Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 30, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | SQI | |
Entity Registrant Name | SCIQUEST INC | |
Entity Central Index Key | 1,082,526 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 27,808,603 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 54,768 | $ 67,893 |
Short-term investments | 81,553 | 74,612 |
Accounts receivable, net | 10,126 | 12,632 |
Prepaid expenses and other current assets | 3,258 | 3,253 |
Total current assets | 149,705 | 158,390 |
Property and equipment, net | 15,045 | 15,200 |
Goodwill | 62,324 | 61,500 |
Intangible assets, net | 17,560 | 18,510 |
Deferred commissions | 6,462 | 6,745 |
Deferred tax asset, net of deferred tax liability | 11,364 | 11,296 |
Other | 262 | 260 |
Total assets | 262,722 | 271,901 |
Current liabilities: | ||
Accounts payable | 251 | 183 |
Accrued liabilities | 7,529 | 11,006 |
Deferred revenues | 53,293 | 60,697 |
Total current liabilities | 61,073 | 71,886 |
Deferred revenues, less current portion | 7,972 | 9,479 |
Deferred rent, less current portion | $ 1,929 | $ 1,949 |
Commitments and Contingencies | ||
Stockholders' equity: | ||
Common stock, $0.001 par value; 50,000 shares authorized; 27,808 and 27,851 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively | $ 28 | $ 28 |
Additional paid-in capital | 213,774 | 212,129 |
Accumulated other comprehensive loss | (5,010) | (6,055) |
Accumulated deficit | (16,457) | (17,515) |
Treasury stock, at cost, 45 shares as of March 31, 2016 | (587) | |
Total stockholders' equity | 191,748 | 188,587 |
Total liabilities and stockholders' equity | $ 262,722 | $ 271,901 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 27,808,000 | 27,851,000 |
Common stock, shares outstanding | 27,808,000 | 27,851,000 |
Treasury stock at cost, shares | 45,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Revenues | $ 26,895 | $ 25,941 |
Cost of revenues | 8,443 | 8,328 |
Gross profit | 18,452 | 17,613 |
Operating expenses: | ||
Research and development | 7,061 | 7,072 |
Sales and marketing | 6,817 | 7,006 |
General and administrative | 3,033 | 3,349 |
Amortization of intangible assets | 615 | 735 |
Total operating expenses | 17,526 | 18,162 |
Income (loss) from operations | 926 | (549) |
Other income (expense): | ||
Interest income | 281 | 150 |
Other expense, net | (188) | |
Total other income (expense), net | 281 | (38) |
Income (loss) before income taxes | 1,207 | (587) |
Income tax (expense) benefit | (149) | 298 |
Net income (loss) | 1,058 | (289) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | 1,045 | (1,643) |
Comprehensive income (loss) | $ 2,103 | $ (1,932) |
Net income (loss) per share: | ||
Basic | $ 0.04 | $ (0.01) |
Diluted | $ 0.04 | $ (0.01) |
Weighted average shares outstanding used in computing per share amounts: | ||
Basic | 27,847 | 27,584 |
Diluted | 27,998 | 27,584 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - 3 months ended Mar. 31, 2016 - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Treasury Stock |
Balance at Dec. 31, 2015 | $ 188,587 | $ 28 | $ 212,129 | $ (6,055) | $ (17,515) | |
Balance, shares at Dec. 31, 2015 | 27,851 | |||||
Issuance of stock in connection with stock option exercises | $ 2 | 2 | ||||
Issuance of stock in connection with stock option exercises, shares | 2 | 2 | ||||
Purchase of treasury stock | $ (587) | $ (587) | ||||
Purchase of treasury stock, shares | (45) | (45) | ||||
Stock-based compensation | $ 1,643 | 1,643 | ||||
Foreign currency translation adjustments | 1,045 | 1,045 | ||||
Net income | 1,058 | 1,058 | ||||
Balance at Mar. 31, 2016 | $ 191,748 | $ 28 | $ 213,774 | $ (5,010) | $ (16,457) | $ (587) |
Balance, shares at Mar. 31, 2016 | 27,808 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities | ||
Net income (loss) | $ 1,058 | $ (289) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 3,144 | 2,889 |
Loss on disposal of fixed assets | 4 | |
Stock-based compensation expense | 1,643 | 1,469 |
Deferred taxes | (68) | (298) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 2,518 | 3,274 |
Prepaid expenses and other current assets | 16 | (181) |
Deferred commissions and other assets | 281 | 216 |
Accounts payable | 68 | (143) |
Accrued liabilities | (3,745) | (3,076) |
Deferred revenues | (8,961) | (5,561) |
Deferred rent | (20) | (32) |
Net cash used in operating activities | (4,062) | (1,732) |
Cash flows from investing activities | ||
Addition of capitalized software development costs | (1,427) | (1,483) |
Purchase of property and equipment | (395) | (736) |
Purchase of available-for-sale short-term investments | (73,941) | (32,478) |
Maturities of available-for-sale short-term investments | 67,000 | 32,500 |
Net cash used in investing activities | (8,763) | (2,197) |
Cash flows from financing activities | ||
Proceeds from exercise of common stock options | 2 | 71 |
Purchase of treasury stock | (587) | |
Proceeds from employee stock purchase plan activity | 239 | 272 |
Net cash (used in) provided by financing activities | (346) | 343 |
Effect of exchange rate changes on cash and cash equivalents | 46 | 23 |
Net decrease in cash and cash equivalents | (13,125) | (3,563) |
Cash and cash equivalents at beginning of period | 67,893 | 59,419 |
Cash and cash equivalents at end of period | $ 54,768 | $ 55,856 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business | 1. Description of Business SciQuest, Inc. (the Company) provides leading cloud-based business automation solutions for spend management. The Company’s solutions include: spend analytics solutions that cleanse and classify spend data from a wide variety of sources and formats putting data and analytics to work to drive and measure cost savings; sourcing solutions that create events, manage bids and award contracts automatically to simplify and optimize the bidding process; supplier management solutions that facilitate on-boarding, maintaining and managing supplier relationships and give visibility into which suppliers are best able to support goals; contract lifecycle management solutions that automate the complete contract lifecycle from contract authoring, automated workflow approvals to a fully searchable archive of executed contracts; procurement solutions that automate the purchasing process and drive contract compliance; inventory management solutions that facilitate finding, sourcing and tracking chemicals and research initiatives, enhance control over spending decisions and improve compliance and risk management. By simplifying and streamlining cumbersome, tedious, and often manual, processes and creating a comprehensive view of spending and compliance across the organization, organizations can identify and capitalize on opportunities to reduce costs by gaining control over suppliers, contracts, purchases and payments. The Company is headquartered in Morrisville, North Carolina. Public Offering On April 1, 2014, the Company completed a public offering of 3,000 shares of common stock at an offering price of $26.75 per share. An additional 450 shares of common stock were sold at an offering price of $26.75 per share pursuant to the underwriters’ over-allotment option. The Company received aggregate net proceeds of approximately $87,433, after payment of underwriting discounts and commissions and estimated legal, accounting, and other fees incurred in connection with the offering and the over-allotment option. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results to be expected for the fiscal year or any future period. The balance sheet at December 31, 2015 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2015, which was filed with the Securities and Exchange Commission on February 22, 2016. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Revenue Recognition The Company primarily derives its revenues from subscription fees and related services, permitting customers to access and utilize the Company’s cloud-based business automation solutions for spend management. Customers may also purchase a perpetual license for certain software products. Revenue is recognized when there is persuasive evidence of an arrangement, the service has been provided or delivered to the customer, the collection of the fee is probable and the amount of the fee to be paid by the customer is fixed or determinable. The Company’s arrangements do not contain general rights of return. Because customers do not have the right to take possession of the Software-as-a-Service (“SaaS”) based software, these arrangements are considered service contracts and are not within the scope of Industry Topic 985 , Software. Revenue Recognition for Multiple-Element Arrangements For arrangements in which elements do have stand-alone value, the Company allocates revenue to each element in the arrangement based on a selling price hierarchy. The selling price for a deliverable is based on vendor-specific objective evidence of selling price (“VSOE”), if available, third-party evidence of selling price (“TPE”), if VSOE is not available, or estimated selling price (“ESP”) if neither VSOE nor TPE is available. Because the Company has neither VSOE nor TPE for its deliverables, the allocation of revenue is based on ESP. The Company’s process for determining ESP for its deliverables considers multiple factors that may vary depending upon the facts and circumstances related to each deliverable. Key factors considered in developing ESP related to deliverables include established pricing and approval policies, type and size of customer, number of products purchased, and historical transactions. The Company regularly reviews ESP and maintains internal controls over the establishment and updates of these estimates. The Company evaluates its SaaS subscription agreements and considers whether the associated services have stand-alone value to its customers. For arrangements when implementation services do not have stand-alone value to the customer, licenses and related implementation services are considered a single unit of accounting. Accordingly, the consideration allocated to licenses and services is recognized ratably over the term of the subscription agreement, beginning with the later of the start date specified in the subscription agreement, or the date access to the software is provided to the customer, provided all other revenue recognition criteria have been met. Fees for professional services that are contingent upon future performance are recognized ratably over the remaining subscription term once the performance milestones have been met. Alternatively, when services have stand-alone value to the customer, licenses and related services are considered separate units of accounting. For separate units of accounting, services are recognized as the services are performed and delivered to the customer and licenses are recognized over the term of the subscription arrangement, beginning with the later of the start date specified in the subscription agreement, or the date access to the software is provided to the customer, provided all other revenue recognition criteria have been met. Revenue from sales of certain of the Company’s perpetual software products and related implementation services and maintenance is recognized as a single unit of accounting since VSOE of fair value does not exist for the contractual elements. Accordingly, revenue for all elements in these arrangements is recognized over the contractual maintenance term, which is typically one year. The Company recognizes revenue from any professional services that are sold separately as the services are performed. Sales taxes collected from customers and remitted to government authorities are excluded from revenue. Deferred revenue primarily consists of billings or payments received in advance of revenue recognition from the Company’s software and services described above. For multi-year subscription agreements, the Company generally invoices its customers in annual installments. Accordingly, the deferred revenue balance does not represent the total contract value of these multi-year subscription agreements. The Company’s services, such as implementation, are generally sold in conjunction with subscription