CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Jun. 30, 2020 |
Dec. 31, 2019 |
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Class A common stock | ||
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) | 35,028,171 | 35,032,053 |
Common stock outstanding (in shares) | 35,028,171 | 35,032,053 |
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) | 115,598,256 | 113,177,162 |
Common stock outstanding (in shares) | 115,598,256 | 113,177,162 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
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Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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Revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue, net | $ 35,500 | $ 35,910 | $ 74,545 | $ 71,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total cost of revenue | 12,761 | 14,163 | 27,234 | 28,273 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 22,739 | 21,747 | 47,311 | 43,127 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and marketing | [1] | 7,683 | 8,889 | 18,155 | 18,104 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research and development | [1] | 13,043 | 14,487 | 26,865 | 30,212 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | [1] | 6,340 | 7,010 | 12,916 | 14,303 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill impairment | 0 | 0 | 50,300 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 27,066 | 30,386 | 108,236 | 62,619 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating loss | (4,327) | (8,639) | (60,925) | (19,492) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income, net | 123 | 258 | 386 | 572 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | $ (4,204) | $ (8,381) | $ (60,539) | $ (18,920) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss per share, basic and diluted (in usd per share) | $ (0.03) | $ (0.06) | $ (0.41) | $ (0.13) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average shares used to compute basic and diluted net loss per share (in shares) | 150,078 | 144,572 | 149,475 | 143,790 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subscription | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue, net | $ 34,289 | $ 33,964 | $ 72,672 | $ 67,770 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total cost of revenue | [1] | 8,819 | 8,234 | 19,051 | 16,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional services and other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue, net | 1,211 | 1,946 | 1,873 | 3,630 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total cost of revenue | [1] | $ 3,942 | $ 5,929 | $ 8,183 | $ 11,873 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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Subscription | ||||
Stock-based compensation expense | $ 205 | $ 196 | $ 374 | $ 415 |
Professional services and other | ||||
Stock-based compensation expense | 144 | 236 | 260 | 501 |
Sales and marketing | ||||
Stock-based compensation expense | 748 | 662 | 1,420 | 1,289 |
Research and development | ||||
Stock-based compensation expense | 1,314 | 1,733 | 2,477 | 3,437 |
General and administrative | ||||
Stock-based compensation expense | $ 858 | $ 2,030 | $ 1,924 | $ 3,192 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (4,204) | $ (8,381) | $ (60,539) | $ (18,920) |
Other comprehensive income (loss): | ||||
Net change in unrealized gain (loss) on available-for-sale marketable securities | (13) | 7 | (2) | 7 |
Other comprehensive income (loss) | (13) | 7 | (2) | 7 |
Comprehensive loss | $ (4,217) | $ (8,374) | $ (60,541) | $ (18,913) |
Organization and Description of Business |
6 Months Ended |
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Jun. 30, 2020 | |
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 deliver a personalized and simplified user experience that helps connect individuals with the right provider or available benefit at the right time. Castlight’s navigation offerings have demonstrated measurable results, driving increased levels of user satisfaction and program utilization 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. |
Accounting Standards and Significant Accounting Policies |
6 Months Ended |
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Jun. 30, 2020 | |
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, 2019. 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; and •Assumptions used in the calculation of goodwill impairment, including the forecast of future cash flows and discount 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. Marketable Securities The Company's marketable securities consist of U.S. agency obligations and U.S. treasury securities, with maturities at the time of purchase of greater than three months. Marketable securities with remaining maturities in excess of one year are classified as non-current. The Company classifies its marketable securities as available-for-sale at the time of purchase based on its intent and are recorded at their estimated fair value. Unrealized gains for available-for-sale securities are recorded in other comprehensive income/loss. Unrealized losses for available-for-sale securities are recorded in other comprehensive income/loss, unless the losses relate to deterioration in credit risk or if it is likely securities will be sold before the recovery of their cost basis. In these cases, the unrealized losses are reported in other income, net in the consolidated statement of operations. Realized gains and losses are determined based on the specific identification method and are reported in other income, net in the consolidated statements of operations. Concentrations of Risk and Significant Customers The Company had one customer, Anthem Inc. ("Anthem"), that accounted for 49% and 46% of total revenue during the three and six months ended June 30, 2020, respectively, and 32% of accounts receivable as of June 30, 2020. Recently Adopted Accounting Pronouncements Effective January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses, and subsequent amendments (“ASC 326”). The standard changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The adoption of this standard did not have a material impact on the Company’s financial statements. The Company will continue to actively monitor the impact of the current coronavirus (“COVID-19”) pandemic on expected credit losses. Effective January 1, 2020, the Company adopted ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (“ASU 2018-15”), which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The adoption of this standard did not have a material impact on the Company’s financial position or results of operations. Recently Issued Accounting Pronouncements The 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 six months ended June 30, 2020 are either not applicable or are expected to have minimal impact on the Company's condensed consolidated financial results.
