CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Jun. 30, 2021 |
Dec. 31, 2020 |
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Class A common stock | ||
Common stock Par value (usd per share) | $ 0.0001 | $ 0.0001 |
Common stock authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock issued (in shares) | 28,397,210 | 34,998,171 |
Common stock outstanding (in shares) | 28,397,210 | 34,998,171 |
Class B common stock | ||
Common stock Par value (usd per share) | $ 0.0001 | $ 0.0001 |
Common stock authorized (in shares) | 800,000,000 | 800,000,000 |
Common stock issued (in shares) | 131,584,908 | 120,768,900 |
Common stock outstanding (in shares) | 131,584,908 | 120,768,900 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
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Revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue, net | $ 35,603 | $ 35,500 | $ 70,662 | $ 74,545 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total cost of revenue | 12,158 | 12,761 | 24,914 | 27,234 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 23,445 | 22,739 | 45,748 | 47,311 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and marketing | [1] | 7,208 | 7,683 | 14,121 | 18,155 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research and development | [1] | 12,316 | 13,043 | 24,429 | 26,865 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | [1] | 6,366 | 6,340 | 12,732 | 12,916 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill impairment | 0 | 0 | 0 | 50,300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 25,890 | 27,066 | 51,282 | 108,236 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating loss | (2,445) | (4,327) | (5,534) | (60,925) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income, net | 56 | 123 | 149 | 386 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | $ (2,389) | $ (4,204) | $ (5,385) | $ (60,539) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss per share, basic (in usd per share) | $ (0.02) | $ (0.03) | $ (0.03) | $ (0.41) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss per share, diluted (in usd per share) | $ (0.02) | $ (0.03) | $ (0.03) | $ (0.41) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average shares used to compute diluted net loss per share (in usd per share) | 158,951 | 150,078 | 157,872 | 149,475 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average shares used to compute basic net loss per share (in usd per share) | 158,951 | 150,078 | 157,872 | 149,475 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subscription | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue, net | $ 31,128 | $ 34,289 | $ 63,238 | $ 72,672 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total cost of revenue | [1] | 7,977 | 8,819 | 16,076 | 19,051 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional services and other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue, net | 4,475 | 1,211 | 7,424 | 1,873 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total cost of revenue | [1] | $ 4,181 | $ 3,942 | $ 8,838 | $ 8,183 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
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Subscription | ||||
Stock-based compensation expense | $ 222 | $ 205 | $ 479 | $ 374 |
Professional services and other | ||||
Stock-based compensation expense | 184 | 144 | 420 | 260 |
Sales and marketing | ||||
Stock-based compensation expense | 442 | 748 | 792 | 1,420 |
Research and development | ||||
Stock-based compensation expense | 1,060 | 1,314 | 2,129 | 2,477 |
General and administrative | ||||
Stock-based compensation expense | $ 1,262 | $ 858 | $ 2,457 | $ 1,924 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
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Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (2,389) | $ (4,204) | $ (5,385) | $ (60,539) |
Other comprehensive loss: | ||||
Net change in unrealized loss on available-for-sale marketable securities | 0 | (13) | 0 | (2) |
Other comprehensive loss | 0 | (13) | 0 | (2) |
Comprehensive loss | $ (2,389) | $ (4,217) | $ (5,385) | $ (60,541) |
Organization and Description of Business |
6 Months Ended |
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Jun. 30, 2021 | |
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”) provides health navigation solutions for large U.S. employers and health plans (“customers”) and their respective employees and members (“users”). Castlight’s offerings help individuals connect and engage with the right provider, benefit, or virtual care solution, at the right time, leveraging a combination of sophisticated technology and an expert team. Castlight’s navigation offerings have demonstrated measurable results, driving high engagement and user satisfaction, increased program utilization, steerage to the right care and provider, and lower healthcare costs for its customers and millions of users. The Company was incorporated in the State of Delaware in January 2008. The Company's principal executive offices are located in San Francisco, California, and its Customer Center of Excellence is located in Sandy, Utah. In the second quarter of 2021, Castlight formed a wholly owned subsidiary in India, Castlight Health India Private Limited ("Castlight India"). |
Accounting Standards and Significant Accounting Policies |
6 Months Ended |
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Jun. 30, 2021 | |