agreements. These services are recognized ratably over the remaining term of the subscription agreement once any contingent performance milestones have been satisfied. The portion of deferred revenue that the Company anticipates will be recognized after the succeeding 12-month period is recorded as non-current deferred revenue and the remaining portion is recorded as current deferred revenue. Cost of Revenues Cost of revenues primarily consists of costs related to hosting the Company’s subscription software services, compensation and related expenses for implementation services, supplier enablement services, customer support staff and client partners, amortization of capitalized software development costs and allocated fixed asset depreciation and facilities costs. Cost of revenues is expensed as incurred. Deferred Commissions The Company capitalizes sales commission costs that are directly related to the execution of its subscription agreements. The commissions are deferred and amortized over the contractual term of the related non-cancelable subscription agreement. The Company believes this is the appropriate method of accounting, as the commission costs are so closely related to the revenues from the subscription agreements that they should be recorded as an asset and charged to expense over the same period that the subscription revenues are recognized. Amortization of deferred commissions is included in sales and marketing expense in the accompanying consolidated statements of operations and comprehensive income (loss). The deferred commissions are reflected in the accompanying consolidated balance sheets. Cash and Cash Equivalents The Company considers all highly liquid debt investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains cash balances at financial institutions that may at times exceed federally insured limits. The Company maintains this cash at reputable financial institutions and, as a result, believes credit risk related to its cash is minimal. Short-Term Investments Management determines the appropriate classification of investments at the time of purchase and evaluates such determination as of each balance sheet date. The Company’s investments were classified as available-for-sale securities and are stated at fair value at March 31, 2016 and December 31, 2015. Realized gains and losses are included in other income (expense) based on the specific identification method. There were no realized gains or losses for the three months ended March 31, 2016 or 2015. Net unrealized gains and losses on available-for-sale securities are reported as a component of other comprehensive loss, net of tax. As of March 31, 2016 and December 31, 2015, there were no unrealized gains or losses on available-for-sale securities. The Company regularly monitors and evaluates the fair value of its investments to identify other-than-temporary declines in value. Management believes no such declines in value existed at March 31, 2016 or December 31, 2015. Accounts Receivable The Company assesses the need for an allowance for doubtful accounts based on estimates of probable credit losses. This assessment is based on several factors including aging of customer accounts, known customer specific risks, historical experience and existing economic conditions. The Company generally does not require collateral for receivable balances. Accounts would be charged against the allowance after all means of collection were exhausted and recovery was considered remote. Based on management’s analysis of its outstanding accounts receivable, the Company recorded an allowance of $197 and $473 at March 31, 2016 and December 31, 2015, respectively. Property and Equipment Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives, which are usually seven years for furniture and three to five years for computer software and equipment. Leasehold improvements are amortized over the shorter of the estimated useful lives of the assets or the remainder of the lease term. Costs for repairs and maintenance are expensed as incurred. Upon retirement or sale, the cost of the disposed assets and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is credited or charged to operations. Software Development Costs The Company incurs certain costs associated with the development of its cloud-based solution, which are accounted for as internal-use software. Certain qualifying costs incurred during the application development phase are capitalized and amortized to expense over the estimated useful life of the related applications, which is generally three years. Goodwill Goodwill represents the excess of the cost of an acquired entity over the net fair value of the identifiable assets acquired and liabilities assumed. Goodwill is not amortized, but rather is assessed for impairment at least annually. Additionally, the Company would also review the carrying value of goodwill whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. The Company has concluded that it has one reporting unit for purposes of its annual goodwill impairment testing. To assess goodwill impairment, the first step is to identify if a potential impairment exists by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered to have a potential impairment and the second step of the impairment test is not necessary. The results of our most recent annual assessment did not indicate any impairment of goodwill, and as such, the second step of the impairment test was not required. Additionally, we do not believe there have been any triggering events that would result in potential impairment of goodwill as of March 31, 2016. Stock-Based Compensation Stock-based payments to employees, including grants of employee stock options, are recognized in the consolidated statement of operations and comprehensive income (loss) based on their fair values. Stock-based compensation costs are measured at the grant date based on the fair value of the award and are recognized as expense on a straight-line basis over the requisite service period, which is the vesting period. Stock-based compensation costs are based on the fair value of the underlying option calculated using the Black-Scholes option-pricing model on the date of grant for stock options and a lattice model on the date of grant for performance-based restricted stock units. Determining the appropriate fair value model and related assumptions requires judgment, including estimating stock price volatility, forfeiture rates and expected term. The Company uses the historical volatility of its stock price to calculate the expected volatility. The expected term for the three months ended March 31, 2016 and 2015, represents the average time that options that vest are expected to be outstanding based on the mid-point between the vesting date and the end of the contractual term of the award. The Company has not paid dividends and does not anticipate paying a cash dividend in the foreseeable future and, accordingly, uses an expected dividend yield of zero. The risk-free interest rate is based on the rate of U.S. Treasury securities with maturities consistent with the estimated expected term of the awards. Foreign Currency and Operations The reporting currency for all periods presented is the U.S. dollar. The functional currency for the Company’s foreign subsidiaries is generally their local currency. The translation of each subsidiary’s financial statements into U.S. dollars is performed for assets and liabilities using exchange rates in effect at the balance sheet date and for revenue and expense accounts using an average exchange rate during the period. The resulting translation adjustments are recognized in accumulated other comprehensive loss, a separate component of stockholders’ equity. At March 31, 2016 and December 31, 2015, accumulated other comprehensive loss was ($5,010) and ($6,055), respectively, which is predominantly due to the intercompany balance with the Company’s Canadian subsidiary not expected to be settled in the foreseeable future and the goodwill balance on the Company’s Canadian subsidiary. Realized foreign currency transaction gains and losses are included in other income (expense) in the consolidated statements of operations and comprehensive income (loss). Segment Data The Company manages its operations on a consolidated basis for purposes of assessing performance and making operating decisions. Accordingly, the Company has determined that it has a single reportable segment. Income (Loss) Per Share Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding for the period. Diluted net income (loss) per share is computed giving effect to all potentially dilutive common stock, including options, restricted stock, and common stock issuable pursuant to the employee share purchase plan. The dilutive effect of outstanding awards is reflected in diluted earnings per share by application of the treasury stock method. The following summarizes the calculation of basic and diluted net income (loss) per share: Three Months Ended March 31, 2016 2015 Basic: Net income (loss) $ 1,058 $ (289 ) Weighted average common shares, basic 27,847 27,584 Basic net income (loss) per share $ 0.04 $ (0.01 ) Diluted: Net income (loss) $ 1,058 $ (289 ) Weighted average common shares, basic 27,847 27,584 Dilutive effect of: Options to purchase common stock 53 - Nonvested shares of restricted stock 98 - Shares of employee stock purchase plan - - Weighted average common shares, diluted 27,998 27,584 Diluted net income (loss) per share $ 0.04 $ (0.01 ) The following equity instruments have been excluded from diluted net income (loss) per common share as they would be anti-dilutive. Three Months Ended March 31, 2016 2015 Common stock options 600 546 For the three months ended March 31, 2015, the Company incurred net losses and, therefore, the effect of the Company’s outstanding stock options, nonvested restricted stock and common stock issuable pursuant to the employee stock purchase plan was not included in the calculation of diluted net loss per share as the effect would be anti-dilutive. For the three months ended March 31, 2015, diluted net loss per share excluded the impact of 287 outstanding stock options, 21 nonvested shares of restricted stock, and 1 share of common stock issuable pursuant to the employee stock purchase plan. Income Taxes Deferred income taxes are provided using tax rates enacted for periods of expected reversal on all temporary differences. Temporary differences relate to differences between the book and tax basis of assets and liabilities, principally intangible assets, property and equipment, deferred subscription revenues, accruals and stock-based compensation. Valuation allowances are established to reduce deferred tax assets to the amount that will more likely than not be realized. To the extent that a determination is made to establish or adjust a valuation allowance, the expense or benefit is recorded in the period in which the determination is made. Judgment is required in determining the provision for income taxes. Additionally, the income tax provision is based on calculations and assumptions that are subject to examination by many different tax authorities and to changes in tax law and rates in many jurisdictions. The Company would adjust its income tax provision in the period in which it becomes probable that actual results differ from management estimates. The Company accounts for uncertain tax positions by recognizing and measuring tax benefits taken or expected to be taken on a tax return. A tax benefit from an uncertain position may be recognized only if it is more likely than not that the position is sustainable, based solely on its technical merits and consideration of the relevant taxing authority’s widely understood administrative practices and precedents. If the recognition threshold is met, only the portion of the tax benefit that is more likely than not to be realized upon settlement with a taxing authority is recorded. The tax benefit that is not recorded is considered an unrecognized tax benefit. Interest and penalties related to uncertain tax positions are recognized as a component of income tax expense. Recent Accounting Pronouncements In March 2016, the FASB issued new accounting guidance that changes the accounting for certain aspects of share-based payments to employees. The guidance requires the recognition of the income tax effects of awards in the income statement when the awards vest or are settled, thus eliminating additional paid in capital pools. The guidance also allows for the employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. The guidance is effective for the annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period. We are currently evaluating the impact of this guidance on our financial statements and the timing of adoption. In February 2016, the FASB issued new accounting guidance on leases to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous GAAP. The new guidance requires that a lessee should recognize a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. The new standard is effective for fiscal years beginning after December 15, 2018 (including interim periods within those periods) using a modified retrospective approach and early adoption is permitted. The Company is currently in the process of evaluating the impact this standard will have on its consolidated financial statements and the timing of adoption. In November 2015, the FASB issued new accounting guidance related to balance sheet classification of deferred taxes. The new guidance requires that deferred tax assets and liabilities be classified as noncurrent in a classified statement of financial position. