Document and Entity Information - shares |
6 Months Ended | |
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Jun. 30, 2018 |
Aug. 03, 2018 |
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Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | GRUB | |
Entity Registrant Name | GRUBHUB INC. | |
Entity Central Index Key | 0001594109 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 90,461,908 |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Jun. 30, 2018 |
Dec. 31, 2017 |
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Statement Of Financial Position [Abstract] | ||
Preferred Stock, par value | $ 0.0001 | $ 0.0001 |
Preferred Stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 90,337,427 | 86,790,624 |
Common stock, shares outstanding | 90,337,427 | 86,790,624 |
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
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Income Statement [Abstract] | ||||
Revenues | $ 239,741 | $ 158,794 | $ 472,311 | $ 314,928 |
Costs and expenses: | ||||
Operations and support | 102,445 | 62,924 | 198,728 | 122,443 |
Sales and marketing | 46,231 | 34,770 | 94,987 | 70,208 |
Technology (exclusive of amortization) | 18,717 | 14,076 | 36,048 | 27,268 |
General and administrative | 18,180 | 14,829 | 35,877 | 28,010 |
Depreciation and amortization | 19,849 | 10,414 | 40,800 | 20,454 |
Total costs and expenses | 205,422 | 137,013 | 406,440 | 268,383 |
Income from operations | 34,319 | 21,781 | 65,871 | 46,545 |
Interest (income) expense - net | 8 | (314) | 1,030 | (535) |
Income before provision for income taxes | 34,311 | 22,095 | 64,841 | 47,080 |
Income tax expense | 4,191 | 7,341 | 3,955 | 14,611 |
Net income attributable to common stockholders | $ 30,120 | $ 14,754 | $ 60,886 | $ 32,469 |
Net income per share attributable to common stockholders: | ||||
Basic | $ 0.34 | $ 0.17 | $ 0.69 | $ 0.38 |
Diluted | $ 0.33 | $ 0.17 | $ 0.67 | $ 0.37 |
Weighted-average shares used to compute net income per share attributable to common stockholders: | ||||
Basic | 89,503 | 86,162 | 88,294 | 86,018 |
Diluted | 92,503 | 87,700 | 91,297 | 87,410 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
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Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 30,120 | $ 14,754 | $ 60,886 | $ 32,469 |
OTHER COMPREHENSIVE INCOME (LOSS) | ||||
Foreign currency translation adjustments | (656) | 343 | (300) | 450 |
COMPREHENSIVE INCOME | $ 29,464 | $ 15,097 | $ 60,586 | $ 32,919 |
Organization |
6 Months Ended |
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Jun. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. Organization Grubhub Inc., a Delaware corporation, and its wholly-owned subsidiaries (collectively referred to as the “Company”) provide an online and mobile platform for restaurant pick-up and delivery orders. Diners enter their delivery address or use geo-location within the mobile applications and the Company displays the menus and other relevant information for restaurants in its network. Orders may be placed directly online, via mobile applications or over the phone at no cost to the diner. The Company charges the restaurant a per order commission that is largely fee based. In certain markets, the Company also provides delivery services to restaurants on its platform that do not have their own delivery operations. |
Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated interim financial statements include the accounts of Grubhub Inc. and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated interim financial statements include all wholly-owned subsidiaries and reflect all normal and recurring adjustments, as well as any other than normal adjustments, that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods and should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 filed with the SEC on February 28, 2018 (the “2017 Form 10-K”). All significant intercompany transactions have been eliminated in consolidation. Operating results for the three and six months ended June 30, 2018 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2018. On January 1, 2018, the Company adopted Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”) using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning on or after January 1, 2018 are presented under ASC Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with historic accounting guidance under ASC Topic 605. See Recently Issued Accounting Pronouncements and Note 3, Revenue, below for additional details. Use of Estimates The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the financial statements, as well as the reported amounts of revenue and expenses during the periods presented. Estimates include revenue recognition, the allowance for doubtful accounts, website and internal-use software development costs, goodwill, depreciable lives of property and equipment, recoverability of intangible assets with definite lives and other long-lived assets, stock-based compensation and income taxes. Actual results could differ from these estimates. Changes in Accounting Principle See “Recently Issued Accounting Pronouncements” below for a description of accounting principle changes adopted during the six months ended June 30, 2018 related to revenue and the statement of cash flows. There have been no other material changes to the Company’s significant accounting policies described in the 2017 Form 10-K. Recently Issued Accounting Pronouncements In May 2017, the FASB issued Accounting Standards Update No. 2017-09, “Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting” (“ASU 2017-09”). ASU 2017-09 provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. This ASU does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if there is a change to the value, vesting conditions, or award classification and would not be required if the changes are considered non-substantive. ASU 2017-09 is effective for the Company beginning in the first quarter of 2018 on a prospective basis. The adoption of ASU 2017-09 has not had and is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. In August 2016, the FASB issued Accounting Standards Update No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). ASU 2016-15 adds or clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows with the intent of reducing diversity in practice related to eight types of cash flows including, among others, debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination, and separately identifiable cash flows and application of the predominance principle. In addition, in November 2016, the FASB issued Accounting Standards Update No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”). ASU 2016-18 requires companies to include amounts generally described as restricted cash and restricted cash equivalents in cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the statement of cash flow. ASU 2016-15 and ASU 2016-18 were effective for and adopted by the Company beginning in the first quarter of 2018. The amendments were applied using a retrospective transition method to each period presented and impacted the Company’s presentation of the consolidated statements of cash flows. The adoption of ASU 2016-15 and ASU 2016-18 had no material impact on the Company’s consolidated financial position, results of operations or cash flows as the Company’s restricted cash balances are immaterial. In June 2016, the FASB issued Accounting Standards Update No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 introduces a new forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables and held-to-maturity debt securities, which will require entities to incorporate considerations of historical information, current information and reasonable and supportable forecasts. This ASU also expands disclosure requirements. ASU 2016-13 is effective for the Company beginning in the first quarter of 2020 and early adoption is permitted. The guidance will be applied using the modified-retrospective approach. The adoption of ASU 2016-13 is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). Under ASU 2016-02, a lessee will recognize in the statement of financial position a liability to make lease payments and a right-of-use asset for all leases (with the exception of short-term leases) at the commencement date. The recognition, measurement, and presentation of expenses and cash flows arising from a lease under ASU 2016-02 will not significantly change from current GAAP. ASU 2016-02 is effective beginning in the first quarter of 2019 with early adoption permitted. In July 2018, the FASB issued Accounting Standards Update No. 2018-11 “Leases (Topic 842): Targeted Improvements” (“ASU 2018-11”), which provides for the election of transition methods between the modified retrospective method and the optional transition relief method. The modified retrospective method is applied to all prior reporting periods presented with a cumulative-effect adjustment recorded in the earliest comparative period while the optional transition relief method is applied beginning in the period