Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 01, 2020 | Jun. 28, 2019 | |
Document Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | CHANNELADVISOR CORP | ||
Entity Central Index Key | 0001169652 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 28,082,503 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 233,992,284 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 51,785 | $ 47,185 |
Accounts receivable, net of allowance of $733 and $652 as of December 31, 2019 and 2018, respectively | 22,126 | 23,436 |
Prepaid expenses and other current assets | 10,452 | 9,248 |
Total current assets | 84,363 | 79,869 |
Operating lease right of use assets | 11,128 | |
Property and equipment, net | 9,597 | 12,007 |
Goodwill | 23,486 | 23,486 |
Intangible assets, net | 1,285 | 1,894 |
Deferred contract costs, net of current portion | 12,810 | 11,336 |
Long-term deferred tax assets, net | 3,584 | 4,162 |
Other assets | 614 | 1,515 |
Total assets | 146,867 | 134,269 |
Current liabilities: | ||
Accounts payable | 409 | 1,598 |
Accrued expenses | 8,577 | 9,358 |
Deferred revenue | 21,000 | 24,205 |
Other current liabilities | 6,431 | 3,569 |
Total current liabilities | 36,417 | 38,730 |
Long-term operating leases, net of current portion | 9,767 | |
Long-term finance leases, net of current portion | 27 | 1,404 |
Lease incentive obligation | 0 | 2,154 |
Other long-term liabilities | 1,007 | 2,343 |
Total liabilities | 47,218 | 44,631 |
Commitments and contingencies (Note 6) | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value, 5,000,000 shares authorized, no shares issued and outstanding as of December 31, 2019 and 2018, respectively | 0 | 0 |
Common stock, $0.001 par value, 100,000,000 shares authorized, 28,077,469 and 27,347,115 shares issued and outstanding as of December 31, 2019 and 2018, respectively | 28 | 27 |
Additional paid-in capital | 278,111 | 271,550 |
Accumulated other comprehensive loss | (1,740) | (1,707) |
Accumulated deficit | (176,750) | (180,232) |
Total stockholders' equity | 99,649 | 89,638 |
Total liabilities and stockholders' equity | $ 146,867 | $ 134,269 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Allowance for doubtful accounts receivable, current | $ 733 | $ 652 |
Stockholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 28,077,469 | 27,347,115 |
Common stock, shares outstanding (in shares) | 28,077,469 | 27,347,115 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Income Statement [Abstract] | ||||||
Revenue | $ 129,959,000 | $ 131,218,000 | $ 122,535,000 | |||
Cost of revenue | [1] | 29,008,000 | 29,501,000 | 29,102,000 | ||
Gross profit | 100,951,000 | 101,717,000 | 93,433,000 | |||
Operating expenses: | ||||||
Sales and marketing | 52,813,000 | 60,080,000 | [1] | 60,343,000 | [1] | |
Research and development | 19,200,000 | 22,359,000 | 21,868,000 | |||
General and administrative | 25,136,000 | 26,784,000 | 27,800,000 | |||
Total operating expenses | 97,149,000 | 109,223,000 | 110,011,000 | |||
Income (loss) from operations | 3,802,000 | (7,506,000) | (16,578,000) | |||
Other income (expense): | ||||||
Interest income (expense), net | 754,000 | 510,000 | 222,000 | |||
Other (expense) income, net | (385,000) | 9,000 | 83,000 | |||
Total other income (expense) | 369,000 | 519,000 | 305,000 | |||
Income (loss) before income taxes | 4,171,000 | (6,987,000) | (16,273,000) | |||
Income tax expense | 689,000 | 614,000 | 284,000 | |||
Net income (loss) | $ 3,482,000 | $ (7,601,000) | $ (16,557,000) | |||
Net loss per share: | ||||||
Basic (in dollars per share) | $ 0.12 | $ (0.28) | $ (0.63) | |||
Diluted (in dollars per share) | $ 0.12 | $ (0.28) | $ (0.63) | |||
Weighted average common shares outstanding: | ||||||
Weighted Average Number of Shares Outstanding, Basic | 27,886,278 | 27,138,274 | 26,366,748 | |||
Weighted Average Number of Shares Outstanding, Diluted | 28,816,977 | 27,138,274 | 26,366,748 | |||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjQzMTFmN2M3MDhjNzRmMTFhNjcxYjA3MmY0YTBiZTRlfFRleHRTZWxlY3Rpb246NDFDNkI3Rjc5NTJFMDNDREMwQTgwRjQ2NTUwQjAwNTUM} |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 3,482,000 | $ (7,601,000) | $ (16,557,000) |
Other comprehensive (loss) income: | |||
Foreign currency translation adjustments | (33,000) | (918,000) | 823,000 |
Total comprehensive income (loss) | $ 3,449,000 | $ (8,519,000) | $ (15,734,000) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2016 | 25,955,759 | ||||
Beginning balance, amount at Dec. 31, 2016 | $ 86,997,000 | $ 26,000 | $ 252,158,000 | $ (1,612,000) | $ (163,575,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of stock options and vesting of restricted stock units (in shares) | 893,843 | ||||
Exercise of stock options and vesting of restricted stock units | $ 1,000 | 1,427,000 | |||
Stock-based compensation expense | 11,947,000 | ||||
Statutory tax withholding related to net-share settlement of restricted stock units (in shares) | (247,976) | ||||
Statutory tax withholding related to net-share settlement of restricted stock units | (2,727,000) | ||||
Net income (loss) | (16,557,000) | (16,557,000) | |||
Foreign currency translation adjustments | 823,000 | 823,000 | |||
Ending balance (in shares) at Dec. 31, 2017 | 26,601,626 | ||||
Ending balance, amount at Dec. 31, 2017 | 81,911,000 | $ 27,000 | 262,805,000 | (789,000) | (180,132,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of stock options and vesting of restricted stock units (in shares) | 1,034,146 | ||||
Exercise of stock options and vesting of restricted stock units | 1,106,000 | $ 0 | 1,106,000 | ||
Stock-based compensation expense | 10,598,000 | 10,598,000 | |||
Statutory tax withholding related to net-share settlement of restricted stock units (in shares) | (288,657) | ||||
Statutory tax withholding related to net-share settlement of restricted stock units | (2,959,000) | (2,959,000) | |||
Net income (loss) | (7,601,000) | (7,601,000) | |||
Foreign currency translation adjustments | (918,000) | (918,000) | |||
Ending balance (in shares) at Dec. 31, 2018 | 27,347,115 | ||||
Ending balance, amount at Dec. 31, 2018 | 89,638,000 | $ 27,000 | 271,550,000 | (1,707,000) | (180,232,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of stock options and vesting of restricted stock units (in shares) | 1,021,730 | ||||
Exercise of stock options and vesting of restricted stock units | 975,000 | $ 1,000 | 974,000 | ||
Stock-based compensation expense | 8,976,000 | 8,976,000 | |||
Statutory tax withholding related to net-share settlement of restricted stock units (in shares) | (291,376) | ||||
Statutory tax withholding related to net-share settlement of restricted stock units | (3,389,000) | (3,389,000) | |||
Net income (loss) | 3,482,000 | 3,482,000 | |||
Foreign currency translation adjustments | (33,000) | (33,000) | |||
Ending balance (in shares) at Dec. 31, 2019 | 28,077,469 | ||||
Ending balance, amount at Dec. 31, 2019 | $ 99,649,000 | $ 28,000 | $ 278,111,000 | $ (1,740,000) | $ (176,750,000) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net income (loss) | $ 3,482,000 | $ (7,601,000) | $ (16,557,000) |
Adjustments to reconcile net income (loss) to cash and cash equivalents provided by (used in) operating activities: | |||
Depreciation and amortization | 6,336,000 | 6,094,000 | 6,578,000 |
Bad debt expense | 1,147,000 | 991,000 | 727,000 |
Stock-based compensation expense | 8,976,000 | 10,598,000 | 11,947,000 |
Deferred income taxes | 531,000 | 493,000 | 130,000 |
Other items, net | 118,000 | (851,000) | (869,000) |
Changes in assets and liabilities, net of effects from acquisition: | |||
Accounts receivable | 361,000 | 2,634,000 | (8,261,000) |
Prepaid expenses and other assets | 892,000 | 10,303,000 | (5,514,000) |
Deferred contract costs | 3,146,000 | ||
Deferred contract costs | (6,730,000) | 0 | |
Accounts payable and accrued expenses | (2,306,000) | (10,936,000) | 5,242,000 |
Deferred revenue | (3,383,000) | (3,765,000) | 3,581,000 |
Cash and cash equivalents provided by (used in) operating activities | 13,008,000 | 1,230,000 | (2,996,000) |
Cash flows from investing activities | |||
Purchases of property and equipment | (986,000) | (2,045,000) | (2,790,000) |
Payment of internal-use software development costs | (2,721,000) | (894,000) | (293,000) |
Acquisition, net of cash acquired | 0 | 0 | (2,177,000) |
Cash and cash equivalents used in investing activities | (3,707,000) | (2,939,000) | (5,260,000) |
Cash flows from financing activities | |||
Repayment of finance leases | (2,209,000) | (2,241,000) | (2,840,000) |
Proceeds from exercise of stock options | 974,000 | 1,106,000 | 1,428,000 |
Payment of statutory tax withholding related to net-share settlement of restricted stock units | (3,389,000) | (2,959,000) | (2,727,000) |
Cash and cash equivalents used in financing activities | (4,624,000) | (4,094,000) | (4,139,000) |
Effect of currency exchange rate changes on cash and cash equivalents | (77,000) | (434,000) | 397,000 |
Net increase (decrease) in cash and cash equivalents | 4,600,000 | (6,237,000) | (11,998,000) |
Cash and cash equivalents, beginning of period | 47,185,000 | 53,422,000 | |
Cash and cash equivalents, end of period | 51,785,000 | 47,185,000 | 53,422,000 |
Supplemental disclosure of cash flow information | |||
Cash paid for interest | 215,000 | 30,000 | 111,000 |
Cash paid for income taxes, net | 62,000 | 113,000 | 196,000 |
Supplemental disclosure of noncash investing and financing activities | |||
Accrued capital expenditures | 15,000 | 68,000 | 80,000 |
Finance lease obligations entered into for the purchase of fixed assets | $ 46,000 | $ 4,217,000 | $ 567,000 |
Description of the Business
Description of the Business | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF THE BUSINESS | DESCRIPTION OF THE BUSINESS ChannelAdvisor Corporation ("ChannelAdvisor" or the "Company") was incorporated in the state of Delaware and capitalized in June 2001. The Company began operations in July 2001. ChannelAdvisor is a provider of software-as-a-service, or SaaS, solutions and its mission is to connect and optimize the world's commerce. ChannelAdvisor's SaaS cloud platform helps brands and retailers worldwide improve their online performance by expanding sales channels, connecting with consumers around the world, optimizing their operations for peak performance and providing actionable analytics to improve competitiveness. The Company is headquartered in Morrisville, North Carolina and maintains sales, service, support and research and development offices in various domestic and international locations. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Depreciation and Amortization Depreciation and amortization expense is included in the following line items in the accompanying consolidated statements of operations for the years ended December 31, 2019 , 2018 and 2017 (in thousands): 2019 2018 2017 Cost of revenue $ 3,942 $ 3,610 $ 4,019 Sales and marketing 775 884 998 Research and development 353 371 424 General and administrative 1,266 1,229 1,137 $ 6,336 $ 6,094 $ 6,578 Recent Accounting Pronouncements Standard Description Effect on the Financial Statements or Other Significant Matters Standards that the Company adopted effective January 1, 2020 Financial Instruments: Accounting Standards Update, or ASU, 2016-13, Financial Instruments - Credit Losses (Topic 326) Effective date: January 1, 2020 The standard replaces the incurred loss impairment methodology in current U.S. GAAP (defined below) with a methodology that reflects expected credit losses. The update is intended to provide financial statement users with more useful information about expected credit losses. The Company adopted this standard effective January 1, 2020. The adoption did not have a material impact on its consolidated financial statements. Intangibles: ASU 2018-15, Intangibles -Goodwill and Other - Internal-Use Software (Subtopic 350-40) Effective date: January 1, 2020 This standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The Company adopted this standard effective January 1, 2020. The adoption did not have a material impact on its consolidated financial statements. Standards that the Company adopted effective January 1, 2019 Leases: ASU 2016-02, Leases (Topic 842) The standard requires that lessees recognize assets and liabilities for leases with lease terms greater than twelve months in the statement of financial position. The standard also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. The Company adopted this standard effective January 1, 2019 using the alternate adoption method which allows for the initial application of the standard as of the adoption date. The reported results as of and for the year ended December 31, 2019 in the accompanying consolidated financial statements are presented under ASC 842, while prior period results have not been adjusted and are reported in accordance with historical accounting guidance in effect for those periods. The Company elected to use the package of three practical expedients, as well as the practical expedient to apply hindsight in determining lease terms. Refer to Note 5, "Leases," for additional information regarding the impact of adoption under ASC 842 on the Company's consolidated financial statements. The Company has reviewed other new accounting pronouncements that were issued as of December 31, 2019 and does not believe that these pronouncements are applicable to the Company, or that they will have a material impact on its financial position or results of operations. Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles, or U.S. GAAP, requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates, including those related to the accounts receivable allowance, the useful lives of long-lived assets and other intangible assets, income taxes, assumptions used for purposes of determining stock-based compensation and revenue recognition, including standalone selling prices for contracts with multiple performance obligations and the expected period of benefit for deferred contract costs, among others. Estimates and assumptions are also required to value assets acquired and liabilities assumed in conjunction with business combinations. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities. Cash and Cash Equivalents The Company considers all highly liquid investments maturing within ninety days or less at the time of purchase to be cash equivalents. Cash and cash equivalents are comprised of cash and money market funds. Due to the short-term nature and liquidity of these financial instruments, the carrying value of these assets approximates fair value. Revenue Recognition On January 1, 2018, the Company adopted ASC 606. Refer to Note 7, "Revenue from Contracts with Customers" for a detailed discussion of accounting policies related to revenue recognition, including deferred revenue and sales commissions. Cost of Revenue Cost of revenue primarily consists of personnel and related costs, including salaries, bonuses, payroll taxes and stock-based compensation, co-location facility costs for the Company's data centers, depreciation expense for computer equipment and amortization of capitalized software directly associated with generating revenue, credit card transaction fees and infrastructure maintenance costs. In addition, the Company allocates a portion of overhead, such as rent, additional depreciation and amortization and employee benefits costs, to cost of revenue based on headcount. Fair Value of Financial Instruments The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs when determining fair value. The three tiers are defined as follows: • Level 1. Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities; • Level 2. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and • Level 3. Unobservable inputs for which there is little or no market data, which require the Company to develop its own assumptions. The carrying amounts of certain of the Company's financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate their respective fair values due to their short-term nature. Concentration of Credit Risk Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. All of the Company's cash and cash equivalents are held at financial institutions that management believes to be of high credit quality. The Company's cash and cash equivalents accounts exceed federally insured limits. The Company has not experienced any losses on its cash and cash equivalents accounts to date. To manage accounts receivable risk, the Company maintains an allowance for doubtful accounts. The Company did not have any customers that individually comprised a significant concentration of its accounts receivable as of December 31, 2019 and 2018 , or a significant concentration of its revenue for the years ended December 31, 2019 , 2018 and 2017 . Accounts Receivable and Allowance for Doubtful Accounts The Company extends credit to customers without requiring collateral. Accounts receivable are stated at realizable value, net of an allowance for doubtful accounts. The Company utilizes the allowance method to provide for doubtful accounts based on management's evaluation of the collectability of amounts due. The Company's estimate is based on historical collection experience and a review of the current status of accounts receivable. Historically, actual write-offs for uncollectible accounts have not significantly differed from the Company's estimates. The following table presents the changes in the Company's allowance for doubtful accounts during the years ended December 31, 2019 , 2018 and 2017 (in thousands): Balance at Beginning of Period Additions Charged To Expense Deductions Balance at End of Period Allowance for doubtful accounts: Year ended December 31, 2019 $ 652 1,147 (1,066 ) $ 733 Year ended December 31, 2018 $ 609 991 (948 ) $ 652 Year ended December 31, 2017 $ 594 727 (712 ) $ 609 Property and Equipment Property and equipment are recorded at cost. Expenditures for major additions and improvements are capitalized. Depreciation and amortization is provided over the estimated useful lives of the related assets using the straight-line method. The estimated useful lives for significant property and equipment categories are generally as follows: Purchased software, including capitalized software development costs 3 years Computer hardware 3 years Furniture and office equipment 3 to 5 years Leasehold improvements Lesser of remaining lease term or useful life Repairs and maintenance costs are expensed as incurred. Software Development Costs The Company capitalizes certain internal-use software development costs, consisting primarily of direct labor associated with creating the internally developed software and third-party consulting fees associated with implementing software purchased for internal use. Software development projects generally include three stages: the preliminary project stage (in which all costs are expensed as incurred), the application development stage (in which certain costs are capitalized) and the post-implementation/operation stage (in which all costs are expensed as incurred). The costs incurred during the application development stage primarily include the costs of designing the application, coding and testing of the system. Capitalized costs are amortized using the straight-line method over the estimated useful life of the software once it is ready for its intended use. Software development costs of $3.0 million and $0.7 million related to creating internally developed software and implementing software purchased for internal use were capitalized during the years ended December 31, 2019 and 2018, respectively, and are included in property and equipment in the accompanying consolidated balance sheets. Amortization expense related to capitalized internally developed software was $0.8 million , $0.3 million and $0.2 million for the years ended December 31, 2019, 2018 and 2017, respectively, and is included in cost of revenue or general and administrative expense in the accompanying consolidated statements of operations, depending upon the nature of the software development project. The net book value of capitalized internally developed software was $2.9 million and $1.0 million at December 31, 2019 and 2018, respectively. Identifiable Intangible Assets The Company acquired intangible assets in connection with its business acquisitions. These assets were recorded at their estimated fair values at the acquisition date and are being amortized over their respective estimated useful lives using the straight-line method. The estimated useful lives and amortization methodology used in computing amortization are as follows: Estimated Useful Lives Amortization Methodology Customer relationships 7 years Straight-line Acquired technology 7 years Straight-line Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset or asset group to future undiscounted net cash flows expected to be generated by the asset or asset group. If such assets are not recoverable, the impairment to be recognized, if any, is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets or asset group. Assets held for sale are reported at the lower of the carrying amount or fair value, less costs to sell. As of December 31, 2019 and 2018 , management does no t believe any long-lived assets are impaired and has not identified any assets as being held for sale. Goodwill Goodwill represents the excess of the aggregate of the fair value of consideration transferred in a business combination over the fair value of assets acquired, net of liabilities assumed. The Company recorded goodwill in connection with its business acquisitions. Goodwill is not amortized, but is subject to an annual impairment test, as described below. The Company has determined that it has a single, entity-wide reporting unit. The Company first assessed qualitative factors to determine whether it was more likely than not that the fair value of its single reporting unit was less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test under ASU No. 2011-08, Goodwill and Other (Topic 350): Testing Goodwill for Impairment. If the qualitative factors had indicated that it was more likely than not that the fair value of the reporting unit was less than its carrying amount, the Company would have tested goodwill for impairment at the reporting unit level using a two-step approach. The first step is to compare the fair value of the reporting unit to the carrying value of the net assets assigned to the reporting unit. If the fair value of the reporting unit is greater than the carrying value of the net assets assigned to the reporting unit, the assigned goodwill is not considered impaired. If the fair value is less than the reporting unit's carrying value, step two is performed to measure the amount of the impairment, if any. In the second step, the fair value of goodwill is determined by deducting the fair value of the reporting unit's identifiable assets and liabilities from the fair value of the reporting unit as a whole, as if the reporting unit had just been acquired and the fair value was being initially allocated. If the carrying value of goodwill exceeds the implied fair value, an impairment charge would be recorded in the period the determination is made. The Company performs its annual goodwill impairment analysis as of October 1, the first day of the fourth quarter. As a result of the Company's annual impairment analysis as of October 1, 2019 and 2018 , goodwill was not considered impaired and, as such, no impairment charges were recorded. Advertising Costs The Company expenses advertising costs as incurred. The amount expensed during the years ended December 31, 2019 , 2018 and 2017 was $4.2 million , $5.7 million and $5.3 million , respectively. Income Taxes Income taxes are accounted for under the asset and liability method of accounting. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. The measurement of a deferred tax asset is reduced, if necessary, by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company applies the accounting guidance for uncertainties in income taxes, which prescribes a recognition threshold and measurement process for recording uncertain tax positions taken, or expected to be taken, in a tax return in the financial statements. Additionally, the guidance also prescribes the treatment for the derecognition, classification, accounting in interim periods and disclosure requirements for uncertain tax positions. The Company accrues for the estimated amount of taxes for uncertain tax positions if it is more likely than not that the Company would be required to pay such additional taxes. An uncertain tax position will be recognized if it is more likely than not to be sustained. The Company did no t have any accrued interest or penalties associated with unrecognized tax positions as of December 31, 2019 and 2018 . Foreign Currency Translation The functional currency of the Company's non-U.S. operations is the local currency. Monetary assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the balance sheet dates. Non-monetary assets and liabilities are translated at the historical rates in effect when the assets were acquired or obligations incurred. Revenue and expenses are translated into U.S. dollars using the average rates of exchange prevailing during the period. Translation gains or losses are included as a component of accumulated other comprehensive loss in stockholders' equity. Gains and losses resulting from foreign currency transactions are recognized as other income (expense). Stock-Based Compensation The Company accounts for stock-based compensation awards, which include stock options and restricted stock units, or RSUs, based on the fair value of the award as of the grant date. The Company recognizes stock-based compensation expense using the accelerated attribution method, net of estimated forfeitures, in which compensation cost for each vesting tranche in an award is recognized ratably from the service inception date to the vesting date for that tranche. The Company uses the Black-Scholes option pricing model for estimating the fair value of stock options. The use of the option valuation model requires the input of the Company's stock price, as well as highly subjective assumptions, including the expected life of the option and the expected stock price volatility based on peer companies. Additionally, the recognition of expense requires the estimation of the number of awards that will ultimately vest and the number of awards that will ultimately be forfeited. The fair value of the Company's common stock, for purposes of determining the grant date fair value of option and RSU awards, has been determined by using the closing market price per share of common stock as quoted on the New York Stock Exchange on the date of grant. Basic and Diluted Income (Loss) per Common Share Basic net income (loss) per share is calculated 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 calculated giving effect to all potentially dilutive shares of common stock, including stock options and RSUs. The dilutive effect of outstanding awards is reflected in diluted earnings per share by application of the treasury stock method. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT Property and equipment consisted of the following as of December 31, 2019 and 2018 (in thousands): 2019 2018 Purchased software, including capitalized software development costs $ 13,965 $ 16,239 Computer hardware 8,975 12,292 Furniture and office equipment 2,369 2,518 Leasehold improvements 7,244 7,396 Construction in process 46 457 32,599 38,902 Less: accumulated depreciation (23,002 ) (26,895 ) Property and equipment, net $ 9,597 $ 12,007 Depreciation expense for the years ended December 31, 2019 , 2018 and 2017 was $5.7 million , $5.5 million and $6.0 million , respectively. During the year ended December 31, 2019, the Company disposed of purchased software, including capitalized software development costs, computer hardware, furniture and office equipment and leasehold improvements with a cost of $10.0 million and accumulated depreciation of $9.6 million resulting in a $0.4 million loss in the consolidated statements of operations for the year ended December 31, 2019 related to these disposals. During the year ended December 31, 2018, the Company disposed of computer hardware, furniture and office equipment and leasehold improvements with a cost of $4.9 million and accumulated depreciation of $4.9 million . The Company recognized a de minimis loss in the consolidated statements of operations for the year ended December 31, 2018 related to these disposals. As a result of an amendment to the Company's corporate headquarters lease agreement during the year ended December 31, 2018, the Company disposed of leasehold improvements with a cost of $0.8 million and accumulated depreciation of $0.3 million and recorded a $0.5 million reduction to its lease incentive obligation. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS There were no changes to the Company's goodwill during the years ended December 31, 2019 and 2018. Intangible assets consisted of the following as of December 31, 2019 and 2018 (in thousands): December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life (in years) Customer relationships $ 2,230 $ (1,598 ) $ 632 7.0 Acquired technology 2,030 (1,377 ) 653 7.0 Total $ 4,260 $ (2,975 ) $ 1,285 7.0 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life (in years) Customer relationships $ 2,230 $ (1,279 ) $ 951 7.0 Acquired technology 2,030 (1,087 ) 943 7.0 Total $ 4,260 $ (2,366 ) $ 1,894 7.0 Amortization expense was $0.6 million for each of the years ended December 31, 2019 , 2018 and 2017 . As of December 31, 2019 , expected amortization expense over the remaining intangible asset lives is as follows (in thousands): Year Ending December 31, 2020 $ 609 2021 518 2022 66 2023 66 2024 26 Total $ 1,285 |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lessee, Finance Leases [Text Block] | LEASES Financial Statement Impact of Adopting ASC 842, "Leases" On January 1, 2019, the Company adopted ASC 842. The most significant impact of this standard relates to the Company's recognition of right of use, or ROU, assets and lease liabilities for its operating leases. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. The Company's accounting for finance leases, classified as capital leases under historical accounting guidance, was unchanged. The following table summarizes the financial statement line items impacted by the Company's adoption of ASC 842 at January 1, 2019 (in thousands): Balance Sheet - select financial statement line items Ending balance Effect of the adoption of Beginning balance December 31, 2018 ASC 842 January 1, 2019 Operating lease right of use assets $ — $ 15,099 $ 15,099 Other assets 1,515 (504 ) (1) 1,011 Total assets 134,269 14,595 148,864 Other current liabilities 3,569 3,116 (2) 6,685 Total current liabilities 38,730 3,116 41,846 Long-term operating leases, net of current portion — 14,310 14,310 Lease incentive obligation 2,154 (2,154 ) — Other long-term liabilities 2,343 (657 ) (3) 1,686 Total liabilities 44,631 14,615 59,246 Accumulated other comprehensive loss (1,707 ) (12 ) (1,719 ) Total stockholders' equity 89,638 (12 ) 89,626 Total liabilities and stockholders' equity $ 134,269 $ 14,595 (4) $ 148,864 (1) Derecognition of lease inception fees associated with certain leases previously amortized over the respective lives of those leases. (2) Net effect of derecognizing the Company's current deferred rent and lease incentive obligations as of December 31, 2018 and recognizing current operating lease liabilities. (3) Derecognition of the Company's long-term deferred rent as of December 31, 2018. (4) The resulting incremental expense due to the Company's adoption of ASC 842 was not considered significant and is recorded as rent expense in General and administrative expense in the accompanying consolidated statement of operations for the year ended December 31, 2019 . Operating and Finance Lease Commitments The Company leases office facilities and certain equipment under non-cancelable operating and finance leases. The Company determines if an arrangement is a lease and whether its classification is operating or finance at inception. Leases with an initial term of twelve months or less that are not expected to be renewed are not recorded on the balance sheet. For such leases, lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Certain operating leases include options to renew, with renewal terms extending up to 10 years, subject to certain conditions and notice obligations set forth in the lease agreements. The exercise of lease renewal options is at the Company's discretion. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the Company's best estimate of the collateralized borrowing rate over a similar term at the commencement date of the lease in determining the present value of future payments. The operating lease ROU assets also include any lease payments made and lease incentives and initial direct costs incurred. The lease terms may include options to extend the lease when it is reasonably certain that the Company will exercise that option. The following table summarizes the Company's lease assets and liabilities as of December 31, 2019 (in thousands): As of December 31, 2019 Assets Operating lease right of use assets $ 11,128 Finance lease assets, included in Property and equipment, net (1) 1,917 Total leased assets $ 13,045 Liabilities Current Operating lease liabilities, included in Other current liabilities $ 4,177 Finance lease liabilities, included in Other current liabilities 1,418 Long-term Long-term operating leases, net of current portion 9,767 Finance leases, net of current portion $ 27 Total lease liabilities $ 15,389 (1) Finance leases are presented net of accumulated amortization of $4.4 million as of December 31, 2019. The following table summarizes the components of lease expense for the year ended December 31, 2019 (in thousands): Year Ended December 31, 2019 Operating lease cost, included in General and administrative expense (1) $ 4,808 Finance lease cost: Amortization of leased assets, included in General and administrative expense 2,041 Interest on lease liabilities, included in Other income (expense), net 140 Less: sublease income, reducing rent expense in General and administrative expense (2) (168 ) Net lease cost $ 6,821 (1) Excludes short-term lease costs of $0.4 million for the year ended December 31, 2019. (2) The Company subleases space to a third party for which it anticipates receiving $0.2 million in annual rental payments during the term of the sublease agreement, which is through August 2022. The following table summarizes other information related to leases for the year ended December 31, 2019 (in thousands): Year Ended December 31, 2019 Supplemental cash flows information Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 4,852 Operating cash outflows from finance leases 216 Financing cash outflows from finance leases 2,209 Weighted-average remaining lease term (years) Operating leases 3.20 Finance leases 1.37 Weighted-average discount rate Operating leases 5.50 % Finance leases 7.28 % The following table summarizes maturities of lease liabilities as of December 31, 2019 (in thousands): Operating Leases Finance Leases 2020 $ 4,840 $ 1,523 2021 4,930 16 2022 4,240 12 2023 1,227 — 2024 — — Total lease payments $ 15,237 $ 1,551 Less: imputed interest (1,294 ) (105 ) Present value of lease liabilities $ 13,943 $ 1,446 As of December 31, 2019, the Company had no material operating or finance leases that had not yet commenced. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Litigation and Other Contingencies From time to time, the Company is subject to litigation and claims arising in the ordinary course of business. It is not currently party to any material legal proceedings and it is not aware of any pending or threatened legal proceeding against the Company that it believes could have a material adverse effect on its business, operating results, cash flows or financial condition. During the first quarter of 2017, the Company completed its analysis with regard to potential unpaid sales tax obligations. Based on the results of this analysis, the Company made the decision to enter into voluntary disclosure agreements, or VDAs, with certain jurisdictions to reduce the Company's potential sales tax liability. VDAs generally provide for a maximum look-back period, a waiver of penalties and, at times, interest as well as payment arrangements. The Company's estimated aggregate VDA liability of $2.5 million was recorded as a one-time charge in General and administrative expense in the accompanying consolidated statements of operations for the year ended December 31, 2017. This amount represented the Company's estimate of its potential unpaid sales tax liability through the anticipated look-back periods including interest, where applicable, in all jurisdictions in which the Company had entered into VDAs. During the third quarter of 2017, one jurisdiction rejected the Company's VDA application and conducted a sales tax audit, which was completed in May 2018. Through December 31, 2018, the Company paid an aggregate of $2.5 million under the terms of the VDAs and to settle the sales tax audit. The Company has no other unresolved VDA applications or ongoing sales tax audits as of December 31, 2019. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | REVENUE FROM CONTRACTS WITH CUSTOMERS Financial Statement Impact of Adopting ASC 606, "Revenue from Contracts with Customers" On January 1, 2018, the Company adopted ASC 606 using the modified retrospective transition method and applied this method to all contracts that were not complete as of the date of adoption. The reported results as of December 31, 2019 and 2018 and for the years ended December 31, 2019 and 2018 in the accompanying consolidated financial statements are presented under ASC 606, while prior period results have not been adjusted and are reported in accordance with historical accounting guidance in effect for those periods. The adoption of ASC 606 under the modified retrospective transition method resulted in a net adjustment reducing the accumulated deficit by $7.5 million at January 1, 2018. The adjustment consisted of $8.7 million related to the deferral of contract costs that were historically expensed as incurred, $(0.6) million related to the timing of revenue recognition for managed-service contracts, and $(0.6) million related to the tax impact of the contract costs and revenue adjustments. Revenue Recognition Revenue is recognized when a customer obtains control of promised services, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those services. In determining the amount of revenue to be recognized, the Company performs the following steps: (i) identification of the contract with a customer; (ii) identification of the promised services in the contract and determination of whether the promised services are performance obligations, including whether they are distinct in the context of the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. Disaggregation of Revenue The Company derives the majority of its revenue from subscription fees paid for access to and usage of its SaaS solutions for a specified period of time. A portion of the subscription fee is typically fixed and is based on a specified minimum amount of gross merchandise value, or GMV, or advertising spend that a customer expects to process through the Company's platform over the contract term. The remaining portion of the subscription fee is variable and is based on a specified percentage of GMV or advertising spend processed through the Company's platform in excess of the customer's specified minimum GMV or advertising spend amount. In addition to subscription fees, contracts with customers may include implementation fees for launch assistance and training. Fixed subscription and implementation fees are billed in advance of the subscription term and are due in accordance with contract terms, which generally provide for payment within 30 days . Variable fees are subject to the same payment terms, although they are generally billed the month after they are incurred. The Company also generates revenue from its solutions that allow brands to direct potential consumers from their websites and digital marketing campaigns to authorized resellers. The majority of the Company's contracts have a one year term. The Company's contractual arrangements include performance, termination and cancellation provisions, but do not provide for refunds. Customers do not have the contractual right to take possession of the Company's software at any time. Sales taxes collected from customers and remitted to government authorities are excluded from revenue. The following table summarizes revenue disaggregation by product for the years ended December 31, 2019 , 2018 and 2017 (in thousands): 2019 2018 2017 (1) (2) Marketplaces $ 95,757 $ 96,321 $ 93,020 Digital Marketing 19,683 18,919 18,076 Other 14,519 15,978 11,439 $ 129,959 $ 131,218 $ 122,535 (1) As noted above, prior periods have not been adjusted for the adoption of ASC 606 and are presented in accordance with historical accounting guidance in effect for those periods. (2) Certain prior period amounts have been reclassified to conform to current period presentation. These reclassifications had no impact on the reported total revenue for the period. Marketplaces and Digital Marketing - The Company's Marketplaces module connects customers to third-party e-commerce marketplaces and provides access to advertising programs and advanced competitive features on major marketplaces. The Company's Digital Marketing module allows customers to create and optimize advertisements on multiple online shopping channels. Customers may subscribe to each of these modules on a self-service or managed-service basis. Self-service subscriptions allow the customer to manage their own activity on the platform. Launch services are also available, although they are not required for the customer to access the platform. Revenue from self-service subscriptions, including fixed subscription fees and fees associated with any elected launch services, is recognized ratably over the subscription term, which is typically one year, beginning on the date the customer has access to the platform. Managed-service subscriptions offer the customer an outsourced, managed platform experience. Implementation services are included with managed-service subscriptions and are necessary to launch on the platform. Revenue from managed-service subscriptions, including fixed subscription fees and fees associated with implementation services, is recognized ratably over the subscription term, which is typically one year , beginning once implementation services are complete. As noted above, customers incur variable fees when the GMV processed through Marketplaces, or the GMV or advertising spend processed through Digital Marketing, exceeds the GMV or advertising spend included in their subscriptions. In general, revenue from variable fees is recognized in the period in which the related GMV or advertising spend is processed through the platform. Other - Other product offerings include the Company's Where to Buy and Product Intelligence solutions, which provide current information on resellers and product availability and insights on product assortment, gaps, and pricing trends. These solutions are only available on a managed-service basis and include implementation services. The Company also enters into integration agreements with certain marketplaces or channels under which the respective platforms of the Company and the business partner are integrated with each other. Revenue from these product offerings is recognized ratably over the subscription term beginning on the date the implementation or integration is complete. Contracts with Multiple Performance Obligations Customers may elect to purchase a subscription to multiple modules, multiple modules with multiple service levels, or, for certain of the Company's solutions, multiple brands or geographies. The Company evaluates such contracts to determine whether the services to be provided are distinct and accordingly should be accounted for as separate performance obligations. If the Company determines that a contract has multiple performance obligations, the transaction price, which is the total price of the contract, is allocated to each performance obligation based on a relative standalone selling price method. The Company estimates standalone selling price based on observable prices in past transactions for which the product offering subject to the performance obligation has been sold separately. As the performance obligations are satisfied, revenue is recognized as discussed above in the product descriptions. Transaction Price Allocated to Future Performance Obligations As the Company typically enters into contracts with customers for a twelve -month subscription term, substantially all of its performance obligations that have not yet been satisfied as of December 31, 2019 are part of a contract that has an original expected duration of one year or less. For contracts with an original expected duration of greater than one year, the aggregate transaction price allocated to the unsatisfied performance obligations was $26.3 million as of December 31, 2019 , of which $16.1 million is expected to be recognized as revenue over the next twelve months . Deferred Revenue Deferred revenue represents the unearned portion of subscription and implementation fees. Deferred revenue is recorded when cash payments are received in advance of performance. Deferred amounts are generally recognized within one year. Deferred revenue is included in the accompanying consolidated balance sheets under "Total current liabilities," net of any long-term portion that is included in "Other long-term liabilities." The following table summarizes deferred revenue activity for the year ended December 31, 2019 (in thousands): Balance, beginning of period Net additions Revenue recognized from deferred revenue Balance, end of period Deferred revenue $ 24,708 100,271 (103,520 ) $ 21,459 Of the $130.0 million of revenue recognized in the year ended December 31, 2019 , $22.4 million was included in deferred revenue at January 1, 2019. Costs to Obtain Contracts The Company capitalizes sales commissions and a portion of other incentive compensation costs that are directly related to obtaining customer contracts and that would not have been incurred if the contract had not been obtained. These costs are included in the accompanying consolidated balance sheets and are classified as "Prepaid expenses and other current assets," net of any long-term portion that is included in "Deferred contract costs, net of current portion." As of December 31, 2019, $5.6 million was included in "Prepaid expenses and other current assets." Deferred contract costs are amortized to sales and marketing expense over the expected period of benefit, which the Company has determined to be five years based on the estimated customer relationship period. The following table summarizes deferred contract cost activity for the year ended December 31, 2019 (in thousands): Balance, beginning of period Additions Amortized costs (1) Balance, end of period Deferred contract costs $ 15,209 7,858 (4,653 ) $ 18,414 (1) Includes contract costs amortized to sales and marketing expense during the period and the impact from foreign currency exchange rate fluctuations. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The components of income (loss) before income taxes for the years ended December 31, 2019 , 2018 and 2017 were as follows (in thousands): 2019 2018 2017 Domestic $ 1,994 $ (10,552 ) $ (11,089 ) Foreign 2,177 3,565 (5,184 ) Total income (loss) before income taxes $ 4,171 $ (6,987 ) $ (16,273 ) The provision for income tax expense included the following for the years ended December 31, 2019 , 2018 and 2017 (in thousands): 2019 2018 2017 Current: Federal $ (10 ) $ (20 ) $ (39 ) Foreign 168 141 193 Total 158 121 154 Deferred: Federal — (211 ) (73 ) State (18 ) 12 15 Foreign 549 692 188 Total 531 493 130 Total tax expense $ 689 $ 614 $ 284 Additionally, for the year ended December 31, 2019, the Company recorded $0.1 million of foreign current income tax expense in other comprehensive loss. The Tax Cuts and Jobs Act, or Tax Act, which went into effect on December 22, 2017, significantly revised the Internal Revenue Code of 1986, as amended, or IRC. The Tax Act contains, among other things, significant changes to corporate taxation, including reduction of the corporate tax rate from a top marginal rate of 35% to a flat rate of 21%, limitation of the tax deduction for interest expense to 30% of adjusted earnings (except for certain small businesses), repeal of the alternative minimum tax, limitation of the deduction for net operating losses to 80% of current year taxable income, indefinite net operating loss carryforward period and elimination of net operating loss carrybacks, one time taxation of offshore earnings at reduced rates regardless of whether they are repatriated, elimination of U.S. tax on foreign earnings (subject to certain important exceptions), immediate deductions for certain new investments instead of deductions for depreciation expense over time, creation of the base erosion anti-abuse tax, the global intangible low taxed income inclusion, which the Company accounts for as a period cost, the foreign derived intangible income deduction and modifying or repealing many business deductions and credits. As of December 31, 2019, the U.S Internal Revenue Service, or IRS, is still in the process of issuing guidance to taxpayers to address changes enacted in the Tax Act. The Company has prepared the income tax provision for years ended December 31, 2019 and 2018 based on available guidance. However, if final guidance is issued that modifies the existing temporary guidance issued by the IRS or if the final guidance contradicts positions taken by the Company in the absence of any IRS guidance, this could have a material impact on the Company's consolidated financial statements. The components of the Company's net deferred tax assets as of December 31, 2019 and 2018 were as follows (in thousands): 2019 2018 Deferred tax assets: Domestic tax loss carryforwards $ 31,974 $ 31,904 Foreign tax loss carryforwards 6,098 6,177 Stock-based compensation 3,129 3,707 Tax credits 3,860 3,037 Operating lease liability 3,121 — Lease incentive obligation — 790 Other assets 2,062 2,242 Valuation allowance (38,603 ) (39,040 ) Total deferred tax assets 11,641 8,817 Deferred tax liabilities: Fixed assets 821 460 Intangible assets 491 557 Capitalized contract costs 4,468 3,898 Right of use assets 2,478 — Other liabilities 21 — Total deferred tax liabilities 8,279 4,915 Net deferred tax asset $ 3,362 $ 3,902 The Company adopted ASC 606 effective January 1, 2018. As a result of this adoption, the Company recorded $2.0 million of deferred tax liabilities, partially offset by a $1.4 million reduction to its valuation allowance. This adjustment was applied using a modified retrospective method