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. We early adopted this guidance during the year ended December 31, 2015. In August 2014, the FASB issued new accounting guidance which addresses management’s responsibility to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern and to provide related footnote disclosures. Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. This guidance is effective for the fiscal year ending after December 15, 2016, and for fiscal years and interim periods thereafter. Early adoption is permitted. The Company does not expect to early adopt this guidance and does not believe that the adoption of this guidance will have a material impact on its financial statements. In May 2014, the FASB issued new accounting guidance on revenue recognition, which provides for a single five-step model to be applied to all revenue contracts with customers. The new standard also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. The new standard was originally effective for fiscal years and interim periods within those years beginning after December 15, 2016 and early adoption was not permitted. In August 2015, the FASB approved a one year delay of the effective date to reporting periods beginning after December 15, 2017, while permitting companies to voluntarily adopt the new standard as of the original effective date. In March 2016, the FASB issued final amendments to clarify the implementation guidance for principal versus agent considerations, identifying performance obligations and the accounting for licenses of intellectual property. The Company will adopt this standard in the first quarter of 2018. The Company is currently evaluating the impact that the implementation of this standard will have on its financial statements and has not yet selected a transition approach. |
Cash Equivalents and Short-Term
Cash Equivalents and Short-Term Investments | 3 Months Ended |
Mar. 31, 2016 | |
Cash And Cash Equivalents [Abstract] | |
Cash Equivalents and Short-Term Investments | 3. Cash Equivalents and Short-Term Investments The components of cash equivalents and short-term investments at March 31, 2016 and December 31, 2015 are as follows: March 31, 2016 December 31, 2015 Fair Market Fair Market Cost Value Cost Value Cash Equivalents: Money market accounts $ 6,022 $ 6,022 $ 1,789 $ 1,789 Commercial paper 39,932 39,932 58,925 58,925 Short-term investments: Variable rate demand notes 8,200 8,200 8,200 8,200 Commercial paper 73,353 73,353 66,412 66,412 Total $ 127,507 $ 127,507 $ 135,326 $ 135,326 There were no unrealized gains or losses as of March 31, 2016 or December 31, 2015. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements Under GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., “the exit price”) in an orderly transaction between market participants at the measurement date. GAAP also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are obtained from independent sources and can be validated by a third party, whereas unobservable inputs reflect assumptions regarding what a third party would use in pricing an asset or liability. The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1 – Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Level 2 – Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant input and significant value drivers are observable in active markets. Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The financial assets for which the Company performs recurring fair value remeasurements are cash equivalents and short-term investments. As of March 31, 2016 and December 31, 2015, the Company had cash equivalents of $45,954 and $60,714, respectively, which consist of money market accounts and commercial paper. As of March 31, 2016 and December 31, 2015, the Company had short-term investments of $81,553 and $74,612, respectively, which consist of commercial paper and variable rate demand notes that are invested in corporate and municipal bonds. The variable rate demand notes have final maturities between 2025 and 2042, but are puttable by the Company at any time with seven days notice. These cash equivalents and short-term investments are classified within Level 1 of the fair value hierarchy since they are valued using quoted market prices. As of March 31, 2016 and December 31, 2015, the Company did not have any financial assets or liabilities with observable inputs not quoted on active markets (Level 2), or without observable market values that would require a high level of judgment to determine fair value (Level 3). The fair value measurements of the Company’s financial assets at March 31, 2016 are as follows: Total Level 1 Level 2 Level 3 Cash equivalents $ 45,954 $ 45,954 $ - $ - Short-term investments 81,553 81,553 - - Total $ 127,507 $ 127,507 $ - $ - The fair value measurements of the Company’s financial assets at December 31, 2015 are as follows: Total Level 1 Level 2 Level 3 Cash equivalents $ 60,714 $ 60,714 $ - $ - Short-term investments 74,612 74,612 - - Total $ 135,326 $ 135,326 $ - $ - |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 5. Property and Equipment Property and equipment consist of the following as of March 31, 2016 and December 31, 2015: March 31, December 31, 2016 2015 Furniture and fixtures $ 1,631 $ 1,617 Computer software and equipment 34,776 32,870 Leasehold improvements 707 631 Total costs 37,114 35,118 Less accumulated depreciation and amortization (22,069 ) (19,918 ) Property and equipment, net $ 15,045 $ 15,200 Depreciation expense related to property and equipment (excluding capitalized internal-use software) was $739 and $740 for the three months ended March 31, 2016 and 2015, respectively. Computer software and equipment includes capitalized software development costs incurred during development of the Company’s cloud-based solution. The Company capitalized software development costs of $1,551 and $1,303, inclusive of foreign currency translation, during the three months ended March 31, 2016 and 2015, respectively. Net capitalized software development costs totaled $9,736 and $9,549 at March 31, 2016 and December 31, 2015, respectively. Amortization expense for the three months ended March 31, 2016 and 2015 related to capitalized software development costs was $1,293 and $917, respectively, which is classified within cost of revenues in the accompanying consolidated statements of operations and comprehensive income (loss). |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 6. Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill for the three months ended March 31, 2016 were as follows: Balance at December 31, 2015 $ 61,500 Foreign currency translation 824 Balance at March 31, 2016 $ 62,324 As the functional currency of the Company’s Canadian subsidiary, where certain of the Company’s goodwill is recorded, is its local currency, there are related foreign currency translation adjustments. The foreign currency is translated into U.S. dollars using the exchange rate in effect at period end, with any adjustment included in other comprehensive loss. A summary of intangible assets at March 31, 2016 and December 31, 2015 follows: March 31, 2016 Weighted Average Amortization Gross Carrying Accumulated Net Carrying Period Amount Amortization Amount Acquired technology 7.0 years $ 19,207 $ (13,716 ) $ 5,491 Customer relationships 12.1 years 26,514 (15,184 ) 11,330 Covenant not to compete 4.2 years 377 (313 ) 64 Acquired trademarks 4.5 years 1,069 (824 ) 245 Trademarks indefinite 430 - 430 Total $ 47,597 $ (30,037 ) $ 17,560 December 31, 2015 Weighted Average Amortization Gross Carrying Accumulated Net Carrying Period Amount Amortization Amount Acquired technology 7.0 years $ 18,997 $ (13,165 ) $ 5,832 Customer relationships 12.1 years 26,328 (14,464 ) 11,864 Covenant not to compete 4.2 years 376 (300 ) 76 Acquired trademarks 4.5 years 1,055 (747 ) 308 Trademarks indefinite 430 - 430 Total $ 47,186 $ (28,676 ) $ 18,510 As the functional currency of the Company’s Canadian subsidiary, where certain intangible assets are recorded, is its local currency, there are related foreign currency translation adjustments. The foreign currency is translated into U.S. dollars using the exchange rate in effect at period end, with any adjustment included in other comprehensive loss. Amortization expense of intangible assets was $1,112 and $1,232 for the three months ended March 31, 2016 and 2015, respectively, of which $497 and $497 is recorded in cost of revenues in the accompanying consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2016 and 2015, respectively. The Company estimates the following amortization expense related to its intangible assets for the years ended December 31: 2016 (remaining nine months) $ 2,930 2017 3,511 2018 2,927 2019 2,476 2020 1,584 Thereafter 3,702 $ 17,130 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | 7. Debt On November 2, 2012, the Company established a $30,000 revolving credit facility which expired on November 2, 2015. The revolving credit facility was for general corporate purposes. The facility consisted of a $20,000 securities secured revolving credit facility and a $10,000 receivables secured revolving credit facility. The securities secured revolving credit facility and the receivables secured revolving credit facility beared interest equal to the BBA LIBOR Daily Floating Rate plus 0.75% and the BBA LIBOR Daily Floating Rate plus 1.50%, respectively. In addition, the Company paid a quarterly fee equal to 0.10% on any unused funds under the facility. As collateral for extension of credit under the facility, the Company and a domestic subsidiary granted security interests in substantially all of their assets, and the Company pledged the stock of a domestic subsidiary and 66% of the shares of one of its foreign subsidiaries. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | 8. Stockholders’ Equity Preferred Stock The Company is authorized to issue up to 5,000 shares of $0.001 par value preferred stock, of which 222 shares are designated as Series A redeemable preferred stock. The Company’s Board of Directors has the authority to issue up to 4,778 shares of preferred stock in one or more series and to fix the designations, rights, preferences and privileges and any qualifications, limitations or restrictions of the shares of each such series of preferred stock, including dividend rights and rates, conversion rights, voting rights, terms of redemption including price and sinking fund provisions, liquidation preferences and number of shares constituting any series or the designation of that series. As of March 31, 2016 and December 31, 2015, no shares of preferred stock were issued or outstanding. Stock Incentive Plan The Company’s 2013 Stock Incentive Plan (the “Plan”) allows the Company to grant common stock options, stock appreciation rights, restricted stock units, including performance-based restricted stock units, and restricted stock awards to employees, board members and others who contribute materially to the success of the Company. The Company reserved 3,500 shares of its common stock for issuance under the Plan. Additionally, per the terms of the Plan, shares of common stock previously reserved for issuance under the 2004 Stock Incentive Plan (the “Prior Plan”) as well as shares reserved for outstanding awards under the Prior Plan for which the awards are canceled, forfeited, repurchased or otherwise result in common stock not being issued will be added to the number of shares available for issuance under the Plan. Restricted stock units, including performance-based restricted stock units, and restricted stock awards that are granted shall count towards the total number of shares reserved for issuance under the Plan as 1.65 shares. As of March 31, 2016, 2,030 shares of common stock were available for issuance under the Plan. The following table summarizes the number of shares outstanding and the number of shares available for future grant under the stock incentive plan at March 31, 2016: March 31, 2016 Number of shares reserved under the 2013 Plan 3,500 Number of shares remaining for future grants transferred from Prior Plan 1,109 Number of stock options outstanding under the 2013 Plan (1,482 ) Weighted average exercise price under the 2013 Plan $ 17.49 Weighted average term (in years) 8.6 Number of restricted stock units issued under the 2013 Plan (1,097 ) Number of shares remaining for future grants under the 2013 Plan 2,030 The Company’s Board of Directors approves the terms of stock options granted. Individual option grants generally become exercisable ratably over a period of four years from the grant date. The contractual term of the options is approximately ten years from the date of grant. The Company recognizes compensation expense associated with restricted stock and common stock options based on the grant-date fair value of the award on a straight-line basis over the requisite service period of the individual grantees, which generally equals the vesting period. Restricted Stock Units and Performance-Based Restricted Stock Units The Company issues restricted stock units and performance-based restricted stock units to certain employees and non-employee directors. Restricted stock units represent the right to receive shares of common stock once such shares are vested and issuable in accordance with the terms of the restricted stock units. Once issued, such shares are not subject to further restrictions. Performance-based restricted stock units differ from restricted stock units in that the number of shares of common stock issuable under performance-based restricted stock units is variable based on over- or under- performance of the Company’s stock price over a specified period of time. Stock-based compensation expense related to these restricted stock units and performance-based restricted stock units is recognized in the consolidated statements of operations and comprehensive income (loss) based on the fair value of these awards. For restricted stock units, the fair value of the awards is the grant date market value of the Company’s common stock. For performance-based restricted stock units, the fair value of the awards is estimated using a lattice model with a volatility assumption based on the vesting period of the awards. Stock-based compensation expense of $551 and $254 was recorded during the three months ended March 31, 2016 and 2015, respectively, in connection with these awards. The total unrecognized compensation cost related to these awards is approximately $5,344 at March 31, 2016. This amount is expected to be recognized over a weighted-average period of 3.0 years. The following summarizes the activity of restricted stock awards for the three months ended March 31, 2016: Weighted- Number of Average Grant Units Date Fair Value Nonvested as of December 31, 2015 304 $ 14.80 Issued 345 8.71 Vested (38 ) 18.59 Forfeited - - Nonvested as of March 31, 2016 611 $ 11.12 Stock Options The Company also issues common stock options. The following summarizes stock option activity for the three months ended March 31, 2016: Weighted- Average Weighted- Remaining Number of Average Contractual Aggregate Options Exercise Price Term (In Years) Intrinsic Value Balance outstanding as of December 31, 2015 2,559 $ 16.26 7.6 $ 1,945 Options granted 28 12.61 Options exercised (2 ) 0.93 Options cancelled (88 ) 15.18 Balance outstanding as of March 31, 2016 2,497 $ 16.26 7.4 $ 2,500 Vested and expected to vest at March 31, 2016 2,278 $ 16.33 7.2 $ 2,305 Exercisable as of March 31, 2016 1,402 $ 16.82 6.2 $ 913 The aggregate intrinsic value in the table above represents the difference between the exercise price of the underlying awards and the estimated fair value of the Company’s common stock at March 31, 2016 multiplied by the number of shares that would have been received by the option holders had all option holders exercised their options on March 31, 2016. The aggregate intrinsic value of options exercised during the three months ended March 31, 2016 and 2015 was $18 and $82, respectively. The total unrecognized compensation cost related to outstanding stock options is $7,333 at March 31, 2016. This amount is expected to be recognized over a weighted-average period of 2.6 years. The following table summarizes information about stock options outstanding and exercisable at March 31, 2016: Options Options Exercisable at March 31, 2016 Weighted- Average Remaining Contractual Term Weighted-Average Weighted-Average Range of Exercise Price Number (In Years) Exercise Price Number Exercise Price $0.10 - $1.90 5 1.0 $ 0.37 5 $ 0.37 $2.04 - $8.18 82 3.7 5.92 82 5.92 $9.95 - $15.02 1,221 7.5 12.69 637 13.99 $15.03 - $23.25 636 7.4 16.59 354 16.76 $23.78 - $29.14 553 7.6 25.45 326 25.29 Total 2,497 7.4 $ 16.26 1,404 $ 16.79 The fair value of common stock options for employees and non-employees is estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions used: Three Months Ended March 31, 2016 2015 Estimated dividend yield 0 % 0 % Expected stock price volatility 44.13 - 44.44 % 45.80 - 46.30 % Weighted-average risk-free interest rate 1.31 - 1.89 % 1.36 - 1.70 % Expected life of options (in years) 6.25 6.25 Stock-based compensation expense of $1,034 and $1,145 was recorded during the three months ended March 31, 2016 and 2015, respectively, related to the Company’s outstanding stock options. The weighted average grant date fair value per share for stock options granted in the three months ended March 31, 2016 and 2015 was $5.66 and $6.86, respectively. The aggregate fair value of stock options that vested during the three months ended March 31, 2016 and 2015 was $1,115 and $1,314, respectively. Employee Stock Purchase Plan The Company adopted an Employee Stock Purchase Plan (the “Purchase Plan”) effective June 1, 2012. Eligible employees can contribute up to 10% of their gross earnings for each pay period, up to a maximum of $25 for any calendar year. Six month offering periods begin on December 1 and June 1 of each year. During the offering period eligible employees may elect to purchase shares of the Company’s common stock according to the terms of the offering. The per share purchase price is equal to the lesser of 85% of the fair market value of the Company’s common stock on the offering date or 85% of the fair market value of the Company’s common stock on the purchase date. The fair value of stock purchase rights granted under the Purchase Plan is estimated on the date of grant using the Black-Scholes option-pricing model. As of March 31, 2016, 817 shares of common stock were available for issuance to participating employees under the Purchase Plan. During the three months ended March 31, 2016 and 2015, the Company recognized stock-based compensation expense of $58 and $70, respectively, related to the Purchase Plan. The fair value of stock purchase rights granted under the Purchase Plan is estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions used: Three Months Ended March 31, 2016 2015 Estimated dividend yield 0 % 0 % Expected stock price volatility 47.20 % 47.20 % Weighted-average risk-free interest rate 0.42 % 0.08 % Expected life of options (in years) 0.5 0.5 Share Repurchase Program On February 25, 2016, the Company announced that its Board of Directors has approved a share repurchase program that enables the Company to repurchase up to $30,000 of its outstanding common stock. The amount and timing of specific repurchases are subject to market conditions, applicable legal requirements and other factors. The share repurchase program is scheduled to expire on December 31, 2017, although purchases may be suspended or discontinued at any time prior to the expiration date. The Company purchased 45 shares of treasury stock for $587 in the three months ended March 31, 2016. As of March 31, 2016, $29,413 of shares may yet be repurchased under the share repurchase program. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes The Company computes its provision for income taxes by applying the estimated annual effective tax rate, adjusted for any material items. The Company’s effective tax rate of (12.3)% for the three months ended March 31, 2016, was lower than the federal statutory rate of 35% primarily due to non-deductible expenses, the effect of federal R&D credits, a change in the federal tax rate from 34% to 35%, and an expected reduction in the state valuation allowance. The Company’s effective tax rate of (51.0)% for the three months ended March 31, 2015, was lower than the federal statutory rate of 34% primarily due to non-deductible expenses, including stock-based compensation and amortization of acquired intangibles. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Legal Contingencies From time to time, the Company is subject to legal proceedings and claims that arise in the ordinary course of business. The Company records an accrual for a contingency when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company is not currently subject to any material legal proceedings. Warranties and Indemnification The Company’s hosting service is typically warranted to perform in a manner consistent with general industry standards that are reasonably applicable under normal use and circumstances. The Company’s arrangements also include certain provisions for indemnifying customers against liabilities if its products or services infringe a third party’s intellectual property rights. The Company to date has not incurred costs to settle claims or pay awards under these indemnification obligations. The Company accounts for these indemnity obligations as contingencies and records a liability for these obligations when a loss is probable and reasonably estimable. To date, the Company has not incurred any material costs as a result of these indemnifications and has not accrued any liabilities related to the obligations in the accompanying consolidated financial statements. The Company enters into service level agreements with its on-demand solution customers warranting certain levels of uptime reliability. To date, the Company has not incurred any material costs and has not accrued any liabilities related to such obligations. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. Subsequent Events The Company evaluated subsequent events from April 1, 2016 through May 6, 2016, the date the consolidated financial statements were issued. We concluded that no subsequent events occurred that would require recognition or disclosure in the consolidated financial statements. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results to be expected for the fiscal year or any future period. The balance sheet at December 31, 2015 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2015, which was filed with the Securities and Exchange Commission on February 22, 2016. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. |
