|
|
|
|
|
|
|
|
|
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
September 30, 2016 | |||||||||||||||
U.S. agency obligations | $ | 34,481 | $ | 24 | $ | — | $ | 34,505 | |||||||
U.S. treasury securities | 26,807 | 15 | (1 | ) | 26,821 | ||||||||||
Money market mutual funds | 32,468 | — | — | 32,468 | |||||||||||
93,756 | 39 | (1 | ) | 93,794 | |||||||||||
Included in cash and cash equivalents | 32,468 | — | — | 32,468 | |||||||||||
Included in marketable securities | $ | 61,288 | $ | 39 | $ | (1 | ) | $ | 61,326 |
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
December 31, 2015 | |||||||||||||||
U.S. agency obligations | $ | 83,763 | $ | — | $ | (48 | ) | $ | 83,715 | ||||||
U.S. treasury securities | 33,924 | — | (31 | ) | 33,893 | ||||||||||
Money market mutual funds | 1,038 | — | — | 1,038 | |||||||||||
118,725 | — | (79 | ) | 118,646 | |||||||||||
Included in cash and cash equivalents | 4,038 | — | (1 | ) | 4,037 | ||||||||||
Included in marketable securities | $ | 101,334 | $ | — | $ | (60 | ) | $ | 101,274 | ||||||
Included in marketable securities, noncurrent | $ | 13,353 | $ | — | $ | (18 | ) | $ | 13,335 |
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
December 31, 2015 | |||||||||||||||
U.S. agency obligations | $ | 83,763 | $ | — | $ | (48 | ) | $ | 83,715 | ||||||
U.S. treasury securities | 33,924 | — | (31 | ) | 33,893 | ||||||||||
Money market mutual funds | 1,038 | — | — | 1,038 | |||||||||||
118,725 | — | (79 | ) | 118,646 | |||||||||||
Included in cash and cash equivalents | 4,038 | — | (1 | ) | 4,037 | ||||||||||
Included in marketable securities | $ | 101,334 | $ | — | $ | (60 | ) | $ | 101,274 | ||||||
Included in marketable securities, noncurrent | $ | 13,353 | $ | — | $ | (18 | ) | $ | 13,335 |
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
December 31, 2014 | |||||||||||||||
U.S. agency obligations | $ | 177,297 | $ | 4 | $ | (44 | ) | $ | 177,257 | ||||||
U.S. treasury securities | 5,580 | 1 | — | 5,581 | |||||||||||
Money market mutual funds | 1,919 | — | — | 1,919 | |||||||||||
184,796 | 5 | (44 | ) | 184,757 | |||||||||||
Included in cash and cash equivalents | 3,480 | — | — | 3,480 | |||||||||||
Included in marketable securities | $ | 175,093 | $ | 5 | $ | (41 | ) | $ | 175,057 | ||||||
Included in marketable securities, noncurrent | $ | 6,223 | $ | — | $ | (3 | ) | $ | 6,220 |
|
|
• | there is persuasive evidence of an arrangement; |
• | the service has been provided to the customer; |
• | collection of the fees is reasonably assured; and |
• | the amount of fees to be paid by the customer is fixed or determinable. |
Software | 3–5 years | |
Computer equipment | 3 years | |
Furniture and equipment | 5–7 years | |
Leasehold improvements | Shorter of the lease term or the estimated useful lives of the improvements |
Year Ended December 31, | |||||||
2015 | 2014 | 2013 | |||||
Revenue: | |||||||
Customer A | * | 14 | % | 16 | % |
As of December 31, | |||||
2015 | 2014 | ||||
Accounts Receivable: | |||||
Customer B | * | 12 | % | ||
Customer C | 19 | % | 19 | % |
|
Level 1 | Level 2 | Total | |||||||||
September 30, 2016 | |||||||||||
Cash equivalents: | |||||||||||
Money market mutual funds | $ | 32,468 | $ | — | $ | 32,468 | |||||
Marketable securities: | |||||||||||
U.S. agency obligations | — | 34,505 | 34,505 | ||||||||
U.S. treasury securities | — | 26,821 | 26,821 | ||||||||
$ | 32,468 | $ | 61,326 | $ | 93,794 |
Level 1 | Level 2 | Total | |||||||||
December 31, 2015 | |||||||||||
