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Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
June 30, 2017 | |||||||||||||||
U.S. agency obligations | $ | 48,188 | $ | 1 | $ | (14 | ) | $ | 48,175 | ||||||
U.S. treasury securities | 9,985 | — | (2 | ) | 9,983 | ||||||||||
Money market mutual funds | 10,026 | — | — | 10,026 | |||||||||||
68,199 | 1 | (16 | ) | 68,184 | |||||||||||
Included in cash and cash equivalents | 34,363 | — | — | 34,363 | |||||||||||
Included in marketable securities | $ | 33,836 | $ | 1 | $ | (16 | ) | $ | 33,821 |
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
December 31, 2016 | |||||||||||||||
U.S. agency obligations | $ | 33,019 | $ | 5 | $ | (3 | ) | $ | 33,021 | ||||||
U.S. treasury securities | 37,864 | — | (2 | ) | 37,862 | ||||||||||
Money market mutual funds | 7,965 | — | — | 7,965 | |||||||||||
78,848 | 5 | (5 | ) | 78,848 | |||||||||||
Included in cash and cash equivalents | 12,966 | — | — | 12,966 | |||||||||||
Included in marketable securities | $ | 65,882 | $ | 5 | $ | (5 | ) | $ | 65,882 |
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Level 1 | Level 2 | Level 3 | Total | ||||||||||||
June 30, 2017 | |||||||||||||||
Cash equivalents: | |||||||||||||||
Money market mutual funds | $ | 10,026 | $ | — | $ | — | $ | 10,026 | |||||||
U.S. agency obligations | 24,337 | — | — | 24,337 | |||||||||||
Marketable securities: | |||||||||||||||
U.S. agency obligations | — | 23,838 | — | 23,838 | |||||||||||
U.S. treasury securities | — | 9,983 | — | 9,983 | |||||||||||
$ | 34,363 | $ | 33,821 | $ | — | $ | 68,184 | ||||||||
Other current liabilities: | |||||||||||||||
Contingent consideration liability(1) | $ | — | $ | — | $ | 28 | $ | 28 | |||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
December 31, 2016 | |||||||||||||||
Cash equivalents: | |||||||||||||||
Money market mutual funds | $ | 7,965 | $ | — | $ | — | $ | 7,965 | |||||||
U.S. treasury securities | — | 5,000 | — | 5,000 | |||||||||||
Marketable securities: | |||||||||||||||
U.S. agency obligations | — | 33,021 | — | 33,021 | |||||||||||
U.S. treasury securities | — | 32,862 | — | 32,862 | |||||||||||
$ | 7,965 | $ | 70,883 | $ | — | $ | 78,848 |
Total | ||||
Balance as of December 31, 2016 | $ | — | ||
Initial fair value as of acquisition date | 671 | |||
Re-measurement of fair value on June 30, 2017 | (643 | ) | ||
Balance as of June 30, 2017 | $ | 28 |
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Fair value | ||||
Fair value of Company Class B common stock (25,054,049 shares @ $3.65 per share) | $ | 91,447 | ||
Fair value of contingent consideration | 671 | |||
Fair value of assumed Jiff options attributable to pre-combination services | 9,574 | |||
Transaction costs paid on behalf of Jiff | 4,498 | |||
Estimated purchase price consideration | $ | 106,190 |
Cash | $ | 2,234 | |
Current assets | 5,159 | ||
Other assets | 1,971 | ||
Acquired intangible assets | 23,900 | ||
Goodwill | 91,398 | ||
Total assets acquired | 124,662 | ||
Deferred revenue | (1,857 | ) | |
Other current liabilities | (5,805 | ) | |
Debt | (5,578 | ) | |
Noncurrent liabilities | (5,232 | ) | |
Total net assets acquired | $ | 106,190 |
Fair Value | Useful Life | |||||
Customer relationships | $ | 10,900 | 10 | |||
Developed technology | 10,600 | 5 | ||||
