Delaware | 81-0578975 | ||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||
707 17th Street, | 25th Floor | 80202 | |
Denver, | Colorado | ||
(Address of principal executive offices) | (Zip Code) |
( |
Common Stock, $0.0001 Par Value | SREV | The Nasdaq Stock Market LLC |
(Title of each class) | (Trading Symbol) | (Name of each exchange on which registered) |
Large accelerated filer | Accelerated filer | ||
Non-accelerated filer | Smaller reporting company | ||
Emerging growth company |
Page | |
ServiceSource International, Inc. | |||||||
Consolidated Balance Sheets | |||||||
(in thousands, except per share amounts) | |||||||
(unaudited) | |||||||
June 30, 2019 | December 31, 2018 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 25,652 | $ | 26,535 | |||
Accounts receivable, net | 42,933 | 54,284 | |||||
Prepaid expenses and other | 6,704 | 5,653 | |||||
Total current assets | 75,289 | 86,472 | |||||
Property and equipment, net | 37,029 | 36,593 | |||||
Contract acquisition costs | 2,041 | 2,660 | |||||
Right-of-use assets | 33,190 | — | |||||
Goodwill | 6,334 | 6,334 | |||||
Other assets | 4,801 | 4,521 | |||||
Total assets | $ | 158,684 | $ | 136,580 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 2,096 | $ | 2,424 | |||
Accrued expenses | 2,673 | 3,380 | |||||
Accrued compensation and benefits | 14,735 | 15,509 | |||||
Operating lease liabilities | 8,419 | — | |||||
Other current liabilities | 5,690 | 6,894 | |||||
Total current liabilities | 33,613 | 28,207 | |||||
Operating lease liabilities, net of current portion | 28,684 | — | |||||
Other long-term liabilities | 3,537 | 6,540 | |||||
Total liabilities | 65,834 | 34,747 | |||||
Commitments and contingencies (Note 7) | |||||||
Stockholders’ equity: | |||||||
Preferred stock, $0.001 par value; 20,000 shares authorized and none issued and outstanding | — | — | |||||
Common stock; $0.0001 par value; 1,000,000 shares authorized; 94,210 shares issued and 94,089 shares outstanding as of June 30, 2019; 92,895 shares issued and 92,774 shares outstanding as of December 31, 2018 | 9 | 9 | |||||
Treasury stock | (441 | ) | (441 | ) | |||
Additional paid-in capital | 372,201 | 369,246 | |||||
Accumulated deficit | (279,137 | ) | (267,383 | ) | |||
Accumulated other comprehensive income | 218 | 402 | |||||
Total stockholders’ equity | 92,850 | 101,833 | |||||
Total liabilities and stockholders’ equity | $ | 158,684 | $ | 136,580 |
September 30, 2017 | December 31, 2016 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 39,585 | $ | 47,692 | |||
Short-term investments | 140,188 | 137,881 | |||||
Accounts receivable, net | 53,061 | 63,289 | |||||
Prepaid expenses and other | 7,326 | 7,607 | |||||
Total current assets | 240,160 | 256,469 | |||||
Property and equipment, net | 35,703 | 38,180 | |||||
Deferred income taxes, net of current portion | 69 | 64 | |||||
Goodwill and intangibles, net | 6,797 | 7,932 | |||||
Other assets, net | 3,556 | 3,445 | |||||
Total assets | $ | 286,285 | $ | 306,090 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 1,129 | $ | 1,916 | |||
Accrued taxes | 387 | 1,388 | |||||
Accrued compensation and benefits | 17,470 | 21,579 | |||||
Convertible notes, net | 141,726 | — | |||||
Deferred revenue | 1,713 | 4,152 | |||||
Accrued expenses | 6,127 | 5,891 | |||||
Other current liabilities | 1,241 | 2,958 | |||||
Total current liabilities | 169,793 | 37,884 | |||||
Convertible notes, net | — | 134,775 | |||||
Other long-term liabilities | 7,127 | 6,495 | |||||
Total liabilities | 176,920 | 179,154 | |||||
Commitments and contingencies (Note 5) | |||||||
Stockholders’ equity: | |||||||
Common stock; $0.0001 par value; 1,000,000 shares authorized; 90,266 shares issued and 90,145 shares outstanding as of September 30, 2017; 88,304 shares issued and 88,183 shares outstanding as of December 31, 2016 | 8 | 8 | |||||
Treasury stock | (441 | ) | (441 | ) | |||
Additional paid-in capital | 355,969 | 344,521 | |||||
Accumulated deficit | (246,281 | ) | (216,361 | ) | |||
Accumulated other comprehensive income | 110 | (791 | ) | ||||
Total stockholders’ equity | 109,365 | 126,936 | |||||
Total liabilities and stockholders’ equity | $ | 286,285 | $ | 306,090 |
ServiceSource International, Inc. | ServiceSource International, Inc. | |||||||||||||||||||||||||||||
Consolidated Statements of Operations | Consolidated Statements of Operations | |||||||||||||||||||||||||||||
(in thousands, except per share amounts) | (in thousands, except per share amounts) | |||||||||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
Net revenue | $ | 58,132 | $ | 62,514 | $ | 173,103 | $ | 184,233 | $ | 52,358 | $ | 61,111 | $ | 107,869 | $ | 119,696 | ||||||||||||||
Cost of revenue | 40,803 | 40,789 | 121,729 | 122,568 | 38,349 | 42,463 | 77,825 | 84,187 | ||||||||||||||||||||||
Gross profit | 17,329 | 21,725 | 51,374 | 61,665 | 14,009 | 18,648 | 30,044 | 35,509 | ||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||
Sales and marketing | 7,829 | 8,847 | 24,790 | 30,626 | 7,486 | 9,252 | 15,435 | 18,490 | ||||||||||||||||||||||
