Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 27, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-36330 | |
Entity Registrant Name | CASTLIGHT HEALTH, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-1989091 | |
Entity Address, Address Line One | 150 Spear Street | |
Entity Address, Address Line Two | Suite 400 | |
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 | 829-1400 | |
Title of 12(b) Security | Class B Common Stock, par value $0.0001 per share | |
Trading Symbol | CSLT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001433714 | |
Current Fiscal Year End Date | --12-31 | |
Class A | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 28,397,210 | |
Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 129,521,529 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 56,501 | $ 49,242 |
Accounts receivable and other, net | 25,035 | 31,740 |
Prepaid expenses and other current assets | 6,772 | 3,800 |
Total current assets | 88,308 | 84,782 |
Property and equipment, net | 4,966 | 5,321 |
Restricted cash, non-current | 1,144 | 1,144 |
Deferred commissions | 8,190 | 9,556 |
Deferred professional service costs | 4,205 | 4,462 |
Intangible assets, net | 6,872 | 7,930 |
Goodwill | 41,485 | 41,485 |
Operating lease right-of-use assets, net | 9,131 | 10,238 |
Other assets | 1,838 | 1,855 |
Total assets | 166,139 | 166,773 |
Current liabilities: | ||
Accounts payable | 4,383 | 5,145 |
Accrued expenses and other current liabilities | 7,057 | 7,898 |
Accrued compensation | 4,755 | 8,633 |
Deferred revenue | 13,135 | 6,848 |
Operating lease liabilities | 5,939 | 5,789 |
Total current liabilities | 35,269 | 34,313 |
Deferred revenue, non-current | 122 | 663 |
Operating lease liabilities, non-current | 5,907 | 7,446 |
Other liabilities, non-current | 480 | 485 |
Total liabilities | 41,778 | 42,907 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Additional paid-in capital | 644,566 | 641,075 |
Accumulated deficit | (520,221) | (517,225) |
Total stockholders’ equity | 124,361 | 123,866 |
Total liabilities and stockholders’ equity | 166,139 | 166,773 |
Class A | ||
Stockholders’ equity: | ||
Common stock | 3 | 4 |
Class B common stock | ||
Stockholders’ equity: | ||
Common stock | $ 13 | $ 12 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Class A | ||
Par value (usd per share) | $ 0.0001 | $ 0.0001 |
Common stock authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock issued (in shares) | 28,397,210 | 34,998,171 |
Common stock outstanding (in shares) | 28,397,210 | 34,998,171 |
Class B | ||
Par value (usd per share) | $ 0.0001 | $ 0.0001 |
Common stock authorized (in shares) | 800,000,000 | 800,000,000 |
Common stock issued (in shares) | 129,521,529 | 120,768,900 |
Common stock outstanding (in shares) | 129,521,529 | 120,768,900 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Revenue: | |||
Total revenue, net | $ 35,059 | $ 39,045 | |
Cost of revenue: | |||
Total cost of revenue | 12,756 | 14,473 | |
Gross profit | 22,303 | 24,572 | |
Operating expenses: | |||
Sales and marketing | [1] | 6,913 | 10,472 |
Research and development | [1] | 12,113 | 13,822 |
General and administrative | [1] | 6,366 | 6,576 |
Goodwill impairment | 0 | 50,300 | |
Total operating expenses | 25,392 | 81,170 | |
Operating loss | (3,089) | (56,598) | |
Other income, net | 93 | 263 | |
Net loss | $ (2,996) | $ (56,335) | |
Net loss per share, basic and diluted (in usd per share) | $ (0.02) | $ (0.38) | |
Weighted-average shares used to compute basic and diluted net loss per share (in shares) | 156,781 | 148,872 | |
Subscription | |||
Revenue: | |||
Total revenue, net | $ 32,110 | $ 38,383 | |
Cost of revenue: | |||
Total cost of revenue | [1] | 8,099 | 10,232 |
Professional services and other | |||
Revenue: | |||
Total revenue, net | 2,949 | 662 | |
Cost of revenue: | |||
Total cost of revenue | [1] | $ 4,657 | $ 4,241 |
[1] | Includes stock-based compensation expense as follows: Three Months Ended March 31, 2021 2020 Cost of revenue: Cost of subscription $ 257 $ 169 Cost of professional services and other 236 116 Sales and marketing 350 672 Research and development 1,069 1,163 General and administrative 1,195 1,066 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Subscription | ||
Stock-based compensation expense | $ 257 | $ 169 |
Professional services and other | ||
Stock-based compensation expense | 236 | 116 |
Sales and marketing | ||
Stock-based compensation expense | 350 | 672 |
Research and development | ||
Stock-based compensation expense | 1,069 | 1,163 |
General and administrative | ||
Stock-based compensation expense | $ 1,195 | $ 1,066 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (2,996) | $ (56,335) |
Other comprehensive income: | ||
Net change in unrealized gain on available-for-sale marketable securities | 0 | 11 |
Other comprehensive income | 0 | 11 |
Comprehensive loss | $ (2,996) | $ (56,324) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Class A and B Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2019 | 148,209,215 | ||||
Beginning balance at Dec. 31, 2019 | $ 172,874 | $ 15 | $ 627,899 | $ 2 | $ (455,042) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Vesting of restricted stock units (in shares) | 923,693 | ||||