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Revenue, Deferred Revenue, Contract Balances and Performance Obligations |
6 Months Ended |
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Jun. 30, 2020 | |
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. Starting January 1, 2020, the effective date of the Anthem enterprise license agreement, the Company began treating Anthem as a direct health plan customer rather than a channel partner. As a result, substantially all of the Company's revenues are generated through direct sales. Deferred revenue as of June 30, 2020 and December 31, 2019 was $13.5 million and $10.7 million, respectively. Contract assets as of June 30, 2020 and December 31, 2019 were $4.8 million and $0.4 million, respectively. The increase in contract assets is primarily due to the Anthem enterprise license agreement. Revenue of $6.6 million and $11.3 million was recognized during the three months ended June 30, 2020 and 2019, respectively, that was included in the Company’s deferred revenue balances at the beginning of the respective periods. Revenue of $8.8 million and $16.0 million was recognized during the six months ended June 30, 2020 and 2019, 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 $0.4 million and $0.5 million during the three months ended June 30, 2020 and 2019, respectively, arising from changes in estimates of transaction price. The Company recorded favorable cumulative catch-up adjustments to revenue of $2.1 million and $1.9 million during the six months ended June 30, 2020 and 2019, respectively, arising from changes in estimates of transaction price. The aggregate balance of remaining performance obligations from non-cancelable contracts with customers as of June 30, 2020 was $198.6 million. The Company expects to recognize approximately 60% 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.
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Deferred Costs |
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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 six months ended June 30, 2020 are as follows (in thousands):
These costs are reviewed for impairment quarterly. Impairment charges were $0.2 million and $1.3 million for the three and six months ended June 30, 2020, respectively. Impairment charges for the three and six months ended June 30, 2019 were immaterial.
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Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets Impairment 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 during the first quarter of 2020. 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. During the second quarter of 2020, 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, further 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 June 30, 2020, 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):
Amortization expense from acquired intangible assets for the three months ended June 30, 2020 and 2019 was $1.1 million and $0.9 million, respectively. Amortization expense from acquired intangible assets for the six months ended June 30, 2020 and 2019 was $2.1 million and $1.8 million, respectively. 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):
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Marketable Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities | Marketable Securities Marketable securities consisted of the following (in thousands):
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The Company measures its financial assets and liabilities at fair value at each reporting period using a fair value hierarchy that requires that the Company maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value: Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Include other inputs that are directly or indirectly observable in the marketplace. Level 3—Unobservable inputs that are supported by little or no market activity. The fair value of marketable securities included in the Level 2 category is based on observable inputs, such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly. These values were obtained from a third-party pricing service and were evaluated using pricing models that vary by asset class and may incorporate available trade, bid and other market information and price quotes from well-established third party pricing vendors and broker-dealers. There have been no changes in valuation techniques in the periods presented. There were no significant transfers between fair value measurement levels as of June 30, 2020 and December 31, 2019. As of June 30, 2020 and December 31, 2019, there were no securities within Level 3 of the fair value hierarchy. The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis using the above input categories (in thousands):
Gross unrealized gains for cash equivalents and marketable securities as of June 30, 2020 and December 31, 2019 were not material. Realized gains during the three and six months ended June 30, 2020 were not material. All of the Company’s securities as of December 31, 2019 mature within one year.