Research and development | 1,048 | 1,952 | 4,534 | 6,132 | 1,274 | 1,780 | 2,537 | 3,296 | ||||||||||||||||||||||
General and administrative | 12,543 | 14,638 | 40,029 | 38,233 | 10,970 | 13,157 | 21,952 | 26,046 | ||||||||||||||||||||||
Restructuring and other | 545 | — | 6,259 | — | ||||||||||||||||||||||||||
Restructuring and other related costs | 148 | 156 | 1,206 | 209 | ||||||||||||||||||||||||||
Total operating expenses | 21,965 | 25,437 | 75,612 | 74,991 | 19,878 | 24,345 | 41,130 | 48,041 | ||||||||||||||||||||||
Loss from operations | (4,636 | ) | (3,712 | ) | (24,238 | ) | (13,326 | ) | (5,869 | ) | (5,697 | ) | (11,086 | ) | (12,532 | ) | ||||||||||||||
Interest expense and other, net | (2,839 | ) | (2,291 | ) | (7,555 | ) | (5,499 | ) | ||||||||||||||||||||||
Gain (loss) on cost basis equity investment | 2,100 | (2,300 | ) | 2,100 | (2,300 | ) | ||||||||||||||||||||||||
Interest and other expense, net | (58 | ) | (2,776 | ) | (548 | ) | (5,622 | ) | ||||||||||||||||||||||
Impairment loss on investment securities | — | — | — | (1,958 | ) | |||||||||||||||||||||||||
Loss before income taxes | (5,375 | ) | (8,303 | ) | (29,693 | ) | (21,125 | ) | (5,927 | ) | (8,473 | ) | (11,634 | ) | (20,112 | ) | ||||||||||||||
Income tax (benefit) provision | (180 | ) | 968 | 227 | 2,505 | |||||||||||||||||||||||||
Provision for income tax expense | (108 | ) | (414 | ) | (120 | ) | (427 | ) | ||||||||||||||||||||||
Net loss | $ | (5,195 | ) | $ | (9,271 | ) | $ | (29,920 | ) | $ | (23,630 | ) | $ | (6,035 | ) | $ | (8,887 | ) | $ | (11,754 | ) | $ | (20,539 | ) | ||||||
Net loss per share, basic and diluted | $ | (0.06 | ) | $ | (0.11 | ) | $ | (0.34 | ) | $ | (0.27 | ) | ||||||||||||||||||
Weighted average common shares outstanding, basic and diluted | 89,511 | 86,283 | 88,907 | 85,981 | ||||||||||||||||||||||||||
Net loss per common share | ||||||||||||||||||||||||||||||
Basic and diluted | $ | (0.06 | ) | $ | (0.10 | ) | $ | (0.13 | ) | $ | (0.23 | ) | ||||||||||||||||||
Weighted-average common shares outstanding: | ||||||||||||||||||||||||||||||
Basic and diluted | 93,712 | 91,323 | 93,315 | 90,843 |
ServiceSource International, Inc. | ServiceSource International, Inc. | |||||||||||||||||||||||||||||
Consolidated Statements of Comprehensive Loss | Consolidated Statements of Comprehensive Loss | |||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
Net loss | $ | (5,195 | ) | $ | (9,271 | ) | $ | (29,920 | ) | $ | (23,630 | ) | $ | (6,035 | ) | $ | (8,887 | ) | $ | (11,754 | ) | $ | (20,539 | ) | ||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||
Other comprehensive (loss) income | ||||||||||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||||||||
Unrealized gain (loss) on short-term investments | — | 5 | — | (700 | ) | |||||||||||||||||||||||||
Reclassification adjustment for impairment loss included in net loss | — | — | — | 1,958 | ||||||||||||||||||||||||||
Net change in available for sale debt securities | — | 5 | — | 1,258 | ||||||||||||||||||||||||||
Foreign currency translation adjustments | 285 | (110 | ) | 783 | (1,229 | ) | (260 | ) | (210 | ) | (184 | ) | 64 | |||||||||||||||||
Unrealized gain (loss) on short-term investments | 13 | (81 | ) | 118 | 849 | |||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 298 | (191 | ) | 901 | (380 | ) | ||||||||||||||||||||||||
Total comprehensive loss, net of tax | $ | (4,897 | ) | $ | (9,462 | ) | $ | (29,019 | ) | $ | (24,010 | ) | ||||||||||||||||||
Other comprehensive (loss) income | (260 | ) | (205 | ) | (184 | ) | 1,322 | |||||||||||||||||||||||
Comprehensive loss | $ | (6,295 | ) | $ | (9,092 | ) | $ | (11,938 | ) | $ | (19,217 | ) |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Cash flows from operating activities | |||||||
Net loss | $ | (29,920 | ) | $ | (23,630 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Depreciation and amortization | 17,167 | 11,636 | |||||
Amortization of debt discount and issuance costs | 6,951 | 6,464 | |||||
Amortization of premium on short-term investments | (172 | ) | 888 | ||||
Deferred income taxes | 177 | 1,698 | |||||
Stock-based compensation | 10,396 | 7,441 | |||||
Restructuring and other | 2,522 | — | |||||
(Gain) loss on cost basis equity investment | (2,100 | ) | 2,300 | ||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable, net | 12,307 | 2,778 | |||||
Deferred revenue | (2,440 | ) | (805 | ) | |||
Prepaid expenses and other | 387 | 1,306 | |||||
Accounts payable | (813 | ) | 407 | ||||
Accrued taxes | (1,019 | ) | (627 | ) | |||
Accrued compensation and benefits | (4,713 | ) | (1,509 | ) | |||
Accrued expenses | (839 | ) | 1,670 | ||||
Other liabilities | (1,375 | ) | (311 | ) | |||
Net cash provided by operating activities | 6,516 | 9,706 | |||||
Cash flows from investing activities | |||||||
Acquisition of property and equipment | (13,843 | ) | (21,203 | ) | |||
Proceeds from sale of cost basis equity investment | 2,100 | — | |||||
Purchases of short-term investments | (56,589 | ) | (86,365 | ) | |||
Sales of short-term investments | 51,119 | 83,331 | |||||
