Document and Entity Information - shares |
6 Months Ended | |
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Jun. 30, 2019 |
Jul. 25, 2019 |
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Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | CASTLIGHT HEALTH, INC. | |
Entity Central Index Key | 0001433714 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Class A | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 35,043,253 | |
Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 110,207,745 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
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Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
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Revenue: | |||||||
Total revenue, net | $ 35,910 | $ 37,784 | $ 71,400 | $ 74,263 | |||
Cost of revenue: | |||||||
Total cost of revenue | 14,163 | 15,730 | 28,273 | 30,673 | |||
Gross profit | 21,747 | 22,054 | 43,127 | 43,590 | |||
Operating expenses: | |||||||
Sales and marketing | [1] | 8,889 | 13,306 | 18,104 | 27,218 | ||
Research and development | [1] | 14,487 | 16,425 | 30,212 | 31,796 | ||
General and administrative | [1] | 7,010 | 6,382 | 14,303 | 13,207 | ||
Total operating expenses | 30,386 | 36,113 | 62,619 | 72,221 | |||
Operating loss | (8,639) | (14,059) | (19,492) | (28,631) | |||
Other income, net | 258 | 101 | 572 | 229 | |||
Net loss | $ (8,381) | $ (13,958) | $ (18,920) | $ (28,402) | |||
Net loss per share, basic and diluted (in usd per share) | $ (0.06) | $ (0.10) | $ (0.13) | $ (0.21) | |||
Weighted-average shares used to compute basic and diluted net loss per share (in shares) | 144,572 | 136,682 | 143,790 | 135,843 | |||
Subscription | |||||||
Revenue: | |||||||
Total revenue, net | $ 33,964 | $ 34,802 | $ 67,770 | $ 67,791 | |||
Cost of revenue: | |||||||
Total cost of revenue | [1] | 8,234 | 9,140 | 16,400 | 18,314 | ||
Professional services and other | |||||||
Revenue: | |||||||
Total revenue, net | 1,946 | 2,982 | 3,630 | 6,472 | |||
Cost of revenue: | |||||||
Total cost of revenue | [1] | $ 5,929 | $ 6,590 | $ 11,873 | $ 12,359 | ||
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
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Subscription | ||||
Stock-based compensation expense | $ 196 | $ 231 | $ 415 | $ 473 |
Professional services and other | ||||
Stock-based compensation expense | 236 | 315 | 501 | 616 |
Sales and marketing | ||||
Stock-based compensation expense | 662 | 1,318 | 1,289 | 2,456 |
Research and development | ||||
Stock-based compensation expense | 1,733 | 1,908 | 3,437 | 3,562 |
General and administrative | ||||
Stock-based compensation expense | $ 2,030 | $ 1,375 | $ 3,192 | $ 2,632 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
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Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (8,381) | $ (13,958) | $ (18,920) | $ (28,402) |
Other comprehensive income: | ||||
Net change in unrealized gain on available-for-sale marketable securities | 7 | 11 | 7 | 13 |
Other comprehensive income | 7 | 11 | 7 | 13 |
Comprehensive loss | $ (8,374) | $ (13,947) | $ (18,913) | $ (28,389) |
Organization and Description of Business |
6 Months Ended |
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Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business Castlight Health, Inc. (“Castlight” or “the Company”) offers a comprehensive software-as-a-service platform that simplifies health benefits navigation for millions of employees. The Castlight platform matches employees to the best resources their employers make available to them, whether they are healthy, actively seeking medical care, or managing a condition, and motivates them to take the best steps for their health. Castlight helps employers generate more value from their benefits investments by helping to improve outcomes, lower health care costs, and increase benefits satisfaction. In July 2019, the Company announced plans to market its technology beyond its current employer market to health plans and other potential buyers who interact with healthcare users at the point of their care. The Company was incorporated in the State of Delaware in January 2008. The Company's principal executive offices are located in San Francisco, California. |
Accounting Standards and Significant Accounting Policies |
6 Months Ended | ||||
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Jun. 30, 2019 | |||||
Accounting Policies [Abstract] | |||||
Accounting Standards and Significant Accounting Policies | Accounting Standards and Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include Castlight and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. In the opinion of management, the information herein reflects all adjustments, consisting only of normal recurring adjustments except as otherwise noted, considered necessary for a fair statement of results of operations, financial position, stockholders’ equity and cash flows. The results for the interim periods presented are not necessarily indicative of the results expected for any future period. The following information should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Other than described below, there have been no changes to our significant accounting policies described in our Annual Report that have had a material impact on our consolidated financial statements and related notes. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires the Company to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. These estimates include, but are not limited to the determination of: •Variable consideration included in the transaction price of the Company’s contracts with customers; •The standalone selling price of the performance obligations in the Company’s contracts with customers; •Assumptions used in the valuation of certain equity awards; •The amortization period for deferred commissions and deferred professional services costs; and
