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• | Level 1 inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. |
• | Level 2 inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.), or inputs that are derived principally from or corroborated by market data by correlation or other means. |
• | Level 3 inputs - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. |
December 26, 2015 | December 27, 2014 | ||||||||||||||||||||||||||||||
Fair Value Measurements Using Input Types | Fair Value Measurements Using Input Types | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Money market mutual funds | $ | 25,420 | $ | — | $ | — | $ | 25,420 | $ | 15,656 | $ | — | $ | — | $ | 15,656 | |||||||||||||||
Total assets | $ | 25,420 | $ | — | $ | — | $ | 25,420 | $ | 15,656 | $ | — | $ | — | $ | 15,656 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Contingent acquisition consideration (included in current liabilities of discontinued operations) | $ | 8,163 | $ | — | $ | 7,878 | $ | 16,041 | $ | — | $ | — | $ | 17,952 | $ | 17,952 | |||||||||||||||
Total liabilities | $ | 8,163 | $ | — | $ | 7,878 | $ | 16,041 | $ | — | $ | — | $ | 17,952 | $ | 17,952 |
Fiscal Year Ended | |||||||||||
December 26, 2015 | December 27, 2014 | ||||||||||
Contingent Acquisition Consideration | Contingent Acquisition Consideration | Preferred Stock Warrants | |||||||||
Beginning balance | $ | 17,952 | $ | 10,630 | $ | 362 | |||||
Contingent consideration liability recorded in connection with Citrus Lane acquisition | — | 14,510 | — | ||||||||
Increase in fair value included in earnings | 934 | 3,158 | 606 | ||||||||
Reclassification to permanent equity | — | (4,878 | ) | (968 | ) | ||||||
Contingent acquisition consideration payments | (2,845 | ) | (5,468 | ) | — | ||||||
Transfers out of Level 3(1) | (8,163 | ) | — | — | |||||||
Ending balance | $ | 7,878 | $ | 17,952 | $ | — |
December 26, 2015 | December 27, 2014 | ||||||
Computer equipment | $ | 2,236 | $ | 2,438 | |||
Furniture and fixtures | 1,611 | 1,707 | |||||
Software | 1,374 | 1,066 | |||||
Leasehold improvements | 3,847 | 3,133 | |||||
Total | 9,068 | 8,344 | |||||
Less accumulated depreciation | (2,697 | ) | (2,054 | ) | |||
Property and equipment, net | $ | 6,371 | $ | 6,290 |
Estimated Useful Life | |
Computer equipment | 3 - 5 years |
Leasehold improvements | Lesser of asset life or lease term |
Furniture and fixtures | 3 - 5 years |
Software | 3 - 6 years |
|
Total purchase consideration | |||
Cash | $ | 22,881 | |
Fair value of common stock | 3,844 | ||
Fair value of contingent acquisition consideration | 15,600 | ||
Fair value of stock options exchanged | 1,026 | ||
Total purchase price | $ | 43,351 | |
Allocation of purchase consideration | |||
Tangible assets | $ | 2,843 | |
Liabilities assumed | (4,098 | ) | |
Identifiable intangible assets | 4,600 | ||
Deferred tax liabilities | (1,855 | ) | |
Goodwill | 41,861 | ||
Total purchase price | $ | 43,351 |
Weighted-average amortization period (in years) | |||||
Proprietary software | $ | 3,000 | 7 | ||
Trade-names | 1,600 | 10 | |||
Total purchase price | $ | 4,600 |
Pro Forma | |||||||||||
Fiscal Year Ended | |||||||||||
December 26, 2015 | December 27, 2014 | December 28, 2013 | |||||||||
Revenue | $ | 138.7 | $ | 110.7 | $ | 87.2 | |||||
Net loss | $ | (26.3 | ) | $ | (45.8 | ) | $ | (35 | ) |
|
Fiscal Year Ended | |||||||
December 26, 2015 | December 27, 2014 | ||||||
Revenue | $ | 11,530 | $ | 6,001 | |||
Cost of revenue | 11,849 | 6,882 | |||||
Operating expenses: | |||||||
Selling and marketing | 2,229 | 2,017 | |||||
Research and development | 904 | 768 | |||||
General and administrative | 2,698 | 2,764 | |||||
Impairment of goodwill and intangible assets | 8,766 | 36,227 | |||||
Depreciation and amortization | 99 | 76 | |||||
Operating loss | (15,015 | ) | (42,733 | ) | |||
Other expense, net | (30 | ) | — | ||||