Exercise of stock options, net (in shares) | 142,729 | ||||
Issuance of common stock upon exercise of stock options | 155 | 155 | |||
Issuance of common stock under the ESPP (in shares) | 242,007 | ||||
Issuance of common stock under the ESPP | 186 | 186 | |||
Stock-based compensation | 3,205 | 3,205 | |||
Comprehensive income (loss) | (56,324) | 11 | (56,335) | ||
Ending balance (in shares) at Mar. 31, 2020 | 149,517,644 | ||||
Ending balance at Mar. 31, 2020 | 120,096 | $ 15 | 631,445 | 13 | (511,377) |
Beginning balance (in shares) at Dec. 31, 2020 | 155,767,071 | ||||
Beginning balance at Dec. 31, 2020 | $ 123,866 | $ 16 | 641,075 | 0 | (517,225) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Vesting of restricted stock units (in shares) | 1,843,767 | ||||
Exercise of stock options, net (in shares) | 93,961 | 93,961 | |||
Issuance of common stock upon exercise of stock options | $ 128 | 128 | |||
Issuance of common stock under the ESPP (in shares) | 213,940 | ||||
Issuance of common stock under the ESPP | 233 | 233 | |||
Stock-based compensation | 3,130 | 3,130 | |||
Comprehensive income (loss) | (2,996) | 0 | (2,996) | ||
Ending balance (in shares) at Mar. 31, 2021 | 157,918,739 | ||||
Ending balance at Mar. 31, 2021 | $ 124,361 | $ 16 | $ 644,566 | $ 0 | $ (520,221) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities: | ||
Net loss | $ (2,996) | $ (56,335) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 1,623 | 1,535 |
Goodwill impairment | 0 | 50,300 |
Stock-based compensation | 3,107 | 3,186 |
Expense recognized | 1,340 | 2,383 |
Amortization and impairment of deferred professional service costs | 580 | 925 |
Non-cash operating lease expense | 1,107 | 1,400 |
Accretion and amortization of marketable securities | 0 | 2 |
Changes in operating assets and liabilities: | ||
Accounts receivable and other, net | 6,705 | (6,676) |
Deferred commissions | 26 | (318) |
Deferred professional service costs | (300) | (416) |
Prepaid expenses and other assets | (2,955) | (494) |
Accounts payable | (759) | (7,462) |
Operating lease liabilities | (1,389) | (1,516) |
Accrued expenses and other liabilities | (382) | 19 |
Deferred revenue | 5,746 | 3,573 |
Accrued compensation | (3,878) | (4,465) |
Net cash provided by (used in) operating activities | 7,575 | (14,359) |
Investing activities: | ||
Purchase of property and equipment | (212) | (1,264) |
Purchase of marketable securities | 0 | (1,989) |
Maturities of marketable securities | 0 | 12,400 |
Net cash (used in) provided by investing activities | (212) | 9,147 |
Financing activities: | ||
Proceeds from exercise of stock options | 128 | 155 |
Proceeds from ESPP offering | 233 | 186 |
Principal payments on debt | (465) | (465) |
Net cash used in financing activities | (104) | (124) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 7,259 | (5,336) |
Cash, cash equivalents and restricted cash at beginning of period | 50,386 | 44,342 |
Cash, cash equivalents and restricted cash at end of period | 57,645 | 39,006 |
Reconciliation of cash, cash equivalents and restricted cash: | ||
Total cash, cash equivalents and restricted cash | $ 57,645 | $ 39,006 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business Castlight Health, Inc. (“Castlight” or “the Company”) provides health navigation solutions for large U.S. employers and health plans (“customers”) and their respective employees and members (“users”). Castlight’s offerings help individuals connect and engage with the right provider, benefit, or virtual care solution, at the right time, leveraging a combination of sophisticated technology and an expert team. Castlight’s navigation offerings have demonstrated measurable results, driving high engagement and user satisfaction, increased program utilization, steerage to the right care and provider, and lower healthcare costs for its customers and millions of users. The Company was incorporated in the State of Delaware in January 2008. The Company's principal executive offices are located in San Francisco, California, and its Customer Center of Excellence is located in Sandy, Utah. |
Accounting Standards and Signif
Accounting Standards and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Accounting Standards and Significant Accounting Policies | Accounting Standards and Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include Castlight and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. In the opinion of management, the information herein reflects all adjustments, consisting only of normal recurring adjustments except as otherwise noted, considered necessary for a fair statement of results of operations, financial position, stockholders’ equity and cash flows. The results for the interim periods presented are not necessarily indicative of the results expected for any future period. The following information should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Other than as described below, there have been no changes to the Company's significant accounting policies described in the Company's Annual Report that have had a material impact on the Company's consolidated financial statements and related notes. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires the Company to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. These estimates include, but are not limited to the determination of: • Variable consideration included in the transaction price of the Company’s contracts with customers; • The standalone selling price of the performance obligations in the Company’s contracts with customers; • Assumptions used in the valuation of certain equity awards; • Assumptions used in the calculation of goodwill impairment, including the forecast of future cash flows and discount rate; and • Assumptions used in the calculation of right-of-use assets ("ROU") and lease liabilities for operating leases, including lease terms and the Company’s incremental borrowing rate. Actual results could differ from those estimates, and such differences could be material to the Company’s consolidated financial position and results of operations. Concentrations of Risk and Significant Customers The Company had one customer, Anthem Inc. ("Anthem"), that accounted for approximately 50% of total revenue during the three months ended March 31, 2021. The Company had four customers that accounted for approximately 15%, 12%, 12% and 10%, respectively, of accounts receivable, excluding contract assets, as of March 31, 2021. Recently Issued Accounting Pronouncements |
Revenue, Deferred Revenue, Cont
Revenue, Deferred Revenue, Contract Balances and Performance Obligations | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Deferred Revenue, Contract Balances and Performance Obligations | Revenue, Deferred Revenue, Contract Balances and Performance Obligations The Company sells to customers based in the United States. Deferred revenue as of March 31, 2021 and December 31, 2020 was $13.3 million and $7.5 million, respectively. Contract assets as of March 31, 2021 and December 31, 2020 were $7.7 million and $9.4 million, respectively. The decrease in contract assets is primarily due to the Anthem enterprise license agreement that results in invoicing ahead of revenue recognition in the second year of that agreement. Revenue of $5.7 million and $6.5 million was recognized during the three months ended March 31, 2021 and 2020, respectively, that was included in the Company’s deferred revenue balances at the beginning of the respective periods. The Company recorded favorable cumulative catch-up adjustments to revenue of $1.2 million and $1.7 million during the three months ended March 31, 2021 and 2020, respectively, arising from changes in variable consideration. The aggregate balance of remaining performance obligations from non-cancelable contracts with customers as of March 31, 2021 was $143.2 million. The Company expects to recognize approximately 80% of this balance over the next 12 months, with the remaining balance recognized thereafter. Remaining performance obligations are defined as deferred revenue and amounts yet to be billed for the non-cancelable portion of contracts. |
Deferred Costs
Deferred Costs | 3 Months Ended |
Mar. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Costs | Deferred Costs Changes in the balance of total deferred commissions and total deferred professional service costs during the three months ended March 31, 2021 are as follows (in thousands): As of December 31, 2020 Additions Adjustment to prior year additions Expense recognized As of March 31, 2021 Deferred commissions $ 9,556 $ 175 $ (201) $ (1,340) $ 8,190 Deferred professional service costs 4,462 323 — (580) 4,205 Total deferred commissions and professional service costs $ 14,018 $ 498 $ (201) $ (1,920) $ 12,395 These costs are reviewed for impairment quarterly. Impairment charges were $0.3 million and $1.1 million for the three months ended March 31, 2021 and 2020, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Impairment During the first quarter of 2020, the Company determined that the significant decline in the U.S. economy as a result of the COVID-19 pandemic, together with the decline in the Company’s stock price, constituted a triggering event which required the Company to perform interim impairment analyses related to its long-lived assets and goodwill. The impairment analysis for long-lived assets indicated that the assets were recoverable; therefore, no impairment was recorded. After assessing long-lived assets, the Company performed a goodwill impairment analysis and determined that the carrying value of its only reporting unit exceeded its fair value by approximately $50.3 million. The fair value was determined using the income approach. The Company believes that the income approach is the most reliable indication of fair value since it incorporates future estimated revenues and expenses for the reporting unit that the market approach may not directly incorporate. In addition to future estimated revenue and expenses, the determination of fair value included assumptions related to a discount rate. As of March 31, 2021, the Company determined that there were no indicators present to suggest that it was more likely than not that the fair value of the reporting unit was less than its carrying amount. The Company will continue to monitor its goodwill on a quarterly basis for indicators of impairment, including, but not limited to, future declines in the stock price. Accordingly, there