DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 02, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2019 | |
Entity File Number | 001-35444 | |
Entity Registrant Name | YELP INC. | |
Entity Central Index Key | 0001345016 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-1854266 | |
Entity Address, Address Line One | 140 New Montgomery Street, 9th Floor | |
Entity Address, City or Town | San Francisco, | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94105 | |
City Area Code | (415) | |
Local Phone Number | 908-3801 | |
Title of 12(b) Security | Common Stock, par value $0.000001 per share | |
Trading Symbol | YELP | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 71,027,519 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 139,464,000 | $ 332,764,000 |
Short-term marketable securities | 272,754,000 | 423,096,000 |
Accounts receivable (net of allowance for doubtful accounts of $6,865 and $8,685 at June 30, 2019 and December 31, 2018, respectively) | 95,732,000 | 87,305,000 |
Prepaid expenses and other current assets | 23,338,000 | 17,104,000 |
Total current assets | 531,288,000 | 860,269,000 |
Long-term marketable securities | 45,379,000 | 0 |
Property, equipment and software, net | 114,105,000 | 114,800,000 |
Operating lease right-of-use assets | 217,798,000 | 0 |
Goodwill | 105,313,000 | 105,620,000 |
Intangibles, net | 11,588,000 | 13,359,000 |
Restricted cash | 22,082,000 | 22,071,000 |
Other non-current assets | 35,880,000 | 59,444,000 |
Total assets | 1,083,433,000 | 1,175,563,000 |
Current liabilities: | ||
Accounts payable | 2,882,000 | 6,540,000 |
Accrued liabilities | 71,708,000 | 54,522,000 |
Operating lease liabilities - current | 56,500,000 | 0 |
Deferred revenue | 4,617,000 | 3,843,000 |
Total current liabilities | 135,707,000 | 64,905,000 |
Operating lease liabilities - long-term | 197,272,000 | 0 |
Other long-term liabilities | 3,999,000 | 35,140,000 |
Total liabilities | 336,978,000 | 100,045,000 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.000001 par value, 200,000,000 shares authorized – 71,931,789 shares issued and 71,752,011 outstanding at June 30, 2019 and 81,996,839 shares issued and outstanding at December 31, 2018 | 0 | 0 |
Additional paid-in capital | 1,194,486,000 | 1,139,462,000 |
Treasury stock | (5,952,000) | 0 |
Accumulated other comprehensive loss | (11,163,000) | (11,021,000) |
Accumulated deficit | (430,916,000) | (52,923,000) |
Total stockholders' equity | 746,455,000 | 1,075,518,000 |
Total liabilities and stockholders' equity | $ 1,083,433,000 | $ 1,175,563,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Net revenue | $ 246,955 | $ 234,863 | $ 482,897 | $ 457,937 |
Costs and expenses: | ||||
Cost of revenue (exclusive of depreciation and amortization shown separately below) | 14,975 | 14,708 | 29,240 | 29,440 |
Sales and marketing | 122,045 | 120,653 | 246,361 | 240,294 |
Product development | 54,566 | 52,789 | 112,641 | 104,282 |
General and administrative | 30,932 | 28,583 | 62,224 | 60,590 |
Depreciation and amortization | 12,240 | 10,509 | 24,116 | 20,537 |
Total costs and expenses | 234,758 | 227,242 | 474,582 | 455,143 |
Income from operations | 12,197 | 7,621 | 8,315 | 2,794 |
Other income, net | 3,891 | 3,424 | 8,582 | 6,028 |
Income before income taxes | 16,088 | 11,045 | 16,897 | 8,822 |
Provision for income taxes | (3,785) | (341) | (3,229) | (404) |
Net income attributable to common stockholders | $ 12,303 | $ 10,704 | $ 13,668 | $ 8,418 |
Net income per share attributable to common stockholders | ||||
Basic (in USD per share) | $ 0.16 | $ 0.13 | $ 0.17 | $ 0.10 |
Diluted (in USD per share) | $ 0.16 | $ 0.12 | $ 0.17 | $ 0.09 |
Weighted-average shares used to compute net income per share attributable to common stockholders | ||||
Basic (in shares) | 75,601 | 83,769 | 78,620 | 83,792 |
Diluted (in shares) | 78,530 | 88,651 | 81,742 | 89,088 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||||
Allowance for doubtful accounts | $ 6,865 | $ 8,685 | $ 9,360 | $ 8,602 |
Common stock, par value (in USD per share) | $ 0.000001 | $ 0.000001 | ||
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | ||
Common stock, shares issued (in shares) | 71,931,789 | 81,996,839 | ||
Common stock, shares outstanding (in shares) | 71,752,011 | 81,996,839 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 12,303 | $ 10,704 | $ 13,668 | $ 8,418 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 569 | (3,187) | (142) | (1,618) |
Foreign currency adjustments to net income upon liquidation of investment in foreign entities | 0 | 0 | 0 | 30 |
Other comprehensive income (loss) | 569 | (3,187) | (142) | (1,588) |
Comprehensive income | $ 12,872 | $ 7,517 | $ 13,526 | $ 6,830 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Retained Earnings (Accumulated Deficit) |
Balance (in shares) at Dec. 31, 2017 | 83,724,916 | |||||
Balance at Dec. 31, 2017 | $ 1,108,697 | $ 0 | $ 1,038,017 | $ (46) | $ (8,444) | $ 79,170 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercises of employee stock options (in shares) | 500,005 | |||||
Issuance of common stock upon exercises of employee stock options | 9,082 | 9,082 | ||||
Issuance of common stock upon vesting of RSUs (in shares) | 965,446 | |||||
Issuance of common stock for employee stock purchase plan (in shares) | 195,987 | |||||
Issuance of common stock for employee stock purchase plan | 7,139 | 7,139 | ||||
Stock-based compensation (inclusive of capitalized stock-based compensation) | 60,187 | 60,187 | ||||
Shares withheld related to net share settlement of equity awards | (27,698) | (27,698) | ||||
Purchases of treasury stock | (65,803) | (65,803) | ||||
Retirement of common stock (in shares) | (1,593,657) | |||||
Retirement of common stock | 65,849 | 65,849 | ||||
Foreign currency adjustments | (1,588) | (1,588) | ||||
Net income | 8,418 | 8,418 | ||||
Balance (in shares) at Jun. 30, 2018 | 83,792,697 | |||||
Balance at Jun. 30, 2018 | 1,098,434 | $ 0 | 1,086,727 | 0 | (10,032) | 21,739 |
Balance (in shares) at Mar. 31, 2018 | 83,956,890 | |||||
Balance at Mar. 31, 2018 | 1,092,153 | $ 0 | 1,059,168 | (15,000) | (6,845) | 54,830 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercises of employee stock options (in shares) | 186,568 | |||||
Issuance of common stock upon exercises of employee stock options | 3,400 | 3,400 | ||||
Issuance of common stock upon vesting of RSUs (in shares) | 495,857 | |||||
Issuance of common stock for employee stock purchase plan (in shares) | 195,987 | |||||
Issuance of common stock for employee stock purchase plan | 7,139 | 7,139 | ||||
Stock-based compensation (inclusive of capitalized stock-based compensation) | 31,279 | 31,279 | ||||
Shares withheld related to net share settlement of equity awards | (14,259) | (14,259) | ||||
Purchases of treasury stock | (28,795) | (28,795) | ||||
Retirement of common stock (in shares) | (1,042,605) | |||||
Retirement of common stock | 43,795 | 43,795 | ||||
Foreign currency adjustments | (3,187) | (3,187) | ||||
Net income | 10,704 | 10,704 | ||||
Balance (in shares) at Jun. 30, 2018 | 83,792,697 | |||||
Balance at Jun. 30, 2018 | $ 1,098,434 | $ 0 | 1,086,727 | 0 | (10,032) | 21,739 |
Balance (in shares) at Dec. 31, 2018 | 81,996,839 | 81,996,839 | ||||
Balance at Dec. 31, 2018 | $ 1,075,518 | $ 0 | 1,139,462 | 0 | (11,021) | (52,923) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercises of employee stock options (in shares) | 173,956 | 173,956 | ||||
Issuance of common stock upon exercises of employee stock options | $ 3,661 | 3,661 | ||||
Issuance of common stock upon vesting of RSUs (in shares) | 982,911 | |||||
Issuance of common stock for employee stock purchase plan (in shares) | 288,529 | |||||
Issuance of common stock for employee stock purchase plan | 7,537 | 7,537 | ||||
Stock-based compensation (inclusive of capitalized stock-based compensation) | 66,670 | 66,670 | ||||
Shares withheld related to net share settlement of equity awards | (22,844) | (22,844) | ||||
Purchases of treasury stock | (397,613) | (397,613) | ||||
Retirement of common stock (in shares) | (11,510,446) | |||||
Retirement of common stock | 391,661 | 391,661 | ||||
Foreign currency adjustments | (142) | (142) | ||||
Net income | $ 13,668 | 13,668 | ||||
Balance (in shares) at Jun. 30, 2019 | 71,752,011 | 71,931,789 | ||||
Balance at Jun. 30, 2019 | $ 746,455 | $ 0 | 1,194,486 | (5,952) | (11,163) | (430,916) |
Balance (in shares) at Mar. 31, 2019 | 79,689,829 | |||||
Balance at Mar. 31, 2019 | 994,838 | $ 0 | 1,160,254 | 0 | (11,732) | (153,684) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercises of employee stock options (in shares) | 123,174 | |||||
Issuance of common stock upon exercises of employee stock options | 2,516 | 2,516 | ||||
Issuance of common stock upon vesting of RSUs (in shares) | 493,477 | |||||
Issuance of common stock for employee stock purchase plan (in shares) | 288,529 | |||||
Issuance of common stock for employee stock purchase plan | 7,537 | 7,537 | ||||
Stock-based compensation (inclusive of capitalized stock-based compensation) | 34,196 | 34,196 | ||||
Shares withheld related to net share settlement of equity awards | (10,017) | (10,017) | ||||
Purchases of treasury stock | (295,487) | (295,487) | ||||
Retirement of common stock (in shares) | (8,663,220) | |||||
Retirement of common stock | 289,535 | 289,535 | ||||
Foreign currency adjustments | 569 | 569 | ||||
Net income | $ 12,303 | 12,303 | ||||
Balance (in shares) at Jun. 30, 2019 | 71,752,011 | 71,931,789 | ||||
Balance at Jun. 30, 2019 | $ 746,455 | $ 0 | $ 1,194,486 | $ (5,952) | $ (11,163) | $ (430,916) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Activities | ||
Net income attributable to common stockholders | $ 13,668 | $ 8,418 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 24,116 | 20,537 |
Bad debt expense | 8,716 | 12,918 |
Stock-based compensation | 61,770 | 56,539 |
Noncash lease cost | 21,433 | 0 |
Deferred income taxes | (1,912) | 0 |
Other adjustments | (1,632) | (221) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (17,143) | (15,208) |
Prepaid expenses and other assets | (5,335) | (6,924) |
Operating lease liabilities | (20,299) | 0 |
Accounts payable, accrued liabilities and other liabilities | 14,464 | (15,122) |
Net cash provided by operating activities | 97,846 | 60,937 |
Investing Activities | ||
Purchases of marketable securities | (289,100) | (403,324) |
Maturities of marketable securities | 397,197 | 290,000 |
Release of escrow deposit | 28,750 | 0 |
Purchases of property, equipment and software | (19,214) | (25,157) |
Other investing activities | 276 | 34 |
Net cash provided by (used in) investing activities | 117,909 | (138,447) |
Financing Activities | ||
Proceeds from issuance of common stock for employee stock-based plans | 11,198 | 16,221 |
Repurchases of common stock | (397,613) | (65,789) |
Taxes paid related to the net share settlement of equity awards | (22,605) | (27,953) |
Net cash used in financing activities | (409,020) | (77,521) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (24) | 209 |
Change in cash, cash equivalents and restricted cash | (193,289) | (154,822) |
Cash, cash equivalents and restricted cash—Beginning of period | 354,835 | 566,404 |
Cash, cash equivalents and restricted cash—End of period | 161,546 | 411,582 |
Supplemental Disclosures of Other Cash Flow Information | ||
Cash paid for income taxes, net of refunds | 2,843 | 28,815 |
Supplemental Disclosures of Noncash Investing and Financing Activities | ||
Purchases of property, equipment and software recorded in accounts payable and accrued liabilities | 2,271 | 2,294 |
Tax liability related to net share settlement of equity awards included in accrued liabilities | 982 | 1,088 |
Repurchases of common stock recorded in accrued liabilities | 2,381 | 0 |
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities | $ 6,325 | $ 0 |
DESCRIPTION OF BUSINESS AND BAS
