Document and Entity Information - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Feb. 25, 2019 |
Jun. 30, 2018 |
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Class of Stock [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CSLT | ||
Entity Registrant Name | CASTLIGHT HEALTH, INC. | ||
Entity Central Index Key | 0001433714 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 515.5 | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Class A | |||
Class of Stock [Line Items] | |||
Entity Common Stock, Shares Outstanding | 37,173,783 | ||
Class B | |||
Class of Stock [Line Items] | |||
Entity Common Stock, Shares Outstanding | 106,350,417 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Preferred Stock | ||
Par value (in USD per share) | $ 0.0001 | $ 0.0001 |
Shares authorized (in shares) | 10,000,000 | 10,000,000 |
Shares issued (in shares) | 0 | 0 |
Shares outstanding (in shares) | 0 | 0 |
Class A | ||
Common Stock | ||
Par value (in USD per share) | $ 0.0001 | $ 0.0001 |
Shares authorized (in shares) | 200,000,000 | 200,000,000 |
Shares issued (in shares) | 37,576,324 | 52,853,400 |
Shares outstanding (in shares) | 37,576,324 | 52,853,400 |
Class B | ||
Common Stock | ||
Par value (in USD per share) | $ 0.0001 | $ 0.0001 |
Shares authorized (in shares) | 800,000,000 | 800,000,000 |
Shares issued (in shares) | 104,350,881 | 81,685,875 |
Shares outstanding (in shares) | 104,350,881 | 81,685,875 |
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
[1] | Dec. 31, 2016 |
[1] | |||||||
Revenue: | |||||||||||
Total revenue | $ 156,404 | $ 132,020 | $ 98,708 | ||||||||
Cost of revenue: | |||||||||||
Cost of professional services and other | 60,189 | 46,652 | 31,866 | ||||||||
Gross profit | 96,215 | 85,368 | 66,842 | ||||||||
Operating expenses: | |||||||||||
Sales and marketing | 49,134 | 59,767 | [2] | 58,641 | [2] | ||||||
Research and development | 61,355 | 54,502 | [2] | 40,460 | [2] | ||||||
General and administrative | 25,620 | 28,825 | [2] | 26,859 | [2] | ||||||
Total operating expenses | 136,109 | 143,094 | 125,960 | ||||||||
Operating loss | (39,894) | (57,726) | (59,118) | ||||||||
Other income, net | 188 | 618 | 432 | ||||||||
Loss before income tax benefit | (39,706) | (57,108) | (58,686) | ||||||||
Income tax benefit | 0 | (5,206) | 0 | ||||||||
Net loss | $ (39,706) | $ (51,902) | [3] | $ (58,686) | [3] | ||||||
Net loss per share, basic and diluted (in usd per share) | $ (0.29) | $ (0.41) | $ (0.58) | ||||||||
Weighted-average shares used to compute basic and diluted net loss per share (in shares) | 137,686 | 125,534 | 100,798 | ||||||||
Subscription and Circulation | |||||||||||
Revenue: | |||||||||||
Total revenue | $ 143,901 | $ 121,368 | $ 91,943 | ||||||||
Cost of revenue: | |||||||||||
Cost of professional services and other | 34,691 | 28,410 | [2] | 16,463 | [2] | ||||||
Professional Services And Other | |||||||||||
Revenue: | |||||||||||
Total revenue | 12,503 | 10,652 | 6,765 | ||||||||
Cost of revenue: | |||||||||||
Cost of professional services and other | $ 25,498 | $ 18,242 | [2] | $ 15,403 | [2] | ||||||
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Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
[1] | Dec. 31, 2017 |
[2] | Dec. 31, 2016 |
[2] | |||||
Subscription and Circulation | ||||||||||
Allocated share-based compensation expense | $ 1,017 | $ 888 | $ 506 | |||||||
Professional Services And Other | ||||||||||
Allocated share-based compensation expense | 1,177 | 1,081 | 1,205 | |||||||
Sales and marketing | ||||||||||