Revenue Recognition | Revenue Recognition The Company primarily derives its revenues from subscription fees and related services, permitting customers to access and utilize the Company’s cloud-based business automation solutions for spend management. Customers may also purchase a perpetual license for certain software products. Revenue is recognized when there is persuasive evidence of an arrangement, the service has been provided or delivered to the customer, the collection of the fee is probable and the amount of the fee to be paid by the customer is fixed or determinable. The Company’s arrangements do not contain general rights of return. Because customers do not have the right to take possession of the Software-as-a-Service (“SaaS”) based software, these arrangements are considered service contracts and are not within the scope of Industry Topic 985 , Software. Revenue Recognition for Multiple-Element Arrangements For arrangements in which elements do have stand-alone value, the Company allocates revenue to each element in the arrangement based on a selling price hierarchy. The selling price for a deliverable is based on vendor-specific objective evidence of selling price (“VSOE”), if available, third-party evidence of selling price (“TPE”), if VSOE is not available, or estimated selling price (“ESP”) if neither VSOE nor TPE is available. Because the Company has neither VSOE nor TPE for its deliverables, the allocation of revenue is based on ESP. The Company’s process for determining ESP for its deliverables considers multiple factors that may vary depending upon the facts and circumstances related to each deliverable. Key factors considered in developing ESP related to deliverables include established pricing and approval policies, type and size of customer, number of products purchased, and historical transactions. The Company regularly reviews ESP and maintains internal controls over the establishment and updates of these estimates. The Company evaluates its SaaS subscription agreements and considers whether the associated services have stand-alone value to its customers. For arrangements when implementation services do not have stand-alone value to the customer, licenses and related implementation services are considered a single unit of accounting. Accordingly, the consideration allocated to licenses and services is recognized ratably over the term of the subscription agreement, beginning with the later of the start date specified in the subscription agreement, or the date access to the software is provided to the customer, provided all other revenue recognition criteria have been met. Fees for professional services that are contingent upon future performance are recognized ratably over the remaining subscription term once the performance milestones have been met. Alternatively, when services have stand-alone value to the customer, licenses and related services are considered separate units of accounting. For separate units of accounting, services are recognized as the services are performed and delivered to the customer and licenses are recognized over the term of the subscription arrangement, beginning with the later of the start date specified in the subscription agreement, or the date access to the software is provided to the customer, provided all other revenue recognition criteria have been met. Revenue from sales of certain of the Company’s perpetual software products and related implementation services and maintenance is recognized as a single unit of accounting since VSOE of fair value does not exist for the contractual elements. Accordingly, revenue for all elements in these arrangements is recognized over the contractual maintenance term, which is typically one year. The Company recognizes revenue from any professional services that are sold separately as the services are performed. Sales taxes collected from customers and remitted to government authorities are excluded from revenue. Deferred revenue primarily consists of billings or payments received in advance of revenue recognition from the Company’s software and services described above. For multi-year subscription agreements, the Company generally invoices its customers in annual installments. Accordingly, the deferred revenue balance does not represent the total contract value of these multi-year subscription agreements. The Company’s services, such as implementation, are generally sold in conjunction with subscription agreements. These services are recognized ratably over the remaining term of the subscription agreement once any contingent performance milestones have been satisfied. The portion of deferred revenue that the Company anticipates will be recognized after the succeeding 12-month period is recorded as non-current deferred revenue and the remaining portion is recorded as current deferred revenue. |
Cost of Revenues | Cost of Revenues Cost of revenues primarily consists of costs related to hosting the Company’s subscription software services, compensation and related expenses for implementation services, supplier enablement services, customer support staff and client partners, amortization of capitalized software development costs and allocated fixed asset depreciation and facilities costs. Cost of revenues is expensed as incurred. |
Deferred Commissions | Deferred Commissions The Company capitalizes sales commission costs that are directly related to the execution of its subscription agreements. The commissions are deferred and amortized over the contractual term of the related non-cancelable subscription agreement. The Company believes this is the appropriate method of accounting, as the commission costs are so closely related to the revenues from the subscription agreements that they should be recorded as an asset and charged to expense over the same period that the subscription revenues are recognized. Amortization of deferred commissions is included in sales and marketing expense in the accompanying consolidated statements of operations and comprehensive income (loss). The deferred commissions are reflected in the accompanying consolidated balance sheets. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid debt investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains cash balances at financial institutions that may at times exceed federally insured limits. The Company maintains this cash at reputable financial institutions and, as a result, believes credit risk related to its cash is minimal. |
Short-Term Investments | Short-Term Investments Management determines the appropriate classification of investments at the time of purchase and evaluates such determination as of each balance sheet date. The Company’s investments were classified as available-for-sale securities and are stated at fair value at March 31, 2016 and December 31, 2015. Realized gains and losses are included in other income (expense) based on the specific identification method. There were no realized gains or losses for the three months ended March 31, 2016 or 2015. Net unrealized gains and losses on available-for-sale securities are reported as a component of other comprehensive loss, net of tax. As of March 31, 2016 and December 31, 2015, there were no unrealized gains or losses on available-for-sale securities. The Company regularly monitors and evaluates the fair value of its investments to identify other-than-temporary declines in value. Management believes no such declines in value existed at March 31, 2016 or December 31, 2015. |
Accounts Receivable | Accounts Receivable The Company assesses the need for an allowance for doubtful accounts based on estimates of probable credit losses. This assessment is based on several factors including aging of customer accounts, known customer specific risks, historical experience and existing economic conditions. The Company generally does not require collateral for receivable balances. Accounts would be charged against the allowance after all means of collection were exhausted and recovery was considered remote. Based on management’s analysis of its outstanding accounts receivable, the Company recorded an allowance of $197 and $473 at March 31, 2016 and December 31, 2015, respectively. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives, which are usually seven years for furniture and three to five years for computer software and equipment. Leasehold improvements are amortized over the shorter of the estimated useful lives of the assets or the remainder of the lease term. Costs for repairs and maintenance are expensed as incurred. Upon retirement or sale, the cost of the disposed assets and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is credited or charged to operations. |
Software Development Costs | Software Development Costs The Company incurs certain costs associated with the development of its cloud-based solution, which are accounted for as internal-use software. Certain qualifying costs incurred during the application development phase are capitalized and amortized to expense over the estimated useful life of the related applications, which is generally three years. |
Goodwill | Goodwill Goodwill represents the excess of the cost of an acquired entity over the net fair value of the identifiable assets acquired and liabilities assumed. Goodwill is not amortized, but rather is assessed for impairment at least annually. Additionally, the Company would also review the carrying value of goodwill whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. The Company has concluded that it has one reporting unit for purposes of its annual goodwill impairment testing. To assess goodwill impairment, the first step is to identify if a potential impairment exists by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered to have a potential impairment and the second step of the impairment test is not necessary. The results of our most recent annual assessment did not indicate any impairment of goodwill, and as such, the second step of the impairment test was not required. Additionally, we do not believe there have been any triggering events that would result in potential impairment of goodwill as of March 31, 2016. |
Stock-Based Compensation | Stock-Based Compensation Stock-based payments to employees, including grants of employee stock options, are recognized in the consolidated statement of operations and comprehensive income (loss) based on their fair values. Stock-based compensation costs are measured at the grant date based on the fair value of the award and are recognized as expense on a straight-line basis over the requisite service period, which is the vesting period. Stock-based compensation costs are based on the fair value of the underlying option calculated using the Black-Scholes option-pricing model on the date of grant for stock options and a lattice model on the date of grant for performance-based restricted stock units. Determining the appropriate fair value model and related assumptions requires judgment, including estimating stock price volatility, forfeiture rates and expected term. The Company uses the historical volatility of its stock price to calculate the expected volatility. The expected term for the three months ended March 31, 2016 and 2015, represents the average time that options that vest are expected to be outstanding based on the mid-point between the vesting date and the end of the contractual term of the award. The Company has not paid dividends and does not anticipate paying a cash dividend in the foreseeable future and, accordingly, uses an expected dividend yield of zero. The risk-free interest rate is based on the rate of U.S. Treasury securities with maturities consistent with the estimated expected term of the awards. |