DESCRIPTION OF BUSINESS AND BASIS FOR PRESENTATION | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | DESCRIPTION OF BUSINESS AND BASIS FOR PRESENTATION Yelp Inc. was incorporated in Delaware on September 3, 2004. Except where specifically noted or the context otherwise requires, the use of terms such as the "Company" and "Yelp" in these Notes to Condensed Consolidated Financial Statements refers to Yelp Inc. and its subsidiaries. Yelp connects consumers with great local businesses. Yelp's trusted local platform delivers significant value to both consumers and businesses by helping each discover and interact with the other: its content and transaction capabilities help consumers save time and money, while its advertising and other products help businesses gain visibility and engage with its large audience of purchase-oriented consumers. Basis of Presentation The accompanying interim condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 , filed with the SEC on March 1, 2019 (the "Annual Report"). The unaudited condensed consolidated balance sheet as of December 31, 2018 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures required by GAAP, including certain notes to the financial statements. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, except as set forth under "Recently Adopted Accounting Pronouncements" below. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments of a normally recurring nature necessary for the fair presentation of the interim periods presented. Principles of Consolidation These unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. Use of Estimates The preparation of the Company’s unaudited interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from management’s estimates. Significant Accounting Policies Except as set forth below, there have been no material changes to the Company's significant accounting policies from those described in the Annual Report. Leases —The Company leases its office facilities under operating lease agreements that expire from 2019 to 2029, some of which include options to renew at the Company's sole discretion. If exercised, such options would extend the lease terms by up to ten years . Additionally, certain lease agreements contain options to terminate the leases, which require 6 to 12 months prior written notice to the landlord. The Company does not have any finance lease agreements. The Company recognizes on its condensed consolidated balance sheet operating lease liabilities representing the present value of future lease payments, and an associated operating lease right-of-use asset for any operating lease with a term greater than one year. The Company recognizes the amortization of the right-of-use asset each month within lease expense. The Company has elected to take the practical expedient for short-term leases, and does not record operating lease right-of-use assets or lease liabilities associated with leases with durations of 12 months or less. When recording the present value of lease liabilities, a discount rate is required, for which the Company has concluded that the rates implicit in the various operating lease agreements are not readily determinable. As a result, the Company instead uses its incremental borrowing rate, which is calculated based on hypothetical borrowings to fund each respective lease over the lease term, as of the lease commencement date, assuming that borrowings are secured by the various leased properties. The incremental borrowing rates are determined based on an assessment of the Company’s implied credit rating, using ratings scales from reputable rating agencies that consider a number of qualitative and quantitative factors. Market rates are derived as of the lease commencement dates for companies with the same debt rating that operate in a similar industry to the Company. The Company does not recognize its renewal options as part of its right-of-use assets and lease liabilities until it is reasonably certain that it will exercise such renewal options. Recently Adopted Accounting Pronouncements Lease Accounting —In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2016-02, "Leases (Topic 842)" ("ASC 842"). ASC 842 supersedes the previous accounting guidance for leases included within Accounting Standards Codification 840, "Leases" ("ASC 840"). The new guidance generally requires an entity to recognize on its balance sheet operating and finance lease liabilities and corresponding right-of-use assets, as well as to recognize the associated lease expenses on its statements of operations in a manner similar to that required under ASC 840. The Company adopted and began applying ASC 842 on January 1, 2019 in accordance with Accounting Standards Update No. 2018-11, "Targeted Improvements to ASC 842." Based on its lease portfolio in place at the time of adoption, the Company determined that a cumulative-effect adjustment to the opening balance of accumulated deficit was not needed because there was no difference between the operating lease expense recorded to its condensed consolidated statement of operations following its adoption of ASC 842 and the amount that would have been recorded under ASC 840. The Company will continue to disclose comparative reporting periods prior to January 1, 2019 under ASC 840. The Company has elected to take the practical expedient available under ASC 842 to not record operating lease right-of-use assets or lease liabilities associated with leases with durations of 12 months or less. The Company will record those leases on a straight line basis to its consolidated statements of operations over the lease terms. The Company recorded operating lease right-of-use assets and lease liabilities for all of its leases that met the definition of a lease under ASC 842 and that had terms of greater than 12 months upon its adoption of ASC 842. The Company has elected not to take the package of practical expedients permitted under the transition guidance within the new standard, which allows an entity to not reassess whether any expired or existing contracts contain leases, the lease classification for any expired or existing leases, and treatment of initial direct costs for any existing leases. Additionally, the Company did not elect the hindsight practical expedient to determine the lease terms for existing leases. The most significant changes as a result of ASC 842 were the Company's recognition on its condensed consolidated balance sheet upon adoption on January 1, 2019 of operating lease right-of-use assets of $233.0 million , current operating lease liabilities of $55.2 million and long-term operating lease liabilities of $212.5 million . These balances consist of the Company's office lease portfolio and, to a much lesser extent, its computer equipment lease portfolio. The Company de-recognized deferred rent liabilities associated with its office lease portfolio of $34.8 million upon adoption. Callable Debt Securities —In March 2017, the FASB issued Accounting Standards Update No. 2017-08, "Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities" ("ASU 2017-08"). This new guidance requires entities to amortize purchased callable debt securities held at a premium to the earliest call date. The Company adopted ASU 2017-08 effective January 1, 2019 using the modified retrospective method. The Company does not hold any callable debt securities at a premium upon the adoption date, and, accordingly, no adjustment to opening retained earnings was required. Non-employee Share-Based Payment Accounting —In June 2018, the FASB issued Accounting Standards Update No. 2018-07, "Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting" ("ASU 2018-07"). This new guidance changes the accounting for non-employee share-based payments to align with the accounting for employee stock compensation. The Company adopted ASU 2018-07 effective January 1, 2019, and the adoption did not have a material impact on its consolidated financial statements. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income —In February 2018, the FASB issued Accounting Standards Update No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" ("ASU 2018-02"). This new guidance permits a company to reclassify the income tax effects of the U.S. Tax Cuts and Jobs Act on items within accumulated other comprehensive income to retained earnings. ASU 2018-02 is effective for all entities for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. The Company adopted ASU 2018-02 effective January 1, 2019 and elected to not reclassify the income tax effects of the U.S. Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. Recent Accounting Pronouncements Not Yet Effective In June 2016, the FASB issued Accounting Standards Update No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). This guidance requires financial assets measured at amortized cost to be presented at the net amount expected to be collected based on historical events, current conditions and forecast information. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company is currently evaluating the impact of ASU 2016-13 on its consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update No. 2017-04, "Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" ("ASU 2017-04"). This new guidance simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under the new standard, entities will perform goodwill impairment tests by comparing fair value of a reporting unit with its carrying amount, and will recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company does not expect the adoption of ASU 2017-04 to have a material impact on its consolidated financial statements. In August 2018, the FASB issued Accounting Standards Update No. 2018-13, "Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement" (“ASU 2018-13”), which amends Accounting Standards Codification 820, "Fair Value Measurement." ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying and adding certain disclosures. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company is currently evaluating the impact of ASU 2018-13 on its consolidated financial statements. In August 2018, the FASB issued Accounting Standards Update No. 2018-15, "Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract" ("ASU 2018-15"). This new guidance requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in Accounting Standards Codification 350-40 to determine which implementation costs to defer and recognize as an asset. ASU 2018-15 generally aligns the guidance on recognizing implementation costs incurred in a cloud computing arrangement that is a service contract with that for implementation costs incurred to develop or obtain internal-use software, including hosting arrangements that include an internal-use software license. ASU 2018-15 is effective for the first interim period within annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company is currently assessing the impact of ASU 2018-15 on its consolidated financial statements. |
CASH, CASH EQUIVALENTS AND REST
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 6 Months Ended |
Jun. 30, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | CASH, CASH EQUIVALENTS AND RESTRICTED CASH Cash, cash equivalents and restricted cash as of June 30, 2019 and December 31, 2018 consisted of the following (in thousands): June 30, December 31, Cash $ 36,092 $ 81,055 Cash equivalents 103,372 251,709 Total cash and cash equivalents $ 139,464 $ 332,764 Restricted cash 22,082 22,071 Total cash, cash equivalents and restricted cash $ 161,546 $ 354,835 As of June 30, 2019 and December 31, 2018 , the Company had letters of credit collateralized fully by bank deposits that totaled $22.1 million and $22.1 million , respectively. These letters of credit primarily relate to lease agreements for certain of the Company’s offices, which are required to be maintained and issued to the landlords of each facility. Each letter of credit is subject to renewal annually until the applicable lease expires. As the bank deposits have restrictions on their use, they are classified as restricted cash on the Company's condensed consolidated balance sheets. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS The Company’s investments in money market accounts are recorded as cash equivalents at fair value on the condensed consolidated balance sheets. All other financial instruments are classified as held-to-maturity investments and, accordingly, are recorded at amortized cost; however, the Company is required to determine the fair value of these investments on a recurring basis to identify any potential impairment. The accounting guidance for fair value measurements prioritizes the inputs used in measuring fair value in the following hierarchy: Level 1 —Observable inputs, such as quoted prices in active markets, Level 2 —Inputs other than quoted prices in active markets that are observable either directly or indirectly, or Level 3 —Unobservable inputs in which there are little or no market data, which require the Company to develop its own assumptions. This hierarchy requires the Company to use observable market data, when available, to minimize the use of unobservable inputs when determining fair value. The Company’s money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted prices in active markets. The Company’s commercial paper, corporate bonds, U.S. government bonds and agency bonds are classified within Level 2 of the fair value hierarchy because they have been valued using inputs other than quoted prices in active markets that are observable directly or indirectly. The following table represents the fair value of the Company’s financial instruments, including those measured at fair value on a recurring basis and those held-to-maturity, as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 88,391 $ — $ — $ 88,391 $ 221,173 $ — $ — $ 221,173 Commercial paper — 14,979 — 14,979 — 30,536 — 30,536 Marketable securities: Commercial paper — 142,140 — 142,140 — 175,070 — 175,070 Corporate bonds — 111,986 — 111,986 — 131,496 — 131,496 Agency bonds — 64,551 — 64,551 — 50,846 — 50,846 U.S. government bonds — — — — — 65,502 — 65,502 Total cash equivalents and marketable securities $ 88,391 $ 333,656 $ — $ 422,047 $ 221,173 $ 453,450 $ — $ 674,623 |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | MARKETABLE SECURITIES The amortized cost, gross unrealized gains and losses, and fair value of marketable securities classified as held-to-maturity as of June 30, 2019 and December 31, 2018 were as follows (in thousands): June 30, 2019 Amortized Gross Gross Fair Cash equivalents: Commercial paper $ 14,981 $ — $ (2 ) $ 14,979 Total cash equivalents 14,981 — (2 ) 14,979 Short-term marketable securities: Commercial paper 142,052 90 (2 ) 142,140 Corporate bonds 82,212 157 — 82,369 Agency bonds 48,490 100 — 48,590 Total short-term marketable securities 272,754 347 (2 ) 273,099 Long-term marketable securities: Corporate bonds 29,470 147 — 29,617 Agency bonds 15,909 52 — 15,961 Total long-term marketable securities 45,379 199 — 45,578 Total marketable securities $ 333,114 $ 546 $ (4 ) $ 333,656 December 31, 2018 Amortized Gross Gross Fair Cash equivalents: Commercial paper $ 30,536 $ — $ — $ 30,536 Total cash equivalents 30,536 — — 30,536 Short-term marketable securities: Commercial paper 175,070 — — 175,070 Corporate bonds 131,626 8 (138 ) 131,496 U.S. government bonds 65,513 — (11 ) 65,502 Agency bonds 50,887 — (41 ) 50,846 Total short-term marketable securities 423,096 8 (190 ) 422,914 Total marketable securities $ 453,632 $ 8 $ (190 ) $ 453,450 The following tables present gross unrealized losses and fair values for those securities that were in an unrealized loss position as of June 30, 2019 and December 31, 2018 , aggregated by investment category and the length of time that the individual securities have been in a continuous loss position (in thousands): June 30, 2019 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Commercial paper $ 31,460 $ (4 ) $ — $ — $ 31,460 $ (4 ) Total $ 31,460 $ (4 ) $ — $ — $ 31,460 $ (4 ) December 31, 2018 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $ 121,566 $ (138 ) $ — $ — $ 121,566 $ (138 ) U.S. government bonds 65,502 (11 ) — — 65,502 (11 ) Agency bonds 50,846 (41 ) — — 50,846 (41 ) Total $ 237,914 $ (190 ) $ — $ — $ 237,914 $ (190 ) The Company periodically reviews its investment portfolio for other-than-temporary impairment. The Company considers such factors as the duration, severity and reason for the decline in value, and the potential recovery period. The Company also considers whether it is more likely than not that it will be required to sell the securities before the recovery of their amortized cost basis, and whether the amortized cost basis cannot be recovered as a result of credit losses. During the three and six months ended June 30, 2019 and 2018 , the Company did not recognize any other-than-temporary impairment losses. |