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, 2020. Other than as described below, there have been no changes to the Company's significant accounting policies described in the Company's Annual Report that have had a material impact on the Company's 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; •Assumptions used in the calculation of goodwill impairment, including the forecast of future cash flows and discount rate; and •Assumptions used in the calculation of right-of-use assets ("ROU") and lease liabilities for operating leases, including lease terms and the Company’s incremental borrowing rate. Actual results could differ from those estimates, and such differences could be material to the Company’s consolidated financial position and results of operations. Concentrations of Risk and Significant Customers Anthem Inc. ("Anthem") accounted for approximately 49% of total revenue during the three and six months ended June 30, 2021. One other customer accounted for approximately 11% of total revenue during the three months ended June 30, 2021. Anthem also accounted for approximately 11% of accounts receivable, excluding contract assets, as of June 30, 2021. Additionally, three other customers accounted for approximately 19%, 14% and 12%, respectively, of accounts receivable, excluding contract assets, as of June 30, 2021. 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, 2021 are either not applicable or are expected to have minimal impact on the Company's condensed consolidated financial results.
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Revenue, Deferred Revenue, Contract Balances and Performance Obligations |
6 Months Ended |
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Jun. 30, 2021 | |
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. Deferred revenue as of June 30, 2021 and December 31, 2020 was $10.1 million and $7.5 million, respectively. Contract assets as of June 30, 2021 and December 31, 2020 were $5.9 million and $9.4 million, respectively. The decrease in contract assets is primarily due to the Anthem enterprise license agreement that results in invoicing ahead of revenue recognition beginning in the second year of that agreement. Revenue of $6.8 million and $6.6 million was recognized during the three months ended June 30, 2021 and 2020, respectively, that was included in the Company’s deferred revenue balances at the beginning of the respective periods. Revenue of $6.7 million and $8.8 million was recognized during the six months ended June 30, 2021 and 2020, 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 $0.2 million and $0.4 million during the three months ended June 30, 2021 and 2020, respectively, arising from changes in variable consideration. The Company recorded favorable cumulative catch-up adjustments to revenue of $1.4 million and $2.1 million during the six months ended June 30, 2021 and 2020, respectively, arising from changes in variable consideration. The aggregate balance of remaining performance obligations from non-cancelable contracts with customers as of June 30, 2021 was $118.4 million. The Company expects to recognize approximately 90% 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.
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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, 2021 are as follows (in thousands):
These costs are reviewed for impairment quarterly. Impairment charges were $0.2 million for the three months ended June 30, 2021 and 2020. Impairment charges were $0.5 million and $1.3 million for the six months ended June 30, 2021 and 2020, respectively.
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Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets Impairment During the first quarter of 2020, the Company determined that the significant decline in the U.S. economy as a result of the COVID-19 pandemic, together with the decline in the Company’s stock price, constituted a triggering event which required the Company to perform interim impairment analyses related to its long-lived assets and goodwill. The impairment analysis for long-lived assets indicated that the assets were recoverable; therefore, no impairment was recorded. After assessing long-lived assets, the Company performed a goodwill impairment analysis and determined that the carrying value of its only reporting unit exceeded its fair value by approximately $50.3 million. The fair value was determined using the income approach. The Company believes that the income approach is the most reliable indication of fair value since it incorporates future estimated revenues and expenses for the reporting unit that the market approach may not directly incorporate. In addition to future estimated revenue and expenses, the determination of fair value included assumptions related to a discount rate. As of June 30, 2021, the Company determined that there were no indicators present to suggest that it was more likely than not that the fair value of the reporting unit was less than its carrying amount. The Company will continue to monitor its goodwill on a quarterly basis for indicators of impairment, including, but not limited to, future declines in the stock price. Accordingly, there may be future impairments. Goodwill The Company’s goodwill relates entirely to the acquisition of Jiff in 2017. As of June 30, 2021, the gross amount of goodwill was $91.8 million and accumulated goodwill impairment was $50.3 million, all of which was recorded in the first quarter of 2020. The goodwill impairment did not involve any cash expenditures. Intangible assets, net Identified intangible assets are recorded at their estimated fair values at the date of acquisition and are amortized over their respective estimated useful lives using a method of amortization that reflects the pattern in which the economic benefits of the intangible assets are used. 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, 2021 and 2020 was $1.1 million. Amortization expense from acquired intangible assets for the six months ended June 30, 2021 and 2020 was $2.1 million. Amortization expense is included in cost of subscription, sales and marketing, and general and administrative expenses. Future estimated amortization expense for acquired intangible assets is as follows (in thousands):
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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, 2021 and 2020 was $0.6 million. Depreciation and amortization expense for the six months ended June 30, 2021 and 2020 was $1.1 million and $1.0 million, respectively. Depreciation and amortization expense is recorded on a straight-line basis.