may be future impairments. Goodwill The Company’s goodwill relates entirely to the acquisition of Jiff in 2017. As of March 31, 2021, the gross amount of goodwill was $91.8 million and accumulated goodwill impairment was $50.3 million, all of which was recorded in the first quarter of 2020. The goodwill impairment did not involve any cash expenditures. Intangible assets, net Identified intangible assets are recorded at their estimated fair values at the date of acquisition and are amortized over their respective estimated useful lives using a method of amortization that reflects the pattern in which the economic benefits of the intangible assets are used. The following tables set forth the fair value components of identifiable acquired intangible assets (dollars in thousands): As of March 31, 2021 Useful Life Gross Accumulated Amortization Net Customer relationships 6 $ 10,900 $ (6,148) $ 4,752 Developed technology 5 10,600 (8,480) 2,120 Total identifiable intangible assets $ 21,500 $ (14,628) $ 6,872 As of December 31, 2020 Useful Life Gross Accumulated Amortization Net Customer relationships 6 $ 10,900 $ (5,620) $ 5,280 Developed technology 5 10,600 (7,950) 2,650 Total identifiable intangible assets $ 21,500 $ (13,570) $ 7,930 Amortization expense from acquired intangible assets for the three months ended March 31, 2021 and 2020 was $1.1 million. Amortization expense is included in cost of subscription, sales and marketing, and general and administrative expenses. Future estimated amortization expense for acquired intangible assets is as follows (in thousands): Remainder of 2021 $ 3,174 2022 2,642 2023 1,056 Total estimated amortization expense $ 6,872 |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consisted of the following (in thousands): As of March 31, 2021 December 31, 2020 Leasehold improvements $ 4,606 $ 4,606 Computer equipment 7,885 7,655 Software 897 908 Internal-use software 3,878 3,878 Furniture and equipment 1,493 1,492 Construction in progress 102 128 Total 18,861 18,667 Accumulated depreciation/amortization (13,895) (13,346) Property and equipment, net $ 4,966 $ 5,321 Depreciation and amortization expense for the three months ended March 31, 2021 and 2020 was $0.6 million and $0.5 million, respectively. Depreciation and amortization are recorded on a straight-line basis. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt Term Loan The Company has a term loan facility (the “Loan Agreement”) with Silicon Valley Bank (the “Bank”) that provided for a term loan of approximately $5.6 million (the “Term Loan”). Obligations under the Term Loan accrue interest at a floating per annum rate equal to the greater of (A) the prime rate as published in the money rates section of The Wall Street Journal (“Prime Rate”) minus 1% or (B) 0%. Interest and principal on the Term Loan are payable monthly. The maturity date of the Term Loan is September 1, 2021, and the outstanding principal balance of $0.9 million, as well as the final payment discussed below, are classified within accrued expenses and other current liabilities on the condensed consolidated balance sheet as of March 31, 2021. In addition to principal and interest payments, the Company is also required to pay $0.5 million as final payment on the earlier of maturity, termination or prepayment of the Term Loan. The Company accrues for the final payment over the life of the Term Loan using the effective interest method. In accordance with the Loan Agreement, the Company is subject to certain reporting covenants, and the debt obligations are secured by a security interest in the assets of the Company, excluding intellectual property and certain other exceptions. The Company was in compliance with all reporting covenants in the Loan Agreement related to the outstanding principal balance as of March 31, 2021. Revolving Line of Credit |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Legal Matters From time to time, the Company may become subject to legal proceedings, claims or litigation arising in the ordinary course of business. In addition, the Company may receive notices alleging infringement of patents or other intellectual property rights. If an unfavorable outcome were to occur in litigation, the impact could be material to the Company’s business, financial condition, cash flow or results of operations, depending on the specific circumstances of the outcome. The Company accrues for loss contingencies when it is both probable that the Company will incur the loss and when it can reasonably estimate the amount of the loss or range of loss. |
Stock Compensation
