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Accounts Receivable | |||||
December 31, 2013 | March 31, 2014 | ||||
Google | 47 | % | 30 | % | |
Display Advertising Partner (1) | 11 | % | N/A |
(1) | As of March 31, 2014, the accounts receivable of the Display Advertising Partner was less than 10%. |
Revenue | ||||
Three Months Ended March 31, | ||||
2013 | 2014 | |||
Google | 54 | % | 51 | % |
Display Advertising Partner (1) | N/A | N/A |
(1) | For the three months ended March 31, 2013 and 2014, the revenue earned directly from the Display Advertising Partner was less than 10%. |
Cost of Revenue | |||||
Three Months Ended March 31, | |||||
2013 | 2014 | ||||
Customer A | 20 | % | 23 | % | |
Customer B | 14 | 15 | |||
Customer C | 14 | 11 | |||
Customer D | 11 | 10 |
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December 31, 2013 | March 31, 2014 | ||||||
Computer equipment (1) | $ | 19,361 | $ | 19,526 | |||
Computer software | 4,625 | 5,044 | |||||
Furniture and fixtures | 1,634 | 1,656 | |||||
Leasehold improvements | 1,044 | 1,044 | |||||
Work in process (primarily software development costs) | 3,893 | 4,646 | |||||
Other | 173 | 173 | |||||
30,730 | 32,089 | ||||||
Less accumulated depreciation (2) | (16,645 | ) | (17,700 | ) | |||
Total property and equipment—net | $ | 14,085 | $ | 14,389 |
(1) | Includes equipment under capital lease obligations of approximately $5,289 and $5,702 as of December 31, 2013 and March 31, 2014, respectively. |
(2) | Includes $2,053 and $2,315 of accumulated depreciation of equipment under capital leases as of December 31, 2013 and March 31, 2014, respectively. |
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December 31, 2013 | March 31, 2014 | ||||||
Accrued compensation | $ | 2,787 | $ | 2,196 | |||
Accrued content fees | 580 | 1,111 | |||||
Unearned revenue on contracts | 247 | 235 | |||||
Other | 1,563 | 651 | |||||
Total | $ | 5,177 | $ | 4,193 |
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Three Months Ended March 31, | |||||||
2013 | 2014 | ||||||
Revenue | |||||||
United States | $ | 28,966 | $ | 25,078 | |||
United Kingdom | 177 | 170 | |||||
Total revenue | $ | 29,143 | $ | 25,248 |
December 31, 2013 | March 31, 2014 | ||||||
Long-lived tangible assets | |||||||
United States | $ | 13,825 | $ | 14,129 | |||
Netherlands | 260 | 260 | |||||
Total long-lived tangible assets | $ | 14,085 | $ | 14,389 |
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Year ending December 31: | |||
2014 (remaining nine months) | $ | 3,503 | |
2015 | 1,630 | ||
2016 | 1,080 | ||
2017 | 360 | ||
2018 | — | ||
Due after 5 years | — | ||
Total contract commitments | $ | 6,573 |
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Three Months Ended March 31, | |||||||
2013 | 2014 | ||||||
Shares of common stock repurchased | — | 22,000 | |||||
Value of common stock repurchased (In thousands) | $ | — | $ | 56 |
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Three Months Ended March 31, | |||||||
2013 | 2014 | ||||||
Research and development | $ | 261 | $ | 327 | |||
Sales and marketing | 76 | 108 | |||||
General and administrative | 225 | 246 | |||||
Total stock-based compensation expense | $ | 562 | $ | 681 |
Number of Stock Options | Weighted Average Exercise Price | Aggregate Intrinsic Value (in thousands) | Weighted Average Remaining Contractual Term (in years) | |||||||||
Outstanding—January 1, 2014 | 5,770,168 | $ | 3.85 | |||||||||
Granted | 127,000 | 2.51 | ||||||||||