PREPAID EXPENSES AND OTHER CURR
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 6 Months Ended |
Jun. 30, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets as of June 30, 2019 and December 31, 2018 consisted of the following (in thousands): June 30, December 31, Prepaid expenses $ 13,858 $ 9,436 Other current assets 9,480 7,668 Total prepaid expenses and other current assets $ 23,338 $ 17,104 |
PROPERTY, EQUIPMENT AND SOFTWAR
PROPERTY, EQUIPMENT AND SOFTWARE, NET | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment and Software, Net | PROPERTY, EQUIPMENT AND SOFTWARE, NET Property, equipment and software, net as of June 30, 2019 and December 31, 2018 consisted of the following (in thousands): June 30, December 31, Capitalized website and internal-use software development costs $ 124,714 $ 108,590 Leasehold improvements 85,999 83,811 Computer equipment 42,368 40,801 Furniture and fixtures 18,269 17,839 Telecommunication 4,750 4,691 Software 1,691 1,651 Total 277,791 257,383 Less accumulated depreciation (163,686 ) (142,583 ) Property, equipment and software, net $ 114,105 $ 114,800 Depreciation expense was approximately $11.3 million and $9.6 million for the three months ended June 30, 2019 and 2018 , respectively, and approximately $22.3 million and $18.8 million for the six months ended June 30, 2019 and 2018 , respectively. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS The Company’s goodwill is the result of its acquisitions of other businesses, and represents the excess of purchase consideration over the fair value of assets acquired and liabilities assumed. The Company performed its annual goodwill impairment analysis as of August 31, 2018 and concluded that goodwill was not impaired, as the fair value of each reporting unit exceeded its carrying value. The changes in carrying amount of goodwill during the six months ended June 30, 2019 were as follows (in thousands): Balance as of December 31, 2018 $ 105,620 Effect of currency translation (307 ) Balance as of June 30, 2019 $ 105,313 Intangible assets at June 30, 2019 and December 31, 2018 consisted of the following (dollars in thousands): June 30, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life Business relationships $ 9,918 $ (2,354 ) $ 7,564 9.0 years Developed technology 7,832 (4,321 ) 3,511 2.7 years Content 3,855 (3,787 ) 68 0.3 years Domains and data licenses 2,869 (2,605 ) 264 1.4 years Trademarks 877 (725 ) 152 0.7 years User relationships 146 (117 ) 29 0.7 years Total $ 25,497 $ (13,909 ) $ 11,588 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life Business relationships $ 9,918 $ (1,868 ) $ 8,050 9.4 years Developed technology 7,832 (3,562 ) 4,270 3.1 years Content 3,873 (3,696 ) 177 0.8 years Domain and data licenses 2,869 (2,359 ) 510 1.5 years Trademarks 877 (579 ) 298 1.2 years User relationships 146 (92 ) 54 1.2 years Total $ 25,515 $ (12,156 ) $ 13,359 Amortization expense was $0.9 million and $0.9 million for the three months ended June 30, 2019 and 2018 , respectively, and $1.8 million and $1.8 million for the six months ended June 30, 2019 and 2018 , respectively. As of June 30, 2019 , the estimated future amortization of purchased intangible assets for (i) the remaining six months of 2019 , (ii) each of the succeeding five years, and (iii) thereafter was as follows (in thousands): Year Ending December 31, Amount 2019 (from July 1, 2019) $ 1,506 2020 2,402 2021 2,262 2022 1,045 2023 714 2024 708 Thereafter 2,951 Total amortization $ 11,588 |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | LEASES The components of lease cost as of June 30, 2019 were as follows (in thousands): Three Months Ended Six Months Ended Operating lease cost $ 13,643 $ 27,334 Short-term lease cost (12 months or less) 348 647 Sublease income (813 ) (1,289 ) Total lease cost, net $ 13,178 $ 26,692 The Company will continue to disclose comparative reporting periods prior to January 1, 2019 under ASC 840. During the three and six months ended June 30, 2018, the Company recognized rent expense on a straight-line basis over the lease period. Rent expense was $12.0 million and $24.0 million for the three and six months ended June 30, 2018 , respectively. The Company has subleased certain office facilities under operating lease agreements that expire in 2025. The sublease agreements do not contain any options to renew. The Company recognizes sublease rental income as a reduction in rent expense on a straight-line basis over the lease period. Sublease rental income was $0.5 million and $1.2 million for the three and six months ended June 30, 2018 . The Company does not combine lease and non-lease components; its lease agreements provide specific allocations of the Company's obligations between lease and non-lease components. As a result, the Company was not required to exercise any judgment in determining such allocations. The Company's leases and subleases do not include any variable lease payments, residual value guarantees, related-party leases, or restrictions or covenants which would limit or prevent the Company's right to obtain substantially all of economic benefits from use of the respective assets during the lease term. Supplemental cash flow information related to leases for the six months ended June 30, 2019 was as follows (in thousands): June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 27,927 As of June 30, 2019, maturities of lease liabilities for (i) the remaining six months of 2019 , (ii) each of the succeeding five years, and (iii) thereafter were as follows (in thousands): Year Ending December 31, Operating 2019 (from July 1, 2019) $ 28,791 2020 59,014 2021 52,063 2022 44,712 2023 41,652 2024 39,420 Thereafter 37,112 Total minimum lease payments 302,764 Less imputed interest 48,992 Present value of lease liabilities $ 253,772 As of December 31, 2018, maturities of lease liabilities for (i) each of the succeeding five years and (ii) thereafter were as follows (in thousands): Year Ending December 31, Operating 2019 $ 56,703 2020 59,009 2021 51,429 2022 43,603 2023 40,517 Thereafter 69,980 Total minimum lease payments $ 321,241 As of June 30, 2019, the weighted-average remaining lease term and weighted-average discount rate were as follows: June 30, 2019 Weighted-average remaining lease term (years) — operating leases 5.97 Weighted-average discount rate — operating leases 6.04 % |
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS | 6 Months Ended |
Jun. 30, 2019 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Other Non-Current Assets | OTHER NON-CURRENT ASSETS Other non-current assets as of June 30, 2019 and December 31, 2018 consisted of the following (in thousands): June 30, December 31, Deferred tax assets $ 20,354 $ 17,240 Deferred contract costs 12,614 12,345 Escrow deposit — 28,750 Other non-current assets 2,912 1,109 Total other non-current assets $ 35,880 $ 59,444 The escrow deposit as of December 31, 2018 consisted of the funds held in escrow in connection with the Company's sale of its wholly owned subsidiary, Eat24, LLC ("Eat24") to Grubhub Holdings Inc. ("Purchaser") in October 2017. A portion of the purchase price was held in escrow for an initial 18-month period after closing to secure the Purchaser's rights of indemnification in the transaction. Following the expiration of the escrow period in April 2019, the deposit was released to the Company. Deferred contract costs as of June 30, 2019 and December 31, 2018 , and changes in deferred contract costs during the six months ended June 30, 2019 , were as follows (in thousands): Six Months Ended Balance, beginning of period $ 12,345 Add: costs deferred on new contracts 5,755 Less: amortization recorded in sales and marketing expenses (5,486 ) Balance, end of period $ 12,614 |
CONTRACT BALANCES
CONTRACT BALANCES | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Contract Balances | CONTRACT BALANCES The allowance for doubtful accounts as of June 30, 2019 and 2018 and changes in the allowance for doubtful accounts during the six months ended June 30, 2019 and 2018 were as follows (in thousands): Six Months Ended 2019 2018 Balance, beginning of period $ 8,685 $ 8,602 Add: provision for doubtful accounts 8,716 12,918 Less: write-offs, net of recoveries (10,536 ) (12,160 ) Balance, end of period $ 6,865 $ 9,360 Contract liabilities consist of deferred revenue, which is recorded on the consolidated balance sheets when the Company has received consideration, or has the right to receive consideration, in advance of transferring the performance obligations under the contract to the customer. As of June 30, 2019 , deferred revenue was $4.6 million , the majority of which is expected to be recognized as revenue in the subsequent three-month period ending September 30, 2019. Changes in deferred revenue during the six months ended June 30, 2019 were as follows (in thousands): Six Months Ended Balance, beginning of period $ 3,843 Less: recognition of deferred revenue from beginning balance (3,196 ) Add: net increase in current period contract liabilities 3,970 Balance, end of period $ 4,617 The net increase in contract liabilities primarily relates to new contracts with customers during the periods presented. No other contract assets or liabilities are recorded on the Company's condensed consolidated balance sheets as of June 30, 2019 and December 31, 2018 . |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 6 Months Ended |
Jun. 30, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES Accrued liabilities as of June 30, 2019 and December 31, 2018 consisted of the following (in thousands): June 30, December 31, Accrued employee compensation and related $ 41,698 $ 21,580 Accrued tax liabilities 7,747 5,491 Accrued cost of revenue 4,097 5,463 Accrued sales and marketing expenses 3,810 4,536 Accrued share repurchases costs 2,381 — Other accrued liabilities 11,975 17,452 Total accrued liabilities $ 71,708 $ 54,522 |
LONG-TERM LIABILITIES
LONG-TERM LIABILITIES | 6 Months Ended |
Jun. 30, 2019 | |
Payables and Accruals [Abstract] | |
Long-Term Liabilities | LONG-TERM LIABILITIES Long-term liabilities as of June 30, 2019 and December 31, 2018 consisted of the following (in thousands): June 30, December 31, Deferred rent $ — $ 31,253 Other long-term liabilities 3,999 3,887 Total long-term liabilities $ 3,999 $ 35,140 The Company de-recognized the deferred rent balance as of December 31, 2018 upon its adoption of ASC 842 on January 1, 2019 (see Note 1 ). |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Legal Proceedings —In January 2018, a putative class action lawsuit alleging violations of the federal securities laws was filed in the U.S. District Court for the Northern District of California, naming as defendants the Company and certain of its officers. The complaint, which the plaintiff amended on June 25, 2018, alleges violations of the Exchange Act by the Company and its officers for allegedly making materially false and misleading statements regarding its business and operations on February 9, 2017. The plaintiff seeks unspecified monetary damages and other relief. On August 2, 2018, the Company and the other defendants filed a motion to dismiss the amended complaint, which the court granted in part and denied in part on November 27, 2018. The case remains pending. Due to the preliminary nature of this lawsuit, the Company is unable to reasonably estimate either the probability of incurring a loss or an estimated range of such loss, if any, from the lawsuit. The Company is subject to other legal proceedings arising in the ordinary course of business. Although the results of litigation and claims cannot be predicted with certainty, the Company currently does not believe that the final outcome of any of these other matters will have a material effect on the Company’s business, financial position, results of operations or cash flows. Indemnification Agreements —In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to customers, vendors, lessors, business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with directors and certain officers and employees that will require the Company to, among other things, indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. While the outcome of claims cannot be predicted with certainty, the Company does not believe that the outcome of any claims under the indemnification arrangements will have a material effect on the Company’s financial position, results of operations or cash flows. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY The following table presents the number of shares authorized and issued as of the dates indicated: June 30, 2019 December 31, 2018 Shares Authorized Shares Issued Shares Authorized Shares Issued Stockholders’ equity: Common stock, $0.000001 par value 200,000,000 71,931,789 200,000,000 81,996,839 Undesignated Preferred Stock 10,000,000 — 10,000,000 — Stock Repurchase Program On July 31, 2017 , the Company’s board of directors authorized a stock repurchase program under which the Company was authorized to repurchase up to $200.0 million of its outstanding common stock. This program was completed on November 16, 2018 . On November 27, 2018 , the Company's board of directors authorized the Company to repurchase up to an additional $250.0 million of its outstanding common stock, which it subsequently increased by an additional $250.0 million on February 11, 2019, bringing the total amount of repurchases authorized under its stock repurchase program to $500.0 million . The Company may purchase shares at management’s discretion in the open market, in privately negotiated transactions, in transactions structured through investment banking institutions, or a combination of the foregoing. During the six months ended June 30, 2019 , the Company repurchased on the open market 11,690,224 shares for an aggregate purchase price of $397.6 million , of which 11,510,446 shares were retired. As of June 30, 2019 , the Company had a treasury stock balance of 179,778 shares, which were excluded from its outstanding share count as of such date and subsequently retired in July 2019. During the six months ended June 30, 2018 , the Company repurchased on the open market and retired 1,592,557 shares for an aggregate purchase price of $65.8 million . The Company had no treasury stock balance as of June 30, 2018 . Equity Incentive Plans The Company has outstanding awards under three equity incentive plans: the Amended and Restated 2005 Equity Incentive Plan (the "2005 Plan"), the 2011 Equity Incentive Plan (the "2011 Plan") and the 2012 Equity Incentive Plan, as amended (the "2012 Plan"). In July 2011, the Company adopted the 2011 Plan, terminated the 2005 Plan and provided that no further stock awards were to be granted under the 2005 Plan. All outstanding stock awards under the 2005 Plan continue to be governed by their existing terms. Upon the effectiveness of the underwriting agreement in connection with the Company’s initial public offering ("IPO"), the Company terminated the 2011 Plan and all shares that were reserved under the 2011 Plan but not issued were assumed by the 2012 Plan. No further awards have been or will be granted pursuant to the 2011 Plan. All outstanding stock awards under the 2011 Plan continue to be governed by their existing terms. Under the 2012 Plan, the Company has the ability to issue incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock units ("RSUs"), restricted stock awards, performance units and performance shares. Additionally, the 2012 Plan provides for the grant of performance cash awards to employees, directors and consultants. Stock Options Stock options granted under the 2012 Plan are granted at a price per share not less than the fair value of a share of the Company’s common stock at date of grant. Options granted to date generally vest over a three - or four -year period, on one of four schedules: (a) 25% vesting at the end of one year and the remaining shares vesting monthly thereafter; (b) 10% vesting over the first year, 20% vesting over the second year, 30% vesting over the third year and 40% vesting over the fourth year; (c) ratably on a monthly basis; or (d) 35% vesting over the first year, 40% vesting over the second year and 25% vesting over the third year. Options granted are generally exercisable for contractual terms of up to 10 years . The Company issues new shares when stock options are exercised. A summary of stock option activity for the six months ended June 30, 2019 is as follows: Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2018 6,818,682 $ 24.54 5.11 $ 88,983 Granted 662,150 36.06 Exercised (173,956 ) 21.08 Canceled (108,803 ) 47.03 Outstanding at June 30, 2019 7,198,073 $ 25.38 4.86 $ 82,414 Options vested and exercisable at June 30, 2019 5,782,914 $ 22.55 3.93 $ 80,977 Aggregate intrinsic value represents the difference between the closing price of the Company’s common stock as quoted on the New York Stock Exchange on a given date and the exercise price of outstanding, in-the-money options. The total intrinsic value of options exercised was approximately $2.0 million and $4.8 million for the three months ended June 30, 2019 and 2018 , respectively, and $2.8 million and $12.8 million for the six months ended June 30, 2019 and 2018 , respectively. There were no options granted in the three months ended June 30, 2019. The weighted-average grant date fair value of options granted was $24.09 per share for the three months ended June 30, 2018 and $17.64 and $18.85 per share for the six months ended June 30, 2019 and 2018 , respectively. As of June 30, 2019 , total unrecognized compensation costs related to nonvested stock options was approximately $24.3 million , which the Company expects to recognize over a weighted-average time period of 2.6 years . RSUs The cost of RSUs is determined using the fair value of the Company’s common stock on the date of grant. RSUs generally vest over a four -year period, on one of three schedules: (a) 25% vesting at the end of one year and the remaining vesting quarterly or annually thereafter; (b) 10% vesting over the first year, 20% vesting over the second year, 30% vesting over the third year and 40% vesting over the fourth year; or (c) ratably on a quarterly basis. RSUs also include performance-based restricted stock units ("PRSUs") for which the expense is recognized from the date of grant. The PRSUs are subject to both a performance goal and a time-based vesting schedule. The shares underlying each PRSU award will be eligible to vest only if the average closing price of the Company's common stock equals or exceeds $45.3125 over any 60-day trading period during the four years following the grant date of February 7, 2019 (the "Performance Goal"). If the Performance Goal is met, the shares underlying each PRSU award will vest quarterly over four years from the grant date (the "Time-Based Vesting Schedule"). Any shares subject to the PRSUs that have met the Time-Based Vesting Schedule at the time the Performance Goal is achieved will fully vest as of such date; thereafter, any remaining nonvested shares subject to the PRSUs will continue vesting solely according to the Time-Based Vesting Schedule. Due to the multiple obligations that exist for the PRSUs, a Monte Carlo model was used to determine the fair value of these awards. As the PRSU activity during the six months ended June 30, 2019 was not material, it is presented together with the RSU activity in the table below. A summary of RSU activity for the six months ended June 30, 2019 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Nonvested at December 31, 2018 6,563,863 $ 38.67 Granted 3,099,719 35.37 Vested (1) (1,629,984 ) 35.95 Canceled (969,826 ) 38.41 Nonvested at June 30, 2019 7,063,772 $ 37.89 (1) Includes 647,073 shares that vested but were not issued due to net share settlement for payment of employee taxes. The aggregate fair value as of the vest date of RSUs that vested during the six months ended June 30, 2019 and 2018 was $57.4 million and $71.3 million , respectively. As of June 30, 2019 , the Company had approximately $254.8 million of unrecognized stock-based compensation expense related to RSUs, which it expects to recognize over the remaining weighted-average vesting period of approximately 2.7 years . Employee Stock Purchase Plan The 2012 Employee Stock Purchase Plan, as amended ("ESPP"), allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations, during designated offering periods. At the end of each offering period, employees are able to purchase shares at 85% of the fair market value of the Company’s common stock on the last day of the offering period, based on the closing sales price of the Company's common stock as quoted on the New York Stock Exchange on such date. There were 288,529 shares purchased by employees under the ESPP at a weighted-average purchase price of $26.12 in the three and six months ended June 30, 2019. There were 195,987 shares purchased by employees under the ESPP at a weighted-average purchase price of $36.42 in the three and six months ended June 30, 2018 . The Company recognized stock-based compensation expense related to the ESPP of $0.6 million and $0.7 million in the three months ended June 30, 2019 and 2018 , respectively, and $1.3 million and $1.3 million in the six months ended June 30, 2019 and 2018 , respectively. Stock-Based Compensation The following table summarizes the effects of stock-based compensation expense related to stock-based awards in the condensed consolidated statements of operations during the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Cost of revenue $ 1,118 $ 1,153 $ 2,361 $ 2,184 Sales and marketing 7,774 8,055 15,461 15,573 Product development 15,247 13,907 31,322 27,342 General and administrative 6,313 5,690 12,626 11,440 Total stock-based compensation recorded to income before income taxes 30,452 28,805 61,770 56,539 Benefit from income taxes (7,993 ) (160 ) (16,105 ) (309 ) Total stock-based compensation recorded to net income $ 22,459 $ 28,645 $ 45,665 $ 56,230 The Company capitalized $3.1 million and $2.2 million of stock-based compensation expense as website development costs in the three months ended June 30, 2019 and 2018 , respectively, and $4.9 million and $4.0 million in the six months ended June 30, 2019 and 2018 , respectively. |
OTHER INCOME, NET
OTHER INCOME, NET | 6 Months Ended |
Jun. 30, 2019 | |
Other Income and Expenses [Abstract] | |
Other Income, Net | OTHER INCOME, NET Other income, net for the three and six months ended June 30, 2019 and 2018 consisted of the following (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Interest income $ 3,743 $ 3,277 $ 8,117 $ 5,901 Transaction gain (loss) on foreign exchange (3 ) 39 113 13 Other non-operating income, net 151 108 352 114 Other income, net $ 3,891 $ 3,424 $ 8,582 $ 6,028 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company is subject to income tax in the United States as well as other tax jurisdictions in which it conducts business. Earnings from non-U.S. activities are subject to local country income tax. The provision for income taxes for the six months ended June 30, 2019 was $3.2 million , which was due to $3.4 million in U.S. federal, state and foreign income tax expense, partially offset by $0.2 million of net discrete tax benefits. The provision for income taxes for the six months ended June 30, 2018 was $0.4 million primarily due to $0.7 million U.S. state and foreign income tax expense, partially offset by $0.3 million of net discrete tax benefits. Accounting for income taxes for interim periods generally requires the provision for income taxes to be determined by applying an estimate of the annual effective tax rate for the full fiscal year to income or loss before income taxes, excluding unusual or infrequently occurring discrete items ("Ordinary" income), for the reporting period. For the three and six months ended June 30, 2019 , the difference between the effective tax rate and the federal statutory tax rate primarily relates to tax credits and non-deductible expenses. For the three and six months ended June 30, 2018 , a discrete effective tax rate method was used in jurisdictions where a small change in estimated Ordinary income had a significant impact on the annual effective tax rate. As of June 30, 2019 , the total amount of gross unrecognized tax benefits was $36.0 million , $15.2 million of which is subject to a full valuation allowance and would not affect the Company’s effective tax rate if recognized. As of June 30, 2019 , the Company had recorded an immaterial amount of interest and penalties. As of June 30, 2019 , the Company estimates that it had accumulated undistributed earnings generated by its foreign subsidiaries of approximately $3.0 million . Any taxes due with respect to such earnings or the excess of the amount for financial reporting over the tax basis of the Company's foreign investments would generally be limited to foreign and state taxes. The Company has not recognized a deferred tax liability related to un-remitted foreign earnings, as it continues to intend to indefinitely reinvest these earnings and expects future U.S. cash generation to be sufficient to meet future U.S. cash needs. In addition, the Company is subject to the continuous examination of its income tax returns by the Internal Revenue Service and other tax authorities. The Company’s federal and state income tax returns for tax years subsequent to 2003 remain open to examination. In the Company’s most significant foreign jurisdictions — Canada, Ireland, the United Kingdom and Germany — the tax years subsequent to 2014 remain open to examination. The Company regularly assesses the likelihood of adverse outcomes resulting from examinations to determine the adequacy of its provision for income taxes, and monitors the progress of ongoing discussions with tax authorities and the impact, if any, of the expected expiration of the statute of limitations in various taxing jurisdictions. The Company believes that an adequate provision has been made for any adjustments that may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in the Company’s tax audits are resolved in a manner not consistent with management’s expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs. Although the timing of the resolution or closure of audits is not certain, the Company believes it is reasonably possible that its unrecognized tax benefits could be reduced by an immaterial amount over the next 12 months. |
NET INCOME PER SHARE
