Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | TTGT | |
Entity Registrant Name | TechTarget Inc | |
Entity Central Index Key | 0001293282 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 27,595,866 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 38,851 | $ 34,673 |
Short-term investments | 500 | |
Accounts receivable, net of allowance for doubtful accounts of $2,317 and $2,099 as of March 31, 2019 and December 31, 2018, respectively | 25,250 | 30,042 |
Prepaid taxes | 620 | 1,834 |
Prepaid expenses and other current assets | 3,544 | 3,069 |
Total current assets | 68,265 | 70,118 |
Property and equipment, net | 11,627 | 10,901 |
Goodwill | 93,727 | 93,687 |
Intangible assets, net | 809 | 849 |
Operating lease assets with right-of-use | 26,873 | |
Deferred tax assets | 307 | 55 |
Other assets | 1,004 | 853 |
Total assets | 202,612 | 176,463 |
Current liabilities: | ||
Accounts payable | 1,987 | 1,871 |
Current operating lease liability | 2,438 | |
Current portion of term loan | 1,241 | 1,241 |
Accrued expenses and other current liabilities | 2,386 | 3,260 |
Accrued compensation expenses | 842 | 2,432 |
Income taxes payable | 157 | 176 |
Contract liabilities | 5,594 | 5,573 |
Total current liabilities | 14,645 | 14,553 |
Long-term liabilities: | ||
Long-term portion of term loan | 23,404 | 23,714 |
Non-current operating lease liability | 28,894 | |
Deferred rent | 4,949 | |
Deferred tax liabilities | 544 | 662 |
Total liabilities | 67,487 | 43,878 |
Commitments and contingencies (see Note 9) | ||
Stockholders’ equity: | ||
Preferred stock, 5,000,000 shares authorized; no shares issued or outstanding | ||
Common stock, $0.001 par value per share, 100,000,000 shares authorized, 54,246,261 shares issued and 27,693,293 shares outstanding at March 31, 2019 and 54,117,325 shares issued and 27,791,045 shares outstanding at December 31, 2018 | 54 | 54 |
Treasury stock, 26,552,968 shares at March 31, 2019 and 26,326,280 shares at December 31, 2018, at cost | (181,030) | (177,905) |
Additional paid-in capital | 309,348 | 307,014 |
Accumulated other comprehensive loss | (174) | (215) |
Retained earnings | 6,927 | 3,637 |
Total stockholders’ equity | 135,125 | 132,585 |
Total liabilities and stockholders’ equity | $ 202,612 | $ 176,463 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts, accounts receivable | $ 2,317 | $ 2,099 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 54,246,261 | 54,117,325 |
Common stock, shares outstanding | 27,693,293 | 27,791,045 |
Treasury stock, shares | 26,552,968 | 26,326,280 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Income Statement [Abstract] | |||
Revenues | $ 29,972 | $ 27,299 | |
Cost of revenues | [1] | 7,012 | 6,725 |
Gross profit | 22,960 | 20,574 | |
Operating expenses: | |||
Selling and marketing | [1] | 12,446 | 11,355 |
Product development | [1] | 1,987 | 2,118 |
General and administrative | [1] | 3,022 | 3,399 |
Depreciation and amortization, excluding depreciation of $13 included in cost of revenues in 2019 | 1,130 | 1,108 | |
Total operating expenses | 18,585 | 17,980 | |
Operating income | 4,375 | 2,594 | |
Interest and other expense, net | (137) | (200) | |
Income before provision for income taxes | 4,238 | 2,394 | |
Provision for income taxes | 948 | 300 | |
Net income | 3,290 | 2,094 | |
Other comprehensive income, net of tax: | |||
Unrealized gain on investments (net of tax provision of $1, 2018) | 4 | ||
Foreign currency translation gain | 41 | 134 | |
Other comprehensive income | 41 | 138 | |
Comprehensive income | $ 3,331 | $ 2,232 | |
Net income per common share: | |||
Basic | $ 0.12 | $ 0.08 | |
Diluted | $ 0.12 | $ 0.07 | |
Weighted average common shares outstanding: | |||
Basic | 27,805 | 27,513 | |
Diluted | 28,206 | 28,512 | |
[1] | Amounts include stock-based compensation expense as follows: Cost of revenues $40 $31 Selling and marketing 1,691 827 Product development 92 20 General and administrative 639 624 |
Consolidated Statements of In_2
Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Depreciation included in cost of revenues | $ 13 | $ 13 |
Unrealized gain (loss) on investments, tax effect | 1 | |
Cost of Revenues [Member] | ||
Allocated stock-based compensation expense | 40 | 31 |
Selling and Marketing [Member] | ||
Allocated stock-based compensation expense | 1,691 | 827 |
Product Development [Member] | ||
Allocated stock-based compensation expense | 92 | 20 |
General and Administrative [Member] | ||
Allocated stock-based compensation expense | $ 639 | $ 624 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive (Loss) [Member] | Retained Earnings [Member] |
Beginning balance at Dec. 31, 2017 | $ 120,746 | $ 53 | $ (170,816) | $ 300,763 | $ 64 | $ (9,318) |
Beginning balance, shares at Dec. 31, 2017 | 53,338,297 | 25,855,182 | ||||
Issuance of common stock from exercise of options | 406 | 406 | ||||
Issuance of common stock from exercise of options, shares | 74,375 | |||||
Issuance of common stock from restricted stock awards, shares | 38,180 | |||||
Purchase of common stock through stock buyback | (1,613) | $ (1,613) | ||||
Purchase of common stock through stock buyback, shares | 112,303 | |||||
Impact of net settlements | (522) | (522) | ||||
Stock-based compensation expense | 1,501 | 1,501 | ||||
Comprehensive income: | ||||||
Unrealized gain on investments | 4 | 4 | ||||
Unrealized gain on foreign currency exchange | 134 | 134 | ||||
Net income | 2,094 | 2,094 | ||||
Comprehensive income | 2,232 | |||||
Ending balance at Mar. 31, 2018 | 122,750 | $ 53 | $ (172,429) | 302,148 | 202 | (7,224) |
Ending balance, shares at Mar. 31, 2018 | 53,450,852 | 25,967,485 | ||||
Beginning balance at Dec. 31, 2018 | 132,585 | $ 54 | $ (177,905) | 307,014 | (215) | 3,637 |
Beginning balance, shares at Dec. 31, 2018 | 54,117,325 | 26,326,280 | ||||
Issuance of common stock from exercise of options | $ 23 | 23 | ||||
Issuance of common stock from exercise of options, shares | 10,000 | 10,000 | ||||
Issuance of common stock from restricted stock awards, shares | 112,545 | |||||
Purchase of common stock through stock buyback | $ (3,125) | $ (3,125) | ||||
Purchase of common stock through stock buyback, shares | 220,297 | |||||
Impact of net settlements | (868) | (868) | ||||
Impact of net settlements, shares | 6,391 | 6,391 | ||||
Stock-based compensation expense | 3,179 | 3,179 | ||||
Comprehensive income: | ||||||
Unrealized gain on foreign currency exchange | 41 | 41 | ||||
Net income | 3,290 | 3,290 | ||||
Comprehensive income | 3,331 | |||||
Ending balance at Mar. 31, 2019 | $ 135,125 | $ 54 | $ (181,030) | $ 309,348 | $ (174) | $ 6,927 |
Ending balance, shares at Mar. 31, 2019 | 54,246,261 | 26,552,968 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating activities: | ||
Net income | $ 3,290 | $ 2,094 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,143 | 1,108 |
Provision for bad debt | 210 | 245 |
Amortization of investment premiums | 34 | |
Stock-based compensation | 2,462 | 1,502 |
Amortization of debt issuance costs | 2 | 28 |
Deferred tax provision | (362) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 4,582 | (646) |
Prepaid expenses and other current assets | (714) | (859) |
Other assets | (145) | 1 |
Accounts payable | 115 | 306 |
Income taxes payable | 1,038 | 490 |
Accrued expenses and other current liabilities | (880) | (446) |
Operating lease right-of-use, net | (84) | |
Accrued compensation expenses | (874) | (413) |
Contract liabilities | 22 | 382 |
Other liabilities | (1) | (31) |
Net cash provided by operating activities | 9,804 | 3,795 |
Investing activities: | ||
Purchases of property and equipment, and other capitalized assets | (1,833) | (2,598) |
Proceeds from sales and maturities of investments | 500 | 2,500 |
Net cash used in investing activities | (1,333) | (98) |
Financing activities: | ||
Tax withholdings related to net share settlements | (868) | (522) |
Purchase of treasury shares and related costs | (3,125) | (1,613) |
Proceeds from exercise of stock options | 23 | 406 |
Term loan principal payment | (313) | (2,500) |
Net cash used in financing activities | (4,283) | (4,229) |
Effect of exchange rate changes on cash and cash equivalents | (10) | (12) |
Net increase (decrease) in cash and cash equivalents | 4,178 | (544) |
Cash and cash equivalents at beginning of period | 34,673 | 25,966 |
Cash and cash equivalents at end of period | 38,851 | 25,422 |
Supplemental disclosure of cash flow information: | ||
Cash paid for taxes, net | $ 121 | 62 |
Property and equipment included in accounts payable and in accrued expenses and other liabilities | $ 429 |
Organization and Operations