Maturities of short-term investments | 3,506 | 350 | |||||
Net cash used in investing activities | (13,707 | ) | (23,887 | ) | |||
Cash flows from financing activities | |||||||
Repayment on capital lease obligations | (52 | ) | (120 | ) | |||
Repurchase of common stock | — | (8,921 | ) | ||||
Proceeds from common stock issuances | 1,062 | 5,034 | |||||
Minimum tax withholding requirement | (735 | ) | (770 | ) | |||
Net cash provided by (used in) financing activities | 275 | (4,777 | ) | ||||
Net decrease in cash and cash equivalents | (6,916 | ) | (18,958 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | (1,191 | ) | (1,681 | ) | |||
Cash and cash equivalents at beginning of period | 47,692 | 72,334 | |||||
Cash and cash equivalents at end of period | $ | 39,585 | $ | 51,695 |
ServiceSource International, Inc. | |||||||||||||||||||||||||||||
Consolidated Statements of Stockholders' Equity | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||
Common Stock | Treasury Shares/Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Total | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||
Balance at January 1, 2019 | 92,895 | $ | 9 | (121 | ) | $ | (441 | ) | $ | 369,246 | $ | (267,383 | ) | $ | 402 | $ | 101,833 | ||||||||||||
Net loss | — | — | — | — | — | (5,719 | ) | — | (5,719 | ) | |||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 76 | 76 | |||||||||||||||||||||
Stock-based compensation | — | — | — | — | 1,564 | — | — | 1,564 | |||||||||||||||||||||
Issuance of common stock, restricted stock units | 229 | — | — | — | — | — | — | — | |||||||||||||||||||||
Proceeds from the exercise of stock options and employee stock purchase plan | 139 | — | — | — | 141 | — | — | 141 | |||||||||||||||||||||
Balance at March 31, 2019 | 93,263 | $ | 9 | (121 | ) | $ | (441 | ) | $ | 370,951 | $ | (273,102 | ) | $ | 478 | $ | 97,895 | ||||||||||||
Net loss | — | — | — | — | — | (6,035 | ) | — | (6,035 | ) | |||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (260 | ) | (260 | ) | |||||||||||||||||||
Stock-based compensation | — | — | — | — | 1,269 | — | — | 1,269 | |||||||||||||||||||||
Issuance of common stock, restricted stock units | 947 | — | — | — | — | — | — | — | |||||||||||||||||||||
Net cash paid for payroll taxes on restricted stock unit releases | — | — | — | — | (19 | ) | — | — | (19 | ) | |||||||||||||||||||
Balance at June 30, 2019 | 94,210 | $ | 9 | (121 | ) | $ | (441 | ) | $ | 372,201 | $ | (279,137 | ) | $ | 218 | $ | 92,850 | ||||||||||||
Common Stock | Treasury Shares/Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||
Balance at December 31, 2017 | 90,380 | $ | 8 | (121 | ) | $ | (441 | ) | $ | 359,347 | $ | (246,207 | ) | $ | (598 | ) | $ | 112,109 | |||||||||||
Cumulative effect of ASC 606 - initial adoption | — | — | — | — | — | 3,709 | — | 3,709 | |||||||||||||||||||||
Adjusted balance at January 1, 2018 | 90,380 | $ | 8 | (121 | ) | $ | (441 | ) | $ | 359,347 | $ | (242,498 | ) | $ | (598 | ) | $ | 115,818 | |||||||||||
Net loss | — | — | — | — | — | (11,652 | ) | — | (11,652 | ) | |||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 1,527 | 1,527 | |||||||||||||||||||||
Stock-based compensation | — | — | — | — | 3,223 | — | — | 3,223 | |||||||||||||||||||||
Issuance of common stock, restricted stock units | 84 | — | — | — | — | — | — | — | |||||||||||||||||||||
Proceeds from the exercise of stock options and employee stock purchase plan | 119 | — | — | — | 353 | — | — | 353 | |||||||||||||||||||||
Net cash paid for payroll taxes on restricted stock unit releases | — | — | — | — | (53 | ) | — | — | (53 | ) | |||||||||||||||||||
Balance at March 31, 2018 | 90,583 | $ | 8 | (121 | ) | $ | (441 | ) | $ | 362,870 | $ | (254,150 | ) | $ | 929 | $ | 109,216 | ||||||||||||
Net loss | — | — | — | — | — | (8,887 | ) | — | (8,887 | ) | |||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (205 | ) | (205 | ) | |||||||||||||||||||
Stock-based compensation | — | — | — | — | 3,525 | — | — | 3,525 | |||||||||||||||||||||
Issuance of common stock, restricted stock units | 1,207 | — | — | — | — | — | — | — | |||||||||||||||||||||
Proceeds from the exercise of stock options and employee stock purchase plan | 32 | — | — | — | 94 | — | — | 94 | |||||||||||||||||||||
Net cash paid for payroll taxes on restricted stock unit releases | — | — | — | — | (364 | ) | — | — | (364 | ) | |||||||||||||||||||
Balance at June 30, 2018 | 91,822 | $ | 8 | (121 | ) | $ | (441 | ) | $ | 366,125 | $ | (263,037 | ) | $ | 724 | $ | 103,379 |
ServiceSource International, Inc. | |||||||
Consolidated Statements of Cash Flows | |||||||
(in thousands) | |||||||
(unaudited) | |||||||
For the Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (11,754 | ) | $ | (20,539 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities | |||||||
Depreciation and amortization | 6,994 | 9,744 | |||||
Amortization of debt discount and issuance costs | 38 | 4,923 | |||||
Amortization of contract acquisition costs | 868 | 930 | |||||
Amortization of premium on short-term investments | — | (1,197 | ) | ||||