Loss from discontinued operations before income taxes | (15,045 | ) | (42,733 | ) | |||
Loss on disposal of assets before income taxes | (2,071 | ) | — | ||||
Provision for income tax | — | — | |||||
Loss from discontinued operations | $ | (17,116 | ) | $ | (42,733 | ) |
December 26, 2015 | December 27, 2014 | ||||||
Assets | |||||||
Accounts receivable | $ | 92 | $ | 62 | |||
Prepaid expenses and other current assets | 28 | 484 | |||||
Inventory | 319 | 2,626 | |||||
Total current assets | 439 | 3,172 | |||||
Property and equipment, net | 9 | 32 | |||||
Intangible assets, net | — | 1,900 | |||||
Goodwill | — | 8,050 | |||||
Total assets | $ | 448 | $ | 13,154 | |||
Liabilities | |||||||
Accounts payable | $ | 435 | $ | 1,139 | |||
Accrued expenses and other liabilities | 1,325 | 1,066 | |||||
Deferred revenue | 82 | 1,874 | |||||
Current contingent acquisition consideration | 16,041 | 7,840 | |||||
Total current liabilities | 17,883 | 11,919 | |||||
Total non-current liabilities of discontinued operations | — | 7,267 | |||||
Total liabilities | $ | 17,883 | $ | 19,186 |
|
Balance as of December 27, 2014 | $ | 60,635 | |
Effect of currency translation | (2,004 | ) | |
Balance as of December 26, 2015 | $ | 58,631 |
Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Weighted-Average Remaining Life (Years) | ||||||||||
December 26, 2015 | |||||||||||||
Indefinite lived intangibles | $ | 242 | $ | — | $ | 242 | N/A | ||||||
Trademarks and trade names | 4,417 | (4,133 | ) | 284 | 3.5 | ||||||||
Proprietary software | 4,751 | (3,802 | ) | 949 | 1.6 | ||||||||
Website | 50 | (44 | ) | 6 | 0.6 | ||||||||
Training materials | 30 | (30 | ) | — | 0.0 | ||||||||
Non-compete agreements | 130 | (111 | ) | 19 | 1.6 | ||||||||
Leasehold interests | 170 | (86 | ) | 84 | 3.4 | ||||||||
Caregiver relationships | 285 | (285 | ) | — | 0.0 | ||||||||
Customer relationships | 8,782 | (6,977 | ) | 1,805 | 3.1 | ||||||||
Total | $ | 18,857 | $ | (15,468 | ) | $ | 3,389 | ||||||
December 27, 2014 | |||||||||||||
Indefinite lived intangibles | $ | 242 | $ | — | $ | 242 | N/A | ||||||
Trademarks and trade names | 4,481 | (3,377 | ) | 1,104 | 2.0 | ||||||||
Proprietary software | 4,942 | (3,351 | ) | 1,591 | 2.5 | ||||||||
Website | 50 | (34 | ) | 16 | 1.6 | ||||||||
Training materials | 30 | (20 | ) | 10 | 1.0 | ||||||||
Non-compete agreements | 137 | (94 | ) | 43 | 2.0 | ||||||||
Leasehold interests | 170 | (61 | ) | 109 | 4.4 | ||||||||
Caregiver relationships | 312 | (252 | ) | 60 | 0.7 | ||||||||
Customer relationships | 8,857 | (4,967 | ) | 3,890 | 2.9 | ||||||||
Total | $ | 19,221 | $ | (12,156 | ) | $ | 7,065 |
2016 | $ | 1,951 | |
2017 | 547 | ||
2018 | 202 | ||
2019 | 145 | ||
2020 | 96 | ||
Thereafter | 206 | ||
Total | $ | 3,147 |
|
December 26, 2015 | December 27, 2014 | ||||||
Payroll and compensation | $ | 5,167 | $ | 1,830 | |||
Tax-related expense | 801 | 804 | |||||
Marketing expenses | 3,451 | 3,385 | |||||
Other accrued expenses | 2,994 | 5,648 | |||||
Total accrued expenses and other current liabilities | $ | 12,413 | $ | 11,667 |
|
Payments Due by Period | |||||||||||||||||||
Total | Less than 1 Year | 1-3 Years | 4-5 Years | Thereafter | |||||||||||||||
Operating lease obligations | $ | 43.1 | $ | 4.3 | $ | 9.0 | $ | 9.8 | $ | 20.0 |
|
Fiscal Year Ended | |||||||||||
December 26, 2015 | December 27, 2014 | December 28, 2013 | |||||||||
Cost of revenue | $ | 236 | $ | 156 | $ | 161 | |||||
Selling and marketing | 813 | 582 | 348 | ||||||||
Research and development | 760 | 437 | 356 | ||||||||
General and administrative | 3,116 | 2,704 | 997 | ||||||||
Loss from discontinued operations | 589 | 1,926 | — | ||||||||
Total stock-based compensation | $ | 5,514 | $ | 5,805 | $ | 1,862 |
Fiscal Year Ended | |||||
December 26, 2015 | December 27, 2014 | December 28, 2013 | |||
Risk-free interest rate | N/A | 1.81 - 1.95 % | 1.23 - 2.00% | ||
Expected term (years) | N/A | 6.25 | 6.25 | ||