Cash equivalents: | |||||||||||
Money market mutual funds | $ | 1,038 | $ | — | $ | 1,038 | |||||
U.S. agency obligations | — | 3,000 | 3,000 | ||||||||
Marketable securities: | |||||||||||
U.S. agency obligations | — | 80,715 | 80,715 | ||||||||
U.S. treasury securities | — | 33,893 | 33,893 | ||||||||
$ | 1,038 | $ | 117,608 | $ | 118,646 |
Level 1 | Level 2 | Total | |||||||||
December 31, 2015 | |||||||||||
Cash equivalents: | |||||||||||
Money market mutual funds | $ | 1,038 | $ | — | $ | 1,038 | |||||
U.S. agency obligations | — | 3,000 | 3,000 | ||||||||
Marketable securities: | |||||||||||
U.S. agency obligations | — | 80,715 | 80,715 | ||||||||
U.S. treasury securities | — | 33,893 | 33,893 | ||||||||
$ | 1,038 | $ | 117,608 | $ | 118,646 |
Level 1 | Level 2 | Total | |||||||||
December 31, 2014 | |||||||||||
Cash equivalents: | |||||||||||
Money market mutual funds | $ | 1,919 | $ | — | $ | 1,919 | |||||
U.S. agency obligations | — | 1,561 | 1,561 | ||||||||
Marketable securities: | |||||||||||
U.S. agency obligations | — | 175,696 | 175,696 | ||||||||
U.S. treasury securities | — | 5,581 | 5,581 | ||||||||
$ | 1,919 | $ | 182,838 | $ | 184,757 |
|
As of December 31, | |||||||
2015 | 2014 | ||||||
Prepaid expenses and advances | $ | 3,033 | $ | 2,285 | |||
Security deposit | 228 | 211 | |||||
Interest receivable on marketable securities | 361 | 537 | |||||
Other current assets | 150 | 443 | |||||
Total | $ | 3,772 | $ | 3,476 |
|
As of | |||||||
September 30, 2016 | December 31, 2015 | ||||||
Leasehold improvements | $ | 2,061 | $ | 2,046 | |||
Computer equipment | 5,369 | 4,345 | |||||
Software | 1,136 | 885 | |||||
Capitalization of internal-use software | 2,925 | 2,925 | |||||
Furniture and equipment | 931 | 853 | |||||
Total | 12,422 | 11,054 | |||||
Accumulated depreciation | (6,510 | ) | (4,158 | ) | |||
Property and equipment, net | $ | 5,912 | $ | 6,896 |
As of December 31, | |||||||
2015 | 2014 | ||||||
Leasehold improvements | $ | 2,046 | $ | 1,058 | |||
Computer equipment | 4,345 | 3,247 | |||||
Software | 885 | 874 | |||||
Capitalization of internal-use software | 2,925 | 291 | |||||
Furniture and equipment | 853 | 301 | |||||
Total | 11,054 | 5,771 | |||||
Accumulated depreciation | (4,158 | ) | (2,141 | ) | |||
Property and equipment, net | $ | 6,896 | $ | 3,630 |
|
|
As of December 31, | |||||||
2015 | 2014 | ||||||
Accrued bonuses | $ | 4,034 | $ | 4,728 | |||
Accrued commissions | 5,212 | 3,035 | |||||
Other benefits payable | 2,231 | 2,692 | |||||
Total | $ | 11,477 | $ | 10,455 |
|
As of | |||||||
September 30, 2016 | December 31, 2015 | ||||||
Subscription | $ | 22,152 | $ | 18,029 | |||
Professional services—implementation | 5,540 | 5,254 | |||||
Professional services—communications | 3,038 | 3,307 | |||||
Total current | 30,730 | 26,590 | |||||
Subscription | 370 | 1,163 | |||||
Professional services—implementation | 4,946 | 5,367 | |||||
Professional services—communications | 1,384 | 992 | |||||
Total noncurrent | 6,700 | 7,522 | |||||
Total | $ | 37,430 | $ | 34,112 |
As of December 31, | |||||||
2015 | 2014 | ||||||
Subscription | $ | 18,029 | $ | 14,826 | |||
Professional services—implementation | 5,254 | 2,974 | |||||
Professional services—communications | 3,307 | 2,908 | |||||
Total current | 26,590 | 20,708 | |||||
Subscription | 1,163 | 1,950 | |||||
Professional services—implementation | 5,367 | 4,327 | |||||
Professional services—communications | 992 | 375 | |||||
Total noncurrent | 7,522 | 6,652 | |||||
