| Equity
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Accounts Receivable | |||||
December 31, 2012 | September 30, 2013 | ||||
Google | 40 | % | 31 | % | |
Customer A | N/A | 11 |
Revenue | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||
Google | 51 | % | 50 | % | 57 | % | 52 | % |
Cost of Revenue | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||
Customer A | 19 | % | 24 | % | 20 | % | 21 | % | |||
Customer B | 16 | 13 | 17 | 13 | |||||||
Customer C | 13 | 10 | 13 | 11 | |||||||
Customer D | 12 | 15 | 12 | 13 |
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December 31, 2012 | September 30, 2013 | ||||||
Computer equipment (1) | $ | 17,630 | $ | 18,829 | |||
Computer software | 3,715 | 4,575 | |||||
Furniture and fixtures | 1,050 | 1,520 | |||||
Leasehold improvements | 732 | 968 | |||||
Work in process (2) | 226 | 2,931 | |||||
Other | 173 | 173 | |||||
23,526 | 28,996 | ||||||
Less accumulated depreciation (3) | (12,483 | ) | (15,752 | ) | |||
Total property and equipment—net | $ | 11,043 | $ | 13,244 |
(1) | Includes equipment under capital lease obligations of approximately $5,882 and $4,988 as of December 31, 2012 and September 30, 2013, respectively. |
(2) | Includes internal-use software development costs of $40 and $2,800 as of December 31, 2012 and September 30, 2013, respectively. |
(3) | Includes $1,834 and $1,798 of accumulated depreciation of equipment under capital leases as of December 31, 2012 and September 30, 2013, respectively. |
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December 31, 2012 | September 30, 2013 | ||||||
Accrued compensation | $ | 4,265 | $ | 3,160 | |||
Accrued content fees | 555 | 881 | |||||
Accrued property and equipment expenditures | 132 | 593 | |||||
Accrued business acquisition consideration | 500 | — | |||||
Unearned revenue on contracts | 297 | 437 | |||||
Other | 1,579 | 972 | |||||
Total | $ | 7,328 | $ | 6,043 |
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Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||
Revenue | |||||||||||||||
United States | $ | 28,152 | $ | 26,386 | $ | 89,307 | $ | 81,883 | |||||||
United Kingdom | 174 | 165 | 496 | 519 | |||||||||||
Total revenue | $ | 28,326 | $ | 26,551 | $ | 89,803 | $ | 82,402 |
December 31, 2012 | September 30, 2013 | ||||||
Long-lived tangible assets | |||||||
United States | $ | 10,638 | $ | 12,984 | |||
Netherlands | 405 | 260 | |||||
Total long-lived tangible assets | $ | 11,043 | $ | 13,244 |
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Year ending December 31: | |||
2013 (remaining three months) | $ | 1,220 | |
2014 | 1,419 | ||
2015 | 1,080 | ||
2016 | 1,080 | ||
2017 | 360 | ||
Due after 5 years | — | ||
Total contract commitments | $ | 5,159 |
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Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||
Research and development | $ | 146 | $ | 318 | $ | 373 | $ | 860 | |||||||
Sales and marketing | 119 | 97 | 292 | 249 | |||||||||||
General and administrative | 255 | 268 | 838 | 753 | |||||||||||
Total stock-based compensation expense | $ | 520 | $ | 683 | $ | 1,503 | $ | 1,862 |
Number of Stock Options | Weighted Average Exercise Price | Aggregate Intrinsic Value (in thousands) | Weighted Average Remaining Contractual Term (in years) | |||||||||
Outstanding—January 1, 2013 | 4,510,807 | $ | 4.06 | |||||||||
Granted | 1,240,750 | 3.57 | ||||||||||