Volatility | N/A | 47.1 - 56.3 % | 44.6% | ||
Expected dividend yield | N/A | — | — |
Stock Options | Restricted Stock Units | ||||||||||||||||||
Shares | Weighted-Average Remaining Contractual Term (Years) | Weighted-Average Exercise Price | Aggregate Intrinsic Value | Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||
Outstanding as of December 27, 2014 | 4,270 | 7.17 | $ | 6.47 | $ | 14,373 | — | $ | — | ||||||||||
Granted (1) | — | — | 1,947 | 7.49 | |||||||||||||||
Settled (RSUs) | — | — | (214 | ) | 7.78 | ||||||||||||||
Exercised | (257 | ) | 2.22 | — | — | ||||||||||||||
Canceled and forfeited | (531 | ) | 8.2 | (427 | ) | 7.6 | |||||||||||||
Outstanding as of December 26, 2015 | 3,482 | 5.93 | $ | 6.52 | $ | 8,891 | 1,306 | $ | 7.42 | ||||||||||
Vested and exercisable as of December 26, 2015 | 2,769 | 5.49 | 5.29 | 8,421 | — | — | |||||||||||||
Vested and expected to vest as of December 26, 2015 | 3,404 | 5.88 | $ | 6.37 | $ | 8,860 | 1,056 | 7.42 |
December 26, 2015 | ||
Contingent consideration payable in common stock | 106,000 | |
Options issued and outstanding | 3,481,750 | |
Restricted stock units issued and outstanding | 1,305,628 | |
Common stock available for stock-based award grants under incentive award plans | 3,337,574 | |
Total | 8,230,952 |
|
Fiscal Year Ended | |||||||||||
December 26, 2015 | December 27, 2014 | December 28, 2013 | |||||||||
United States | $ | (13,318 | ) | $ | (32,730 | ) | $ | (22,182 | ) | ||
Foreign | (3,340 | ) | (5,581 | ) | (5,760 | ) | |||||
Loss from continuing operations before income taxes | $ | (16,658 | ) | $ | (38,311 | ) | $ | (27,942 | ) |
Fiscal Year Ended | |||||||||||
December 26, 2015 | December 27, 2014 | December 28, 2013 | |||||||||
Current: | |||||||||||
Federal | $ | — | $ | — | $ | — | |||||
State | 94 | 108 | 70 | ||||||||
Foreign | 33 | 33 | — | ||||||||
Total current provision for income taxes | 127 | 141 | 70 | ||||||||
Deferred: | |||||||||||
Federal | 883 | (757 | ) | 626 | |||||||
State | 211 | (136 | ) | 49 | |||||||
Foreign | — | — | (391 | ) | |||||||
Total deferred tax provision (benefit) | 1,094 | (893 | ) | 284 | |||||||
Total provision for (benefit from) income taxes | $ | 1,221 | $ | (752 | ) | $ | 354 |
Fiscal Year Ended | ||||||||
December 26, 2015 | December 27, 2014 | December 28, 2013 | ||||||
U.S. federal taxes at statutory rate | 34 | % | 34 | % | 34 | % | ||
State income taxes, net of federal benefit | (1 | ) | — | 2 | ||||
Permanent differences | (3 | ) | (3 | ) | (3 | ) | ||
Foreign rate differential | (1 | ) | (1 | ) | (1 | ) | ||
Change in valuation allowance - U.S. | (31 | ) | (24 | ) | (28 | ) | ||
Change in valuation allowance - foreign | (5 | ) | (4 | ) | (5 | ) | ||
Total | (7 | )% | 2 | % | (1 | )% |
Fiscal Year Ended | |||||||
December 26, 2015 | December 27, 2014 | ||||||
Deferred tax assets | |||||||
Net operating loss carryforwards | $ | 45,881 | $ | 40,790 | |||
Accrued expenses | 3,045 | 1,696 | |||||
Stock-based compensation | 1,922 | 1,618 | |||||
U.S. definite lived intangibles | 5,058 | 3,538 | |||||
Other temporary differences | 1,217 | 33 | |||||
Total deferred tax assets | 57,123 | 47,675 | |||||
Valuation allowance | (56,304 | ) | (46,619 | ) | |||
Net deferred tax assets | 819 | 1,056 | |||||
Deferred tax liabilities | |||||||
Foreign intangibles | (111 | ) | (224 | ) | |||
U.S. goodwill | (3,166 | ) | (2,072 | ) | |||
Fixed assets | (708 | ) | (832 | ) | |||
Total deferred tax liabilities | (3,985 | ) | (3,128 | ) | |||
Net deferred tax liabilities | $ | (3,166 | ) | $ | (2,072 | ) |
|
Fiscal Year Ended | |||||||||||
December 26, 2015 | December 27, 2014 | December 28, 2013 | |||||||||
U.S. Consumer Business | $ | 115,020 | $ | 96,524 | $ | 72,415 | |||||
Other | 23,661 | 14,188 | 9,072 | ||||||||
Total revenue | $ | 138,681 | $ | 110,712 | $ | 81,487 |
Fiscal Year Ended | |||||||||||