of adoption with a cumulative-effect adjustment recorded in the first quarter of 2019. The Company is currently evaluating the impact of adoption of ASU 2016-02 on its consolidated financial statements and the method of adoption under ASU 2018-11. Management anticipates that it will result in a significant increase in the Company’s long-term assets and liabilities but will have no material impact to its results of operations and cash flows. In May 2014, and in subsequent updates, the FASB issued ASC Topic 606, Revenue from Contracts with Customers, which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific requirements. ASC Topic 606 establishes a five-step revenue recognition process in which an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASC Topic 606 also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. ASC Topic 606 was effective for and adopted by the Company in the first quarter of 2018. The Company applied the modified retrospective approach to contracts which were not completed as of January 1, 2018. The adoption of these ASUs did not have and is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows or its business processes, systems and controls. The adoption of ASC Topic 606 resulted in an increase in revenues of $0.2 million and $0.8 million for the three and six months ended June 30, 2018, respectively, and primarily had the following impact on the Company’s financial statements:
See Note 3, Revenue, for additional details. |
Revenue |
6 Months Ended |
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Jun. 30, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 3. Revenue Revenues are recognized when control of the promised goods or services is transferred to the customer, in the amount that reflects the consideration the Company expects to receive in exchange for those good or services. The Company generates revenues primarily when diners place an order on the platform through its mobile applications, its websites, or through third-party websites that incorporate the Company’s API or one of the Company’s listed phone numbers. Restaurants pay a commission, typically a percentage of the transaction, on orders that are processed through the platform. Most of the restaurants on the Company’s platform can choose their level of commission rate, at or above a base rate. A restaurant can choose to pay a higher rate that affects its prominence and exposure to diners on the platform. Additionally, restaurants that use the Company’s delivery services pay an additional commission for the use of those services. The Company may also charge a delivery fee directly to the diner. Revenues from online and phone pick-up and delivery orders are recognized when the orders are transmitted to the restaurants, including revenues for managed delivery services due to the simultaneous nature of the Company’s delivery operations. The amount of revenue recognized by the Company is based on the arrangement with the related restaurant and is adjusted for any expected refunds or adjustments based on historical experience and any cash credits related to the transaction, including incentive offers provided to restaurants and diners. The Company also recognizes as revenue any fees charged to the diner for delivery services provided by the Company. Although the Company processes and collects the entire amount of the transaction with the diner, it records revenue for transmitting orders to restaurants on a net basis because the Company is acting as an agent for takeout orders, which are prepared by the restaurants. The Company is the principal in the transaction with respect to credit card processing and managed delivery services because it controls the respective services. As a result, costs incurred for processing the credit card transactions and providing delivery services are included in operations and support expense in the consolidated statements of operations. The Company periodically provides incentive offers to restaurants and diners to use our platform. These promotions are generally cash credits to be applied against purchases. These incentive offers are recorded as a reduction in revenues, generally on the date the corresponding order revenue is recognized. For those incentives related to current orders that create an obligation to discount future orders, the Company allocates the incentives that are expected to be redeemed proportionally to current and future orders based on their relative expected transaction prices. For most orders, diners use a credit card to pay for their meal when the order is placed. For these transactions, the Company collects the total amount of the diner’s order net of payment processing fees from the payment processor and remits the net proceeds to the restaurant less commission. The Company generally accumulates funds and remits the net proceeds to the restaurants on at least a monthly basis, depending on the payment terms with the restaurant. The Company also accepts payment for orders via gift cards offered on its platform. For gift cards that are not subject to unclaimed property laws, the Company recognizes revenue from estimated unredeemed gift cards, based on its historical breakage experience, over the expected customer redemption period. Certain governmental taxes are imposed on the products and services provided through the Company’s platform and are included in the order fees charged to the diner and collected by the Company. Sales taxes are either remitted to the restaurant for payment or are paid directly to certain states. These fees are recorded on a net basis, and, as a result, are excluded from revenues. The Company also generates a small amount of revenues directly from companies that participate in our corporate ordering program and by selling advertising to third parties on our allmenus.com and MenuPages.com websites. The Company does not anticipate that the foregoing will generate a material portion of our revenues in the foreseeable future. Accounts Receivable Accounts receivable primarily represent the net cash due from the Company’s payment processor for cleared transactions and amounts owed from corporate customers, which are generally invoiced on a monthly basis. The carrying amount of the Company’s receivables is reduced by an allowance for doubtful accounts that reflects management’s best estimate of amounts that will not be collected based on historical loss experience and any current or forecasted specific risks. Deferred Revenues The Company’s deferred revenues consist primarily of gift card liabilities and certain incentive liabilities. These amounts are included within other accruals on the consolidated balance sheets and are not material to the Company’s consolidated financial position. The majority of gift cards and incentives issued by the Company are redeemed within a year. Contract Acquisition Costs The Company defers the incremental costs of obtaining contracts including certain commissions and bonuses and related payroll taxes as contract acquisition assets within other assets on the consolidated balance sheets. Contract acquisition assets are amortized using the straight-line method to sales and marketing expense in the consolidated statements of operations over the useful life of the contract, which is estimated to be approximately 4 years. During the three and six months ended June 30, 2018, the Company deferred $2.8 million and $4.9 million, respectively, of contract acquisitions costs. During the three and six months ended June 30, 2018, the Company amortized $0.2 million and $0.3 million, respectively, of related expense. |
Acquisitions |
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Acquisitions | 4. Acquisitions There were no acquisitions during the six months ended June 30, 2018. 