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Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
June 30, 2016 | |||||||||||||||
U.S. agency obligations | $ | 52,670 | $ | 30 | $ | (1 | ) | $ | 52,699 | ||||||
U.S. treasury securities | 32,318 | 26 | (1 | ) | 32,343 | ||||||||||
Money market mutual funds | 23,560 | — | — | 23,560 | |||||||||||
108,548 | 56 | (2 | ) | 108,602 | |||||||||||
Included in cash and cash equivalents | 23,560 | — | — | 23,560 | |||||||||||
Included in marketable securities | $ | 84,988 | $ | 56 | $ | (2 | ) | $ | 85,042 |
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
December 31, 2015 | |||||||||||||||
U.S. agency obligations | $ | 83,763 | $ | — | $ | (48 | ) | $ | 83,715 | ||||||
U.S. treasury securities | 33,924 | — | (31 | ) | 33,893 | ||||||||||
Money market mutual funds | 1,038 | — | — | 1,038 | |||||||||||
118,725 | — | (79 | ) | 118,646 | |||||||||||
Included in cash and cash equivalents | 4,038 | — | (1 | ) | 4,037 | ||||||||||
Included in marketable securities | $ | 101,334 | $ | — | $ | (60 | ) | $ | 101,274 | ||||||
Included in marketable securities, noncurrent | $ | 13,353 | $ | — | $ | (18 | ) | $ | 13,335 |
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Level 1 | Level 2 | Total | |||||||||
June 30, 2016 | |||||||||||
Cash equivalents: | |||||||||||
Money market mutual funds | $ | 23,560 | $ | — | $ | 23,560 | |||||
Marketable securities: | |||||||||||
U.S. agency obligations | — | 52,699 | 52,699 | ||||||||
U.S. treasury securities | — | 32,343 | 32,343 | ||||||||
$ | 23,560 | $ | 85,042 | $ | 108,602 |
Level 1 | Level 2 | Total | |||||||||
December 31, 2015 | |||||||||||
Cash equivalents: | |||||||||||
Money market mutual funds | $ | 1,038 | $ | — | $ | 1,038 | |||||
U.S. agency obligations | — | 3,000 | 3,000 | ||||||||
Marketable securities: | |||||||||||
U.S. agency obligations | — | 80,715 | 80,715 | ||||||||
U.S. treasury securities | — | 33,893 | 33,893 | ||||||||
$ | 1,038 | $ | 117,608 | $ | 118,646 |
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As of | |||||||
June 30, 2016 | December 31, 2015 | ||||||
Leasehold improvements | $ | 2,145 | $ | 2,046 | |||
Computer equipment | 5,110 | 4,345 | |||||
Software | 1,136 | 885 | |||||
Capitalization of internal-use software | 2,925 | 2,925 | |||||
Furniture and equipment | 853 | 853 | |||||
Total | 12,169 | 11,054 | |||||
Accumulated depreciation | (5,693 | ) | (4,158 | ) | |||
Property and equipment, net | $ | 6,476 | $ | 6,896 |
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As of | |||||||
June 30, 2016 | December 31, 2015 | ||||||
Subscription | $ | 20,787 | $ | 18,029 | |||
Professional services—implementation | 5,109 | 5,254 | |||||
Professional services—communications | 3,304 | 3,307 | |||||
Total current | 29,200 | 26,590 | |||||
Subscription | 334 | 1,163 | |||||
Professional services—implementation | 4,939 | 5,367 | |||||
Professional services—communications | 1,224 | 992 | |||||
Total noncurrent | 6,497 | 7,522 | |||||
Total | $ | 35,697 | $ | 34,112 |
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Options Outstanding | Weighted- Average Exercise Price | Aggregate Intrinsic Value | ||||||||
Balance at December 31, 2015 | 9,561,713 | $ | 5.62 | $ | 16,694 | |||||
Stock option grants | 3,223,396 | $ | 2.99 | |||||||
Stock options exercised | (1,422,730 | ) | $ | 1.36 | ||||||
Stock options canceled | (3,347,321 | ) | $ | 9.94 | ||||||
Balance at June 30, 2016 | 8,015,058 | $ | 3.52 | $ | 13,749 |
Six Months Ended June 30, | |||
2016 | 2015 | ||
Volatility | 45% | 53% | |
Expected life (in years) | 6.02 | 6.17 | |
Risk-free interest rate | 1.37% | 1.38%-1.91% | |
Dividend yield | —% | —% |
Number of Shares Outstanding | Weighted- Average Grant Date Fair Value | |||||
Balance at December 31, 2015 | 6,685,118 | $ | 7.63 | |||
Restricted Stock Units granted (1) | 4,187,075 | $ | 3.15 | |||
Restricted Stock Units vested | (858,150 | ) | $ | 9.03 | ||
Restricted Stock Units forfeited/canceled (2) | (1,290,419 | ) | $ | 7.28 | ||
Balance at June 30, 2016 | 8,723,624 | $ | 5.40 |
Number of Shares Outstanding | Weighted- Average Grant Date Fair Value | |||||
Balance at December 31, 2015 | 6,685,118 | $ | 7.63 | |||
Restricted Stock Units granted (1) | 4,187,075 | $ | 3.15 | |||