December 26, 2015 | December 27, 2014 | December 28, 2013 | |||||||||
United States | $ | 129,085 | $ | 102,047 | $ | 74,800 | |||||
International | 9,596 | 8,665 | 6,687 | ||||||||
Total revenue | $ | 138,681 | $ | 110,712 | $ | 81,487 |
Fiscal Year Ended | ||||||||
December 26, 2015 | December 27, 2014 | December 28, 2013 | ||||||
United States | 93 | % | 92 | % | 92 | % | ||
International | 7 | % | 8 | % | 8 | % | ||
Total revenue | 100 | % | 100 | % | 100 | % |
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Fiscal Year Ended | |||||||||||
December 26, 2015 | December 27, 2014 | December 28, 2013 | |||||||||
Interest income | 72 | 86 | 47 | ||||||||
Interest expense | (3 | ) | (43 | ) | (17 | ) | |||||
Other expense, net | (1,308 | ) | (3,899 | ) | (321 | ) | |||||
Total other expense, net | $ | (1,239 | ) | $ | (3,856 | ) | $ | (291 | ) |
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For the Quarter Ended | |||||||||||||||
December 26, 2015 | September 26, 2015 | June 27, 2015 | March 28, 2015 | ||||||||||||
Total revenue | $ | 37,550 | $ | 36,179 | $ | 32,903 | $ | 32,049 | |||||||
Cost of revenue | 6,321 | 6,894 | 6,630 | 6,272 | |||||||||||
Income (Loss) from continuing operations | 3,683 | (6,364 | ) | (5,404 | ) | (9,794 | ) | ||||||||
Loss from discontinued operations, net of tax | (2,084 | ) | (10,985 | ) | (1,831 | ) | (2,216 | ) | |||||||
Net income (loss) | 1,599 | (17,349 | ) | (7,235 | ) | (12,010 | ) | ||||||||
Net loss per share (Basic): | |||||||||||||||
Income (Loss) from continuing operations | $ | 0.11 | $ | (0.20 | ) | $ | (0.17 | ) | $ | (0.31 | ) | ||||
Loss from discontinued operations | (0.06 | ) | (0.34 | ) | (0.06 | ) | (0.07 | ) | |||||||
Net income (loss) per share | $ | 0.05 | $ | (0.54 | ) | $ | (0.23 | ) | $ | (0.38 | ) | ||||
Net loss per share (Diluted): | |||||||||||||||
Income (Loss) from continuing operations | $ | 0.11 | $ | (0.20 | ) | $ | (0.17 | ) | $ | (0.31 | ) | ||||
Loss from discontinued operations | (0.06 | ) | (0.34 | ) | (0.06 | ) | (0.07 | ) | |||||||
Net income (loss) per share* | $ | 0.05 | $ | (0.54 | ) | $ | (0.23 | ) | $ | (0.38 | ) | ||||
* Note the diluted share total used in the calculation of net income (loss) per share in Q4 FY’15 was 33,094 | |||||||||||||||
For the Quarter Ended | |||||||||||||||
December 27, 2014 | September 27, 2014 | June 28, 2014 | March 29, 2014 | ||||||||||||
Total revenue | $ | 30,001 | $ | 29,604 | $ | 25,836 | $ | 25,271 | |||||||
Cost of revenue | 5,869 | 6,111 | 5,713 | 5,771 | |||||||||||
Loss from continuing operations | (1,530 | ) | (10,610 | ) | (9,875 | ) | (15,544 | ) | |||||||
Loss from discontinued operations, net of tax | (38,890 | ) | (3,843 | ) | — | — | |||||||||
Net loss | (40,420 | ) | (14,453 | ) | (9,875 | ) | (15,544 | ) | |||||||
Net loss attributable to common stockholders | (40,420 | ) | (14,453 | ) | (9,875 | ) | (15,548 | ) | |||||||
Net loss per share attributable to common stockholders (Basic and Diluted): | |||||||||||||||
Loss from continuing operations | $ | (0.05 | ) | $ | (0.34 | ) | $ | (0.32 | ) | $ | (0.71 | ) | |||
Loss from discontinued operations | (1.23 | ) | (0.12 | ) | — | — | |||||||||
Net loss per share | $ | (1.28 | ) | $ | (0.46 | ) | $ | (0.32 | ) | $ | (0.71 | ) |
|
• | Level 1 inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. |
• | Level 2 inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.), or inputs that are derived principally from or corroborated by market data by correlation or other means. |
• | Level 3 inputs - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. |
|
December 26, 2015 | December 27, 2014 | ||||||||||||||||||||||||||||||
Fair Value Measurements Using Input Types | Fair Value Measurements Using Input Types | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Money market mutual funds | $ | 25,420 | $ | — | $ | — | $ | 25,420 | $ | 15,656 | $ | — | $ | — | $ | 15,656 | |||||||||||||||