2017 Acquisitions On October 10, 2017, the Company acquired all of the issued and outstanding equity interests of Eat24, LLC (“Eat24”), a wholly owned subsidiary of Yelp Inc., for approximately $281.8 million, including $281.4 million in net cash paid and $0.3 million of other non-cash consideration. Of such amount, $28.8 million will be held in escrow for an 18-month period after closing to secure the Company’s indemnification rights under the purchase agreement. Eat24 provides online and mobile food ordering for restaurants and diners across the United States. The acquisition expanded the breadth and depth of the Company’s national network of restaurant partners and active diners. The Company granted RSU awards to acquired Eat24 employees in replacement of their unvested equity awards as of the closing date. Approximately $0.3 million of the fair value of the replacement RSU awards granted to acquired Eat24 employees was attributable to the pre-combination services of the Eat24 awardees and was included in the $281.8 million purchase price. This amount is reflected within goodwill in the purchase price allocation. As of the acquisition date, post-combination expense of approximately $4.1 million is expected to be recognized related to the replacement awards over the remaining post-combination service period. On August 23, 2017, the Company acquired substantially all of the assets and certain expressly specified liabilities of A&D Network Solutions, Inc. and Dashed, Inc. (collectively, “Foodler”). The purchase price for Foodler was $51.2 million in cash, net of cash acquired of $0.1 million. Foodler is an independent online food-ordering company with an established diner base in the Northeast United States. The acquisition expanded the breadth and depth of the Company’s restaurant network, active diners and delivery network. The results of operations of Eat24 and Foodler have been included in the Company’s financial statements since October 10, 2017 and August 23, 2017, respectively. The excess of the consideration transferred in the acquisitions over the net amounts assigned to the fair value of the assets were recorded as goodwill, which represents the value of increasing the breadth and depth of the Company’s network of restaurants and diners. The total goodwill related to the acquisitions of Eat24 and Foodler of $153.4 million is expected to be deductible for income tax purposes. The assets acquired and liabilities assumed of Eat24 and Foodler were recorded at their estimated fair values as of the respective closing dates of October 10, 2017 and August 23, 2017. The following table summarizes the final purchase price allocation acquisition-date fair values of the assets and liabilities acquired in connection with the Eat24 and Foodler acquisitions:
Additional Information The estimated fair values of the intangible assets acquired were determined based on a combination of the income, cost, and market approaches to measure the fair value of the restaurant relationships, diner acquisition, developed technology and trademarks. The fair value of the trademarks was measured based on the relief from royalty method. The cost approach, specifically the cost to recreate method, was used to value the developed technology and diner acquisition. The income approach, specifically the multi-period excess earnings method, was used to value the restaurant relationships. These fair value measurements were based on significant inputs not observable in the market and thus represent Level 3 measurements within the fair value hierarchy. The Company incurred certain expenses directly and indirectly related to acquisitions which were recognized in general and administrative expenses within the condensed consolidated statements of operations for the three months ended June 30, 2018 and 2017 of $1.2 million and $1.5 million, respectively, and for the six months ended June 30, 2018 and 2017 of $2.5 million and $1.9 million, respectively. Pro Forma The following unaudited pro forma information presents a summary of the operating results of the Company for the three and six months ended June 30, 2017 as if the acquisitions of Eat24 and Foodler had occurred as of January 1 of the year prior to acquisition:
The pro forma adjustments that reflect the amortization that would have been recognized for intangible assets, elimination of transaction costs incurred, stock-based compensation expense for replacement awards, interest expense for transaction financings and other adjustments, as well as the pro forma tax impact of such adjustments for the three and six months ended June 30, 2017 were as follows:
The unaudited pro forma revenues and net income are not intended to represent or be indicative of the Company’s condensed consolidated results of operations or financial condition that would have been reported had the acquisitions been completed as of the beginning of the periods presented and should not be taken as indicative of the Company’s future consolidated results of operations or financial condition. |
Marketable Securities |
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Investments Debt And Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities | 5. Marketable Securities The amortized cost, unrealized gains and losses and estimated fair value of the Company’s held-to-maturity marketable securities as of June 30, 2018 and December 31, 2017 were as follows:
All of the Company’s marketable securities were classified as held-to-maturity investments and have maturities within one year of June 30, 2018. The gross unrealized losses, estimated fair value and length of time the individual marketable securities were in a continuous loss position for those marketable securities in an unrealized loss position as of June 30, 2018 and December 31, 2017 were as follows:
The Company recognized interest income during the three months ended June 30, 2018 and 2017 of $1.3 million and $0.6 million, respectively, and for the six months ended June 30, 2018 and 2017 of $1.9 million and $1.0 million, respectively, within net interest (income) expense on the condensed consolidated statements of operations. During the three and six months ended June 30, 2018 and 2017, the Company did not recognize any other-than-temporary impairment losses related to its marketable securities. The Company’s marketable securities are classified within Level 2 of the fair value hierarchy (see Note 14, Fair Value Measurement, for further details). |
Goodwill and Acquired Intangible Assets |
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Goodwill And Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Acquired Intangible Assets | 6. Goodwill and Acquired Intangible Assets The components of acquired intangible assets as of June 30, 2018 and December 31, 2017 were as follows:
Amortization expense for acquired intangible assets was $9.6 million and $5.1 million for the three months ended June 30, 2018 and 2017, respectively, and $21.1 million and $10.4 million for the six months ended June 30, 2018 and 2017, respectively.
There were no changes during the six months ended June 30, 2018 in the carrying amount of goodwill of $589.9 million.
Estimated future amortization expense of acquired intangible assets as of June 30, 2018 was as follows:
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Property and Equipment |
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Property Plant And Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | 7. Property and Equipment The components of the Company’s property and equipment as of June 30, 2018 and December 31, 2017 were as follows:
The Company recorded depreciation and amortization expense for property and equipment other than developed software of $5.4 million and $2.8 million for the three months ended June 30, 2018 and 2017, respectively, and $10.5 million and $5.1 million for the six months ended June 30, 2018 and 2017, respectively. The gross carrying amount and accumulated amortization of the Company’s leasehold improvements, developed software and furniture and fixtures as of June 30, 2018 were adjusted in aggregate by $7.7 million for certain fully amortized assets that were no longer in use. The Company capitalized developed software costs of $9.1 million and $6.4 million for the three months ended June 30, 2018 and 2017, respectively, and $17.3 million and $12.1 million for the six months ended June 30, 2018 and 2017, respectively. Amortization expense for developed software costs, recognized in depreciation and amortization in the condensed consolidated statements of operations, for the three months ended June 30, 2018 and 2017 was $4.8 million and $2.6 million, respectively, and $9.2 million and $5.0 million for the six months ended June 30, 2018 and 2017, respectively. |
Commitments and Contingencies |
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Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Legal In August 2011, Ameranth, Inc. (“Ameranth”) filed a patent infringement action against a number of defendants, including Grubhub Holdings Inc., in the U.S. District Court for the Southern District of California (the “Court”), Case No. 3:11-cv-1810 (“’1810 action”). In March 2012, Ameranth initiated eight additional actions for infringement of a related patent, U.S. Patent No. 8,146,077 (“’077 patent”), in the same forum, including separate actions against Grubhub Holdings Inc., Case No. 3:12-cv-739 (“’739 action”), and Seamless North America, LLC, Case No. 3:12-cv-737 (“’737 action”). In August 2012, the Court severed the claims against Grubhub Holdings Inc. and Seamless North America, LLC in the ’1810 action and consolidated them with the ’739 action and the ’737 action, respectively. Later, the Court consolidated these separate cases against Grubhub Holdings Inc. and Seamless North America, LLC, along with the approximately 40 other cases Ameranth filed in the same district, with the original ’1810 action. In their answers, Grubhub Holdings Inc. and Seamless North America, LLC denied infringement and interposed various defenses, including non-infringement, invalidity, unenforceability and inequitable conduct. The consolidated district court case was stayed until January 2017, when Ameranth’s motion to lift the stay and proceed on only the ‘077 patent was granted. The court set a jury trial date of December 3, 2018 