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Beginning Balance | Additions | Deductions | Ending Balance | |||||||||||||
Year Ended December 31, 2012 | $ | — | $ | 51 | $ | — | $ | 51 | ||||||||
Year Ended December 31, 2013 | 51 | 290 | (233 | ) | 108 | |||||||||||
Year Ended December 31, 2014 | $ | 108 | $ | 399 | $ | (334 | ) | $ | 173 |
Computer hardware and equipment | 3 - 5 years | |
Purchased software and licenses | 3 - 5 years | |
Furniture and fixtures | 7 years | |
Leasehold improvements | Lesser of estimated useful life or lease term |
• | there is persuasive evidence of an arrangement; |
• | the service has been or is being provided to the customer; |
• | the collection of the fees is reasonably assured; and |
• | the amount of fees to be paid by the customer is fixed or determinable. |
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerators: | ||||||||||||
Loss from continuing operations attributable to common stockholders | $ | (19,634 | ) | $ | (17,676 | ) | $ | (7,520 | ) | |||
Loss from discontinued operations attributable to common stockholders | — | (199 | ) | (1,259 | ) | |||||||
Net loss attributable to common stockholders | $ | (19,634 | ) | $ | (17,875 | ) | $ | (8,779 | ) | |||
Denominator: | ||||||||||||
Weighted-average common shares outstanding, basic and diluted | 29,257 | 11,866 | 11,345 | |||||||||
Loss from continuing operations per share, basic and diluted | $ | (0.67 | ) | $ | (1.49 | ) | $ | (0.66 | ) | |||
Loss from discontinued operations per share, basic and diluted | $ | — | $ | (0.02 | ) | $ | (0.11 | ) | ||||
Net loss per common share, basic and diluted | $ | (0.67 | ) | $ | (1.51 | ) | $ | (0.77 | ) |
Year ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Redeemable convertible preferred stock: | |||||||||
Series A preferred stock | — | 7,908 | 7,908 | ||||||
Series B preferred stock | — | 1,818 | 1,818 | ||||||
Series C preferred stock | — | 2,184 | — | ||||||
Junior preferred stock | — | 1,251 | 1,251 | ||||||
Stock options and restricted stock units | 6,139 | 5,422 | 4,765 | ||||||
Total anti-dilutive common share equivalents | 6,139 | 18,583 | 15,742 |
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• | Level I—Unadjusted quoted prices in active markets for identical assets or liabilities; |
• | Level II—Inputs other than quoted prices included within Level I that are observable, unadjusted quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data; and |
• | Level III—Unobservable inputs that are supported by little or no market activity, which requires the Company to develop its own assumptions. |
Fair Value Measurements Using: | ||||||||||||||||
Cash Equivalents: | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Money market funds | $ | 17,865 | $ | 17,865 | $ | — | $ | — | ||||||||
Certificates of deposit | 1,456 | — | 1,456 | — | ||||||||||||
$ | 19,321 | $ | 17,865 | $ | 1,456 | $ | — | |||||||||
Investments: | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
U.S. government agency bonds | $ | 7,502 | $ | — | $ | 7,502 | $ | — | ||||||||
Corporate bonds and commercial paper | 6,192 | — | 6,192 | — | ||||||||||||
Certificates of deposit | 7,262 | — | 7,262 | — | ||||||||||||
$ | 20,956 | $ | — | $ | 20,956 | $ | — |
|
Cash Equivalents: | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
Money market funds | $ | 17,865 | $ | — | $ | — | $ | 17,865 | ||||||||
