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Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
September 30, 2017 | |||||||||||||||
U.S. agency obligations | $ | 15,294 | $ | — | $ | (2 | ) | $ | 15,292 | ||||||
U.S. treasury securities | 43,382 | 1 | (4 | ) | 43,379 | ||||||||||
Money market mutual funds | 3,647 | — | — | 3,647 | |||||||||||
62,323 | 1 | (6 | ) | 62,318 | |||||||||||
Included in cash and cash equivalents | 20,244 | — | — | 20,244 | |||||||||||
Included in marketable securities | $ | 42,079 | $ | 1 | $ | (6 | ) | $ | 42,074 |
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 | ||||||||||||
September 30, 2017 | |||||||||||||||
Cash equivalents: | |||||||||||||||
Money market mutual funds | $ | 3,647 | $ | — | $ | — | $ | 3,647 | |||||||
U.S. agency obligations | — | 5,848 | — | 5,848 | |||||||||||
U.S. treasury securities | — | 10,749 | — | 10,749 | |||||||||||
Marketable securities: | |||||||||||||||
U.S. agency obligations | — | 9,444 | — | 9,444 | |||||||||||
U.S. treasury securities | — | 32,630 | — | 32,630 | |||||||||||
$ | 3,647 | $ | 58,671 | $ | — | $ | 62,318 | ||||||||
Accrued expenses and other current liabilities: | |||||||||||||||
Contingent consideration liability(1) | $ | — | $ | — | $ | 3,959 | $ | 3,959 | |||||||
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 |
Contingent Consideration Liability | ||||
Balance as of December 31, 2016 | $ | — | ||
Initial fair value as of acquisition date | 671 | |||
Re-measurement of fair value on June 30, 2017 (1) | (643 | ) | ||
Balance as of June 30, 2017 | 28 | |||
Re-measurement of fair value on September 30, 2017 (1) | 3,931 | |||
Balance as of September 30, 2017 | $ | 3,959 |
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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 | 91,785 | ||
Total assets acquired | 125,049 | ||
Deferred revenue | (1,857 | ) | |
Other current liabilities | (6,192 | ) | |
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 September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Total revenue | $ | 34,538 | $ | 27,059 | $ | 97,991 | $ | 75,513 | |||||||
Net loss | $ | (17,632 | ) | $ | (20,190 | ) | $ | (53,362 | ) | $ | (71,757 | ) |
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As of | |||||||
September 30, 2017 | December 31, 2016 | ||||||
Leasehold improvements | $ | 2,627 | $ | 2,061 | |||
Computer equipment | 6,035 | 5,487 | |||||
Software | 1,149 | 1,099 | |||||
Capitalization of internal-use software | 2,925 | 2,925 | |||||
Furniture and equipment | 1,293 | 931 | |||||
Total | 14,029 | 12,503 | |||||
Accumulated depreciation | (8,359 | ) | (7,218 | ) | |||
Property and equipment, net | $ | 5,670 | $ | 5,285 |
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Balance as of December 31, 2016 (1) | $ | — | |
Acquisition of Jiff | 91,398 | ||
Goodwill adjustments | 387 | ||
Balance as of September 30, 2017 | $ | 91,785 |
Intangible Assets, Gross | Accumulated Amortization | Acquired Intangibles, Net | Useful Life | |||||||||||||||||||||||||||
December 31, 2016 (1) | Additions | September 30, 2017 | December 31, 2016 | Expense | September 30, 2017 | September 30, 2017 | ||||||||||||||||||||||||
Customer relationships | $ | — | $ | 10,900 | $ | 10,900 | $ | — | $ | (546 | ) | $ | (546 | ) | 10,354 | 10 | ||||||||||||||
Developed technology | — | 10,600 | 10,600 | — | (1,060 | ) | (1,060 | ) | 9,540 | 5 | ||||||||||||||||||||
Backlog | — | 1,500 | 1,500 | — | (442 | ) | (442 | ) | 1,058 | 3 | ||||||||||||||||||||
Other acquired intangible assets | — | 900 | 900 | — | (383 | ) | (383 | ) | 517 | 1-3 | ||||||||||||||||||||
Total identifiable intangible assets | $ | — | $ | 23,900 | $ | 23,900 | $ | — | $ | (2,431 | ) | $ | (2,431 | ) | $ | 21,469 |
2017 | 1,216 | |
2018 | 4,044 | |
2019 | 3,505 | |
2020 | 3,242 | |
2021 | 3,210 | |
Thereafter | 6,252 | |
Total estimated amortization expense | 21,469 |
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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 | (726,060 | ) | $ | 1.81 | ||||||
Stock options canceled | (1,742,228 | ) | $ | 3.11 | ||||||
Balance at September 30, 2017 | 10,957,278 | $ | 2.80 | $ | 25,685 |
Nine Months Ended September 30, | |||
2017 | 2016 | ||
Volatility | 75% | * | |
Risk-free interest rate | 2.35% | * | |
Dividend yield | —% | * |
Nine Months Ended September 30, | |||
2017 | 2016 | ||
Volatility | 61% | 47% | |
Expected life (in years) | 6.02 | 6.12 | |
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) | 6,209,788 | $ | 3.62 | |||
Restricted Stock Units vested | (3,130,004 | ) | $ | 5.08 | ||
Restricted Stock Units forfeited/canceled (2) | (3,395,161 | ) | $ | 4.61 | ||
Balance at September 30, 2017 | 10,226,289 | $ | 4.10 |
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) | 6,209,788 | $ | 3.62 | |||
