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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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