Organization and Operations | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Operations | 1. Organization and Operations TechTarget, Inc. and its subsidiaries (the “Company”) is a leading provider of specialized online content for buyers of enterprise information technology (“IT”) products and services, and a leading provider of purchase-intent marketing and sales services for enterprise technology vendors. The Company’s service offerings enable technology vendors to better identify, reach, and influence corporate IT decision makers actively researching specific IT purchases. The Company improves vendors’ ability to impact these audiences for business growth using advanced targeting, analytics, and data services complemented with customized marketing programs that integrate demand generation and brand advertising techniques. The Company operates a network of over 140 websites, each of which focuses on a specific IT sector such as storage, security, or networking. IT and business professionals have become increasingly specialized, and they have come to rely on the Company’s sector-specific websites for purchasing decision support. The Company’s content platform enables IT and business professionals to navigate the complex and rapidly changing IT landscape where purchasing decisions can have significant financial and operational consequences. At critical stages of the purchase decision process, these content offerings, through different channels, meet IT and business professionals’ needs for expert, peer, and IT vendor information and provide a platform on which IT vendors can launch targeted marketing campaigns which generate measurable return on investment. Based upon the logical clustering of members’ respective job responsibilities and the marketing focus of the products being promoted by the Company’s customers, the Company categorizes its content offerings to address the key market opportunities and audience extensions across a portfolio of distinct market categories including: Security; Networking; Storage; Data Center and Virtualization Technologies; CIO/IT Strategy; Business Applications and Analytics; Application Architecture and Development; and ANCL Channel. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The accompanying consolidated financial statements reflect the application of certain significant accounting policies as described below and elsewhere in these Notes to Consolidated Financial Statements. The Company’s critical accounting policies are those that affect its more significant judgments used in the preparation of its consolidated financial statements. A description of the Company’s critical accounting policies and estimates is contained in its Annual Report on Form 10-K for the fiscal year ended December 31, 2018, and in this note to the consolidated financial statements. There were no material changes to the Company’s critical accounting policies and use of estimates during the first three months of 2019, other than those related to leases resulting from the adoption of a new accounting pronouncement, as described in this Note 2 under “Leases”. Principles of Consolidation The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, TechTarget Securities Corporation (“TSC”), TechTarget Limited, TechTarget (HK) Limited (“TTGT HK”), TechTarget (Australia) Pty Ltd., TechTarget (Singapore) Pte Ltd., E-Magine Médias SAS (“LeMagIT”) and TechTarget Germany GmbH. TSC is a Massachusetts corporation. TechTarget Limited is a subsidiary doing business principally in the United Kingdom. TTGT HK is a subsidiary incorporated in Hong Kong in order to facilitate the Company’s activities in the Asia-Pacific region. In 2018, TechTarget modified its PRC operations consolidating its activities with other TechTarget locations. TechTarget (Beijing) Information Technology Consulting Co. Ltd. (“TTGT Consulting”) and Keji Wangtuo Information Technology Co., Ltd., (“KWIT”), which were incorporated under the laws of the People’s Republic of China (“PRC”), were closed during 2018. TechTarget (Australia) Pty Ltd. and TechTarget (Singapore) Pte Ltd. are the entities through which the Company does business in Australia and Singapore, respectively; LeMagIT and TechTarget Germany GmbH, both wholly-owned subsidiaries of TechTarget Limited, are entities through which the Company does business in France and Germany, respectively. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted (Generally Accepted Accounting Principles or “ ” “U.S.” Reclassifications The Company historically presented depreciation expense and amortization expense as separate line items on the Consolidated Statements of Income and Comprehensive Income. Due to the immateriality of amortization expense, the Company has combined these expenses into a single line item. This reclassification had no effect on total operating expenses or net income. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to revenues, long-lived assets, goodwill, the allowance for doubtful accounts, stock-based compensation, self-insurance accruals, and income taxes. The Company reduces its accounts receivable for an allowance for doubtful accounts based on its best estimate of the amount of probable credit losses. Estimates of the carrying value of certain assets and liabilities are based on historical experience and on various other assumptions that the Company believes to be reasonable. Actual results could differ from those estimates. Revenue Recognition The Company generates its revenues from the sale of targeted marketing and advertising campaigns, which it delivers via its network of websites and data analytics solutions. Revenue is recognized when performance obligations are satisfied by transferring promised goods or services to customers, as determined by applying a five-step process consisting of: a) identifying the contract, or contracts, with a customer, b) identifying the performance obligations in the contract, c) determining the transaction price, d) allocating the transaction price to the performance obligations in the contract, and e) recognizing revenue when, or as, performance obligations are satisfied. Recent Accounting Pronouncements Recently Adopted Accounting Guidance In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the Consolidated Statements of Income and Comprehensive Income. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company adopted ASU 2016-02 in the first quarter of 2019 using the modified retrospective approach, and elected the package of practical expedients permitted under the transition guidance. Results and disclosure requirements for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts have not been adjusted and continue to be reported in accordance with our historical accounting under Topic 840. We elected the package of practical expedients permitted under the transition guidance, which allowed us to carryforward our historical lease classification, our assessment on whether a contract was or contains a lease, and our initial direct costs for any leases that existed prior to January 1, 2019. We also elected to combine our lease and non-lease components and to keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments in the consolidated statements of income on a straight-line basis over the lease term. The Company recorded operating lease assets with right-of-use of $27.5 and $2.9 current operating lease liability and $29.2 non-current operating lease liability as of January 1, 2019, of which $4.9 million and $0.3 million were reclassified from deferred rent and prepaid, respectively. Accounting Guidance Not Yet Adopted In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). ASU 2017-04 eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge (step 2 of the goodwill impairment test) and instead requires only a one-step quantitative impairment test, performed by comparing the fair value of goodwill with its carrying amount. ASU 2017-04 is effective on a prospective basis effective for goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact that this standard will have on its consolidated financial statements and disclosures but does not expect that it will have a material impact. In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract, which requires implementation costs incurred by customers in cloud computing arrangements (i.e., hosting arrangements) to be capitalized under the same premises of authoritative guidance for internal-use software, and deferred over the non-cancellable term of the cloud computing arrangements plus any option renewal periods that are reasonably certain to be exercised by the customer or for which the exercise is controlled by the service provider. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures but does not expect that it will have a material impact. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2019 | |
Revenue Recognition [Abstract] | |
