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Standard | Description | Date of adoption | Effect on the financial statements or other significant matters | |||
Standards that were adopted | ||||||
Stock Compensation Accounting Standards Update (ASU) No. 2016-09 (Topic 718) | This standard simplifies certain aspects of the accounting for share-based payment transactions, including income taxes, classification of awards and classification on the statement of cash flows. The new guidance also allows an entity to make a policy election to account for forfeitures as they occur. | January 1, 2017 | Adoption of the standard resulted in the recognition of previously unrecognized excess tax benefits using the modified retrospective method. The Company recorded an increase to U.S. deferred tax assets of $179 million which was recorded directly against accumulated deficit. The increased deferred tax asset allowed for an offset against long-term income tax payable of $16 million. A full valuation allowance was provided on the remaining U.S. deferred tax asset of $163 million, which was also recorded against accumulated deficit. The net impact to equity was a decrease in the accumulated deficit of approximately $16 million. The Company elected to apply the change in presentation to the statements of cash flows prospectively and elected to account for forfeitures as they occur. | |||
Standards not yet adopted | ||||||
Revenue from Contracts with Customers ASU No. 2014-09, 2016-08, 2016-10 and 2016-12 (Topic 606) | The updated revenue standard establishes principles for recognizing revenue and develops a common revenue standard for all industries. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard requires that entities disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Early adoption is permitted, but not earlier than the first quarter of 2017. The retrospective or cumulative effect transition method is permitted. | January 1, 2018 | The Company completed an initial analysis of the impact of the standard on its sales contract portfolio by reviewing its current accounting policies and practices to identify potential differences that would result from applying the requirements of the new standard to its sales contracts. The Company's analysis of its contracts under the new standard supports the recognition of most of its revenue at the time product is shipped, consistent with its current revenue policy. Although the Company is continuing to review certain aspects of its policies and practices, it expects that, as a result of the adoption of the new guidance, the timing of recognizing certain sales incentives as a reduction of revenue will generally be earlier than under the existing guidance. (For full year 2016, the Company recognized approximately $42 million as a reduction to revenue for such sales incentives.) The Company expects to utilize the modified retrospective transition method. | |||
Leases ASU No. 2016-02(Topic 842) | This standard requires lessees to put most leases on their balance sheets but recognize the expenses on their income statements in a manner similar to current practice. Lessees would recognize a right-to-use asset and lease liability for all leases with terms of more than 12 months. The new standard should be applied on a modified retrospective basis. | January 1, 2019 | Although the Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures, the Company currently expects that most of its operating lease commitments will be subject to the new standard and recognized as operating lease liabilities and right-of-use assets upon adoption. | |||
Income Taxes ASU No. 2016-16 (Topic 740) | This standard requires entities to recognize the income tax consequences of intra-entity asset transfers when they occur. This removes the exception to postpone recognition until the asset has been sold to an outside party. The updated standard is effective in annual and interim periods in fiscal years beginning after December 15, 2017, with early adoption permitted during the first interim period of a fiscal year, and requires | January 1, 2018 | The Company is evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures. |