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Property and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and Equipment Property and equipment consisted of the following (in thousands):
Depreciation and amortization expense for the three months ended June 30, 2020 and 2019 was $0.6 million and $0.5 million, respectively. Depreciation and amortization expense for the six months ended June 30, 2020 and 2019 was $1.0 million and $0.9 million, respectively. Depreciation and amortization are recorded on a straight-line basis.
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Debt |
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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 on the Term Loan is payable monthly. The maturity date of the Term Loan is September 1, 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. The future maturities of the Term Loan by year as of June 30, 2020 are as follows (in thousands):
(1) Excludes the $0.5 million required to be paid as final payment on the earlier of maturity, termination or prepayment of the Term Loan. (2) Classified within accrued expenses and other current liabilities on the condensed consolidated balance sheet as of June 30, 2020. Per 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 June 30, 2020. Revolving Line of Credit On May 5, 2020, the Company entered into the Third Amended and Restated Loan and Security Agreement (the "Amended Loan Agreement") with the Bank. The Amended Loan Agreement amended and restated its existing Loan Agreement. Under the Amended Loan Agreement, the Bank agreed to extend a $25.0 million revolving credit facility to the Company (the “Revolving Line”). Borrowings under the Revolving Line accrue interest at a floating per annum rate equal to the Prime Rate plus 1%, and such interest is payable monthly. The Company may request borrowings under the Revolving Line prior to May 4, 2023, on which date the Revolving Line terminates. In relation to the Revolving Line, the Company is subject to certain financial and reporting covenants. As of June 30, 2020, no borrowings have been made under the Revolving Line, and the Company was in compliance with all financial and reporting covenants. Paycheck Protection Program Loan On April 22, 2020, the Company entered into a Paycheck Protection Program Loan (the “PPP Note”) sponsored by the Small Business Administration (the “SBA”) through the Bank, providing for $10.0 million in proceeds. The PPP Note was issued pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The PPP Note was scheduled to mature on April 22, 2022, carried an interest rate of 1% per annum, and was subject to the terms and conditions applicable to all loans made pursuant to the Paycheck Protection Program as administered by the SBA under the CARES Act, including the debt forgiveness provisions contained therein. Following additional guidance issued by the SBA on April 23, 2020 that cast doubt on the ability of public companies to qualify for loans under the Paycheck Protection Program, the Company repaid the PPP Note on April 29, 2020.
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Contingencies |
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Jun. 30, 2020 | |
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 letters 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 it will incur the loss and when it can reasonably estimate the amount of the loss or range of loss. |
Stock Compensation |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Compensation | Stock Compensation Restricted Stock Units (“RSUs”) Activity A summary of unvested restricted stock unit activity for the six months ended June 30, 2020 is as follows:
As of June 30, 2020, there was a total of $22.5 million in unrecognized compensation cost related to restricted stock units, which is expected to be recognized over a weighted-average period of approximately 2.7 years. The Company granted approximately 0.9 million performance stock units ("PSUs") during the third quarter of 2019. The number of shares that will eventually vest depends on achievement of certain performance targets, as determined by the compensation committee of the Company's board of directors. Once the performance is determined, the PSUs, if any, will vest, subject to recipients' continued service, on the later of (i) the attainment of the performance targets and (ii) a year after the grant date. The compensation expense associated with the PSUs is recognized using the accelerated method. For the three and six months ended June 30, 2020, the Company recognized compensation expense of approximately $0.6 million and $0.8 million, respectively, related to these performance awards. Stock Option Activity A summary of stock option activity for the six months ended June 30, 2020 is as follows:
The total grant-date fair value of stock options granted during the six months ended June 30, 2020 and 2019 was $0.6 million and $0.4 million, respectively. 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:
As of June 30, 2020, the Company had $2.6 million in unrecognized compensation cost related to non-vested stock options, which is expected to be recognized over a weighted-average period of approximately 3.2 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”):
Stock-based compensation expense related to the ESPP was immaterial for the three and six months ended June 30, 2020. As of June 30, 2020, 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 offering period.