Stock Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Compensation | Stock Compensation Restricted Stock Units (“RSUs”) Activity A summary of unvested restricted stock unit activity for the three months ended March 31, 2021 is as follows: Number of Weighted-Average Grant Date Fair Value Balance as of December 31, 2020 15,152,043 $ 1.31 Granted 4,377,950 $ 1.92 Vested (1,843,767) $ 1.31 Forfeited and canceled (304,068) $ 1.19 Balance as of March 31, 2021 17,382,158 $ 1.46 As of March 31, 2021, the Company had $23.0 million of unrecognized compensation cost related to restricted stock units, which is expected to be recognized over a weighted-average period of approximately 2.9 years. The Company granted approximately 1.1 million performance-based RSUs ("PSUs") to certain employees during the first quarter of 2021. The number of shares that will eventually vest depends on achievement of the performance target for 2021, as determined by the Compensation and Talent Committee of the Company's board of directors, and may range from 0% to 125% of the award amount. Once performance is determined, one third of the PSUs, if any, will vest one year after the grant date, and the remainder will vest in eight quarterly installments thereafter, subject to recipients' continued service. For the three months ended March 31, 2021, the Company recognized compensation expense of approximately $0.1 million related to PSUs. Stock Option Activity A summary of stock option activity for the three months ended March 31, 2021 is as follows: Options Weighted- Aggregate Balance as of December 31, 2020 5,987,243 $ 1.82 $ 568 Granted — $ — Exercised (93,961) $ 1.39 Forfeited and canceled (40,049) $ 1.59 Balance as of March 31, 2021 5,853,233 $ 1.83 $ 1,124 There were no stock options granted during the three months ended March 31, 2021. The weighted-average grant-date fair value of stock options granted during the three months ended March 31, 2020 was $0.75. The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-valuation model with the following assumptions: Three Months Ended March 31, 2020 Volatility 73% Expected life (in years) 6.1 Risk-free interest rate 0.84% - 1.47% Dividend yield —% As of March 31, 2021, the Company had $2.4 million of unrecognized compensation cost related to non-vested stock options, which is expected to be recognized over a weighted-average period of approximately 2.8 years. Employee Stock Purchase Plan The Company used the following Black-Scholes assumptions in estimating the fair value of the shares under the 2014 Employee Stock Purchase Plan (the “ESPP”): Three Months Ended March 31, 2021 2020 Volatility 71% 71% Expected life equals length of offering period (in years) 0.5 0.5 Risk-free interest rate 0.07% 0.95% Dividend yield —% —% Stock-based compensation expense related to the ESPP was immaterial for the three months ended March 31, 2021 and 2020. As of March 31, 2021, the unrecognized stock-based compensation expense related to the ESPP was also immaterial, and is expected to be recognized over the remaining term of the current offering period. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate for the three months ended March 31, 2021 and 2020 was zero percent, primarily as a result of the estimated tax loss for the year and the change in valuation allowance. At March 31, 2021, all unrecognized tax benefits are subject to a full valuation allowance and, if recognized, will not affect the effective tax rate. |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Net Loss per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential shares of common stock, including outstanding stock options and warrants, to the extent dilutive. Basic and diluted net loss per share was the same for each period presented as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive. Net loss is allocated based on the contractual participation rights of the Class A and Class B common stock as if the earnings for the year have been distributed. As the liquidation and dividend rights are identical, the net loss is allocated on a proportionate basis. The following table presents the calculation of basic and diluted net loss per share for the Company’s common stock (in thousands, except per share data): Three Months Ended March 31, 2021 2020 Class A Class B Class A Class B Net loss $ (630) $ (2,366) $ (13,257) $ (43,078) Weighted-average shares used to compute basic and diluted net loss per share 32,943 123,838 35,032 113,840 Basic and diluted net loss per share $ (0.02) $ (0.02) $ (0.38) $ (0.38) The following securities were excluded from the calculation of diluted net loss per share for common stock because their effect would have been anti-dilutive for the periods presented (in thousands): Three Months Ended March 31, 2021 2020 Stock options and RSUs 23,235 20,016 Shares issuable under the ESPP 292 297 Warrants 115 115 Total 23,642 20,428 |
Accounting Standards and Sign_2
Accounting Standards and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include Castlight and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. In the opinion of management, the information herein reflects all adjustments, consisting only of normal recurring adjustments except as otherwise noted, considered necessary for a fair statement of results of operations, financial position, stockholders’ equity and cash flows. The results for the interim periods presented are not necessarily indicative of the results expected for any future period. The following information should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Other than as described below, there have been no changes to the Company's significant accounting policies described in the Company's Annual Report that have had a material impact on the Company's consolidated financial statements and related notes. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires the Company to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. These estimates include, but are not limited to the determination of: • Variable consideration included in the transaction price of the Company’s contracts with customers; • The standalone selling price of the performance obligations in the Company’s contracts with customers; • Assumptions used in the valuation of certain equity awards; • Assumptions used in the calculation of goodwill impairment, including the forecast of future cash flows and discount rate; and • Assumptions used in the calculation of right-of-use assets ("ROU") and lease liabilities for operating leases, including lease terms and the Company’s incremental borrowing rate. Actual results could differ from those estimates, and such differences could be material to the Company’s consolidated financial position and results of operations. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting PronouncementsThe Company considers the applicability and impact of all ASUs issued by the FASB. The Company determined that the ASUs issued by the FASB during the three months ended March 31, 2021 are either not applicable or are expected to have minimal impact on the Company's condensed consolidated financial results. |
Deferred Costs (Tables)
Deferred Costs (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Changes in Balance of Total Deferred Commissions and Total Deferred Professional Service Costs | Changes in the balance of total deferred commissions and total deferred professional service costs during the three months ended March 31, 2021 are as follows (in thousands): As of December 31, 2020 Additions Adjustment to prior year additions Expense recognized As of March 31, 2021 Deferred commissions $ 9,556 $ 175 $ (201) $ (1,340) $ 8,190 Deferred professional service costs 4,462 323 — (580) 4,205 Total deferred commissions and professional service costs $ 14,018 $ 498 $ (201) $ (1,920) $ 12,395 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The following tables set forth the fair value components of identifiable acquired intangible assets (dollars in thousands): As of March 31, 2021 Useful Life Gross Accumulated Amortization Net Customer relationships 6 $ 10,900 $ (6,148) $ 4,752 Developed technology 5 10,600 (8,480) 2,120 Total identifiable intangible assets $ 21,500 $ (14,628) $ 6,872 As of December 31, 2020 Useful Life Gross Accumulated Amortization Net Customer relationships 6 $ 10,900 $ (5,620) $ 5,280 Developed technology 5 10,600 (7,950) 2,650 Total identifiable intangible assets $ 21,500 $ (13,570) $ 7,930 |
Schedule of Amortization Expense for Acquired Intangible Assets | Future estimated amortization expense for acquired intangible assets is as follows (in thousands): Remainder of 2021 $ 3,174 2022 2,642 2023 1,056 Total estimated amortization expense $ 6,872 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consisted of the following (in thousands): As of March 31, 2021 December 31, 2020 Leasehold improvements $ 4,606 $ 4,606 Computer equipment 7,885 7,655 Software 897 908 Internal-use software 3,878 3,878 Furniture and equipment 1,493 1,492 Construction in progress 102 128 Total 18,861 18,667 Accumulated depreciation/amortization (13,895) (13,346) Property and equipment, net $ 4,966 $ 5,321 |
Stock Compensation (Tables)
Stock Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Other Share-based Compensation, Activity | A summary of unvested restricted stock unit activity for the three months ended March 31, 2021 is as follows: Number of Weighted-Average Grant Date Fair Value Balance as of December 31, 2020 15,152,043 $ 1.31 Granted 4,377,950 $ 1.92 Vested (1,843,767) $ 1.31 Forfeited and canceled (304,068) $ 1.19 Balance as of March 31, 2021 17,382,158 $ 1.46 |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of stock option activity for the three months ended March 31, 2021 is as follows: Options Weighted- Aggregate Balance as of December 31, 2020 5,987,243 $ 1.82 $ 568 Granted — $ — Exercised (93,961) $ 1.39 Forfeited and canceled (40,049) $ 1.59 Balance as of March 31, 2021 5,853,233 $ 1.83 $ 1,124 |
Schedule of Share-based Payment Award, Valuation Assumptions | The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-valuation model with the following assumptions: Three Months Ended March 31, 2020 Volatility 73% Expected life (in years) 6.1 Risk-free interest rate 0.84% - 1.47% Dividend yield —% The Company used the following Black-Scholes assumptions in estimating the fair value of the shares under the 2014 Employee Stock Purchase Plan (the “ESPP”): Three Months Ended March 31, 2021 2020 Volatility 71% 71% Expected life equals length of offering period (in years) 0.5 0.5 Risk-free interest rate 0.07% 0.95% Dividend yield —% —% |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted Earnings per Share | The following table presents the calculation of basic and diluted net loss per share for the Company’s common stock (in thousands, except per share data): Three Months Ended March 31, 2021 2020 Class A Class B Class A Class B Net loss $ (630) $ (2,366) $ (13,257) $ (43,078) Weighted-average shares used to compute basic and diluted net loss per share 32,943 123,838 35,032 113,840 Basic and diluted net loss per share $ (0.02) $ (0.02) $ (0.38) $ (0.38) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following securities were excluded from the calculation of diluted net loss per share for common stock because their effect would have been anti-dilutive for the periods presented (in thousands): Three Months Ended March 31, 2021 2020 Stock options and RSUs 23,235 20,016 Shares issuable under the ESPP 292 297 Warrants 115 115 Total 23,642 20,428 |