Total | $ | 34,112 | $ | 27,360 |
|
Operating Leases | Contractual Obligations | ||||||
2016 | $ | 3,369 | $ | 243 | |||
2017 | 3,073 | — | |||||
2018 | 2,548 | — | |||||
2019 | 2,624 | — | |||||
2020 and later | 3,830 | — | |||||
$ | 15,444 | $ | 243 |
|
Options Outstanding | Weighted- Average Exercise Price | Aggregate Intrinsic Value | ||||||||
Balance at December 31, 2015 | 9,561,713 | $ | 5.62 | $ | 16,694 | |||||
Stock option grants | 3,854,646 | $ | 3.16 | |||||||
Stock options exercised | (1,804,676 | ) | $ | 1.43 | ||||||
Stock options canceled | (3,551,388 | ) | $ | 9.56 | ||||||
Balance at September 30, 2016 | 8,060,295 | $ | 3.52 | $ | 14,012 |
Nine Months Ended September 30, | |||
2016 | 2015 | ||
Volatility | 47% | 53% | |
Expected life (in years) | 6.12 | 6.17 | |
Risk-free interest rate | 1.37% | 1.38%-1.91% | |
Dividend yield | —% | —% |
Number of Shares Outstanding | Weighted- Average Grant Date Fair Value | |||||
Balance at December 31, 2015 | 6,685,118 | $ | 7.63 | |||
Restricted Stock Units granted (1) | 7,538,265 | $ | 3.62 | |||
Restricted Stock Units vested | (1,507,255 | ) | $ | 8.20 | ||
Restricted Stock Units forfeited/canceled (2) | (1,507,875 | ) | $ | 7.19 | ||
Balance at September 30, 2016 | 11,208,253 | $ | 4.92 |
Number of Shares Outstanding | Weighted- Average Grant Date Fair Value | |||||
Balance at December 31, 2015 | 6,685,118 | $ | 7.63 | |||
Restricted Stock Units granted (1) | 7,538,265 | $ | 3.62 | |||
Restricted Stock Units vested | (1,507,255 | ) | $ | 8.20 | ||
Restricted Stock Units forfeited/canceled (2) | (1,507,875 | ) | $ | 7.19 | ||
Balance at September 30, 2016 | 11,208,253 | $ | 4.92 |
|
Options Outstanding | ||||||||||||
Number of Shares Outstanding | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life in Years | Aggregate Intrinsic Value | |||||||||
Balance at December 31, 2014 | 16,392,539 | $ | 4.40 | 7.3 | $ | 128,541 | ||||||
Stock options granted | 491,900 | $ | 8.95 | |||||||||
Stock options exercised | (4,177,555 | ) | $ | 1.02 | ||||||||
Stock options canceled and forfeited | (3,145,171 | ) | $ | 5.87 | ||||||||
Balance at December 31, 2015 | 9,561,713 | $ | 5.62 | 6.9 | $ | 16,694 | ||||||
Vested or expected to vest December 31, 2015 | 9,022,878 | $ | 5.50 | 6.8 | $ | 16,149 | ||||||
Exercisable as of December 31, 2015 | 5,416,829 | $ | 3.99 | 6.0 | $ | 12,497 |
Restricted Stock Units Outstanding | ||||||
Number of shares | Weighted Average Grant-Date Fair Value | |||||
Balance at December 31, 2014 | 1,398,893 | $ | 11.06 | |||
Restricted stock units granted | 6,507,250 | $ | 7.24 | |||
Restricted stock units vested | (295,468 | ) | $ | 10.70 | ||
Restricted stock units canceled and forfeited | (925,557 | ) | $ | 9.06 | ||
Balance at December 31, 2015 | 6,685,118 | $ | 7.63 |
Year Ended December 31, | |||||
2015 | 2014 | 2013 | |||
Volatility | 53% | 60% | 57.8%-60% | ||
Expected life (in years) | 6.2 | 5.0-6.3 | 5.0-7.2 | ||
Risk-free interest rate | 1.38%-1.91% | 1.53%-2.05% | 0.7%-1.8% | ||
Dividend yield | —% | —% | —% | ||
Weighted-average fair value of underlying common stock | $8.95 | $14.74 | $3.02 |
|
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
United States | $ | (79,920 | ) | $ | (85,940 | ) | $ | (62,182 | ) |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Tax at federal statutory rate | $ | (27,173 | ) | $ | (29,220 | ) | $ | (21,142 | ) | ||
State statutory rate (net of federal benefit) | (1,560 | ) | (1,728 | ) | (1,921 | ) | |||||