Actual results could differ from those estimates, and such differences could be material to the Company’s consolidated financial position and results of operations. Summary of Significant Accounting Policies Leases The Company determines if an arrangement is a lease and its classification at lease inception. Operating lease liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at the lease commencement date to compute the present value of lease payments when the implicit rate is not readily determinable. ROU assets are measured at lease inception based on the initial measurement of the lease liability, plus any prepaid lease amounts, less any lease incentives. The Company does not recognize ROU assets or lease liabilities for leases with a term of 12 months or less. Lease terms do not include options to extend or terminate the lease unless it is reasonably certain that the option will be exercised. Generally, lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company's lease agreements have both lease and non-lease components. The Company has elected to account for the non-lease components of its leases as part of their related lease components. Concentrations of Risk and Significant Customers No single direct customer accounted for more than 10% of total revenue during the three and six months ended June 30, 2019 or more than 10% of accounts receivable as of June 30, 2019. Castlight had one channel partner that represented approximately 26% and 25% of total revenue during the three and six months ended June 30, 2019, respectively, and approximately 37% of accounts receivable as of June 30, 2019. Recently Adopted Accounting Pronouncements Effective January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) 2016-02, Leases, and subsequent amendments ("ASC 842") using the modified retrospective method, and chose to apply the provisions at the beginning of the period of adoption. The guidance requires lessees to put all leases that have a term of more than one year on their balance sheets, whether operating or financing, while continuing to recognize the expenses on their income statements. The guidance states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-of-use ("ROU") asset for the right to use the underlying asset for the lease term. As a result of the adoption of ASC 842 as of January 1, 2019, reporting periods beginning on and after January 1, 2019 are presented under ASC 842, while prior period amounts were not adjusted and continue to be reported in accordance with prior accounting guidance under ASC 840. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carry forward the historical lease classification. As a result of the adoption of the new lease accounting guidance, the Company recognized on January 1, 2019 an operating lease ROU asset of approximately $17.3 million and an operating lease liability of approximately $20.7 million. The difference between the operating lease ROU asset and lease liability resulted from the reclass of the deferred rent liability to the operating lease ROU asset. The standard did not materially impact the Company’s condensed consolidated statement of operations and had no impact on the cash flows. See Note 10 - Leases for more information on leases. Recently Issued Accounting Pronouncements The Company considers the applicability and impact of all ASUs issued by the FASB. The Company determined that the ASUs issued by the FASB during the six months ended June 30, 2019 are either not applicable or are expected to have minimal impact on the Company's condensed consolidated financial results. |
Revenue, Deferred Revenue, Contract Balances and Performance Obligations |
6 Months Ended |
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Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Deferred Revenue, Contract Balances and Performance Obligations | Revenue, Deferred Revenue, Contract Balances and Performance Obligations The Company sells to customers based in the United States through direct sales and indirect channels. Indirect channel revenue represented approximately 27% and 10% of the Company’s total revenue for the three months ended June 30, 2019 and 2018, respectively. Indirect channel revenue represented approximately 27% and 10% of the Company’s total revenue for the six months ended June 30, 2019 and 2018, respectively. Deferred revenue as of June 30, 2019 and December 31, 2018 was $21.5 million and $21.2 million, respectively. Contract assets as of June 30, 2019 and December 31, 2018 were $1.2 million and $1.0 million, respectively. $11.3 million and $16.5 million of revenue was recognized during the three months ended June 30, 2019 and 2018, respectively, that was included in the Company’s deferred revenue balances at the beginning of the respective periods. $16.0 million and $22.6 million