with a cumulative-effect adjustment to the accumulated deficit. The recognition upon adoption resulted in a $0.6 million increase to accumulated deficit as of January 1, 2018. At December 31, 2019 and 2018 , the Company had federal net operating loss, or NOL, carryforwards of $128.7 million and $127.2 million , respectively, which expire beginning in 2022. At December 31, 2019 and 2018 , the Company had state NOL carryforwards of $151.1 million and $154.5 million , respectively, which expire beginning in 2020. At December 31, 2019 and 2018 , the Company had U.S. federal income tax credit carryforwards of $5.1 million and $4.0 million , respectively, which expire beginning in 2034. The utilization of the NOL and tax credit carryforwards may be subject to limitation under the rules regarding a change in stock ownership as determined by the Internal Revenue Code and state and foreign tax laws. Prior to the utilization of these tax attributes, the Company will assess any limitations, particularly related to NOL carryforwards from its acquired entities. For each of the periods ended December 31, 2019 and 2018 , the Company also had foreign NOL carryforwards for use against future tax in those jurisdictions of $32.3 million and $32.6 million , respectively. The majority of the Company's foreign NOLs can be carried forward indefinitely. A valuation allowance has been recognized to offset deferred tax assets, primarily attributable to NOL carryforwards that the Company has determined are not more likely than not to be realized. There was a net increase in the valuation allowance of $1.0 million during the year ended December 31, 2018, which was comprised of a net increase of $2.4 million that was allocable to operations, and a $1.4 million decrease resulting from the Company's adoption of ASC 606 that was allocable to accumulated deficit. There was a net decrease in the valuation allowance of $0.4 million during the year ended December 31, 2019 that was allocable to operations. The Company does not generally consider deferred tax liabilities on indefinite-lived assets as a source of future taxable income available to be able to realize deferred tax assets. However, the Company considers the deferred tax liability associated with an indefinite-lived intangible asset as a source of future taxable income available to be able to realize the deferred tax asset recorded for the U.S. federal alternative minimum tax credit and U.S. federal NOL carryforwards generated in years ending after December 31, 2017, which can be carried forward indefinitely. Since both the deferred tax liability and the deferred tax asset have indefinite lives, they offset each other to arrive at the net deferred tax asset, which is offset by a valuation allowance. Generally, undistributed earnings of the Company's foreign subsidiaries are indefinitely reinvested offshore and, accordingly, no provision for U.S. federal, state or foreign income taxes has been provided thereon. In the year ended December 31, 2019, the Company determined that the undistributed earnings of its foreign subsidiary located in China are no longer permanently reinvested. Accordingly, the Company recorded a deferred tax liability for this temporary difference. The amount of the deferred tax liability is nominal. The cumulative amount of undistributed earnings of the Company's non-U.S. subsidiaries for the years ended December 31, 2019 and 2018 was no minal. The determination of the deferred tax liability, which requires complex analysis of international tax situations related to repatriation, is not practicable at this time. The Company is presently investing in international operations located in Europe, Australia and South America. The Company is funding the working capital needs of its foreign operations through its U.S. operations. In the future, the Company will utilize any foreign undistributed earnings, as well as continued funding from its U.S. operations, to support its continued investment in foreign growth. A reconciliation of the difference between the effective income tax rate and the statutory federal income tax rate for the years ended December 31, 2019 , 2018 and 2017 is as follows: 2019 2018 2017 U.S. statutory federal rate 21.0 % 21.0 % 34.0 % Increase (decrease) resulting from: State taxes, net of federal benefit 3.7 7.8 2.5 Change in U.S. federal statutory rate — — (102.2 ) Nondeductible expenses 8.0 (13.5 ) (10.5 ) Effect of foreign tax rate differential 2.3 (0.5 ) (5.3 ) Uncertain tax positions 4.9 (3.3 ) (1.6 ) Research and development credit (24.8 ) 15.1 5.6 Change in valuation allowance (12.0 ) (36.4 ) 77.1 Expiration of NOL 4.0 (1.0 ) (0.2 ) Change in U.S. state statutory rate 4.0 0.6 (1.7 ) Other 5.4 1.4 0.6 Effective tax rate 16.5 % (8.8 )% (1.7 )% The Company's effective tax rates for the years ended December 31, 2019, 2018 and 2017 are lower than the U.S. federal statutory rates of 21%, 21% and 34% , respectively, primarily due to operating losses which are subject to a valuation allowance. The Company cannot recognize the tax benefit of operating loss carryforwards generated in certain jurisdictions due to uncertainties relating to future taxable income in those jurisdictions in terms of both its timing and its sufficiency, which would enable the Company to realize the benefits of those carryforwards. In 2017, the Company remeasured its U.S. net deferred tax assets to reflect the newly enacted U.S. statutory tax rate of 21% which resulted in tax expense of $16.6 million . This was offset by a corresponding reduction to the valuation allowance of $16.7 million . The net result from the change in the U.S. federal statutory tax rate was a tax benefit of $0.1 million . The increase in the effective tax rate impact from state taxes, net of federal benefit, research and development credits and foreign tax rate differential for the year ended December 31, 2018 compared to the year ended December 31, 2017, was primarily due to the decrease in the U.S. federal statutory tax rate. The increase in effective tax rate impact from nondeductible expenses, foreign tax rate differential, uncertain tax positions, and expiration of NOLs and the decrease in the effective tax rate impact from the tax effects of research and development credits for the year ended December 31, 2019 compared to the years ended December 31, 2018 and 2017 was primarily due to the shift from loss before tax for the years ended December 31, 2018 and 2017, to income before tax for the year ended December 31, 2019. The nondeductible expenses during the years ended December 31, 2019, 2018, and 2017 primarily related to stock-based compensation expense associated with nondeductible stock awards. The Company's foreign jurisdictions comprise a mix of income and loss making entities. In the years ended December 31, 2019 and 2018, foreign income exceeded foreign losses and in the year ended December 31, 2017, foreign losses exceeded foreign income. The Company accounts for uncertain tax provisions in accordance with Accounting Standards Codification Topic 740-10, Income Taxes ("ASC 740-10"). This guidance provides a comprehensive model for the recognition, measurement and disclosure in financial statements of uncertain income tax positions that a company has taken or expects to take on a tax return. The following table shows the changes in unrecognized tax benefits in accordance with ASC 740-10 for the years ended December 31, 2019 , 2018 and 2017 (in thousands): 2019 2018 2017 Balance as of January 1, $ 1,408 $ 1,282 $ 766 Increases related to current tax positions 183 217 199 Increases related to prior year tax positions 20 12 317 Decreases related to prior year tax positions (10 ) (103 ) — Balance as of December 31, $ 1,601 $ 1,408 $ 1,282 Although the ultimate timing of the resolution and/or closure of audits is highly uncertain, the Company believes it is reasonably possible that a de minimis amount of unrecognized tax benefits could reverse in the next twelve months. If the total unrecognized tax benefit was recognized, there would be a de minimis impact on the effective tax rate. As of December 31, 2019 and 2018 , the Company had no accrued interest or penalties related to the tax contingencies. The Company's policy for recording interest and penalties is to record them as a component of provision for income taxes. The Company has analyzed its filing positions in all significant federal, state and foreign jurisdictions where it is required to file income tax returns, as well as open tax years in these jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal and state and local tax examinations by tax authorities for tax periods 2015 and prior, although carryforward attributes that were generated prior to 2016 may still be adjusted upon examination by the Internal Revenue Service if they either have been or will be used in a future period. The Company is no longer subject to examination in foreign tax jurisdictions for tax periods 2014 and prior. No income tax returns are currently under examination by taxing authorities. |
Equity Incentive Plans and Stoc
Equity Incentive Plans and Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
EQUITY INCENTIVE PLANS AND STOCK-BASED COMPENSATION | EQUITY INCENTIVE PLANS AND STOCK-BASED COMPENSATION In May 2013, the Company's board of directors adopted, and the Company's stockholders approved, the 2013 Equity Incentive Plan, or the 2013 Plan, pursuant to which the Company initially reserved 1,250,000 shares of its common stock for issuance to its employees, directors and non-employee third parties. The 2013 Plan provides for the grant of incentive stock options to employees, and for the grant of nonqualified stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, performance stock awards and other forms of stock compensation to the Company's employees, directors, and non-employee third parties. The number of shares of common stock reserved for issuance under the 2013 Plan will automatically increase on January 1 each year, for a period of ten years , from January 1, 2014 through January 1, 2023, by 5% of the total number of shares of the Company's common stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares as may be determined by the Company's board of directors. Accordingly, on January 1, 2020 the number of shares reserved for issuance under the 2013 Plan increased by 1,403,873 shares. As of December 31, 2019 , 2,608,909 shares remained available for future grant under the 2013 Plan. As a result of the adoption of the 2013 Plan, no further grants may be made under the former 2001 Stock Plan. Stock-based compensation expense is included in the following line items in the accompanying consolidated statements of operations for the years ended December 31, 2019 , 2018 and 2017 (in thousands): 2019 2018 2017 Cost of revenue $ 995 $ 911 $ 951 Sales and marketing 2,385 3,144 3,827 Research and development 1,898 2,152 2,260 General and administrative 3,698 4,391 4,909 $ 8,976 $ 10,598 $ 11,947 Stock Option Awards The Company values stock options using the Black-Scholes option-pricing model, which requires the input of subjective assumptions, including the risk-free interest rate, expected life, expected stock price volatility and dividend yield. The risk-free interest rate assumption is based upon observed interest rates for constant maturity U.S. Treasury securities consistent with the expected term of the Company's employee stock options. The expected life represents the period of time the stock options are expected to be outstanding and is based on the "simplified method." Under the "simplified method," the expected life of an option is presumed to be the mid-point between the vesting date and the end of the contractual term. The Company used the "simplified method" due to the lack of sufficient historical exercise data to provide a reasonable basis upon which to otherwise estimate the expected life of the stock options. Expected volatility is estimated based on the historical volatility of the Company's stock. Prior to the fourth quarter of 2017, expected volatility was estimated based on volatilities of publicly traded stock for comparable companies over the estimated expected life of the stock options. The Company assumed no dividend yield because dividends are not expected to be paid in the near future, which is consistent with the Company's history of not paying dividends. The following table summarizes the assumptions used for estimating the fair value of stock options granted for the years ended December 31, 2019 , 2018 and 2017 : 2019 2018 2017 Risk-free interest rate 1.8% - 2.5% 2.7% - 2.9% 1.4% - 2.1% Expected term (years) 6.25 6.25 6.25 Expected volatility 37% - 41% 43% 45% - 51% Dividend yield 0% 0% 0% The following is a summary of the option activity for the year ended December 31, 2019 : Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in years) (in thousands) Outstanding balance at December 31, 2018 2,208,141 $ 10.57 Granted 554,545 12.07 Exercised (101,103 ) 9.63 Forfeited (363,401 ) 12.74 Expired (101,416 ) 13.99 Outstanding balance at December 31, 2019 2,196,766 $ 10.47 6.28 $ 1,478 Exercisable at December 31, 2019 1,357,114 $ 9.63 4.95 $ 1,464 Vested and expected to vest at December 31, 2019 2,047,715 $ 10.38 6.13 $ 1,475 The weighted average grant date fair value for the Company's stock options granted during the years ended December 31, 2019 , 2018 , and 2017 was $4.51 , $5.98 and $4.17 per share, respectively. The total fair value of stock options vested during the years ended December 31, 2019 , 2018 and 2017 was $1.8 million , $1.5 million and $1.2 million , respectively. The total compensation cost related to nonvested stock options not yet recognized as of December 31, 2019 was $1.5 million and will be recognized over a weighted average period of approximately 1.8 years. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2019 , 2018 , and 2017 was $0.2 million , $0.6 million and $0.5 million , respectively. Restricted Stock Units The following table summarizes the RSU activity for the year ended December 31, 2019 : Number of RSUs Weighted Average Grant-Date Fair Value Unvested RSUs as of December 31, 2018 2,216,430 $ 11.87 Granted 1,301,803 9.89 Vested (920,627 ) 11.11 Forfeited (510,960 ) 11.94 Unvested RSUs as of December 31, 2019 2,086,646 $ 10.93 The total unrecognized compensation cost related to the unvested RSUs as of December 31, 2019 was $9.5 million and will be recognized over a weighted average period of approximately 1.9 years. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) PER SHARE | NET INCOME (LOSS) PER SHARE For the years ended December 31, 2018 and 2017, the Company incurred net losses and, therefore, the effect of the Company's outstanding stock options and unvested RSUs were not included in the calculation of diluted net income (loss) per share as the effect would be anti-dilutive. The following table summarizes the calculation of basic and diluted net income (loss) per share for the years ended December 31, 2019 , 2018 and 2017 (in thousands, except share and per share data): 2019 2018 2017 Basic: Net income (loss) $ 3,482 $ (7,601 ) $ (16,557 ) Weighted average common shares outstanding, basic 27,886,278 27,138,274 26,366,748 Basic net income (loss) per share $ 0.12 $ (0.28 ) $ (0.63 ) Diluted: Net income (loss) $ 3,482 $ (7,601 ) $ (16,557 ) Weighted average common shares outstanding, basic 27,886,278 27,138,274 26,366,748 Dilutive effect of: Stock options 167,208 — — Unvested RSUs 763,491 — — Diluted weighted average common shares outstanding 28,816,977 27,138,274 26,366,748 Diluted net income (loss) per share $ 0.12 $ (0.28 ) $ (0.63 ) The following equity instruments have been excluded from the calculation of diluted net income (loss) per share because the effect is anti-dilutive for the years ended December 31, 2019 , 2018 and 2017 : 2019 2018 2017 Stock options 1,626,757 2,208,141 2,108,392 RSUs 278,937 2,216,430 2,481,037 |
Restructuring (Notes)
Restructuring (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING | RESTRUCTURING In the third quarter of 2019, the Company implemented a plan to reduce its expenses and align its operations with evolving business needs, or the 2019 Actions. As part of this strategic initiative, the Company reduced its global workforce by approximately 10% and discontinued its physical operations in China. As a result of the implementation of the 2019 Actions, the Company paid and recognized severance and related costs of $1.4 million during the year ended December 31, 2019. These costs are included in the following line items in the accompanying consolidated statements of operations (in thousands): Year Ended December 31, 2019 Cost of revenue $ 238 Sales and marketing 369 Research and development 142 General and administrative 560 Other (expense) income, net 120 $ 1,429 |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