Non-deductible stock compensation | 2,334 | (19 | ) | 619 | |||||||
Change in valuation allowance | 24,332 | 30,571 | 22,184 | ||||||||
Other | 2,067 | 396 | 260 | ||||||||
$ | — | $ | — | $ | — |
As of December 31, | |||||||
Deferred tax assets: | 2015 | 2014 | |||||
Net operating loss carryforwards | $ | 93,165 | $ | 72,984 | |||
Deferred rent | 235 | 127 | |||||
Accrued bonus | — | 68 | |||||
Accrued compensation | 326 | 539 | |||||
Stock-based compensation | 6,224 | 3,266 | |||||
Other reserves and accruals | 4 | 2 | |||||
Property and equipment | 322 | 16 | |||||
Deferred revenue | 3,017 | 2,173 | |||||
103,293 | 79,175 | ||||||
Valuation allowance | (103,293 | ) | (79,175 | ) | |||
Net deferred tax assets | $ | — | $ | — |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Gross unrecognized tax benefits at the beginning of the year | $ | 7,214 | $ | 4,513 | $ | 2,445 | |||||
Increases for tax positions of prior years | 133 | 871 | — | ||||||||
Decreases for tax positions of prior years | (346 | ) | (831 | ) | — | ||||||
Increases for tax positions related to the current year | 2,539 | 2,661 | 2,068 | ||||||||
Gross unrecognized tax benefits at the end of the year | $ | 9,540 | $ | 7,214 | $ | 4,513 |
|
|
|
Quarter Ended | |||||||||||||||||||||||||||||||
Mar 31, 2014 | Jun 30, 2014 | Sept 30, 2014 | Dec 31, 2014 | Mar 31, 2015 | Jun 30, 2015 | Sept 30, 2015 | Dec 31, 2015 | ||||||||||||||||||||||||
Total revenue | 8,376 | 10,533 | 12,209 | 14,487 | 15,951 | 18,510 | 19,539 | 21,315 | |||||||||||||||||||||||
Gross profit | 1,793 | 3,116 | 5,054 | 7,870 | 8,779 | 10,256 | 10,852 | 11,660 | |||||||||||||||||||||||
Net loss | $ | (24,281 | ) | $ | (21,776 | ) | $ | (20,199 | ) | $ | (19,684 | ) | $ | (19,643 | ) | $ | (21,212 | ) | $ | (20,007 | ) | $ | (19,058 | ) | |||||||
Net loss per share, basic and diluted | $ | (0.90 | ) | $ | (0.24 | ) | $ | (0.23 | ) | $ | (0.22 | ) | $ | (0.21 | ) | $ | (0.23 | ) | $ | (0.21 | ) | $ | (0.20 | ) |
|
|
• | there is persuasive evidence of an arrangement; |
• | the service has been provided to the customer; |
• | collection of the fees is reasonably assured; and |
• | the amount of fees to be paid by the customer is fixed or determinable. |
Software | 3–5 years | |
Computer equipment | 3 years | |
Furniture and equipment | 5–7 years | |
Leasehold improvements | Shorter of the lease term or the estimated useful lives of the improvements |
Year Ended December 31, | |||||||
2015 | 2014 | 2013 | |||||
Revenue: | |||||||
Customer A | * | 14 | % | 16 | % |
As of December 31, | |||||
2015 | 2014 | ||||
Accounts Receivable: | |||||
Customer B | * | 12 | % | ||
Customer C | 19 | % | 19 | % |
|
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
September 30, 2016 | |||||||||||||||
U.S. agency obligations | $ | 34,481 | $ | 24 | $ | — | $ | 34,505 | |||||||
U.S. treasury securities | 26,807 | 15 | (1 | ) | 26,821 | ||||||||||
Money market mutual funds | 32,468 | — | — | 32,468 | |||||||||||
93,756 | 39 | (1 | ) | 93,794 | |||||||||||
Included in cash and cash equivalents | 32,468 | — | — | 32,468 | |||||||||||
Included in marketable securities | $ | 61,288 | $ | 39 | $ | (1 | ) | $ | 61,326 |
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
December 31, 2015 | |||||||||||||||
U.S. agency obligations | $ | 83,763 | $ | — | $ | (48 | ) | $ | 83,715 | ||||||
U.S. treasury securities | 33,924 | — | (31 | ) | 33,893 | ||||||||||
Money market mutual funds | 1,038 | — | — | 1,038 | |||||||||||
