Plans And Related Information | A summary of the Company’s activity under its equity-settled award plans and related information is as follows (in thousands, except per share data): | |||||||||||||||||||||
Options Outstanding | ||||||||||||||||||||||
Shares Available for Grant | Number of Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Life in Years | Aggregate Intrinsic Value | ||||||||||||||||||
Balance - December 31, 2014 | 2,685 | 3,264 | $ | 10.38 | ||||||||||||||||||
Shares authorized(1) | 1,000 | — | — | |||||||||||||||||||
Options exercised | — | (165 | ) | 4.46 | ||||||||||||||||||
Options forfeited/canceled | 76 | (76 | ) | 13.8 | ||||||||||||||||||
Restricted stock units granted | (1,066 | ) | — | — | ||||||||||||||||||
Restricted stock units forfeited | 345 | — | — | |||||||||||||||||||
Restricted stock units withheld related to net-share settlement of restricted stock units | 61 | — | — | |||||||||||||||||||
Balance - March 31, 2015 | 3,101 | 3,023 | 10.61 | 5.7 | $ | 14,240 | ||||||||||||||||
Vested and exercisable - March 31, 2015 | 2,425 | 10.92 | 5.7 | 11,077 | ||||||||||||||||||
Vested and expected to vest - March 31, 2015 | 2,963 | 10.65 | 5.7 | 13,896 | ||||||||||||||||||
(1) In March 2015, the Company reserved an additional 1,000,000 shares of its common stock for future issuance under the 2011 Plan. | ||||||||||||||||||||||
Restricted Stock Unit Activity | The summary of restricted stock unit activity, which includes performance-based restricted stock units with a market condition (“PBRSUs”), is as follows (in thousands, except per share data): | |||||||||||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | Aggregate Intrinsic Value | ||||||||||||||||||||
Non-vested units - December 31, 2014 | 2,460 | $ | 13.15 | |||||||||||||||||||
Granted | 1,066 | 13.51 | ||||||||||||||||||||
Vested | (163 | ) | 13.82 | |||||||||||||||||||
Forfeited | (345 | ) | 13.03 | |||||||||||||||||||
Non-vested units - March 31, 2015 | 3,018 | 13.25 | $ | 43,435 | ||||||||||||||||||
Weighted-Average Assumptions Used To Estimate The Fair Value Of PBRSUs | The weighted-average assumptions used to estimate the fair value of PBRSUs and the resulting fair values are as follows: | |||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
Dividend yield | n/a | — | % | |||||||||||||||||||
Risk-free rate | n/a | 1.11 | % | |||||||||||||||||||
Expected volatility | n/a | 48 | % | |||||||||||||||||||
Grant date fair value | n/a | $ | 7.47 | |||||||||||||||||||
Schedule of Repurchase Agreements | ||||||||||||||||||||||
Shares Repurchased | Average Price per Share | Value of Shares Repurchased | ||||||||||||||||||||
Balance as of January 1, 2015 | — | $ | — | $ | — | |||||||||||||||||
Repurchase of shares of common stock | 20 | 14.39 | 287.8 | |||||||||||||||||||
Balance as of March 31, 2015 | 20 | $ | 14.39 | $ | 287.8 | |||||||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||
Revenue By Location | The following table presents revenue by location and revenue generated by country as a percentage of total revenue for the applicable period, for countries representing 10% or more of revenues for the periods presented (dollars in thousands): | |||||||||||||
Three Months Ended March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
United States | $ | 55,185 | 66 | % | $ | 37,105 | 60 | % | ||||||
Japan | 9,332 | 11 | 9,556 | 15 | ||||||||||
Other | 18,770 | 23 | 15,227 | 25 | ||||||||||
Total revenue | $ | 83,287 | 100 | % | $ | 61,888 | 100 | % | ||||||
Long-Lived Assets Information By Location | Long-lived assets information by location is presented below (in thousands): | |||||||||||||
March 31, | December 31, | |||||||||||||
2015 | 2014 | |||||||||||||
United States | $ | 4,218 | $ | 4,137 | ||||||||||
Japan | 12 | 14 | ||||||||||||
Total long-lived assets | $ | 4,230 | $ | 4,151 | ||||||||||
Net_Income_Per_Share_Detail_Ba
Net Income Per Share (Detail) - Basic and Diluted Net Income Per Share Available To Common Stockholders (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator: | ||
Net income | $18,031 | $9,860 |
Net income available to common stockholders | $18,031 | $9,860 |
Basic shares: | ||
Weighted-average shares used in computing basic net income per common share | 54,175 | 52,803 |
Diluted shares: | ||