Restricted Stock Units vested | (858,150 | ) | $ | 9.03 | ||
Restricted Stock Units forfeited/canceled (2) | (1,290,419 | ) | $ | 7.28 | ||
Balance at June 30, 2016 | 8,723,624 | $ | 5.40 |
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Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
June 30, 2016 | |||||||||||||||
U.S. agency obligations | $ | 52,670 | $ | 30 | $ | (1 | ) | $ | 52,699 | ||||||
U.S. treasury securities | 32,318 | 26 | (1 | ) | 32,343 | ||||||||||
Money market mutual funds | 23,560 | — | — | 23,560 | |||||||||||
108,548 | 56 | (2 | ) | 108,602 | |||||||||||
Included in cash and cash equivalents | 23,560 | — | — | 23,560 | |||||||||||
Included in marketable securities | $ | 84,988 | $ | 56 | $ | (2 | ) | $ | 85,042 |
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
December 31, 2015 | |||||||||||||||
U.S. agency obligations | $ | 83,763 | $ | — | $ | (48 | ) | $ | 83,715 | ||||||
U.S. treasury securities | 33,924 | — | (31 | ) | 33,893 | ||||||||||
Money market mutual funds | 1,038 | — | — | 1,038 | |||||||||||
118,725 | — | (79 | ) | 118,646 | |||||||||||
Included in cash and cash equivalents | 4,038 | — | (1 | ) | 4,037 | ||||||||||
Included in marketable securities | $ | 101,334 | $ | — | $ | (60 | ) | $ | 101,274 | ||||||
Included in marketable securities, noncurrent | $ | 13,353 | $ | — | $ | (18 | ) | $ | 13,335 |
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Level 1 | Level 2 | Total | |||||||||
June 30, 2016 | |||||||||||
Cash equivalents: | |||||||||||
Money market mutual funds | $ | 23,560 | $ | — | $ | 23,560 | |||||
Marketable securities: | |||||||||||
U.S. agency obligations | — | 52,699 | 52,699 | ||||||||
U.S. treasury securities | — | 32,343 | 32,343 | ||||||||
$ | 23,560 | $ | 85,042 | $ | 108,602 |
Level 1 | Level 2 | Total | |||||||||
December 31, 2015 | |||||||||||
Cash equivalents: | |||||||||||
Money market mutual funds | $ | 1,038 | $ | — | $ | 1,038 | |||||
U.S. agency obligations | — | 3,000 | 3,000 | ||||||||
Marketable securities: | |||||||||||
U.S. agency obligations | — | 80,715 | 80,715 | ||||||||
U.S. treasury securities | — | 33,893 | 33,893 | ||||||||
$ | 1,038 | $ | 117,608 | $ | 118,646 |
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As of | |||||||
June 30, 2016 | December 31, 2015 | ||||||
Leasehold improvements | $ | 2,145 | $ | 2,046 | |||
Computer equipment | 5,110 | 4,345 | |||||
Software | 1,136 | 885 | |||||
Capitalization of internal-use software | 2,925 | 2,925 | |||||
Furniture and equipment | 853 | 853 | |||||
Total | 12,169 | 11,054 | |||||
Accumulated depreciation | (5,693 | ) | (4,158 | ) | |||
Property and equipment, net | $ | 6,476 | $ | 6,896 |
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As of | |||||||
June 30, 2016 | December 31, 2015 | ||||||
Subscription | $ | 20,787 | $ | 18,029 | |||
Professional services—implementation | 5,109 | 5,254 | |||||
Professional services—communications | 3,304 | 3,307 | |||||
Total current | 29,200 | 26,590 | |||||
Subscription | 334 | 1,163 | |||||
Professional services—implementation | 4,939 | 5,367 | |||||
Professional services—communications | 1,224 | 992 | |||||
Total noncurrent | 6,497 | 7,522 | |||||
Total | $ | 35,697 | $ | 34,112 |
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Options Outstanding | Weighted- Average Exercise Price | Aggregate Intrinsic Value | ||||||||
Balance at December 31, 2015 | 9,561,713 | $ | 5.62 | $ | 16,694 | |||||
Stock option grants | 3,223,396 | $ | 2.99 | |||||||
Stock options exercised | (1,422,730 | ) | $ | 1.36 | ||||||
Stock options canceled | (3,347,321 | ) | $ | 9.94 | ||||||
Balance at June 30, 2016 | 8,015,058 | $ | 3.52 | $ | 13,749 |
Six Months Ended June 30, | |||
2016 | 2015 | ||
Volatility | 45% | 53% | |
Expected life (in years) | 6.02 | 6.17 | |
Risk-free interest rate | 1.37% | 1.38%-1.91% | |
Dividend yield | —% | —% |
Number of Shares Outstanding | Weighted- Average Grant Date Fair Value | |||||
Balance at December 31, 2015 | 6,685,118 | $ | 7.63 | |||
Restricted Stock Units granted (1) | 4,187,075 | $ | 3.15 | |||
Restricted Stock Units vested | (858,150 | ) | $ | 9.03 | ||
Restricted Stock Units forfeited/canceled (2) | (1,290,419 | ) | $ | 7.28 | ||
Balance at June 30, 2016 | 8,723,624 | $ | 5.40 |
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