118,725 | — | (79 | ) | 118,646 | |||||||||||
Included in cash and cash equivalents | 4,038 | — | (1 | ) | 4,037 | ||||||||||
Included in marketable securities | $ | 101,334 | $ | — | $ | (60 | ) | $ | 101,274 | ||||||
Included in marketable securities, noncurrent | $ | 13,353 | $ | — | $ | (18 | ) | $ | 13,335 |
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
December 31, 2015 | |||||||||||||||
U.S. agency obligations | $ | 83,763 | $ | — | $ | (48 | ) | $ | 83,715 | ||||||
U.S. treasury securities | 33,924 | — | (31 | ) | 33,893 | ||||||||||
Money market mutual funds | 1,038 | — | — | 1,038 | |||||||||||
118,725 | — | (79 | ) | 118,646 | |||||||||||
Included in cash and cash equivalents | 4,038 | — | (1 | ) | 4,037 | ||||||||||
Included in marketable securities | $ | 101,334 | $ | — | $ | (60 | ) | $ | 101,274 | ||||||
Included in marketable securities, noncurrent | $ | 13,353 | $ | — | $ | (18 | ) | $ | 13,335 |
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
December 31, 2014 | |||||||||||||||
U.S. agency obligations | $ | 177,297 | $ | 4 | $ | (44 | ) | $ | 177,257 | ||||||
U.S. treasury securities | 5,580 | 1 | — | 5,581 | |||||||||||
Money market mutual funds | 1,919 | — | — | 1,919 | |||||||||||
184,796 | 5 | (44 | ) | 184,757 | |||||||||||
Included in cash and cash equivalents | 3,480 | — | — | 3,480 | |||||||||||
Included in marketable securities | $ | 175,093 | $ | 5 | $ | (41 | ) | $ | 175,057 | ||||||
Included in marketable securities, noncurrent | $ | 6,223 | $ | — | $ | (3 | ) | $ | 6,220 |
|
As of | |||||||
September 30, 2016 | December 31, 2015 | ||||||
Leasehold improvements | $ | 2,061 | $ | 2,046 | |||
Computer equipment | 5,369 | 4,345 | |||||
Software | 1,136 | 885 | |||||
Capitalization of internal-use software | 2,925 | 2,925 | |||||
Furniture and equipment | 931 | 853 | |||||
Total | 12,422 | 11,054 | |||||
Accumulated depreciation | (6,510 | ) | (4,158 | ) | |||
Property and equipment, net | $ | 5,912 | $ | 6,896 |
Software | 3–5 years | |
Computer equipment | 3 years | |
Furniture and equipment | 5–7 years | |
Leasehold improvements | Shorter of the lease term or the estimated useful lives of the improvements |
As of December 31, | |||||||
2015 | 2014 | ||||||
Leasehold improvements | $ | 2,046 | $ | 1,058 | |||
Computer equipment | 4,345 | 3,247 | |||||
Software | 885 | 874 | |||||
Capitalization of internal-use software | 2,925 | 291 | |||||
Furniture and equipment | 853 | 301 | |||||
Total | 11,054 | 5,771 | |||||
Accumulated depreciation | (4,158 | ) | (2,141 | ) | |||
Property and equipment, net | $ | 6,896 | $ | 3,630 |
Year Ended December 31, | |||||||
2015 | 2014 | 2013 | |||||
Revenue: | |||||||
Customer A | * | 14 | % | 16 | % |
As of December 31, | |||||
2015 | 2014 | ||||
Accounts Receivable: | |||||
Customer B | * | 12 | % | ||
Customer C | 19 | % | 19 | % |
|
Level 1 | Level 2 | Total | |||||||||
September 30, 2016 | |||||||||||
Cash equivalents: | |||||||||||
Money market mutual funds | $ | 32,468 | $ | — | $ | 32,468 | |||||
Marketable securities: | |||||||||||
U.S. agency obligations | — | 34,505 | 34,505 | ||||||||
U.S. treasury securities | — | 26,821 | 26,821 | ||||||||
$ | 32,468 | $ | 61,326 | $ | 93,794 |
Level 1 | Level 2 | Total | |||||||||
December 31, 2015 | |||||||||||
Cash equivalents: | |||||||||||
Money market mutual funds | $ | 1,038 | $ | — | $ | 1,038 | |||||
U.S. agency obligations | — | 3,000 | 3,000 | ||||||||
Marketable securities: | |||||||||||