Revenues | 3. Revenues Disaggregation of Revenue The following table depicts the disaggregation of revenue according to categories consistent with how the Company evaluates its financial performance. International revenue consists of international geo-targeted campaigns, which are campaigns targeted at an audience of members outside of North America. Three Months Ended March 31, 2019 2018 ($ in thousands) Total by Geographic Area: North America: $ 20,278 $ 18,850 International: 9,694 8,449 Total Revenues $ 29,972 $ 27,299 Contract Liabilities Timing may differ between the satisfaction of performance obligations and the invoicing and collections of amounts related to the Company’s contracts with customers. Liabilities are recorded for amounts that are collected in advance of the satisfaction of performance obligations. Additionally, certain customers may receive credits, which are accounted for as a material right. The Company estimates these amounts based on the expected amount of future services to be provided to customer and allocates a portion of the transaction price to these material rights. The Company recognizes these material rights as the material rights are exercised. The resulting amounts included in the contract liabilities on the accompanying Consolidated Balance Sheets were $3.6 and $3.5 million at March 31, 2019 and December 31, 2018, respectively. Contract Liabilities Year-to-Date Activity (in thousands) Balance at December 31, 2018 $ 5,573 Deferral of revenue 1,946 Recognition of previously unearned revenue (1,925 ) Balance at March 31, 2019 $ 5,594 The Company elected to apply the following practical expedients: • Existence of a Significant Financing Component in a Contract . As a practical expedient, the Company has not assessed whether a contract has a significant financing component because the Company expects at contract inception that the period between payment by the customer and the transfer of promised goods or services by the Company to the customer will be one year or less. Payment terms and conditions vary by contract type, although terms generally include requirement of payment within 30 to 90 days. In addition, the Company has determined that the payment terms that the Company provides to its customers are structured primarily for reasons other than the provision of financing to the customer. • Costs to Fulfill a Contract . The Company’s revenues are primarily generated from customer contracts that are for one year or less. Costs primarily consist of incentive compensation paid based on the achievements of sales targets in a given period for related revenue streams and are recognized in the month when the revenue is earned. As a practical expedient, for amortization periods which are determined to be one year or less, the Company expenses any incremental costs of obtaining the contract with a customer when incurred. For those customer contracts greater than one year, the Company capitalizes and amortizes the expenses over the period of benefit. • Revenues Invoiced . The Company has applied the practical expedient for certain revenue streams to exclude the value of remaining performance obligations for (i) contracts with an original expected term of one year or less or (ii) contracts for which the Company recognizes revenue in proportion to the amount it has the right to invoice for services performed. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis, including cash equivalents, short-term and long-term investments and contingent consideration. The Company’s remaining short-term investments matured in the first quarter of 2019, therefore as of there are no investments measured at fair value. Additionally, the Company switched banks and the money market accounts are in bank deposits and are not quoted instruments. As such they are all considered cash. The • Level 1. Quoted prices in active markets for identical assets and liabilities; • Level 2. Observable inputs other than quoted prices in active markets; and • Level 3. Unobservable inputs. The fair value hierarchy of the Company’s financial assets carried at fair value and measured on a recurring basis is as follows: Fair Value Measurements at Reporting Date Using December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds (1) $ 15,070 $ 15,070 $ - $ — Short-term investments (2) 500 — 500 — Total assets $ 15,570 $ 15,070 $ 500 $ — (1) Included in cash and cash equivalents on the accompanying Consolidated Balance Sheets; All accounts are in bank deposits and are not quoted instruments. As such they are all considered cash. (2) Short-term U.S. Treasury securities, their fair value is calculated using an interest rate yield curve for similar instruments. |
Cash, Cash Equivalents, and Inv
Cash, Cash Equivalents, and Investments | 3 Months Ended |
Mar. 31, 2019 | |
Cash And Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Investments | 5. Cash, Cash Equivalents, and Investments Cash and cash equivalents consist of highly liquid investments with maturities of three months or less at date of purchase. Cash equivalents are carried at cost, which approximates their fair market value. Cash and cash equivalents consisted of the following: March 31, 2019 December 31, 2018 Cash $ 38,851 $ 19,603 Money market funds — 15,070 Total cash and cash equivalents $ 38,851 $ 34,673 The Company’s short-term investments are accounted for as available for sale securities. Investments are recorded at fair value with the related unrealized gains and losses included in accumulated other comprehensive income, a component of stockholders’ equity, net of tax. The cumulative unrealized loss, net of taxes, was $15 as of December 31, 2018. The Company’s investment matured in the first quarter of 2019. Realized gains and losses on the sale of these investments are determined using the specific identification method. There were no realized gains or losses during the three months ended March 31, 2019 or 2018. Short-term and long-term investments consisted of the following: December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Short-term and long-term investments: U.S. Treasury securities $ 500 $ — $ — $ 500 Total short-term and long-term investments $ 500 $ — $ — $ 500 The Company’s investment had a contractual maturity date in January 2019. All income generated from investments is recorded as interest income. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 6. Goodwill and Intangible Assets The following table summarizes the Company’s intangible assets, net: March 31, 2019 Estimated Useful Lives (Years) Gross Carrying Amount Accumulated Amortization Net Customer, affiliate and advertiser relationships 5-17 $ 6,512 $ (6,272 ) $ 240 Developed websites, technology and patents 10 1,476 (960 ) 516 Trademark, trade name and domain name 5-8 1,788 (1,741 ) 47 Proprietary user information database and internet traffic 5 1,117 (1,117 ) — Non-Compete agreement 1.5 10 (4 ) 6 Total intangible assets $ 10,903 $ (10,094 ) $ 809 December 31, 2018 Estimated Useful Lives (Years) Gross Carrying Amount Accumulated Amortization Net Customer, affiliate and advertiser relationships 5-17 $ 6,500 $ (6,256 ) $ 244 Developed websites, technology and patents 10 1,502 (958 ) 544 Trademark, trade name and domain name 5-8 1,784 (1,730 ) 54 Proprietary user information database and internet traffic 5 1,110 (1,110 ) — Non-Compete agreement 1.5 10 (3 ) 7 Total intangible assets $ 10,906 $ (10,057 ) $ 849 Intangible assets are amortized over their estimated useful lives, which range from approximately two to 17 years, using methods of amortization that are expected to reflect the estimated pattern of economic use. The remaining amortization expense will be recognized over a weighted-average period of approximately 5.12 The Company expects amortization expense of intangible assets to be as follows: Years Ending December 31: Amortization Expense 2019 (April 1 – December 31) $ 99 2020 112 2021 127 2022 156 Thereafter 315 Total $ 809 Goodwill and indefinite-lived intangible assets are not amortized but are reviewed annually for impairment or more frequently if impairment indicators arise. The Company did not have any intangible assets other than goodwill with indefinite lives as of March 31, 2019 or December 31, 2018. There were no indications of impairment as of March 31, 2019, and the Company believes that, as of the balance sheet dates presented, none of the Company’s goodwill or intangible assets was impaired. |
Net Income Per Common Share
Net Income Per Common Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | 7. Net Income Per Common Share A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income per common share is as follows: For the Three Months Ended March 31, 2019 2018 Numerator: Net income $ 3,290 $ 2,094 Denominator: Basic: Weighted average shares of common stock and vested, undelivered restricted stock units outstanding 27,804,835 27,512,682 Diluted: Weighted average shares of common stock and vested, undelivered restricted stock units outstanding 27,804,835 27,512,682 Effect of potentially dilutive shares (1) 401,118 999,811 Total weighted average shares of common stock and vested, undelivered restricted stock units outstanding and potentially dilutive shares 28,205,953 28,512,493 Net Income Per Share: Basic net income per share $ 0.12 $ 0.08 Diluted net income per share $ 0.12 $ 0.07 (1) In calculating diluted net income per share, 0.5 million |
Term Loan Agreement