of revenue was recognized during the six months ended June 30, 2019 and 2018, respectively, that was included in the Company’s deferred revenue balances at the beginning of the respective periods. The Company recorded favorable cumulative catch-up adjustments to revenue of $0.5 million during the three months ended June 30, 2019 and unfavorable cumulative catch-up adjustments to revenue of $0.8 million during the three months ended June 30, 2018, arising from changes in estimates of transaction price. The Company recorded favorable cumulative catch-up adjustments to revenue of $1.9 million during the six months ended June 30, 2019 and unfavorable cumulative catch-up adjustments to revenue of $0.6 million during the six months ended June 30, 2018, arising from changes in estimates of transaction price. The aggregate balance of remaining performance obligations from non-cancelable contracts with customers as of June 30, 2019 was $127.3 million. The Company expects to recognize approximately 70% of this balance over the next 12 months, with the remaining balance recognized thereafter. Remaining performance obligations are defined as deferred revenue and amounts yet to be billed for the non-cancelable portion of contracts. |
Deferred Costs |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs | Deferred Costs Changes in the balance of total deferred commissions and total deferred professional service costs during the six months ended June 30, 2019 are as follows (in thousands):
These costs are reviewed for impairment periodically, and impairment charges recorded for the three and six months ended June 30, 2019 and 2018 were not material. |
Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill Currently, all of the Company’s goodwill relates to the acquisition of Jiff. The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill. There were no changes to goodwill for the three and six months ended June 30, 2019. Intangible assets, net The following tables set forth the fair value components of identifiable acquired intangible assets (dollars in thousands):
Amortization expense from acquired intangible assets for the three months ended June 30, 2019 and 2018 was $0.9 million and $1.0 million, respectively. Amortization expense from acquired intangible assets for the six months ended June 30, 2019 and 2018 was $1.8 million and $2.1 million, respectively. Amortization expense is included in cost of subscription, sales and marketing, and general and administrative expenses. Amortization expense for acquired intangible assets for the following five years and thereafter is as follows (in thousands):
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Marketable Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities | Marketable Securities All of the Company’s cash equivalents and marketable securities are classified as “available-for-sale” securities. These securities are reported at fair value, with the related unrealized gains and losses included in accumulated other comprehensive income, a component of stockholders’ equity, except for money market mutual funds, where gains and losses are included in the results of operation. As of June 30, 2019 and December 31, 2018, respectively, marketable securities consisted of the following (in thousands):
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The Company measures its financial assets and liabilities at fair value at each reporting period using a fair value hierarchy that requires that the Company maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value: Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Include other inputs that are directly or indirectly observable in the marketplace. Level 3—Unobservable inputs that are supported by little or no market activity. The fair value of marketable securities included in the Level 2 category is based on observable inputs, such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly. These values were obtained from a third-party pricing service and were evaluated using pricing models that vary by asset class and may incorporate available trade, bid and other market information and price quotes from well-established third party pricing vendors and broker-dealers. There have been no changes in valuation techniques in the periods presented. There were no significant transfers between fair value measurement levels as of June 30, 2019 and December 31, 2018. As of June 30, 2019 and December 31, 2018, there were no securities within Level 3 of the fair value hierarchy. The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis using the above input categories (in thousands):
Gross unrealized gains and losses for cash equivalents and marketable securities as of June 30, 2019 and December 31, 2018 were not material. The Company does not believe the unrealized losses represent other-than-temporary impairments based on the Company’s evaluation of available evidence as of June 30, 2019 and December 31, 2018. There were no realized gains or losses during the three and six months ended June 30, 2019. All of the Company’s securities as of June 30, 2019 and December 31, 2018 mature within one year. |
Property and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and Equipment Property and equipment consisted of the following (in thousands):