U.S. agency obligations | — | 80,715 | 80,715 | ||||||||
U.S. treasury securities | — | 33,893 | 33,893 | ||||||||
$ | 1,038 | $ | 117,608 | $ | 118,646 |
Level 1 | Level 2 | Total | |||||||||
December 31, 2015 | |||||||||||
Cash equivalents: | |||||||||||
Money market mutual funds | $ | 1,038 | $ | — | $ | 1,038 | |||||
U.S. agency obligations | — | 3,000 | 3,000 | ||||||||
Marketable securities: | |||||||||||
U.S. agency obligations | — | 80,715 | 80,715 | ||||||||
U.S. treasury securities | — | 33,893 | 33,893 | ||||||||
$ | 1,038 | $ | 117,608 | $ | 118,646 |
Level 1 | Level 2 | Total | |||||||||
December 31, 2014 | |||||||||||
Cash equivalents: | |||||||||||
Money market mutual funds | $ | 1,919 | $ | — | $ | 1,919 | |||||
U.S. agency obligations | — | 1,561 | 1,561 | ||||||||
Marketable securities: | |||||||||||
U.S. agency obligations | — | 175,696 | 175,696 | ||||||||
U.S. treasury securities | — | 5,581 | 5,581 | ||||||||
$ | 1,919 | $ | 182,838 | $ | 184,757 |
|
As of December 31, | |||||||
2015 | 2014 | ||||||
Prepaid expenses and advances | $ | 3,033 | $ | 2,285 | |||
Security deposit | 228 | 211 | |||||
Interest receivable on marketable securities | 361 | 537 | |||||
Other current assets | 150 | 443 | |||||
Total | $ | 3,772 | $ | 3,476 |
|
As of | |||||||
September 30, 2016 | December 31, 2015 | ||||||
Leasehold improvements | $ | 2,061 | $ | 2,046 | |||
Computer equipment | 5,369 | 4,345 | |||||
Software | 1,136 | 885 | |||||
Capitalization of internal-use software | 2,925 | 2,925 | |||||
Furniture and equipment | 931 | 853 | |||||
Total | 12,422 | 11,054 | |||||
Accumulated depreciation | (6,510 | ) | (4,158 | ) | |||
Property and equipment, net | $ | 5,912 | $ | 6,896 |
Software | 3–5 years | |
Computer equipment | 3 years | |
Furniture and equipment | 5–7 years | |
Leasehold improvements | Shorter of the lease term or the estimated useful lives of the improvements |
As of December 31, | |||||||
2015 | 2014 | ||||||
Leasehold improvements | $ | 2,046 | $ | 1,058 | |||
Computer equipment | 4,345 | 3,247 | |||||
Software | 885 | 874 | |||||
Capitalization of internal-use software | 2,925 | 291 | |||||
Furniture and equipment | 853 | 301 | |||||
Total | 11,054 | 5,771 | |||||
Accumulated depreciation | (4,158 | ) | (2,141 | ) | |||
Property and equipment, net | $ | 6,896 | $ | 3,630 |
|
As of December 31, | |||||||
2015 | 2014 | ||||||
Accrued bonuses | $ | 4,034 | $ | 4,728 | |||
Accrued commissions | 5,212 | 3,035 | |||||
Other benefits payable | 2,231 | 2,692 | |||||
Total | $ | 11,477 | $ | 10,455 |
|
As of | |||||||
September 30, 2016 | December 31, 2015 | ||||||
Subscription | $ | 22,152 | $ | 18,029 | |||
Professional services—implementation | 5,540 | 5,254 | |||||
Professional services—communications | 3,038 | 3,307 | |||||
Total current | 30,730 | 26,590 | |||||
Subscription | 370 | 1,163 | |||||
Professional services—implementation | 4,946 | 5,367 | |||||
Professional services—communications | 1,384 | 992 | |||||
Total noncurrent | 6,700 | 7,522 | |||||
Total | $ | 37,430 | $ | 34,112 |
As of December 31, | |||||||
2015 | 2014 | ||||||
Subscription | $ | 18,029 | $ | 14,826 | |||
Professional services—implementation | 5,254 | 2,974 | |||||
Professional services—communications | 3,307 | 2,908 | |||||
Total current | 26,590 | 20,708 | |||||
Subscription | 1,163 | 1,950 | |||||
Professional services—implementation | 5,367 | 4,327 | |||||
Professional services—communications | 992 | 375 | |||||
Total noncurrent | 7,522 | 6,652 | |||||