NET INCOME PER SHARE | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | NET INCOME PER SHARE Basic net income per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted net income per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period. Potential common shares consist of the incremental shares of common stock issuable upon the exercise of stock options, shares issuable upon the vesting of RSUs and, to a lesser extent, purchase rights related to the ESPP. The following table presents the calculation of basic and diluted net income per share for the periods presented (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Basic net income per share: Net income $ 12,303 $ 10,704 $ 13,668 $ 8,418 Shares used in computation: Weighted-average common shares outstanding 75,601 83,769 78,620 83,792 Basic net income per share attributable to common stockholders $ 0.16 $ 0.13 $ 0.17 $ 0.10 Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Diluted net income per share: Net income $ 12,303 $ 10,704 $ 13,668 $ 8,418 Shares used in computation: Weighted-average common shares outstanding 75,601 83,769 78,620 83,792 Stock options 2,412 3,071 2,427 3,143 Restricted stock units 510 1,800 691 2,142 Employee stock purchase program 7 11 4 11 Number of shares used in diluted calculation 78,530 88,651 81,742 89,088 Diluted net income per share attributable to common stockholders $ 0.16 $ 0.12 $ 0.17 $ 0.09 The following weighted-average stock-based instruments were excluded from the calculation of diluted net income per share because their effect would have been anti-dilutive for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Stock options 2,821 1,724 2,726 2,034 Restricted stock units 3,208 659 2,990 604 |
INFORMATION ABOUT REVENUE AND G
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Information About Revenue and Geographic Areas | INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS The Company considers operating segments to be components of the Company in which separate financial information is available that is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The chief operating decision maker for the Company is the chief executive officer. The chief executive officer reviews financial information presented on a consolidated basis, accompanied by information about revenue by product line and geographic region for purposes of allocating resources and evaluating financial performance. The Company has determined that it has a single operating and reporting segment. When the Company communicates results externally, it disaggregates net revenue into major product lines and primary geographical markets, which is based on the billing address of the customer. The disaggregation of revenue by major product lines is based on the type of service provided and also aligns with the timing of revenue recognition. Net Revenue The following table presents the Company’s net revenue by major product line for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net revenue by product: Advertising $ 237,842 $ 226,168 $ 464,875 $ 440,211 Transactions 3,147 3,520 6,454 7,359 Other services 5,966 5,175 11,568 10,367 Total net revenue $ 246,955 $ 234,863 $ 482,897 $ 457,937 During the three and six months ended June 30, 2019 and 2018 , no individual customer accounted for 10% or more of consolidated net revenue. The following table presents the Company’s net revenue by major geographic region for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 United States $ 243,638 $ 231,575 $ 476,349 $ 451,499 All other countries 3,317 3,288 6,548 6,438 Total net revenue $ 246,955 $ 234,863 $ 482,897 $ 457,937 Long-Lived Assets The following table presents the Company’s long-lived assets by major geographic region for the periods presented (in thousands): June 30, December 31, United States $ 112,672 $ 112,984 All other countries 1,433 1,816 Total long-lived assets $ 114,105 $ 114,800 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On August 8, 2019, Charles Baker notified the Company of his decision to step down from his position as Chief Financial Officer, effective September 2, 2019. Mr. Baker indicated that his decision to resign was not the result of any disagreement with the Company on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. |
DESCRIPTION OF BUSINESS AND B_2
DESCRIPTION OF BUSINESS AND BASIS FOR PRESENTATION (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying interim condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 , filed with the SEC on March 1, 2019 (the "Annual Report"). The unaudited condensed consolidated balance sheet as of December 31, 2018 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures required by GAAP, including certain notes to the financial statements. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, except as set forth under "Recently Adopted Accounting Pronouncements" below. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments of a normally recurring nature necessary for the fair presentation of the interim periods presented. |
Principles of Consolidation | Principles of Consolidation These unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. |
Use of Estimates | Use of Estimates The preparation of the Company’s unaudited interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from management’s estimates. |
Leases | Leases —The Company leases its office facilities under operating lease agreements that expire from 2019 to 2029, some of which include options to renew at the Company's sole discretion. If exercised, such options would extend the lease terms by up to ten years . Additionally, certain lease agreements contain options to terminate the leases, which require 6 to 12 months prior written notice to the landlord. The Company does not have any finance lease agreements. The Company recognizes on its condensed consolidated balance sheet operating lease liabilities representing the present value of future lease payments, and an associated operating lease right-of-use asset for any operating lease with a term greater than one year. The Company recognizes the amortization of the right-of-use asset each month within lease expense. The Company has elected to take the practical expedient for short-term leases, and does not record operating lease right-of-use assets or lease liabilities associated with leases with durations of 12 months or less. When recording the present value of lease liabilities, a discount rate is required, for which the Company has concluded that the rates implicit in the various operating lease agreements are not readily determinable. As a result, the Company instead uses its incremental borrowing rate, which is calculated based on hypothetical borrowings to fund each respective lease over the lease term, as of the lease commencement date, assuming that borrowings are secured by the various leased properties. The incremental borrowing rates are determined based on an assessment of the Company’s implied credit rating, using ratings scales from reputable rating agencies that consider a number of qualitative and quantitative factors. Market rates are derived as of the lease commencement dates for companies with the same debt rating that operate in a similar industry to the Company. |
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Effective | Recently Adopted Accounting Pronouncements Lease Accounting —In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2016-02, "Leases (Topic 842)" ("ASC 842"). ASC 842 supersedes the previous accounting guidance for leases included within Accounting Standards Codification 840, "Leases" ("ASC 840"). The new guidance generally requires an entity to recognize on its balance sheet operating and finance lease liabilities and corresponding right-of-use assets, as well as to recognize the associated lease expenses on its statements of operations in a manner similar to that required under ASC 840. The Company adopted and began applying ASC 842 on January 1, 2019 in accordance with Accounting Standards Update No. 2018-11, "Targeted Improvements to ASC 842." Based on its lease portfolio in place at the time of adoption, the Company determined that a cumulative-effect adjustment to the opening balance of accumulated deficit was not needed because there was no difference between the operating lease expense recorded to its condensed consolidated statement of operations following its adoption of ASC 842 and the amount that would have been recorded under ASC 840. The Company will continue to disclose comparative reporting periods prior to January 1, 2019 under ASC 840. The Company has elected to take the practical expedient available under ASC 842 to not record operating lease right-of-use assets or lease liabilities associated with leases with durations of 12 months or less. The Company will record those leases on a straight line basis to its consolidated statements of operations over the lease terms. The Company recorded operating lease right-of-use assets and lease liabilities for all of its leases that met the definition of a lease under ASC 842 and that had terms of greater than 12 months upon its adoption of ASC 842. The Company has elected not to take the package of practical expedients permitted under the transition guidance within the new standard, which allows an entity to not reassess whether any expired or existing contracts contain leases, the lease classification for any expired or existing leases, and treatment of initial direct costs for any existing leases. Additionally, the Company did not elect the hindsight practical expedient to determine the lease terms for existing leases. The most significant changes as a result of ASC 842 were the Company's recognition on its condensed consolidated balance sheet upon adoption on January 1, 2019 of operating lease right-of-use assets of $233.0 million , current operating lease liabilities of $55.2 million and long-term operating lease liabilities of $212.5 million . These balances consist of the Company's office lease portfolio and, to a much lesser extent, its computer equipment lease portfolio. The Company de-recognized deferred rent liabilities associated with its office lease portfolio of $34.8 million upon adoption. Callable Debt Securities —In March 2017, the FASB issued Accounting Standards Update No. 2017-08, "Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities" ("ASU 2017-08"). This new guidance requires entities to amortize purchased callable debt securities held at a premium to the earliest call date. The Company adopted ASU 2017-08 effective January 1, 2019 using the modified retrospective method. The Company does not hold any callable debt securities at a premium upon the adoption date, and, accordingly, no adjustment to opening retained earnings was required. Non-employee Share-Based Payment Accounting —In June 2018, the FASB issued Accounting Standards Update No. 2018-07, "Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting" ("ASU 2018-07"). This new guidance changes the accounting for non-employee share-based payments to align with the accounting for employee stock compensation. The Company adopted ASU 2018-07 effective January 1, 2019, and the adoption did not have a material impact on its consolidated financial statements. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income —In February 2018, the FASB issued Accounting Standards Update No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" ("ASU 2018-02"). This new guidance permits a company to reclassify the income tax effects of the U.S. Tax Cuts and Jobs Act on items within accumulated other comprehensive income to retained earnings. ASU 2018-02 is effective for all entities for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. The Company adopted ASU 2018-02 effective January 1, 2019 and elected to not reclassify the income tax effects of the U.S. Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. Recent Accounting Pronouncements Not Yet Effective In June 2016, the FASB issued Accounting Standards Update No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). This guidance requires financial assets measured at amortized cost to be presented at the net amount expected to be collected based on historical events, current conditions and forecast information. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company is currently evaluating the impact of ASU 2016-13 on its consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update No. 2017-04, "Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" ("ASU 2017-04"). This new guidance simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under the new standard, entities will perform goodwill impairment tests by comparing fair value of a reporting unit with its carrying amount, and will recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company does not expect the adoption of ASU 2017-04 to have a material impact on its consolidated financial statements. In August 2018, the FASB issued Accounting Standards Update No. 2018-13, "Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement" (“ASU 2018-13”), which amends Accounting Standards Codification 820, "Fair Value Measurement." ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying and adding certain disclosures. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company is currently evaluating the impact of ASU 2018-13 on its consolidated financial statements. In August 2018, the FASB issued Accounting Standards Update No. 2018-15, "Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract" ("ASU 2018-15"). This new guidance requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in Accounting Standards Codification 350-40 to determine which implementation costs to defer and recognize as an asset. ASU 2018-15 generally aligns the guidance on recognizing implementation costs incurred in a cloud computing arrangement that is a service contract with that for implementation costs incurred to develop or obtain internal-use software, including hosting arrangements that include an internal-use software license. ASU 2018-15 is effective for the first interim period within annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company is currently assessing the impact of ASU 2018-15 on its consolidated financial statements. |
CASH, CASH EQUIVALENTS AND RE_2