Intangible - Goodwill and Other ASU No. 2017-04 (Topic 350) | This standard simplifies the accounting for goodwill and removes Step 2 of the annual goodwill impairment test. Upon adoption, goodwill impairment will be determined based on the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. Early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017, and requires a prospective transition method. | January 1, 2020 | The Company is evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures. |
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(in thousands) | March 31, 2017 | December 31, 2016 | |||||
Components | $ | 26,388 | $ | 25,236 | |||
Finished goods | 181,347 | 141,956 | |||||
Total inventory | $ | 207,735 | $ | 167,192 |
(in thousands) | March 31, 2017 | December 31, 2016 | |||||
Leasehold improvements | $ | 48,534 | $ | 48,103 | |||
Production, engineering and other equipment | 46,781 | 46,328 | |||||
Tooling | 25,119 | 23,742 | |||||
Computers and software | 19,699 | 18,750 | |||||
Furniture and office equipment | 12,587 | 12,530 | |||||
Tradeshow equipment and other | 7,578 | 7,578 | |||||
Construction in progress | 5,133 | 1,870 | |||||
Gross property and equipment | 165,431 | 158,901 | |||||
Less: Accumulated depreciation and amortization | (92,313 | ) | (82,392 | ) | |||
Property and equipment, net | $ | 73,118 | $ | 76,509 |
March 31, 2017 | |||||||||||
(in thousands) | Gross carrying value | Accumulated amortization | Net carrying value | ||||||||
Purchased technology | $ | 47,001 | $ | (19,374 | ) | $ | 27,627 | ||||
In-process research and development (IPR&D) | 3,515 | — | 3,515 | ||||||||
Total intangible assets | $ | 50,516 | $ | (19,374 | ) | $ | 31,142 |
December 31, 2016 | |||||||||||
(in thousands) | Gross carrying value | Accumulated amortization | Net carrying value | ||||||||
Purchased technology | $ | 47,001 | $ | (17,086 | ) | $ | 29,915 | ||||
IPR&D | 3,615 | — | 3,615 | ||||||||
Total intangible assets | $ | 50,616 | $ | (17,086 | ) | $ | 33,530 |
(in thousands) | Total | ||
Year ending December 31, | |||
2017 (remaining 9 months) | $ | 6,401 | |
2018 | 8,297 | ||
2019 | 7,786 | ||
2020 | 4,273 | ||
2021 | 870 | ||
$ | 27,627 |
(in thousands) | March 31, 2017 | December 31, 2016 | |||||
Accrued payables | $ | 64,729 | $ | 91,655 | |||
Employee related liabilities (1) | 22,437 | 42,577 | |||||
Accrued sales incentives | 25,250 | 40,070 | |||||
Warranty liability | 11,132 | 11,456 | |||||
Customer deposits | 5,938 | 4,381 | |||||
Income taxes payable | 21,745 | 2,756 | |||||
Purchase order commitments | 5,218 | 4,730 | |||||
Other | 13,848 | 13,698 | |||||
Accrued liabilities | $ | 170,297 | $ | 211,323 |
(1) | See Note 10 for amounts associated with restructuring liabilities. |
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Options outstanding | ||||||||||
Shares (in thousands) | Weighted- average exercise price | Aggregate intrinsic value (in thousands) | ||||||||
Outstanding at December 31, 2016: | 12,379 | $ | 12.17 | $ | 32,772 | |||||
Granted | 1,506 | 9.42 | ||||||||
Exercised | (704 | ) | 1.44 | |||||||
Forfeited/Cancelled | (992 | ) | 18.24 | |||||||
Outstanding at March 31, 2017: | 12,189 | $ | 11.96 | $ | 27,591 | |||||
Exercisable at March 31, 2017 | 8,772 | $ | 11.34 | $ | 27,585 |
Shares (in thousands) | Weighted- average grant date fair value | |||||
Non-vested shares at December 31, 2016 | 7,970 | $ | 18.08 | |||
Granted | 3,526 | 9.39 | ||||
Vested | (1,796 | ) | 13.81 | |||
Forfeited | (1,370 | ) | 18.42 | |||
Non-vested shares at March 31, 2017 | 8,330 | 15.26 |
Three months ended | |||||||
(in thousands) | March 31, 2017 | March 31, 2016 | |||||
Cost of revenue | $ | 495 | $ | 357 | |||
Research and development | 5,682 | 6,010 | |||||
Sales and marketing | 2,691 | 3,204 | |||||
General and administrative | 4,257 | 6,160 | |||||
Total stock-based compensation expense | $ | 13,125 | $ | 15,731 |
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Three Months Ended March 31, | |||||||
(dollars in thousands) | 2017 | 2016 | |||||
Income tax expense (benefit) | $ | 22,282 | $ | (14,283 | ) | ||
Effective tax rate | (25.1 | )% | 11.7 | % |
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Three months ended | |||||||
(in thousands) | March 31, 2017 | March 31, 2016 | |||||
Beginning balances | $ | 11,945 | $ | 10,856 | |||