Total | $ | 34,112 | $ | 27,360 |
|
Operating Leases | Contractual Obligations | ||||||
2016 | $ | 3,369 | $ | 243 | |||
2017 | 3,073 | — | |||||
2018 | 2,548 | — | |||||
2019 | 2,624 | — | |||||
2020 and later | 3,830 | — | |||||
$ | 15,444 | $ | 243 |
Operating Leases | Contractual Obligations | ||||||
2016 | $ | 3,369 | $ | 243 | |||
2017 | 3,073 | — | |||||
2018 | 2,548 | — | |||||
2019 | 2,624 | — | |||||
2020 and later | 3,830 | — | |||||
$ | 15,444 | $ | 243 |
|
Options Outstanding | Weighted- Average Exercise Price | Aggregate Intrinsic Value | ||||||||
Balance at December 31, 2015 | 9,561,713 | $ | 5.62 | $ | 16,694 | |||||
Stock option grants | 3,854,646 | $ | 3.16 | |||||||
Stock options exercised | (1,804,676 | ) | $ | 1.43 | ||||||
Stock options canceled | (3,551,388 | ) | $ | 9.56 | ||||||
Balance at September 30, 2016 | 8,060,295 | $ | 3.52 | $ | 14,012 |
Options Outstanding | ||||||||||||
Number of Shares Outstanding | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life in Years | Aggregate Intrinsic Value | |||||||||
Balance at December 31, 2014 | 16,392,539 | $ | 4.40 | 7.3 | $ | 128,541 | ||||||
Stock options granted | 491,900 | $ | 8.95 | |||||||||
Stock options exercised | (4,177,555 | ) | $ | 1.02 | ||||||||
Stock options canceled and forfeited | (3,145,171 | ) | $ | 5.87 | ||||||||
Balance at December 31, 2015 | 9,561,713 | $ | 5.62 | 6.9 | $ | 16,694 | ||||||
Vested or expected to vest December 31, 2015 | 9,022,878 | $ | 5.50 | 6.8 | $ | 16,149 | ||||||
Exercisable as of December 31, 2015 | 5,416,829 | $ | 3.99 | 6.0 | $ | 12,497 |
Nine Months Ended September 30, | |||
2016 | 2015 | ||
Volatility | 47% | 53% | |
Expected life (in years) | 6.12 | 6.17 | |
Risk-free interest rate | 1.37% | 1.38%-1.91% | |
Dividend yield | —% | —% |
Year Ended December 31, | |||||
2015 | 2014 | 2013 | |||
Volatility | 53% | 60% | 57.8%-60% | ||
Expected life (in years) | 6.2 | 5.0-6.3 | 5.0-7.2 | ||
Risk-free interest rate | 1.38%-1.91% | 1.53%-2.05% | 0.7%-1.8% | ||
Dividend yield | —% | —% | —% | ||
Weighted-average fair value of underlying common stock | $8.95 | $14.74 | $3.02 |
Number of Shares Outstanding | Weighted- Average Grant Date Fair Value | |||||
Balance at December 31, 2015 | 6,685,118 | $ | 7.63 | |||
Restricted Stock Units granted (1) | 7,538,265 | $ | 3.62 | |||
Restricted Stock Units vested | (1,507,255 | ) | $ | 8.20 | ||
Restricted Stock Units forfeited/canceled (2) | (1,507,875 | ) | $ | 7.19 | ||
Balance at September 30, 2016 | 11,208,253 | $ | 4.92 |
|
Options Outstanding | Weighted- Average Exercise Price | Aggregate Intrinsic Value | ||||||||
Balance at December 31, 2015 | 9,561,713 | $ | 5.62 | $ | 16,694 | |||||
Stock option grants | 3,854,646 | $ | 3.16 | |||||||
Stock options exercised | (1,804,676 | ) | $ | 1.43 | ||||||
Stock options canceled | (3,551,388 | ) | $ | 9.56 | ||||||
Balance at September 30, 2016 | 8,060,295 | $ | 3.52 | $ | 14,012 |
Options Outstanding | ||||||||||||
Number of Shares Outstanding | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life in Years | Aggregate Intrinsic Value | |||||||||
Balance at December 31, 2014 | 16,392,539 | $ | 4.40 | 7.3 | $ | 128,541 | ||||||
Stock options granted | 491,900 | $ | 8.95 | |||||||||
Stock options exercised | (4,177,555 | ) | $ | 1.02 | ||||||||
Stock options canceled and forfeited | (3,145,171 | ) | $ | 5.87 | ||||||||
Balance at December 31, 2015 | 9,561,713 | $ | 5.62 | 6.9 | $ | 16,694 | ||||||