Total assets | $ | 25,420 | $ | — | $ | — | $ | 25,420 | $ | 15,656 | $ | — | $ | — | $ | 15,656 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Contingent acquisition consideration (included in current liabilities of discontinued operations) | $ | 8,163 | $ | — | $ | 7,878 | $ | 16,041 | $ | — | $ | — | $ | 17,952 | $ | 17,952 | |||||||||||||||
Total liabilities | $ | 8,163 | $ | — | $ | 7,878 | $ | 16,041 | $ | — | $ | — | $ | 17,952 | $ | 17,952 |
Fiscal Year Ended | |||||||||||
December 26, 2015 | December 27, 2014 | ||||||||||
Contingent Acquisition Consideration | Contingent Acquisition Consideration | Preferred Stock Warrants | |||||||||
Beginning balance | $ | 17,952 | $ | 10,630 | $ | 362 | |||||
Contingent consideration liability recorded in connection with Citrus Lane acquisition | — | 14,510 | — | ||||||||
Increase in fair value included in earnings | 934 | 3,158 | 606 | ||||||||
Reclassification to permanent equity | — | (4,878 | ) | (968 | ) | ||||||
Contingent acquisition consideration payments | (2,845 | ) | (5,468 | ) | — | ||||||
Transfers out of Level 3(1) | (8,163 | ) | — | — | |||||||
Ending balance | $ | 7,878 | $ | 17,952 | $ | — |
December 26, 2015 | December 27, 2014 | ||||||
Computer equipment | $ | 2,236 | $ | 2,438 | |||
Furniture and fixtures | 1,611 | 1,707 | |||||
Software | 1,374 | 1,066 | |||||
Leasehold improvements | 3,847 | 3,133 | |||||
Total | 9,068 | 8,344 | |||||
Less accumulated depreciation | (2,697 | ) | (2,054 | ) | |||
Property and equipment, net | $ | 6,371 | $ | 6,290 |
Estimated Useful Life | |
Computer equipment | 3 - 5 years |
Leasehold improvements | Lesser of asset life or lease term |
Furniture and fixtures | 3 - 5 years |
Software | 3 - 6 years |
|
Total purchase consideration | |||
Cash | $ | 22,881 | |
Fair value of common stock | 3,844 | ||
Fair value of contingent acquisition consideration | 15,600 | ||
Fair value of stock options exchanged | 1,026 | ||
Total purchase price | $ | 43,351 | |
Allocation of purchase consideration | |||
Tangible assets | $ | 2,843 | |
Liabilities assumed | (4,098 | ) | |
Identifiable intangible assets | 4,600 | ||
Deferred tax liabilities | (1,855 | ) | |
Goodwill | 41,861 | ||
Total purchase price | $ | 43,351 |
Weighted-average amortization period (in years) | |||||
Proprietary software | $ | 3,000 | 7 | ||
Trade-names | 1,600 | 10 | |||
Total purchase price | $ | 4,600 |
Pro Forma | |||||||||||
Fiscal Year Ended | |||||||||||
December 26, 2015 | December 27, 2014 | December 28, 2013 | |||||||||
Revenue | $ | 138.7 | $ | 110.7 | $ | 87.2 | |||||
Net loss | $ | (26.3 | ) | $ | (45.8 | ) | $ | (35 | ) |
|
December 26, 2015 | December 27, 2014 | ||||||
Assets | |||||||
Accounts receivable | $ | 92 | $ | 62 | |||
Prepaid expenses and other current assets | 28 | 484 | |||||
Inventory | 319 | 2,626 | |||||
Total current assets | 439 | 3,172 | |||||
Property and equipment, net | 9 | 32 | |||||
Intangible assets, net | — | 1,900 | |||||
Goodwill | — | 8,050 | |||||
Total assets | $ | 448 | $ | 13,154 | |||
Liabilities | |||||||
Accounts payable | $ | 435 | $ | 1,139 | |||
Accrued expenses and other liabilities | 1,325 | 1,066 | |||||
Deferred revenue | 82 | 1,874 | |||||
Current contingent acquisition consideration | 16,041 | 7,840 | |||||
Total current liabilities | 17,883 | 11,919 | |||||
Total non-current liabilities of discontinued operations | — | 7,267 | |||||
Total liabilities | $ | 17,883 | $ | 19,186 |
Fiscal Year Ended | |||||||
December 26, 2015 | December 27, 2014 | ||||||
Revenue | $ | 11,530 | $ | 6,001 | |||
Cost of revenue | 11,849 | 6,882 | |||||
Operating expenses: | |||||||
Selling and marketing | 2,229 | 2,017 | |||||
Research and development | 904 | 768 | |||||
General and administrative | 2,698 | 2,764 | |||||
Impairment of goodwill and intangible assets | 8,766 | 36,227 | |||||
Depreciation and amortization | 99 | 76 | |||||