Amortization of right-of-use assets | 4,725 | — | |||||
Stock-based compensation | 2,806 | 6,538 | |||||
Restructuring and other related costs | 1,166 | 482 | |||||
Impairment loss on investment securities | — | 1,958 | |||||
Other | — | 56 | |||||
Net changes in operating assets and liabilities | |||||||
Accounts receivable, net | 11,328 | 5,593 | |||||
Prepaid expenses and other assets | (898 | ) | (434 | ) | |||
Contract acquisition costs | (249 | ) | (878 | ) | |||
Accounts payable | (263 | ) | (2,515 | ) | |||
Accrued compensation and benefits | (1,934 | ) | (1,647 | ) | |||
Operating lease liabilities | (4,767 | ) | — | ||||
Accrued expenses | (797 | ) | (1,811 | ) | |||
Other liabilities | (546 | ) | 1,199 | ||||
Net cash provided by operating activities | 6,717 | 2,402 | |||||
Cash flows from investing activities: | |||||||
Acquisition of property and equipment | (6,095 | ) | (7,268 | ) | |||
Purchases of short-term investments | — | (480 | ) | ||||
Sales of short-term investments | — | 133,920 | |||||
Maturities of short-term investments | — | 4,240 | |||||
Net cash (used in) provided by investing activities | (6,095 | ) | 130,412 | ||||
Cash flows from financing activities: | |||||||
Repayment on finance lease obligations | (421 | ) | (156 | ) | |||
Proceeds from issuance of common stock | 141 | 447 | |||||
Payments related to minimum tax withholdings on restricted stock unit releases | (19 | ) | (417 | ) | |||
Net cash used in financing activities | (299 | ) | (126 | ) | |||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (156 | ) | 243 | ||||
Net change in cash and cash equivalents and restricted cash | 167 | 132,931 | |||||
Cash and cash equivalents and restricted cash, beginning of period | 27,779 | 52,633 | |||||
Cash and cash equivalents and restricted cash, end of period | $ | 27,946 | $ | 185,564 | |||
Supplemental disclosures of cash flow information: | |||||||
Cash paid for interest | $ | 136 | $ | 1,178 | |||
Supplemental disclosures of non-cash activities: | |||||||
Acquisition of property and equipment accrued in accounts payable and accrued expenses | $ | 419 | $ | 389 | |||
Increase in contract acquisition costs and benefit to accumulated deficit related to adoption of ASC 606 | $ | — | $ | 3,346 | |||
Increase in prepaid expenses and other, other liabilities and benefit to accumulated deficit related to adoption of ASC 606 | $ | — | $ | 363 | |||
Increase in operating lease liabilities related to the adoption of ASC 842 | $ | 41,760 | $ | — | |||
Increase in right-of-use assets related to the adoption of ASC 842 | $ | 39,183 | $ | — | |||
Decrease in prepaids and other assets related to the adoption of ASC 842 | $ | (749 | ) | $ | — | ||
Decrease in other liabilities related to the adoption of ASC 842 | $ | (3,308 | ) | $ | — |
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | ||||||||||||
Cash | $ | 39,514 | $ | — | $ | — | $ | 39,514 | |||||||
Cash equivalents: | |||||||||||||||
Money market mutual funds | 71 | — | — | 71 | |||||||||||
Total cash and cash equivalents | 39,585 | — | — | 39,585 | |||||||||||
Short-term investments: | |||||||||||||||
Corporate bonds | 55,874 | 60 | (92 | ) | 55,842 | ||||||||||
U.S. agency securities | 34,644 | — | (255 | ) | 34,389 | ||||||||||
Asset-backed securities | 23,937 | 5 | (48 | ) | 23,894 | ||||||||||
U.S. Treasury securities | 26,297 | — | (234 | ) | 26,063 | ||||||||||
Total short-term investments | 140,752 | 65 | (629 | ) | 140,188 | ||||||||||
Cash, cash equivalents and short-term investments | $ | 180,337 | $ | 65 | $ | (629 | ) | $ | 179,773 |
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | ||||||||||||
Cash | $ | 47,060 | $ | — | $ | — | $ | 47,060 | |||||||
Cash equivalents: | |||||||||||||||
Money market mutual funds | 632 | — | — | 632 | |||||||||||
Total cash and cash equivalents | 47,692 | — | — | 47,692 | |||||||||||
Short-term investments: | |||||||||||||||
Corporate bonds | 54,827 | 19 | (188 | ) | 54,658 | ||||||||||
U.S. agency securities | 34,658 | — | (281 | ) | 34,377 | ||||||||||
Asset-backed securities | 26,431 | 25 | (23 | ) | 26,433 | ||||||||||
U.S. Treasury securities | 22,701 | — | (288 | ) | 22,413 | ||||||||||
Total short-term investments | 138,617 | 44 | (780 | ) | 137,881 | ||||||||||
Cash, cash equivalents and short-term investments | $ | 186,309 | $ | 44 | $ | (780 | ) | $ | 185,573 |
Amortized Cost | Estimated Fair Value | ||||||
Less than 1 year | $ | 12,303 | $ | 12,302 | |||
Due in 1 to 3 years | 128,520 | 127,957 | |||||
Total | $ | 140,823 | $ | 140,259 |
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | |||||||||
Cash equivalents: | |||||||||||
Money market mutual funds | $ | 71 | $ | 71 | $ | — | |||||
Total cash equivalents | 71 | 71 | — | ||||||||
Short-term investments: | |||||||||||
Corporate bonds | 55,842 | — | 55,842 | ||||||||
U.S. agency securities | 34,389 | — | 34,389 | ||||||||
Asset-backed securities | 23,894 | — | 23,894 | ||||||||
U.S. Treasury securities | 26,063 | — | 26,063 | ||||||||