Accounting Standards and Sign_3
Accounting Standards and Significant Accounting Policies - Concentrations of Risk and Significant Customers (Details) - Customer Concentration Risk | 3 Months Ended |
Mar. 31, 2021 | |
Anthem | Total Revenue | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 50.00% |
One customer | Accounts Receivable | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 15.00% |
Two Customer | Accounts Receivable | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 12.00% |
Three Customer | Accounts Receivable | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 12.00% |
Four Customer | Accounts Receivable | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 10.00% |
Revenue, Deferred Revenue, Co_2
Revenue, Deferred Revenue, Contract Balances and Performance Obligations - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |||
Deferred revenue | $ 13.3 | $ 7.5 | |
Contract with customer, asset, net | 7.7 | $ 9.4 | |
Contract with customer liability, revenue recognized | 5.7 | $ 6.5 | |
Contract with customer, liability, cumulative catch-up adjustment to revenue, change in estimate of transaction price | $ 1.2 | $ 1.7 |
Revenue, Deferred Revenue, Co_3
Revenue, Deferred Revenue, Contract Balances and Performance Obligations - Performance Obligations (Details) $ in Millions | Mar. 31, 2021USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation | $ 143.2 |
Revenue, remaining performance obligation, percent | 80.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months |
Deferred Costs (Details)
Deferred Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Capitalized Contract Cost [Roll Forward] | ||
As of December 31, 2020 | $ 14,018 | |
Additions | 498 | |
Adjustment to prior year additions | (201) | |
Expense recognized | (1,920) | |
As of March 31, 2021 | 12,395 | |
Impairment charges | 300 | $ 1,100 |
Deferred commissions | ||
Capitalized Contract Cost [Roll Forward] | ||
As of December 31, 2020 | 9,556 | |
Additions | 175 | |
Adjustment to prior year additions | (201) | |
Expense recognized | (1,340) | |
As of March 31, 2021 | 8,190 | |
Deferred professional service costs | ||
Capitalized Contract Cost [Roll Forward] | ||
As of December 31, 2020 | 4,462 | |
Additions | 323 | |
Adjustment to prior year additions | 0 | |
Expense recognized | (580) | |
As of March 31, 2021 | $ 4,205 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill impairment | $ 0 | $ 50,300 |
Gross goodwill | 91,800 | |
Accumulated goodwill impairment | 50,300 | |
Amortization expense | $ 1,100 | $ 1,100 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Finite-lived Intangible Assets [Roll Forward] | ||
Gross | $ 21,500 | $ 21,500 |
Accumulated Amortization | (14,628) | (13,570) |
Total | $ 6,872 | $ 7,930 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 6 years | 6 years |
Finite-lived Intangible Assets [Roll Forward] | ||
Gross | $ 10,900 | $ 10,900 |
Accumulated Amortization | (6,148) | (5,620) |
Total | $ 4,752 | $ 5,280 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 5 years | 5 years |
Finite-lived Intangible Assets [Roll Forward] | ||
Gross | $ 10,600 | $ 10,600 |
Accumulated Amortization | (8,480) | (7,950) |
Total | $ 2,120 | $ 2,650 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Amortization Expense for Acquired Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2021 | $ 3,174 | |
2022 | 2,642 | |
2023 | 1,056 | |
Total | $ 6,872 | $ 7,930 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 18,861 | $ 18,667 |
Accumulated depreciation/amortization | (13,895) | (13,346) |
Property and equipment, net | 4,966 | 5,321 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 4,606 | 4,606 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 7,885 | 7,655 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 897 | 908 |
Internal-use software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 3,878 | 3,878 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 1,493 | 1,492 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 102 | $ 128 |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 0.6 | $ 0.5 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | May 05, 2020 | Mar. 31, 2021 |
Line of Credit Facility [Line Items] | ||
Term Loan | $ 5,600,000 | |
Early repayment of senior debt | 900,000 | |
Early repayment of senior debt | 500,000 | |
Line of Credit | Revolving credit | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 25,000,000 | |
Borrowings | $ 0 | |
Interest Rate Option A | ||
Line of Credit Facility [Line Items] | ||
Spread on variable rate | 1.00% | |
Interest Rate Option B | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, interest rate, stated percentage | 0.00% | |
Prime rate | Line of Credit | Revolving credit | ||
Line of Credit Facility [Line Items] | ||
Spread on variable rate | 1.00% |