Dilutive effect of stock options and restricted stock units using the treasury-stock method | 1,022 | 1,640 |
Weighted-average shares used in computing diluted net income per common share | 55,197 | 54,443 |
Net income per common share: | ||
Basic (dollars per common share) | $0.33 | $0.19 |
Diluted (dollars per common share) | $0.33 | $0.18 |
Net_Income_Per_Share_Detail_An
Net Income Per Share (Detail) - Anti-Dilutive Securities Not Included In Diluted Shares Outstanding Calculation | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stock options outstanding | ||
Weighted-average: | ||
Weighted-average anti-dilutive securities | 922 | 798 |
Restricted stock units outstanding | ||
Weighted-average: | ||
Weighted-average anti-dilutive securities | 714 | 60 |
Financial_Instruments_Detail_F
Financial Instruments (Detail) - Financial Assets Measured At Fair Value On A Recurring Basis (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Proceeds from Deferred Payment Obligations | $6,270 | $0 | |
Amortized Cost | 252,435 | 239,621 | |
Unrealized Gains | 36 | 25 | |
Unrealized Losses | -61 | -132 | |
Estimated Fair Value | 252,410 | 239,514 | |
Cash equivalents | |||
Cash equivalents | 48,556 | 9,609 | |
Short-term investments | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 4,355 | ||
Deferred Payment Obligations | |||
Short-term investments | |||
Debt Instrument, Fair Value Disclosure | 4,355 | ||
Municipal bonds | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Amortized Cost | 110,325 | 120,270 | |
Unrealized Gains | 10 | 24 | |
Unrealized Losses | -21 | -12 | |
Estimated Fair Value | 110,314 | 120,282 | |
Commercial paper | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Amortized Cost | 8,790 | 2,498 | |
Unrealized Gains | 0 | 0 | |
Unrealized Losses | 0 | 0 | |
Estimated Fair Value | 8,790 | 2,498 | |
Corporate bonds | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Amortized Cost | 70,297 | 68,758 | |
Unrealized Gains | 10 | 1 | |
Unrealized Losses | -31 | -87 | |
Estimated Fair Value | 70,276 | 68,672 | |
U.S. government and agency securities | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Amortized Cost | 56,403 | 48,095 | |
Unrealized Gains | 16 | 0 | |
Unrealized Losses | -9 | -33 | |
Estimated Fair Value | 56,410 | 48,062 | |
Equity securities | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Amortized Cost | 6,620 | ||
Unrealized Gains | 0 | ||
Unrealized Losses | 0 | ||
Estimated Fair Value | 6,620 | ||
Commercial paper | |||
Cash equivalents | |||
Cash equivalents | 16,599 | 5,749 | |
Municipal bonds | |||
Cash equivalents | |||
Cash equivalents | 29,384 | 1,409 | |
Money market funds | |||
Cash equivalents | |||
Cash equivalents | 2,573 | 451 | |
U.S. government and agency securities | |||
Cash equivalents | |||
Cash equivalents | 2,000 | ||
Level 1 | |||
Cash equivalents | |||
Cash equivalents | 29,384 | 451 | |
Short-term investments | |||
Short-term investments | 685 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | ||
Level 1 | Deferred Payment Obligations | |||
Short-term investments | |||
Debt Instrument, Fair Value Disclosure | 0 | ||
Level 1 | Municipal bonds | |||
Short-term investments | |||
Short-term investments | 0 | 0 | |
Level 1 | Commercial paper | |||
Short-term investments | |||
Short-term investments | 0 | 0 | |
Level 1 | Corporate bonds | |||
Short-term investments | |||
Short-term investments | 0 | 0 | |
Level 1 | U.S. government and agency securities | |||
Short-term investments | |||
Short-term investments | 0 | 0 | |
Level 1 | Equity securities | |||
Short-term investments | |||
Short-term investments | 685 | ||
Level 1 | Commercial paper | |||
Cash equivalents | |||
Cash equivalents | 0 | 0 | |
Level 1 | Municipal bonds | |||
Cash equivalents | |||
Cash equivalents | 29,384 | 0 | |
Level 1 | Money market funds | |||
Cash equivalents | |||
Cash equivalents | 0 | 451 | |
Level 1 | U.S. government and agency securities | |||
Cash equivalents | |||
Cash equivalents | 0 | ||
Level 2 | |||
Cash equivalents | |||
Cash equivalents | 19,172 | 9,158 | |
Short-term investments | |||
Short-term investments | 251,725 | 239,514 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | ||
Level 2 | Deferred Payment Obligations | |||
Short-term investments | |||