SEGMENT AND GEOGRAPHIC INFORMATION | SEGMENT AND GEOGRAPHIC INFORMATION Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the chief operating decision maker, or CODM, for purposes of allocating resources and evaluating financial performance. The Company's CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. As such, the Company's operations constitute a single operating segment and one reportable segment. Substantially all assets were held in the United States during the years ended December 31, 2019 and 2018 . The following table summarizes revenue by geography for the years ended December 31, 2019 , 2018 and 2017 (in thousands): 2019 2018 2017 Revenue by geography: Domestic $ 97,162 $ 99,901 $ 95,722 International 32,797 31,317 26,813 Total $ 129,959 $ 131,218 $ 122,535 The Company's revenue from external customers based in the United Kingdom totaled $13.0 million , $12.3 million and $11.7 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Retirement Plan
Retirement Plan | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
RETIREMENT PLANS | RETIREMENT PLANS The Company provides retirement plans whereby participants may elect to contribute a portion of their annual compensation to the plans, after complying with certain requirements and subject to certain limitations. The Company contributed an aggregate of $1.7 million to the plans for each of the years ended December 31, 2019 and 2018, and $1.5 million for the year ended December 31, 2017 . |
Selected Quarterly Information
Selected Quarterly Information - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Diluted (in dollars per share) | $ 0.19 | $ 0.06 | $ (0.05) | $ (0.08) | $ (0.12) | $ (0.10) | $ (0.08) | $ 0.02 | $ 0.12 | $ (0.28) | $ (0.63) |
SELECTED QUARTERLY INFORMATION (UNAUDITED) | SELECTED QUARTERLY INFORMATION (UNAUDITED) The following tables summarize the Company's quarterly results of operations for the years ended December 31, 2019 and 2018 (in thousands, except per share amounts): Three Months Ended, March 31, June 30, September 30, December 31, Revenue $ 31,574 $ 31,932 $ 31,678 $ 34,775 Gross profit 24,045 24,836 24,427 27,643 (Loss) income from operations (2,300 ) (1,414 ) 1,781 5,735 Net (loss) income (2,329 ) (1,338 ) 1,729 5,420 Net (loss) income per share: Basic $ (0.08 ) $ (0.05 ) $ 0.06 $ 0.19 Diluted $ (0.08 ) $ (0.05 ) $ 0.06 $ 0.19 Three Months Ended, March 31, June 30, September 30, December 31, Revenue $ 31,445 $ 32,660 $ 32,324 $ 34,789 Gross profit 24,092 25,685 24,718 27,222 (Loss) income from operations (3,151 ) (2,734 ) (2,241 ) 620 Net (loss) income (3,157 ) (2,764 ) (2,287 ) 607 Net (loss) income per share: Basic $ (0.12 ) $ (0.10 ) $ (0.08 ) $ 0.02 Diluted $ (0.12 ) $ (0.10 ) $ (0.08 ) $ 0.02 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Standard Description Effect on the Financial Statements or Other Significant Matters Standards that the Company adopted effective January 1, 2020 Financial Instruments: Accounting Standards Update, or ASU, 2016-13, Financial Instruments - Credit Losses (Topic 326) Effective date: January 1, 2020 The standard replaces the incurred loss impairment methodology in current U.S. GAAP (defined below) with a methodology that reflects expected credit losses. The update is intended to provide financial statement users with more useful information about expected credit losses. The Company adopted this standard effective January 1, 2020. The adoption did not have a material impact on its consolidated financial statements. Intangibles: ASU 2018-15, Intangibles -Goodwill and Other - Internal-Use Software (Subtopic 350-40) Effective date: January 1, 2020 This standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The Company adopted this standard effective January 1, 2020. The adoption did not have a material impact on its consolidated financial statements. Standards that the Company adopted effective January 1, 2019 Leases: ASU 2016-02, Leases (Topic 842) The standard requires that lessees recognize assets and liabilities for leases with lease terms greater than twelve months in the statement of financial position. The standard also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. The Company adopted this standard effective January 1, 2019 using the alternate adoption method which allows for the initial application of the standard as of the adoption date. The reported results as of and for the year ended December 31, 2019 in the accompanying consolidated financial statements are presented under ASC 842, while prior period results have not been adjusted and are reported in accordance with historical accounting guidance in effect for those periods. The Company elected to use the package of three practical expedients, as well as the practical expedient to apply hindsight in determining lease terms. Refer to Note 5, "Leases," for additional information regarding the impact of adoption under ASC 842 on the Company's consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles, or U.S. GAAP, requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates, including those related to the accounts receivable allowance, the useful lives of long-lived assets and other intangible assets, income taxes, assumptions used for purposes of determining stock-based compensation and revenue recognition, including standalone selling prices for contracts with multiple performance obligations and the expected period of benefit for deferred contract costs, among others. Estimates and assumptions are also required to value assets acquired and liabilities assumed in conjunction with business combinations. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments maturing within ninety days or less at the time of purchase to be cash equivalents. Cash and cash equivalents are comprised of cash and money market funds. Due to the short-term nature and liquidity of these financial instruments, the carrying value of these assets approximates fair value. |
Revenue Recognition, Cost of Sales, Deferred Revenue and Costs to Obtain Contracts | Revenue Recognition On January 1, 2018, the Company adopted ASC 606. Refer to Note 7, "Revenue from Contracts with Customers" for a detailed discussion of accounting policies related to revenue recognition, including deferred revenue and sales commissions. Cost of Revenue Cost of revenue primarily consists of personnel and related costs, including salaries, bonuses, payroll taxes and stock-based compensation, co-location facility costs for the Company's data centers, depreciation expense for computer equipment and amortization of capitalized software directly associated with generating revenue, credit card transaction fees and infrastructure maintenance costs. In addition, the Company allocates a portion of overhead, such as rent, additional depreciation and amortization and employee benefits costs, to cost of revenue based on headcount. Costs to Obtain Contracts The Company capitalizes sales commissions and a portion of other incentive compensation costs that are directly related to obtaining customer contracts and that would not have been incurred if the contract had not been obtained. These costs are included in the accompanying consolidated balance sheets and are classified as "Prepaid expenses and other current assets," net of any long-term portion that is included in "Deferred contract costs, net of current portion." As of December 31, 2019, $5.6 million was included in "Prepaid expenses and other current assets." Deferred contract costs are amortized to sales and marketing expense over the expected period of benefit, which the Company has determined to be five years based on the estimated customer relationship period. Revenue Recognition Revenue is recognized when a customer obtains control of promised services, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those services. In determining the amount of revenue to be recognized, the Company performs the following steps: (i) identification of the contract with a customer; (ii) identification of the promised services in the contract and determination of whether the promised services are performance obligations, including whether they are distinct in the context of the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. Deferred Revenue Deferred revenue represents the unearned portion of subscription and implementation fees. Deferred revenue is recorded when cash payments are received in advance of performance. Deferred amounts are generally recognized within one year. Deferred revenue is included in the accompanying consolidated balance sheets under "Total current liabilities," net of any long-term portion that is included in "Other long-term liabilities. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs when determining fair value. The three tiers are defined as follows: • Level 1. Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities; • Level 2. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and • Level 3. Unobservable inputs for which there is little or no market data, which require the Company to develop its own assumptions. The carrying amounts of certain of the Company's financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate their respective fair values due to their short-term nature. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. All of the Company's cash and cash equivalents are held at financial institutions that management believes to be of high credit quality. The Company's cash and cash equivalents accounts exceed federally insured limits. The Company has not experienced any losses on its cash and cash equivalents accounts to date. To manage accounts receivable risk, the Company maintains an allowance for doubtful accounts. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts The Company extends credit to customers without requiring collateral. Accounts receivable are stated at realizable value, net of an allowance for doubtful accounts. The Company utilizes the allowance method to provide for doubtful accounts based on management's evaluation of the collectability of amounts due. The Company's estimate is based on historical collection experience and a review of the current status of accounts receivable. Historically, actual write-offs for uncollectible accounts have not significantly differed from the Company's estimates. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost. Expenditures for major additions and improvements are capitalized. Depreciation and amortization is provided over the estimated useful lives of the related assets using the straight-line method. The estimated useful lives for significant property and equipment categories are generally as follows: Purchased software, including capitalized software development costs 3 years Computer hardware 3 years Furniture and office equipment 3 to 5 years Leasehold improvements Lesser of remaining lease term or useful life Repairs and maintenance costs are expensed as incurred. |
Identifiable Intangible Assets | Identifiable Intangible Assets The Company acquired intangible assets in connection with its business acquisitions. These assets were recorded at their estimated fair values at the acquisition date and are being amortized over their respective estimated useful lives using the straight-line method. The estimated useful lives and amortization methodology used in computing amortization are as follows: Estimated Useful Lives Amortization Methodology Customer relationships 7 years Straight-line Acquired technology 7 years Straight-line |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset or asset group to future undiscounted net cash flows expected to be generated by the asset or asset group. If such assets are not recoverable, the impairment to be recognized, if any, is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets or asset group. Assets held for sale are reported at the lower of the carrying amount or fair value, less costs to sell. |
Goodwill | Goodwill Goodwill represents the excess of the aggregate of the fair value of consideration transferred in a business combination over the fair value of assets acquired, net of liabilities assumed. The Company recorded goodwill in connection with its business acquisitions. Goodwill is not amortized, but is subject to an annual impairment test, as described below. The Company has determined that it has a single, entity-wide reporting unit. The Company first assessed qualitative factors to determine whether it was more likely than not that the fair value of its single reporting unit was less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test under ASU No. 2011-08, Goodwill and Other (Topic 350): Testing Goodwill for Impairment. If the qualitative factors had indicated that it was more likely than not that the fair value of the reporting unit was less than its carrying amount, the Company would have tested goodwill for impairment at the reporting unit level using a two-step approach. The first step is to compare the fair value of the reporting unit to the carrying value of the net assets assigned to the reporting unit. If the fair value of the reporting unit is greater than the carrying value of the net assets assigned to the reporting unit, the assigned goodwill is not considered impaired. If the fair value is less than the reporting unit's carrying value, step two is performed to measure the amount of the impairment, if any. In the second step, the fair value of goodwill is determined by deducting the fair value of the reporting unit's identifiable assets and liabilities from the fair value of the reporting unit as a whole, as if the reporting unit had just been acquired and the fair value was being initially allocated. If the carrying value of goodwill exceeds the implied fair value, an impairment charge would be recorded in the period the determination is made. The Company performs its annual goodwill impairment analysis as of October 1, the first day of the fourth quarter. As a result of the Company's annual impairment analysis as of October 1, 2019 and 2018 , goodwill was not considered impaired and, as such, no impairment charges were recorded. |
Operating and Finance Lease Commitments | The Company leases office facilities and certain equipment under non-cancelable operating and finance leases. The Company determines if an arrangement is a lease and whether its classification is operating or finance at inception. Leases with an initial term of twelve months or less that are not expected to be renewed are not recorded on the balance sheet. For such leases, lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Certain operating leases include options to renew, with renewal terms extending up to 10 years, subject to certain conditions and notice obligations set forth in the lease agreements. The exercise of lease renewal options is at the Company's discretion. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the Company's best estimate of the collateralized borrowing rate over a similar term at the commencement date of the lease in determining the present value of future payments. The operating lease ROU assets also include any lease payments made and lease incentives and initial direct costs incurred. The lease terms may include options to extend the lease when it is reasonably certain that the Company will exercise that option. |
Advertising Costs | Advertising Costs The Company expenses advertising costs as incurred. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method of accounting. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. The measurement of a deferred tax asset is reduced, if necessary, by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company applies the accounting guidance for uncertainties in income taxes, which prescribes a recognition threshold and measurement process for recording uncertain tax positions taken, or expected to be taken, in a tax return in the financial statements. Additionally, the guidance also prescribes the treatment for the derecognition, classification, accounting in interim periods and disclosure requirements for uncertain tax positions. The Company accrues for the estimated amount of taxes for uncertain tax positions if it is more likely than not that the Company would be required to pay such additional taxes. An uncertain tax position will be recognized if it is more likely than not to be sustained. The Company's policy for recording interest and penalties is to record them as a component of provision for income taxes. |