Foreign Currency and Operations | Foreign Currency and Operations The reporting currency for all periods presented is the U.S. dollar. The functional currency for the Company’s foreign subsidiaries is generally their local currency. The translation of each subsidiary’s financial statements into U.S. dollars is performed for assets and liabilities using exchange rates in effect at the balance sheet date and for revenue and expense accounts using an average exchange rate during the period. The resulting translation adjustments are recognized in accumulated other comprehensive loss, a separate component of stockholders’ equity. At March 31, 2016 and December 31, 2015, accumulated other comprehensive loss was ($5,010) and ($6,055), respectively, which is predominantly due to the intercompany balance with the Company’s Canadian subsidiary not expected to be settled in the foreseeable future and the goodwill balance on the Company’s Canadian subsidiary. Realized foreign currency transaction gains and losses are included in other income (expense) in the consolidated statements of operations and comprehensive income (loss). |
Segment Data | Segment Data The Company manages its operations on a consolidated basis for purposes of assessing performance and making operating decisions. Accordingly, the Company has determined that it has a single reportable segment. |
Income (Loss) Per Share | Income (Loss) Per Share Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding for the period. Diluted net income (loss) per share is computed giving effect to all potentially dilutive common stock, including options, restricted stock, and common stock issuable pursuant to the employee share purchase plan. The dilutive effect of outstanding awards is reflected in diluted earnings per share by application of the treasury stock method. The following summarizes the calculation of basic and diluted net income (loss) per share: Three Months Ended March 31, 2016 2015 Basic: Net income (loss) $ 1,058 $ (289 ) Weighted average common shares, basic 27,847 27,584 Basic net income (loss) per share $ 0.04 $ (0.01 ) Diluted: Net income (loss) $ 1,058 $ (289 ) Weighted average common shares, basic 27,847 27,584 Dilutive effect of: Options to purchase common stock 53 - Nonvested shares of restricted stock 98 - Shares of employee stock purchase plan - - Weighted average common shares, diluted 27,998 27,584 Diluted net income (loss) per share $ 0.04 $ (0.01 ) The following equity instruments have been excluded from diluted net income (loss) per common share as they would be anti-dilutive. Three Months Ended March 31, 2016 2015 Common stock options 600 546 For the three months ended March 31, 2015, the Company incurred net losses and, therefore, the effect of the Company’s outstanding stock options, nonvested restricted stock and common stock issuable pursuant to the employee stock purchase plan was not included in the calculation of diluted net loss per share as the effect would be anti-dilutive. For the three months ended March 31, 2015, diluted net loss per share excluded the impact of 287 outstanding stock options, 21 nonvested shares of restricted stock, and 1 share of common stock issuable pursuant to the employee stock purchase plan. |
Income Taxes | Income Taxes Deferred income taxes are provided using tax rates enacted for periods of expected reversal on all temporary differences. Temporary differences relate to differences between the book and tax basis of assets and liabilities, principally intangible assets, property and equipment, deferred subscription revenues, accruals and stock-based compensation. Valuation allowances are established to reduce deferred tax assets to the amount that will more likely than not be realized. To the extent that a determination is made to establish or adjust a valuation allowance, the expense or benefit is recorded in the period in which the determination is made. Judgment is required in determining the provision for income taxes. Additionally, the income tax provision is based on calculations and assumptions that are subject to examination by many different tax authorities and to changes in tax law and rates in many jurisdictions. The Company would adjust its income tax provision in the period in which it becomes probable that actual results differ from management estimates. The Company accounts for uncertain tax positions by recognizing and measuring tax benefits taken or expected to be taken on a tax return. A tax benefit from an uncertain position may be recognized only if it is more likely than not that the position is sustainable, based solely on its technical merits and consideration of the relevant taxing authority’s widely understood administrative practices and precedents. If the recognition threshold is met, only the portion of the tax benefit that is more likely than not to be realized upon settlement with a taxing authority is recorded. The tax benefit that is not recorded is considered an unrecognized tax benefit. Interest and penalties related to uncertain tax positions are recognized as a component of income tax expense. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2016, the FASB issued new accounting guidance that changes the accounting for certain aspects of share-based payments to employees. The guidance requires the recognition of the income tax effects of awards in the income statement when the awards vest or are settled, thus eliminating additional paid in capital pools. The guidance also allows for the employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. The guidance is effective for the annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period. We are currently evaluating the impact of this guidance on our financial statements and the timing of adoption. In February 2016, the FASB issued new accounting guidance on leases to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous GAAP. The new guidance requires that a lessee should recognize a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. The new standard is effective for fiscal years beginning after December 15, 2018 (including interim periods within those periods) using a modified retrospective approach and early adoption is permitted. The Company is currently in the process of evaluating the impact this standard will have on its consolidated financial statements and the timing of adoption. In November 2015, the FASB issued new accounting guidance related to balance sheet classification of deferred taxes. The new guidance requires that deferred tax assets and liabilities be classified as noncurrent in a classified statement of financial position. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. We early adopted this guidance during the year ended December 31, 2015. In August 2014, the FASB issued new accounting guidance which addresses management’s responsibility to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern and to provide related footnote disclosures. Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. This guidance is effective for the fiscal year ending after December 15, 2016, and for fiscal years and interim periods thereafter. Early adoption is permitted. The Company does not expect to early adopt this guidance and does not believe that the adoption of this guidance will have a material impact on its financial statements. In May 2014, the FASB issued new accounting guidance on revenue recognition, which provides for a single five-step model to be applied to all revenue contracts with customers. The new standard also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. The new standard was originally effective for fiscal years and interim periods within those years beginning after December 15, 2016 and early adoption was not permitted. In August 2015, the FASB approved a one year delay of the effective date to reporting periods beginning after December 15, 2017, while permitting companies to voluntarily adopt the new standard as of the original effective date. In March 2016, the FASB issued final amendments to clarify the implementation guidance for principal versus agent considerations, identifying performance obligations and the accounting for licenses of intellectual property. The Company will adopt this standard in the first quarter of 2018. The Company is currently evaluating the impact that the implementation of this standard will have on its financial statements and has not yet selected a transition approach. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Calculation of Basic and Diluted Net (Loss) Income Per Share | The following summarizes the calculation of basic and diluted net income (loss) per share: Three Months Ended March 31, 2016 2015 Basic: Net income (loss) $ 1,058 $ (289 ) Weighted average common shares, basic 27,847 27,584 Basic net income (loss) per share $ 0.04 $ (0.01 ) Diluted: Net income (loss) $ 1,058 $ (289 ) Weighted average common shares, basic 27,847 27,584 Dilutive effect of: Options to purchase common stock 53 - Nonvested shares of restricted stock 98 - Shares of employee stock purchase plan - - Weighted average common shares, diluted 27,998 27,584 Diluted net income (loss) per share $ 0.04 $ (0.01 ) |
Equity Instruments Excluded From Diluted Net Income (Loss) Per Common Share of Anti-Dilutive | The following equity instruments have been excluded from diluted net income (loss) per common share as they would be anti-dilutive. Three Months Ended March 31, 2016 2015 Common stock options 600 546 |
Cash Equivalents and Short-Te20
Cash Equivalents and Short-Term Investments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Cash And Cash Equivalents [Abstract] | |
Cash Equivalents and Short-Term Investments | The components of cash equivalents and short-term investments at March 31, 2016 and December 31, 2015 are as follows: March 31, 2016 December 31, 2015 Fair Market Fair Market Cost Value Cost Value Cash Equivalents: Money market accounts $ 6,022 $ 6,022 $ 1,789 $ 1,789 Commercial paper 39,932 39,932 58,925 58,925 Short-term investments: Variable rate demand notes 8,200 8,200 8,200 8,200 Commercial paper 73,353 73,353 66,412 66,412 Total $ 127,507 $ 127,507 $ 135,326 $ 135,326 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements of Financial Assets | The fair value measurements of the Company’s financial assets at March 31, 2016 are as follows: Total Level 1 Level 2 Level 3 Cash equivalents $ 45,954 $ 45,954 $ - $ - Short-term investments 81,553 81,553 - - Total $ 127,507 $ 127,507 $ - $ - The fair value measurements of the Company’s financial assets at December 31, 2015 are as follows: Total Level 1 Level 2 Level 3 Cash equivalents $ 60,714 $ 60,714 $ - $ - Short-term investments 74,612 74,612 - - Total $ 135,326 $ 135,326 $ - $ - |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Property and equipment consist of the following as of March 31, 2016 and December 31, 2015: March 31, December 31, 2016 2015 Furniture and fixtures $ 1,631 $ 1,617 Computer software and equipment 34,776 32,870 Leasehold improvements 707 631 Total costs 37,114 35,118 Less accumulated depreciation and amortization (22,069 ) (19,918 ) Property and equipment, net $ 15,045 $ 15,200 |
Goodwill and Other Intangible23
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the three months ended March 31, 2016 were as follows: Balance at December 31, 2015 $ 61,500 Foreign currency translation 824 Balance at March 31, 2016 $ 62,324 |
Summary of Intangible Assets | A summary of intangible assets at March 31, 2016 and December 31, 2015 follows: March 31, 2016 Weighted Average Amortization Gross Carrying Accumulated Net Carrying Period Amount Amortization Amount Acquired technology 7.0 years $ 19,207 $ (13,716 ) $ 5,491 Customer relationships 12.1 years 26,514 (15,184 ) 11,330 Covenant not to compete 4.2 years 377 (313 ) 64 Acquired trademarks 4.5 years 1,069 (824 ) 245 Trademarks indefinite 430 - 430 Total $ 47,597 $ (30,037 ) $ 17,560 December 31, 2015 Weighted Average Amortization Gross Carrying Accumulated Net Carrying Period Amount Amortization Amount Acquired technology 7.0 years $ 18,997 $ (13,165 ) $ 5,832 Customer relationships 12.1 years 26,328 (14,464 ) 11,864 Covenant not to compete 4.2 years 376 (300 ) 76 Acquired trademarks 4.5 years 1,055 (747 ) 308 Trademarks indefinite 430 - 430 Total $ 47,186 $ (28,676 ) $ 18,510 |