Total short-term investments | 140,188 | — | 140,188 | ||||||||
Cash equivalents and short-term investments | $ | 140,259 | $ | 71 | $ | 140,188 |
June 30, 2019 | December 31, 2018 | ||||||
(in thousands) | |||||||
Legal reserve | $ | 3,730 | $ | 3,750 | |||
Finance lease obligations | 959 | 954 | |||||
Contract liability | 549 | 873 | |||||
Other liabilities | 201 | 198 | |||||
Employee stock purchase plan withholdings | 251 | 384 | |||||
Deferred rent | — | 735 | |||||
Total | $ | 5,690 | $ | 6,894 |
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | |||||||||
Cash equivalents: | |||||||||||
Money market mutual funds | $ | 632 | $ | 632 | $ | — | |||||
Total cash equivalents | 632 | 632 | — | ||||||||
Short-term investments: | |||||||||||
Corporate bonds | 54,658 | — | 54,658 | ||||||||
U.S. agency securities | 34,377 | — | 34,377 | ||||||||
Asset-backed securities | 26,433 | — | 26,433 | ||||||||
U.S. Treasury securities | 22,413 | — | 22,413 | ||||||||
Total short-term investments | 137,881 | — | 137,881 | ||||||||
Cash equivalents and short-term investments | $ | 138,513 | $ | 632 | $ | 137,881 |
June 30, 2019 | December 31, 2018 | ||||||
(in thousands) | |||||||
Asset retirement obligations | $ | 1,397 | $ | 1,368 | |||
Finance lease obligations | 1,142 | 1,510 | |||||
Accrued restructuring costs | 593 | 716 | |||||
Deferred tax liability | 289 | 268 | |||||
Other accrued costs | 116 | 105 | |||||
Deferred rent | — | 2,573 | |||||
Total | $ | 3,537 | $ | 6,540 |
September 30, 2017 | December 31, 2016 | ||||||
Principal amount | $ | 150,000 | $ | 150,000 | |||
Unamortized debt discount | (7,569 | ) | (13,928 | ) | |||
Unamortized debt issuance costs | (705 | ) | (1,297 | ) | |||
Net carrying amount | $ | 141,726 | $ | 134,775 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Contractual interest expense at 1.5% per annum | $ | 563 | $ | 563 | $ | 1,688 | $ | 1,688 | |||||||
Amortization of debt issuance costs | 204 | 189 | 592 | 551 | |||||||||||
Accretion of debt discount | 2,190 | 2,028 | 6,359 | 5,913 | |||||||||||
Total | $ | 2,957 | $ | 2,780 | $ | 8,639 | $ | 8,152 |
For the Three Months Ended June 30, 2019 | For the Six Months Ended June 30, 2019 | ||||||
(in thousands) | |||||||
Operating lease cost | $ | 3,116 | $ | 5,997 | |||
Finance lease cost: | |||||||
Amortization of leased assets | 171 | 322 | |||||
Interest on lease liabilities | 45 | 86 | |||||
Total finance lease cost | 216 | 408 | |||||
Sublease income | (468 | ) | (936 | ) | |||
Net lease cost | $ | 2,864 | $ | 5,469 |
June 30, 2019 | |||
(in thousands) | |||
Operating leases: | |||
Right-of-use assets | $ | 33,190 | |
Operating lease liabilities | $ | 8,419 | |
Operating lease liabilities, net of current portion | 28,684 | ||
Total operating lease liabilities | $ | 37,103 | |
Finance leases: | |||
Property and equipment | $ | 3,479 | |
Accumulated depreciation | (1,463 | ) | |
Property and equipment, net | $ | 2,016 | |
Other current liabilities | $ | 959 | |
Other long-term liabilities | 1,142 | ||
Total finance lease liabilities | $ | 2,101 |
June 30, 2019 | ||
Weighted-average remaining lease term (in years): | ||
Operating lease | 5.0 | |
Finance lease | 2.3 | |
Weighted-average discount rate: | ||
Operating lease | 6.5 | % |
Finance lease | 8.2 | % |
Operating Leases | Operating Sublease | Finance Leases | |||||||||
(in thousands) | |||||||||||
Remainder of 2019 | $ | 4,882 | $ | (942 | ) | $ | 555 | ||||
2020 | 11,030 | (1,932 | ) | 1,040 | |||||||
2021 | 10,562 | (1,989 | ) | 633 | |||||||
2022 | 7,126 | (1,878 | ) | 64 | |||||||
2023 | 2,218 | — | — | ||||||||
Thereafter | 8,769 | — | — | ||||||||
Total lease payments | 44,587 | (6,741 | ) | 2,292 | |||||||
Less: interest | (6,828 | ) | — | (191 | ) | ||||||
Less: tenant improvements reimbursement | (656 | ) | — | — | |||||||
Total | $ | 37,103 | $ | (6,741 | ) | $ | 2,101 |
June 30, 2019 | |||
(in thousands) | |||
Remainder of 2019 | $ | 3,886 | |
2020 | 9,091 | ||
2021 | 7,986 | ||
2022 | 7,431 | ||
2023 | 8,237 | ||
Thereafter | — | ||
Total | $ | 36,631 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(in thousands) | |||||||||||||||
Professional services | $ | 442 | $ | 692 | $ | 825 | $ | 2,699 | |||||||
Selling services | 51,916 | 60,419 | 107,044 | 116,997 | |||||||||||
Total revenue | $ | 52,358 | $ | 61,111 | $ | 107,869 | $ | 119,696 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(in thousands) | |||||||||||||||
APJ | $ | 9,345 | $ | 9,255 | $ | 18,019 | $ | 16,849 | |||||||
EMEA | 13,418 | 14,669 | 27,054 | 30,191 | |||||||||||
NALA | 29,595 | 37,187 | 62,796 | 72,656 | |||||||||||
Total revenue | $ | 52,358 | $ | 61,111 | $ | 107,869 | $ | 119,696 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(in thousands) | |||||||||||||||
Fixed consideration | $ | 18,828 | $ | 20,683 | $ | 38,557 | $ | 38,425 | |||||||
Variable consideration | 33,530 | 40,428 | 69,312 | 81,271 | |||||||||||
Total revenue | $ | 52,358 | $ | 61,111 | $ | 107,869 | $ | 119,696 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(in thousands) | |||||||||||||||