Depreciation and amortization expense for the three months ended June 30, 2019 and 2018 was $0.5 million and $0.8 million, respectively. Depreciation and amortization expense for the six months ended June 30, 2019 and 2018 was $0.9 million and $1.5 million, respectively. Depreciation and amortization are recorded on a straight-line basis. |
Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Debt | Debt Term Loan In connection with the Company’s acquisition of Jiff, on April 3, 2017, the Company, Jiff and Silicon Valley Bank (the “Bank”) agreed to refinance the existing term loan facility owed by Jiff to the Bank (the “Loan Agreement”) for approximately $5.6 million (the “Term Loan”). The Term Loan requires interest-only payments for the period May 2017 through September 2018, followed by 36 monthly payments of principal and interest. Obligations under the Term Loan accrue interest at a floating per annum rate equal to the greater of (A) the prime rate as published in the money rates section of The Wall Street Journal (“Prime Rate”) minus 1% or (B) 0%. Interest on the Term Loan is payable monthly. The maturity date of the Term Loan is September 1, 2021. In addition to principal and interest payments, the Company is also required to pay $0.5 million as final payment on the earlier of maturity, termination or prepayment of the Term Loan. The Company accrues for the final payment over the life of the Term Loan using the effective interest method. The future maturities of the Term Loan by year as of June 30, 2019 are as follows (in thousands):
(1) Excludes the $0.5 million required to be paid as final payment on the earlier of maturity, termination or prepayment of the Term Loan. (2) Classified within accrued expenses and other current liabilities on the condensed consolidated balance sheet as of June 30, 2019. Revolving Line of Credit The Loan Agreement also provided for an up to $25 million revolving credit facility, which expired on April 3, 2019, its termination date. In relation to the Loan Agreement, the Company is subject to certain financial and reporting covenants. As of June 30, 2019, none of the financial covenants, which require the Company to maintain a certain minimum liquidity ratio, are applicable. The Company was in compliance with all reporting covenants in the Loan Agreement related to the outstanding principal balance as of June 30, 2019. |
Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company’s principal commitments primarily consist of obligations under leases for office space and co-location facilities for data center capacity. The leases expire at various dates through 2025 and, in some cases, include renewal options. The exercise of the option is at the sole discretion of the Company. The Company subleases certain office facilities to third parties. These leases are classified as operating leases. The Company does not have finance leases. Information about these operating leases is disclosed in the following table (dollars in thousands):
(1) Includes variable payments such as common area maintenance, property taxes and insurance. Maturities of Lease Liabilities As of June 30, 2019, the future minimum lease payments under non-cancellable operating leases are as follows (in thousands):
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Contingencies |
6 Months Ended |
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Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Legal Matters From time to time, the Company may become subject to other legal proceedings, claims or litigation arising in the ordinary course of business. In addition, the Company may receive letters alleging infringement of patents or other intellectual property rights. If an unfavorable outcome were to occur in litigation, the impact could be material to the Company’s business, financial condition, cash flow or results of operations, depending on the specific circumstances of the outcome. The Company accrues for loss contingencies when it is both probable that it will incur the loss and when it can reasonably estimate the amount of the loss or range of loss. |
Stock Compensation |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Compensation | Stock Compensation Restricted Stock Units (“RSUs”) A summary of unvested restricted stock unit activity for the six months ended June 30, 2019 is as follows:
(1) Includes performance stock units that were granted in the prior year, which were canceled because performance targets were not achieved. As of June 30, 2019, there was a total of $35.0 million in unrecognized compensation cost related to restricted stock units, which is expected to be recognized over a weighted-average period of approximately 2.8 years. The Company granted 519,000 market-based RSUs during the three and six months ended June 30, 2019. No market-based RSUs were granted in prior periods. The market-based RSUs vest based on the Company achieving certain stock price thresholds, subject to the employee’s continued employment with the Company through the date of achievement. The fair value is based on values calculated under the Monte Carlo simulation model on the grant date, which will be recognized over the derived service period. Compensation cost is not adjusted in future periods for subsequent changes in the expected outcome of market related conditions. For the three and six months ended June 30, 2019, the Company recognized $0.4 million of stock compensation expense in connection with this award. Stock Options A summary of stock option activity for the six months ended June 30, 2019 is as follows:
The total grant-date fair value of stock options granted during the six months ended June 30, 2019 and 2018 was $0.4 million and $0.3 million, respectively. The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-valuation model with the following assumptions and fair value per share:
As of June 30, 2019, the Company had $1.0 million in unrecognized compensation cost related to non-vested stock options, which is expected to be recognized over a weighted-average period of approximately 2.3 years. |
Stockholders' Equity |
6 Months Ended |
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Jun. 30, 2019 | |
Equity [Abstract] | |
Stockholders’ Equity | Stockholders’ Equity Common Stock As of June 30, 2019, the Company had 35,043,253 shares of Class A common stock and 110,155,634 shares of Class B common stock outstanding. |
Income Taxes |
6 Months Ended |
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Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate for each of the three and six months ended June 30, 2019 and 2018 was zero percent, primarily as a result of the estimated tax loss for the year and the change in valuation allowance. At June 30, 2019, all unrecognized tax benefits are subject to a full valuation allowance and, if recognized, will not affect the effective tax rate. |
Net Loss per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss per Share | Net Loss per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential shares of common stock, including outstanding stock options and warrants, to the extent dilutive. Basic and diluted net loss per share was the same for each period presented as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive. Net loss is allocated based on the contractual participation rights of the Class A and Class B common stock as if the earnings for the year have been distributed. As the liquidation and dividend rights are identical, the net loss is allocated on a proportionate basis. The following table presents the calculation of basic and diluted net loss per share for the Company’s common stock (in thousands, except per share data):
The following securities were excluded from the calculation of diluted net loss per share for common stock because their effect would have been anti-dilutive for the periods presented (in thousands):
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Accounting Standards and Significant Accounting Policies (Policies) |
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Jun. 30, 2019 | |||||
Accounting Policies [Abstract] | |||||
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include Castlight and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. In the opinion of management, the information herein reflects all adjustments, consisting only of normal recurring adjustments except as otherwise noted, considered necessary for a fair statement of results of operations, financial position, stockholders’ equity and cash flows. The results for the interim periods presented are not necessarily indicative of the results expected for any future period. The following information should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Other than described below, there have been no changes to our significant accounting policies described in our Annual Report that have had a material impact on our consolidated financial statements and related notes. |
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Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires the Company to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. These estimates include, but are not limited to the determination of: •Variable consideration included in the transaction price of the Company’s contracts with customers; •The standalone selling price of the performance obligations in the Company’s contracts with customers; •Assumptions used in the valuation of certain equity awards; •The amortization period for deferred commissions and deferred professional services costs; and
Actual results could differ from those estimates, and such differences could be material to the Company’s consolidated financial position and results of operations. |
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Leases | Leases The Company determines if an arrangement is a lease and its classification at lease inception. Operating lease liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at the lease commencement date to compute the present value of lease payments when the implicit rate is not readily determinable. ROU assets are measured at lease inception based on the initial measurement of the lease liability, plus any prepaid lease amounts, less any lease incentives. The Company does not recognize ROU assets or lease liabilities for leases with a term of 12 months or less. Lease terms do not include options to extend or terminate the lease unless it is reasonably certain that the option will be exercised. Generally, lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company's lease agreements have both lease and non-lease components. The Company has elected to account for the non-lease components of its leases as part of their related lease components. |