Operating loss | (15,015 | ) | (42,733 | ) | |||
Other expense, net | (30 | ) | — | ||||
Loss from discontinued operations before income taxes | (15,045 | ) | (42,733 | ) | |||
Loss on disposal of assets before income taxes | (2,071 | ) | — | ||||
Provision for income tax | — | — | |||||
Loss from discontinued operations | $ | (17,116 | ) | $ | (42,733 | ) |
|
Balance as of December 27, 2014 | $ | 60,635 | |
Effect of currency translation | (2,004 | ) | |
Balance as of December 26, 2015 | $ | 58,631 |
Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Weighted-Average Remaining Life (Years) | ||||||||||
December 26, 2015 | |||||||||||||
Indefinite lived intangibles | $ | 242 | $ | — | $ | 242 | N/A | ||||||
Trademarks and trade names | 4,417 | (4,133 | ) | 284 | 3.5 | ||||||||
Proprietary software | 4,751 | (3,802 | ) | 949 | 1.6 | ||||||||
Website | 50 | (44 | ) | 6 | 0.6 | ||||||||
Training materials | 30 | (30 | ) | — | 0.0 | ||||||||
Non-compete agreements | 130 | (111 | ) | 19 | 1.6 | ||||||||
Leasehold interests | 170 | (86 | ) | 84 | 3.4 | ||||||||
Caregiver relationships | 285 | (285 | ) | — | 0.0 | ||||||||
Customer relationships | 8,782 | (6,977 | ) | 1,805 | 3.1 | ||||||||
Total | $ | 18,857 | $ | (15,468 | ) | $ | 3,389 | ||||||
December 27, 2014 | |||||||||||||
Indefinite lived intangibles | $ | 242 | $ | — | $ | 242 | N/A | ||||||
Trademarks and trade names | 4,481 | (3,377 | ) | 1,104 | 2.0 | ||||||||
Proprietary software | 4,942 | (3,351 | ) | 1,591 | 2.5 | ||||||||
Website | 50 | (34 | ) | 16 | 1.6 | ||||||||
Training materials | 30 | (20 | ) | 10 | 1.0 | ||||||||
Non-compete agreements | 137 | (94 | ) | 43 | 2.0 | ||||||||
Leasehold interests | 170 | (61 | ) | 109 | 4.4 | ||||||||
Caregiver relationships | 312 | (252 | ) | 60 | 0.7 | ||||||||
Customer relationships | 8,857 | (4,967 | ) | 3,890 | 2.9 | ||||||||
Total | $ | 19,221 | $ | (12,156 | ) | $ | 7,065 |
Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Weighted-Average Remaining Life (Years) | ||||||||||
December 26, 2015 | |||||||||||||
Indefinite lived intangibles | $ | 242 | $ | — | $ | 242 | N/A | ||||||
Trademarks and trade names | 4,417 | (4,133 | ) | 284 | 3.5 | ||||||||
Proprietary software | 4,751 | (3,802 | ) | 949 | 1.6 | ||||||||
Website | 50 | (44 | ) | 6 | 0.6 | ||||||||
Training materials | 30 | (30 | ) | — | 0.0 | ||||||||
Non-compete agreements | 130 | (111 | ) | 19 | 1.6 | ||||||||
Leasehold interests | 170 | (86 | ) | 84 | 3.4 | ||||||||
Caregiver relationships | 285 | (285 | ) | — | 0.0 | ||||||||
Customer relationships | 8,782 | (6,977 | ) | 1,805 | 3.1 | ||||||||
Total | $ | 18,857 | $ | (15,468 | ) | $ | 3,389 | ||||||
December 27, 2014 | |||||||||||||
Indefinite lived intangibles | $ | 242 | $ | — | $ | 242 | N/A | ||||||
Trademarks and trade names | 4,481 | (3,377 | ) | 1,104 | 2.0 | ||||||||
Proprietary software | 4,942 | (3,351 | ) | 1,591 | 2.5 | ||||||||
Website | 50 | (34 | ) | 16 | 1.6 | ||||||||
Training materials | 30 | (20 | ) | 10 | 1.0 | ||||||||
Non-compete agreements | 137 | (94 | ) | 43 | 2.0 | ||||||||
Leasehold interests | 170 | (61 | ) | 109 | 4.4 | ||||||||
Caregiver relationships | 312 | (252 | ) | 60 | 0.7 | ||||||||
Customer relationships | 8,857 | (4,967 | ) | 3,890 | 2.9 | ||||||||
Total | $ | 19,221 | $ | (12,156 | ) | $ | 7,065 |
2016 | $ | 1,951 | |
2017 | 547 | ||
2018 | 202 | ||
2019 | 145 | ||
2020 | 96 | ||
Thereafter | 206 | ||
Total | $ | 3,147 |
|
December 26, 2015 | December 27, 2014 | ||||||
Payroll and compensation | $ | 5,167 | $ | 1,830 | |||
Tax-related expense | 801 | 804 | |||||
Marketing expenses | 3,451 | 3,385 | |||||
Other accrued expenses | 2,994 | 5,648 | |||||
Total accrued expenses and other current liabilities | $ | 12,413 | $ | 11,667 |
|
Payments Due by Period | |||||||||||||||||||
Total | Less than 1 Year | 1-3 Years | 4-5 Years | Thereafter | |||||||||||||||