Cost of revenue | $ | 129 | $ | 279 | $ | 288 | $ | 558 | |||||||
Sales and marketing | 429 | 833 | 872 | 1,719 | |||||||||||
Research and development | 18 | 58 | 12 | 122 | |||||||||||
General and administrative | 660 | 2,257 | 1,634 | 4,139 | |||||||||||
Total stock-based compensation | $ | 1,236 | $ | 3,427 | $ | 2,806 | $ | 6,538 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Cost of revenue | $ | 385 | $ | 299 | $ | 969 | $ | 1,146 | |||||||
Sales and marketing | 982 | 565 | 2,834 | 2,152 | |||||||||||
Research and development | 42 | 106 | 107 | 448 | |||||||||||
General and administrative | 2,074 | 1,276 | 6,486 | 3,695 | |||||||||||
Restructuring and other | 352 | — | 352 | — | |||||||||||
Total stock-based compensation | $ | 3,835 | $ | 2,246 | $ | 10,748 | $ | 7,441 |
Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Life (Years) | Intrinsic Value | |||||||||
(in thousands) | (in thousands) | |||||||||||
Outstanding as of December 31, 2018 | 7,516 | $ | 3.34 | $ | — | |||||||
Granted | 182 | $ | 1.03 | |||||||||
Expired and/or forfeited | (3,589 | ) | $ | 4.17 | ||||||||
Outstanding as of June 30, 2019 | 4,109 | $ | 2.51 | 7.89 | $ | — | ||||||
Exercisable as of June 30, 2019 | 1,232 | $ | 5.17 | 4.46 | $ | — |
Options Outstanding | Restricted Stock Outstanding | |||||||||||
Shares and Units Available for Grant | Number of Shares | Weighted- Average Exercise Price | Number of Shares | |||||||||
December 31, 2016 | 10,406 | 7,495 | $ | 4.63 | 4,237 | |||||||
Additional shares reserved under the 2011 Equity Incentive Plan | 3,527 | — | — | — | ||||||||
Granted | (2,973 | ) | 145 | 3.65 | 2,828 | |||||||
PSU Additional Goal Shares Achieved | (242 | ) | — | — | 242 | |||||||
Options exercised/Restricted stock released | — | (14 | ) | 4.86 | (1,834 | ) | ||||||
RSU shares withheld for taxes | 193 | — | — | — | ||||||||
Canceled/Forfeited | 1,499 | (922 | ) | 5.47 | (577 | ) | ||||||
September 30, 2017 | 12,410 | 6,704 | $ | 4.49 | 4,896 |
Units | Weighted-Average Grant Date Fair Value | |||||
(in thousands) | ||||||
Non-vested as of December 31, 2018 | 5,669 | $ | 3.29 | |||
Granted | 325 | $ | 1.03 | |||
Vested(1) | (1,195 | ) | $ | 3.78 | ||
Forfeited | (995 | ) | $ | 3.79 | ||
Non-vested as of June 30, 2019 | 3,804 | $ | 2.81 |
Severance and Other Employee Costs | |||
(in thousands) | |||
Balance as of January 1, 2019 | $ | — | |
Restructuring and other related costs | 1,167 | ||
Cash paid | (1,117 | ) | |
Balance as of June 30, 2019 | $ | 50 |
Severance and Other Employee Costs | Lease and Other Contract Termination Costs | Asset Impairments | Total | ||||||||||||
(in thousands) | |||||||||||||||
Balance as of January 1, 2017 | $ | — | $ | — | $ | — | $ | — | |||||||
Restructuring and other related costs | 3,483 | 2,939 | 886 | 7,308 | |||||||||||
Cash paid | (3,060 | ) | (1,185 | ) | — | (4,245 | ) | ||||||||
Change in estimates and non-cash charges | — | — | (886 | ) | (886 | ) | |||||||||
Acceleration of stock-based compensation expense in additional paid-in capital | (352 | ) | — | — | (352 | ) | |||||||||
Balance as of December 31, 2017 | 71 | 1,754 | — | 1,825 | |||||||||||
Restructuring and other related costs | 120 | 89 | — | 209 | |||||||||||
Cash paid | (188 | ) | (1,133 | ) | — | (1,321 | ) | ||||||||
Change in estimates and non-cash charges | (3 | ) | 252 | — | 249 | ||||||||||
Balance as of December 31, 2018 | — | 962 | — | 962 | |||||||||||
Restructuring and other related costs | — | 39 | 39 | ||||||||||||
Cash paid | — | (93 | ) | — | (93 | ) | |||||||||
Change in estimates and non-cash charges | — | (40 | ) | — | (40 | ) | |||||||||
Balance as of June 30, 2019 | $ | — | $ | 868 | $ | — | $ | 868 |
Severance and Other Employee Costs | Lease and Other Contract Termination Costs | Asset Impairments | Total | ||||||||||||
Restructuring and other liability at January 1, 2017 | $ | — | $ | — | $ | — | $ | — | |||||||
Restructuring and other charges | 3,399 | 1,974 | 886 | 6,259 | |||||||||||
Cash paid | (2,908 | ) | (830 | ) | — | (3,738 | ) | ||||||||
Non-cash impairment charges | — | — | (886 | ) | (886 | ) | |||||||||
Acceleration of stock-based compensation expense in additional paid-in capital | (352 | ) | — | — | (352 | ) | |||||||||
Restructuring and other liability at September 30, 2017 | $ | 139 | $ | 1,144 | $ | — | $ | 1,283 |
For the Three Months Ended June 30, | ||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||
Amount | % of Net Revenue | Amount | % of Net Revenue | $ Change | % Change | |||||||||||||||
(in thousands) | (in thousands) | (in thousands) | ||||||||||||||||||
Net revenue | $ | 52,358 | 100 | % | $ | 61,111 | 100 | % | $ | (8,753 | ) | (14 | )% | |||||||
Cost of revenue | 38,349 | 73 | % | 42,463 | 69 | % | (4,114 | ) | (10 | )% | ||||||||||
Gross profit | $ | 14,009 | 27 | % | $ | 18,648 | 31 | % | $ | (4,639 | ) | (25 | )% |
For the Three Months Ended June 30, | ||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||
Amount | % of Net Revenue | Amount | % of Net Revenue | $ Change | % Change | |||||||||||||||