Certificates of deposit | 1,456 | — | — | 1,456 | ||||||||||||
$ | 19,321 | $ | — | $ | — | $ | 19,321 | |||||||||
Investments: | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
U.S. government agency bonds | $ | 7,508 | $ | — | $ | (6 | ) | $ | 7,502 | |||||||
Corporate bonds and commercial paper | 6,200 | — | (8 | ) | 6,192 | |||||||||||
Certificates of deposit | 7,262 | — | — | 7,262 | ||||||||||||
$ | 20,970 | $ | — | $ | (14 | ) | $ | 20,956 |
December 31, | ||||||||
2014 | 2013 | |||||||
Due within one year or less | $ | 9,095 | $ | — | ||||
Due after one year through five years | 11,861 | — | ||||||
Total | $ | 20,956 | $ | — |
Fair Value | Gross Unrealized Loss | |||||||
U.S. government agency bonds | $ | 7,508 | $ | (6 | ) | |||
Corporate bonds and commercial paper | 6,200 | (8 | ) | |||||
Total | $ | 13,708 | $ | (14 | ) |
|
December 31, | ||||||||
2014 | 2013 | |||||||
Deferred solution costs | $ | 3,585 | $ | 2,174 | ||||
Deferred commissions | 1,475 | 950 | ||||||
Deferred solution and other costs, current portion | $ | 5,060 | $ | 3,124 | ||||
Deferred solution costs | $ | 1,684 | $ | 1,721 | ||||
Deferred commissions | 5,475 | 3,637 | ||||||
Deferred solution and other costs, net of current portion | $ | 7,159 | $ | 5,358 |
|
December 31, | ||||||||
2014 | 2013 | |||||||
Computer hardware and equipment | $ | 13,370 | $ | 8,917 | ||||
Purchased software and licenses | 5,759 | 3,501 | ||||||
Furniture and fixtures | 3,116 | 3,014 | ||||||
Leasehold improvements | 4,064 | 4,020 | ||||||
26,309 | 19,452 | |||||||
Accumulated depreciation | (7,788 | ) | (4,621 | ) | ||||
Property and equipment | $ | 18,521 | $ | 14,831 |
|
December 31, | ||||||||
2014 | 2013 | |||||||
Accrued data center equipment purchases | $ | 3,228 | $ | 512 | ||||
Accrued data center software purchases | 1,483 | 467 | ||||||
Accrued transaction processing fees | 1,537 | 3,761 | ||||||
Accrued professional services | 730 | 721 | ||||||
Other | 2,290 | 1,827 | ||||||
Total accrued liabilities | $ | 9,268 | $ | 7,288 |
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Capital Leases | Operating Leases | |||||||
Year Ended December 31, | ||||||||
2015 | $ | 418 | $ | 2,054 | ||||
2016 | 164 | 3,023 | ||||||
2017 | 4 | 3,289 | ||||||
2018 | — | 3,371 | ||||||
2019 | — | 3,453 | ||||||
Thereafter | — | 13,446 | ||||||
Total minimum lease payments | 586 | $ | 28,636 | |||||
Less: imputed interest | (11 | ) | ||||||
Less: current portion | (408 | ) | ||||||
Capital lease obligations, net of current portion | $ | 167 |
Contractual Commitments | ||||
Year Ended December 31, | ||||
2015 | $ | 10,465 | ||
2016 | 6,382 | |||
2017 | 4,464 | |||
2018 | 4,232 | |||
2019 | 4,092 | |||
Thereafter | 4,092 | |||
Total commitments | $ | 33,727 |
|
Prior to Conversion | Subsequent to Conversion | |||||
Convertible preferred stock | ||||||
Series A | 7,908 | — | ||||
Series B | 1,818 | — | ||||
Series C | 2,605 | — | ||||
Redeemable common stock | 3,829 | — | ||||
Junior preferred stock | 1,251 | — | ||||
Undesignated common stock | — | 17,412 |
|
Year Ended December 31, | ||||||
2014 | 2013 | 2012 | ||||
Risk-free interest rate | 1.2 - 1.8% | 0.7 - 2.2% | 0.7 - 1.1% | |||
Expected life (in years) | 3.8 - 6.1 | 4.8 - 6.9 | 4.8 - 6.3 | |||
Expected volatility | 45.1 - 46.8% | 46.4 - 49.4% | 52.0 - 52.5% | |||