Backlog | 1,500 | 3 | ||||
Other acquired intangible assets | 900 | 1-3 | ||||
Total identifiable intangible assets | $ | 23,900 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Total revenue | $ | 32,065 | $ | 25,109 | $ | 63,452 | $ | 48,454 | |||||||
Net loss | $ | (16,828 | ) | $ | (25,020 | ) | $ | (35,730 | ) | $ | (51,501 | ) |
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As of | |||||||
June 30, 2017 | December 31, 2016 | ||||||
Leasehold improvements | $ | 2,635 | $ | 2,061 | |||
Computer equipment | 5,890 | 5,487 | |||||
Software | 1,132 | 1,099 | |||||
Capitalization of internal-use software | 2,925 | 2,925 | |||||
Furniture and equipment | 1,285 | 931 | |||||
Total | 13,867 | 12,503 | |||||
Accumulated depreciation | (8,683 | ) | (7,218 | ) | |||
Property and equipment, net | $ | 5,184 | $ | 5,285 |
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Net balance as of December 31, 2016 | $ | — | |
Acquisition of Jiff | 91,398 | ||
Net balance as of June 30, 2017 | $ | 91,398 |
Intangible Assets, Gross | Accumulated Amortization | Acquired Intangibles, Net | Useful Life | |||||||||||||||||||||||||||
Dec 31, 2016 (1) | Additions | June 30, 2017 | Dec 31, 2016 | Expense | June 30, 2017 | June 30, 2017 | ||||||||||||||||||||||||
Customer relationships | $ | — | $ | 10,900 | $ | 10,900 | $ | — | $ | (273 | ) | $ | (273 | ) | 10,627 | 10 | ||||||||||||||
Developed technology | — | 10,600 | 10,600 | — | (530 | ) | (530 | ) | 10,070 | 5 | ||||||||||||||||||||
Backlog | — | 1,500 | 1,500 | — | (221 | ) | (221 | ) | 1,279 | 3 | ||||||||||||||||||||
Other acquired intangible assets | — | 900 | 900 | — | (192 | ) | (192 | ) | 708 | 1-3 | ||||||||||||||||||||
Total identifiable intangible assets | $ | — | $ | 23,900 | $ | 23,900 | $ | — | $ | (1,216 | ) | $ | (1,216 | ) | $ | 22,684 |
2017 | 2,431 | |
2018 | 4,044 | |
2019 | 3,505 | |
2020 | 3,242 | |
2021 | 3,210 | |
Thereafter | 6,252 | |
Total estimated amortization expense | 22,684 |
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Options Outstanding | Weighted- Average Exercise Price | Aggregate Intrinsic Value | ||||||||
Balance at December 31, 2016 | 7,642,953 | $ | 3.71 | $ | 18,537 | |||||
Stock option grants | 400,000 | $ | 3.60 | |||||||
Stock options assumed and awarded related to acquisition | 5,382,613 | $ | 1.42 | |||||||
Stock options exercised | (533,198 | ) | $ | 1.56 | ||||||
Stock options canceled | (945,812 | ) | $ | 2.96 | ||||||
Balance at June 30, 2017 | 11,946,556 | $ | 2.83 | $ | 25,478 |
Six Months Ended June 30, | |||
2017 | 2016 | ||
Volatility | 75% | * | |
Risk-free interest rate | 2.35% | * | |
Dividend yield | —% | * |
Six Months Ended June 30, | |||
2017 | 2016 | ||
Volatility | 61% | 45% | |
Expected life (in years) | 6.02 | 6.02 | |
Risk-free interest rate | 2.03% | 1.37% | |
Dividend yield | —% | —% |
Number of Shares Outstanding | Weighted- Average Grant Date Fair Value | |||||
Balance at December 31, 2016 | 10,541,666 | $ | 4.82 | |||
Restricted Stock Units granted (1) | 4,031,288 | $ | 3.50 | |||
Restricted Stock Units vested | (1,694,107 | ) | $ | 5.14 | ||
Restricted Stock Units forfeited/canceled (2) | (2,586,783 | ) | $ | 3.35 | ||
Balance at June 30, 2017 | 10,292,064 | $ | 4.35 |
Number of Shares Outstanding | Weighted- Average Grant Date Fair Value | |||||