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Debt |
6 Months Ended |
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Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt Term Loan The Company has a term loan facility (the “Loan Agreement”) with Silicon Valley Bank (the “Bank”) that provided for a term loan of approximately $5.6 million (the “Term Loan”). 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 and principal on the Term Loan are payable monthly. The maturity date of the Term Loan is September 1, 2021, and the outstanding principal balance of $0.5 million, as well as the final payment discussed below, are classified within accrued expenses and other current liabilities on the condensed consolidated balance sheet as of June 30, 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. In accordance with the Loan Agreement, the Company is subject to certain reporting covenants, and the debt obligations are secured by a security interest in the assets of the Company, excluding intellectual property and certain other exceptions. The Company was in compliance with all reporting covenants in the Loan Agreement related to the outstanding principal balance as of June 30, 2021. Revolving Line of Credit On May 5, 2020, the Company entered into the Third Amended and Restated Loan and Security Agreement (the "Amended Loan Agreement") with the Bank. The Amended Loan Agreement amended and restated its existing Loan Agreement. Under the Amended Loan Agreement, the Bank agreed to extend a $25.0 million revolving credit facility to the Company (the “Revolving Line”). Borrowings under the Revolving Line accrue interest at a floating per annum rate equal to the Prime Rate plus 1%, and such interest is payable monthly. The Company may request borrowings under the Revolving Line prior to May 4, 2023, on which date the Revolving Line terminates. In relation to the Revolving Line, the Company is subject to certain financial and reporting covenants. As of June 30, 2021, no borrowings have been made under the Revolving Line, and the Company was in compliance with all financial and reporting covenants.
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Contingencies |
6 Months Ended |
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Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Legal Matters From time to time, the Company may become subject to legal proceedings, claims or litigation arising in the ordinary course of business. In addition, the Company may receive notices 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 the Company 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”) Activity A summary of unvested restricted stock unit activity for the six months ended June 30, 2021 is as follows:
As of June 30, 2021, the Company had $22.8 million of 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 approximately 1.1 million performance-based RSUs ("PSUs") to certain employees during the first quarter of 2021. The number of shares that will eventually vest depends on achievement of the performance target for 2021, as determined by the Compensation and Talent Committee of the Company's board of directors, and may range from 0% to 125% of the award amount. Once performance is determined, one third of the PSUs, if any, will vest one year after the grant date, and the remainder will vest in eight quarterly installments thereafter, subject to recipients' continued service. For the three and six months ended June 30, 2021, the Company recognized compensation expense of approximately $0.3 million and $0.4 million, respectively, related to PSUs. Stock Option Activity A summary of stock option activity for the six months ended June 30, 2021 is as follows:
The weighted-average grant-date fair value of stock options granted during the six months ended June 30, 2021 and 2020 was $1.19 and $0.75, 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:
As of June 30, 2021, the Company had $2.5 million of unrecognized compensation cost related to non-vested stock options, which is expected to be recognized over a weighted-average period of approximately 2.7 years. Employee Stock Purchase Plan The Company used the following Black-Scholes assumptions in estimating the fair value of the shares under the 2014 Employee Stock Purchase Plan (the “ESPP”):
Stock-based compensation expense related to the ESPP was immaterial for the three and six months ended June 30, 2021 and 2020. As of June 30, 2021, the unrecognized stock-based compensation expense related to the ESPP was also immaterial, and is expected to be recognized over the remaining term of the current offering period.