Dividend yield | — | — | — | |||
Weighted-average grant date fair value per share | $5.63 | $3.15 | $2.65 |
Number of Options | Weighted Average Exercise Price | ||||||
Balance as of January 1, 2012 | 5,022 | $ | 1.12 | ||||
Granted | 1,064 | 5.73 | |||||
Exercised | (42 | ) | 0.41 | ||||
Forfeited | (312 | ) | 1.84 | ||||
Balance as of December 31, 2012 | 5,732 | 1.94 | |||||
Granted | 834 | 7.69 | |||||
Exercised | (738 | ) | 0.59 | ||||
Forfeited | (406 | ) | 5.31 | ||||
Balance as of December 31, 2013 | 5,422 | 2.76 | |||||
Granted | 2,331 | 10.10 | |||||
Exercised | (1,583 | ) | 1.27 | ||||
Forfeited | (59 | ) | 7.56 | ||||
Balance as of December 31, 2014 | 6,111 | $ | 5.90 |
Options Outstanding | Options Exercisable | ||||||||||||||||||
Range of Exercise Prices | Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (in years) | Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (in years) | |||||||||||||
$0.29 - $0.35 | 919 | $ | 0.33 | 3.2 | 919 | $ | 0.33 | 3.2 | |||||||||||
$0.54 - $0.84 | 477 | 0.72 | 4.8 | 477 | 0.72 | 4.8 | |||||||||||||
$1.74 - $3.10 | 1,094 | 2.80 | 6.3 | 866 | 2.73 | 6.2 | |||||||||||||
$4.00 - $7.82 | 1,312 | 6.89 | 5.6 | 572 | 6.48 | 5.7 | |||||||||||||
$8.35 | 1,737 | 8.35 | 6.1 | — | — | — | |||||||||||||
$13.00 - $19.44 | 572 | 15.41 | 6.7 | 21 | 13.00 | 6.2 | |||||||||||||
6,111 | $ | 5.90 | 5.5 | 2,855 | $ | 2.44 | 4.9 |
Number of Shares | Weighted Average Grant Date Fair Value | ||||||
Nonvested as of January 1, 2014 | — | $ | — | ||||
Granted | 28 | 19.44 | |||||
Vested | — | — | |||||
Forfeited | — | — | |||||
Nonvested as of December 31, 2014 | 28 | $ | 19.44 |
|
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current taxes: | ||||||||||||
Federal | $ | — | $ | — | $ | — | ||||||
State | 67 | 52 | 162 | |||||||||
Total current taxes | $ | 67 | $ | 52 | $ | 162 | ||||||
Deferred taxes: | ||||||||||||
Federal | $ | — | $ | — | $ | — | ||||||
State | 4 | 3 | 2 | |||||||||
Total deferred taxes | 4 | 3 | 2 | |||||||||
Provision for income taxes | $ | 71 | $ | 55 | $ | 164 |
December 31, | ||||||||
2014 | 2013 | |||||||
Deferred tax assets: | ||||||||
NOL and credit carryforwards | $ | 21,328 | $ | 16,340 | ||||
Deferred revenue | 2,657 | 1,596 | ||||||
Accrued expenses and other | 3,386 | 3,295 | ||||||
Stock-based compensation | 1,107 | 209 | ||||||
Total deferred tax assets | 28,478 | 21,440 | ||||||
Deferred tax liabilities: | ||||||||
Deferred expenses | (5,128 | ) | (3,924 | ) | ||||
Depreciation and amortization | (2,972 | ) | (3,573 | ) | ||||
Total deferred tax liabilities | (8,100 | ) | (7,497 | ) | ||||
Deferred tax assets less tax liabilities | 20,378 | 13,943 | ||||||
Less: valuation allowance | (20,266 | ) | (13,828 | ) | ||||
Net deferred tax asset | $ | 112 | $ | 115 |
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Income tax at U.S. statutory rate | 34.0 | % | 34.0 | % | 34.0 | % | |||
Effect of: | |||||||||
Increase in deferred tax valuation allowance | (32.9 | ) | (32.7 | ) | (31.5 | ) | |||
State taxes, net of federal benefit | 1.5 | 1.4 | (0.7 | ) | |||||
Other permanent items | (3.0 | ) | (3.0 | ) | (4.0 | ) | |||
Income tax provision effective rate | (0.4 | )% | (0.3 | )% | (2.2 | )% |
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Three Months Ended | ||||||||||||||||||||||||||||||||