Balance at December 31, 2016 | 10,541,666 | $ | 4.82 | |||
Restricted Stock Units granted (1) | 4,031,288 | $ | 3.50 | |||
Restricted Stock Units vested | (1,694,107 | ) | $ | 5.14 | ||
Restricted Stock Units forfeited/canceled (2) | (2,586,783 | ) | $ | 3.35 | ||
Balance at June 30, 2017 | 10,292,064 | $ | 4.35 |
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Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
June 30, 2017 | |||||||||||||||
U.S. agency obligations | $ | 48,188 | $ | 1 | $ | (14 | ) | $ | 48,175 | ||||||
U.S. treasury securities | 9,985 | — | (2 | ) | 9,983 | ||||||||||
Money market mutual funds | 10,026 | — | — | 10,026 | |||||||||||
68,199 | 1 | (16 | ) | 68,184 | |||||||||||
Included in cash and cash equivalents | 34,363 | — | — | 34,363 | |||||||||||
Included in marketable securities | $ | 33,836 | $ | 1 | $ | (16 | ) | $ | 33,821 |
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
December 31, 2016 | |||||||||||||||
U.S. agency obligations | $ | 33,019 | $ | 5 | $ | (3 | ) | $ | 33,021 | ||||||
U.S. treasury securities | 37,864 | — | (2 | ) | 37,862 | ||||||||||
Money market mutual funds | 7,965 | — | — | 7,965 | |||||||||||
78,848 | 5 | (5 | ) | 78,848 | |||||||||||
Included in cash and cash equivalents | 12,966 | — | — | 12,966 | |||||||||||
Included in marketable securities | $ | 65,882 | $ | 5 | $ | (5 | ) | $ | 65,882 |
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Level 1 | Level 2 | Level 3 | Total | ||||||||||||
June 30, 2017 | |||||||||||||||
Cash equivalents: | |||||||||||||||
Money market mutual funds | $ | 10,026 | $ | — | $ | — | $ | 10,026 | |||||||
U.S. agency obligations | 24,337 | — | — | 24,337 | |||||||||||
Marketable securities: | |||||||||||||||
U.S. agency obligations | — | 23,838 | — | 23,838 | |||||||||||
U.S. treasury securities | — | 9,983 | — | 9,983 | |||||||||||
$ | 34,363 | $ | 33,821 | $ | — | $ | 68,184 | ||||||||
Other current liabilities: | |||||||||||||||
Contingent consideration liability(1) | $ | — | $ | — | $ | 28 | $ | 28 | |||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
December 31, 2016 | |||||||||||||||
Cash equivalents: | |||||||||||||||
Money market mutual funds | $ | 7,965 | $ | — | $ | — | $ | 7,965 | |||||||
U.S. treasury securities | — | 5,000 | — | 5,000 | |||||||||||
Marketable securities: | |||||||||||||||
U.S. agency obligations | — | 33,021 | — | 33,021 | |||||||||||
U.S. treasury securities | — | 32,862 | — | 32,862 | |||||||||||
$ | 7,965 | $ | 70,883 | $ | — | $ | 78,848 |
Total | ||||
Balance as of December 31, 2016 | $ | — | ||
Initial fair value as of acquisition date | 671 | |||
Re-measurement of fair value on June 30, 2017 | (643 | ) | ||
Balance as of June 30, 2017 | $ | 28 |
|
Fair value | ||||
Fair value of Company Class B common stock (25,054,049 shares @ $3.65 per share) | $ | 91,447 | ||
Fair value of contingent consideration | 671 | |||
Fair value of assumed Jiff options attributable to pre-combination services | 9,574 | |||
Transaction costs paid on behalf of Jiff | 4,498 | |||
Estimated purchase price consideration | $ | 106,190 |
Cash | $ | 2,234 | |
Current assets | 5,159 | ||
Other assets | 1,971 | ||
Acquired intangible assets | 23,900 | ||
Goodwill | 91,398 | ||
Total assets acquired | 124,662 | ||