Foreign Currency Translation | Foreign Currency Translation The functional currency of the Company's non-U.S. operations is the local currency. Monetary assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the balance sheet dates. Non-monetary assets and liabilities are translated at the historical rates in effect when the assets were acquired or obligations incurred. Revenue and expenses are translated into U.S. dollars using the average rates of exchange prevailing during the period. Translation gains or losses are included as a component of accumulated other comprehensive loss in stockholders' equity. Gains and losses resulting from foreign currency transactions are recognized as other income (expense). |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation awards, which include stock options and restricted stock units, or RSUs, based on the fair value of the award as of the grant date. The Company recognizes stock-based compensation expense using the accelerated attribution method, net of estimated forfeitures, in which compensation cost for each vesting tranche in an award is recognized ratably from the service inception date to the vesting date for that tranche. The Company uses the Black-Scholes option pricing model for estimating the fair value of stock options. The use of the option valuation model requires the input of the Company's stock price, as well as highly subjective assumptions, including the expected life of the option and the expected stock price volatility based on peer companies. Additionally, the recognition of expense requires the estimation of the number of awards that will ultimately vest and the number of awards that will ultimately be forfeited. The fair value of the Company's common stock, for purposes of determining the grant date fair value of option and RSU awards, has been determined by using the closing market price per share of common stock as quoted on the New York Stock Exchange on the date of grant. |
Basic and Diluted Loss per Common Share | Basic and Diluted Income (Loss) per Common Share Basic net income (loss) per share is calculated 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 calculated giving effect to all potentially dilutive shares of common stock, including stock options and RSUs. The dilutive effect of outstanding awards is reflected in diluted earnings per share by application of the treasury stock method. For the years ended December 31, 2018 and 2017, the Company incurred net losses and, therefore, the effect of the Company's outstanding stock options and unvested RSUs were not included in the calculation of diluted net income (loss) per share as the effect would be anti-dilutive. |
Net Income (Loss) Per Share Net
Net Income (Loss) Per Share Net Income (Loss) per Share (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Loss per Common Share | Basic and Diluted Income (Loss) per Common Share Basic net income (loss) per share is calculated 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 calculated giving effect to all potentially dilutive shares of common stock, including stock options and RSUs. The dilutive effect of outstanding awards is reflected in diluted earnings per share by application of the treasury stock method. For the years ended December 31, 2018 and 2017, the Company incurred net losses and, therefore, the effect of the Company's outstanding stock options and unvested RSUs were not included in the calculation of diluted net income (loss) per share as the effect would be anti-dilutive. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||
Schedule of Depreciation and Amortization | Depreciation and amortization expense is included in the following line items in the accompanying consolidated statements of operations for the years ended December 31, 2019 , 2018 and 2017 (in thousands): 2019 2018 2017 Cost of revenue $ 3,942 $ 3,610 $ 4,019 Sales and marketing 775 884 998 Research and development 353 371 424 General and administrative 1,266 1,229 1,137 $ 6,336 $ 6,094 $ 6,578 | |
New Accounting Pronouncements | Standard Description Effect on the Financial Statements or Other Significant Matters Standards that the Company adopted effective January 1, 2020 Financial Instruments: Accounting Standards Update, or ASU, 2016-13, Financial Instruments - Credit Losses (Topic 326) Effective date: January 1, 2020 The standard replaces the incurred loss impairment methodology in current U.S. GAAP (defined below) with a methodology that reflects expected credit losses. The update is intended to provide financial statement users with more useful information about expected credit losses. The Company adopted this standard effective January 1, 2020. The adoption did not have a material impact on its consolidated financial statements. Intangibles: ASU 2018-15, Intangibles -Goodwill and Other - Internal-Use Software (Subtopic 350-40) Effective date: January 1, 2020 This standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The Company adopted this standard effective January 1, 2020. The adoption did not have a material impact on its consolidated financial statements. Standards that the Company adopted effective January 1, 2019 Leases: ASU 2016-02, Leases (Topic 842) The standard requires that lessees recognize assets and liabilities for leases with lease terms greater than twelve months in the statement of financial position. The standard also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. The Company adopted this standard effective January 1, 2019 using the alternate adoption method which allows for the initial application of the standard as of the adoption date. The reported results as of and for the year ended December 31, 2019 in the accompanying consolidated financial statements are presented under ASC 842, while prior period results have not been adjusted and are reported in accordance with historical accounting guidance in effect for those periods. The Company elected to use the package of three practical expedients, as well as the practical expedient to apply hindsight in determining lease terms. Refer to Note 5, "Leases," for additional information regarding the impact of adoption under ASC 842 on the Company's consolidated financial statements. | |
Changes in Allowance for Doubtful Accounts | The following table presents the changes in the Company's allowance for doubtful accounts during the years ended December 31, 2019 , 2018 and 2017 (in thousands): Balance at Beginning of Period Additions Charged To Expense Deductions Balance at End of Period Allowance for doubtful accounts: Year ended December 31, 2019 $ 652 1,147 (1,066 ) $ 733 Year ended December 31, 2018 $ 609 991 (948 ) $ 652 Year ended December 31, 2017 $ 594 727 (712 ) $ 609 | |
Schedule of Property and Equipment | The estimated useful lives for significant property and equipment categories are generally as follows: Purchased software, including capitalized software development costs 3 years Computer hardware 3 years Furniture and office equipment 3 to 5 years Leasehold improvements Lesser of remaining lease term or useful life | Property and equipment consisted of the following as of December 31, 2019 and 2018 (in thousands): 2019 2018 Purchased software, including capitalized software development costs $ 13,965 $ 16,239 Computer hardware 8,975 12,292 Furniture and office equipment 2,369 2,518 Leasehold improvements 7,244 7,396 Construction in process 46 457 32,599 38,902 Less: accumulated depreciation (23,002 ) (26,895 ) Property and equipment, net $ 9,597 $ 12,007 |
Schedule of Intangible Assets | The estimated useful lives and amortization methodology used in computing amortization are as follows: Estimated Useful Lives Amortization Methodology Customer relationships 7 years Straight-line Acquired technology 7 years Straight-line Intangible assets consisted of the following as of December 31, 2019 and 2018 (in thousands): December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life (in years) Customer relationships $ 2,230 $ (1,598 ) $ 632 7.0 Acquired technology 2,030 (1,377 ) 653 7.0 Total $ 4,260 $ (2,975 ) $ 1,285 7.0 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life (in years) Customer relationships $ 2,230 $ (1,279 ) $ 951 7.0 Acquired technology 2,030 (1,087 ) 943 7.0 Total $ 4,260 $ (2,366 ) $ 1,894 7.0 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Schedule of Property and Equipment | The estimated useful lives for significant property and equipment categories are generally as follows: Purchased software, including capitalized software development costs 3 years Computer hardware 3 years Furniture and office equipment 3 to 5 years Leasehold improvements Lesser of remaining lease term or useful life | Property and equipment consisted of the following as of December 31, 2019 and 2018 (in thousands): 2019 2018 Purchased software, including capitalized software development costs $ 13,965 $ 16,239 Computer hardware 8,975 12,292 Furniture and office equipment 2,369 2,518 Leasehold improvements 7,244 7,396 Construction in process 46 457 32,599 38,902 Less: accumulated depreciation (23,002 ) (26,895 ) Property and equipment, net $ 9,597 $ 12,007 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The estimated useful lives and amortization methodology used in computing amortization are as follows: Estimated Useful Lives Amortization Methodology Customer relationships 7 years Straight-line Acquired technology 7 years Straight-line Intangible assets consisted of the following as of December 31, 2019 and 2018 (in thousands): December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life (in years) Customer relationships $ 2,230 $ (1,598 ) $ 632 7.0 Acquired technology 2,030 (1,377 ) 653 7.0 Total $ 4,260 $ (2,975 ) $ 1,285 7.0 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life (in years) Customer relationships $ 2,230 $ (1,279 ) $ 951 7.0 Acquired technology 2,030 (1,087 ) 943 7.0 Total $ 4,260 $ (2,366 ) $ 1,894 7.0 |
Expected Future Amortization Expense | As of December 31, 2019 , expected amortization expense over the remaining intangible asset lives is as follows (in thousands): Year Ending December 31, 2020 $ 609 2021 518 2022 66 2023 66 2024 26 Total $ 1,285 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Prospective Adoption of New Accounting Pronouncements | The following table summarizes the financial statement line items impacted by the Company's adoption of ASC 842 at January 1, 2019 (in thousands): Balance Sheet - select financial statement line items Ending balance Effect of the adoption of Beginning balance December 31, 2018 ASC 842 January 1, 2019 Operating lease right of use assets $ — $ 15,099 $ 15,099 Other assets 1,515 (504 ) (1) 1,011 Total assets 134,269 14,595 148,864 Other current liabilities 3,569 3,116 (2) 6,685 Total current liabilities 38,730 3,116 41,846 Long-term operating leases, net of current portion — 14,310 14,310 Lease incentive obligation 2,154 (2,154 ) — Other long-term liabilities 2,343 (657 ) (3) 1,686 Total liabilities 44,631 14,615 59,246 Accumulated other comprehensive loss (1,707 ) (12 ) (1,719 ) Total stockholders' equity 89,638 (12 ) 89,626 Total liabilities and stockholders' equity $ 134,269 $ 14,595 (4) $ 148,864 (1) Derecognition of lease inception fees associated with certain leases previously amortized over the respective lives of those leases. (2) Net effect of derecognizing the Company's current deferred rent and lease incentive obligations as of December 31, 2018 and recognizing current operating lease liabilities. (3) Derecognition of the Company's long-term deferred rent as of December 31, 2018. (4) The resulting incremental expense due to the Company's adoption of ASC 842 was not considered significant and is recorded as rent expense in General and administrative expense in the accompanying consolidated statement of operations for the year ended December 31, 2019 . |
Lease Assets And Lease Liabilities [Table Text Block] | The following table summarizes the Company's lease assets and liabilities as of December 31, 2019 (in thousands): As of December 31, 2019 Assets Operating lease right of use assets $ 11,128 Finance lease assets, included in Property and equipment, net (1) 1,917 Total leased assets $ 13,045 Liabilities Current Operating lease liabilities, included in Other current liabilities $ 4,177 Finance lease liabilities, included in Other current liabilities 1,418 Long-term Long-term operating leases, net of current portion 9,767 Finance leases, net of current portion $ 27 Total lease liabilities $ 15,389 (1) Finance leases are presented net of accumulated amortization of $4.4 million as of December 31, 2019. |
Schedule of Lease Expense Components | The following table summarizes the components of lease expense for the year ended December 31, 2019 (in thousands): Year Ended December 31, 2019 Operating lease cost, included in General and administrative expense (1) $ 4,808 Finance lease cost: Amortization of leased assets, included in General and administrative expense 2,041 Interest on lease liabilities, included in Other income (expense), net 140 Less: sublease income, reducing rent expense in General and administrative expense (2) (168 ) Net lease cost $ 6,821 (1) Excludes short-term lease costs of $0.4 million for the year ended December 31, 2019. (2) The Company subleases space to a third party for which it anticipates receiving $0.2 million in annual rental payments during the term of the sublease agreement, which is through August 2022. |
Other Information Related To Leases [Table Text Block] | The following table summarizes other information related to leases for the year ended December 31, 2019 (in thousands): Year Ended December 31, 2019 Supplemental cash flows information Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 4,852 Operating cash outflows from finance leases 216 Financing cash outflows from finance leases 2,209 Weighted-average remaining lease term (years) Operating leases 3.20 Finance leases 1.37 Weighted-average discount rate Operating leases 5.50 % Finance leases 7.28 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table summarizes maturities of lease liabilities as of December 31, 2019 (in thousands): Operating Leases Finance Leases 2020 $ 4,840 $ 1,523 2021 4,930 16 2022 4,240 12 2023 1,227 — 2024 — — Total lease payments $ 15,237 $ 1,551 Less: imputed interest (1,294 ) (105 ) Present value of lease liabilities $ 13,943 $ 1,446 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table summarizes revenue disaggregation by product for the years ended December 31, 2019 , 2018 and 2017 (in thousands): 2019 2018 2017 (1) (2) Marketplaces $ 95,757 $ 96,321 $ 93,020 Digital Marketing 19,683 18,919 18,076 Other 14,519 15,978 11,439 $ 129,959 $ 131,218 $ 122,535 (1) As noted above, prior periods have not been adjusted for the adoption of ASC 606 and are presented in accordance with historical accounting guidance in effect for those periods. (2) Certain prior period amounts have been reclassified to conform to current period presentation. These reclassifications had no impact on the reported total revenue for the period. |
Deferred Revenue | The following table summarizes deferred revenue activity for the year ended December 31, 2019 (in thousands): Balance, beginning of period Net additions Revenue recognized from deferred revenue Balance, end of period Deferred revenue $ 24,708 100,271 (103,520 ) $ 21,459 |
Deferred Contract Costs | The following table summarizes deferred contract cost activity for the year ended December 31, 2019 (in thousands): Balance, beginning of period Additions Amortized costs (1) Balance, end of period Deferred contract costs $ 15,209 7,858 (4,653 ) $ 18,414 (1) Includes contract costs amortized to sales and marketing expense during the period and the impact from foreign currency exchange rate fluctuations. |
Financial Statement Impact | The following table summarizes the financial statement line items impacted by the Company's adoption of ASC 842 at January 1, 2019 (in thousands): Balance Sheet - select financial statement line items Ending balance Effect of the adoption of Beginning balance December 31, 2018 ASC 842 January 1, 2019 Operating lease right of use assets $ — $ 15,099 $ 15,099 Other assets 1,515 (504 ) (1) 1,011 Total assets 134,269 14,595 148,864 Other current liabilities 3,569 3,116 (2) 6,685 Total current liabilities 38,730 3,116 41,846 Long-term operating leases, net of current portion — 14,310 14,310 Lease incentive obligation 2,154 (2,154 ) — Other long-term liabilities 2,343 (657 ) (3) 1,686 Total liabilities 44,631 14,615 59,246 Accumulated other comprehensive loss (1,707 ) (12 ) (1,719 ) Total stockholders' equity 89,638 (12 ) 89,626 Total liabilities and stockholders' equity $ 134,269 $ 14,595 (4) $ 148,864 (1) Derecognition of lease inception fees associated with certain leases previously amortized over the respective lives of those leases. (2) Net effect of derecognizing the Company's current deferred rent and lease incentive obligations as of December 31, 2018 and recognizing current operating lease liabilities. (3) Derecognition of the Company's long-term deferred rent as of December 31, 2018. (4) The resulting incremental expense due to the Company's adoption of ASC 842 was not considered significant and is recorded as rent expense in General and administrative expense in the accompanying consolidated statement of operations for the year ended December 31, 2019 . |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of Income (Loss) before Income Taxes | The components of income (loss) before income taxes for the years ended December 31, 2019 , 2018 and 2017 were as follows (in thousands): 2019 2018 2017 Domestic $ 1,994 $ (10,552 ) $ (11,089 ) Foreign 2,177 3,565 (5,184 ) Total income (loss) before income taxes $ 4,171 $ (6,987 ) $ (16,273 ) |