Debt Instrument, Fair Value Disclosure | 0 | ||
Level 2 | Municipal bonds | |||
Short-term investments | |||
Short-term investments | 110,314 | 120,282 | |
Level 2 | Commercial paper | |||
Short-term investments | |||
Short-term investments | 8,790 | 2,498 | |
Level 2 | Corporate bonds | |||
Short-term investments | |||
Short-term investments | 70,276 | 68,672 | |
Level 2 | U.S. government and agency securities | |||
Short-term investments | |||
Short-term investments | 56,410 | 48,062 | |
Level 2 | Equity securities | |||
Short-term investments | |||
Short-term investments | 5,935 | ||
Level 2 | Commercial paper | |||
Cash equivalents | |||
Cash equivalents | 16,599 | 5,749 | |
Level 2 | Municipal bonds | |||
Cash equivalents | |||
Cash equivalents | 0 | 1,409 | |
Level 2 | Money market funds | |||
Cash equivalents | |||
Cash equivalents | 2,573 | 0 | |
Level 2 | U.S. government and agency securities | |||
Cash equivalents | |||
Cash equivalents | 2,000 | ||
Level 3 | |||
Cash equivalents | |||
Cash equivalents | 0 | 0 | |
Short-term investments | |||
Short-term investments | 0 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 4,355 | ||
Level 3 | Deferred Payment Obligations | |||
Short-term investments | |||
Debt Instrument, Fair Value Disclosure | 4,355 | ||
Level 3 | Municipal bonds | |||
Short-term investments | |||
Short-term investments | 0 | 0 | |
Level 3 | Commercial paper | |||
Short-term investments | |||
Short-term investments | 0 | 0 | |
Level 3 | Corporate bonds | |||
Short-term investments | |||
Short-term investments | 0 | 0 | |
Level 3 | U.S. government and agency securities | |||
Short-term investments | |||
Short-term investments | 0 | 0 | |
Level 3 | Equity securities | |||
Short-term investments | |||
Short-term investments | 0 | ||
Level 3 | Commercial paper | |||
Cash equivalents | |||
Cash equivalents | 0 | 0 | |
Level 3 | Municipal bonds | |||
Cash equivalents | |||
Cash equivalents | 0 | 0 | |
Level 3 | Money market funds | |||
Cash equivalents | |||
Cash equivalents | 0 | 0 | |
Level 3 | U.S. government and agency securities | |||
Cash equivalents | |||
Cash equivalents | $0 |
Shortterm_Investments_Detail_S
Short-term Investments (Detail) - Summary Of Investments In Available-For-Sale Securities (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investment Holdings [Line Items] | ||
Amortized Cost | $252,435 | $239,621 |
Estimated Fair Value | 252,410 | 239,514 |
Municipal bonds | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 110,325 | 120,270 |
Estimated Fair Value | 110,314 | 120,282 |
Corporate bonds | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 70,297 | 68,758 |
Estimated Fair Value | 70,276 | 68,672 |
Commercial paper | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 8,790 | 2,498 |
Estimated Fair Value | 8,790 | 2,498 |
U.S. government and agency securities | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 56,403 | 48,095 |
Estimated Fair Value | $56,410 | $48,062 |
Patent_Assets_Net_Detail
Patent Assets, Net (Detail) (USD $) | 3 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Jan. 28, 2015 | Dec. 26, 2012 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Accumulated amortization - Additions | $400,000 | $300,000 | ||
Subsidiaries [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived Intangible Assets Acquired | 29,000,000 | |||
Contributions to Escrow Deposit | 25,000,000 | |||
Number of Companies Involved in Syndicate | 30 | |||
The Sellers [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Contributions to Escrow Deposit | 875,000,000 | |||
Patents | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Accumulated amortization - Additions | $33,059,000 | $27,600,000 | ||
Patents | Subsidiaries [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 60 months | |||
Minimum | Patents | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 24 months | |||
Maximum | Patents | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 60 months | |||
Weighted Average | Patents | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 45 months |
Patent_Assets_Net_Detail_Paten
Patent Assets, Net (Detail) - Patent Assets, Net (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Finite-lived Intangible Assets [Roll Forward] | |||