March 31, 2013 | June 30, 2013 | September 30, 2013 | December 31, 2013 | March 31, 2014 | June 30, 2014 | September 30, 2014 | December 31, 2014 | |||||||||||||||||||||||||
Revenues | $ | 12,834 | $ | 14,044 | $ | 14,325 | $ | 15,669 | $ | 16,834 | $ | 19,158 | $ | 20,989 | $ | 22,148 | ||||||||||||||||
Cost of revenues | 7,807 | 8,408 | 9,167 | 10,879 | 10,212 | 10,830 | 12,143 | 12,869 | ||||||||||||||||||||||||
Gross profit | 5,027 | 5,636 | 5,158 | 4,790 | 6,622 | 8,328 | 8,846 | 9,279 | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Sales and marketing | 3,060 | 4,138 | 4,599 | 4,929 | 5,509 | 6,032 | 5,642 | 5,886 | ||||||||||||||||||||||||
Research and development | 1,866 | 2,152 | 2,259 | 2,752 | 2,736 | 2,787 | 3,155 | 3,408 | ||||||||||||||||||||||||
General and administrative | 2,335 | 2,776 | 3,207 | 3,424 | 3,718 | 4,058 | 4,574 | 4,641 | ||||||||||||||||||||||||
Unoccupied lease charges | — | 148 | 88 | — | — | — | — | — | ||||||||||||||||||||||||
Total operating expenses | 7,261 | 9,214 | 10,153 | 11,105 | 11,963 | 12,877 | 13,371 | 13,935 | ||||||||||||||||||||||||
Loss from operations | (2,234 | ) | (3,578 | ) | (4,995 | ) | (6,315 | ) | (5,341 | ) | (4,549 | ) | (4,525 | ) | (4,656 | ) | ||||||||||||||||
Total other expense, net | (51 | ) | (116 | ) | (170 | ) | (162 | ) | (207 | ) | (119 | ) | (82 | ) | (84 | ) | ||||||||||||||||
Loss before income taxes | (2,285 | ) | (3,694 | ) | (5,165 | ) | (6,477 | ) | (5,548 | ) | (4,668 | ) | (4,607 | ) | (4,740 | ) | ||||||||||||||||
Provision for income taxes | (5 | ) | (14 | ) | (14 | ) | (22 | ) | (18 | ) | (15 | ) | (18 | ) | (20 | ) | ||||||||||||||||
Loss from continuing operations | (2,290 | ) | (3,708 | ) | (5,179 | ) | (6,499 | ) | (5,566 | ) | (4,683 | ) | (4,625 | ) | (4,760 | ) | ||||||||||||||||
Loss from discontinued operations, net of tax | (199 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||
Net loss | $ | (2,489 | ) | $ | (3,708 | ) | $ | (5,179 | ) | $ | (6,499 | ) | $ | (5,566 | ) | $ | (4,683 | ) | $ | (4,625 | ) | $ | (4,760 | ) | ||||||||
Reconciliation of net loss to adjusted EBITDA: | ||||||||||||||||||||||||||||||||
Net Loss | $ | (2,489 | ) | $ | (3,708 | ) | $ | (5,179 | ) | $ | (6,499 | ) | $ | (5,566 | ) | $ | (4,683 | ) | $ | (4,625 | ) | $ | (4,760 | ) | ||||||||
Depreciation and amortization | 638 | 624 | 809 | 900 | 999 | 1,031 | 1,092 | 961 | ||||||||||||||||||||||||
Stock-based compensation expense | ||||||||||||||||||||||||||||||||
Cost of revenues | 61 | 61 | 70 | 72 | 126 | 147 | 159 | 191 | ||||||||||||||||||||||||
Sales and marketing | 39 | 60 | 81 | 94 | 167 | 187 | 189 | 231 | ||||||||||||||||||||||||
Research and development | 59 | 66 | 64 | 68 | 107 | 122 | 131 | 167 | ||||||||||||||||||||||||
General and administrative | 175 | 189 | 197 | 249 | 518 | 612 | 622 | 894 | ||||||||||||||||||||||||
Provision for income taxes | 5 | 14 | 14 | 22 | 18 | 15 | 18 | 20 | ||||||||||||||||||||||||
Other expense, net | 51 | 116 | 170 | 162 | 207 | 119 | 82 | 84 | ||||||||||||||||||||||||
Unoccupied lease charge | — | 148 | 88 | — | — | — | — | — | ||||||||||||||||||||||||
Loss from discontinued operations, net of tax | 199 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Adjusted EBITDA | $ | (1,262 | ) | $ | (2,430 | ) | $ | (3,686 | ) | $ | (4,932 | ) | $ | (3,424 | ) | $ | (2,450 | ) | $ | (2,332 | ) | $ | (2,212 | ) | ||||||||