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Income Taxes |
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Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate for the three and six months ended June 30, 2020 and 2019 was zero percent, primarily as a result of the estimated tax loss for the year and the change in valuation allowance. At June 30, 2020, 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 |
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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):
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):
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Restructuring Program |
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Jun. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Program | Restructuring Program On May 4, 2020, the Company announced its intent to undertake a program to reduce its workforce as part of the Company’s efforts to respond to the COVID-19 pandemic and ensure longer-term financial stability for the Company in light of the ongoing economic challenges resulting from COVID-19 and its impact on the Company’s business (the “Program”). The Program involves the termination of approximately 60 employees, representing 13% of the Company’s headcount. For the three months ended June 30, 2020, the Company incurred charges of approximately $2.0 million related to employee severance and benefits costs under the Program, all of which are cash expenditures. As of June 30, 2020, $1.6 million of the total has been paid out, and the remaining balance of $0.4 million is expected to be paid by September 30, 2020.In addition, as part of its cost reductions in light of the COVID-19 pandemic, the Company has implemented reductions in base salary for its employees, effective May 16, 2020, consisting of a 30% reduction for the Company’s Chief Executive Officer, 25% reduction for the Company’s Chief Financial Officer, 20% reduction for members of the Company’s executive leadership team, and tiered reductions of 10-15% for other employees with salaries above $100,000, which the Company anticipates will last at least six months, and will be re-evaluated at that time. Members of the Company’s Board of Directors have also voluntarily agreed to forego 50% of their cash compensation for the duration of the employee salary reductions. |
Accounting Standards and Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2020 | |
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, 2019. 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.
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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; and •Assumptions used in the calculation of goodwill impairment, including the forecast of future cash flows and discount 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.
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Marketable Securities | Marketable Securities The Company's marketable securities consist of U.S. agency obligations and U.S. treasury securities, with maturities at the time of purchase of greater than three months. Marketable securities with remaining maturities in excess of one year are classified as non-current. The Company classifies its marketable securities as available-for-sale at the time of purchase based on its intent and are recorded at their estimated fair value. Unrealized gains for available-for-sale securities are recorded in other comprehensive income/loss. Unrealized losses for available-for-sale securities are recorded in other comprehensive income/loss, unless the losses relate to deterioration in credit risk or if it is likely securities will be sold before the recovery of their cost basis. In these cases, the unrealized losses are reported in other income, net in the consolidated statement of operations. Realized gains and losses are determined based on the specific identification method and are reported in other income, net in the consolidated statements of operations.
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Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements Effective January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses, and subsequent amendments (“ASC 326”). The standard changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The adoption of this standard did not have a material impact on the Company’s financial statements. The Company will continue to actively monitor the impact of the current coronavirus (“COVID-19”) pandemic on expected credit losses. Effective January 1, 2020, the Company adopted ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (“ASU 2018-15”), which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The adoption of this standard did not have a material impact on the Company’s financial position or results of operations. Recently Issued Accounting Pronouncements The 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 six months ended June 30, 2020 are either not applicable or are expected to have minimal impact on the Company's condensed consolidated financial results.
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Deferred Costs (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 six months ended June 30, 2020 are as follows (in thousands):
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Goodwill and Intangible Assets (Tables) |
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
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Schedule of Amortization Expense for Acquired Intangible Assets | Future estimated amortization expense for acquired intangible assets is as follows (in thousands):
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Marketable Securities (Tables) |
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities | Marketable securities consisted of the following (in thousands):
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis | The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis using the above input categories (in thousands):
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Property and Equipment (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and equipment consisted of the following (in thousands):
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Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt | The future maturities of the Term Loan by year as of June 30, 2020 are as follows (in thousands):
(1) Excludes the $0.5 million required to be paid as final payment on the earlier of maturity, termination or prepayment of the Term Loan. (2) Classified within accrued expenses and other current liabilities on the condensed consolidated balance sheet as of June 30, 2020.