Exercised | (141,471 | ) | 1.26 | |||||||||
Forfeited | (138,198 | ) | 6.83 | |||||||||
Outstanding—September 30, 2013 | 5,471,888 | 3.91 | $ | 1,115 | 7.43 | |||||||
Vested and expected to vest—September 30, 2013 | 5,029,234 | 3.85 | $ | 1,115 | 7.31 | |||||||
Vested and exercisable—September 30, 2013 | 2,520,618 | 3.06 | $ | 1,114 | 5.78 |
Grant Date | Options Granted | Weighted- Average Exercise Price | Expected Life of Options (In years) | Risk-Free Interest Rate | Expected Volatility | Expected Dividend Yield | |||||||||||
February 3, 2013 | 44,500 | $ | 5.55 | 6.25 | 1.43 | % | 61 | % | — | % | |||||||
March 11, 2013 | 50,500 | $ | 3.12 | 6.25 | 1.43 | % | 60 | % | — | % | |||||||
April 29, 2013 | 62,500 | $ | 2.88 | 6.25 | 1.10 | % | 60 | % | — | % | |||||||
May 16, 2013 | 889,250 | $ | 3.68 | 6.25 | 1.25 | % | 60 | % | — | % | |||||||
June 17, 2013 | 45,000 | $ | 3.23 | 6.25 | 1.57 | % | 60 | % | — | % | |||||||
July 26, 2013 | 47,500 | $ | 3.25 | 6.25 | 1.67 | % | 59 | % | — | % | |||||||
September 16, 2013 | 101,500 | $ | 2.69 | 6.25 | 1.96 | % | 59 | % | — | % |
Number of Shares | Weighted-Average Grant Date Fair Value | |||||
Unvested - January 1, 2013 | 50,000 | $ | 5.82 | |||
Granted | 7,500 | 3.86 | ||||
Released | — | — | ||||
Forfeited | — | — | ||||
Unvested - September 30, 2013 | 57,500 | $ | 5.54 | |||
Expected to vest—September 30, 2013 | 48,875 | $ | 5.54 |
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Accounts Receivable | |||||
December 31, 2012 | September 30, 2013 | ||||
Google | 40 | % | 31 | % | |
Customer A | N/A | 11 |
Revenue | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||
Google | 51 | % | 50 | % | 57 | % | 52 | % |
Cost of Revenue | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||
Customer A | 19 | % | 24 | % | 20 | % | 21 | % | |||
Customer B | 16 | 13 | 17 | 13 | |||||||
Customer C | 13 | 10 | 13 | 11 | |||||||
Customer D | 12 | 15 | 12 | 13 |
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Accounts Receivable | |||||
December 31, 2012 | September 30, 2013 | ||||
Google | 40 | % | 31 | % | |
Customer A | N/A | 11 |
Revenue | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||
Google | 51 | % | 50 | % | 57 | % | 52 | % |
Cost of Revenue | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||
Customer A | 19 | % | 24 | % | 20 | % | 21 | % | |||
Customer B | 16 | 13 | 17 | 13 | |||||||
Customer C | 13 | 10 | 13 | 11 | |||||||
Customer D | 12 | 15 | 12 | 13 |
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December 31, 2012 | September 30, 2013 | ||||||
Computer equipment (1) | $ | 17,630 | $ | 18,829 | |||
Computer software | 3,715 | 4,575 | |||||
Furniture and fixtures | 1,050 | 1,520 | |||||
Leasehold improvements | 732 | 968 | |||||
Work in process (2) | 226 | 2,931 | |||||
Other | 173 | 173 | |||||
23,526 | 28,996 | ||||||
Less accumulated depreciation (3) | (12,483 | ) | (15,752 | ) | |||
Total property and equipment—net | $ | 11,043 | $ | 13,244 |
(1) | Includes equipment under capital lease obligations of approximately $5,882 and $4,988 as of December 31, 2012 and September 30, 2013, respectively. |
(2) | Includes internal-use software development costs of $40 and $2,800 as of December 31, 2012 and September 30, 2013, respectively. |
(3) | Includes $1,834 and $1,798 of accumulated depreciation of equipment under capital leases as of December 31, 2012 and September 30, 2013, respectively. |