Registered users (1) | 2,609 | 2,900 | 2,956 | 3,124 | 3,447 | 3,941 | 4,123 | 4,340 |
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Computer hardware and equipment | 3 - 5 years | |
Purchased software and licenses | 3 - 5 years | |
Furniture and fixtures | 7 years | |
Leasehold improvements | Lesser of estimated useful life or lease term |
• | there is persuasive evidence of an arrangement; |
• | the service has been or is being provided to the customer; |
• | the collection of the fees is reasonably assured; and |
• | the amount of fees to be paid by the customer is fixed or determinable. |
|
Computer hardware and equipment | 3 - 5 years | |
Purchased software and licenses | 3 - 5 years | |
Furniture and fixtures | 7 years | |
Leasehold improvements | Lesser of estimated useful life or lease term |
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerators: | ||||||||||||
Loss from continuing operations attributable to common stockholders | $ | (19,634 | ) | $ | (17,676 | ) | $ | (7,520 | ) | |||
Loss from discontinued operations attributable to common stockholders | — | (199 | ) | (1,259 | ) | |||||||
Net loss attributable to common stockholders | $ | (19,634 | ) | $ | (17,875 | ) | $ | (8,779 | ) | |||
Denominator: | ||||||||||||
Weighted-average common shares outstanding, basic and diluted | 29,257 | 11,866 | 11,345 | |||||||||
Loss from continuing operations per share, basic and diluted | $ | (0.67 | ) | $ | (1.49 | ) | $ | (0.66 | ) | |||
Loss from discontinued operations per share, basic and diluted | $ | — | $ | (0.02 | ) | $ | (0.11 | ) | ||||
Net loss per common share, basic and diluted | $ | (0.67 | ) | $ | (1.51 | ) | $ | (0.77 | ) |
Year ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Redeemable convertible preferred stock: | |||||||||
Series A preferred stock | — | 7,908 | 7,908 | ||||||
Series B preferred stock | — | 1,818 | 1,818 | ||||||
Series C preferred stock | — | 2,184 | — | ||||||
Junior preferred stock | — | 1,251 | 1,251 | ||||||
Stock options and restricted stock units | 6,139 | 5,422 | 4,765 | ||||||
Total anti-dilutive common share equivalents | 6,139 | 18,583 | 15,742 |
|
Fair Value Measurements Using: | ||||||||||||||||
Cash Equivalents: | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Money market funds | $ | 17,865 | $ | 17,865 | $ | — | $ | — | ||||||||
Certificates of deposit | 1,456 | — | 1,456 | — | ||||||||||||
$ | 19,321 | $ | 17,865 | $ | 1,456 | $ | — | |||||||||
Investments: | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
U.S. government agency bonds | $ | 7,502 | $ | — | $ | 7,502 | $ | — | ||||||||
Corporate bonds and commercial paper | 6,192 | — | 6,192 | — | ||||||||||||
Certificates of deposit | 7,262 | — | 7,262 | — | ||||||||||||
$ | 20,956 | $ | — | $ | 20,956 | $ | — |
|
Cash Equivalents: | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
Money market funds | $ | 17,865 | $ | — | $ | — | $ | 17,865 | ||||||||
Certificates of deposit | 1,456 | — | — | 1,456 | ||||||||||||
$ | 19,321 | $ | — | $ | — | $ | 19,321 | |||||||||
Investments: | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
U.S. government agency bonds | $ | 7,508 | $ | — | $ | (6 | ) | $ | 7,502 | |||||||
Corporate bonds and commercial paper | 6,200 | — | (8 | ) | 6,192 | |||||||||||
Certificates of deposit | 7,262 | — | — | 7,262 | ||||||||||||
$ | 20,970 | $ | — | $ | (14 | ) | $ | 20,956 |
December 31, | ||||||||