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash, cash equivalents and restricted cash as of June 30, 2019 and December 31, 2018 consisted of the following (in thousands): June 30, December 31, Cash $ 36,092 $ 81,055 Cash equivalents 103,372 251,709 Total cash and cash equivalents $ 139,464 $ 332,764 Restricted cash 22,082 22,071 Total cash, cash equivalents and restricted cash $ 161,546 $ 354,835 |
Restrictions on Cash and Cash Equivalents | Cash, cash equivalents and restricted cash as of June 30, 2019 and December 31, 2018 consisted of the following (in thousands): June 30, December 31, Cash $ 36,092 $ 81,055 Cash equivalents 103,372 251,709 Total cash and cash equivalents $ 139,464 $ 332,764 Restricted cash 22,082 22,071 Total cash, cash equivalents and restricted cash $ 161,546 $ 354,835 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instruments Measured at Fair Value | The following table represents the fair value of the Company’s financial instruments, including those measured at fair value on a recurring basis and those held-to-maturity, as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 88,391 $ — $ — $ 88,391 $ 221,173 $ — $ — $ 221,173 Commercial paper — 14,979 — 14,979 — 30,536 — 30,536 Marketable securities: Commercial paper — 142,140 — 142,140 — 175,070 — 175,070 Corporate bonds — 111,986 — 111,986 — 131,496 — 131,496 Agency bonds — 64,551 — 64,551 — 50,846 — 50,846 U.S. government bonds — — — — — 65,502 — 65,502 Total cash equivalents and marketable securities $ 88,391 $ 333,656 $ — $ 422,047 $ 221,173 $ 453,450 $ — $ 674,623 |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of the Fair Value to Amortized Cost Basis of Securities Held-to-Maturity | The amortized cost, gross unrealized gains and losses, and fair value of marketable securities classified as held-to-maturity as of June 30, 2019 and December 31, 2018 were as follows (in thousands): June 30, 2019 Amortized Gross Gross Fair Cash equivalents: Commercial paper $ 14,981 $ — $ (2 ) $ 14,979 Total cash equivalents 14,981 — (2 ) 14,979 Short-term marketable securities: Commercial paper 142,052 90 (2 ) 142,140 Corporate bonds 82,212 157 — 82,369 Agency bonds 48,490 100 — 48,590 Total short-term marketable securities 272,754 347 (2 ) 273,099 Long-term marketable securities: Corporate bonds 29,470 147 — 29,617 Agency bonds 15,909 52 — 15,961 Total long-term marketable securities 45,379 199 — 45,578 Total marketable securities $ 333,114 $ 546 $ (4 ) $ 333,656 December 31, 2018 Amortized Gross Gross Fair Cash equivalents: Commercial paper $ 30,536 $ — $ — $ 30,536 Total cash equivalents 30,536 — — 30,536 Short-term marketable securities: Commercial paper 175,070 — — 175,070 Corporate bonds 131,626 8 (138 ) 131,496 U.S. government bonds 65,513 — (11 ) 65,502 Agency bonds 50,887 — (41 ) 50,846 Total short-term marketable securities 423,096 8 (190 ) 422,914 Total marketable securities $ 453,632 $ 8 $ (190 ) $ 453,450 |
Schedule of Securities in an Unrealized Loss Position | The following tables present gross unrealized losses and fair values for those securities that were in an unrealized loss position as of June 30, 2019 and December 31, 2018 , aggregated by investment category and the length of time that the individual securities have been in a continuous loss position (in thousands): June 30, 2019 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Commercial paper $ 31,460 $ (4 ) $ — $ — $ 31,460 $ (4 ) Total $ 31,460 $ (4 ) $ — $ — $ 31,460 $ (4 ) December 31, 2018 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $ 121,566 $ (138 ) $ — $ — $ 121,566 $ (138 ) U.S. government bonds 65,502 (11 ) — — 65,502 (11 ) Agency bonds 50,846 (41 ) — — 50,846 (41 ) Total $ 237,914 $ (190 ) $ — $ — $ 237,914 $ (190 ) |
PREPAID EXPENSES AND OTHER CU_2
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets as of June 30, 2019 and December 31, 2018 consisted of the following (in thousands): June 30, December 31, Prepaid expenses $ 13,858 $ 9,436 Other current assets 9,480 7,668 Total prepaid expenses and other current assets $ 23,338 $ 17,104 |
PROPERTY, EQUIPMENT, AND SOFTWA
PROPERTY, EQUIPMENT, AND SOFTWARE, NET (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Equipment and Software, Net | Property, equipment and software, net as of June 30, 2019 and December 31, 2018 consisted of the following (in thousands): June 30, December 31, Capitalized website and internal-use software development costs $ 124,714 $ 108,590 Leasehold improvements 85,999 83,811 Computer equipment 42,368 40,801 Furniture and fixtures 18,269 17,839 Telecommunication 4,750 4,691 Software 1,691 1,651 Total 277,791 257,383 Less accumulated depreciation (163,686 ) (142,583 ) Property, equipment and software, net $ 114,105 $ 114,800 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in carrying amount of goodwill during the six months ended June 30, 2019 were as follows (in thousands): Balance as of December 31, 2018 $ 105,620 Effect of currency translation (307 ) Balance as of June 30, 2019 $ 105,313 |
Schedule of Intangible Assets | Intangible assets at June 30, 2019 and December 31, 2018 consisted of the following (dollars in thousands): June 30, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life Business relationships $ 9,918 $ (2,354 ) $ 7,564 9.0 years Developed technology 7,832 (4,321 ) 3,511 2.7 years Content 3,855 (3,787 ) 68 0.3 years Domains and data licenses 2,869 (2,605 ) 264 1.4 years Trademarks 877 (725 ) 152 0.7 years User relationships 146 (117 ) 29 0.7 years Total $ 25,497 $ (13,909 ) $ 11,588 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life Business relationships $ 9,918 $ (1,868 ) $ 8,050 9.4 years Developed technology 7,832 (3,562 ) 4,270 3.1 years Content 3,873 (3,696 ) 177 0.8 years Domain and data licenses 2,869 (2,359 ) 510 1.5 years Trademarks 877 (579 ) 298 1.2 years User relationships 146 (92 ) 54 1.2 years Total $ 25,515 $ (12,156 ) $ 13,359 |
Schedule of Future Amortization Expense | As of June 30, 2019 , the estimated future amortization of purchased intangible assets for (i) the remaining six months of 2019 , (ii) each of the succeeding five years, and (iii) thereafter was as follows (in thousands): Year Ending December 31, Amount 2019 (from July 1, 2019) $ 1,506 2020 2,402 2021 2,262 2022 1,045 2023 714 2024 708 Thereafter 2,951 Total amortization $ 11,588 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lease Cost and Supplemental Cash Flow Information | Supplemental cash flow information related to leases for the six months ended June 30, 2019 was as follows (in thousands): June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 27,927 The components of lease cost as of June 30, 2019 were as follows (in thousands): Three Months Ended Six Months Ended Operating lease cost $ 13,643 $ 27,334 Short-term lease cost (12 months or less) 348 647 Sublease income (813 ) (1,289 ) Total lease cost, net $ 13,178 $ 26,692 |
Lessee, Operating Lease, Liability, Maturity | As of June 30, 2019, maturities of lease liabilities for (i) the remaining six months of 2019 , (ii) each of the succeeding five years, and (iii) thereafter were as follows (in thousands): Year Ending December 31, Operating 2019 (from July 1, 2019) $ 28,791 2020 59,014 2021 52,063 2022 44,712 2023 41,652 2024 39,420 Thereafter 37,112 Total minimum lease payments 302,764 Less imputed interest 48,992 Present value of lease liabilities $ 253,772 As of December 31, 2018, maturities of lease liabilities for (i) each of the succeeding five years and (ii) thereafter were as follows (in thousands): Year Ending December 31, Operating 2019 $ 56,703 2020 59,009 2021 51,429 2022 43,603 2023 40,517 Thereafter 69,980 Total minimum lease payments $ 321,241 |
Assets And Liabilities, Lessee Information | As of June 30, 2019, the weighted-average remaining lease term and weighted-average discount rate were as follows: June 30, 2019 Weighted-average remaining lease term (years) — operating leases 5.97 Weighted-average discount rate — operating leases 6.04 % |
OTHER NON-CURRENT ASSETS (Table
OTHER NON-CURRENT ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Schedule of Other Non-Current Assets | Other non-current assets as of June 30, 2019 and December 31, 2018 consisted of the following (in thousands): June 30, December 31, Deferred tax assets $ 20,354 $ 17,240 Deferred contract costs 12,614 12,345 Escrow deposit — 28,750 Other non-current assets 2,912 1,109 Total other non-current assets $ 35,880 $ 59,444 |
Capitalized Contract Cost | Deferred contract costs as of June 30, 2019 and December 31, 2018 , and changes in deferred contract costs during the six months ended June 30, 2019 , were as follows (in thousands): Six Months Ended Balance, beginning of period $ 12,345 Add: costs deferred on new contracts 5,755 Less: amortization recorded in sales and marketing expenses (5,486 ) Balance, end of period $ 12,614 |
CONTRACT BALANCES (Tables)
CONTRACT BALANCES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Allowance for Doubtful Accounts Receivable | The allowance for doubtful accounts as of June 30, 2019 and 2018 and changes in the allowance for doubtful accounts during the six months ended June 30, 2019 and 2018 were as follows (in thousands): Six Months Ended 2019 2018 Balance, beginning of period $ 8,685 $ 8,602 Add: provision for doubtful accounts 8,716 12,918 Less: write-offs, net of recoveries (10,536 ) (12,160 ) Balance, end of period $ 6,865 $ 9,360 |
Contract with Customer, Liability | hanges in deferred revenue during the six months ended June 30, 2019 were as follows (in thousands): Six Months Ended Balance, beginning of period $ 3,843 Less: recognition of deferred revenue from beginning balance (3,196 ) Add: net increase in current period contract liabilities 3,970 Balance, end of period $ 4,617 |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities as of June 30, 2019 and December 31, 2018 consisted of the following (in thousands): June 30, December 31, Accrued employee compensation and related $ 41,698 $ 21,580 Accrued tax liabilities 7,747 5,491 Accrued cost of revenue 4,097 5,463 Accrued sales and marketing expenses 3,810 4,536 Accrued share repurchases costs 2,381 — Other accrued liabilities 11,975 17,452 Total accrued liabilities $ 71,708 $ 54,522 |
LONG-TERM LIABILITIES (Tables)
LONG-TERM LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Long-Term Liabilities | Long-term liabilities as of June 30, 2019 and December 31, 2018 consisted of the following (in thousands): June 30, December 31, Deferred rent $ — $ 31,253 Other long-term liabilities 3,999 3,887 Total long-term liabilities $ 3,999 $ 35,140 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock by Class | The following table presents the number of shares authorized and issued as of the dates indicated: June 30, 2019 December 31, 2018 Shares Authorized Shares Issued Shares Authorized Shares Issued Stockholders’ equity: Common stock, $0.000001 par value 200,000,000 71,931,789 200,000,000 81,996,839 Undesignated Preferred Stock 10,000,000 — 10,000,000 — |
Schedule of Stock Option Activity | A summary of stock option activity for the six months ended June 30, 2019 is as follows: Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2018 6,818,682 $ 24.54 5.11 $ 88,983 Granted 662,150 36.06 Exercised (173,956 ) 21.08 Canceled (108,803 ) 47.03 Outstanding at June 30, 2019 7,198,073 $ 25.38 4.86 $ 82,414 Options vested and exercisable at June 30, 2019 5,782,914 $ 22.55 3.93 $ 80,977 |
Schedule of RSU Activity | A summary of RSU activity for the six months ended June 30, 2019 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Nonvested at December 31, 2018 6,563,863 $ 38.67 Granted 3,099,719 35.37 Vested (1) (1,629,984 ) 35.95 Canceled (969,826 ) 38.41 Nonvested at June 30, 2019 7,063,772 $ 37.89 |
Schedule of Stock-Based Compensation Expense | The following table summarizes the effects of stock-based compensation expense related to stock-based awards in the condensed consolidated statements of operations during the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Cost of revenue $ 1,118 $ 1,153 $ 2,361 $ 2,184 Sales and marketing 7,774 8,055 15,461 15,573 Product development 15,247 13,907 31,322 27,342 General and administrative 6,313 5,690 12,626 11,440 Total stock-based compensation recorded to income before income taxes 30,452 28,805 61,770 56,539 Benefit from income taxes (7,993 ) (160 ) (16,105 ) (309 ) Total stock-based compensation recorded to net income $ 22,459 $ 28,645 $ 45,665 $ 56,230 |
OTHER INCOME, NET (Tables)
OTHER INCOME, NET (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income, Net | Other income, net for the three and six months ended June 30, 2019 and 2018 consisted of the following (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Interest income $ 3,743 $ 3,277 $ 8,117 $ 5,901 Transaction gain (loss) on foreign exchange (3 ) 39 113 13 Other non-operating income, net 151 108 352 114 Other income, net $ 3,891 $ 3,424 $ 8,582 $ 6,028 |
NET INCOME PER SHARE (Tables)
NET INCOME PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted Net Income (Loss) Per Share | The following table presents the calculation of basic and diluted net income per share for the periods presented (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Basic net income per share: Net income $ 12,303 $ 10,704 $ 13,668 $ 8,418 Shares used in computation: Weighted-average common shares outstanding 75,601 83,769 78,620 83,792 Basic net income per share attributable to common stockholders $ 0.16 $ 0.13 $ 0.17 $ 0.10 Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Diluted net income per share: Net income $ 12,303 $ 10,704 $ 13,668 $ 8,418 Shares used in computation: Weighted-average common shares outstanding 75,601 83,769 78,620 83,792 Stock options 2,412 3,071 2,427 3,143 Restricted stock units 510 1,800 691 2,142 Employee stock purchase program 7 11 4 11 Number of shares used in diluted calculation 78,530 88,651 81,742 89,088 Diluted net income per share attributable to common stockholders $ 0.16 $ 0.12 $ 0.17 $ 0.09 |