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Stock Compensation (Tables) |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Share-based Compensation, Activity | A summary of unvested restricted stock unit activity for the six months ended June 30, 2020 is as follows:
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Schedule of Share-based Compensation, Stock Options, Activity | A summary of stock option activity for the six months ended June 30, 2020 is as follows:
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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:
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”):
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Net Loss per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
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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):
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Accounting Standards and Significant Accounting Policies - Concentrations of Risk and Significant Customers (Details) - Customer Concentration Risk - Anthem |
3 Months Ended | 6 Months Ended |
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Jun. 30, 2020 |
Jun. 30, 2020 |
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Total Revenue | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 49.00% | 46.00% |
Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 32.00% |
Revenue, Deferred Revenue, Contract Balances and Performance Obligations - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
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Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
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Revenue from Contract with Customer [Abstract] | |||||
Deferred revenue | $ 13.5 | $ 13.5 | $ 10.7 | ||
Contract with customer, asset, net | 4.8 | 4.8 | $ 0.4 | ||
Contract with customer liability, revenue recognized | 6.6 | $ 11.3 | 8.8 | $ 16.0 | |
Contract with customer, liability, cumulative catch-up adjustment to revenue, change in estimate of transaction price | $ 0.4 | $ 0.5 | $ 2.1 | $ 1.9 |
Revenue, Deferred Revenue, Contract Balances and Performance Obligations - Performance Obligations (Details) $ in Millions |
Jun. 30, 2020
USD ($)
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Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation | $ 198.6 |
Revenue, remaining performance obligation, percent | 60.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months |
Deferred Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2020 |
|
Deferred commissions | ||
As of beginning of period | $ 14,718 | |
Additions | 920 | |
Expense recognized | (3,919) | |
As of end of period | $ 11,719 | 11,719 |
Deferred professional service costs | ||
As of beginning of period | 6,711 | |
Additions | 663 | |
Expense recognized | (1,657) | |
As of end of period | 5,717 | 5,717 |
Total deferred commissions and professional service costs | ||
As of beginning of period | 21,429 | |
Additions | 1,583 | |
Expense recognized | (5,576) | |
As of end of period | 17,436 | 17,436 |
Impairment charges | $ 200 | $ 1,300 |
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill impairment | $ 0 | $ 0 | $ 50,300 | $ 0 |
Gross goodwill | 91,800 | 91,800 | ||
Accumulated goodwill impairment | 50,300 | 50,300 | ||
Amortization expense | $ 1,100 | $ 900 | $ 2,100 | $ 1,800 |
Goodwill and Intangible Assets - Schedule of Amortization Expense for Acquired Intangible Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2020 | $ 2,116 | |
2021 | 4,232 | |
2022 | 2,642 | |
2023 | 1,056 | |
Total | $ 10,046 | $ 12,178 |
Property and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 19,602 | $ 17,207 |
Less: accumulated depreciation | (13,249) | (12,351) |
Property and equipment, net | 6,353 | 4,856 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 4,663 | 2,834 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 8,224 | 8,126 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 1,025 | 1,110 |
Internal-use software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 3,878 | 2,925 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 1,684 | 1,048 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 128 | $ 1,164 |
Property and Equipment - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 0.6 | $ 0.5 | $ 1.0 | $ 0.9 |
Debt - Narrative (Details) - USD ($) |
6 Months Ended | ||
---|---|---|---|
May 05, 2020 |