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Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements Effective January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) 2016-02, Leases, and subsequent amendments ("ASC 842") using the modified retrospective method, and chose to apply the provisions at the beginning of the period of adoption. The guidance requires lessees to put all leases that have a term of more than one year on their balance sheets, whether operating or financing, while continuing to recognize the expenses on their income statements. The guidance states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-of-use ("ROU") asset for the right to use the underlying asset for the lease term. As a result of the adoption of ASC 842 as of January 1, 2019, reporting periods beginning on and after January 1, 2019 are presented under ASC 842, while prior period amounts were not adjusted and continue to be reported in accordance with prior accounting guidance under ASC 840. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carry forward the historical lease classification. As a result of the adoption of the new lease accounting guidance, the Company recognized on January 1, 2019 an operating lease ROU asset of approximately $17.3 million and an operating lease liability of approximately $20.7 million. The difference between the operating lease ROU asset and lease liability resulted from the reclass of the deferred rent liability to the operating lease ROU asset. The standard did not materially impact the Company’s condensed consolidated statement of operations and had no impact on the cash flows. See Note 10 - Leases for more information on leases. Recently Issued Accounting Pronouncements The Company considers the applicability and impact of all ASUs issued by the FASB. The Company determined that the ASUs issued by the FASB during the six months ended June 30, 2019 are either not applicable or are expected to have minimal impact on the Company's condensed consolidated financial results. |
Deferred Costs (Tables) |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Balance of Total Deferred Commissions and Total Deferred Professional Service Costs | Changes in the balance of total deferred commissions and total deferred professional service costs during the six months ended June 30, 2019 are as follows (in thousands):
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Goodwill and Intangible Assets (Tables) |
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Schedule of Finite-Lived Intangible Assets | The following tables set forth the fair value components of identifiable acquired intangible assets (dollars in thousands):
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Schedule of Amortization Expense for Acquired Intangible Assets | Amortization expense for acquired intangible assets for the following five years and thereafter is as follows (in thousands):
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Marketable Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities | As of June 30, 2019 and December 31, 2018, respectively, marketable securities consisted of the following (in thousands):
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Fair Value Measurements (Tables) |
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Fair Value, Assets Measured on Recurring Basis | The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis using the above input categories (in thousands):
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Property and Equipment (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property and equipment consisted of the following (in thousands):
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Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt | The future maturities of the Term Loan by year as of June 30, 2019 are as follows (in thousands):
(1) Excludes the $0.5 million required to be paid as final payment on the earlier of maturity, termination or prepayment of the Term Loan. (2) Classified within accrued expenses and other current liabilities on the condensed consolidated balance sheet as of June 30, 2019. |
Leases (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information About Operating Leases | Information about these operating leases is disclosed in the following table (dollars in thousands):
(1) Includes variable payments such as common area maintenance, property taxes and insurance. |
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Maturities of Lease Liabilities | As of June 30, 2019, the future minimum lease payments under non-cancellable operating leases are as follows (in thousands):
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Stock Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Share-based Compensation, Activity | A summary of unvested restricted stock unit activity for the six months ended June 30, 2019 is as follows:
(1) Includes performance stock units that were granted in the prior year, which were canceled because performance targets were not achieved. |
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Schedule of Share-based Compensation, Stock Options, Activity | A summary of stock option activity for the six months ended June 30, 2019 is as follows:
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Schedule of Share-based Payment Award, Valuation Assumptions | The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-valuation model with the following assumptions and fair value per share:
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Net Loss per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation of Basic and Diluted Earnings per Share | The following table presents the calculation of basic and diluted net loss per share for the Company’s common stock (in thousands, except per share data):
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following securities were excluded from the calculation of diluted net loss per share for common stock because their effect would have been anti-dilutive for the periods presented (in thousands):
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Accounting Standards and Significant Accounting Policies - Concentrations of Risk and Significant Customers (Details) - Largest Channel Partner - Customer Concentration Risk |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
|
Total Revenue | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 26.00% | 25.00% |
Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 37.00% |
Accounting Standards and Significant Accounting Policies - Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Jan. 01, 2019 |
---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease ROU asset | $ 14,691 | |
Operating lease liability | $ 17,943 | |
Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease ROU asset | $ 17,300 | |
Operating lease liability | $ 20,700 |
Revenue, Deferred Revenue, Contract Balances and Performance Obligations - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
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Concentration Risk [Line Items] | |||||
Deferred revenue | $ 21.5 | $ 21.5 | $ 21.2 | ||
Contract with customer, asset, net | 1.2 | 1.2 | $ 1.0 | ||
Contract with customer liability, revenue recognized | 11.3 | $ 16.5 | 16.0 | $ 22.6 | |
Contract with customer, liability, cumulative catch-up adjustment to revenue, change in estimate of transaction price | $ 0.5 | $ (0.8) | $ 1.9 | $ (0.6) | |
Indirect Channel | Customer Concentration Risk | Sales Revenue, Net | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 27.00% | 10.00% | 27.00% | 10.00% |
Revenue, Deferred Revenue, Contract Balances and Performance Obligations - Performance Obligations (Details) $ in Millions |
Jun. 30, 2019
USD ($)
|
---|---|
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation | $ 127.3 |
Revenue, remaining performance obligation, percent | 70.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months |
Deferred Costs (Details) $ in Thousands |
6 Months Ended |
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Jun. 30, 2019
USD ($)
| |
Deferred commissions | |
As of beginning of period | $ 20,142 |
Additions | 2,670 |
Expense recognized | (4,856) |
As of end of period | 17,956 |
Deferred professional service costs | |
As of beginning of period | 10,133 |
Additions | 974 |
Expense recognized | (2,014) |
As of end of period | 9,093 |
Total deferred commissions and professional service costs | |
As of beginning of period | 30,275 |
Additions | 3,644 |
Expense recognized | (6,870) |
As of end of period | $ 27,049 |
Goodwill and Intangible Assets - Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Changes in goodwill | $ 0 | $ 0 | ||
Amortization expense | $ 900,000 | $ 1,000,000 | $ 1,800,000 | $ 2,100,000 |
Goodwill and Intangible Assets - Schedule of Amortization Expense for Acquired Intangible Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2019 | $ 1,753 | |
2020 | 3,242 | |
2021 | 3,210 | |
2022 | 1,620 | |
2023 | 1,090 | |
Thereafter | 3,542 | |
Net | $ 14,457 | $ 16,209 |
Fair Value Measurements - Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
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Fair Value Disclosures [Abstract] | ||
Debt securities, available-for-sale, realized gain (loss) | $ 0 | $ 0 |
Property and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 15,383 | $ 15,002 |
Accumulated depreciation | (11,827) | (11,039) |
Property and equipment, net | 3,556 | 3,963 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 3,102 | 3,102 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 7,185 | 6,860 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 1,093 | 1,097 |
Internal-use software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 2,925 | 2,925 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 1,078 | $ 1,018 |
Property and Equipment - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 0.5 | $ 0.8 | $ 0.9 | $ 1.5 |
Debt - Narrative (Details) - USD ($) |
Apr. 03, 2017 |
Jun. 30, 2019 |
---|---|---|
Line of Credit Facility [Line Items] | ||
Long-term debt | $ 5,600,000 | $ 4,183,000 |
Debt instrument, term | 36 months | |
Early repayment of senior debt | $ 500,000 | |
Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 25,000,000 | |
Interest Rate Option A | ||
Line of Credit Facility [Line Items] | ||
Spread on variable rate | 1.00% | |
Interest Rate Option B | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, interest rate, stated percentage | 0.00% |
Debt - Future Maturities (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
Apr. 03, 2017 |
---|---|---|---|
Debt Disclosure [Abstract] | |||
Remainder of 2019 | $ 929 | ||
2020 | 1,859 | ||
2021 | 1,395 | ||
Total future maturities of debt | 4,183 | $ 5,600 | |
Less current maturities | (1,859) | ||
Debt, non-current | $ 2,324 | $ 3,254 | |