for the claims against Grubhub Holdings Inc. and Seamless North America, LLC. The Company believes this case lacks merit and that it has strong defenses to all of the infringement claims. The Company intends to defend the suit vigorously. However, the Company is unable to predict the likelihood of success of Ameranth’s infringement claims and is unable to predict the likelihood of success of its counterclaims. The Company has not recorded an accrual related to this lawsuit as of June 30, 2018, as it does not believe a material loss is probable. It is a reasonable possibility that a loss may be incurred; however, the possible range of loss is not estimable given the status of the case and the uncertainty as to whether the claims at issue are with or without merit, will be settled out of court, or will be determined in the Company’s favor, whether the Company may be required to expend significant management time and financial resources on the defense of such claims, and whether the Company will be able to recover any losses under its insurance policies. In addition to the matter described above, from time to time, the Company is involved in various other legal proceedings arising from the normal course of business activities, including labor and employment claims, some of which relate to the alleged misclassification of independent contractors. In September 2015, a claim was brought in the United States District Court for the Northern District of California under the Private Attorneys General Act by an individual plaintiff on behalf of himself and seeking to represent other drivers and the State of California. The claim sought monetary penalties and injunctive relief for alleged violations of the California Labor Code based on the alleged misclassification of drivers as independent contractors. A decision was issued on February 8, 2018, and the court ruled in favor of the Company, finding that plaintiff was properly classified as an independent contractor. In March 2018, the plaintiff appealed this decision to the Ninth Circuit. The Company does not believe any of the foregoing claims will have a material impact on its consolidated financial statements. However, there is no assurance that any claim will not be combined into a collective or class action. Indemnification In connection with the merger of Seamless North America, LLC, Seamless Holdings Corporation and Grubhub Holdings Inc. in August 2013, the Company agreed to indemnify Aramark Holdings Corporation for negative income tax consequences associated with the October 2012 spin-off of Seamless Holdings Corporation that were the result of certain actions taken by the Company through October 29, 2014, in certain instances subject to a $15.0 million limitation. Management is not aware of any actions that would impact the indemnification obligation. |
Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | 9. Debt The following table summarizes the carrying value of the Company’s debt as of June 30, 2018 and December 31, 2017:
On October 10, 2017, the Company entered into a credit agreement which provides, among other things, for aggregate revolving loans up to $225 million and term loans in an aggregate principal amount of $125 million (the “Credit Agreement”). In addition, the Company may incur up to $150 million of incremental revolving loans or incremental revolving term loans pursuant to the terms and conditions of the Credit Agreement. The credit facility will be available to the Company until October 9, 2022. There have been no changes in the terms of the Credit Agreement during the six months ended June 30, 2018. During the six months ended June 30, 2018, the Company made principal payments of $51.6 million from cash on hand. As of June 30, 2018, outstanding borrowings under the Credit Agreement were $122.7 million. The fair value of the Company’s outstanding debt approximates its carrying value as of June 30, 2018 (see Note 14, Fair Value Measurement, for additional details). The Company was in compliance with the covenants of the Credit Agreement as of June 30, 2018. Additional capacity under the Credit Agreement may be used for general corporate purposes, including funding working capital and future acquisitions. As of June 30, 2018, total unamortized debt issuance costs of $2.1 million were recorded as other assets and as a reduction of long-term debt on the condensed consolidated balance sheets in proportion to the borrowing capacities of the revolving and term loans. Interest expense includes interest on outstanding borrowings, amortization of debt issuance costs and commitment fees on the undrawn portion available under the credit facility. The Company recognized interest expense of $1.3 million and $0.2 million, during the three months ended June 30, 2018 and 2017, respectively, and $2.9 million and $0.4 million during the six months ended June 30, 2018 and 2017, respectively. |
Stock-Based Compensation |
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Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | 10. Stock-Based Compensation The Company has granted stock options, restricted stock units and restricted stock awards under its incentive plans. The Company recognizes compensation expense based on estimated grant date fair values for all stock-based awards issued to employees and directors, including stock options, restricted stock awards and restricted stock units. Stock-based Compensation Expense The total stock-based compensation expense related to all stock-based awards was $12.0 million and $8.2 million during the three months ended June 30, 2018 and 2017, respectively, and $22.2 million and $15.4 million during the six months ended June 30, 2018 and 2017, respectively. As of June 30, 2018, $152.5 million of total unrecognized stock-based compensation expense is expected to be recognized over a weighted-average period of 3.1 years. Excess tax benefits reflect the total realized value of the Company’s tax deductions from individual stock option exercise transactions and the vesting of restricted stock units in excess of the deferred tax assets that were previously recorded. During the three months ended June 30, 2018 and 2017, the Company recognized excess tax benefits from stock-based compensation of $5.7 million and $1.6 million, respectively, and $13.9 million and $3.5 million during the six months ended June 30, 2018 and 2017, respectively, within income tax expense on the condensed consolidated statements of operations and within cash flows from operating activities on the condensed consolidated statements of cash flows. The Company capitalized stock-based compensation expense as website and software development costs of $2.0 million and $1.2 million during the three months ended June 30, 2018 and 2017, respectively, and $3.7 million and $2.1 million during the six months ended June 30, 2018 and 2017, respectively. Stock Options The Company granted 347,891 and 618,899 stock options during the six months ended June 30, 2018 and 2017, respectively. The fair value of each stock option award was estimated based on the assumptions below as of the grant date using the Black-Scholes-Merton option pricing model. Beginning in the first quarter of 2018, expected volatility is based on the historical and implied volatilities of the Company’s own common stock. The Company uses historical data to estimate option exercises and employee terminations within the valuation model. Separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term calculation for option awards considers a combination of the Company’s historical and estimated future exercise behavior. The risk-free rate for the period within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The assumptions used to determine the fair value of the stock options granted during the six months ended June 30, 2018 and 2017 were as follows:
Stock option awards as of December 31, 2017 and June 30, 2018, and changes during the six months ended June 30, 2018, were as follows:
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the fair value of the common stock and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their in-the-money options on each date. This amount will change in future periods based on the fair value of the Company’s stock and the number of options outstanding. The aggregate intrinsic value of stock options exercised during the three months ended June 30, 2018 and 2017 was $7.9 million and $5.9 million, respectively. The aggregate intrinsic value of awards exercised during the six months ended June 30, 2018 and 2017 was $22.5 million and $8.1 million, respectively. The Company recorded compensation expense for stock options of $2.5 million and $3.0 million for the three months ended June 30, 2018 and 2017, respectively, and $4.9 million and $5.9 million for the six months ended June 30, 2018 and 2017, respectively. As of June 30, 2018, total unrecognized compensation cost, adjusted for estimated forfeitures, related to non-vested stock options was $21.4 million and is expected to be recognized over a weighted-average period of 2.6 years. Restricted Stock Units Non-vested restricted stock units as of December 31, 2017 and June 30, 2018, and changes during the six months ended June 30, 2018 were as follows:
Compensation expense related to restricted stock units was $9.5 million and $5.2 million during the three months ended June 30, 2018 and 2017, respectively, and $17.3 million and $9.5 million during the six months ended June 30, 2018 and 2017, respectively. The aggregate fair value as of the vest date of restricted stock units that vested during the three months ended June 30, 2018 and 2017 was $19.7 million and $4.7 million, respectively, and $50.0 million and $14.2 million during the six months ended June 30, 2018 and 2017, respectively. As of June 30, 2018, $131.1 million of total unrecognized compensation cost, adjusted for estimated forfeitures, related to 2,584,620 non-vested restricted stock units expected to vest with weighted-average grant date fair values of $55.45 is expected to be recognized over a weighted-average period of 3.1 years. The fair value of these awards was determined based on the Company’s stock price at the grant date and assumes no expected dividend payments through the vesting period. |
Income Taxes |
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Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The Company’s effective tax rate was 12.2% and 33.2% during the three months ended June 30, 2018 and 2017, respectively, and 6.1% and 31.0% during the six months ended June 30, 2018 and 2017, respectively. The income tax expense included the net impact of excess tax benefits for stock-based compensation of $5.7 million and $1.6 million for the three months ended June 30, 2018 and 2017, respectively, and $13.9 million and $3.5 million for the six months ended June 30, 2018 and 2017, respectively (see Note 10, Stock-based Compensation, for additional details). Additionally, the federal corporate income tax rate decreased from 35% to 21% during the same periods as a result of the Tax Cuts and Jobs Act. The Company is currently under examination in New York for corporate income tax returns for the tax years ended December 31, 2014, 2015 and 2016. The Company does not believe, but cannot predict with certainty, that there will not be any additional tax liabilities, penalties and/or interest as a result of the audit. |
Stockholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | 12. Stockholders’ Equity As of June 30, 2018 and December 31, 2017, the Company was authorized to issue two classes of stock: common stock and preferred stock. Common Stock Each holder of common stock has one vote per share of common stock held on all matters that are submitted for stockholder vote. At June 30, 2018 and December 31, 2017, there were 500,000,000 shares of common stock authorized. At June 30, 2018 and December 31, 2017, there were 90,337,427 and 86,790,624 shares issued and outstanding, respectively. The Company did not hold any shares as treasury shares as of June 30, 2018 or December 31, 2017. On April 25, 2018, the Company issued and sold 2,820,464 shares of the Company’s common stock to Yum Restaurant Services Group, LLC (the “Investor”), a wholly owned subsidiary of Yum! Brands, Inc., for an aggregate purchase price of $200 million pursuant to an investment agreement dated February 7, 2018, by and between the Company and the Investor. The Company has used and expects to use the proceeds for general corporate purposes.
On January 22, 2016, the Company’s Board of Directors approved a program that authorizes the repurchase of up to $100 million of the Company’s common stock exclusive of any fees, commissions or other expenses relating to such repurchases through open market purchases or privately negotiated transactions at the prevailing market price at the time of purchase. The repurchase program was announced on January 25, 2016. The repurchased stock may be retired or held as authorized but unissued treasury shares. The repurchase authorizations do not obligate the Company to acquire any particular amount of common stock or adopt any particular method of repurchase and may be modified, suspended or terminated at any time at management’s discretion. Repurchased and retired shares will result in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted net income per share at the time of the transaction. During the six months ended June 30, 2018, the Company did not repurchase any shares of its common stock. Preferred Stock The Company was authorized to issue 25,000,000 shares of preferred stock. There were no issued or outstanding shares of preferred stock as of June 30, 2018 or December 31, 2017. The Company’s equity as of December 31, 2017 and June 30, 2018, and changes during the six months ended June 30, 2018, were as follows:
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Earnings Per Share Attributable to Common Stockholders |
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Earnings Per Share Attributable to Common Stockholders | 13. Earnings Per Share Attributable to Common Stockholders Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period without consideration for common stock equivalents. Diluted net income per share attributable to common stockholders is computed by dividing net income by the weighted-average number of common shares outstanding during the period and potentially dilutive common stock equivalents, including stock options and restricted stock units, except in cases where the effect of the common stock equivalent would be antidilutive. Potential common stock equivalents consist of common stock issuable upon exercise of stock options and vesting of restricted stock units using the treasury stock method. The sale of 2,820,464 shares of the Company’s common stock to the Investor on April 25, 2018 resulted in an immediate increase in the outstanding shares used to calculate the weighted-average common shares outstanding for the three and six months ended June 30, 2018 (see Note 12, Stockholders’ Equity). The following tables present the calculation of basic and diluted net income per share attributable to common stockholders for the three and six months ended June 30, 2018 and 2017:
The number of shares of common stock underlying stock-based awards excluded from the calculation of diluted net income per share attributable to common stockholders because their effect would have been antidilutive for the three and six months ended June 30, 2018 and 2017 were as follows:
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Fair Value Measurement |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement | 14. Fair Value Measurement Certain assets and liabilities are required to be recorded at fair value on a recurring basis. Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. The standards also establish a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The accounting guidance for fair value measurements prioritizes valuation methodologies based on the reliability of the inputs in the following three-tier value hierarchy:
The Company applied the following methods and assumptions in estimating its fair value measurements. The Company’s commercial paper, investments in corporate bonds and certain money market funds are classified as Level 2 within the fair value hierarchy because they are valued using inputs other than quoted prices in active markets that are observable directly or indirectly. The Company’s long-term debt is classified as Level 3 within the fair value hierarchy because it is valued using an income approach, which utilizes a discounted cash flow technique that considers the credit profile of the Company. Accounts receivable, restaurant food liability and accounts payable approximate fair value due to their generally short-term maturities. The following table presents the fair value, for disclosure purposes only, and carrying value of the Company’s assets and liabilities that are recorded at other than fair value as of June 30, 2018 and December 31, 2017:
The Company is required to record certain assets and liabilities at fair value on a nonrecurring basis, generally as a result of acquisitions. See Note 4, Acquisitions, for further discussion of the fair value of assets and liabilities associated with acquisitions. |
Subsequent Events |
6 Months Ended |
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Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | On July 24, 2018, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Grubhub Holdings Inc. (“Grubhub Holdings”), Lobster Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of Grubhub Holdings (“Merger Sub”), SCVNGR, Inc., d/b/a LevelUp (“LevelUp”) and Shareholder Representative Services LLC, solely in its capacity as Securityholders’ Representative. LevelUp is a leading provider of mobile diner engagement and payment solutions for national and regional restaurant brands. The acquisition of LevelUp is expected to simplify the Company’s integrations with restaurants’ systems, increase diner engagement and accelerate product development.