Restricted Stock Units vested | (3,130,004 | ) | $ | 5.08 | ||
Restricted Stock Units forfeited/canceled (2) | (3,395,161 | ) | $ | 4.61 | ||
Balance at September 30, 2017 | 10,226,289 | $ | 4.10 |
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Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
September 30, 2017 | |||||||||||||||
U.S. agency obligations | $ | 15,294 | $ | — | $ | (2 | ) | $ | 15,292 | ||||||
U.S. treasury securities | 43,382 | 1 | (4 | ) | 43,379 | ||||||||||
Money market mutual funds | 3,647 | — | — | 3,647 | |||||||||||
62,323 | 1 | (6 | ) | 62,318 | |||||||||||
Included in cash and cash equivalents | 20,244 | — | — | 20,244 | |||||||||||
Included in marketable securities | $ | 42,079 | $ | 1 | $ | (6 | ) | $ | 42,074 |
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 | ||||||||||||
September 30, 2017 | |||||||||||||||
Cash equivalents: | |||||||||||||||
Money market mutual funds | $ | 3,647 | $ | — | $ | — | $ | 3,647 | |||||||
U.S. agency obligations | — | 5,848 | — | 5,848 | |||||||||||
U.S. treasury securities | — | 10,749 | — | 10,749 | |||||||||||
Marketable securities: | |||||||||||||||
U.S. agency obligations | — | 9,444 | — | 9,444 | |||||||||||
U.S. treasury securities | — | 32,630 | — | 32,630 | |||||||||||
$ | 3,647 | $ | 58,671 | $ | — | $ | 62,318 | ||||||||
Accrued expenses and other current liabilities: | |||||||||||||||
Contingent consideration liability(1) | $ | — | $ | — | $ | 3,959 | $ | 3,959 | |||||||
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 |
Contingent Consideration Liability | ||||
Balance as of December 31, 2016 | $ | — | ||
Initial fair value as of acquisition date | 671 | |||
Re-measurement of fair value on June 30, 2017 (1) | (643 | ) | ||
Balance as of June 30, 2017 | 28 | |||
Re-measurement of fair value on September 30, 2017 (1) | 3,931 | |||
Balance as of September 30, 2017 | $ | 3,959 |
|
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 | 91,785 | ||
Total assets acquired | 125,049 | ||
Deferred revenue | (1,857 | ) | |
Other current liabilities | (6,192 | ) | |
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 September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Total revenue | $ | 34,538 | $ | 27,059 | $ | 97,991 | $ | 75,513 | |||||||
Net loss | $ | (17,632 | ) | $ | (20,190 | ) | $ | (53,362 | ) | $ | (71,757 | ) |
|
As of | |||||||
September 30, 2017 | December 31, 2016 | ||||||
Leasehold improvements | $ | 2,627 | $ | 2,061 | |||
Computer equipment | 6,035 | 5,487 | |||||
Software | 1,149 | 1,099 | |||||
Capitalization of internal-use software | 2,925 | 2,925 | |||||
Furniture and equipment | 1,293 | 931 | |||||
Total | 14,029 | 12,503 | |||||
Accumulated depreciation | (8,359 | ) | (7,218 | ) | |||
Property and equipment, net | $ | 5,670 | $ | 5,285 |
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Balance as of December 31, 2016 (1) | $ | — | |
Acquisition of Jiff | 91,398 | ||
Goodwill adjustments | 387 | ||
Balance as of September 30, 2017 | $ | 91,785 |
Intangible Assets, Gross | Accumulated Amortization | Acquired Intangibles, Net | Useful Life | |||||||||||||||||||||||||||
December 31, 2016 (1) | Additions | September 30, 2017 | December 31, 2016 | Expense | September 30, 2017 | September 30, 2017 | ||||||||||||||||||||||||
Customer relationships | $ | — | $ | 10,900 | $ | 10,900 | $ | — | $ | (546 | ) | $ | (546 | ) | 10,354 | 10 | ||||||||||||||
Developed technology | — | 10,600 | 10,600 | — | (1,060 | ) | (1,060 | ) | 9,540 | 5 | ||||||||||||||||||||
Backlog | — | 1,500 | 1,500 | — | (442 | ) | (442 | ) | 1,058 | 3 | ||||||||||||||||||||
Other acquired intangible assets | — | 900 | 900 | — | (383 | ) | (383 | ) | 517 | 1-3 | ||||||||||||||||||||
Total identifiable intangible assets | $ | — | $ | 23,900 | $ | 23,900 | $ | — | $ | (2,431 | ) | $ | (2,431 | ) | $ | 21,469 |
2017 | 1,216 | |
2018 | 4,044 | |
2019 | 3,505 | |
2020 | 3,242 | |
2021 | 3,210 | |
Thereafter | 6,252 | |
Total estimated amortization expense | 21,469 |
|
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 | (726,060 | ) | $ | 1.81 | ||||||
Stock options canceled | (1,742,228 | ) | $ | 3.11 | ||||||
Balance at September 30, 2017 | 10,957,278 | $ | 2.80 | $ | 25,685 |
Nine Months Ended September 30, | |||
2017 | 2016 | ||
Volatility | 75% | * | |
Risk-free interest rate | 2.35% | * | |
Dividend yield | —% | * |
Nine Months Ended September 30, | |||
2017 | 2016 | ||
Volatility | 61% | 47% | |
Expected life (in years) | 6.02 | 6.12 | |
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) | 6,209,788 | $ | 3.62 | |||
Restricted Stock Units vested | (3,130,004 | ) | $ | 5.08 | ||
Restricted Stock Units forfeited/canceled (2) | (3,395,161 | ) | $ | 4.61 | ||
Balance at September 30, 2017 | 10,226,289 | $ | 4.10 |
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