Term Loan Agreement | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Term Loan Agreement | 8. Term Loan Agreement On December 24, 2018, the Company entered into a Loan and Security Agreement (the “Loan Agreement”) with Western Alliance Bank as the lender. The Loan Agreement provides for a $25 million term loan facility with a maturity date of December 10, 2023 (the “Term Loan”). The Term Loan is secured by a lien on substantially all of the assets of the Company, including a pledge of the stock of certain of its wholly-owned subsidiaries (limited, in the case of the stock of certain foreign subsidiaries of the Company, to no more than 65% of the capital stock of such subsidiaries). The Term Loan must be repaid quarterly, with applicable interest paid monthly, in the following manner: 1.25% of the initial aggregate borrowings are due and payable each quarter for the first two loan years, 1.88% of the initial aggregate borrowings are due and payable each quarter for the third loan year, and 2.50% of the initial aggregate borrowings are due and payable each quarter for the fourth and fifth loan years. At maturity, all outstanding amounts, including unpaid principal and accrued and unpaid interest, under the Loan Agreement will be due and payable. The Term Loan bears interest at a floating per annum rate equal to one and three-eighths percent (1.375%) above the greater of (a) the one-month U.S. LIBOR rate reported in The Wall Street Journal or (b) two percent (2.00%). |
Leases and Contingencies
Leases and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Lessee Disclosure [Abstract] | |
Leases and Contingencies | 9. Leases and Contingencies On January 1, 2019, the Company adopted Topic 842 Leases using the modified retrospective approach. The Company recorded operating lease assets (right-of-use assets) of $27.5 million and operating lease liabilities of $32.1 million. There was no impact to retained earnings upon adoption of Topic 842. The Company has various non-cancelable lease agreements for certain of our offices with original lease periods expiring between 2019 and 2029. Our lease terms may include options to extend or terminate the lease when it is reasonably certain we will exercise that option. Leases with renewal option allow the Company to extend the lease term typically between 1 and 5 years. When determining the lease term, renewal options reasonably certain of being exercised are included in the lease term. When determining if a renewal option is reasonably certain of being exercised, the Company considers several economic factors, including but not limited to, the significance of leasehold improvements incurred on the property, whether the asset is difficult to replace, underlying contractual obligations, or specific characteristics unique to that particular lease that would make it reasonably certain that the Company would exercise such option. Renewal and termination options were generally not included in the lease term for the Company's existing operating leases. Certain of the arrangements have discounted rent periods or escalating rent payment provisions. Leases with an initial term of twelve months or less are not recorded on the consolidated balance sheets. We recognize rent expense on a straight-line basis over the lease term. Our lease agreements do not contain any material residual value guarantee or material restrictive covenants. As of March 31, 2019, operating lease assets were $26.9 million and operating lease liabilities were $31.3 million. The maturity of the Company’s operating lease liabilities as of March 31, 2019 are as follows: Minimum Lease Years Ending December 31: Payments 2019 (nine months ending December 31) $ 3,119 2020 3,637 2021 3,730 2022 3,397 2023 3,397 Thereafter 21,267 Total future minimum lease payments $ 38,547 Less imputed interest 7,215 Total operating lease liabilities $ 31,332 Included in the condensed consolidated balance sheet: Current operating lease liabilities $ 2,438 Non-current operating lease liabilities 28,894 Total operating lease liabilities $ 31,332 For the three months ended March 31, 2019, the total lease cost is comprised of the following amounts: Three Months Ended March 31, 2019 Operating lease expense $ 975 Short-term lease expense 21 Total lease expense $ 996 The following summarizes additional information related to operating leases: As of March 31, 2019 Weighted-average remaining lease term — operating leases 5.8 Weighted-average discount rate — operating leases 4 % If the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate as the discount rate. The Company uses its best judgment when determining the incremental borrowing rate, which is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term to the lease payments in a similar currency. As previously disclosed in our 2018 Annual Report on Form 10-K and under the previous lease accounting standard, ASC 840, Leases Years Ending December 31: Minimum Payments 2019 $ 4,180 2020 3,629 2021 3,721 2022 3,397 2023 3,397 Thereafter 21,267 Total $ 39,591 Total rent expense under the Company’s noncancelable leases was approximately $1.1 million for the three months ended March 31, 2018. Litigation From time to time and in the ordinary course of business, the Company may be subject to various claims, charges, and litigation. At March 31, 2019 and December 31, 2018, the Company did not have any pending claims, charges, or litigation that it expects would have a material adverse effect on its consolidated financial position, results of operations, or cash flows . |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 10. Stock-Based Compensation Stock Option and Incentive Plans In April 2007, the Board approved the 2007 Stock Option and Incentive Plan (the “2007 Plan”), which was approved by the stockholders of the Company and became effective upon the consummation of the Company’s IPO in May 2007. The 2007 Plan allowed the Company to grant ISOs, NSOs, stock appreciation rights, deferred stock awards, restricted stock units and other awards. Under the 2007 Plan, stock options could not be granted at less than fair market value on the date of grant, and grants generally vested over a three- to four-year period. Stock options granted under the 2007 Plan expire no later than ten years after the grant date. Additionally, beginning with awards made in August 2015, the Company had the option to direct a net issuance of shares for satisfaction of tax liability with respect to vesting of awards and delivery of shares. Prior to August 2015, this choice of settlement method was solely at the discretion of the award recipient. At the inception of the plan, t he Company reserved for issuance an aggregate of 2,911,667 shares of common stock under the 2007 Plan, which expired in May 2017. The 2007 Plan was subject to an automatic annual increase of shares on January 1 of each year, beginning on January 1, 2008, equal to the lesser of (a) 2% of the outstanding number of shares of common stock (on a fully-diluted basis) on the immediately preceding December 31 and (b) such lower number of shares as may be determined by the compensation committee of the Board. The number of shares available for issuance under the 2007 Plan was subject to adjustment in the event of a stock split, stock dividend or other change in capitalization. Approximately 8,224,334 shares were added to the 2007 Plan in accordance with the automatic annual increase and other provisions. No new awards may be granted under the 2007 Plan; however, the shares of common stock remaining in the 2007 Plan are available for issuance in connection with previously awarded grants under the 2007 Plan. 373,500 In March 2017, the Board approved the 2017 Stock Option and Incentive Plan (the “2017 Plan”), which was approved by the stockholders of the Company at the 2017 Annual Meeting and became effective June 16, 2017. The 2017 Plan replaces the Company’s 2007 Plan. On that date, 3,000,000 shares of Common Stock were reserved for issuance under the 2017 Plan and, generally, shares that are forfeited or canceled from awards under the 2017 Plan also will be available for future awards. Under the 2017 Plan, the Company may grant restricted stock and restricted stock units, non-qualified stock options, stock appreciation rights, performance awards, and other stock-based and cash-based awards. Grants generally vest in equal tranches over a three-year period. Stock options granted under the 2017 Plan expire no later than ten years after the grant date. Shares of stock issued pursuant to restricted stock awards are restricted in that they are not transferable until they vest. Stock underlying awards of restricted stock units are not issued until the units vest. Non-qualified stock options cannot be exercised until they vest. Under the 2017 Plan, all stock options and stock appreciation rights must be granted with an exercise price that is at least equal to the fair market value of the stock on the date of grant. The 2017 Plan broadly prohibits the repricing of options and stock appreciation rights without stockholder approval and requires that no dividends or dividend equivalents be paid with respect to options or stock appreciation rights. The 2017 Plan further provides that, in the event any dividends or dividend equivalents are declared with respect to restricted stock, restricted stock units, other stock-based awards and performance awards (referred to as “full-value awards”), they would be subject to the same vesting and forfeiture provisions as the underlying award. There is a total of 999,761 shares of common stock that remain subject to outstanding stock grants under the 2017 Plan as of March 31, 2019. Accounting for Stock-Based Compensation The Company uses the Black-Scholes option pricing model to calculate the grant date fair value of an award. The expected volatility of options granted has been determined using a weighted average of the historical volatility