Allocated share-based compensation expense | 3,770 | 9,665 | 8,843 | |||||||
Research and development | ||||||||||
Allocated share-based compensation expense | 7,214 | 7,415 | 5,959 | |||||||
General and administrative | ||||||||||
Allocated share-based compensation expense | $ 4,954 | $ 4,954 | $ 4,743 | |||||||
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Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands |
12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Consolidated Statement of Comprehensive Loss: | |||||||||||
Net loss | $ (39,706) | $ (51,902) | [1],[2] | $ (58,686) | [1],[2] | ||||||
Other comprehensive (loss) income: | |||||||||||
Net change in unrealized (loss) gain on available-for-sale marketable securities | 22 | (22) | [3] | 79 | [3] | ||||||
Other comprehensive (loss) income | 22 | (22) | [3] | 79 | [3] | ||||||
Comprehensive loss | $ (39,684) | $ (51,924) | [3] | $ (58,607) | [3] | ||||||
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Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands |
Total |
Common Stock |
Additional Paid-In Capital |
Accumulated Other Comprehensive Income (Loss) |
Accumulated Deficit |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 31, 2015 | [1] | 95,618,092 | |||||||||||||
Beginning balance at Dec. 31, 2015 | $ 118,354 | $ 10 | $ 415,519 | $ (79) | $ (297,096) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Vesting of restricted stock units (in shares) | 1,984,407 | ||||||||||||||
Vesting of restricted stock units | 0 | 0 | |||||||||||||
Exercise of stock options, net (in shares) | 1,945,766 | ||||||||||||||
Exercise of stock options, net | 2,829 | $ 0 | 2,829 | ||||||||||||
Stock-based compensation | 22,012 | 22,012 | |||||||||||||
Issuance of common stock and warrants to SAP net (in shares) | 4,762,658 | ||||||||||||||
Issuance of common stock and warrants to SAP, net | 17,236 | 17,236 | |||||||||||||
Comprehensive income (loss) | (58,607) | [2] | 79 | (58,686) | |||||||||||
Ending balance (in shares) at Dec. 31, 2016 | [3] | 104,310,923 | |||||||||||||
Ending balance at Dec. 31, 2016 | 134,528 | $ 10 | 457,596 | 0 | (323,078) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Vesting of restricted stock units (in shares) | 3,956,495 | ||||||||||||||
Vesting of restricted stock units | 0 | ||||||||||||||
Exercise of stock options, net (in shares) | 1,217,808 | ||||||||||||||
Exercise of stock options, net | 2,356 | $ 1 | 2,355 | ||||||||||||
Stock-based compensation | 24,578 | 24,578 | |||||||||||||
Comprehensive income (loss) | $ (51,924) | [2] | (22) | (51,902) | |||||||||||
Issuance of common stock related to acquisition, net (in shares) | 25,054,049 | ||||||||||||||
Issuance of common stock related to acquisition, net amount | $ 100,290 | $ 2 | 100,288 | ||||||||||||
SAP warrant modification | 1,729 | 1,729 | |||||||||||||
Ending balance (in shares) at Dec. 31, 2017 | 134,539,275 | ||||||||||||||
Ending balance at Dec. 31, 2017 | 211,557 | [4] | $ 13 | 586,900 | (22) | (375,334) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Vesting of restricted stock units (in shares) | 4,131,967 | ||||||||||||||
Vesting of restricted stock units | 0 | ||||||||||||||
Exercise of stock options, net (in shares) | 3,255,963 | ||||||||||||||
Exercise of stock options, net | 4,480 | $ 1 | 4,479 | ||||||||||||
Stock-based compensation | 18,318 | 18,318 | |||||||||||||
Comprehensive income (loss) | (39,684) | 22 | (39,706) | ||||||||||||
Ending balance (in shares) at Dec. 31, 2018 | 141,927,205 | ||||||||||||||