Exercised | (101,501 | ) | 0.25 | |||||||||
Forfeited | (163,459 | ) | 3.52 | |||||||||
Outstanding—March 31, 2014 | 5,632,208 | 3.89 | $ | 761 | 7.27 | |||||||
Vested and expected to vest—March 31, 2014 | 5,209,298 | 3.83 | $ | 760 | 7.15 | |||||||
Vested and exercisable—March 31, 2014 | 2,812,810 | 3.46 | $ | 754 | 5.86 |
Grant Date | Options Granted | Weighted- Average Exercise Price | Expected Life of Options (In years) | Risk-Free Interest Rate | Expected Volatility | Expected Dividend Yield | |||||||||||
February 12, 2014 | 102,500 | $ | 2.49 | 6.25 | 2.23 | % | 58 | % | — | % | |||||||
March 19, 2014 | 24,500 | $ | 2.57 | 6.25 | 2.21 | % | 58 | % | — | % |
Number of Shares | Weighted-Average Grant Date Fair Value | |||||
Unvested - January 1, 2014 | 45,000 | $ | 5.46 | |||
Granted | — | — | ||||
Released | (3,125 | ) | 5.82 | |||
Forfeited | (4,000 | ) | 3.68 | |||
Unvested - March 31, 2014 | 37,875 | $ | 5.62 | |||
Expected to vest—March 31, 2014 | 32,194 | $ | 5.62 |
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March 31, 2013 | March 31, 2014 | ||||||
Revenue | $ | — | $ | — | |||
Loss from operations | — | (246 | ) | ||||
Net Loss | $ | — | $ | (246 | ) |
December 31, 2013 | March 31, 2014 | ||||||
Total Assets | $ | 442 | $ | 458 | |||
Total Liabilities | $ | 77 | $ | 187 |
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Accounts Receivable | |||||
December 31, 2013 | March 31, 2014 | ||||
Google | 47 | % | 30 | % | |
Display Advertising Partner (1) | 11 | % | N/A |
(1) | As of March 31, 2014, the accounts receivable of the Display Advertising Partner was less than 10%. |
Revenue | ||||
Three Months Ended March 31, | ||||
2013 | 2014 | |||
Google | 54 | % | 51 | % |
Display Advertising Partner (1) | N/A | N/A |
(1) | For the three months ended March 31, 2013 and 2014, the revenue earned directly from the Display Advertising Partner was less than 10%. |
Cost of Revenue | |||||
Three Months Ended March 31, | |||||
2013 | 2014 | ||||
Customer A | 20 | % | 23 | % | |
Customer B | 14 | 15 | |||
Customer C | 14 | 11 | |||
Customer D | 11 | 10 |
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Cost of Revenue | |||||
Three Months Ended March 31, | |||||
2013 | 2014 | ||||
Customer A | 20 | % | 23 | % | |
Customer B | 14 | 15 | |||
Customer C | 14 | 11 | |||
Customer D | 11 | 10 |
Accounts Receivable | |||||
December 31, 2013 | March 31, 2014 | ||||
Google | 47 | % | 30 | % | |
Display Advertising Partner (1) | 11 | % | N/A |
(1) | As of March 31, 2014, the accounts receivable of the Display Advertising Partner was less than 10%. |
Revenue | ||||
Three Months Ended March 31, | ||||
2013 | 2014 | |||
Google | 54 | % | 51 | % |
Display Advertising Partner (1) | N/A | N/A |
(1) | For the three months ended March 31, 2013 and 2014, the revenue earned directly from the Display Advertising Partner was less than 10%. |
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December 31, 2013 | March 31, 2014 | ||||||
Computer equipment (1) | $ | 19,361 | $ | 19,526 | |||
Computer software | 4,625 | 5,044 | |||||
Furniture and fixtures | 1,634 | 1,656 | |||||
Leasehold improvements | 1,044 | 1,044 | |||||
Work in process (primarily software development costs) | 3,893 | 4,646 | |||||
Other | 173 | 173 | |||||
30,730 | 32,089 | ||||||
Less accumulated depreciation (2) | (16,645 | ) | (17,700 | ) | |||
Total property and equipment—net | $ | 14,085 | $ | 14,389 |