Schedule of Anti-dilutive Securities | The following weighted-average stock-based instruments were excluded from the calculation of diluted net income per share because their effect would have been anti-dilutive for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Stock options 2,821 1,724 2,726 2,034 Restricted stock units 3,208 659 2,990 604 |
INFORMATION ABOUT REVENUE AND_2
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Product Line | The following table presents the Company’s net revenue by major product line for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net revenue by product: Advertising $ 237,842 $ 226,168 $ 464,875 $ 440,211 Transactions 3,147 3,520 6,454 7,359 Other services 5,966 5,175 11,568 10,367 Total net revenue $ 246,955 $ 234,863 $ 482,897 $ 457,937 |
Schedule of Net Revenue by Geographic Region | The following table presents the Company’s net revenue by major geographic region for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 United States $ 243,638 $ 231,575 $ 476,349 $ 451,499 All other countries 3,317 3,288 6,548 6,438 Total net revenue $ 246,955 $ 234,863 $ 482,897 $ 457,937 |
Schedule of Long-Lived Assets by Geographic Location | The following table presents the Company’s long-lived assets by major geographic region for the periods presented (in thousands): June 30, December 31, United States $ 112,672 $ 112,984 All other countries 1,433 1,816 Total long-lived assets $ 114,105 $ 114,800 |
DESCRIPTION OF BUSINESS AND B_3
DESCRIPTION OF BUSINESS AND BASIS FOR PRESENTATION (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | |||
Option to extend lease term, period | 10 years | ||
Operating lease right-of-use assets | $ 217,798 | $ 233,000 | $ 0 |
Operating lease liabilities - current | 56,500 | 55,200 | 0 |
Operating lease liabilities - long-term | $ 197,272 | 212,500 | $ 0 |
De-recognized deferred rent liabilities associated with its office lease portfolio | $ 34,800 | ||
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Option to terminate | P6M | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Option to terminate | P12M |
CASH, CASH EQUIVALENTS AND RE_3
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Cash and Cash Equivalents [Abstract] | ||||
Cash | $ 36,092 | $ 81,055 | ||
Cash equivalents | 103,372 | 251,709 | ||
Total cash and cash equivalents | 139,464 | 332,764 | ||
Restricted cash | 22,082 | 22,071 | ||
Total cash, cash equivalents and restricted cash | $ 161,546 | $ 354,835 | $ 411,582 | $ 566,404 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | $ 333,656 | $ 453,450 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 422,047 | 674,623 |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 88,391 | 221,173 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 333,656 | 453,450 |
Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 0 | 0 |
Recurring | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 142,140 | 175,070 |
Recurring | Commercial paper | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Recurring | Commercial paper | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 142,140 | 175,070 |
Recurring | Commercial paper | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 111,986 | 131,496 |
Recurring | Corporate bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Recurring | Corporate bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 111,986 | 131,496 |
Recurring | Corporate bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Recurring | Agency bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 64,551 | 50,846 |
Recurring | Agency bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Recurring | Agency bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 64,551 | 50,846 |
Recurring | Agency bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Recurring | U.S. government bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 65,502 |
Recurring | U.S. government bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Recurring | U.S. government bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 65,502 |
Recurring | U.S. government bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Recurring | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | 88,391 | 221,173 |
Recurring | Money market funds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | 88,391 | 221,173 |
Recurring | Money market funds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | 0 | 0 |
Recurring | Money market funds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | 0 | 0 |
Recurring | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | 14,979 | 30,536 |
Recurring | Commercial paper | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | 0 | 0 |
Recurring | Commercial paper | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | 14,979 | 30,536 |
Recurring | Commercial paper | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | $ 0 | $ 0 |
MARKETABLE SECURITIES (Schedule
MARKETABLE SECURITIES (Schedule of the Fair Value to Amortized Cost Basis of Securities Held-to-Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Cash equivalents and Short-term marketable securities: | ||
Amortized Cost | $ 272,754 | $ 423,096 |
Gross Unrealized Gains | 347 | 8 |
Gross Unrealized Losses | (2) | (190) |
Fair Value | 273,099 | 422,914 |
Long-term marketable securities: | ||
Amortized Cost | 45,379 | |
Gross Unrealized Gains | 199 | |
Gross Unrealized Losses | 0 | |
Fair Value | 45,578 | |
Amortized Cost | 333,114 | 453,632 |
Gross Unrealized Gains | 546 | 8 |
Gross Unrealized Losses | (4) | (190) |
Fair Value | 333,656 | 453,450 |
Commercial paper | ||
Cash equivalents and Short-term marketable securities: | ||
Amortized Cost | 142,052 | 175,070 |
Gross Unrealized Gains | 90 | 0 |
Gross Unrealized Losses | (2) | 0 |
Fair Value | 142,140 | 175,070 |
Corporate bonds | ||
Cash equivalents and Short-term marketable securities: | ||
Amortized Cost | 82,212 | 131,626 |
Gross Unrealized Gains | 157 | 8 |
Gross Unrealized Losses | 0 | (138) |
Fair Value | 82,369 | 131,496 |
Long-term marketable securities: | ||
Amortized Cost | 29,470 | |
Gross Unrealized Gains | 147 | |
Gross Unrealized Losses | 0 | |
Fair Value | 29,617 | |
Agency bonds | ||
Cash equivalents and Short-term marketable securities: | ||
Amortized Cost | 48,490 | 50,887 |
Gross Unrealized Gains | 100 | 0 |
Gross Unrealized Losses | 0 | (41) |
Fair Value | 48,590 | 50,846 |
U.S. government bonds | ||
Cash equivalents and Short-term marketable securities: | ||
Amortized Cost | 65,513 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (11) | |
Fair Value | 65,502 | |
Long-term marketable securities: | ||
Amortized Cost | 15,909 | |
Gross Unrealized Gains | 52 | |
Gross Unrealized Losses | 0 | |
Fair Value | 15,961 | |
Commercial paper | ||
Cash equivalents and Short-term marketable securities: | ||
Amortized Cost | 14,981 | 30,536 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (2) | 0 |
Fair Value | $ 14,979 | $ 30,536 |
MARKETABLE SECURITIES (Schedu_2
MARKETABLE SECURITIES (Schedule of Securities in an Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value | ||
Less Than 12 Months | $ 31,460 | $ 237,914 |
12 Months or Greater | 0 | 0 |
Total | 31,460 | 237,914 |
Unrealized Loss | ||
Less Than 12 Months | (4) | (190) |
12 Months or Greater | 0 | 0 |
Total | (4) | (190) |
Commercial paper | ||
Fair Value | ||
Less Than 12 Months | 31,460 | |
12 Months or Greater | 0 | |
Total | 31,460 | |
Unrealized Loss | ||
Less Than 12 Months | (4) | |
12 Months or Greater | 0 | |
Total | $ (4) | |
Corporate bonds | ||
Fair Value | ||
Less Than 12 Months | 121,566 | |
12 Months or Greater | 0 | |
Total | 121,566 | |
Unrealized Loss | ||
Less Than 12 Months | (138) | |
12 Months or Greater | 0 | |
Total | (138) | |
U.S. government bonds | ||
Fair Value | ||
Less Than 12 Months | 65,502 | |
12 Months or Greater | 0 | |
Total | 65,502 | |
Unrealized Loss | ||
Less Than 12 Months | (11) | |
12 Months or Greater | 0 | |
Total | (11) | |
Agency bonds | ||
Fair Value | ||
Less Than 12 Months | 50,846 | |
12 Months or Greater | 0 | |
Total | 50,846 | |
Unrealized Loss | ||
Less Than 12 Months | (41) | |
12 Months or Greater | 0 | |
Total | $ (41) |
PREPAID EXPENSES AND OTHER CU_3
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 13,858 | $ 9,436 |
Other current assets | 9,480 | 7,668 |
Total prepaid expenses and other current assets | $ 23,338 | $ 17,104 |
PROPERTY, EQUIPMENT AND SOFTW_2
PROPERTY, EQUIPMENT AND SOFTWARE, NET (Schedule of Property, Equipment and Software) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | $ 277,791 | $ 257,383 |
Less accumulated depreciation | (163,686) | (142,583) |
Property, equipment and software, net | 114,105 | 114,800 |
Capitalized website and internal-use software development costs | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | 124,714 | 108,590 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | 85,999 | 83,811 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | 42,368 | 40,801 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | 18,269 | 17,839 |
Telecommunication | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | 4,750 | 4,691 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | $ 1,691 | $ 1,651 |
PROPERTY, EQUIPMENT, AND SOFT_2
PROPERTY, EQUIPMENT, AND SOFTWARE, NET (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 11.3 | $ 9.6 | $ 22.3 | $ 18.8 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS (Schedule of Goodwill) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2018 | $ 105,620 |
Effect of currency translation | (307) |
Balance as of June 30, 2019 | $ 105,313 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 25,497 | $ 25,515 |
Accumulated Amortization | (13,909) | (12,156) |
Total amortization | 11,588 | 13,359 |
Business relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 9,918 | 9,918 |
Accumulated Amortization | (2,354) | (1,868) |
Total amortization | $ 7,564 | $ 8,050 |
Weighted Average Remaining Life (in years) | 9 years | 9 years 4 months 24 days |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 7,832 | $ 7,832 |
Accumulated Amortization | (4,321) | (3,562) |
Total amortization | $ 3,511 | $ 4,270 |
Weighted Average Remaining Life (in years) | 2 years 8 months 12 days | 3 years 1 month 6 days |
Content | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 3,855 | $ 3,873 |
Accumulated Amortization | (3,787) | (3,696) |
Total amortization | $ 68 | $ 177 |
Weighted Average Remaining Life (in years) | 9 days | 24 days |
Domains and data licenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,869 | $ 2,869 |
Accumulated Amortization | (2,605) | (2,359) |
Total amortization | $ 264 | $ 510 |
Weighted Average Remaining Life (in years) | 1 year 4 months 24 days | 1 year 6 months |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 877 | $ 877 |
Accumulated Amortization | (725) | (579) |
Total amortization | $ 152 | $ 298 |
Weighted Average Remaining Life (in years) | 21 days | 1 year 2 months 12 days |
User relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 146 | $ 146 |
Accumulated Amortization | (117) | (92) |
Total amortization | $ 29 | $ 54 |
Weighted Average Remaining Life (in years) | 21 days | 1 year 2 months 12 days |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 0.9 | $ 0.9 | $ 1.8 | $ 1.8 |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS (Schedule of Future Amortization Expense) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Year Ending December 31, | ||
2019 (from July 1, 2019) | $ 1,506 | |
2020 | 2,402 | |
2021 | 2,262 | |
2022 | 1,045 | |
2023 | 714 | |
2024 | 708 | |
Thereafter | 2,951 | |
Total amortization | $ 11,588 | $ 13,359 |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Leases [Abstract] | ||||
Lease cost | $ 13,178 | $ 12,000 | $ 26,692 | $ 24,000 |
Sublease Income | $ 813 | $ 500 | $ 1,289 | $ 1,200 |
LEASES (Lease Cost) (Details)
LEASES (Lease Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Leases [Abstract] | ||||
Operating lease cost | $ 13,643 | $ 27,334 | ||
Short-term lease cost (12 months or less) | 348 | 647 | ||
Sublease income | (813) | $ (500) | (1,289) | $ (1,200) |
Total lease cost, net | $ 13,178 | $ 12,000 | $ 26,692 | $ 24,000 |
LEASES (Supplemental Cash Flow
LEASES (Supplemental Cash Flow Information) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 27,927 |
LEASES (Operating Lease Maturit
LEASES (Operating Lease Maturities) (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
2019 (from July 1, 2019) | $ 28,791 |
2020 | 59,014 |
2021 | 52,063 |
2022 | 44,712 |
2023 | 41,652 |
2024 | 39,420 |
Thereafter | 37,112 |
Total minimum lease payments | 302,764 |
Less imputed interest | 48,992 |
Present value of lease liabilities | $ 253,772 |
LEASES (Maturities Prior to Ado
LEASES (Maturities Prior to Adoption of ASC 842) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 56,703 |
2020 | 59,009 |
2021 | 51,429 |
2022 | 43,603 |
2023 | 40,517 |
Thereafter | 69,980 |
Total minimum lease payments | $ 321,241 |
LEASES (Additional Information)
LEASES (Additional Information) (Details) | Jun. 30, 2019 |
Leases [Abstract] | |
Weighted-average remaining lease term (years) — operating leases | 5 years 11 months 19 days |
Weighted-average discount rate — operating leases | 6.04% |
OTHER NON-CURRENT ASSETS (Detai
OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Other Assets, Noncurrent Disclosure [Abstract] | ||
Deferred tax assets | $ 20,354 | $ 17,240 |
Deferred contract costs | 12,614 | 12,345 |
Escrow deposit | 0 | 28,750 |
Other non-current assets | 2,912 | 1,109 |
Total other non-current assets | $ 35,880 | $ 59,444 |
OTHER NON-CURRENT ASSETS (Chang
OTHER NON-CURRENT ASSETS (Changes in Deferred Contract Costs) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Changes In Capitalized Contract Costs [Roll Forward] | |
Balance, beginning of period | $ 12,345 |
Add: costs deferred on new contracts | 5,755 |
Less: amortization recorded in sales and marketing expenses | (5,486) |