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Income Taxes |
6 Months Ended |
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Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate for the three and six months ended June 30, 2021 and 2020 was zero percent, primarily as a result of the estimated tax loss for the year and the change in valuation allowance. At June 30, 2021, 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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Restructuring Program |
6 Months Ended |
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Jun. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Program | Restructuring Program On May 4, 2020, the Company announced its intent to undertake a program to reduce its workforce as part of the Company’s efforts to respond to the COVID-19 pandemic and ensure longer-term financial stability for the Company in light of the ongoing economic challenges resulting from COVID-19 and its impact on the Company’s business (the “Program”). The Program involved the termination of approximately 60 employees, representing 13% of the Company’s headcount. During the second quarter of 2020, the Company incurred charges of approximately $2.0 million related to employee severance and benefits costs under the Program, all of which are cash expenditures. As of September 30, 2020, all costs were fully paid out.In addition, as part of its cost reductions in light of the COVID-19 pandemic, the Company implemented reductions in base salary for its employees, effective May 16, 2020, consisting of a 30% reduction for the Company’s Chief Executive Officer, 25% reduction for the Company’s Chief Financial Officer, 20% reduction for members of the Company’s executive leadership team, and tiered reductions of 10-15% for other employees with salaries above $100,000, which the Company anticipated would last at least six months, and would be re-evaluated at that time. Members of the Company’s Board of Directors also voluntarily agreed to forego 50% of their cash compensation for the duration of the employee salary reductions. In early November 2020, management, in consultation with the Board of Directors, determined that it would reinstate full salaries for those who were impacted by the salary reduction and restore the Board’s cash compensation to its original levels, effective November 16, 2020. |
Accounting Standards and Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2021 | |
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, 2020. Other than as described below, there have been no changes to the Company's significant accounting policies described in the Company's Annual Report that have had a material impact on the Company's 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; •Assumptions used in the calculation of goodwill impairment, including the forecast of future cash flows and discount rate; and •Assumptions used in the calculation of right-of-use assets ("ROU") and lease liabilities for operating leases, including lease terms and the Company’s incremental borrowing rate. 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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Recently Issued Accounting Pronouncements | 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, 2021 are either not applicable or are expected to have minimal impact on the Company's condensed consolidated financial results.
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Deferred Costs (Tables) |
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Schedule of 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, 2021 are as follows (in thousands):
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Goodwill and Intangible Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | Future estimated amortization expense for acquired intangible assets is as follows (in thousands):
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Property and Equipment (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and equipment consisted of the following (in thousands):
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Stock Compensation (Tables) |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Unvested Restricted Stock Unit Activity | A summary of unvested restricted stock unit activity for the six months ended June 30, 2021 is as follows:
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Summary of Stock Option Activity | A summary of stock option activity for the six months ended June 30, 2021 is as follows:
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Schedule Fair Value 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:
The Company used the following Black-Scholes assumptions in estimating the fair value of the shares under the 2014 Employee Stock Purchase Plan (the “ESPP”):
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Net Loss per Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of 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) - Customer Concentration Risk |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2021 |
|
Anthem | Total Revenue | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 49.00% | 49.00% |
Anthem | Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 11.00% | |
One customer | Total Revenue | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 11.00% | |
One customer | Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 19.00% | |
Two Customer | Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 14.00% | |
Three Customer | Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 12.00% |
Revenue, Deferred Revenue, Contract Balances and Performance Obligations - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Revenue from Contract with Customer [Abstract] | |||||
Deferred revenue | $ 10.1 | $ 10.1 | $ 7.5 | ||
Contract with customer, asset, net | 5.9 | 5.9 | $ 9.4 | ||
Contract with customer liability, revenue recognized | 6.8 | $ 6.6 | 6.7 | $ 8.8 | |
Contract with customer, liability, cumulative catch-up adjustment to revenue, change in estimate of transaction price | $ 0.2 | $ 0.4 | $ 1.4 | $ 2.1 |
Revenue, Deferred Revenue, Contract Balances and Performance Obligations - Performance Obligations (Details) $ in Millions |
Jun. 30, 2021
USD ($)
|
---|---|
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation | $ 118.4 |
Revenue, remaining performance obligation, percent | 90.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months |
Deferred Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Capitalized Contract Cost [Roll Forward] | ||||
As of December 31, 2020 | $ 14,018 | |||
Additions | 953 | |||
Adjustment to prior year additions | (201) | |||
Expense recognized | (3,715) | |||
As of June 30, 2021 | $ 11,055 | 11,055 | ||
Impairment charges | 200 | $ 200 | 500 | $ 1,300 |
Impairment charges | 200 | $ 200 | 500 | $ 1,300 |
Deferred commissions | ||||
Capitalized Contract Cost [Roll Forward] | ||||
As of December 31, 2020 | 9,556 | |||
Additions | 394 | |||
Adjustment to prior year additions | (201) | |||
Expense recognized | (2,568) | |||
As of June 30, 2021 | 7,181 | 7,181 | ||
Deferred professional service costs | ||||
Capitalized Contract Cost [Roll Forward] | ||||
As of December 31, 2020 | 4,462 | |||
Additions | 559 | |||
Adjustment to prior year additions | 0 | |||
Expense recognized | (1,147) | |||
As of June 30, 2021 | $ 3,874 | $ 3,874 |
Goodwill and Intangible Assets - Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Long-lived asset impairment | $ 0 | ||||
Goodwill impairment | $ 0 | $ 0 | $ 50,300,000 | $ 0 | $ 50,300,000 |
Gross goodwill | 91,800,000 | 91,800,000 | |||
Accumulated goodwill impairment | 50,300,000 | 50,300,000 | |||
Amortization expense | $ 1,100,000 | $ 1,100,000 | $ 2,100,000 | $ 2,100,000 |
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Finite-lived Intangible Assets [Roll Forward] | ||
Gross | $ 21,500 | $ 21,500 |
Accumulated Amortization | (15,686) | (13,570) |
Total estimated amortization expense | $ 5,814 | $ 7,930 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 6 years | 6 years |
Finite-lived Intangible Assets [Roll Forward] | ||
Gross | $ 10,900 | $ 10,900 |
Accumulated Amortization | (6,676) | (5,620) |
Total estimated amortization expense | $ 4,224 | $ 5,280 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 5 years | 5 years |
Finite-lived Intangible Assets [Roll Forward] | ||
Gross | $ 10,600 | $ 10,600 |
Accumulated Amortization | (9,010) | (7,950) |
Total estimated amortization expense | $ 1,590 | $ 2,650 |
Goodwill and Intangible Assets - Schedule of Amortization Expense for Acquired Intangible Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2021 | $ 2,116 | |
2022 | 2,642 | |
2023 | 1,056 | |
Total estimated amortization expense | $ 5,814 | $ 7,930 |
Property and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 18,885 | $ 18,667 |
Accumulated depreciation/amortization | (14,400) | (13,346) |
Property and equipment, net | 4,485 | 5,321 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 4,606 | 4,606 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 8,034 | 7,655 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 844 | 908 |