(in thousands) | (in thousands) | (in thousands) | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||
Sales and marketing | $ | 7,486 | 14 | % | $ | 9,252 | 15 | % | $ | (1,766 | ) | (19 | )% | |||||||
Research and development | 1,274 | 2 | % | 1,780 | 3 | % | (506 | ) | (28 | )% | ||||||||||
General and administrative | 10,970 | 21 | % | 13,157 | 22 | % | (2,187 | ) | (17 | )% | ||||||||||
Restructuring and other related costs | 148 | — | % | 156 | — | % | (8 | ) | (5 | )% | ||||||||||
Total operating expenses | $ | 19,878 | 38 | % | $ | 24,345 | 40 | % | $ | (4,467 | ) | (18 | )% |
For the Three Months Ended June 30, | ||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||
Amount | % of Net Revenue | Amount | % of Net Revenue | $ Change | % Change | |||||||||||||||
(in thousands) | (in thousands) | (in thousands) | ||||||||||||||||||
Interest expense | $ | (120 | ) | — | % | $ | (3,106 | ) | (5 | )% | $ | 2,986 | (96 | )% | ||||||
Other income, net | $ | 62 | — | % | $ | 330 | 1 | % | $ | (268 | ) | (81 | )% |
For the Three Months Ended June 30, | ||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||
Amount | % of Net Revenue | Amount | % of Net Revenue | $ Change | % Change | |||||||||||||||
(in thousands) | (in thousands) | (in thousands) | ||||||||||||||||||
Provision for income tax expense | $ | (108 | ) | — | % | $ | (414 | ) | (1 | )% | $ | 306 | (74 | )% |
For the Six Months Ended June 30, | ||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||
Amount | % of Net Revenue | Amount | % of Net Revenue | $ Change | % Change | |||||||||||||||
(in thousands) | (in thousands) | (in thousands) | ||||||||||||||||||
Net revenue | $ | 107,869 | 100 | % | $ | 119,696 | 100 | % | $ | (11,827 | ) | (10 | )% | |||||||
Cost of revenue | 77,825 | 72 | % | 84,187 | 70 | % | (6,362 | ) | (8 | )% | ||||||||||
Gross profit | $ | 30,044 | 28 | % | $ | 35,509 | 30 | % | $ | (5,465 | ) | (15 | )% |
For the Six Months Ended June 30, | ||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||
Amount | % of Net Revenue | Amount | % of Net Revenue | $ Change | % Change | |||||||||||||||
(in thousands) | (in thousands) | (in thousands) | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||
Sales and marketing | $ | 15,435 | 14 | % | $ | 18,490 | 15 | % | $ | (3,055 | ) | (17 | )% | |||||||
Research and development | 2,537 | 2 | % | 3,296 | 3 | % | (759 | ) | (23 | )% | ||||||||||
General and administrative | 21,952 | 20 | % | 26,046 | 22 | % | (4,094 | ) | (16 | )% | ||||||||||
Restructuring and other related costs | 1,206 | 1 | % | 209 | — | % | 997 | * | ||||||||||||
Total operating expenses | $ | 41,130 | 38 | % | $ | 48,041 | 40 | % | $ | (6,911 | ) | (14 | )% |
For the Six Months Ended June 30, | ||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||
Amount | % of Net Revenue | Amount | % of Net Revenue | $ Change | % Change | |||||||||||||||
(in thousands) | (in thousands) | (in thousands) | ||||||||||||||||||
Interest expense | $ | (212 | ) | — | % | $ | (6,128 | ) | (5 | )% | $ | 5,916 | (97 | )% | ||||||
Other (expense) income, net | $ | (336 | ) | — | % | $ | 506 | — | % | $ | (842 | ) | * | |||||||
Impairment loss on investment securities | $ | — | — | % | $ | (1,958 | ) | (2 | )% | $ | 1,958 | (100 | )% |
For the Six Months Ended June 30, | ||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||
Amount | % of Net Revenue | Amount | % of Net Revenue | $ Change | % Change | |||||||||||||||
(in thousands) | (in thousands) | (in thousands) | ||||||||||||||||||
Provision for income tax expense | $ | (120 | ) | — | % | $ | (427 | ) | — | % | $ | 307 | (72 | )% |
For the Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
(in thousands) | |||||||
Net cash provided by operating activities | $ | 6,717 | $ | 2,402 | |||
Net cash (used in) provided by investing activities | (6,095 | ) | 130,412 | ||||
Net cash used in financing activities | (299 | ) | (126 | ) | |||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (156 | ) | 243 | ||||
Net change in cash and cash equivalents and restricted cash | $ | 167 | $ | 132,931 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(in thousands) | |||||||||||||||
Purchased intangible asset amortization | $ | — | $ | — | $ | — | $ | 85 | |||||||
Internally developed software amortization | 1,407 | 3,044 | 2,666 | 5,876 | |||||||||||
Property and equipment depreciation | 2,302 | 1,897 | 4,328 | 3,783 | |||||||||||
Total depreciation and amortization | $ | 3,709 | $ | 4,941 | $ | 6,994 | $ | 9,744 |
Total | Less than 1 year | 1- 3 years | 4- 5 years | More than 5 years | |||||||||||||||
(in thousands) | |||||||||||||||||||
Finance lease obligations | $ | 2,101 | $ | 959 | $ | 1,142 | $ | — | $ | — | |||||||||
Operating lease obligations | 37,103 | 7,977 | 17,663 | 4,742 | 6,721 | ||||||||||||||
Operating sublease income(2) | (6,741 | ) | (1,903 | ) | (3,980 | ) | (858 | ) | — | ||||||||||
Service contracts | 36,631 | 8,431 | 24,081 | 4,119 | — | ||||||||||||||
Restructuring and other related costs | 918 | 325 | 491 | 102 | — | ||||||||||||||