(1) | Includes equipment under capital lease obligations of approximately $5,289 and $5,702 as of December 31, 2013 and March 31, 2014, respectively. |
(2) | Includes $2,053 and $2,315 of accumulated depreciation of equipment under capital leases as of December 31, 2013 and March 31, 2014, respectively. |
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December 31, 2013 | March 31, 2014 | ||||||
Accrued compensation | $ | 2,787 | $ | 2,196 | |||
Accrued content fees | 580 | 1,111 | |||||
Unearned revenue on contracts | 247 | 235 | |||||
Other | 1,563 | 651 | |||||
Total | $ | 5,177 | $ | 4,193 |
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Three Months Ended March 31, | |||||||
2013 | 2014 | ||||||
Revenue | |||||||
United States | $ | 28,966 | $ | 25,078 | |||
United Kingdom | 177 | 170 | |||||
Total revenue | $ | 29,143 | $ | 25,248 |
December 31, 2013 | March 31, 2014 | ||||||
Long-lived tangible assets | |||||||
United States | $ | 13,825 | $ | 14,129 | |||
Netherlands | 260 | 260 | |||||
Total long-lived tangible assets | $ | 14,085 | $ | 14,389 |
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Year ending December 31: | |||
2014 (remaining nine months) | $ | 3,503 | |
2015 | 1,630 | ||
2016 | 1,080 | ||
2017 | 360 | ||
2018 | — | ||
Due after 5 years | — | ||
Total contract commitments | $ | 6,573 |
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Three Months Ended March 31, | |||||||
2013 | 2014 | ||||||
Shares of common stock repurchased | — | 22,000 | |||||
Value of common stock repurchased (In thousands) | $ | — | $ | 56 |
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Three Months Ended March 31, | |||||||
2013 | 2014 | ||||||
Research and development | $ | 261 | $ | 327 | |||
Sales and marketing | 76 | 108 | |||||
General and administrative | 225 | 246 | |||||
Total stock-based compensation expense | $ | 562 | $ | 681 |
Number of Stock Options | Weighted Average Exercise Price | Aggregate Intrinsic Value (in thousands) | Weighted Average Remaining Contractual Term (in years) | |||||||||
Outstanding—January 1, 2014 | 5,770,168 | $ | 3.85 | |||||||||
Granted | 127,000 | 2.51 | ||||||||||
Exercised | (101,501 | ) | 0.25 | |||||||||
Forfeited | (163,459 | ) | 3.52 | |||||||||
Outstanding—March 31, 2014 | 5,632,208 | 3.89 | $ | 761 | 7.27 | |||||||
Vested and expected to vest—March 31, 2014 | 5,209,298 | 3.83 | $ | 760 | 7.15 | |||||||
Vested and exercisable—March 31, 2014 | 2,812,810 | 3.46 | $ | 754 | 5.86 |
Grant Date | Options Granted | Weighted- Average Exercise Price | Expected Life of Options (In years) | Risk-Free Interest Rate | Expected Volatility | Expected Dividend Yield | |||||||||||
February 12, 2014 | 102,500 | $ | 2.49 | 6.25 | 2.23 | % | 58 | % | — | % | |||||||
March 19, 2014 | 24,500 | $ | 2.57 | 6.25 | 2.21 | % | 58 | % | — | % |
Number of Shares | Weighted-Average Grant Date Fair Value | |||||
Unvested - January 1, 2014 | 45,000 | $ | 5.46 | |||
Granted | — | — | ||||
Released | (3,125 | ) | 5.82 | |||
Forfeited | (4,000 | ) | 3.68 | |||
Unvested - March 31, 2014 | 37,875 | $ | 5.62 | |||
Expected to vest—March 31, 2014 | 32,194 | $ | 5.62 |
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March 31, 2013 | March 31, 2014 | ||||||
Revenue | $ | — | $ | — | |||
Loss from operations | — | (246 | ) | ||||
Net Loss | $ | — | $ | (246 | ) |
December 31, 2013 | March 31, 2014 | ||||||
Total Assets | $ | 442 | $ | 458 | |||
Total Liabilities | $ | 77 | $ | 187 |
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