Charged to cost of revenue | 1,428 | 2,670 | |||||
Settlements of warranty claims | (1,931 | ) | (5,515 | ) | |||
Ending balances | $ | 11,442 | $ | 8,011 |
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March 31, 2017 | December 31, 2016 | ||
Customer A | 20% | 15% | |
Customer C | 15% | * | |
Customer B | 14% | 27% |
Three months ended | |||||||
(in thousands) | March 31, 2017 | March 31, 2016 | |||||
Accounts receivable sold | $ | 37,388 | $ | 20,653 | |||
Factoring fees | 313 | 142 |
Three months ended | |||
March 31, 2017 | March 31, 2016 | ||
Customer A | 16% | 15% | |
Customer B | * | 13% |
Three months ended | |||||||
(in thousands) | March 31, 2017 | March 31, 2016 | |||||
Americas | $ | 95,707 | $ | 85,305 | |||
Europe, Middle East and Africa ("EMEA") | 67,863 | 60,278 | |||||
Asia and Pacific ("APAC") | 55,044 | 37,953 | |||||
Total revenue | $ | 218,614 | $ | 183,536 |
|
Three months ended | |||||||
(in thousands) | March 31, 2017 | March 31, 2016 | |||||
Cost of revenue | $ | 393 | $ | 364 | |||
Research and development | 5,679 | 2,655 | |||||
Sales and marketing | 5,242 | 2,678 | |||||
General and administrative | 1,141 | 811 | |||||
Total restructuring charges | $ | 12,455 | $ | 6,508 |
(in thousands) | Severance | Other | Total | ||||||||
Restructuring liability as of December 31, 2016 | $ | — | $ | — | $ | — | |||||
Restructuring charges | 8,477 | — | 8,477 | ||||||||
Cash paid | (3,625 | ) | — | (3,625 | ) | ||||||
Non-cash settlements | — | — | — | ||||||||
Restructuring liability as of March 31, 2017 | $ | 4,852 | $ | — | $ | 4,852 |
(in thousands) | Severance | Other | Total | ||||||||
Restructuring liability as of December 31, 2016 | $ | 9,660 | $ | 879 | $ | 10,539 | |||||
Restructuring charges | 2,184 | 827 | 3,011 | ||||||||
Cash paid | (9,756 | ) | (360 | ) | (10,116 | ) | |||||
Non-cash settlements | — | — | — | ||||||||
Restructuring liability as of March 31, 2017 | $ | 2,088 | $ | 1,346 | $ | 3,434 |
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Standard | Description | Date of adoption | Effect on the financial statements or other significant matters | |||
Standards that were adopted | ||||||
Stock Compensation Accounting Standards Update (ASU) No. 2016-09 (Topic 718) | This standard simplifies certain aspects of the accounting for share-based payment transactions, including income taxes, classification of awards and classification on the statement of cash flows. The new guidance also allows an entity to make a policy election to account for forfeitures as they occur. | January 1, 2017 | Adoption of the standard resulted in the recognition of previously unrecognized excess tax benefits using the modified retrospective method. The Company recorded an increase to U.S. deferred tax assets of $179 million which was recorded directly against accumulated deficit. The increased deferred tax asset allowed for an offset against long-term income tax payable of $16 million. A full valuation allowance was provided on the remaining U.S. deferred tax asset of $163 million, which was also recorded against accumulated deficit. The net impact to equity was a decrease in the accumulated deficit of approximately $16 million. The Company elected to apply the change in presentation to the statements of cash flows prospectively and elected to account for forfeitures as they occur. | |||
Standards not yet adopted | ||||||
Revenue from Contracts with Customers ASU No. 2014-09, 2016-08, 2016-10 and 2016-12 (Topic 606) | The updated revenue standard establishes principles for recognizing revenue and develops a common revenue standard for all industries. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard requires that entities disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Early adoption is permitted, but not earlier than the first quarter of 2017. The retrospective or cumulative effect transition method is permitted. | January 1, 2018 | The Company completed an initial analysis of the impact of the standard on its sales contract portfolio by reviewing its current accounting policies and practices to identify potential differences that would result from applying the requirements of the new standard to its sales contracts. The Company's analysis of its contracts under the new standard supports the recognition of most of its revenue at the time product is shipped, consistent with its current revenue policy. Although the Company is continuing to review certain aspects of its policies and practices, it expects that, as a result of the adoption of the new guidance, the timing of recognizing certain sales incentives as a reduction of revenue will generally be earlier than under the existing guidance. (For full year 2016, the Company recognized approximately $42 million as a reduction to revenue for such sales incentives.) The Company expects to utilize the modified retrospective transition method. | |||
Leases ASU No. 2016-02(Topic 842) | This standard requires lessees to put most leases on their balance sheets but recognize the expenses on their income statements in a manner similar to current practice. Lessees would recognize a right-to-use asset and lease liability for all leases with terms of more than 12 months. The new standard should be applied on a modified retrospective basis. | January 1, 2019 | Although the Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures, the Company currently expects that most of its operating lease commitments will be subject to the new standard and recognized as operating lease liabilities and right-of-use assets upon adoption. | |||
Income Taxes ASU No. 2016-16 (Topic 740) | This standard requires entities to recognize the income tax consequences of intra-entity asset transfers when they occur. This removes the exception to postpone recognition until the asset has been sold to an outside party. The updated standard is effective in annual and interim periods in fiscal years beginning after December 15, 2017, with early adoption permitted during the first interim period of a fiscal year, and requires | January 1, 2018 | The Company is evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures. |
Intangible - Goodwill and Other ASU No. 2017-04 (Topic 350) | This standard simplifies the accounting for goodwill and removes Step 2 of the annual goodwill impairment test. Upon adoption, goodwill impairment will be determined based on the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. Early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017, and requires a prospective transition method. | January 1, 2020 | The Company is evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures. |
|
Standard | Description | Date of adoption | Effect on the financial statements or other significant matters | |||
Standards that were adopted | ||||||
Stock Compensation Accounting Standards Update (ASU) No. 2016-09 (Topic 718) | This standard simplifies certain aspects of the accounting for share-based payment transactions, including income taxes, classification of awards and classification on the statement of cash flows. The new guidance also allows an entity to make a policy election to account for forfeitures as they occur. | January 1, 2017 | Adoption of the standard resulted in the recognition of previously unrecognized excess tax benefits using the modified retrospective method. The Company recorded an increase to U.S. deferred tax assets of $179 million which was recorded directly against accumulated deficit. The increased deferred tax asset allowed for an offset against long-term income tax payable of $16 million. A full valuation allowance was provided on the remaining U.S. deferred tax asset of $163 million, which was also recorded against accumulated deficit. The net impact to equity was a decrease in the accumulated deficit of approximately $16 million. The Company elected to apply the change in presentation to the statements of cash flows prospectively and elected to account for forfeitures as they occur. | |||
Standards not yet adopted | ||||||