Stock Compensation - Summary of
Stock Compensation - Summary of Restricted Stock Unit Activity (Details) - RSUs | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Number of Shares | |
Balance as of beginning of period (in shares) | shares | 15,152,043 |
Granted (in shares) | shares | 4,377,950 |
Vested (in shares) | shares | (1,843,767) |
Forfeited and canceled (in shares) | shares | (304,068) |
Balance as of end of period (in shares) | shares | 17,382,158 |
Weighted-Average Grant Date Fair Value | |
Balance as of beginning of period (in usd per share) | $ / shares | $ 1.31 |
Granted (in usd per share) | $ / shares | 1.92 |
Vested (in usd per share) | $ / shares | 1.31 |
Forfeited and canceled (in usd per share) | $ / shares | 1.19 |
Balance as of end of period (in usd per share) | $ / shares | $ 1.46 |
Stock Compensation - Narrative
Stock Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 23 | |
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 2 years 10 months 24 days | |
Granted (in shares) | 4,377,950 | |
Stock granted, value, share-based compensation, gross | $ 1.92 | |
PSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 1,100,000 | |
Stock-based compensation expense | $ 0.1 | |
PSUs | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards granted vesting percentage | 0.00% | |
PSUs | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards granted vesting percentage | 125.00% | |
Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 2 years 9 months 18 days | |
Stock granted, value, share-based compensation, gross | $ 0 | $ 0.75 |
Employee service share-based compensation, nonvested awards, compensation not yet recognized, stock options | $ 2.4 | |
Volatility | 73.00% | |
Stock Option | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 0.84% | |
Stock Option | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.47% | |
ESPP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost | 0 | |
Stock-based compensation expense | $ 0 | $ 0 |
Volatility | 71.00% | 71.00% |
Risk-free interest rate | 0.07% | 0.95% |
Stock Compensation - Summary _2
Stock Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Options Outstanding | ||
Balance as of beginning of period (in shares) | 5,987,243 | |
Granted (in shares) | 0 | |
Exercised (in shares) | (93,961) | |
Forfeited and canceled (in shares) | (40,049) | |
Balance as of end of period (in shares) | 5,853,233 | |
Weighted- Average Exercise Price | ||
Balance as of beginning of period (in usd per share) | $ 1.82 | |
Granted (in usd per share) | 0 | |
Exercised (in usd per share) | 1.39 | |
Forfeited and canceled (in usd per share) | 1.59 | |
Balance as of end of period (in usd per share) | $ 1.83 | |
Aggregate Intrinsic Value (in thousands) | ||
Aggregate Intrinsic Value | $ 1,124 | $ 568 |
Stock Compensation - Assumption
Stock Compensation - Assumptions Related to Share-based Compensation (Details) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 73.00% | |
Expected life (in years) | 6 years 1 month 6 days | |
Dividend yield | 0.00% | |
Stock Option | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 0.84% | |
Stock Option | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.47% | |
ESPP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 71.00% | 71.00% |
Expected life (in years) | 6 months | 6 months |
Risk-free interest rate | 0.07% | 0.95% |
Dividend yield | 0.00% | 0.00% |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate reconciliation, percent | 0.00% | 0.00% |
Net Loss per Share - Calculatio
Net Loss per Share - Calculation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Class of Stock [Line Items] | ||
Net loss | $ (2,996) | $ (56,335) |
Weighted-average shares used to compute basic and diluted net loss per share (in shares) | 156,781 | 148,872 |
Basic and diluted net loss per share (in usd per share) | $ (0.02) | $ (0.38) |
Class A | ||
Class of Stock [Line Items] | ||
Net loss | $ (630) | $ (13,257) |
Weighted-average shares used to compute basic and diluted net loss per share (in shares) | 32,943 | 35,032 |
Basic and diluted net loss per share (in usd per share) | $ (0.02) | $ (0.38) |
Class B | ||
Class of Stock [Line Items] | ||
Net loss | $ (2,366) | $ (43,078) |
Weighted-average shares used to compute basic and diluted net loss per share (in shares) | 123,838 | 113,840 |
Basic and diluted net loss per share (in usd per share) | $ (0.02) | $ (0.38) |
Net Loss per Share - Summary of
Net Loss per Share - Summary of Antidilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from the calculation of diluted net loss per share (in shares) | 23,642 | 20,428 |
Stock options and RSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from the calculation of diluted net loss per share (in shares) | 23,235 | 20,016 |
Shares issuable under the ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from the calculation of diluted net loss per share (in shares) | 292 | 297 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from the calculation of diluted net loss per share (in shares) | 115 | 115 |
Uncategorized Items - cslt-2021
Label | Element | Value |
Restricted Cash, Current | us-gaap_RestrictedCashCurrent | $ 0 |
Restricted Cash, Current | us-gaap_RestrictedCashCurrent | $ 181,000 |