Schedule of Provision for Income Tax Expense (Benefit) | The provision for income tax expense included the following for the years ended December 31, 2019 , 2018 and 2017 (in thousands): 2019 2018 2017 Current: Federal $ (10 ) $ (20 ) $ (39 ) Foreign 168 141 193 Total 158 121 154 Deferred: Federal — (211 ) (73 ) State (18 ) 12 15 Foreign 549 692 188 Total 531 493 130 Total tax expense $ 689 $ 614 $ 284 |
Components of Net Deferred Tax Assets (Liabilities) | The components of the Company's net deferred tax assets as of December 31, 2019 and 2018 were as follows (in thousands): 2019 2018 Deferred tax assets: Domestic tax loss carryforwards $ 31,974 $ 31,904 Foreign tax loss carryforwards 6,098 6,177 Stock-based compensation 3,129 3,707 Tax credits 3,860 3,037 Operating lease liability 3,121 — Lease incentive obligation — 790 Other assets 2,062 2,242 Valuation allowance (38,603 ) (39,040 ) Total deferred tax assets 11,641 8,817 Deferred tax liabilities: Fixed assets 821 460 Intangible assets 491 557 Capitalized contract costs 4,468 3,898 Right of use assets 2,478 — Other liabilities 21 — Total deferred tax liabilities 8,279 4,915 Net deferred tax asset $ 3,362 $ 3,902 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the difference between the effective income tax rate and the statutory federal income tax rate for the years ended December 31, 2019 , 2018 and 2017 is as follows: 2019 2018 2017 U.S. statutory federal rate 21.0 % 21.0 % 34.0 % Increase (decrease) resulting from: State taxes, net of federal benefit 3.7 7.8 2.5 Change in U.S. federal statutory rate — — (102.2 ) Nondeductible expenses 8.0 (13.5 ) (10.5 ) Effect of foreign tax rate differential 2.3 (0.5 ) (5.3 ) Uncertain tax positions 4.9 (3.3 ) (1.6 ) Research and development credit (24.8 ) 15.1 5.6 Change in valuation allowance (12.0 ) (36.4 ) 77.1 Expiration of NOL 4.0 (1.0 ) (0.2 ) Change in U.S. state statutory rate 4.0 0.6 (1.7 ) Other 5.4 1.4 0.6 Effective tax rate 16.5 % (8.8 )% (1.7 )% |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table shows the changes in unrecognized tax benefits in accordance with ASC 740-10 for the years ended December 31, 2019 , 2018 and 2017 (in thousands): 2019 2018 2017 Balance as of January 1, $ 1,408 $ 1,282 $ 766 Increases related to current tax positions 183 217 199 Increases related to prior year tax positions 20 12 317 Decreases related to prior year tax positions (10 ) (103 ) — Balance as of December 31, $ 1,601 $ 1,408 $ 1,282 |
Equity Incentive Plans and St_2
Equity Incentive Plans and Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock-Based Compensation Expense | Stock-based compensation expense is included in the following line items in the accompanying consolidated statements of operations for the years ended December 31, 2019 , 2018 and 2017 (in thousands): 2019 2018 2017 Cost of revenue $ 995 $ 911 $ 951 Sales and marketing 2,385 3,144 3,827 Research and development 1,898 2,152 2,260 General and administrative 3,698 4,391 4,909 $ 8,976 $ 10,598 $ 11,947 |
Summary of Weighted-Average Assumptions Used for Estimating Fair Value of Stock Granted | The following table summarizes the assumptions used for estimating the fair value of stock options granted for the years ended December 31, 2019 , 2018 and 2017 : 2019 2018 2017 Risk-free interest rate 1.8% - 2.5% 2.7% - 2.9% 1.4% - 2.1% Expected term (years) 6.25 6.25 6.25 Expected volatility 37% - 41% 43% 45% - 51% Dividend yield 0% 0% 0% |
Summary of Stock Option Activity | The following is a summary of the option activity for the year ended December 31, 2019 : Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in years) (in thousands) Outstanding balance at December 31, 2018 2,208,141 $ 10.57 Granted 554,545 12.07 Exercised (101,103 ) 9.63 Forfeited (363,401 ) 12.74 Expired (101,416 ) 13.99 Outstanding balance at December 31, 2019 2,196,766 $ 10.47 6.28 $ 1,478 Exercisable at December 31, 2019 1,357,114 $ 9.63 4.95 $ 1,464 Vested and expected to vest at December 31, 2019 2,047,715 $ 10.38 6.13 $ 1,475 |
Summary of Restricted Stock Units Award Activity | The following table summarizes the RSU activity for the year ended December 31, 2019 : Number of RSUs Weighted Average Grant-Date Fair Value Unvested RSUs as of December 31, 2018 2,216,430 $ 11.87 Granted 1,301,803 9.89 Vested (920,627 ) 11.11 Forfeited (510,960 ) 11.94 Unvested RSUs as of December 31, 2019 2,086,646 $ 10.93 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table summarizes the calculation of basic and diluted net income (loss) per share for the years ended December 31, 2019 , 2018 and 2017 (in thousands, except share and per share data): 2019 2018 2017 Basic: Net income (loss) $ 3,482 $ (7,601 ) $ (16,557 ) Weighted average common shares outstanding, basic 27,886,278 27,138,274 26,366,748 Basic net income (loss) per share $ 0.12 $ (0.28 ) $ (0.63 ) Diluted: Net income (loss) $ 3,482 $ (7,601 ) $ (16,557 ) Weighted average common shares outstanding, basic 27,886,278 27,138,274 26,366,748 Dilutive effect of: Stock options 167,208 — — Unvested RSUs 763,491 — — Diluted weighted average common shares outstanding 28,816,977 27,138,274 26,366,748 Diluted net income (loss) per share $ 0.12 $ (0.28 ) $ (0.63 ) |
Schedule of Securities Excluded from Calculation of Weighted Average Common Shares Outstanding | The following equity instruments have been excluded from the calculation of diluted net income (loss) per share because the effect is anti-dilutive for the years ended December 31, 2019 , 2018 and 2017 : 2019 2018 2017 Stock options 1,626,757 2,208,141 2,108,392 RSUs 278,937 2,216,430 2,481,037 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Severance Costs | These costs are included in the following line items in the accompanying consolidated statements of operations (in thousands): Year Ended December 31, 2019 Cost of revenue $ 238 Sales and marketing 369 Research and development 142 General and administrative 560 Other (expense) income, net 120 $ 1,429 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Summary of Revenue by Geography | The following table summarizes revenue by geography for the years ended December 31, 2019 , 2018 and 2017 (in thousands): 2019 2018 2017 Revenue by geography: Domestic $ 97,162 $ 99,901 $ 95,722 International 32,797 31,317 26,813 Total $ 129,959 $ 131,218 $ 122,535 |
Selected Quarterly Information
Selected Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | The following tables summarize the Company's quarterly results of operations for the years ended December 31, 2019 and 2018 (in thousands, except per share amounts): Three Months Ended, March 31, June 30, September 30, December 31, Revenue $ 31,574 $ 31,932 $ 31,678 $ 34,775 Gross profit 24,045 24,836 24,427 27,643 (Loss) income from operations (2,300 ) (1,414 ) 1,781 5,735 Net (loss) income (2,329 ) (1,338 ) 1,729 5,420 Net (loss) income per share: Basic $ (0.08 ) $ (0.05 ) $ 0.06 $ 0.19 Diluted $ (0.08 ) $ (0.05 ) $ 0.06 $ 0.19 Three Months Ended, March 31, June 30, September 30, December 31, Revenue $ 31,445 $ 32,660 $ 32,324 $ 34,789 Gross profit 24,092 25,685 24,718 27,222 (Loss) income from operations (3,151 ) (2,734 ) (2,241 ) 620 Net (loss) income (3,157 ) (2,764 ) (2,287 ) 607 Net (loss) income per share: Basic $ (0.12 ) $ (0.10 ) $ (0.08 ) $ 0.02 Diluted $ (0.12 ) $ (0.10 ) $ (0.08 ) $ 0.02 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | |
Significant Accounting Policies [Line Items] | ||||
Increase in total assets | $ 146,867,000 | $ 134,269,000 | $ 148,864,000 | |
Increase in total liabilities | 47,218,000 | 44,631,000 | 59,246,000 | |
Impairment of long-lived assets | $ 0 | 0 | ||
Number of reportable segments | segment | 1 | |||
Goodwill impairment loss | $ 0 | 0 | ||
Advertising expense | 4,200,000 | 5,700,000 | $ 5,300,000 | |
Unrecognized tax benefits, income tax penalties and interest accrued | $ 0 | $ 0 | ||
Accounting Standards Update 2016-02 | ||||
Significant Accounting Policies [Line Items] | ||||
Increase in total assets | 14,595,000 | |||
Increase in total liabilities | $ 14,615,000 |
Significant Accounting Polici_5
Significant Accounting Policies Significant Accounting Policies - Depreciation and Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Depreciation and Amortization [Line Items] | |||
Depreciation and amortization | $ 6,336 | $ 6,094 | $ 6,578 |
Cost of revenue | |||
Schedule of Depreciation and Amortization [Line Items] | |||
Depreciation and amortization | 3,942 | 3,610 | 4,019 |
Sales and marketing | |||
Schedule of Depreciation and Amortization [Line Items] | |||
Depreciation and amortization | 775 | 884 | 998 |
Research and development | |||
Schedule of Depreciation and Amortization [Line Items] | |||
Depreciation and amortization | 353 | 371 | 424 |
General and administrative | |||
Schedule of Depreciation and Amortization [Line Items] | |||
Depreciation and amortization | $ 1,266 | $ 1,229 | $ 1,137 |
Significant Accounting Polici_6
Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | $ 652 | $ 609 | $ 594 |
Additions Charged to Expense/Against Revenue | 1,147 | 991 | 727 |
Deductions | (1,066) | (948) | (712) |
Balance at End of Period | $ 733 | $ 652 | $ 609 |
Significant Accounting Polici_7
Significant Accounting Policies Significant Accounting Policies - Software Development Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||
Software development costs capitalized during period | $ 3 | $ 0.7 | |
Amortization expense related to capitalized internally developed software | 0.8 | 0.3 | $ 0.2 |
Capitalized internally developed software, net | $ 2.9 | $ 1 |
Significant Accounting Polici_8
Significant Accounting Policies - Estimated Useful Lives for Significant Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Purchased software, including capitalized software development costs | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Computer hardware | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Minimum | Furniture and office equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Maximum | Furniture and office equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Significant Accounting Polici_9
Significant Accounting Policies - Estimated Useful Lives Used in Computing Amortization (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Customer relationships | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible asset | 7 years |
Acquired technology | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible asset | 7 years |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 32,599 | $ 38,902 |
Less: accumulated depreciation | (23,002) | (26,895) |
Property and equipment, net | 9,597 | 12,007 |
Purchased software, including capitalized software development costs | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 13,965 | 16,239 |
Computer hardware | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 8,975 | 12,292 |
Furniture and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 2,369 | 2,518 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 7,244 | 7,396 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 46 | $ 457 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 5.7 | $ 5.5 | $ 6 |
Loss on disposal of property and equipment | 0.4 | ||
Computer Hardware, Furniture and Office Equipment and Leasehold Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Disposals | 10 | 4.9 | |
Accumulated depreciation | $ 9.6 | 4.9 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Disposals | 0.8 | ||
Accumulated depreciation | 0.3 | ||
Lease incentive obligation reduction | $ 0.5 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Change to goodwill in the period | $ 0 | ||
Amortization expense | $ 600,000 | $ 600,000 | $ 600,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,260 | $ 4,260 |
Accumulated Amortization | (2,975) | (2,366) |
Net Carrying Amount | $ 1,285 | $ 1,894 |
Weighted Average Useful Life (in years) | 7 years | 7 years |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,230 | $ 2,230 |
Accumulated Amortization | (1,598) | (1,279) |
Net Carrying Amount | $ 632 | $ 951 |
Weighted Average Useful Life (in years) | 7 years | 7 years |
Acquired technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,030 | $ 2,030 |
Accumulated Amortization | (1,377) | (1,087) |
Net Carrying Amount | $ 653 | $ 943 |
Weighted Average Useful Life (in years) | 7 years | 7 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Expected Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2019 | $ 609 | |
2020 | 518 | |
2021 | 66 | |
2022 | 66 | |
2023 | 26 | |
Net Carrying Amount | $ 1,285 | $ 1,894 |
Leases Components of Lease Expe
Leases Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Lease Assets And Lease Liabilities [Line Items] | |||||
Operating Lease, Cost | $ 4,808 | ||||
Operating lease right of use assets | 11,128 | $ 15,099 | |||
Finance Lease, Right-of-Use Asset | 1,917 | ||||
Operating and Finance Lease, Right of Use Asset | 13,045 | ||||
Operating Lease, Liability, Current | 4,177 | ||||
Finance Lease, Liability, Current | 1,418 | ||||
Long-term operating leases, net of current portion | 9,767 | 14,310 | |||
Long-term finance leases, net of current portion | 27 | $ 1,404 | |||
Operating and Finance Lease, Lease Liability | 15,389 | ||||
Finance Lease, Right-of-Use Asset, Amortization | 2,041 | ||||
Finance Lease, Interest Expense | 140 | ||||
Sublease Income | (168) | ||||
Lease, Cost | 6,821 | ||||
Other assets, noncurrent | 614 | 1,011 | 1,515 | ||
Total assets | 146,867 | 148,864 | 134,269 | ||
Other current liabilities | 6,431 | 6,685 | 3,569 | ||
Total current liabilities | 36,417 | 41,846 | 38,730 | ||
Lease incentive obligation | 0 | 0 | 2,154 | ||
Other long-term liabilities | 1,007 | 1,686 | 2,343 | ||
Total liabilities | 47,218 | 59,246 | 44,631 | ||
Accumulated other comprehensive loss | (1,740) | (1,719) | (1,707) | ||
Stockholders' Equity Attributable to Parent | 99,649 | 89,626 | 89,638 | $ 81,911 | $ 86,997 |
Total liabilities and stockholders' equity | $ 146,867 | 148,864 | 134,269 | ||
Previous Accounting Guidance [Member] | |||||
Lease Assets And Lease Liabilities [Line Items] | |||||
Other assets, noncurrent | 1,515 | ||||
Total assets | 134,269 | ||||
Other current liabilities | 3,569 | ||||
Total current liabilities | 38,730 | ||||
Lease incentive obligation | 2,154 | ||||
Other long-term liabilities | 2,343 | ||||
Total liabilities | 44,631 | ||||
Accumulated other comprehensive loss | (1,707) | ||||
Stockholders' Equity Attributable to Parent | 89,638 | ||||
Total liabilities and stockholders' equity | $ 134,269 | ||||
Accounting Standards Update 2016-02 | |||||
Lease Assets And Lease Liabilities [Line Items] | |||||
Operating lease right of use assets | 15,099 | ||||
Long-term operating leases, net of current portion | 14,310 | ||||
Other assets, noncurrent | (504) | ||||
Total assets | 14,595 | ||||
Other current liabilities | 3,116 | ||||
Total current liabilities | 3,116 | ||||
Lease incentive obligation | (2,154) | ||||
Other long-term liabilities | (657) | ||||
Total liabilities | 14,615 | ||||
Accumulated other comprehensive loss | (12) | ||||
Stockholders' Equity Attributable to Parent | (12) | ||||
Total liabilities and stockholders' equity | $ 14,595 |
Leases Other Information Relate
Leases Other Information Related To Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating Lease, Payments | $ 4,852 |
Finance Lease, Interest Payment on Liability | 216 |
Finance Lease, Principal Payments | $ 2,209 |
Operating Lease, Weighted Average Remaining Lease Term | 3 years 2 months 12 days |
Finance Lease, Weighted Average Remaining Lease Term | 1 year 4 months 13 days |
Operating Lease, Weighted Average Discount Rate, Percent | 5.50% |
Finance Lease, Weighted Average Discount Rate, Percent | 7.28% |
Leases Maturities of Lease Liab
Leases Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 4,840 |
Finance Lease, Liability, Payments, Due in Next Rolling Twelve Months | 1,523 |
Lessee, Operating Lease, Liability, Payments, Due | 15,237 |
Finance Lease, Liability, Payment, Due | 1,551 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 4,930 |
Finance Lease, Liability, Payments, Due Year Two | 16 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 4,240 |
Finance Lease, Liability, Payments, Due Year Three | 12 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 1,227 |
Finance Lease, Liability, Payments, Due Year Four | 0 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 0 |
Finance Lease, Liability, Payments, Due Year Five | 0 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (1,294) |
Finance Lease, Liability, Undiscounted Excess Amount | (105) |
Operating Lease, Liability | 13,943 |
Finance Lease, Liability | $ 1,446 |
Commitments and Contingencies -
Commitments and Contingencies - Litigation and Other Contingencies (Details) - Sales Tax Obligations - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Loss Contingencies [Line Items] | ||
Indirect taxes accrual | $ 2.5 | |
Loss contingency accrual, payments | $ 2.5 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 34,775 | $ 31,678 | $ 31,932 | $ 31,574 | $ 34,789 | $ 32,324 | $ 32,660 | $ 31,445 | $ 129,959 | $ 131,218 | $ 122,535 |
Marketplaces | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 95,757 | 96,321 | 93,020 | ||||||||