Revenue from Contracts with Customers ASU No. 2014-09, 2016-08, 2016-10 and 2016-12 (Topic 606) | The updated revenue standard establishes principles for recognizing revenue and develops a common revenue standard for all industries. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard requires that entities disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Early adoption is permitted, but not earlier than the first quarter of 2017. The retrospective or cumulative effect transition method is permitted. | January 1, 2018 | The Company completed an initial analysis of the impact of the standard on its sales contract portfolio by reviewing its current accounting policies and practices to identify potential differences that would result from applying the requirements of the new standard to its sales contracts. The Company's analysis of its contracts under the new standard supports the recognition of most of its revenue at the time product is shipped, consistent with its current revenue policy. Although the Company is continuing to review certain aspects of its policies and practices, it expects that, as a result of the adoption of the new guidance, the timing of recognizing certain sales incentives as a reduction of revenue will generally be earlier than under the existing guidance. (For full year 2016, the Company recognized approximately $42 million as a reduction to revenue for such sales incentives.) The Company expects to utilize the modified retrospective transition method. | |||
Leases ASU No. 2016-02(Topic 842) | This standard requires lessees to put most leases on their balance sheets but recognize the expenses on their income statements in a manner similar to current practice. Lessees would recognize a right-to-use asset and lease liability for all leases with terms of more than 12 months. The new standard should be applied on a modified retrospective basis. | January 1, 2019 | Although the Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures, the Company currently expects that most of its operating lease commitments will be subject to the new standard and recognized as operating lease liabilities and right-of-use assets upon adoption. | |||
Income Taxes ASU No. 2016-16 (Topic 740) | This standard requires entities to recognize the income tax consequences of intra-entity asset transfers when they occur. This removes the exception to postpone recognition until the asset has been sold to an outside party. The updated standard is effective in annual and interim periods in fiscal years beginning after December 15, 2017, with early adoption permitted during the first interim period of a fiscal year, and requires | January 1, 2018 | The Company is evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures. |
Intangible - Goodwill and Other ASU No. 2017-04 (Topic 350) | This standard simplifies the accounting for goodwill and removes Step 2 of the annual goodwill impairment test. Upon adoption, goodwill impairment will be determined based on the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. Early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017, and requires a prospective transition method. | January 1, 2020 | The Company is evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures. |
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(in thousands) | March 31, 2017 | December 31, 2016 | |||||
Components | $ | 26,388 | $ | 25,236 | |||
Finished goods | 181,347 | 141,956 | |||||
Total inventory | $ | 207,735 | $ | 167,192 |
(in thousands) | March 31, 2017 | December 31, 2016 | |||||
Leasehold improvements | $ | 48,534 | $ | 48,103 | |||
Production, engineering and other equipment | 46,781 | 46,328 | |||||
Tooling | 25,119 | 23,742 | |||||
Computers and software | 19,699 | 18,750 | |||||
Furniture and office equipment | 12,587 | 12,530 | |||||
Tradeshow equipment and other | 7,578 | 7,578 | |||||
Construction in progress | 5,133 | 1,870 | |||||
Gross property and equipment | 165,431 | 158,901 | |||||
Less: Accumulated depreciation and amortization | (92,313 | ) | (82,392 | ) | |||
Property and equipment, net | $ | 73,118 | $ | 76,509 |
March 31, 2017 | |||||||||||
(in thousands) | Gross carrying value | Accumulated amortization | Net carrying value | ||||||||
Purchased technology | $ | 47,001 | $ | (19,374 | ) | $ | 27,627 | ||||
In-process research and development (IPR&D) | 3,515 | — | 3,515 | ||||||||
Total intangible assets | $ | 50,516 | $ | (19,374 | ) | $ | 31,142 |
December 31, 2016 | |||||||||||
(in thousands) | Gross carrying value | Accumulated amortization | Net carrying value | ||||||||
Purchased technology | $ | 47,001 | $ | (17,086 | ) | $ | 29,915 | ||||
IPR&D | 3,615 | — | 3,615 | ||||||||