Pursuant to the Merger Agreement, the Company will acquire LevelUp for total consideration of $390 million, subject to customary adjustments. The purchase price is currently expected to be funded through a combination of cash on hand and proceeds from additional borrowings under the Company’s existing Credit Agreement. The transaction is anticipated to close, subject to customary closing conditions, following regulatory approval.
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Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated interim financial statements include the accounts of Grubhub Inc. and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated interim financial statements include all wholly-owned subsidiaries and reflect all normal and recurring adjustments, as well as any other than normal adjustments, that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods and should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 filed with the SEC on February 28, 2018 (the “2017 Form 10-K”). All significant intercompany transactions have been eliminated in consolidation. Operating results for the three and six months ended June 30, 2018 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2018. On January 1, 2018, the Company adopted Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”) using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning on or after January 1, 2018 are presented under ASC Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with historic accounting guidance under ASC Topic 605. See Recently Issued Accounting Pronouncements and Note 3, Revenue, below for additional details. |
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Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the financial statements, as well as the reported amounts of revenue and expenses during the periods presented. Estimates include revenue recognition, the allowance for doubtful accounts, website and internal-use software development costs, goodwill, depreciable lives of property and equipment, recoverability of intangible assets with definite lives and other long-lived assets, stock-based compensation and income taxes. Actual results could differ from these estimates. |
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Changes in Accounting Principle | Changes in Accounting Principle See “Recently Issued Accounting Pronouncements” below for a description of accounting principle changes adopted during the six months ended June 30, 2018 related to revenue and the statement of cash flows. There have been no other material changes to the Company’s significant accounting policies described in the 2017 Form 10-K. |
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Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2017, the FASB issued Accounting Standards Update No. 2017-09, “Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting” (“ASU 2017-09”). ASU 2017-09 provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. This ASU does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if there is a change to the value, vesting conditions, or award classification and would not be required if the changes are considered non-substantive. ASU 2017-09 is effective for the Company beginning in the first quarter of 2018 on a prospective basis. The adoption of ASU 2017-09 has not had and is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. In August 2016, the FASB issued Accounting Standards Update No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). ASU 2016-15 adds or clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows with the intent of reducing diversity in practice related to eight types of cash flows including, among others, debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination, and separately identifiable cash flows and application of the predominance principle. In addition, in November 2016, the FASB issued Accounting Standards Update No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”). ASU 2016-18 requires companies to include amounts generally described as restricted cash and restricted cash equivalents in cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the statement of cash flow. ASU 2016-15 and ASU 2016-18 were effective for and adopted by the Company beginning in the first quarter of 2018. The amendments were applied using a retrospective transition method to each period presented and impacted the Company’s presentation of the consolidated statements of cash flows. The adoption of ASU 2016-15 and ASU 2016-18 had no material impact on the Company’s consolidated financial position, results of operations or cash flows as the Company’s restricted cash balances are immaterial. In June 2016, the FASB issued Accounting Standards Update No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 introduces a new forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables and held-to-maturity debt securities, which will require entities to incorporate considerations of historical information, current information and reasonable and supportable forecasts. This ASU also expands disclosure requirements. ASU 2016-13 is effective for the Company beginning in the first quarter of 2020 and early adoption is permitted. The guidance will be applied using the modified-retrospective approach. The adoption of ASU 2016-13 is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). Under ASU 2016-02, a lessee will recognize in the statement of financial position a liability to make lease payments and a right-of-use asset for all leases (with the exception of short-term leases) at the commencement date. The recognition, measurement, and presentation of expenses and cash flows arising from a lease under ASU 2016-02 will not significantly change from current GAAP. ASU 2016-02 is effective beginning in the first quarter of 2019 with early adoption permitted. In July 2018, the FASB issued Accounting Standards Update No. 2018-11 “Leases (Topic 842): Targeted Improvements” (“ASU 2018-11”), which provides for the election of transition methods between the modified retrospective method and the optional transition relief method. The modified retrospective method is applied to all prior reporting periods presented with a cumulative-effect adjustment recorded in the earliest comparative period while the optional transition relief method is applied beginning in the period of adoption with a cumulative-effect adjustment recorded in the first quarter of 2019. The Company is currently evaluating the impact of adoption of ASU 2016-02 on its consolidated financial statements and the method of adoption under ASU 2018-11. Management anticipates that it will result in a significant increase in the Company’s long-term assets and liabilities but will have no material impact to its results of operations and cash flows. In May 2014, and in subsequent updates, the FASB issued ASC Topic 606, Revenue from Contracts with Customers, which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific requirements. ASC Topic 606 establishes a five-step revenue recognition process in which an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASC Topic 606 also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. ASC Topic 606 was effective for and adopted by the Company in the first quarter of 2018. The Company applied the modified retrospective approach to contracts which were not completed as of January 1, 2018. The adoption of these ASUs did not have and is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows or its business processes, systems and controls. The adoption of ASC Topic 606 resulted in an increase in revenues of $0.2 million and $0.8 million for the three and six months ended June 30, 2018, respectively, and primarily had the following impact on the Company’s financial statements:
See Note 3, Revenue, for additional details. |
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Accounts Receivable | Accounts Receivable Accounts receivable primarily represent the net cash due from the Company’s payment processor for cleared transactions and amounts owed from corporate customers, which are generally invoiced on a monthly basis. The carrying amount of the Company’s receivables is reduced by an allowance for doubtful accounts that reflects management’s best estimate of amounts that will not be collected based on historical loss experience and any current or forecasted specific risks. |