Internal-use software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 3,878 | 3,878 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 1,492 | 1,492 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 31 | $ 128 |
Property and Equipment - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 0.6 | $ 0.6 | $ 1.1 | $ 1.0 |
Debt - Narrative (Details) - USD ($) |
6 Months Ended | |
---|---|---|
May 05, 2020 |
Jun. 30, 2021 |
|
Line of Credit Facility [Line Items] | ||
Term Loan | $ 5,600,000 | |
Early repayment of senior debt | 500,000 | |
Early repayment of senior debt | 500,000 | |
Line of Credit | Revolving credit | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 25,000,000.0 | |
Borrowings | $ 0 | |
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% | |
Prime rate | Line of Credit | Revolving credit | ||
Line of Credit Facility [Line Items] | ||
Spread on variable rate | 1.00% |
Stock Compensation - Summary of Unvested Restricted Stock Unit Activity (Details) - RSUs |
6 Months Ended |
---|---|
Jun. 30, 2021
$ / shares
shares
| |
Number of Shares | |
Balance as of beginning of period (in shares) | shares | 15,152,043 |
Granted (in shares) | shares | 6,247,606 |
Vested (in shares) | shares | (3,823,580) |
Forfeited and canceled (in shares) | shares | (891,337) |
Balance as of end of period (in shares) | shares | 16,684,732 |
Weighted-Average Grant Date Fair Value | |
Balance as of beginning of period (in usd per share) | $ / shares | $ 1.31 |
Granted (in usd per share) | $ / shares | 1.90 |
Vested (in usd per share) | $ / shares | 1.31 |
Forfeited and canceled (in usd per share) | $ / shares | 1.21 |
Balance as of end of period (in usd per share) | $ / shares | $ 1.53 |
Stock Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2021
USD ($)
$ / shares
shares
|
Dec. 31, 2020
USD ($)
|
|
Options Outstanding | ||
Balance as of beginning of period (in shares) | shares | 5,987,243 | |
Granted (in shares) | shares | 300,000 | |
Exercised (in shares) | shares | (177,527) | |
Forfeited and canceled (in shares) | shares | (98,452) | |
Balance as of end of period (in shares) | shares | 6,011,264 | |
Weighted- Average Exercise Price | ||
Balance as of beginning of period (in usd per share) | $ / shares | $ 1.82 | |
Granted (in usd per share) | $ / shares | 1.79 | |
Exercised (in usd per share) | $ / shares | 1.29 | |
Forfeited and canceled (in usd per share) | $ / shares | 1.76 | |
Balance as of end of period (in usd per share) | $ / shares | $ 1.84 | |
Aggregate Intrinsic Value (in thousands) | ||
Aggregate Intrinsic Value | $ | $ 6,685 | $ 568 |
Stock Compensation - Schedule Fair Value Assumptions (Details) |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 76.00% | 73.00% |
Expected life (in years) | 6 years 1 month 6 days | 6 years 1 month 6 days |
Risk-free interest rate | 1.11% | |
Risk-free interest rate , minimum | 0.84% | |
Risk-free interest rate .maximum | 1.47% | |
Dividend yield | 0.00% | 0.00% |
ESPP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 71.00% | 71.00% |
Expected life (in years) | 6 months | 6 months |
Risk-free interest rate | 0.07% | 0.95% |
Dividend yield | 0.00% | 0.00% |
Income Taxes (Details) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate reconciliation, percent | 0.00% | 0.00% | 0.00% | 0.00% |
Restructuring Program (Details) $ in Millions |
3 Months Ended | ||
---|---|---|---|
May 16, 2020 |
May 04, 2020
employee
|
Jun. 30, 2020
USD ($)
|
|
Chief Executive Officer | |||
Restructuring Cost and Reserve [Line Items] | |||
Salary reduction percent | 30.00% | ||
Chief Financial Officer | |||
Restructuring Cost and Reserve [Line Items] | |||
Salary reduction percent | 25.00% | ||
Executive leadership team | |||
Restructuring Cost and Reserve [Line Items] | |||
Salary reduction percent | 20.00% | ||
Other employees with salaries above $100,000 | Minimum | |||
Restructuring Cost and Reserve [Line Items] | |||
Salary reduction percent | 10.00% | ||
Other employees with salaries above $100,000 | Maximum | |||
Restructuring Cost and Reserve [Line Items] | |||
Salary reduction percent | 15.00% | ||
Board of directors | |||
Restructuring Cost and Reserve [Line Items] | |||
Salary reduction percent | 50.00% | ||
The Program | |||
Restructuring Cost and Reserve [Line Items] | |||
Terminated employees | employee | 60 | ||
Reduction in workforce, percent | 13.00% | ||
Employee severance and benefits costs | $ | $ 2.0 |