Operating lease obligations | $ | 43.1 | $ | 4.3 | $ | 9.0 | $ | 9.8 | $ | 20.0 |
|
Fiscal Year Ended | |||||||||||
December 26, 2015 | December 27, 2014 | December 28, 2013 | |||||||||
Cost of revenue | $ | 236 | $ | 156 | $ | 161 | |||||
Selling and marketing | 813 | 582 | 348 | ||||||||
Research and development | 760 | 437 | 356 | ||||||||
General and administrative | 3,116 | 2,704 | 997 | ||||||||
Loss from discontinued operations | 589 | 1,926 | — | ||||||||
Total stock-based compensation | $ | 5,514 | $ | 5,805 | $ | 1,862 |
Fiscal Year Ended | |||||
December 26, 2015 | December 27, 2014 | December 28, 2013 | |||
Risk-free interest rate | N/A | 1.81 - 1.95 % | 1.23 - 2.00% | ||
Expected term (years) | N/A | 6.25 | 6.25 | ||
Volatility | N/A | 47.1 - 56.3 % | 44.6% | ||
Expected dividend yield | N/A | — | — |
Stock Options | Restricted Stock Units | ||||||||||||||||||
Shares | Weighted-Average Remaining Contractual Term (Years) | Weighted-Average Exercise Price | Aggregate Intrinsic Value | Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||
Outstanding as of December 27, 2014 | 4,270 | 7.17 | $ | 6.47 | $ | 14,373 | — | $ | — | ||||||||||
Granted (1) | — | — | 1,947 | 7.49 | |||||||||||||||
Settled (RSUs) | — | — | (214 | ) | 7.78 | ||||||||||||||
Exercised | (257 | ) | 2.22 | — | — | ||||||||||||||
Canceled and forfeited | (531 | ) | 8.2 | (427 | ) | 7.6 | |||||||||||||
Outstanding as of December 26, 2015 | 3,482 | 5.93 | $ | 6.52 | $ | 8,891 | 1,306 | $ | 7.42 | ||||||||||
Vested and exercisable as of December 26, 2015 | 2,769 | 5.49 | 5.29 | 8,421 | — | — | |||||||||||||
Vested and expected to vest as of December 26, 2015 | 3,404 | 5.88 | $ | 6.37 | $ | 8,860 | 1,056 | 7.42 |
December 26, 2015 | ||
Contingent consideration payable in common stock | 106,000 | |
Options issued and outstanding | 3,481,750 | |
Restricted stock units issued and outstanding | 1,305,628 | |
Common stock available for stock-based award grants under incentive award plans | 3,337,574 | |
Total | 8,230,952 |
|
Fiscal Year Ended | |||||||||||
December 26, 2015 | December 27, 2014 | December 28, 2013 | |||||||||
United States | $ | (13,318 | ) | $ | (32,730 | ) | $ | (22,182 | ) | ||
Foreign | (3,340 | ) | (5,581 | ) | (5,760 | ) | |||||
Loss from continuing operations before income taxes | $ | (16,658 | ) | $ | (38,311 | ) | $ | (27,942 | ) |
Fiscal Year Ended | |||||||||||
December 26, 2015 | December 27, 2014 | December 28, 2013 | |||||||||
Current: | |||||||||||
Federal | $ | — | $ | — | $ | — | |||||
State | 94 | 108 | 70 | ||||||||
Foreign | 33 | 33 | — | ||||||||
Total current provision for income taxes | 127 | 141 | 70 | ||||||||
Deferred: | |||||||||||
Federal | 883 | (757 | ) | 626 | |||||||
State | 211 | (136 | ) | 49 | |||||||
Foreign | — | — | (391 | ) | |||||||
Total deferred tax provision (benefit) | 1,094 | (893 | ) | 284 | |||||||
Total provision for (benefit from) income taxes | $ | 1,221 | $ | (752 | ) | $ | 354 |
Fiscal Year Ended | ||||||||
December 26, 2015 | December 27, 2014 | December 28, 2013 | ||||||
U.S. federal taxes at statutory rate | 34 | % | 34 | % | 34 | % | ||
State income taxes, net of federal benefit | (1 | ) | — | 2 | ||||
Permanent differences | (3 | ) | (3 | ) | (3 | ) | ||
Foreign rate differential | (1 | ) | (1 | ) | (1 | ) | ||
Change in valuation allowance - U.S. | (31 | ) | (24 | ) | (28 | ) | ||
Change in valuation allowance - foreign | (5 | ) | (4 | ) | (5 | ) | ||
Total | (7 | )% | 2 | % | (1 | )% |
Fiscal Year Ended | |||||||
December 26, 2015 | December 27, 2014 | ||||||
Deferred tax assets | |||||||
Net operating loss carryforwards | $ | 45,881 | $ | 40,790 | |||
Accrued expenses | 3,045 | 1,696 | |||||
Stock-based compensation | 1,922 | 1,618 | |||||
U.S. definite lived intangibles | 5,058 | 3,538 | |||||
Other temporary differences | 1,217 | 33 | |||||
Total deferred tax assets | 57,123 | 47,675 | |||||