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Deferred Revenues | Deferred Revenues The Company’s deferred revenues consist primarily of gift card liabilities and certain incentive liabilities. These amounts are included within other accruals on the consolidated balance sheets and are not material to the Company’s consolidated financial position. The majority of gift cards and incentives issued by the Company are redeemed within a year. |
Acquisitions (Tables) - Eat24 and Foodler |
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Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Acquisition Date Fair Value of Assets and Liabilities | The following table summarizes the final purchase price allocation acquisition-date fair values of the assets and liabilities acquired in connection with the Eat24 and Foodler acquisitions:
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Pro Forma Summary of Operation | The following unaudited pro forma information presents a summary of the operating results of the Company for the three and six months ended June 30, 2017 as if the acquisitions of Eat24 and Foodler had occurred as of January 1 of the year prior to acquisition:
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Pro Forma Adjustments | The pro forma adjustments that reflect the amortization that would have been recognized for intangible assets, elimination of transaction costs incurred, stock-based compensation expense for replacement awards, interest expense for transaction financings and other adjustments, as well as the pro forma tax impact of such adjustments for the three and six months ended June 30, 2017 were as follows:
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Marketable Securities (Tables) |
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Investments Debt And Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Held-to-Maturity Marketable Securities | The amortized cost, unrealized gains and losses and estimated fair value of the Company’s held-to-maturity marketable securities as of June 30, 2018 and December 31, 2017 were as follows:
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Summary of Continuous Unrealized Loss on Marketable Securities | The gross unrealized losses, estimated fair value and length of time the individual marketable securities were in a continuous loss position for those marketable securities in an unrealized loss position as of June 30, 2018 and December 31, 2017 were as follows:
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Goodwill and Acquired Intangible Assets (Tables) |
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Goodwill And Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Acquired Intangible Assets (Finite Lived) | The components of acquired intangible assets as of June 30, 2018 and December 31, 2017 were as follows:
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Components of Acquired Intangible Assets (Infinite Lived) | The components of acquired intangible assets as of June 30, 2018 and December 31, 2017 were as follows:
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Estimated Future Amortization of Acquired Intangible Assets |
Estimated future amortization expense of acquired intangible assets as of June 30, 2018 was as follows:
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Property and Equipment (Tables) |
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Components of Property and Equipment | The components of the Company’s property and equipment as of June 30, 2018 and December 31, 2017 were as follows:
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Debt (Tables) |
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Schedule of Debt | The following table summarizes the carrying value of the Company’s debt as of June 30, 2018 and December 31, 2017:
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Stock-Based Compensation (Tables) |
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Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assumptions Used to Determine Fair Value of Stock Options Granted | The assumptions used to determine the fair value of the stock options granted during the six months ended June 30, 2018 and 2017 were as follows:
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Summary of Stock Option Activity | Stock option awards as of December 31, 2017 and June 30, 2018, and changes during the six months ended June 30, 2018, were as follows:
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Non-vested Restricted Stock Units | Non-vested restricted stock units as of December 31, 2017 and June 30, 2018, and changes during the six months ended June 30, 2018 were as follows:
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Stockholders' Equity (Tables) |
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity and Changes in Equity During Period | The Company’s equity as of December 31, 2017 and June 30, 2018, and changes during the six months ended June 30, 2018, were as follows:
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Earnings Per Share Attributable to Common Stockholders (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic and Diluted Net Income Per Share | The following tables present the calculation of basic and diluted net income per share attributable to common stockholders for the three and six months ended June 30, 2018 and 2017:
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Anti-dilutive Securities Excluded from Calculation of Diluted Net Income Per Share |
The number of shares of common stock underlying stock-based awards excluded from the calculation of diluted net income per share attributable to common stockholders because their effect would have been antidilutive for the three and six months ended June 30, 2018 and 2017 were as follows:
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Fair Value Measurement (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value and Carrying Value of Assets and Liabilities Recorded at Other Than Fair Value | The following table presents the fair value, for disclosure purposes only, and carrying value of the Company’s assets and liabilities that are recorded at other than fair value as of June 30, 2018 and December 31, 2017:
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Revenue - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2018 |
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Capitalized Contract Cost [Line Items] | ||
Capitalized contract acquisition costs | $ 2.8 | $ 4.9 |
Contract acquisition assets amortization | $ 0.2 | $ 0.3 |
Capitalized Contract Cost | ||
Capitalized Contract Cost [Line Items] | ||
Contract acquisition assets, estimated service period | 4 years |
Pro forma Summary of Operation (Detail) - Eat24 and Foodler - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2017 |
Jun. 30, 2017 |
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Business Acquisition [Line Items] | ||
Revenues | $ 180,854 | $ 358,504 |
Net income | $ 9,740 | $ 21,866 |
Net income per share attributable to common shareholders: | ||
Basic | $ 0.11 | $ 0.25 |
Diluted | $ 0.11 | $ 0.25 |
Pro Forma Adjustments for Additional Amortization of That Would Have Been Recognized on the Intangible Assets (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
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Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items] | ||||
Interest expense | $ 1,300 | $ 200 | $ 2,900 | $ 400 |
Income tax benefit | $ 4,191 | 7,341 | $ 3,955 | 14,611 |
Eat24 and Foodler | Pro Forma | ||||
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items] | ||||
Depreciation and amortization | 2,743 | 6,366 | ||
Transaction costs | (725) | (1,134) | ||
Stock-based compensation | (756) | (1,382) | ||
Interest expense | 1,214 | 2,431 | ||
Other | 1,463 | 2,830 | ||
Income tax benefit | $ (1,635) | $ (3,781) |
Marketable Securities - Additional Information (Detail) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
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Schedule Of Held To Maturity Securities [Line Items] | ||||
Other-than-temporary impairment losses related to marketable securities | $ 0 | $ 0 | $ 0 | $ 0 |
Net Interest (Income) Expense | ||||
Schedule Of Held To Maturity Securities [Line Items] | ||||
Interest income | $ 1,300,000 | $ 600,000 | $ 1,900,000 | $ 1,000,000 |
Goodwill and Acquired Intangible Assets - Additional Information (Detail) - USD ($) |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
Oct. 10, 2017 |