Total(1) | $ | 70,012 | $ | 15,789 | $ | 39,397 | $ | 8,105 | $ | 6,721 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
(as % of net revenue) | |||||||||||
Net revenue | 100 | % | 100 | % | 100 | % | 100 | % | |||
Cost of revenue | 70 | % | 65 | % | 70 | % | 67 | % | |||
Gross profit | 30 | % | 35 | % | 30 | % | 33 | % | |||
Operating expenses: | |||||||||||
Sales and marketing | 13 | % | 14 | % | 14 | % | 17 | % | |||
Research and development | 2 | % | 3 | % | 3 | % | 3 | % | |||
General and administrative | 22 | % | 23 | % | 23 | % | 21 | % | |||
Restructuring and other | 1 | % | — | % | 4 | % | — | % | |||
Total operating expenses | 38 | % | 40 | % | 44 | % | 41 | % | |||
Loss from operations | (8 | )% | (5 | )% | (14 | )% | (8 | )% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2017 | 2016 | Change | % Change | 2017 | 2016 | Change | % Change | ||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||
Net Revenue | $ | 58,132 | $ | 62,514 | $ | (4,382 | ) | (7 | )% | $ | 173,103 | $ | 184,233 | $ | (11,130 | ) | (6 | )% | |||||||||||
Cost of Revenue | 40,803 | 40,789 | 14 | — | % | 121,729 | 122,568 | (839 | ) | (1 | )% | ||||||||||||||||||
Gross Profit | $ | 17,329 | $ | 21,725 | $ | (4,396 | ) | (20 | )% | $ | 51,374 | $ | 61,665 | $ | (10,291 | ) | (17 | )% | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2017 | 2016 | Change | % Change | 2017 | 2016 | Change | % Change | ||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||
Sales and marketing | $ | 7,829 | $ | 8,847 | $ | (1,018 | ) | (12 | )% | $ | 24,790 | $ | 30,626 | $ | (5,836 | ) | (19 | )% | |||||||||||
Research and development | 1,048 | 1,952 | (904 | ) | (46 | )% | 4,534 | 6,132 | (1,598 | ) | (26 | )% | |||||||||||||||||
General and administrative | 12,543 | 14,638 | (2,095 | ) | (14 | )% | 40,029 | 38,233 | 1,796 | 5 | % | ||||||||||||||||||
Restructuring and other | 545 | — | 545 | 100 | % | 6,259 | — | 6,259 | 100 | % | |||||||||||||||||||
Total operating expenses | $ | 21,965 | $ | 25,437 | $ | (3,472 | ) | (14 | )% | $ | 75,612 | $ | 74,991 | $ | 621 | 1 | % | ||||||||||||
Includes stock-based compensation of: | |||||||||||||||||||||||||||||
Sales and marketing | $ | 982 | $ | 565 | $ | 417 | $ | 2,834 | $ | 2,152 | $ | 682 | |||||||||||||||||
Research and development | 42 | 106 | (64 | ) | 107 | 448 | (341 | ) | |||||||||||||||||||||
General and administrative | 2,074 | 1,276 | 798 | 6,486 | 3,695 | 2,791 | |||||||||||||||||||||||
Restructuring and other | 352 | — | 352 | 352 | — | 352 | |||||||||||||||||||||||
Total stock-based compensation | $ | 3,450 | $ | 1,947 | $ | 1,503 | $ | 9,779 | $ | 6,295 | $ | 3,484 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2017 | 2016 | Change | % Change | 2017 | 2016 | Change | % Change | ||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||
Interest expense | $ | 2,965 | $ | 2,792 | $ | 173 | 6 | % | $ | 8,672 | $ | 8,191 | $ | 481 | 6 | % | |||||||||||||
Other, net | (126 | ) | (501 | ) | (375 | ) | (75 | )% | (1,117 | ) | (2,692 | ) | (1,575 | ) | (59 | )% | |||||||||||||
(Gain) loss on cost basis equity investment | (2,100 | ) | 2,300 | (4,400 | ) | 191 | % | (2,100 | ) | 2,300 | (4,400 | ) | 191 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
2017 | 2016 | Change | % Change | 2017 | 2016 | Change | % Change | ||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||
Income tax (benefit) provision | $ | (180 | ) | $ | 968 | $ | (1,148 | ) | * | $ | 227 | $ | 2,505 | $ | (2,278 | ) | * |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Net cash provided by operating activities | $ | 6,516 | $ | 9,706 | |||
Net cash used in investing activities | (13,707 | ) | (23,887 | ) | |||
Net cash provided by (used in) financing activities | 275 | (4,777 | ) | ||||
Net decrease in cash and cash equivalents, net of impact of exchange rate changes on cash | (8,107 | ) | (20,639 | ) |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(in thousands) | |||||||||||||||
Net loss | $ | (6,035 | ) | $ | (8,887 | ) | $ | (11,754 | ) | $ | (20,539 | ) | |||
Provision for income tax expense | 108 | 414 | 120 | 427 | |||||||||||
Interest and other expense, net | 58 | 2,776 | 548 | 5,622 | |||||||||||
Depreciation and amortization | 3,709 | 4,941 | 6,994 | 9,744 | |||||||||||
EBITDA | (2,160 | ) | (756 | ) | (4,092 | ) | (4,746 | ) | |||||||
Stock-based compensation | 1,236 | 3,427 | 2,806 | 6,538 | |||||||||||
Amortization of contract acquisition asset costs - ASC 606 initial adoption | 255 | 420 | 512 | 846 | |||||||||||
Restructuring and other related costs | 148 | 156 | 1,206 | 209 | |||||||||||
Impairment loss on investment securities | — | — | — | 1,958 | |||||||||||
Adjusted EBITDA | $ | (521 | ) | $ | 3,247 | $ | 432 | $ | 4,805 |
Exhibit Number | Description of Document | |
31.1* | ||
31.2* | ||
32.1* | ||
32.2* | ||
101 | Interactive data files (XBRL) pursuant to Rule 405 of Regulation S-T: (i) the |
SERVICESOURCE INTERNATIONAL, INC. (Registrant) | |||
Date: | By: | /s/ | |
Chief Financial Officer (Principal Financial and Accounting Officer) |