Balance, end of period | $ 12,614 |
CONTRACT BALANCES (Schedule of
CONTRACT BALANCES (Schedule of Changes in Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||
Balance, beginning of period | $ 8,685 | $ 8,602 |
Add: provision for doubtful accounts | 8,716 | 12,918 |
Less: write-offs, net of recoveries | (10,536) | (12,160) |
Balance, end of period | $ 6,865 | $ 9,360 |
CONTRACT BALANCES (Narrative) (
CONTRACT BALANCES (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue | $ 4,617 | $ 3,843 |
CONTRACT BALANCES (Changes in D
CONTRACT BALANCES (Changes in Deferred Revenue) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Change in Contract with Customer, Liability [Roll Forward] | |
Balance, beginning of period | $ 3,843 |
Less: recognition of deferred revenue from beginning balance | 3,196 |
Add: net increase in current period contract liabilities | 3,970 |
Balance, end of period | $ 4,617 |
ACCRUED LIABILITIES (Details)
ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Accrued employee compensation and related | $ 41,698 | $ 21,580 |
Accrued tax liabilities | 7,747 | 5,491 |
Accrued cost of revenue | 4,097 | 5,463 |
Accrued share repurchases costs | 2,381 | 0 |
Accrued sales and marketing expenses | 3,810 | 4,536 |
Other accrued liabilities | 11,975 | 17,452 |
Total accrued liabilities | $ 71,708 | $ 54,522 |
LONG-TERM LIABILITIES (Schedule
LONG-TERM LIABILITIES (Schedule of Long-Term Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Deferred rent | $ 0 | $ 31,253 |
Other long-term liabilities | 3,999 | 3,887 |
Total long-term liabilities | $ 3,999 | $ 35,140 |
STOCKHOLDERS' EQUITY (Schedule
STOCKHOLDERS' EQUITY (Schedule of Stock by Class) (Details) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Stockholders’ equity: | ||
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 71,931,789 | 81,996,839 |
Undesignated preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Undesignated preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.000001 | $ 0.000001 |
STOCKHOLDERS' EQUITY (Award Com
STOCKHOLDERS' EQUITY (Award Compensation Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2018USD ($)$ / sharesshares | Jun. 30, 2019USD ($)planschedule$ / sharesshares | Jun. 30, 2018USD ($)$ / sharesshares | Feb. 11, 2019USD ($) | Dec. 31, 2018USD ($)$ / shares | Nov. 27, 2018USD ($) | Jul. 31, 2017USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Repurchased shares (in shares) | shares | 11,690,224 | |||||||
Stock repurchased, amount | $ 295,487,000 | $ 28,795,000 | $ 397,613,000 | $ 65,803,000 | ||||
Treasury stock (in shares) | shares | 179,778 | 179,778 | ||||||
Treasury stock value | $ 5,952,000 | 0 | $ 5,952,000 | 0 | $ 0 | |||
Number of equity incentive plans | plan | 3 | |||||||
Fair value of vested shares | $ 57,400,000 | 71,300,000 | ||||||
Trigger price (usd per share) | $ / shares | $ 25.38 | $ 25.38 | $ 24.54 | |||||
Stock-based compensation | $ 30,452,000 | 28,805,000 | $ 61,770,000 | 56,539,000 | ||||
Capitalized stock-based compensation expense | 3,100,000 | 2,200,000 | $ 4,900,000 | 4,000,000 | ||||
Employee Stock Option | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of vesting schedules | schedule | 4 | |||||||
Exercisable period | 10 years | |||||||
Intrinsic value of options exercised | 2,000,000 | $ 4,800,000 | $ 2,800,000 | $ 12,800,000 | ||||
Weighted average grant date fair value (in USD per share) | $ / shares | $ 24.09 | $ 17.64 | $ 18.85 | |||||
Unrecognized compensation costs | 24,300,000 | $ 24,300,000 | ||||||
Unrecognized compensation costs, period for recognition | 2 years 7 months 6 days | |||||||
Employee Stock Option | End of year one | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting rate | 25.00% | |||||||
Employee Stock Option | First year | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting rate | 10.00% | |||||||
Employee Stock Option | Second year | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting rate | 20.00% | |||||||
Employee Stock Option | Third year | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting rate | 30.00% | |||||||
Employee Stock Option | Fourth year | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting rate | 40.00% | |||||||
Employee Stock Option | Monthly Basis First Year Member | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting rate | 35.00% | |||||||
Employee Stock Option | Monthly Basis Second Year | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting rate | 40.00% | |||||||
Employee Stock Option | Monthly Basis Third Year | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting rate | 25.00% | |||||||
Employee Stock Option | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 3 years | |||||||
Employee Stock Option | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 4 years | |||||||
RSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 4 years | |||||||
Number of vesting schedules | schedule | 3 | |||||||
Unrecognized compensation costs | $ 254,800,000 | $ 254,800,000 | ||||||
Unrecognized compensation costs, period for recognition | 2 years 8 months 12 days | |||||||
Performance goal stock price at which Performance Restricted Stock Unit awards would vest (usd per share) | $ / shares | $ 45.3125 | $ 45.3125 | ||||||
RSUs | End of year one | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting rate | 25.00% | |||||||
RSUs | First year | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting rate | 10.00% | |||||||
RSUs | Second year | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting rate | 20.00% | |||||||
RSUs | Third year | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting rate | 30.00% | |||||||
RSUs | Fourth year | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting rate | 40.00% | |||||||
Employee stock purchase plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Weighted average grant date fair value (in USD per share) | $ / shares | $ 26.12 | $ 36.42 | $ 26.12 | $ 36.42 | ||||
Subscription rate of eligible compensation | 15.00% | 15.00% | ||||||
Purchase price, percentage of fair market value | 85.00% | |||||||
Number of shares purchased (in shares) | shares | 288,529 | 195,987 | 288,529 | 195,987 | ||||
Stock-based compensation | $ 600,000 | $ 700,000 | $ 1,300,000 | $ 1,300,000 | ||||
July 31, 2017 Share Repurchase Program | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 500,000,000 | 500,000,000 | $ 200,000,000 | |||||
November 27, 2018 Share Repurchase Program | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 250,000,000 | $ 250,000,000 | ||||||
Repurchase Tranche 1 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock repurchased, amount | $ 397,600,000 | $ 65,800,000 | ||||||
Stock repurchased and retired during period (in shares) | shares | 11,510,446 | 1,592,557 |
STOCKHOLDERS' EQUITY (Schedul_2
STOCKHOLDERS' EQUITY (Schedule of Stock Option Activity) (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | |
Number of Shares | ||
Outstanding, beginning balance (in shares) | shares | 6,818,682 | |
Granted (in shares) | shares | 662,150 | |
Exercised (in shares) | shares | (173,956) | |
Canceled (in shares) | shares | (108,803) | |
Outstanding, ending balance (in shares) | shares | 7,198,073 | 6,818,682 |
Options vested and exercisable (in shares) | shares | 5,782,914 | |
Weighted-Average Exercise Price | ||
Outstanding, beginning balance (in USD per share) | $ / shares | $ 24.54 | |
Granted (in USD per share) | $ / shares | 36.06 | |
Exercised (in USD per share) | $ / shares | 21.08 | |
Canceled (in USD per share) | $ / shares | 47.03 | |
Outstanding, ending balance (in USD per share) | $ / shares | 25.38 | $ 24.54 |
Options vested and exercisable (in USD per share) | $ / shares | $ 22.55 | |
Weighted- Average Remaining Contractual Term | ||
Outstanding, Weighted-Average Remaining Contractual Term (in years) | 4 years 10 months 9 days | 5 years 1 month 9 days |
Options vested and exercisable, Weighted-Average Remaining Contractual Term (in years) | 3 years 11 months 4 days | |
Aggregate Intrinsic Value | ||
Outstanding, Aggregate Intrinsic Value | $ | $ 82,414 | $ 88,983 |
Options vested and exercisable, Aggregate Intrinsic Value | $ | $ 80,977 |
STOCKHOLDERS' EQUITY (Schedul_3
STOCKHOLDERS' EQUITY (Schedule of Restricted Stock Units Activity) (Details) | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance goal stock price at which Performance Restricted Stock Unit awards would vest (usd per share) | $ / shares | $ 45.3125 |
Restricted Stock Units | |
Number of Shares | |
Unvested, beginning balance (in shares) | shares | 6,563,863 |
Granted (in shares) | shares | 3,099,719 |
Released (in shares) | shares | (1,629,984) |
Canceled (in shares) | shares | (969,826) |
Unvested, ending balance (in shares) | shares | 7,063,772 |
Weighted-Average Grant Date Fair Value | |
Unvested, beginning balance (in USD per share) | $ / shares | $ 38.67 |
Granted (in USD per share) | $ / shares | 35.37 |
Released (in USD per share) | $ / shares | 35.95 |
Canceled (in USD per share) | $ / shares | 38.41 |
Unvested, ending balance (in USD per share) | $ / shares | $ 37.89 |
Shares withheld for taxes (in shares) | shares | 647,073 |
STOCKHOLDERS' EQUITY (Schedul_4
STOCKHOLDERS' EQUITY (Schedule of Stock-Based Compensation Expense) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 3,100 | $ 2,200 | $ 4,900 | $ 4,000 |
Total stock-based compensation recorded to income before income taxes | 30,452 | 28,805 | 61,770 | 56,539 |
Benefit from income taxes | (7,993) | (160) | (16,105) | (309) |
Total stock-based compensation recorded to net income | 22,459 | 28,645 | 45,665 | 56,230 |
Cost of revenue | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation recorded to income before income taxes | 1,118 | 1,153 | 2,361 | 2,184 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation recorded to income before income taxes | 7,774 | 8,055 | 15,461 | 15,573 |
Product development | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation recorded to income before income taxes | 15,247 | 13,907 | 31,322 | 27,342 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation recorded to income before income taxes | $ 6,313 | $ 5,690 | $ 12,626 | $ 11,440 |
Employee stock purchase plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 26.12 | $ 36.42 | $ 26.12 | $ 36.42 |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 288,529 | 195,987 | 288,529 | 195,987 |
Total stock-based compensation recorded to income before income taxes | $ 600 | $ 700 | $ 1,300 | $ 1,300 |
OTHER INCOME, NET (Details)
OTHER INCOME, NET (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Other Income and Expenses [Abstract] | ||||
Interest income | $ 3,743 | $ 3,277 | $ 8,117 | $ 5,901 |
Transaction gain (loss) on foreign exchange | (3) | 39 | 113 | 13 |
Other non-operating income, net | 151 | 108 | 352 | 114 |
Other income, net | $ 3,891 | $ 3,424 | $ 8,582 | $ 6,028 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Income tax provision (benefit) | $ 3,785 | $ 341 | $ 3,229 | $ 404 |
Income tax provision due to U.S. federal and state income taxes and foreign income taxes | 3,400 | 700 | ||
Net discrete tax benefit | 200 | $ 300 | ||
Unrecognized tax benefits | 36,000 | 36,000 | ||
Unrecognized tax benefits that would not impact the effective tax rate | 15,200 | 15,200 | ||
Earnings of foreign subsidiaries to be reinvested indefinitely | $ 3,000 | $ 3,000 |
NET INCOME PER SHARE (Schedule
NET INCOME PER SHARE (Schedule of Basic and Diluted Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share Reconciliation [Line Items] | ||||
Net income | $ 12,303 | $ 10,704 | $ 13,668 | $ 8,418 |
Basic net income per share: | ||||
Weighted-average common shares outstanding (in shares) | 75,601 | 83,769 | 78,620 | 83,792 |
Basic net income per share attributable to common stockholders | $ 0.16 | $ 0.13 | $ 0.17 | $ 0.10 |
Diluted net income per share: | ||||
Weighted-average common shares outstanding (in shares) | 75,601 | 83,769 | 78,620 | 83,792 |
Number of shares used in diluted calculation (in shares) | 78,530 | 88,651 | 81,742 | 89,088 |
Diluted net income per share attributable to common stockholders (in USD per share) | $ 0.16 | $ 0.12 | $ 0.17 | $ 0.09 |
Stock options | ||||
Diluted net income per share: | ||||
Incremental common shares (in shares) | 2,412 | 3,071 | 2,427 | 3,143 |
Restricted stock units | ||||
Diluted net income per share: | ||||
Incremental common shares (in shares) | 510 | 1,800 | 691 | 2,142 |
Employee stock purchase program | ||||
Diluted net income per share: | ||||
Incremental common shares (in shares) | 7 | 11 | 4 | 11 |
NET INCOME PER SHARE (Schedul_2
NET INCOME PER SHARE (Schedule of Anti-Dilutive Employee Stock Awards) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive awards (in shares) | 2,821 | 1,724 | 2,726 | 2,034 |
Restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive awards (in shares) | 3,208 | 659 | 2,990 | 604 |
INFORMATION ABOUT REVENUE AND_3
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS (Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenue | $ 246,955 | $ 234,863 | $ 482,897 | $ 457,937 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenue | 243,638 | 231,575 | 476,349 | 451,499 |
All other countries | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenue | 3,317 | 3,288 | 6,548 | 6,438 |
Advertising | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenue | 237,842 | 226,168 | 464,875 | 440,211 |
Transactions | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenue | 3,147 | 3,520 | 6,454 | 7,359 |
Other services | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenue | $ 5,966 | $ 5,175 | $ 11,568 | $ 10,367 |
INFORMATION ABOUT REVENUE AND_4
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS (Long-Lived Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 114,105 | $ 114,800 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 112,672 | 112,984 |
All other countries | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 1,433 | $ 1,816 |