Patent assets, beginning balance | $7,393 | ||
Patent assets - Additions | 28,636 | 56,153 | |
Patent assets, ending balance | 7,393 | ||
Accumulated amortization, beginning balance | -3,867 | ||
Accumulated amortization - Additions | -400 | -300 | |
Accumulated amortization, ending balance | -4,298 | ||
Patent assets, net | 256,898 | 236,349 | |
Patents | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Patent assets, beginning balance | 665,290 | ||
Patent assets - Additions | 53,636 | ||
Patent assets - Sales | -61 | ||
Patent assets, ending balance | 718,865 | ||
Accumulated amortization, beginning balance | -428,941 | ||
Accumulated amortization - Additions | -33,059 | -27,600 | |
Accumulated amortization - Sales | 33 | ||
Accumulated amortization, ending balance | -461,967 | ||
Patent assets, net | $256,898 | $236,349 |
Patent_Assets_Net_Detail_Expec
Patent Assets, Net (Detail) - Expected Future Annual Amortization Expense Of Patent Assets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
2015 (remainder) | $1,294 | |
2015 | 1,288 | |
2016 | 513 | |
Patent assets, net | 256,898 | 236,349 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
2015 (remainder) | 93,531 | |
2015 | 96,032 | |
2016 | 45,922 | |
2017 | 14,106 | |
2018 | 6,864 | |
Thereafter | 443 | |
Patent assets, net | $256,898 | $236,349 |
Property_and_Equipment_Net_Det
Property and Equipment, Net (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Depreciation and amortization expense | $34,011 | $28,418 |
Property and equipment, types | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation and amortization expense | $500 | $500 |
Property_and_Equipment_Net_Det1
Property and Equipment, Net (Detail) - Property And Equipment, Net (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $9,934 | $9,363 |
Less: Accumulated depreciation and amortization | -5,704 | -5,212 |
Total property and equipment, net | 4,230 | 4,151 |
Internal-use software | ||
Property, Plant and Equipment [Line Items] | ||
Internal-use software | 5,929 | 5,358 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Leasehold improvements | 1,799 | 1,799 |
Computer, equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Computer, equipment and software | 1,388 | 1,221 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Furniture and fixtures | 818 | 818 |
Construction-in-progress | ||
Property, Plant and Equipment [Line Items] | ||
Construction-in-progress | $0 | $167 |
Goodwill_Details
Goodwill (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Goodwill [Roll Forward] | ||
Balance as of December 31, 2013 | $19,978 | $19,978 |
Balance as of September 30, 2014 | $19,978 | $19,978 |
Intangible_Assets_Net_Detail
Intangible Assets, Net (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Amortization of intangible assets | $0.40 | $0.30 |
Intangible_Assets_Net_Detail_I
Intangible Assets, Net (Detail) - Intangible Assets, Net (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Carrying amount | $7,393 | $7,393 |
Accumulated amortization | -4,298 | -3,867 |
Total estimated future amortization expense | 3,095 | 3,526 |
Proprietary data and models | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Carrying amount | 2,100 | 2,100 |
Accumulated amortization | -1,262 | -1,119 |
Total estimated future amortization expense | 838 | 981 |
Trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Carrying amount | 1,890 | 1,890 |
Accumulated amortization | -1,628 | -1,565 |
Total estimated future amortization expense | 262 | 325 |
Developed technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Carrying amount | 433 | 433 |
Accumulated amortization | -433 | -433 |
Total estimated future amortization expense | 0 | 0 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Carrying amount | 1,050 | 1,050 |
Accumulated amortization | -459 | -392 |
Total estimated future amortization expense | 591 | 658 |
Developed technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Carrying amount | 1,920 | 1,920 |
Accumulated amortization | -516 | -358 |
Total estimated future amortization expense | $1,404 | $1,562 |
Intangible_Assets_Net_Detail_E
Intangible Assets, Net (Detail) - Estimated Future Amortization Expenses For Intangible Assets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