Future Amortization Expense Related to Intangible Assets | The Company estimates the following amortization expense related to its intangible assets for the years ended December 31: 2016 (remaining nine months) $ 2,930 2017 3,511 2018 2,927 2019 2,476 2020 1,584 Thereafter 3,702 $ 17,130 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Schedule of Number of Shares Outstanding and Number of Shares Available for Future Grant | The following table summarizes the number of shares outstanding and the number of shares available for future grant under the stock incentive plan at March 31, 2016: March 31, 2016 Number of shares reserved under the 2013 Plan 3,500 Number of shares remaining for future grants transferred from Prior Plan 1,109 Number of stock options outstanding under the 2013 Plan (1,482 ) Weighted average exercise price under the 2013 Plan $ 17.49 Weighted average term (in years) 8.6 Number of restricted stock units issued under the 2013 Plan (1,097 ) Number of shares remaining for future grants under the 2013 Plan 2,030 |
Schedule of Restricted Stock Unit Activity | The following summarizes the activity of restricted stock awards for the three months ended March 31, 2016: Weighted- Number of Average Grant Units Date Fair Value Nonvested as of December 31, 2015 304 $ 14.80 Issued 345 8.71 Vested (38 ) 18.59 Forfeited - - Nonvested as of March 31, 2016 611 $ 11.12 |
Schedule of Stock Option Activity | The Company also issues common stock options. The following summarizes stock option activity for the three months ended March 31, 2016: Weighted- Average Weighted- Remaining Number of Average Contractual Aggregate Options Exercise Price Term (In Years) Intrinsic Value Balance outstanding as of December 31, 2015 2,559 $ 16.26 7.6 $ 1,945 Options granted 28 12.61 Options exercised (2 ) 0.93 Options cancelled (88 ) 15.18 Balance outstanding as of March 31, 2016 2,497 $ 16.26 7.4 $ 2,500 Vested and expected to vest at March 31, 2016 2,278 $ 16.33 7.2 $ 2,305 Exercisable as of March 31, 2016 1,402 $ 16.82 6.2 $ 913 |
Schedule of Stock Options Outstanding and Exercisable | The following table summarizes information about stock options outstanding and exercisable at March 31, 2016: Options Options Exercisable at March 31, 2016 Weighted- Average Remaining Contractual Term Weighted-Average Weighted-Average Range of Exercise Price Number (In Years) Exercise Price Number Exercise Price $0.10 - $1.90 5 1.0 $ 0.37 5 $ 0.37 $2.04 - $8.18 82 3.7 5.92 82 5.92 $9.95 - $15.02 1,221 7.5 12.69 637 13.99 $15.03 - $23.25 636 7.4 16.59 354 16.76 $23.78 - $29.14 553 7.6 25.45 326 25.29 Total 2,497 7.4 $ 16.26 1,404 $ 16.79 |
Schedule of Assumptions used to Calculate Fair Value of Common Stock Options | The fair value of common stock options for employees and non-employees is estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions used: Three Months Ended March 31, 2016 2015 Estimated dividend yield 0 % 0 % Expected stock price volatility 44.13 - 44.44 % 45.80 - 46.30 % Weighted-average risk-free interest rate 1.31 - 1.89 % 1.36 - 1.70 % Expected life of options (in years) 6.25 6.25 |
Schedule of Assumptions Used to Calculate Fair Value of Stock Purchase Rights | The fair value of stock purchase rights granted under the Purchase Plan is estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions used: Three Months Ended March 31, 2016 2015 Estimated dividend yield 0 % 0 % Expected stock price volatility 47.20 % 47.20 % Weighted-average risk-free interest rate 0.42 % 0.08 % Expected life of options (in years) 0.5 0.5 |
Description of Business - (Narr
Description of Business - (Narrative) (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | Apr. 01, 2014USD ($)$ / sharesshares |
Business Description [Line Items] | |
Shares of common stock sold at public offering | 3,000 |
Offering price, per share | $ / shares | $ 26.75 |
Net proceeds | $ | $ 87,433 |
Over-Allotment Option | |
Business Description [Line Items] | |
Shares of common stock sold at public offering | 450 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies - (Narrative) (Detail) shares in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($)Segmentshares | Mar. 31, 2015shares | Dec. 31, 2015USD ($) | |
Accounting Policies [Line Items] | |||
Realized gains or losses on available-for-sale securities | $ 0 | ||
Unrealized gains or losses | 0 | $ 0 | |
Other than temporary declines in investment value | 0 | 0 | |
Allowance for outstanding accounts receivable | $ 197,000 | 473,000 | |
Dividend yield | 0.00% | ||
Accumulated other comprehensive loss | $ (5,010,000) | $ (6,055,000) | |
Number of reporting segments | Segment | 1 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share | shares | 600 | 546 | |
Stock Purchase Plan | |||
Accounting Policies [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share | shares | 1 | ||
Stock Options | |||
Accounting Policies [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share | shares | 287 | ||
Restricted Stock | |||
Accounting Policies [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share | shares | 21 | ||
Furniture and Fixtures | |||
Accounting Policies [Line Items] | |||
Estimated useful life | 7 years | ||
Software Development Costs | |||
Accounting Policies [Line Items] | |||
Estimated useful life | 3 years | ||
Minimum | Computer Software and Equipment | |||
Accounting Policies [Line Items] | |||
Estimated useful life | 3 years | ||
Maximum | Computer Software and Equipment | |||
Accounting Policies [Line Items] | |||
Estimated useful life | 5 years |
Summary of Significant Accoun27
Summary of Significant Accounting Policies - Calculation of Basic and Diluted Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Basic: | ||
Net income (loss) | $ 1,058 | $ (289) |
Weighted average common shares, basic | 27,847 | 27,584 |
Basic net income (loss) per share | $ 0.04 | $ (0.01) |
Diluted: | ||
Net income (loss) | $ 1,058 | $ (289) |
Weighted average common shares, basic | 27,847 | 27,584 |
Dilutive effect of: | ||
Weighted average common shares, diluted | 27,998 | 27,584 |
Diluted net income (loss) per share | $ 0.04 | $ (0.01) |
Stock Options | ||
Dilutive effect of: | ||
Options to purchase stock | 53 | |
Restricted Stock | ||
Dilutive effect of: | ||
Options to purchase stock | 98 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Equity Instruments Excluded From Diluted Net Income (Loss) Per Common Share of Anti-Dilutive (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accounting Policies [Abstract] | ||
Common stock options | 600 | 546 |
Cash Equivalents and Short-Te29
Cash Equivalents and Short-Term Investments - Cash Equivalents and Short-Term Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Cash equivalents: | ||
Cash equivalents, fair market value | $ 45,954 | $ 60,714 |
Short-term investments: | ||
Short-term investments, fair market value | 81,553 | 74,612 |
Total, cost | 127,507 | 135,326 |
Total, fair market value | 127,507 | 135,326 |
Money market accounts | ||
Cash equivalents: | ||
Cash equivalents, cost | 6,022 | 1,789 |
Cash equivalents, fair market value | 6,022 | 1,789 |
Commercial paper | ||
Cash equivalents: | ||
Cash equivalents, cost | 39,932 | 58,925 |
Cash equivalents, fair market value | 39,932 | 58,925 |
Variable rate demand notes | ||
Short-term investments: | ||
Short-term investments, cost | 8,200 | 8,200 |
Short-term investments, fair market value | 8,200 | 8,200 |
Commercial paper | ||
Short-term investments: | ||
Short-term investments, cost | 73,353 | 66,412 |
Short-term investments, fair market value | $ 73,353 | $ 66,412 |
Cash Equivalents and Short-Te30
Cash Equivalents and Short-Term Investments - (Narrative) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Cash And Cash Equivalents [Abstract] | ||
Unrealized gains or losses | $ 0 | $ 0 |
Fair Value Measurements - (Narr
Fair Value Measurements - (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 45,954 | $ 60,714 |
Short-term investments | $ 81,553 | 74,612 |
Investment maturity date range, start | 2,025 | |
Investment maturity date range, end | 2,042 | |
Variable rate demand notes puttable notice period | 7 days | |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, fair value disclosure | $ 0 | 0 |
Financial liabilities, fair value disclosure | 0 | 0 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, fair value disclosure | 0 | 0 |
Financial liabilities, fair value disclosure | $ 0 | $ 0 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurements of Financial Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 127,507 | $ 135,326 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 127,507 | 135,326 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Cash Equivalents | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 45,954 | 60,714 |
Cash Equivalents | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 45,954 | 60,714 |
Cash Equivalents | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Cash Equivalents | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Short-term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 81,553 | 74,612 |
Short-term Investments | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 81,553 | 74,612 |
Short-term Investments | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Short-term Investments | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 0 | $ 0 |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Property Plant And Equipment [Line Items] | ||
Total costs | $ 37,114 | $ 35,118 |
Less accumulated depreciation and amortization | (22,069) | (19,918) |
Property and equipment, net | 15,045 | 15,200 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total costs | 1,631 | 1,617 |
Computer Software and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total costs | 34,776 | 32,870 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total costs | $ 707 | $ 631 |
Property and Equipment - (Narra
Property and Equipment - (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |||
Property and equipment, depreciation | $ 739 | $ 740 | |
Capitalized software development costs | 1,551 | 1,303 | |
Net capitalized software development costs | 9,736 | $ 9,549 | |
Amortization expense related to capitalized software development costs | $ 1,293 | $ 917 |
Goodwill and Other Intangible35
Goodwill and Other Intangible Assets - Carrying Amount of Goodwill (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Carrying amount of goodwill | |
Goodwill, beginning balance | $ 61,500 |
Foreign currency translation | 824 |
Goodwill, ending balance | $ 62,324 |
Goodwill and Other Intangible36
Goodwill and Other Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Indefinite And Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 47,597 | $ 47,186 |
Finite Lived Intangible Accumulated Amortization | (30,037) | (28,676) |
Net Carrying Amount | 17,130 | |
Net Carrying Amount | 17,560 | 18,510 |
Trademarks | ||
Indefinite And Finite Lived Intangible Assets [Line Items] | ||
Indefinite Intangible Assets | $ 430 | $ 430 |
Acquired Technology | ||
Indefinite And Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 7 years | 7 years |
Finite Lived Intangible Gross Carrying Amount | $ 19,207 | $ 18,997 |
Finite Lived Intangible Accumulated Amortization | (13,716) | (13,165) |
Net Carrying Amount | $ 5,491 | $ 5,832 |
Customer Relationships | ||
Indefinite And Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 12 years 1 month 6 days | 12 years 1 month 6 days |
Finite Lived Intangible Gross Carrying Amount | $ 26,514 | $ 26,328 |
Finite Lived Intangible Accumulated Amortization | (15,184) | (14,464) |
Net Carrying Amount | $ 11,330 | $ 11,864 |
Covenant Not to Compete | ||
Indefinite And Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 4 years 2 months 12 days | 4 years 2 months 12 days |
Finite Lived Intangible Gross Carrying Amount | $ 377 | $ 376 |
Finite Lived Intangible Accumulated Amortization | (313) | (300) |
Net Carrying Amount | $ 64 | $ 76 |
Acquired Trademarks | ||
Indefinite And Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 4 years 6 months | 4 years 6 months |
Finite Lived Intangible Gross Carrying Amount | $ 1,069 | $ 1,055 |
Finite Lived Intangible Accumulated Amortization | (824) | (747) |
Net Carrying Amount | $ 245 | $ 308 |
Goodwill and Other Intangible37
Goodwill and Other Intangible Assets - (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Adjustment for amortization of intangible assets | $ 1,112 | $ 1,232 |