Deferred revenue | (1,857 | ) | |
Other current liabilities | (5,805 | ) | |
Debt | (5,578 | ) | |
Noncurrent liabilities | (5,232 | ) | |
Total net assets acquired | $ | 106,190 |
Fair Value | Useful Life | |||||
Customer relationships | $ | 10,900 | 10 | |||
Developed technology | 10,600 | 5 | ||||
Backlog | 1,500 | 3 | ||||
Other acquired intangible assets | 900 | 1-3 | ||||
Total identifiable intangible assets | $ | 23,900 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Total revenue | $ | 32,065 | $ | 25,109 | $ | 63,452 | $ | 48,454 | |||||||
Net loss | $ | (16,828 | ) | $ | (25,020 | ) | $ | (35,730 | ) | $ | (51,501 | ) |
|
As of | |||||||
June 30, 2017 | December 31, 2016 | ||||||
Leasehold improvements | $ | 2,635 | $ | 2,061 | |||
Computer equipment | 5,890 | 5,487 | |||||
Software | 1,132 | 1,099 | |||||
Capitalization of internal-use software | 2,925 | 2,925 | |||||
Furniture and equipment | 1,285 | 931 | |||||
Total | 13,867 | 12,503 | |||||
Accumulated depreciation | (8,683 | ) | (7,218 | ) | |||
Property and equipment, net | $ | 5,184 | $ | 5,285 |
|
Net balance as of December 31, 2016 | $ | — | |
Acquisition of Jiff | 91,398 | ||
Net balance as of June 30, 2017 | $ | 91,398 |
Intangible Assets, Gross | Accumulated Amortization | Acquired Intangibles, Net | Useful Life | |||||||||||||||||||||||||||
Dec 31, 2016 (1) | Additions | June 30, 2017 | Dec 31, 2016 | Expense | June 30, 2017 | June 30, 2017 | ||||||||||||||||||||||||
Customer relationships | $ | — | $ | 10,900 | $ | 10,900 | $ | — | $ | (273 | ) | $ | (273 | ) | 10,627 | 10 | ||||||||||||||
Developed technology | — | 10,600 | 10,600 | — | (530 | ) | (530 | ) | 10,070 | 5 | ||||||||||||||||||||
Backlog | — | 1,500 | 1,500 | — | (221 | ) | (221 | ) | 1,279 | 3 | ||||||||||||||||||||
Other acquired intangible assets | — | 900 | 900 | — | (192 | ) | (192 | ) | 708 | 1-3 | ||||||||||||||||||||
Total identifiable intangible assets | $ | — | $ | 23,900 | $ | 23,900 | $ | — | $ | (1,216 | ) | $ | (1,216 | ) | $ | 22,684 |
2017 | 2,431 | |
2018 | 4,044 | |
2019 | 3,505 | |
2020 | 3,242 | |
2021 | 3,210 | |
Thereafter | 6,252 | |
Total estimated amortization expense | 22,684 |
|
Options Outstanding | Weighted- Average Exercise Price | Aggregate Intrinsic Value | ||||||||
Balance at December 31, 2016 | 7,642,953 | $ | 3.71 | $ | 18,537 | |||||
Stock option grants | 400,000 | $ | 3.60 | |||||||
Stock options assumed and awarded related to acquisition | 5,382,613 | $ | 1.42 | |||||||
Stock options exercised | (533,198 | ) | $ | 1.56 | ||||||
Stock options canceled | (945,812 | ) | $ | 2.96 | ||||||
Balance at June 30, 2017 | 11,946,556 | $ | 2.83 | $ | 25,478 |
Six Months Ended June 30, | |||
2017 | 2016 | ||
Volatility | 61% | 45% | |
Expected life (in years) | 6.02 | 6.02 | |
Risk-free interest rate | 2.03% | 1.37% | |
Dividend yield | —% | —% |
Number of Shares Outstanding | Weighted- Average Grant Date Fair Value | |||||
Balance at December 31, 2016 | 10,541,666 | $ | 4.82 | |||
Restricted Stock Units granted (1) | 4,031,288 | $ | 3.50 | |||
Restricted Stock Units vested | (1,694,107 | ) | $ | 5.14 | ||
Restricted Stock Units forfeited/canceled (2) | (2,586,783 | ) | $ | 3.35 | ||
Balance at June 30, 2017 | 10,292,064 | $ | 4.35 |
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