2015 (remainder) | $1,294 | |
2016 | 1,288 | |
2017 | 513 | |
Total estimated future amortization expense | $3,095 | $3,526 |
Accrued_and_Other_Current_Liab2
Accrued and Other Current Liabilities (Detail) - Accrued And Other Current Liabilities (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Accrued liabilities | $7,190 | $14,257 |
Accrued payroll-related expenses | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Accrued liabilities | 4,862 | 9,270 |
Accrued expenses | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Accrued liabilities | $2,328 | $4,987 |
Commitments_and_Contingencies_
Commitments and Contingencies (Detail) (USD $) | 0 Months Ended | 3 Months Ended | |
Mar. 31, 2012 | Mar. 31, 2015 | Mar. 31, 2014 | |
defendant | insurance_policy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest and Other Income | $121,000 | $99,000 | |
Rent expense related to non-cancelable operating leases net of sublease income | 900,000 | 900,000 | |
Sublease income | 200,000 | 100,000 | |
Proceeds from Deferred Payment Obligations | 6,270,000 | 0 | |
Loss Contingency, Number of Defendants | 5 | ||
Debt Instrument, Repayable Upon Redemption, Preferred Stock | 5,900,000 | ||
Number of active insurance policies | 57 | ||
Reserves for known and incurred but not reported claims | 900,000 | ||
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest and Other Income | $100,000 |
StockBased_Compensation_Detail
Stock-Based Compensation (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Additional shares of common stock reserved for issuance under the 2011 Plan (in shares) | 1,000,000 | |
Aggregate intrinsic value of stock options exercised | $1,600,000 | $1,700,000 |
Total fair value of stock options vested | 900,000 | 1,700,000 |
Total fair value of RSUs vested | 2,300,000 | 2,400,000 |
Shares withheld for tax withholdings (in shares) | 60,742 | |
Total payments for the employees’ minimum tax obligations to taxing authorities | 857,000 | 901,000 |
PBRSUs granted (in shares) | 0 | 200,000 |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 700,000 | 1,500,000 |
Unrecognized compensation cost related to unvested equity awards | 3,200,000 | |
Weighted-average service period of unrecognized compensation cost related to unvested equity awards | 1 year 2 months 0 days | |
Restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 3,000,000 | 2,200,000 |
Unrecognized compensation cost related to unvested equity awards | 36,200,000 | |
Weighted-average service period of unrecognized compensation cost related to unvested equity awards | 3 years 0 months 0 days | |
Performance-based restricted stock units with a market condition | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $100,000 | $200,000 |
2011 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Additional shares of common stock reserved for issuance under the 2011 Plan (in shares) | 1,000,000 |
StockBased_Compensation_Detail1
Stock-Based Compensation (Detail) - Activity Under Equity Award Plans And Related Information (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Shares Available for Grant - Outstanding, beginning balance (in shares) | 2,685,000 |
Number of Shares - Outstanding, beginning balance (in shares) | 3,264,000 |
Weighted-Average Exercise Price - Outstanding, beginning balance (in dollars per share) | $10.38 |
Shares Available for Grant - Shares authorized (in shares) | 1,000,000 |
Number of Shares - Options exercised (in shares) | -165,000 |
Weighted Average Exercise Price - Options exercised (in dollars per share) | $4.46 |
Shares Available for Grant - Options forfeited/canceled | 76,000 |
Number of Shares - Options forfeited/canceled (in shares) | -76,000 |
Weighted-Average Exercise Price - Options forfeited/canceled (in dollars per share) | $13.80 |
Share Available for Grant - Restricted stock units granted (in shares) | -1,066,000 |
Shares Available for Grant - Restricted stock units forfeited (in shares) | 345,000 |
Shares Available for Grant - Restricted stock units withheld related to net-share settlement of restricted stock units (in shares) | 61,000 |
Shares Available for Grant - Outstanding, ending balance (in shares) | 3,101,000 |
Number of Shares - Outstanding, ending balance (in shares) | 3,023,000 |