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Goodwill And Intangible Assets Disclosure [Abstract] | ||||||
Intangible assets amortization expense | $ 9,600,000 | $ 5,100,000 | $ 21,100,000 | $ 10,400,000 | ||
Changes in carrying amount of goodwill | 0 | |||||
Goodwill | $ 589,862,000 | $ 589,862,000 | $ 589,862,000 | $ 153,407,000 |
Estimated Future Amortization of Acquired Intangible Assets (Detail) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
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Goodwill And Intangible Assets Disclosure [Abstract] | ||
The remainder of 2018 | $ 18,512 | |
2019 | 33,554 | |
2020 | 32,254 | |
2021 | 32,254 | |
2022 | 30,292 | |
Thereafter | 257,942 | |
Amortizable intangible assets, Net Carrying Value | $ 404,808 | $ 425,877 |
Components of Property and Equipment (Detail) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
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Property Plant And Equipment [Line Items] | ||
Property and equipment | $ 146,190 | $ 116,780 |
Accumulated amortization and depreciation | (56,982) | (45,396) |
Property and equipment, net | 89,208 | 71,384 |
Developed software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 67,717 | 52,041 |
Computer equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 41,249 | 31,601 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 26,526 | 23,400 |
Furniture and fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 7,296 | 6,857 |
Purchased Software and Digital Assets | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 3,286 | $ 2,881 |
Construction in progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | $ 116 |
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
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Property Plant And Equipment [Line Items] | |||||
Depreciation and amortization | $ 19,849 | $ 10,414 | $ 40,800 | $ 20,454 | |
Gross carrying amount and accumulated amortization of property and equipment | 146,190 | 146,190 | $ 116,780 | ||
Capitalized developed software costs | 9,100 | 6,400 | 17,300 | 12,100 | |
Property And Equipment Excluding Developed Software | |||||
Property Plant And Equipment [Line Items] | |||||
Depreciation and amortization | 5,400 | 2,800 | 10,500 | 5,100 | |
Leasehold Improvements, Developed Software and Furniture and Fixtures | Fully amortized assets | |||||
Property Plant And Equipment [Line Items] | |||||
Gross carrying amount and accumulated amortization of property and equipment | 7,700 | 7,700 | |||
Developed software | |||||
Property Plant And Equipment [Line Items] | |||||
Depreciation and amortization | $ 4,800 | $ 2,600 | $ 9,200 | $ 5,000 |
Commitments and Contingencies - Additional Information (Detail) $ in Millions |
Jun. 30, 2018
USD ($)
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Maximum | Merger Income Tax Consequences | |
Loss Contingencies [Line Items] | |
Indemnification related to business combination | $ 15.0 |
Schedule of Debt (Detail) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Instrument [Line Items] | ||
Total debt | $ 122,656 | $ 174,219 |
Less current portion | (5,469) | (3,906) |
Less unamortized deferred debt issuance costs | (589) | (668) |
Long-term debt | 116,598 | 169,645 |
Term loan | ||
Debt Instrument [Line Items] | ||
Total debt | $ 122,656 | 124,219 |
Revolving loan | ||
Debt Instrument [Line Items] | ||
Total debt | $ 50,000 |
Debt - Additional Information (Detail) - USD ($) |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Oct. 10, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
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Debt Instrument [Line Items] | ||||||
Long-term debt | $ 122,656,000 | $ 122,656,000 | $ 174,219,000 | |||
Credit facility, expiration date | Oct. 09, 2022 | |||||
Repayment of borrowings | 51,562,000 | |||||
Unamortized Debt Issuance Expense | 2,100,000 | 2,100,000 | ||||
Interest expense | 1,300,000 | $ 200,000 | 2,900,000 | $ 400,000 | ||
Revolving Loans | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 50,000,000 | |||||
Term Loans | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 122,656,000 | $ 122,656,000 | $ 124,219,000 | |||
Credit Agreement | Revolving Loans | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 225,000,000 | |||||
Credit facility, additional borrowing capacity | 150,000,000 | |||||
Credit Agreement | Term Loans | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 125,000,000 |
Assumptions Used to Determine Fair Value of Stock Options Granted (Detail) - $ / shares |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
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Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Weighted-average fair value options granted | $ 33.52 | $ 15.19 | ||
Average risk-free interest rate | 2.40% | 1.65% | ||
Expected stock price volatility | [1] | 45.70% | 48.70% | |
Dividend yield | 0.00% | 0.00% | ||
Expected stock option life (years) | 4 years | 4 years | ||
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Non-vested Restricted Stock Units (Detail) - Restricted Stock Units |
6 Months Ended |
---|---|
Jun. 30, 2018
$ / shares
shares
| |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares, Beginning Balance | shares | 2,454,801 |
Shares, Granted | shares | 945,107 |
Shares, Forfeited | shares | (208,530) |
Shares, Vested | shares | (586,897) |
Shares, Ending Balance | shares | 2,604,481 |
Weighted-Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 37.56 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 88.18 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 47.04 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 35.27 |
Weighted-Average Grant Date Fair Value, Ending Balance | $ / shares | $ 55.68 |
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
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Income Tax [Line Items] | ||||
Effective income tax rate | 12.20% | 33.20% | 6.10% | 31.00% |
Corporate income tax rate | 21.00% | 35.00% | 21.00% | 35.00% |
Income tax examination description | The Company is currently under examination in New York for corporate income tax returns for the tax years ended December 31, 2014, 2015 and 2016. The Company does not believe, but cannot predict with certainty, that there will not be any additional tax liabilities, penalties and/or interest as a result of the audit. | |||
Income Tax Expense | ||||
Income Tax [Line Items] | ||||
Excess tax benefits from stock-based compensation | $ 5.7 | $ 1.6 | $ 13.9 | $ 3.5 |
Equity and Changes in Equity During Period (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
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Class Of Stock [Line Items] | ||||||
Balance at beginning of period | $ 1,117,816 | |||||
Net income | $ 30,120 | $ 14,754 | 60,886 | $ 32,469 | ||
Currency translation | (656) | $ 343 | (300) | $ 450 | ||
Stock-based compensation | 25,883 | |||||
Shares repurchased and retired to satisfy tax withholding upon vesting | (18,717) | |||||
Stock option exercises, net of withholdings and other | 9,958 | |||||
Balance at end of period | 1,396,408 | 1,396,408 | ||||
Common stock | Accredited Investor | ||||||
Class Of Stock [Line Items] | ||||||
Issuance of common stock | 200,000 | |||||
ASC Topic 606 | ||||||
Class Of Stock [Line Items] | ||||||
Cumulative effect of change in accounting principle | [1] | $ 882 | $ 882 | |||
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Earnings Per Share Attributable to Common Stockholders - Additional Information (Detail) |
Apr. 25, 2018
shares
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Investment Agreement | Common stock | Accredited Investor | |
Class Of Stock [Line Items] | |
Shares issued and sold | 2,820,464 |
Anti-dilutive Securities Excluded from Calculation of Diluted Net Income Per Share (Detail) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
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Stock Options | ||||
Anti-dilutive shares underlying stock-based awards: | ||||
Anti-dilutive shares underlying stock-based awards | 347,891 | 1,083,992 | 347,891 | 1,083,992 |
Restricted Stock Units | ||||
Anti-dilutive shares underlying stock-based awards: | ||||
Anti-dilutive shares underlying stock-based awards | 38,295 | 97,488 | 38,295 | 97,488 |
Subsequent Events - Additional Information (Detail) $ in Millions |
Jul. 24, 2018
USD ($)
|
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Subsequent Event | LevelUp | |
Subsequent Event [Line Items] | |
Total consideration | $ 390 |