2014 | 2013 | |||||||
Due within one year or less | $ | 9,095 | $ | — | ||||
Due after one year through five years | 11,861 | — | ||||||
Total | $ | 20,956 | $ | — |
Fair Value | Gross Unrealized Loss | |||||||
U.S. government agency bonds | $ | 7,508 | $ | (6 | ) | |||
Corporate bonds and commercial paper | 6,200 | (8 | ) | |||||
Total | $ | 13,708 | $ | (14 | ) |
|
December 31, | ||||||||
2014 | 2013 | |||||||
Deferred solution costs | $ | 3,585 | $ | 2,174 | ||||
Deferred commissions | 1,475 | 950 | ||||||
Deferred solution and other costs, current portion | $ | 5,060 | $ | 3,124 | ||||
Deferred solution costs | $ | 1,684 | $ | 1,721 | ||||
Deferred commissions | 5,475 | 3,637 | ||||||
Deferred solution and other costs, net of current portion | $ | 7,159 | $ | 5,358 |
|
December 31, | ||||||||
2014 | 2013 | |||||||
Computer hardware and equipment | $ | 13,370 | $ | 8,917 | ||||
Purchased software and licenses | 5,759 | 3,501 | ||||||
Furniture and fixtures | 3,116 | 3,014 | ||||||
Leasehold improvements | 4,064 | 4,020 | ||||||
26,309 | 19,452 | |||||||
Accumulated depreciation | (7,788 | ) | (4,621 | ) | ||||
Property and equipment | $ | 18,521 | $ | 14,831 |
|
December 31, | ||||||||
2014 | 2013 | |||||||
Accrued data center equipment purchases | $ | 3,228 | $ | 512 | ||||
Accrued data center software purchases | 1,483 | 467 | ||||||
Accrued transaction processing fees | 1,537 | 3,761 | ||||||
Accrued professional services | 730 | 721 | ||||||
Other | 2,290 | 1,827 | ||||||
Total accrued liabilities | $ | 9,268 | $ | 7,288 |
|
Capital Leases | Operating Leases | |||||||
Year Ended December 31, | ||||||||
2015 | $ | 418 | $ | 2,054 | ||||
2016 | 164 | 3,023 | ||||||
2017 | 4 | 3,289 | ||||||
2018 | — | 3,371 | ||||||
2019 | — | 3,453 | ||||||
Thereafter | — | 13,446 | ||||||
Total minimum lease payments | 586 | $ | 28,636 | |||||
Less: imputed interest | (11 | ) | ||||||
Less: current portion | (408 | ) | ||||||
Capital lease obligations, net of current portion | $ | 167 |
Capital Leases | Operating Leases | |||||||
Year Ended December 31, | ||||||||
2015 | $ | 418 | $ | 2,054 | ||||
2016 | 164 | 3,023 | ||||||
2017 | 4 | 3,289 | ||||||
2018 | — | 3,371 | ||||||
2019 | — | 3,453 | ||||||
Thereafter | — | 13,446 | ||||||
Total minimum lease payments | 586 | $ | 28,636 | |||||
Less: imputed interest | (11 | ) | ||||||
Less: current portion | (408 | ) | ||||||
Capital lease obligations, net of current portion | $ | 167 |
Contractual Commitments | ||||
Year Ended December 31, | ||||
2015 | $ | 10,465 | ||
2016 | 6,382 | |||
2017 | 4,464 | |||
2018 | 4,232 | |||
2019 | 4,092 | |||
Thereafter | 4,092 | |||
Total commitments | $ | 33,727 |
|
Prior to Conversion | Subsequent to Conversion | |||||
Convertible preferred stock | ||||||
Series A | 7,908 | — | ||||
Series B | 1,818 | — | ||||
Series C | 2,605 | — | ||||
Redeemable common stock | 3,829 | — | ||||
Junior preferred stock | 1,251 | — | ||||
Undesignated common stock | — | 17,412 |
|
Year Ended December 31, | ||||||
2014 | 2013 | 2012 | ||||
Risk-free interest rate | 1.2 - 1.8% | 0.7 - 2.2% | 0.7 - 1.1% | |||
Expected life (in years) | 3.8 - 6.1 | 4.8 - 6.9 | 4.8 - 6.3 | |||
Expected volatility | 45.1 - 46.8% | 46.4 - 49.4% | 52.0 - 52.5% | |||
Dividend yield | — | — | — | |||
Weighted-average grant date fair value per share | $5.63 | $3.15 | $2.65 |