of the Company’s stock for a period equal to the expected life of the option. The expected life of options has been determined utilizing the “simplified” method. The risk-free interest rate is based on a zero coupon U.S. treasury instrument whose term is consistent with the expected life of the stock options. The Company has not paid and does not anticipate paying cash dividends on its shares of common stock; therefore, the expected dividend yield is assumed to be zero. The Company applied an estimated annual forfeiture rate based on historical averages in determining the expense recorded in each period. A summary of the stock option activity under the Company’s plans for the three months ended March 31, 2019 is presented below: Year-to-Date Activity Options Outstanding Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term in Years Aggregate Intrinsic Value Options outstanding at December 31, 2018 186,000 $ 9.50 Granted — — Exercised (10,000 ) $ 2.34 $ 20 Forfeited — $ — Cancelled — $ — Options outstanding at March 31, 2019 176,000 $ 9.91 4.30 $ 1,362 Options exercisable at March 31, 2019 156,000 $ 7.54 3.67 $ 1,362 Options vested or expected to vest at March 31, 2019 175,588 $ 9.87 4.29 $ 1,362 The total intrinsic value of options exercised (i.e. the difference between the market price at exercise and the price paid by the employee to exercise the options) was $20 and $0.8 million during the three months ended March 31, 2019 and March 31, 2018, respectively. The total amount of cash received from exercise of these options was approximately $23 and $0.4 million during the three months ended March 31, 2019 and 2018, respectively. Restricted Stock Units Restricted stock units are valued at the market price of a share of the Company’s common stock on the date of the grant. A summary of the restricted stock unit activity under the Company’s plans for the three months ended March 31, 2019 is presented below: Year-to-Date Activity Shares Weighted- Average Grant Date Fair Value Per Share Aggregate Intrinsic Value Nonvested outstanding at December 31, 2018 1,197,261 $ 17.69 Granted 42,604 $ 16.83 Vested (42,604 ) $ 16.83 Forfeited — $ — Nonvested outstanding at March 31, 2019 1,197,261 $ 17.69 $ 1,949 There were 42,604 restricted stock units with a total grant-date fair value of $0.7 million that vested during the three months ended March 31, 2019. There were no restricted stock units that vested or were granted during the three months ended March 31, 2018. As of March 31, 2019, there was $15.5 million of total unrecognized compensation expense related to stock options and restricted stock units, which is expected to be recognized over a weighted average period of 1.6 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | 11. Stockholders’ Equity Reserved Common Stock As of March 31, 2019, the Company has reserved 3,164,835 shares of common stock for use in settling outstanding options and unvested restricted stock units that have not been issued as well as future awards available for grant under the 2017 Plan. Common Stock Repurchase Program In November 2018 the Company announced that the Board had authorized a $ 25.0 In June 2016, the Company announced that the Board had authorized a $ 20.0 Repurchased shares are recorded under the cost method and are reflected as treasury stock in the accompanying Consolidated Balance Sheets. All share repurchases were funded with cash on hand. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes The Company measures its interim period tax expense using an estimated annual effective tax rate and adjustments for discrete taxable events that occur during the interim period. The estimated annual effective income tax rate is based upon the Company’s estimations of annual pre-tax income, the geographic mix of pre-tax income, and its interpretations of tax laws. The Company updates the estimate of its annual effective tax rate at the end of each quarterly period. The Company recorded income tax expense of $0.9 million and $0.3 million for the three months ended and , respectively. and a lower benefit from the recognition of excess tax benefits of stock based compensation. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 13. Segment Information The Company views its operations and manages its business as one operating segment based on factors such as how the Company manages its operations and how its executive management team reviews results and makes decisions on how to allocate resources and assess performance. Geographic Data Net sales to unaffiliated customers by geographic area were as follows: Three Months Ended March 31, 2019 2018 United States $ 22,799 $ 19,671 United Kingdom 3,037 3,355 Other international 4,136 4,273 Total $ 29,972 $ 27,299 Long-lived assets by geographic area were as follows: March 31, 2019 December 31, 2018 United States $ 101,847 $ 101,051 International 4,316 4,386 Total $ 106,163 $ 105,437 Net sales to unaffiliated customers by geographic area is based on the customers’ current billing addresses, and does not consider the geo-targeted (target audience) location of the campaign. Long-lived assets are comprised of property and equipment, net; goodwill; and intangible assets, net. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 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, TechTarget Securities Corporation (“TSC”), TechTarget Limited, TechTarget (HK) Limited (“TTGT HK”), TechTarget (Australia) Pty Ltd., TechTarget (Singapore) Pte Ltd., E-Magine Médias SAS (“LeMagIT”) and TechTarget Germany GmbH. TSC is a Massachusetts corporation. TechTarget Limited is a subsidiary doing business principally in the United Kingdom. TTGT HK is a subsidiary incorporated in Hong Kong in order to facilitate the Company’s activities in the Asia-Pacific region. In 2018, TechTarget modified its PRC operations consolidating its activities with other TechTarget locations. TechTarget (Beijing) Information Technology Consulting Co. Ltd. (“TTGT Consulting”) and Keji Wangtuo Information Technology Co., Ltd., (“KWIT”), which were incorporated under the laws of the People’s Republic of China (“PRC”), were closed during 2018. TechTarget (Australia) Pty Ltd. and TechTarget (Singapore) Pte Ltd. are the entities through which the Company does business in Australia and Singapore, respectively; LeMagIT and TechTarget Germany GmbH, both wholly-owned subsidiaries of TechTarget Limited, are entities through which the Company does business in France and Germany, respectively. |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted (Generally Accepted Accounting Principles or “ ” “U.S.” |
Reclassifications | Reclassifications The Company historically presented depreciation expense and amortization expense as separate line items on the Consolidated Statements of Income and Comprehensive Income. Due to the immateriality of amortization expense, the Company has combined these expenses into a single line item. This reclassification had no effect on total operating expenses or net income. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to revenues, long-lived assets, goodwill, the allowance for doubtful accounts, stock-based compensation, self-insurance accruals, and income taxes. The Company reduces its accounts receivable for an allowance for doubtful accounts based on its best estimate of the amount of probable credit losses. Estimates of the carrying value of certain assets and liabilities are based on historical experience and on various other assumptions that the Company believes to be reasonable. Actual results could differ from those estimates. |
Revenue Recognition | Revenue Recognition The Company generates its revenues from the sale of targeted marketing and advertising campaigns, which it delivers via its network of websites and data analytics solutions. Revenue is recognized when performance obligations are satisfied by transferring promised goods or services to customers, as determined by applying a five-step process consisting of: a) identifying the contract, or contracts, with a customer, b) identifying the performance obligations in the contract, c) determining the transaction price, d) allocating the transaction price to the performance obligations in the contract, and e) recognizing revenue when, or as, performance obligations are satisfied. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Guidance In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the Consolidated Statements of Income and Comprehensive Income. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company adopted ASU 2016-02 in the first quarter of 2019 using the modified retrospective approach, and elected the package of practical expedients permitted under the transition guidance. Results and disclosure requirements for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts have not been adjusted and continue to be reported in accordance with our historical accounting under Topic 840. We elected the package of practical expedients permitted under the transition guidance, which allowed us to carryforward our historical lease classification, our assessment on whether a contract was or contains a lease, and our initial direct costs for any leases that existed prior to January 1, 2019. We also elected to combine our lease and non-lease components and to keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments in the consolidated statements of income on a straight-line basis over the lease term. The Company recorded operating lease assets with right-of-use of $27.5 and $2.9 current operating lease liability and $29.2 non-current operating lease liability as of January 1, 2019, of which $4.9 million and $0.3 million were reclassified from deferred rent and prepaid, respectively. Accounting Guidance Not Yet Adopted In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). ASU 2017-04 eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge (step 2 of the goodwill impairment test) and instead requires only a one-step quantitative impairment test, performed by comparing the fair value of goodwill with its carrying amount. ASU 2017-04 is effective on a prospective basis effective for goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact that this standard will have on its consolidated financial statements and disclosures but does not expect that it will have a material impact. In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract, which requires implementation costs incurred by customers in cloud computing arrangements (i.e., hosting arrangements) to be capitalized under the same premises of authoritative guidance for internal-use software, and deferred over the non-cancellable term of the cloud computing arrangements plus any option renewal periods that are reasonably certain to be exercised by the customer or for which the exercise is controlled by the service provider. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures but does not expect that it will have a material impact. |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue Recognition [Abstract] | |
Disaggregated Revenue | The following table depicts the disaggregation of revenue according to categories consistent with how the Company evaluates its financial performance. International revenue consists of international geo-targeted campaigns, which are campaigns targeted at an audience of members outside of North America. Three Months Ended March 31, 2019 2018 ($ in thousands) Total by Geographic Area: North America: $ 20,278 $ 18,850 International: 9,694 8,449 Total Revenues $ 29,972 $ 27,299 |
Schedule of Deferred Revenue Included in Contract Liabilities | Contract Liabilities Year-to-Date Activity (in thousands) Balance at December 31, 2018 $ 5,573 Deferral of revenue 1,946 Recognition of previously unearned revenue (1,925 ) Balance at March 31, 2019 $ 5,594 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets Carried at Fair Value and Measured on Recurring Basis | The fair value hierarchy of the Company’s financial assets carried at fair value and measured on a recurring basis is as follows: Fair Value Measurements at Reporting Date Using December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds (1) $ 15,070 $ 15,070 $ - $ — Short-term investments (2) 500 — 500 — Total assets $ 15,570 $ 15,070 $ 500 $ — (1) Included in cash and cash equivalents on the accompanying Consolidated Balance Sheets; All accounts are in bank deposits and are not quoted instruments. As such they are all considered cash. (2) Short-term U.S. Treasury securities, their fair value is calculated using an interest rate yield curve for similar instruments. |
Cash, Cash Equivalents, and I_2
Cash, Cash Equivalents, and Investments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Cash And Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Cash and cash equivalents consisted of the following: March 31, 2019 December 31, 2018 Cash $ 38,851 $ 19,603 Money market funds — 15,070 Total cash and cash equivalents $ 38,851 $ 34,673 |
Short-term and Long-term Investments | Short-term and long-term investments consisted of the following: December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Short-term and long-term investments: U.S. Treasury securities $ 500 $ — $ — $ 500 Total short-term and long-term investments $ 500 $ — $ — $ 500 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The following table summarizes the Company’s intangible assets, net: March 31, 2019 Estimated Useful Lives (Years) Gross Carrying Amount Accumulated Amortization Net Customer, affiliate and advertiser relationships 5-17 $ 6,512 $ (6,272 ) $ 240 Developed websites, technology and patents 10 1,476 (960 ) 516 Trademark, trade name and domain name 5-8 1,788 (1,741 ) 47 Proprietary user information database and internet traffic 5 1,117 (1,117 ) — Non-Compete agreement 1.5 10 (4 ) 6 Total intangible assets $ 10,903 $ (10,094 ) $ 809 December 31, 2018 Estimated Useful Lives (Years) Gross Carrying Amount Accumulated Amortization Net Customer, affiliate and advertiser relationships 5-17 $ 6,500 $ (6,256 ) $ 244 Developed websites, technology and patents 10 1,502 (958 ) 544 Trademark, trade name and domain name 5-8 1,784 (1,730 ) 54 Proprietary user information database and internet traffic 5 1,110 (1,110 ) — Non-Compete agreement 1.5 10 (3 ) 7 Total intangible assets $ 10,906 $ (10,057 ) $ 849 |
Schedule of Amortization Expense of Intangible Assets | The Company expects amortization expense of intangible assets to be as follows: Years Ending December 31: Amortization Expense 2019 (April 1 – December 31) $ 99 2020 112 2021 127 2022 156 Thereafter 315 Total $ 809 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Income Per Common Share | A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income per common share is as follows: For the Three Months Ended March 31, 2019 2018 Numerator: Net income $ 3,290 $ 2,094 Denominator: Basic: Weighted average shares of common stock and vested, undelivered restricted stock units outstanding 27,804,835 27,512,682 Diluted: Weighted average shares of common stock and vested, undelivered restricted stock units outstanding 27,804,835 27,512,682 Effect of potentially dilutive shares (1) 401,118 999,811 Total weighted average shares of common stock and vested, undelivered restricted stock units outstanding and potentially dilutive shares 28,205,953 28,512,493 Net Income Per Share: Basic net income per share $ 0.12 $ 0.08 Diluted net income per share $ 0.12 $ 0.07 (1) In calculating diluted net income per share, 0.5 million |
Leases and Contingencies (Table
Leases and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Lessee Disclosure [Abstract] | |
Summary of Maturity of Operating Lease Liabilities | As of March 31, 2019, operating lease assets were $26.9 million and operating lease liabilities were $31.3 million. The maturity of the Company’s operating lease liabilities as of March 31, 2019 are as follows: Minimum Lease Years Ending December 31: Payments 2019 (nine months ending December 31) $ 3,119 2020 3,637 2021 3,730 2022 3,397 2023 3,397 Thereafter 21,267 Total future minimum lease payments $ 38,547 Less imputed interest 7,215 Total operating lease liabilities $ 31,332 Included in the condensed consolidated balance sheet: Current operating lease liabilities $ 2,438 Non-current operating lease liabilities 28,894 Total operating lease liabilities $ 31,332 |
Summary of Lease Costs | For the three months ended March 31, 2019, the total lease cost is comprised of the following amounts: Three Months Ended March 31, 2019 Operating lease expense $ 975 Short-term lease expense 21 Total lease expense $ 996 |
Lessee Operating Lease Term and Discount Rate | The following summarizes additional information related to operating leases: As of March 31, 2019 Weighted-average remaining lease term — operating leases 5.8 Weighted-average discount rate — operating leases 4 % |
Schedule of Future Minimum Lease Payments | Years Ending December 31: Minimum Payments 2019 $ 4,180 2020 3,629 2021 3,721 2022 3,397 2023 3,397 Thereafter 21,267 Total $ 39,591 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity Under Company's Plans | A summary of the stock option activity under the Company’s plans for the three months ended March 31, 2019 is presented below: Year-to-Date Activity Options Outstanding Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term in Years Aggregate Intrinsic Value Options outstanding at December 31, 2018 186,000 $ 9.50 Granted — — Exercised (10,000 ) $ 2.34 $ 20 Forfeited — $ — Cancelled — $ — Options outstanding at March 31, 2019 176,000 $ 9.91 4.30 $ 1,362 Options exercisable at March 31, 2019 156,000 $ 7.54 3.67 $ 1,362 Options vested or expected to vest at March 31, 2019 175,588 $ 9.87 4.29 $ 1,362 |
Summary of Restricted Stock Unit Activity Under Company's Plans | Restricted stock units are valued at the market price of a share of the Company’s common stock on the date of the grant. A summary of the restricted stock unit activity under the Company’s plans for the three months ended March 31, 2019 is presented below: Year-to-Date Activity Shares Weighted- Average Grant Date Fair Value Per Share Aggregate Intrinsic Value Nonvested outstanding at December 31, 2018 1,197,261 $ 17.69 Granted 42,604 $ 16.83 Vested (42,604 ) $ 16.83 Forfeited — $ — Nonvested outstanding at March 31, 2019 1,197,261 $ 17.69 $ 1,949 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Net Sales to Unaffiliated Customers by Geographic Area | Net sales to unaffiliated customers by geographic area were as follows: Three Months Ended March 31, 2019 2018 United States $ 22,799 $ 19,671 United Kingdom 3,037 3,355 Other international 4,136 4,273 Total $ 29,972 $ 27,299 |