Early repayment of senior debt | $ 500 |
Leases - Information About Operating Leases (Details) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
|
|
Lease cost: | ||
Operating lease cost | $ 1,639 | $ 3,288 |
Variable lease cost | 229 | 380 |
Short-term lease cost | 7 | 7 |
Sublease income | (577) | (1,193) |
Total lease cost | $ 1,298 | 2,482 |
Other information: | ||
Operating cash flows used in the measurement of operating lease liabilities | $ 3,503 | |
Weighted-average remaining lease term - operating leases (in years) | 3 years 3 months 26 days | 3 years 3 months 26 days |
Weighted-average discount rate - operating leases | 7.46% | 7.46% |
Leases - Maturities of Lease Liabilities (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Leases [Abstract] | |
Remainder of 2019 | $ 3,582 |
2020 | 6,524 |
2021 | 5,355 |
2022 | 3,050 |
2023 | 677 |
2024 and later | 1,111 |
Total lease payments | 20,299 |
Less: Interest | (2,356) |
Present value of lease liabilities | 17,943 |
Less: current portion | (5,911) |
Operating lease liabilities, non-current | $ 12,032 |
Stock Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units |
6 Months Ended |
---|---|
Jun. 30, 2019
$ / shares
shares
| |
Number of Shares | |
Balance as of beginning of period (in shares) | shares | 9,528,602 |
Granted (in shares) | shares | 4,602,787 |
Vested (in shares) | shares | (2,090,898) |
Forfeited and canceled (in shares) | shares | (1,113,569) |
Balance as of end of period (in shares) | shares | 10,926,922 |
Weighted- Average Grant Date Fair Value | |
Balance as of beginning of period (in usd per share) | $ / shares | $ 3.54 |
Granted (in usd per share) | $ / shares | 3.61 |
Vested (in usd per share) | $ / shares | 3.82 |
Forfeited and canceled (in usd per share) | $ / shares | 3.48 |
Balance as of end of period (in usd per share) | $ / shares | $ 3.49 |
Stock Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019
USD ($)
$ / shares
shares
|
Dec. 31, 2018
USD ($)
|
|
Options Outstanding | ||
Balance as of beginning of period (in shares) | shares | 6,265,223 | |
Granted (in shares) | shares | 200,000 | |
Exercised (in shares) | shares | (1,180,784) | |
Forfeited and canceled (in shares) | shares | (54,406) | |
Balance as of end of period (in shares) | shares | 5,230,033 | |
Weighted- Average Exercise Price | ||
Balance as of beginning of period (in usd per share) | $ / shares | $ 2.65 | |
Granted (in usd per share) | $ / shares | 3.22 | |
Exercised (in usd per share) | $ / shares | 1.56 | |
Forfeited and canceled (in usd per share) | $ / shares | 2.55 | |
Balance as of end of period (in usd per share) | $ / shares | $ 2.92 | |
Aggregate Intrinsic Value (in thousands) | ||
Aggregate Intrinsic Value (in thousands) | $ | $ 6,182 | $ 3,499 |
Stock Compensation - Assumptions Related to Share-based Compensation (Details) - Stock Option |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 57.00% | 57.00% |
Expected life (in years) | 6 years 22 days | 6 years 22 days |
Risk-free interest rate | 2.57% | |
Dividend yield | 0.00% | 0.00% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 2.72% | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 2.74% |
Stockholders' Equity (Details) |
Jun. 30, 2019
shares
|
---|---|
Class A | |
Class of Stock [Line Items] | |
Common stock, shares, outstanding | 35,043,253 |
Class B | |
Class of Stock [Line Items] | |
Common stock, shares, outstanding | 110,155,634 |
Income Taxes (Details) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate reconciliation, percent | 0.00% | 0.00% | 0.00% | 0.00% |
Net Loss per Share - Calculation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Class of Stock [Line Items] | ||||
Net loss | $ (8,381) | $ (13,958) | $ (18,920) | $ (28,402) |
Weighted-average shares used to compute basic and diluted net loss per share (in shares) | 144,572 | 136,682 | 143,790 | 135,843 |
Basic and diluted net loss per share (in usd per share) | $ (0.06) | $ (0.10) | $ (0.13) | $ (0.21) |
Class A | ||||
Class of Stock [Line Items] | ||||
Net loss | $ (2,026) | $ (5,315) | $ (4,767) | $ (10,956) |
Weighted-average shares used to compute basic and diluted net loss per share (in shares) | 35,276 | 52,043 | 36,227 | 52,401 |
Basic and diluted net loss per share (in usd per share) | $ (0.06) | $ (0.10) | $ (0.13) | $ (0.21) |
Class B | ||||
Class of Stock [Line Items] | ||||
Net loss | $ (6,355) | $ (8,643) | $ (14,153) | $ (17,446) |
Weighted-average shares used to compute basic and diluted net loss per share (in shares) | 109,296 | 84,639 | 107,563 | 83,442 |
Basic and diluted net loss per share (in usd per share) | $ (0.06) | $ (0.10) | $ (0.13) | $ (0.21) |
Net Loss per Share - Summary of Antidilutive Securities (Details) - shares shares in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from the calculation of diluted net loss per share (in shares) | 16,272 | 19,207 | 16,272 | 19,207 |
Stock options and restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from the calculation of diluted net loss per share (in shares) | 16,157 | 19,092 | 16,157 | 19,092 |
Warrants | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from the calculation of diluted net loss per share (in shares) | 115 | 115 | 115 | 115 |
Label | Element | Value |
---|---|---|
Restricted Cash | us-gaap_RestrictedCash | $ 1,325,000 |
Restricted Cash | us-gaap_RestrictedCash | $ 1,325,000 |