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December 31, 2012 | September 30, 2013 | ||||||
Accrued compensation | $ | 4,265 | $ | 3,160 | |||
Accrued content fees | 555 | 881 | |||||
Accrued property and equipment expenditures | 132 | 593 | |||||
Accrued business acquisition consideration | 500 | — | |||||
Unearned revenue on contracts | 297 | 437 | |||||
Other | 1,579 | 972 | |||||
Total | $ | 7,328 | $ | 6,043 |
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Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||
Revenue | |||||||||||||||
United States | $ | 28,152 | $ | 26,386 | $ | 89,307 | $ | 81,883 | |||||||
United Kingdom | 174 | 165 | 496 | 519 | |||||||||||
Total revenue | $ | 28,326 | $ | 26,551 | $ | 89,803 | $ | 82,402 |
December 31, 2012 | September 30, 2013 | ||||||
Long-lived tangible assets | |||||||
United States | $ | 10,638 | $ | 12,984 | |||
Netherlands | 405 | 260 | |||||
Total long-lived tangible assets | $ | 11,043 | $ | 13,244 |
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Year ending December 31: | |||
2013 (remaining three months) | $ | 1,220 | |
2014 | 1,419 | ||
2015 | 1,080 | ||
2016 | 1,080 | ||
2017 | 360 | ||
Due after 5 years | — | ||
Total contract commitments | $ | 5,159 |
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Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||
Research and development | $ | 146 | $ | 318 | $ | 373 | $ | 860 | |||||||
Sales and marketing | 119 | 97 | 292 | 249 | |||||||||||
General and administrative | 255 | 268 | 838 | 753 | |||||||||||
Total stock-based compensation expense | $ | 520 | $ | 683 | $ | 1,503 | $ | 1,862 |
Number of Stock Options | Weighted Average Exercise Price | Aggregate Intrinsic Value (in thousands) | Weighted Average Remaining Contractual Term (in years) | |||||||||
Outstanding—January 1, 2013 | 4,510,807 | $ | 4.06 | |||||||||
Granted | 1,240,750 | 3.57 | ||||||||||
Exercised | (141,471 | ) | 1.26 | |||||||||
Forfeited | (138,198 | ) | 6.83 | |||||||||
Outstanding—September 30, 2013 | 5,471,888 | 3.91 | $ | 1,115 | 7.43 | |||||||
Vested and expected to vest—September 30, 2013 | 5,029,234 | 3.85 | $ | 1,115 | 7.31 | |||||||
Vested and exercisable—September 30, 2013 | 2,520,618 | 3.06 | $ | 1,114 | 5.78 |
Grant Date | Options Granted | Weighted- Average Exercise Price | Expected Life of Options (In years) | Risk-Free Interest Rate | Expected Volatility | Expected Dividend Yield | |||||||||||
February 3, 2013 | 44,500 | $ | 5.55 | 6.25 | 1.43 | % | 61 | % | — | % | |||||||
March 11, 2013 | 50,500 | $ | 3.12 | 6.25 | 1.43 | % | 60 | % | — | % | |||||||
April 29, 2013 | 62,500 | $ | 2.88 | 6.25 | 1.10 | % | 60 | % | — | % | |||||||
May 16, 2013 | 889,250 | $ | 3.68 | 6.25 | 1.25 | % | 60 | % | — | % | |||||||
June 17, 2013 | 45,000 | $ | 3.23 | 6.25 | 1.57 | % | 60 | % | — | % | |||||||
July 26, 2013 | 47,500 | $ | 3.25 | 6.25 | 1.67 | % | 59 | % | — | % | |||||||
September 16, 2013 | 101,500 | $ | 2.69 | 6.25 | 1.96 | % | 59 | % | — | % |
Number of Shares | Weighted-Average Grant Date Fair Value | |||||
Unvested - January 1, 2013 | 50,000 | $ | 5.82 | |||
Granted | 7,500 | 3.86 | ||||
Released | — | — | ||||
Forfeited | — | — | ||||
Unvested - September 30, 2013 | 57,500 | $ | 5.54 | |||
Expected to vest—September 30, 2013 | 48,875 | $ | 5.54 |
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