Long-Lived Assets by Geographic Area | Long-lived assets by geographic area were as follows: March 31, 2019 December 31, 2018 United States $ 101,847 $ 101,051 International 4,316 4,386 Total $ 106,163 $ 105,437 |
Organization and Operations - A
Organization and Operations - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2019Website | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of websites | 140 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Jan. 01, 2019 | Mar. 31, 2019 |
Significant Accounting Policies [Line Items] | ||
Operating lease, right-of-use asset | $ 27,500,000 | $ 26,873,000 |
Operating lease, liability, current | 2,438,000 | |
Operating lease, liability, noncurrent | $ 28,894,000 | |
Accounting Standards Update 2016-02 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Operating lease, right-of-use asset | 27,500 | |
Operating lease, liability, current | 2,900 | |
Operating lease, liability, noncurrent | 29,200 | |
Accounting Standards Update 2016-02 [Member] | Deferred Rent [Member] | ||
Significant Accounting Policies [Line Items] | ||
Operating lease, expense | 4,900,000 | |
Accounting Standards Update 2016-02 [Member] | Prepaid [Member] | ||
Significant Accounting Policies [Line Items] | ||
Operating lease, expense | $ 300,000 |
Revenues - Disaggregated Revenu
Revenues - Disaggregated Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | ||
Total revenues | $ 29,972 | $ 27,299 |
North America [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 20,278 | 18,850 |
International [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | $ 9,694 | $ 8,449 |
Revenues - Additional Informati
Revenues - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Minimum [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue payment terms | 30 days | |
Maximum [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue payment terms | 90 days | |
Revenue recognition timing of invoicing period | 1 year | |
Contract Liabilities [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Accrued sales incentives | $ 3.6 | $ 3.5 |
Revenues - Schedule of Deferred
Revenues - Schedule of Deferred Revenue Included in Contract Liabilities (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Deferred Revenue Arrangement [Line Items] | |
Contract Liabilities, Balance | $ 5,573 |
Contract Liabilities, Balance | 5,594 |
ASU 2014-09 [Member] | |
Deferred Revenue Arrangement [Line Items] | |
Contract Liabilities, Balance | 5,573 |
Contract Liabilities, Deferral of revenue | 1,946 |
Contract Liabilities, Recognition of previously unearned revenue | (1,925) |
Contract Liabilities, Balance | $ 5,594 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Carried at Fair Value and Measured on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] $ in Thousands | Dec. 31, 2018USD ($) |
Assets: | |
Total assets | $ 15,570 |
Money Market Funds [Member] | |
Assets: | |
Total assets | 15,070 |
Short-Term Investments [Member] | |
Assets: | |
Total assets | 500 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |
Assets: | |
Total assets | 15,070 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Money Market Funds [Member] | |
Assets: | |
Total assets | 15,070 |
Significant Other Observable Inputs (Level 2) [Member] | |
Assets: | |
Total assets | 500 |
Significant Other Observable Inputs (Level 2) [Member] | Short-Term Investments [Member] | |
Assets: | |
Total assets | $ 500 |
Cash, Cash Equivalents, and I_3
Cash, Cash Equivalents, and Investments - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Cash And Cash Equivalents [Abstract] | |||
Liquid investments with maturities | 3 months | ||
Cumulative unrealized loss, net of taxes | $ 15,000 | ||
Realized gains or losses | $ 0 | $ 0 | |
Municipal bonds maturity date | Jan. 31, 2019 |
Cash, Cash Equivalents, and I_4
Cash, Cash Equivalents, and Investments - Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Cash And Cash Equivalents [Abstract] | ||
Cash | $ 38,851 | $ 19,603 |
Money market funds | 15,070 | |
Total cash and cash equivalents | $ 38,851 | $ 34,673 |
Cash, Cash Equivalents, and I_5
Cash, Cash Equivalents, and Investments - Short-term and Long-term Investments (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 500 |
Estimated Fair Value | 500 |
U.S. Treasury Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 500 |
Estimated Fair Value | $ 500 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 10,903 | $ 10,906 |
Accumulated Amortization | (10,094) | (10,057) |
Total intangible assets | $ 809 | 849 |
Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 2 years | |
Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 17 years | |
Customer, Affiliate and Advertiser Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 6,512 | 6,500 |
Accumulated Amortization | (6,272) | (6,256) |
Total intangible assets | $ 240 | $ 244 |
Customer, Affiliate and Advertiser Relationships [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 5 years | 5 years |
Customer, Affiliate and Advertiser Relationships [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 17 years | 17 years |
Developed Websites, Technology and Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 10 years | 10 years |
Gross Carrying Amount | $ 1,476 | $ 1,502 |
Accumulated Amortization | (960) | (958) |
Total intangible assets | 516 | 544 |
Trademarks, Trade Name and Domain Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,788 | 1,784 |
Accumulated Amortization | (1,741) | (1,730) |
Total intangible assets | $ 47 | $ 54 |
Trademarks, Trade Name and Domain Name [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 5 years | 5 years |
Trademarks, Trade Name and Domain Name [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 8 years | 8 years |
Proprietary User Information Database and Internet Traffic [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 5 years | 5 years |
Gross Carrying Amount | $ 1,117 | $ 1,110 |
Accumulated Amortization | $ (1,117) | $ (1,110) |
Non-compete Agreement [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 1 year 6 months | 1 year 6 months |
Gross Carrying Amount | $ 10 | $ 10 |
Accumulated Amortization | (4) | (3) |
Total intangible assets | $ 6 | $ 7 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Goodwill And Intangible Assets [Line Items] | |||
Remaining amortization period | 5 years 1 month 13 days | ||
Amortization of intangible assets | $ 100,000 | $ 100,000 | |
Write off of intangible assets | 0 | ||
Intangible assets other than goodwill with indefinite lives | $ 0 | $ 0 | |
Minimum [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Estimated useful lives | 2 years | ||
Maximum [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Estimated useful lives | 17 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Amortization Expense of Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2019 (April 1 – December 31) | $ 99 | |
2020 | 112 | |
2021 | 127 | |
2022 | 156 | |
Thereafter | 315 | |
Total intangible assets | $ 809 | $ 849 |
Net Income Per Common Share - R
Net Income Per Common Share - Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Income Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Numerator: | ||
Net income | $ 3,290 | $ 2,094 |
Basic: | ||
Weighted average shares of common stock and vested, undelivered restricted stock units outstanding | 27,804,835 | 27,512,682 |
Diluted: | ||
Weighted average shares of common stock and vested, undelivered restricted stock units outstanding | 27,804,835 | 27,512,682 |
Effect of potentially dilutive shares | 401,118 | 999,811 |
Total weighted average shares of common stock and vested, undelivered restricted stock units outstanding and potentially dilutive shares | 28,205,953 | 28,512,493 |
Net Income Per Share: | ||
Basic net income per share | $ 0.12 | $ 0.08 |
Diluted net income per share | $ 0.12 | $ 0.07 |
Net Income Per Common Share -_2
Net Income Per Common Share - Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Income Per Common Share (Parenthetical) (Detail) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Outstanding stock options and unvested restricted stock units excluded from computation of diluted EPS | 500,000 | 0 |
Term Loan Agreement - Additiona
Term Loan Agreement - Additional Information (Detail) - Loan and Security Agreement [Member] - USD ($) $ in Millions | Dec. 24, 2018 | Mar. 31, 2019 |
Line Of Credit Facility [Line Items] | ||
Debt instrument payment frequency | quarterly | |
Debt instrument basis spread on variable rate | 1.375% | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt instrument basis spread on variable rate | 2.00% | |
Term Loan Agreement Year One and Two [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt instrument interest rate | 1.25% | |
Term Loan Agreement Year Three [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt instrument interest rate | 1.88% | |
Term Loan Agreement Year Four and Five [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt instrument interest rate | 2.50% | |