Jun. 30, 2020 |
Apr. 22, 2020 |
|
Line of Credit Facility [Line Items] | |||
Term Loan | $ 5,600,000 | ||
Early repayment of senior debt | 500,000 | ||
PPP Note | |||
Line of Credit Facility [Line Items] | |||
Term Loan | $ 10,000,000.0 | ||
Debt instrument, interest rate, stated percentage | 1.00% | ||
Line of Credit | Revolving credit | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 25,000,000.0 | ||
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% |
Debt - Future Maturities (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Debt Disclosure [Abstract] | ||
Remainder of 2020 | $ 929 | |
2021 | 1,395 | |
Total future maturities of debt | 2,324 | |
Less current maturities | (1,859) | |
Debt, non-current | 465 | $ 1,395 |
Early repayment of senior debt | $ 500 |
Stock Compensation - Summary of Restricted Stock Unit Activity (Details) - RSUs |
6 Months Ended |
---|---|
Jun. 30, 2020
$ / shares
shares
| |
Number of Shares | |
Balance as of beginning of period (in shares) | shares | 11,615,884 |
Granted (in shares) | shares | 12,299,276 |
Vested (in shares) | shares | (2,032,476) |
Forfeited and canceled (in shares) | shares | (3,268,027) |
Balance as of end of period (in shares) | shares | 18,614,657 |
Weighted- Average Grant Date Fair Value | |
Balance as of beginning of period (in usd per share) | $ / shares | $ 2.44 |
Granted (in usd per share) | $ / shares | 0.88 |
Vested (in usd per share) | $ / shares | 2.77 |
Forfeited and canceled (in usd per share) | $ / shares | 2.51 |
Balance as of end of period (in usd per share) | $ / shares | $ 1.36 |
Stock Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Options Outstanding | ||
Balance as of beginning of period (in shares) | 7,207,733 | |
Granted (in shares) | 749,111 | |
Exercised (in shares) | (142,729) | |
Forfeited and canceled (in shares) | (2,117,240) | |
Balance as of end of period (in shares) | 5,696,875 | |
Weighted- Average Exercise Price | ||
Balance as of beginning of period (in usd per share) | $ 1.94 | |
Granted (in usd per share) | 1.17 | |
Exercised (in usd per share) | 1.08 | |
Forfeited and canceled (in usd per share) | 1.71 | |
Balance as of end of period (in usd per share) | $ 1.94 | |
Aggregate Intrinsic Value (in thousands) | ||
Aggregate Intrinsic Value | $ 2 | $ 412 |
Stock Compensation - Assumptions Related to Share-based Compensation (Details) |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 73.00% | 57.00% |
Expected life (in years) | 6 years 21 days | |
Risk-free interest rate | 2.57% | |
Dividend yield | 0.00% | 0.00% |
Stock Option | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (in years) | 6 years 1 month 9 days | |
Risk-free interest rate | 0.84% | |
Stock Option | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (in years) | 6 years 1 month 13 days | |
Risk-free interest rate | 1.47% | |
ESPP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 71.00% | |
Expected life (in years) | 6 months | |
Risk-free interest rate | 0.95% | |
Dividend yield | 0.00% |
Income Taxes (Details) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate reconciliation, percent | 0.00% | 0.00% | 0.00% | 0.00% |
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 | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Class of Stock [Line Items] | ||||
Net loss | $ (4,204) | $ (8,381) | $ (60,539) | $ (18,920) |
Weighted-average shares used to compute basic and diluted net loss per share (in shares) | 150,078 | 144,572 | 149,475 | 143,790 |
Basic and diluted net loss per share (in usd per share) | $ (0.03) | $ (0.06) | $ (0.41) | $ (0.13) |
Class A | ||||
Class of Stock [Line Items] | ||||
Net loss | $ (981) | $ (2,026) | $ (14,188) | $ (4,767) |
Weighted-average shares used to compute basic and diluted net loss per share (in shares) | 35,030 | 35,276 | 35,031 | 36,227 |
Basic and diluted net loss per share (in usd per share) | $ (0.03) | $ (0.06) | $ (0.41) | $ (0.13) |
Class B | ||||
Class of Stock [Line Items] | ||||
Net loss | $ (3,223) | $ (6,355) | $ (46,351) | $ (14,153) |
Weighted-average shares used to compute basic and diluted net loss per share (in shares) | 115,048 | 109,296 | 114,444 | 107,563 |
Basic and diluted net loss per share (in usd per share) | $ (0.03) | $ (0.06) | $ (0.41) | $ (0.13) |
Label | Element | Value |
---|---|---|
Restricted Cash, Current | us-gaap_RestrictedCashCurrent | $ 181,000 |
Restricted Cash, Current | us-gaap_RestrictedCashCurrent | $ 0 |