Number of Options | Weighted Average Exercise Price | ||||||
Balance as of January 1, 2012 | 5,022 | $ | 1.12 | ||||
Granted | 1,064 | 5.73 | |||||
Exercised | (42 | ) | 0.41 | ||||
Forfeited | (312 | ) | 1.84 | ||||
Balance as of December 31, 2012 | 5,732 | 1.94 | |||||
Granted | 834 | 7.69 | |||||
Exercised | (738 | ) | 0.59 | ||||
Forfeited | (406 | ) | 5.31 | ||||
Balance as of December 31, 2013 | 5,422 | 2.76 | |||||
Granted | 2,331 | 10.10 | |||||
Exercised | (1,583 | ) | 1.27 | ||||
Forfeited | (59 | ) | 7.56 | ||||
Balance as of December 31, 2014 | 6,111 | $ | 5.90 |
Options Outstanding | Options Exercisable | ||||||||||||||||||
Range of Exercise Prices | Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (in years) | Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (in years) | |||||||||||||
$0.29 - $0.35 | 919 | $ | 0.33 | 3.2 | 919 | $ | 0.33 | 3.2 | |||||||||||
$0.54 - $0.84 | 477 | 0.72 | 4.8 | 477 | 0.72 | 4.8 | |||||||||||||
$1.74 - $3.10 | 1,094 | 2.80 | 6.3 | 866 | 2.73 | 6.2 | |||||||||||||
$4.00 - $7.82 | 1,312 | 6.89 | 5.6 | 572 | 6.48 | 5.7 | |||||||||||||
$8.35 | 1,737 | 8.35 | 6.1 | — | — | — | |||||||||||||
$13.00 - $19.44 | 572 | 15.41 | 6.7 | 21 | 13.00 | 6.2 | |||||||||||||
6,111 | $ | 5.90 | 5.5 | 2,855 | $ | 2.44 | 4.9 |
Number of Shares | Weighted Average Grant Date Fair Value | ||||||
Nonvested as of January 1, 2014 | — | $ | — | ||||
Granted | 28 | 19.44 | |||||
Vested | — | — | |||||
Forfeited | — | — | |||||
Nonvested as of December 31, 2014 | 28 | $ | 19.44 |
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Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current taxes: | ||||||||||||
Federal | $ | — | $ | — | $ | — | ||||||
State | 67 | 52 | 162 | |||||||||
Total current taxes | $ | 67 | $ | 52 | $ | 162 | ||||||
Deferred taxes: | ||||||||||||
Federal | $ | — | $ | — | $ | — | ||||||
State | 4 | 3 | 2 | |||||||||
Total deferred taxes | 4 | 3 | 2 | |||||||||
Provision for income taxes | $ | 71 | $ | 55 | $ | 164 |
December 31, | ||||||||
2014 | 2013 | |||||||
Deferred tax assets: | ||||||||
NOL and credit carryforwards | $ | 21,328 | $ | 16,340 | ||||
Deferred revenue | 2,657 | 1,596 | ||||||
Accrued expenses and other | 3,386 | 3,295 | ||||||
Stock-based compensation | 1,107 | 209 | ||||||
Total deferred tax assets | 28,478 | 21,440 | ||||||
Deferred tax liabilities: | ||||||||
Deferred expenses | (5,128 | ) | (3,924 | ) | ||||
Depreciation and amortization | (2,972 | ) | (3,573 | ) | ||||
Total deferred tax liabilities | (8,100 | ) | (7,497 | ) | ||||
Deferred tax assets less tax liabilities | 20,378 | 13,943 | ||||||
Less: valuation allowance | (20,266 | ) | (13,828 | ) | ||||
Net deferred tax asset | $ | 112 | $ | 115 |
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Income tax at U.S. statutory rate | 34.0 | % | 34.0 | % | 34.0 | % | |||
Effect of: | |||||||||
Increase in deferred tax valuation allowance | (32.9 | ) | (32.7 | ) | (31.5 | ) | |||
State taxes, net of federal benefit | 1.5 | 1.4 | (0.7 | ) | |||||
Other permanent items | (3.0 | ) | (3.0 | ) | (4.0 | ) | |||
Income tax provision effective rate | (0.4 | )% | (0.3 | )% | (2.2 | )% |
|
Three Months Ended | ||||||||||||||||||||||||||||||||
March 31, 2013 | June 30, 2013 | September 30, 2013 | December 31, 2013 | March 31, 2014 | June 30, 2014 | September 30, 2014 | December 31, 2014 | |||||||||||||||||||||||||