Weighted-Average Exercise Price - Outstanding, ending balance (in dollars per share) | $10.61 |
Outstanding (weighted-average contractual life) | 5 years 8 months 24 days |
Outstanding (intrinsic value) | $14,240 |
Vested and exercisable | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Vested and exercisable (shares) | 2,425,000 |
Vested and exercisable (in dollars per share) | $10.92 |
Vested and exercisable (weighted-average contractual life) | 5 years 8 months 18 days |
Vested and exercisable (intrinsic value) | 11,077 |
Vested and expected to vest | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Vested and expected to vest (shares) | 2,963,000 |
Vested and expected to vest (in dollars per share) | $10.65 |
Vested and expected to vest (weighted-average contractual life) | 5 years 8 months 24 days |
Vested and expected to vest (intrinsic value) | $13,896 |
StockBased_Compensation_Detail2
Stock-Based Compensation (Detail) - Restricted Stock Unit Activity (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Non-vested units, beginning balance (in shares) | 2,460,000 | |
Non-vested units, beginning balance (in dollars per share) | $13.15 | |
Non-vested units, ending balance (in shares) | 3,018,000 | 2,460,000 |
Non-vested units, ending balance (in dollars per share) | $13.25 | $13.15 |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, intrinsic value | $43,435 | |
Restricted stock units granted | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Granted (in shares) | 1,066,000 | |
Granted (in dollars per share) | $13.51 | |
Restricted stock units vested | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Vested (in shares) | -163,000 | |
Vested (in dollars per share) | $13.82 | |
Restricted stock units forfeited | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Forfeited (in shares) | -345,000 | |
Forfeited (in dollars per share) | $13.03 |
StockBased_Compensation_Detail3
Stock-Based Compensation (Detail) - Weighted Average Assumptions To Estimate The Fair Value Of Equity Awards (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend Yield | 0.00% |
Performance-based restricted stock units with a market condition | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free rate | 1.11% |
Expected volatility | 48.00% |
Grant date fair value | 7.47 |
Stockholders_Equity_StockBased
Stockholders' Equity Stock-Based Compensation (Details) (USD $) | 3 Months Ended | |
Share data in Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Stock Repurchase [Abstract] | ||
Repurchase of shares of common stock | 20 | |
Balance as of March 31, 2015 | $20,000 | $0 |
Balance as of January 1, 2015 | $0 | |
Repurchase of shares of common stock | $14.39 | |
Balance as of March 31, 2015 | $14.39 | |
Balance as of January 1, 2015 | 0 | |
Repurchase of shares of common stock | 288,000 | |
Balance as of March 31, 2015 | 287,800 | |
Authorized share repurchases | $75,000,000 |
Income_Taxes_Income_Taxes_Deta
Income Taxes Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 38.00% | 38.00% |
RelatedParty_Transactions_Deta
Related-Party Transactions (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |||
Subscription fee revenue from related party transaction | $2,400,000 | $1,400,000 | |
Receivables due from related parties | $0 | $100,000 |
Segment_Reporting_Detail
Segment Reporting (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Segment_Reporting_Detail_Reven
Segment Reporting (Detail) - Revenue By Location (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Total revenue | $83,287 | $61,888 |
Total revenue | 100.00% | 100.00% |
United States | ||
Segment Reporting Information [Line Items] | ||
United States | 66.00% | 60.00% |
Total revenue | 55,185 | 37,105 |
Japan | ||
Segment Reporting Information [Line Items] | ||
Other foreign country | 11.00% | 15.00% |
Total revenue | 9,332 | 9,556 |
Other | ||
Segment Reporting Information [Line Items] | ||
Other foreign country | 23.00% | 25.00% |
Total revenue | $18,770 | $15,227 |
Segment_Reporting_Detail_Longl
Segment Reporting (Detail) - Long-lived Asset Information By Location (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $4,230 | $4,151 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 4,218 | 4,137 |
Japan | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $12 | $14 |