Digital Marketing | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 19,683 | 18,919 | 18,076 | ||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 14,519 | $ 15,978 | $ 11,439 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Cumulative effect of accounting change | [1] | $ 7,501 | |||||
Deferred contract costs | $ 3,146 | ||||||
Deferred revenue | (3,383) | $ (3,765) | $ 3,581 | ||||
Deferred income taxes | $ 531 | 493 | $ 130 | ||||
Payment period | 30 days | ||||||
Contract period | 12 months | ||||||
Revenue | $ 130,000 | $ 103,520 | |||||
Deferred revenue | 21,000 | $ 24,205 | $ 24,205 | $ 22,400 | |||
Capitalized contract cost, net | $ 18,414 | $ 15,209 | |||||
Capitalized contract cost, amortization period | 5 years | 5 years | |||||
Marketplaces and Digital Marketing | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Contract period | 1 year | ||||||
Accumulated Deficit | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Cumulative effect of accounting change | [1] | 7,501 | |||||
Accounting Standards Update 2014-09 | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Deferred contract costs | 8,700 | ||||||
Deferred revenue | (600) | ||||||
Deferred income taxes | (600) | ||||||
Accounting Standards Update 2014-09 | Accumulated Deficit | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Cumulative effect of accounting change | $ 7,500 | ||||||
Prepaid Expenses and Other Current Assets | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Capitalized contract cost, net | $ 5,600 | ||||||
[1] | Refer to Note 7, "Revenue from Contracts with Customers," for additional information regarding the effect of the adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), or ASC 606, and adjustments to accumulated deficit upon adoption. |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Transaction Price Allocated to Future Performance Obligations (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Contract period | 12 months |
Remaining performance obligation | $ 26.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 16.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation period | 12 months |
Marketplaces and Digital Marketing | |
Revenue from Contract with Customer [Abstract] | |
Contract period | 1 year |
Marketplaces and Digital Marketing | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation period | 1 year |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Deferred Revenue (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred revenue | ||
As of January 1, 2018 (adjusted) | $ 21,459 | $ 24,708 |
Net additions | 100,271 | |
Revenue recognized | $ (130,000) | (103,520) |
As of December 31, 2018 | $ 21,459 |
Revenue from Contracts with C_7
Revenue from Contracts with Customers - Costs to Obtain Contracts (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Deferred contract costs | |
As of January 1, 2018 (adjusted) | $ 15,209 |
Additions | 7,858 |
Amortized costs | (4,653) |
As of December 31, 2018 | $ 18,414 |
Income Taxes - Components of In
Income Taxes - Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 1,994 | $ (10,552) | $ (11,089) |
Foreign | 2,177 | 3,565 | (5,184) |
Income (loss) before income taxes | $ 4,171 | $ (6,987) | $ (16,273) |
Income Taxes - Provision for In
Income Taxes - Provision for Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
Federal | $ (10) | $ (20) | $ (39) |
Foreign | 168 | 141 | 193 |
Total | 158 | 121 | 154 |
Deferred: | |||
Federal | 0 | (211) | (73) |
State | (18) | 12 | 15 |
Foreign | 549 | 692 | 188 |
Total | 531 | 493 | 130 |
Total tax expense | $ 689 | $ 614 | $ 284 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | Jan. 01, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)return | Dec. 31, 2017USD ($) |
Operating Loss Carryforwards [Line Items] | ||||
Foreign current income tax expense in other comprehensive loss | $ 100,000 | |||
Deferred income taxes | 531,000 | $ 493,000 | $ 130,000 | |
Increase (decrease) in valuation allowance | 1,000,000 | |||
Undistributed foreign earnings, deferred tax liability | $ 0 | |||
Undistributed earnings of foreign subsidiaries | $ 0 | $ 0 | ||
U.S. statutory federal rate | 21.00% | 21.00% | 34.00% | |
Deferred tax asset, provisional income tax expense (benefit) | $ 16,600,000 | |||
Reduction of valuation allowance | 16,700,000 | |||
Provisional income tax expense (benefit) | $ 100,000 | |||
Unrecognized tax benefits that would impact effective tax rate | $ 0 | |||
Unrecognized tax benefits, income tax penalties and interest accrued | $ 0 | $ 0 | ||
Number of income tax returns under examination | return | 0 | |||
Deferred Tax Assets from Current Operations | ||||
Operating Loss Carryforwards [Line Items] | ||||
Increase (decrease) in valuation allowance | $ 2,400,000 | |||
Accounting Standards Update 2014-09 | ||||
Operating Loss Carryforwards [Line Items] | ||||
Deferred tax liabilities | $ 2,000,000 | |||
Deferred income taxes | (600,000) | |||
Increase (decrease) in valuation allowance | $ (1,400,000) | |||
Federal | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 128,700,000 | 127,200,000 | ||
Tax credit carryforward | 5,100,000 | 4,000,000 | ||
State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 151,100,000 | 154,500,000 | ||
Foreign | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | $ 32,300,000 | $ 32,600,000 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Increase (decrease) in valuation allowance | $ 1,000 | ||
Reduction of valuation allowance | $ 16,700 | ||
Deferred tax assets: | |||
Domestic tax loss carryforwards | 31,904 | $ 31,974 | |
Foreign tax loss carryforwards | 6,177 | 6,098 | |
Stock-based compensation | 3,707 | 3,129 | |
Tax credits | 3,037 | 3,860 | |
Operating lease liability | 3,121 | ||
Lease incentive obligation | 790 | 0 | |
Other assets | 2,242 | 2,062 | |
Valuation allowance | (39,040) | (38,603) | |
Total deferred tax assets | 8,817 | 11,641 | |
Deferred tax liabilities: | |||
Fixed assets | 460 | 821 | |
Intangible assets | 557 | 491 | |
Capitalized contract costs | 3,898 | 4,468 | |
Right of use assets | 2,478 | ||
Deferred Tax Liabilities, Other | 0 | 21 | |
Total deferred tax liabilities | 4,915 | 8,279 | |
Net deferred tax asset | $ 3,902 | $ 3,362 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. statutory federal rate | 21.00% | 21.00% | 34.00% |
Increase (decrease) resulting from: | |||
State taxes, net of federal benefit | 3.70% | 7.80% | 2.50% |
Change in U.S. federal statutory rate | 0.00% | 0.00% | (102.20%) |
Nondeductible expenses | 8.00% | (13.50%) | (10.50%) |
Effect of foreign tax rate differential | 2.30% | (0.50%) | (5.30%) |
Uncertain tax positions | 4.90% | (3.30%) | (1.60%) |
Research and development credit | (24.80%) | 15.10% | 5.60% |
Change in valuation allowance | (12.00%) | (36.40%) | 77.10% |
Expiration of NOL | 4.00% | (1.00%) | (0.20%) |
Change in U.S. state statutory rate | 4.00% | 0.60% | (1.70%) |
Other | 5.40% | 1.40% | 0.60% |
Effective tax rate | 16.50% | (8.80%) | (1.70%) |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits | |||
Balance as of January 1 | $ 1,408 | $ 1,282 | $ 766 |
Increases related to current tax positions | 183 | 217 | 199 |
Increases related to prior year tax positions | 20 | 12 | 317 |
Decreases related to prior year tax positions | (10) | (103) | 0 |
Balance as of December 31 | $ 1,601 | $ 1,408 | $ 1,282 |
Equity Incentive Plans and St_3
Equity Incentive Plans and Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jan. 01, 2020 | May 31, 2013 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average grant date fair value (in dollars per share) | $ 4.51 | $ 5.98 | $ 4.17 | ||
Total fair value of stock options vested during period | $ 1.8 | $ 1.5 | $ 1.2 | ||
Options, compensation cost not yet recognized | $ 1.5 | ||||
Unrecognized compensation cost related to nonvested awards, weighted-average period recognized | 1 year 9 months 18 days | ||||
Aggregate intrinsic value of stock options exercised | $ 0.2 | $ 0.6 | $ 0.5 | ||
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost related to nonvested awards, weighted-average period recognized | 1 year 10 months 24 days | ||||
Nonvested RSUs, compensation cost not yet recognized | $ 9.5 | ||||
2013 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares reserved for issuance (in shares) | 1,250,000 | ||||
Common stock reserved for issuance increase, automatic increase, term | 10 years | ||||
Number of shares reserved for issuance, automatic increase, percent of common stock outstanding of preceding calendar year (in shares) | 5.00% | ||||
Number of shares available for future grant (in shares) | 2,608,909 | ||||
Subsequent Event | 2013 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of additional shares authorized (in shares) | 1,403,873 |
Equity Incentive Plans and St_4
Equity Incentive Plans and Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock-Based Compensation [Line Items] | |||
Share-based compensation expense | $ 8,976 | $ 10,598 | $ 11,947 |
Cost of revenue | |||
Stock-Based Compensation [Line Items] | |||
Share-based compensation expense | 995 | 911 | 951 |
Sales and marketing | |||
Stock-Based Compensation [Line Items] | |||
Share-based compensation expense | 2,385 | 3,144 | 3,827 |
Research and development | |||
Stock-Based Compensation [Line Items] | |||
Share-based compensation expense | 1,898 | 2,152 | 2,260 |
General and administrative | |||
Stock-Based Compensation [Line Items] | |||
Share-based compensation expense | $ 3,698 | $ 4,391 | $ 4,909 |
Equity Incentive Plans and St_5
Equity Incentive Plans and Stock-Based Compensation - Summary of Weighted-Average Assumptions Used for Estimating Fair Value of Stock Granted (Detail) - Stock Options | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (years) | 6 years 3 months | 6 years 3 months | 6 years 3 months |
Expected volatility | 37.00% | ||
Dividend yield | 0.00% | 0.00% | 0.00% |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.80% | 2.70% | 1.40% |
Expected volatility | 43.00% | 45.00% | |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.50% | 2.90% | 2.10% |
Expected volatility | 41.00% | 51.00% |
Equity Incentive Plans and St_6
Equity Incentive Plans and Stock-Based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Number of Options | |
Outstanding beginning of period (in shares) | shares | 2,208,141 |
Granted (in shares) | shares | 554,545 |
Exercised (in shares) | shares | (101,103) |
Forfeited (in shares) | shares | (363,401) |
Expired (in shares) | shares | (101,416) |
Outstanding end of period (in shares) | shares | 2,196,766 |
Exercisable (in shares) | shares | 1,357,114 |
Vested and expected to vest (in shares) | shares | 2,047,715 |
Weighted Average Exercise Price | |
Outstanding beginning of period (in dollars per share) | $ / shares | $ 10.57 |
Granted (in dollars per share) | $ / shares | 12.07 |
Exercised (in dollars per share) | $ / shares | 9.63 |
Forfeited (in dollars per share) | $ / shares | 12.74 |
Expired (in dollars per share) | $ / shares | 13.99 |
Outstanding end of period (in dollars per share) | $ / shares | 10.47 |
Exercisable (in dollars per share) | $ / shares | 9.63 |
Vested and expected to vest (in dollars per share) | $ / shares | $ 10.38 |
Weighted Average Remaining Contractual Term | |
Outstanding | 6 years 3 months 10 days |
Exercisable | 4 years 11 months 12 days |
Vested and expected to vest | 6 years 1 month 17 days |
Aggregate Intrinsic Value | |
Ending balance | $ | $ 1,478 |
Exercisable | $ | 1,464 |
Vested and expected to vest | $ | $ 1,475 |
Equity Incentive Plans and St_7
Equity Incentive Plans and Stock-Based Compensation - Summary of Restricted Stock Units Activity (Detail) - RSUs - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Number of RSUs | ||
Unvested RSUs as of beginning of period (in shares) | 2,216,430 | |
Granted (in shares) | 1,301,803 | |
Vested (in shares) | (920,627) | |
Forfeited (in shares) | (510,960) | |
Unvested RSUs as of end of period (in shares) | 2,086,646 | 2,216,430 |
Weighted average grant date fair value | ||
Unvested RSU's as of beginning of period (in dollars per share) | $ 11.87 | |
Granted (in dollars per share) | 9.89 | |
Vested (in dollars per share) | $ 11.11 | |
Forfeited (in dollars per share) | 11.94 | |
Unvested RSU's as of end of period (in dollars per share) | $ 10.93 | $ 11.87 |
Net Income (Loss) Per Share N_2
Net Income (Loss) Per Share Net Income (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Net income (loss) | $ 5,420,000 | $ 1,729,000 | $ (1,338,000) | $ (2,329,000) | $ 607,000 | $ (2,287,000) | $ (2,764,000) | $ (3,157,000) | $ 3,482,000 | $ (7,601,000) | $ (16,557,000) | $ (16,557,000) |
Weighted Average Number of Shares Outstanding, Basic | 27,886,278 | 27,138,274 | 26,366,748 | |||||||||
Basic (in dollars per share) | $ 0.19 | $ 0.06 | $ (0.05) | $ (0.08) | $ 0.02 | $ (0.08) | $ (0.10) | $ (0.12) | $ 0.12 | $ (0.28) | $ (0.63) | |
Weighted Average Number of Shares Outstanding, Diluted | 28,816,977 | 27,138,274 | 26,366,748 | |||||||||
Diluted (in dollars per share) | $ 0.19 | $ 0.06 | $ (0.05) | $ (0.08) | $ (0.12) | $ (0.10) | $ (0.08) | $ 0.02 | $ 0.12 | $ (0.28) | $ (0.63) | |
Stock Options | ||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 167,208 | 0 | 0 | |||||||||
RSUs | ||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 763,491 | 0 | 0 |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Schedule of Securities Excluded from Calculation of Weighted Average Common Shares Outstanding (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from calculation of weighted average common shares outstanding (in shares) | 1,626,757 | 2,208,141 | 2,108,392 |
RSUs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from calculation of weighted average common shares outstanding (in shares) | 278,937 | 2,216,430 | 2,481,037 |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||
Reduction in global workforce, percent | 10.00% | |
Severance costs | $ 1,429 | |
Cost of revenue | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance costs | 238 | |
Sales and marketing | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance costs | 369 | |
Research and development | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance costs | 142 | |
General and administrative | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance costs | 560 | |
Other (expense) income, net | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance costs | $ 120 |
Segment and Geographic Inform_3
Segment and Geographic Information - Summary of Revenue by Geography (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue by geography: | |||||||||||
Revenue | $ 34,775 | $ 31,678 | $ 31,932 | $ 31,574 | $ 34,789 | $ 32,324 | $ 32,660 | $ 31,445 | $ 129,959 | $ 131,218 | $ 122,535 |
Domestic | |||||||||||
Revenue by geography: | |||||||||||
Revenue | 97,162 | 99,901 | 95,722 | ||||||||
International | |||||||||||
Revenue by geography: | |||||||||||
Revenue | $ 32,797 | $ 31,317 | $ 26,813 |
Segment and Geographic Inform_4
Segment and Geographic Information - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Segment Reporting [Abstract] | |||||||||||
Number of reportable segments | segment | 1 | ||||||||||
Number of operating segments | segment | 1 | ||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | $ | $ 34,775 | $ 31,678 | $ 31,932 | $ 31,574 | $ 34,789 | $ 32,324 | $ 32,660 | $ 31,445 | $ 129,959 | $ 131,218 | $ 122,535 |
United Kingdom | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | $ | $ 13,000 | $ 12,300 | $ 11,700 |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Employer contributions | $ 1.7 | $ 1.7 | $ 1.5 |
Selected Quarterly Informatio_2
Selected Quarterly Information (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Revenue | $ 34,775,000 | $ 31,678,000 | $ 31,932,000 | $ 31,574,000 | $ 34,789,000 | $ 32,324,000 | $ 32,660,000 | $ 31,445,000 | $ 129,959,000 | $ 131,218,000 | $ 122,535,000 | |
Gross profit | 27,643,000 | 24,427,000 | 24,836,000 | 24,045,000 | 27,222,000 | 24,718,000 | 25,685,000 | 24,092,000 | 100,951,000 | 101,717,000 | 93,433,000 | |
Income (loss) from operations | 5,735,000 | 1,781,000 | (1,414,000) | (2,300,000) | 620,000 | (2,241,000) | (2,734,000) | (3,151,000) | 3,802,000 | (7,506,000) | (16,578,000) | |
Net income (loss) | $ 5,420,000 | $ 1,729,000 | $ (1,338,000) | $ (2,329,000) | $ 607,000 | $ (2,287,000) | $ (2,764,000) | $ (3,157,000) | $ 3,482,000 | $ (7,601,000) | $ (16,557,000) | $ (16,557,000) |
Net (loss) income per share: | ||||||||||||
Basic (in dollars per share) | $ 0.19 | $ 0.06 | $ (0.05) | $ (0.08) | $ 0.02 | $ (0.08) | $ (0.10) | $ (0.12) | $ 0.12 | $ (0.28) | $ (0.63) | |
Diluted (in dollars per share) | $ 0.19 | $ 0.06 | $ (0.05) | $ (0.08) | $ (0.12) | $ (0.10) | $ (0.08) | $ 0.02 | $ 0.12 | $ (0.28) | $ (0.63) |
Uncategorized Items - ecom-2019
Label | Element | Value |
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | $ 11,947,000 |
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation | 1,428,000 |
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation | $ 2,727,000 |