Total intangible assets | $ | 50,616 | $ | (17,086 | ) | $ | 33,530 |
(in thousands) | Total | ||
Year ending December 31, | |||
2017 (remaining 9 months) | $ | 6,401 | |
2018 | 8,297 | ||
2019 | 7,786 | ||
2020 | 4,273 | ||
2021 | 870 | ||
$ | 27,627 |
(in thousands) | March 31, 2017 | December 31, 2016 | |||||
Accrued payables | $ | 64,729 | $ | 91,655 | |||
Employee related liabilities (1) | 22,437 | 42,577 | |||||
Accrued sales incentives | 25,250 | 40,070 | |||||
Warranty liability | 11,132 | 11,456 | |||||
Customer deposits | 5,938 | 4,381 | |||||
Income taxes payable | 21,745 | 2,756 | |||||
Purchase order commitments | 5,218 | 4,730 | |||||
Other | 13,848 | 13,698 | |||||
Accrued liabilities | $ | 170,297 | $ | 211,323 |
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Options outstanding | ||||||||||
Shares (in thousands) | Weighted- average exercise price | Aggregate intrinsic value (in thousands) | ||||||||
Outstanding at December 31, 2016: | 12,379 | $ | 12.17 | $ | 32,772 | |||||
Granted | 1,506 | 9.42 | ||||||||
Exercised | (704 | ) | 1.44 | |||||||
Forfeited/Cancelled | (992 | ) | 18.24 | |||||||
Outstanding at March 31, 2017: | 12,189 | $ | 11.96 | $ | 27,591 | |||||
Exercisable at March 31, 2017 | 8,772 | $ | 11.34 | $ | 27,585 |
Shares (in thousands) | Weighted- average grant date fair value | |||||
Non-vested shares at December 31, 2016 | 7,970 | $ | 18.08 | |||
Granted | 3,526 | 9.39 | ||||
Vested | (1,796 | ) | 13.81 | |||
Forfeited | (1,370 | ) | 18.42 | |||
Non-vested shares at March 31, 2017 | 8,330 | 15.26 |
Three months ended | |||||||
(in thousands) | March 31, 2017 | March 31, 2016 | |||||
Cost of revenue | $ | 495 | $ | 357 | |||
Research and development | 5,682 | 6,010 | |||||
Sales and marketing | 2,691 | 3,204 | |||||
General and administrative | 4,257 | 6,160 | |||||
Total stock-based compensation expense | $ | 13,125 | $ | 15,731 |
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Three Months Ended March 31, | |||||||
(dollars in thousands) | 2017 | 2016 | |||||
Income tax expense (benefit) | $ | 22,282 | $ | (14,283 | ) | ||
Effective tax rate | (25.1 | )% | 11.7 | % |
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Three months ended | |||||||
(in thousands) | March 31, 2017 | March 31, 2016 | |||||
Beginning balances | $ | 11,945 | $ | 10,856 | |||
Charged to cost of revenue | 1,428 | 2,670 | |||||
Settlements of warranty claims | (1,931 | ) | (5,515 | ) | |||
Ending balances | $ | 11,442 | $ | 8,011 |
|
Three months ended | |||||||
(in thousands) | March 31, 2017 | March 31, 2016 | |||||
Accounts receivable sold | $ | 37,388 | $ | 20,653 | |||
Factoring fees | 313 | 142 |
Three months ended | |||||||
(in thousands) | March 31, 2017 | March 31, 2016 | |||||
Americas | $ | 95,707 | $ | 85,305 | |||
Europe, Middle East and Africa ("EMEA") | 67,863 | 60,278 | |||||
Asia and Pacific ("APAC") | 55,044 | 37,953 | |||||
Total revenue | $ | 218,614 | $ | 183,536 |
March 31, 2017 | December 31, 2016 | ||
Customer A | 20% | 15% | |
Customer C | 15% | * | |
Customer B | 14% | 27% |
Three months ended | |||
March 31, 2017 | March 31, 2016 | ||
Customer A | 16% | 15% | |
Customer B | * | 13% |
|
Three months ended | |||||||
(in thousands) | March 31, 2017 | March 31, 2016 | |||||
Cost of revenue | $ | 393 | $ | 364 | |||
Research and development | 5,679 | 2,655 | |||||
Sales and marketing | 5,242 | 2,678 | |||||
General and administrative | 1,141 | 811 | |||||
Total restructuring charges | $ | 12,455 | $ | 6,508 |
(in thousands) | Severance | Other | Total | ||||||||
Restructuring liability as of December 31, 2016 | $ | — | $ | — | $ | — | |||||
Restructuring charges | 8,477 | — | 8,477 | ||||||||
Cash paid | (3,625 | ) | — | (3,625 | ) | ||||||
Non-cash settlements | — | — | — | ||||||||
Restructuring liability as of March 31, 2017 | $ | 4,852 | $ | — | $ | 4,852 |
(in thousands) | Severance | Other | Total | ||||||||
Restructuring liability as of December 31, 2016 | $ | 9,660 | $ | 879 | $ | 10,539 | |||||
Restructuring charges | 2,184 | 827 | 3,011 | ||||||||
Cash paid | (9,756 | ) | (360 | ) | (10,116 | ) | |||||
Non-cash settlements | — | — | — | ||||||||
Restructuring liability as of March 31, 2017 | $ | 2,088 | $ | 1,346 | $ | 3,434 |
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