Revenues | $ | 12,834 | $ | 14,044 | $ | 14,325 | $ | 15,669 | $ | 16,834 | $ | 19,158 | $ | 20,989 | $ | 22,148 | ||||||||||||||||
Cost of revenues | 7,807 | 8,408 | 9,167 | 10,879 | 10,212 | 10,830 | 12,143 | 12,869 | ||||||||||||||||||||||||
Gross profit | 5,027 | 5,636 | 5,158 | 4,790 | 6,622 | 8,328 | 8,846 | 9,279 | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Sales and marketing | 3,060 | 4,138 | 4,599 | 4,929 | 5,509 | 6,032 | 5,642 | 5,886 | ||||||||||||||||||||||||
Research and development | 1,866 | 2,152 | 2,259 | 2,752 | 2,736 | 2,787 | 3,155 | 3,408 | ||||||||||||||||||||||||
General and administrative | 2,335 | 2,776 | 3,207 | 3,424 | 3,718 | 4,058 | 4,574 | 4,641 | ||||||||||||||||||||||||
Unoccupied lease charges | — | 148 | 88 | — | — | — | — | — | ||||||||||||||||||||||||
Total operating expenses | 7,261 | 9,214 | 10,153 | 11,105 | 11,963 | 12,877 | 13,371 | 13,935 | ||||||||||||||||||||||||
Loss from operations | (2,234 | ) | (3,578 | ) | (4,995 | ) | (6,315 | ) | (5,341 | ) | (4,549 | ) | (4,525 | ) | (4,656 | ) | ||||||||||||||||
Total other expense, net | (51 | ) | (116 | ) | (170 | ) | (162 | ) | (207 | ) | (119 | ) | (82 | ) | (84 | ) | ||||||||||||||||
Loss before income taxes | (2,285 | ) | (3,694 | ) | (5,165 | ) | (6,477 | ) | (5,548 | ) | (4,668 | ) | (4,607 | ) | (4,740 | ) | ||||||||||||||||
Provision for income taxes | (5 | ) | (14 | ) | (14 | ) | (22 | ) | (18 | ) | (15 | ) | (18 | ) | (20 | ) | ||||||||||||||||
Loss from continuing operations | (2,290 | ) | (3,708 | ) | (5,179 | ) | (6,499 | ) | (5,566 | ) | (4,683 | ) | (4,625 | ) | (4,760 | ) | ||||||||||||||||
Loss from discontinued operations, net of tax | (199 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||
Net loss | $ | (2,489 | ) | $ | (3,708 | ) | $ | (5,179 | ) | $ | (6,499 | ) | $ | (5,566 | ) | $ | (4,683 | ) | $ | (4,625 | ) | $ | (4,760 | ) | ||||||||
Reconciliation of net loss to adjusted EBITDA: | ||||||||||||||||||||||||||||||||
Net Loss | $ | (2,489 | ) | $ | (3,708 | ) | $ | (5,179 | ) | $ | (6,499 | ) | $ | (5,566 | ) | $ | (4,683 | ) | $ | (4,625 | ) | $ | (4,760 | ) | ||||||||
Depreciation and amortization | 638 | 624 | 809 | 900 | 999 | 1,031 | 1,092 | 961 | ||||||||||||||||||||||||
Stock-based compensation expense | ||||||||||||||||||||||||||||||||
Cost of revenues | 61 | 61 | 70 | 72 | 126 | 147 | 159 | 191 | ||||||||||||||||||||||||
Sales and marketing | 39 | 60 | 81 | 94 | 167 | 187 | 189 | 231 | ||||||||||||||||||||||||
Research and development | 59 | 66 | 64 | 68 | 107 | 122 | 131 | 167 | ||||||||||||||||||||||||
General and administrative | 175 | 189 | 197 | 249 | 518 | 612 | 622 | 894 | ||||||||||||||||||||||||
Provision for income taxes | 5 | 14 | 14 | 22 | 18 | 15 | 18 | 20 | ||||||||||||||||||||||||
Other expense, net | 51 | 116 | 170 | 162 | 207 | 119 | 82 | 84 | ||||||||||||||||||||||||
Unoccupied lease charge | — | 148 | 88 | — | — | — | — | — | ||||||||||||||||||||||||
Loss from discontinued operations, net of tax | 199 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Adjusted EBITDA | $ | (1,262 | ) | $ | (2,430 | ) | $ | (3,686 | ) | $ | (4,932 | ) | $ | (3,424 | ) | $ | (2,450 | ) | $ | (2,332 | ) | $ | (2,212 | ) | ||||||||
Registered users (1) | 2,609 | 2,900 | 2,956 | 3,124 | 3,447 | 3,941 | 4,123 | 4,340 |
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