Valuation allowance | (56,304 | ) | (46,619 | ) | |||
Net deferred tax assets | 819 | 1,056 | |||||
Deferred tax liabilities | |||||||
Foreign intangibles | (111 | ) | (224 | ) | |||
U.S. goodwill | (3,166 | ) | (2,072 | ) | |||
Fixed assets | (708 | ) | (832 | ) | |||
Total deferred tax liabilities | (3,985 | ) | (3,128 | ) | |||
Net deferred tax liabilities | $ | (3,166 | ) | $ | (2,072 | ) |
|
Fiscal Year Ended | |||||||||||
December 26, 2015 | December 27, 2014 | December 28, 2013 | |||||||||
U.S. Consumer Business | $ | 115,020 | $ | 96,524 | $ | 72,415 | |||||
Other | 23,661 | 14,188 | 9,072 | ||||||||
Total revenue | $ | 138,681 | $ | 110,712 | $ | 81,487 |
Fiscal Year Ended | |||||||||||
December 26, 2015 | December 27, 2014 | December 28, 2013 | |||||||||
United States | $ | 129,085 | $ | 102,047 | $ | 74,800 | |||||
International | 9,596 | 8,665 | 6,687 | ||||||||
Total revenue | $ | 138,681 | $ | 110,712 | $ | 81,487 |
Fiscal Year Ended | ||||||||
December 26, 2015 | December 27, 2014 | December 28, 2013 | ||||||
United States | 93 | % | 92 | % | 92 | % | ||
International | 7 | % | 8 | % | 8 | % | ||
Total revenue | 100 | % | 100 | % | 100 | % |
|
Fiscal Year Ended | |||||||||||
December 26, 2015 | December 27, 2014 | December 28, 2013 | |||||||||
Interest income | 72 | 86 | 47 | ||||||||
Interest expense | (3 | ) | (43 | ) | (17 | ) | |||||
Other expense, net | (1,308 | ) | (3,899 | ) | (321 | ) | |||||
Total other expense, net | $ | (1,239 | ) | $ | (3,856 | ) | $ | (291 | ) |
|
For the Quarter Ended | |||||||||||||||
December 26, 2015 | September 26, 2015 | June 27, 2015 | March 28, 2015 | ||||||||||||
Total revenue | $ | 37,550 | $ | 36,179 | $ | 32,903 | $ | 32,049 | |||||||
Cost of revenue | 6,321 | 6,894 | 6,630 | 6,272 | |||||||||||
Income (Loss) from continuing operations | 3,683 | (6,364 | ) | (5,404 | ) | (9,794 | ) | ||||||||
Loss from discontinued operations, net of tax | (2,084 | ) | (10,985 | ) | (1,831 | ) | (2,216 | ) | |||||||
Net income (loss) | 1,599 | (17,349 | ) | (7,235 | ) | (12,010 | ) | ||||||||
Net loss per share (Basic): | |||||||||||||||
Income (Loss) from continuing operations | $ | 0.11 | $ | (0.20 | ) | $ | (0.17 | ) | $ | (0.31 | ) | ||||
Loss from discontinued operations | (0.06 | ) | (0.34 | ) | (0.06 | ) | (0.07 | ) | |||||||
Net income (loss) per share | $ | 0.05 | $ | (0.54 | ) | $ | (0.23 | ) | $ | (0.38 | ) | ||||
Net loss per share (Diluted): | |||||||||||||||
Income (Loss) from continuing operations | $ | 0.11 | $ | (0.20 | ) | $ | (0.17 | ) | $ | (0.31 | ) | ||||
Loss from discontinued operations | (0.06 | ) | (0.34 | ) | (0.06 | ) | (0.07 | ) | |||||||
Net income (loss) per share* | $ | 0.05 | $ | (0.54 | ) | $ | (0.23 | ) | $ | (0.38 | ) | ||||
* Note the diluted share total used in the calculation of net income (loss) per share in Q4 FY’15 was 33,094 | |||||||||||||||
For the Quarter Ended | |||||||||||||||
December 27, 2014 | September 27, 2014 | June 28, 2014 | March 29, 2014 | ||||||||||||
Total revenue | $ | 30,001 | $ | 29,604 | $ | 25,836 | $ | 25,271 | |||||||
Cost of revenue | 5,869 | 6,111 | 5,713 | 5,771 | |||||||||||
Loss from continuing operations | (1,530 | ) | (10,610 | ) | (9,875 | ) | (15,544 | ) | |||||||
Loss from discontinued operations, net of tax | (38,890 | ) | (3,843 | ) | — | — | |||||||||
Net loss | (40,420 | ) | (14,453 | ) | (9,875 | ) | (15,544 | ) | |||||||
Net loss attributable to common stockholders | (40,420 | ) | (14,453 | ) | (9,875 | ) | (15,548 | ) | |||||||
Net loss per share attributable to common stockholders (Basic and Diluted): | |||||||||||||||
Loss from continuing operations | $ | (0.05 | ) | $ | (0.34 | ) | $ | (0.32 | ) | $ | (0.71 | ) | |||
Loss from discontinued operations | (1.23 | ) | (0.12 | ) | — | — | |||||||||
Net loss per share | $ | (1.28 | ) | $ | (0.46 | ) | $ | (0.32 | ) | $ | (0.71 | ) |
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