Amortization of intangible assets recorded in cost of revenues | $ 497 | $ 497 |
Goodwill and Other Intangible38
Goodwill and Other Intangible Assets - Future Amortization Expense Related to Intangible Assets (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | |
2016 (remaining nine months) | $ 2,930 |
2,017 | 3,511 |
2,018 | 2,927 |
2,019 | 2,476 |
2,020 | 1,584 |
Thereafter | 3,702 |
Net Carrying Amount | $ 17,130 |
Debt - (Narrative) (Detail)
Debt - (Narrative) (Detail) - USD ($) | Nov. 02, 2015 | Nov. 02, 2012 |
Revolving Credit Facility | ||
Line Of Credit Facility [Line Items] | ||
Maximum available borrowing capacity | $ 30,000,000 | |
Unused fee | 0.10% | |
Percentage of stock pledged of foreign subsidiary | 66.00% | |
Revolving credit facility initiation date | Nov. 2, 2012 | |
Revolving credit facility maturity date | Nov. 2, 2015 | |
Securities Secured Revolving Credit Facility | ||
Line Of Credit Facility [Line Items] | ||
Maximum available borrowing capacity | 20,000,000 | |
Interest rate | BBA LIBOR Daily Floating Rate plus 0.75% | |
Debt instrument, basis spread on variable rate | 0.75% | |
Receivables Secured Revolving Credit Facility | ||
Line Of Credit Facility [Line Items] | ||
Maximum available borrowing capacity | $ 10,000,000 | |
Interest rate | BBA LIBOR Daily Floating Rate plus 1.50%, | |
Debt instrument, basis spread on variable rate | 1.50% |
Stockholders' Equity - Preferre
Stockholders' Equity - Preferred Stock (Narrative) (Detail) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Preferred stock, shares authorized | 5,000,000 | |
Preferred stock, par value | $ 0.001 | |
Preferred stock shares outstanding | 0 | 0 |
Preferred stock shares issued | 0 | 0 |
Preferred Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Preferred stock, shares authorized | 4,778,000 | |
Series A Redeemable Preferred Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Preferred stock, shares authorized | 222,000 |
Stockholders' Equity - Stock In
Stockholders' Equity - Stock Incentive Plan (Narrative) (Detail) shares in Thousands | 3 Months Ended |
Mar. 31, 2016shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock incentive plan, shares authorized for grant | 3,500 |
Restricted stock awards, rate against shares available for issuance | 1.65 |
Shares available for issuance | 2,030 |
Common stock options | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period | 4 years |
Contractual term of options | 10 years |
Stockholders' Equity - Stock 42
Stockholders' Equity - Stock Incentive Plan (Schedule of Shares Outstanding and Available for Grant Under Plan) (Detail) - $ / shares shares in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock incentive plan, shares authorized for grant | 3,500 | |
Number of stock options outstanding under the 2013 Plan | (2,497) | (2,559) |
Weighted average exercise price under the 2013 Plan | $ 16.26 | $ 16.26 |
Weighted average term (in years) | 7 years 4 months 24 days | 7 years 7 months 6 days |
Number of shares remaining for future grants | ||
Shares available for issuance | 2,030 | |
Stock Incentive Plans | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock incentive plan, shares authorized for grant | 3,500 | |
Number of shares remaining for future grants transferred from Prior Plan | 1,109 | |
Number of stock options outstanding under the 2013 Plan | (1,482) | |
Weighted average exercise price under the 2013 Plan | $ 17.49 | |
Weighted average term (in years) | 8 years 7 months 6 days | |
Number of restricted stock units issued under the 2013 Plan | (1,097) | |
Number of shares remaining for future grants | ||
Shares available for issuance | 2,030 |
Stockholders' Equity - Restrict
Stockholders' Equity - Restricted Stock (Narrative) (Detail) - Restricted Stock Units (RSUs) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 5,344 | |
Weighted average period over which unrecognized compensation cost is expected to be recognized | 3 years | |
Stock-based compensation expense | $ 551 | $ 254 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Restricted Stock Unit Activity (Detail) - Restricted Stock Units (RSUs) shares in Thousands | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Nonvested, Number of Units, Beginning balance | shares | 304 |
Issued, Number of Units | shares | 345 |
Vested, Number of Units | shares | (38) |
Nonvested, Number of Units, Ending balance | shares | 611 |
Nonvested, Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares | $ 14.80 |
Issued, Weighted-Average Grant Date Fair Value | $ / shares | 8.71 |
Vested, Weighted-Average Grant Date Fair Value | $ / shares | 18.59 |
Nonvested, Weighted-Average Grant Date Fair Value, Ending balance | $ / shares | $ 11.12 |
Stockholders' Equity - Schedu45
Stockholders' Equity - Schedule of Stock Option Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures [Abstract] | ||
Number of Options Outstanding, Beginning | 2,559 | |
Options granted | 28 | |
Options exercised | (2) | |
Options cancelled | (88) | |
Number of Options Outstanding, Ending | 2,497 | 2,559 |
Number of Options Outstanding, Vested and expected to vest | 2,278 | |
Number of Options Outstanding, Exercisable | 1,402 | |
Weighted-Average Exercise Price, Beginning | $ 16.26 | |
Weighted-Average Exercise Price, Options granted | 12.61 | |
Weighted-Average Exercise Price, Options exercised | 0.93 | |
Weighted-Average Exercise Price, Options cancelled | 15.18 | |
Weighted-Average Exercise Price, Ending | 16.26 | $ 16.26 |
Weighted-Average Exercise Price, Vested and expected to vest | 16.33 | |
Weighted-Average Exercise Price, Exercisable | $ 16.82 | |
Weighted-Average Remaining Contractual Term (In Years) | 7 years 4 months 24 days | 7 years 7 months 6 days |
Weighted-Average Remaining Contractual Term (In Years), Vested and expected to vest | 7 years 2 months 12 days | |
Weighted-Average Remaining Contractual Term (In Years), Exercisable | 6 years 2 months 12 days | |
Aggregate Intrinsic Value | $ 2,500 | $ 1,945 |
Aggregate Intrinsic Value, Vested and expected to vest | 2,305 | |
Aggregate Intrinsic Value, Exercisable | $ 913 |
Stockholders' Equity - Stock Op
Stockholders' Equity - Stock Options (Narrative) (Detail) - Common stock options - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Aggregate intrinsic value of options exercised | $ 18 | $ 82 |
Unrecognized compensation cost | $ 7,333 | |
Weighted average period over which unrecognized compensation cost is expected to be recognized | 2 years 7 months 6 days | |
Stock-based compensation expense | $ 1,034 | $ 1,145 |
Weighted average grant date fair value per share for stock options granted | $ 5.66 | $ 6.86 |
Aggregate fair value of stock options vested | $ 1,115 | $ 1,314 |
Stockholders' Equity - Schedu47
Stockholders' Equity - Schedule of Stock Options Outstanding and Exercisable (Detail) - $ / shares shares in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Options Outstanding, Number | 2,497 | |
Weighted-Average Remaining Contractual Term (In Years) | 7 years 4 months 24 days | 7 years 7 months 6 days |
Options Outstanding, Weighted-Average Exercise Price | $ 16.26 | |
Options Exercisable, Number | 1,404 | |
Options Exercisable, Weighted-Average Exercise Price | $ 16.79 | |
$0.10 - $1.90 | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Exercise Price Range Lower Limit | 0.10 | |
Exercise Price Range Upper Limit | $ 1.90 | |
Options Outstanding, Number | 5 | |
Weighted-Average Remaining Contractual Term (In Years) | 1 year | |
Options Outstanding, Weighted-Average Exercise Price | $ 0.37 | |
Options Exercisable, Number | 5 | |
Options Exercisable, Weighted-Average Exercise Price | $ 0.37 | |
$2.04 - $8.18 | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Exercise Price Range Lower Limit | 2.04 | |
Exercise Price Range Upper Limit | $ 8.18 | |
Options Outstanding, Number | 82 | |
Weighted-Average Remaining Contractual Term (In Years) | 3 years 8 months 12 days | |
Options Outstanding, Weighted-Average Exercise Price | $ 5.92 | |
Options Exercisable, Number | 82 | |
Options Exercisable, Weighted-Average Exercise Price | $ 5.92 | |
$9.95 - $15.02 | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Exercise Price Range Lower Limit | 9.95 | |
Exercise Price Range Upper Limit | $ 15.02 | |
Options Outstanding, Number | 1,221 | |
Weighted-Average Remaining Contractual Term (In Years) | 7 years 6 months | |
Options Outstanding, Weighted-Average Exercise Price | $ 12.69 | |
Options Exercisable, Number | 637 | |
Options Exercisable, Weighted-Average Exercise Price | $ 13.99 | |
$15.03 - $23.25 | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Exercise Price Range Lower Limit | 15.03 | |
Exercise Price Range Upper Limit | $ 23.25 | |
Options Outstanding, Number | 636 | |
Weighted-Average Remaining Contractual Term (In Years) | 7 years 4 months 24 days | |
Options Outstanding, Weighted-Average Exercise Price | $ 16.59 | |
Options Exercisable, Number | 354 | |
Options Exercisable, Weighted-Average Exercise Price | $ 16.76 | |
$23.78 - $29.14 | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Exercise Price Range Lower Limit | 23.78 | |
Exercise Price Range Upper Limit | $ 29.14 | |
Options Outstanding, Number | 553 | |
Weighted-Average Remaining Contractual Term (In Years) | 7 years 7 months 6 days | |
Options Outstanding, Weighted-Average Exercise Price | $ 25.45 | |
Options Exercisable, Number | 326 | |
Options Exercisable, Weighted-Average Exercise Price | $ 25.29 |
Stockholders' Equity - Schedu48
Stockholders' Equity - Schedule of Assumptions used to Calculate Fair Value of Common Stock Options (Detail) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of assumptions used to calculate fair value | ||
Estimated dividend yield | 0.00% | |
Stock Options | ||
Schedule of assumptions used to calculate fair value | ||
Estimated dividend yield | 0.00% | 0.00% |
Expected stock price volatility, minimum | 44.13% | 45.80% |
Expected stock price volatility, maximum | 44.44% | 46.30% |
Weighted-average risk-free interest rate, minimum | 1.31% | 1.36% |
Weighted-average risk-free interest rate, maximum | 1.89% | 1.70% |
Expected life of options (in years) | 6 years 3 months | 6 years 3 months |
Stockholders' Equity - Employee
Stockholders' Equity - Employee Stock Purchase Plan (Narrative) (Detail) - USD ($) shares in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares available for issuance | 2,030 | |
Employee Stock Purchase Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Employee stock purchase plan, maximum contribution rate | 10.00% | |
Employee stock purchase plan, percentage of per share purchase price, lesser of fair market value on offering date or purchase date | 85.00% | |
Employee stock purchase plan, maximum annual contribution | $ 25,000 | |
Shares available for issuance | 817 | |
Stock-based compensation expense | $ 58,000 | $ 70,000 |
Stockholders' Equity - Schedu50
Stockholders' Equity - Schedule of Assumptions used to Calculate Fair Value of Stock Purchase Rights (Detail) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of assumptions used to calculate fair value | ||
Estimated dividend yield | 0.00% | |
Employee Stock Purchase Plan | ||
Schedule of assumptions used to calculate fair value | ||
Estimated dividend yield | 0.00% | 0.00% |
Expected stock price volatility | 47.20% | 47.20% |
Weighted-average risk-free interest rate | 0.42% | 0.08% |
Expected life of options (in years) | 6 months | 6 months |
Stockholders' Equity - Share Re
Stockholders' Equity - Share Repurchase Program (Narrative) (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Feb. 25, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share repurchase program expiration date | Dec. 31, 2017 | |
Purchase of treasury stock, shares | 45 | |
Purchase of treasury stock | $ 587 | |
Remaining number of shares authorized to be repurchased under share repurchase program | 29,413 | |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Repurchase of common stock outstanding under share repurchase program | $ 30,000 |
Income Taxes - (Narrative) (Det
Income Taxes - (Narrative) (Detail) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | (12.30%) | (51.00%) |
Federal statutory rate | 35.00% | 34.00% |