Vested or expected to vest December 31, 2015 | 9,022,878 | $ | 5.50 | 6.8 | $ | 16,149 | ||||||
Exercisable as of December 31, 2015 | 5,416,829 | $ | 3.99 | 6.0 | $ | 12,497 |
Restricted Stock Units Outstanding | ||||||
Number of shares | Weighted Average Grant-Date Fair Value | |||||
Balance at December 31, 2014 | 1,398,893 | $ | 11.06 | |||
Restricted stock units granted | 6,507,250 | $ | 7.24 | |||
Restricted stock units vested | (295,468 | ) | $ | 10.70 | ||
Restricted stock units canceled and forfeited | (925,557 | ) | $ | 9.06 | ||
Balance at December 31, 2015 | 6,685,118 | $ | 7.63 |
Nine Months Ended September 30, | |||
2016 | 2015 | ||
Volatility | 47% | 53% | |
Expected life (in years) | 6.12 | 6.17 | |
Risk-free interest rate | 1.37% | 1.38%-1.91% | |
Dividend yield | —% | —% |
Year Ended December 31, | |||||
2015 | 2014 | 2013 | |||
Volatility | 53% | 60% | 57.8%-60% | ||
Expected life (in years) | 6.2 | 5.0-6.3 | 5.0-7.2 | ||
Risk-free interest rate | 1.38%-1.91% | 1.53%-2.05% | 0.7%-1.8% | ||
Dividend yield | —% | —% | —% | ||
Weighted-average fair value of underlying common stock | $8.95 | $14.74 | $3.02 |
|
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
United States | $ | (79,920 | ) | $ | (85,940 | ) | $ | (62,182 | ) |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Tax at federal statutory rate | $ | (27,173 | ) | $ | (29,220 | ) | $ | (21,142 | ) | ||
State statutory rate (net of federal benefit) | (1,560 | ) | (1,728 | ) | (1,921 | ) | |||||
Non-deductible stock compensation | 2,334 | (19 | ) | 619 | |||||||
Change in valuation allowance | 24,332 | 30,571 | 22,184 | ||||||||
Other | 2,067 | 396 | 260 | ||||||||
$ | — | $ | — | $ | — |
As of December 31, | |||||||
Deferred tax assets: | 2015 | 2014 | |||||
Net operating loss carryforwards | $ | 93,165 | $ | 72,984 | |||
Deferred rent | 235 | 127 | |||||
Accrued bonus | — | 68 | |||||
Accrued compensation | 326 | 539 | |||||
Stock-based compensation | 6,224 | 3,266 | |||||
Other reserves and accruals | 4 | 2 | |||||
Property and equipment | 322 | 16 | |||||
Deferred revenue | 3,017 | 2,173 | |||||
103,293 | 79,175 | ||||||
Valuation allowance | (103,293 | ) | (79,175 | ) | |||
Net deferred tax assets | $ | — | $ | — |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Gross unrecognized tax benefits at the beginning of the year | $ | 7,214 | $ | 4,513 | $ | 2,445 | |||||
Increases for tax positions of prior years | 133 | 871 | — | ||||||||
Decreases for tax positions of prior years | (346 | ) | (831 | ) | — | ||||||
Increases for tax positions related to the current year | 2,539 | 2,661 | 2,068 | ||||||||
Gross unrecognized tax benefits at the end of the year | $ | 9,540 | $ | 7,214 | $ | 4,513 |
|
Quarter Ended | |||||||||||||||||||||||||||||||
Mar 31, 2014 | Jun 30, 2014 | Sept 30, 2014 | Dec 31, 2014 | Mar 31, 2015 | Jun 30, 2015 | Sept 30, 2015 | Dec 31, 2015 | ||||||||||||||||||||||||
Total revenue | 8,376 | 10,533 | 12,209 | 14,487 | 15,951 | 18,510 | 19,539 | 21,315 | |||||||||||||||||||||||
Gross profit | 1,793 | 3,116 | 5,054 | 7,870 | 8,779 | 10,256 | 10,852 | 11,660 | |||||||||||||||||||||||
Net loss | $ | (24,281 | ) | $ | (21,776 | ) | $ | (20,199 | ) | $ | (19,684 | ) | $ | (19,643 | ) | $ | (21,212 | ) | $ | (20,007 | ) | $ | (19,058 | ) | |||||||
Net loss per share, basic and diluted | $ | (0.90 | ) | $ | (0.24 | ) | $ | (0.23 | ) | $ | (0.22 | ) | $ | (0.21 | ) | $ | (0.23 | ) | $ | (0.21 | ) | $ | (0.20 | ) |
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