Maximum [Member] | ||
Line Of Credit Facility [Line Items] | ||
Percentage of capital stock pledge in foreign subsidiaries | 65.00% | |
Western Alliance Bank [Member] | ||
Line Of Credit Facility [Line Items] | ||
Aggregate principal amount of term loan borrowed | $ 25 | |
Loan facility maturity date | Dec. 10, 2023 |
Leases and Contingencies - Addi
Leases and Contingencies - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Jan. 01, 2019 | |
Lessee Lease Description [Line Items] | ||||
Operating lease assets (right -of-use assets) | $ 26,873,000 | $ 27,500,000 | ||
Operating lease liabilities | $ 31,332,000 | $ 32,100,000 | ||
Lessee, operating lease, existence of option to extend | true | |||
Commitment for non-cancelable operating leases | $ 39,591,000 | $ 39,600,000 | ||
Noncancelable leases rent expense | $ 1,100,000 | |||
Charges, claims related to litigation | $ 0 | $ 0 | ||
Minimum [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Lessee, operating lease, renewal term | 1 year | |||
Maximum [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Lessee, operating lease, renewal term | 5 years |
Leases and Contingencies - Summ
Leases and Contingencies - Summary of Maturity of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
Operating Lease Liabilities Payments Due [Abstract] | ||
2019 (nine months ending December 31) | $ 3,119 | |
2020 | 3,637 | |
2021 | 3,730 | |
2022 | 3,397 | |
2023 | 3,397 | |
Thereafter | 21,267 | |
Total future minimum lease payments | 38,547 | |
Less imputed interest | 7,215 | |
Operating lease liabilities | $ 31,332 | $ 32,100 |
Leases and Contingencies - Su_2
Leases and Contingencies - Summary of Operating Lease Liabilities Included in Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
Assets And Liabilities Lessee [Abstract] | ||
Current operating lease liability | $ 2,438 | |
Non-current operating lease liabilities | 28,894 | |
Total operating lease liabilities | $ 31,332 | $ 32,100 |
Leases and Contingencies - Su_3
Leases and Contingencies - Summary of Lease Costs (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Operating Lease Liabilities Payments Due [Abstract] | |
Operating lease expense | $ 975 |
Short-term lease expense | 21 |
Total lease expense | $ 996 |
Leases and Contingencies - Su_4
Leases and Contingencies - Summary of Additional Information Related to Operating Leases (Detail) | Mar. 31, 2019 |
Lease Cost [Abstract] | |
Weighted-average remaining lease term — operating leases | 5 years 9 months 18 days |
Weighted-average discount rate — operating leases | 4.00% |
Leases and Contingencies - Sche
Leases and Contingencies - Schedule of Future Minimum Lease Payments (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Operating Leases Future Minimum Payments Due [Abstract] | ||
2019 | $ 4,180 | |
2020 | 3,629 | |
2021 | 3,721 | |
2022 | 3,397 | |
2023 | 3,397 | |
Thereafter | 21,267 | |
Future minimum lease payments, Total | $ 39,591 | $ 39,600 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Jun. 16, 2017 | Apr. 30, 2007 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||
Common stock outstanding under the plan | 176,000 | 186,000 | |||
Expected dividend yield | 0.00% | ||||
Intrinsic value of options exercised | $ 20 | $ 800 | |||
Cash received from exercise of options | 23 | $ 406 | |||
Employee service share-based compensation, nonvested units, compensation cost not yet recognized | $ 15,500 | ||||
Employee service share-based compensation, nonvested units, compensation cost not yet recognized, period for recognition | 1 year 7 months 6 days | ||||
Restricted Stock Units [Member] | |||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||
Stock options vested | 42,604 | 0 | |||
Shares, Granted | 42,604 | 0 | |||
Grant date fair value of stock options vested | $ 700 | ||||
Stock Option 2007 Plan [Member] | |||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||
Issuance of common stock incentives | 2,911,667 | ||||
Plan expiration period | 2017-05 | ||||
Additional share authorized | 8,224,334 | ||||
New awards granted | 0 | ||||
Common stock outstanding under the plan | 373,500 | ||||
Stock Option 2017 Plan [Member] | |||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||
Issuance of common stock incentives | 3,000,000 | ||||
Common stock outstanding under the plan | 999,761 | ||||
Plan effective date | Jun. 16, 2017 | ||||
Minimum [Member] | Stock Option 2007 Plan [Member] | |||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||
Period of grants vested | 3 years | ||||
Minimum [Member] | Stock Option 2017 Plan [Member] | |||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||
Period of grants vested | 3 years | ||||
Maximum [Member] | Stock Option 2007 Plan [Member] | |||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||
Period of grants vested | 4 years | ||||
Period of grants expired | 10 years | ||||
Annual increase in reserved common stock | 2.00% | ||||
Maximum [Member] | Stock Option 2017 Plan [Member] | |||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||
Period of grants expired | 10 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity under Company's Plans (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Options outstanding, beginning balance | 186,000 | |
Options Outstanding, Exercised | (10,000) | |
Options outstanding, ending balance | 176,000 | |
Options Outstanding, Options exercisable | 156,000 | |
Options Outstanding, Options vested or expected to vest | 175,588 | |
Weighted-Average Exercise Price Per Share, Options outstanding, beginning balance | $ 9.50 | |
Weighted-Average Exercise Price Per Share, Exercised | 2.34 | |
Weighted- Average Exercise Price Per Share, Options outstanding, ending balance | 9.91 | |
Weighted- Average Exercise Price Per Share, Options exercisable | 7.54 | |
Weighted-Average Exercise Price Per Share, Options vested or expected to vest | $ 9.87 | |
Weighted-Average Remaining Contractual Term in Years, Options outstanding | 4 years 3 months 18 days | |
Weighted-Average Remaining Contractual Term in Years, Options exercisable | 3 years 8 months 1 day | |
Weighted-Average Remaining Contractual Term in Years, Options vested or expected to vest | 4 years 3 months 14 days | |
Aggregate Intrinsic Value, Exercised | $ 20 | $ 800 |
Aggregate Intrinsic Value, Options outstanding | 1,362 | |
Aggregate Intrinsic Value, Options exercisable | 1,362 | |
Aggregate Intrinsic Value, Options vested or expected to vest | $ 1,362 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Restricted Stock Unit Activity Under Company's Plans (Detail) - Restricted Stock [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, Nonvested outstanding, beginning balance | 1,197,261 | |
Shares, Granted | 42,604 | 0 |
Shares, Vested | (42,604) | 0 |
Shares, Nonvested outstanding, ending balance | 1,197,261 | |
Weighted-Average Grant Date Fair Value Per Share, Nonvested outstanding, beginning balance | $ 17.69 | |
Weighted-Average Grant Date Fair Value Per Share, Granted | 16.83 | |
Weighted-Average Grant Date Fair Value Per Share, Vested | 16.83 | |
Weighted-Average Grant Date Fair Value Per Share, Nonvested outstanding, ending balance | $ 17.69 | |
Aggregate Intrinsic Value, Nonvested outstanding | $ 1,949 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Nov. 30, 2018 | Jun. 30, 2016 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Common stock repurchase, amount | $ 3,125,000 | $ 1,613,000 | ||
2017 Plan [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Common stock reserved | 3,164,835 | |||
November 2018 Repurchase Program [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Common stock repurchased, shares | 220,297 | |||
Common stock repurchase, amount | $ 3,100 | |||
November 2018 Repurchase Program [Member] | Maximum [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Common stock repurchase authorized amount | $ 25,000,000 | |||
June 2016 Repurchase Program [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Common stock repurchase authorized amount | $ 20,000,000 | |||
Common stock repurchased, shares | 211,729 | |||
Common stock repurchase, amount | $ 3,900,000 | |||
Stock repurchase program original expiration date | Jun. 30, 2017 | |||
Stock repurchase program expiration date | Aug. 31, 2018 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 948 | $ 300 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2019Segment | |
Segment Reporting [Abstract] | |
Number of operating segment | 1 |
Segment Information - Net Sales
Segment Information - Net Sales to Unaffiliated Customers by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales, Total | $ 29,972 | $ 27,299 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales, Total | 22,799 | 19,671 |
United Kingdom [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales, Total | 3,037 | 3,355 |
Other International [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales, Total | $ 4,136 | $ 4,273 |
Segment Information - Long-Live
Segment Information - Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets, Total | $ 106,163 | $ 105,437 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets, Total | 101,847 | 101,051 |
International [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets, Total | $ 4,316 | $ 4,386 |