Ending balance at Dec. 31, 2018 | $ 194,671 | $ 14 | $ 609,697 | $ 0 | $ (415,040) | ||||||||||
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Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Operating activities: | ||||||||||
Net loss | $ (39,706) | $ (51,902) | [1],[2] | $ (58,686) | [1],[2] | |||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||
Depreciation and amortization | 6,858 | 6,613 | [2] | 3,168 | [2] | |||||
Stock-based compensation | 18,132 | 24,003 | [2] | 21,256 | [2] | |||||
Amortization and impairment of deferred commissions | 13,105 | 10,026 | [2] | 5,882 | [2] | |||||
Amortization and impairment of professional service costs | 5,268 | 4,225 | [2] | 2,795 | [2] | |||||
Release of deferred tax valuation allowance due to business combination | 0 | (5,206) | [2] | 0 | [2] | |||||
Lease exit and related charges | 2,634 | 0 | [2] | 0 | [2] | |||||
Change in fair value of contingent consideration liability | 0 | (671) | [2] | 0 | [2] | |||||
Accretion and amortization of marketable securities | (516) | (83) | [2] | 481 | [2] | |||||
Expense related to expiration of SAP warrant | 0 | 1,132 | [2] | 0 | [2] | |||||
Gain on sale of investment in related party | 0 | (1,375) | [2] | 0 | [2] | |||||
Changes in operating assets and liabilities: | ||||||||||
Accounts receivable and other, net | (4,883) | (2,799) | [2] | (2,278) | [2] | |||||
Deferred commissions | (5,735) | (9,888) | [2] | (8,947) | [2] | |||||
Deferred professional service costs | (2,735) | (4,181) | [2] | (4,734) | [2] | |||||
Prepaid expenses and other assets | 178 | 1,645 | [2] | 448 | [2] | |||||
Accounts payable | 5,744 | 764 | [2] | (1,035) | [2] | |||||
Accrued expenses and other liabilities | 290 | 3,493 | [2] | 1,743 | [2] | |||||
Deferred revenue | (9,219) | (1,943) | [2] | 4,970 | [2] | |||||
Accrued compensation | (7,966) | 2,690 | [2] | (2,034) | [2] | |||||
Net cash used in operating activities | (18,551) | (23,457) | [2] | (36,971) | [2] | |||||
Investing activities: | ||||||||||
Proceeds from sale of investment in related party | 0 | 5,500 | [2] | 0 | [2] | |||||
Purchase of property and equipment, net | (2,014) | (2,544) | [2] | (1,702) | [2] | |||||
Purchase of marketable securities | (31,974) | (62,658) | [2] | (98,184) | [2] | |||||
Maturities of marketable securities | 53,210 | 96,576 | [2] | 146,508 | [2] | |||||
Business combination, net of cash acquired | 0 | (2,264) | [2] | 0 | [2] | |||||
Net cash provided by investing activities | 19,222 | 34,610 | [2] | 46,622 | [2] | |||||
Financing activities: | ||||||||||
Proceeds from the exercise of stock options | 4,480 | 2,356 | [2] | 2,829 | [2] | |||||
Proceeds from the issuance of common stock and warrants to SAP | 0 | 0 | [2] | 17,358 | [2] | |||||
Principal payments on long-term debt | (465) | 0 | [2] | 0 | [2] | |||||
Payments of issuance costs related to equity | 0 | (731) | [2] | (122) | [2] | |||||
Net cash provided by financing activities | 4,015 | 1,625 | [2] | 20,065 | [2] | |||||
Net increase in cash, cash equivalents and restricted cash | 4,686 | 12,778 | [2] | 29,716 | [2] | |||||
Cash, cash equivalents and restricted cash at beginning of period | [2] | 62,644 | 49,866 | 20,150 | ||||||
Cash, cash equivalents and restricted cash at end of period | 67,330 | 62,644 | [2] | 49,866 | [2] | |||||
Total cash, cash equivalents and restricted cash | [2] | 62,644 | 49,866 | 20,150 | ||||||
Supplemental cash flow information: | ||||||||||
Cash paid during the year for interest | 215 | 117 | [2] | 0 | [2] | |||||
Non-cash purchase consideration related to acquisition of Jiff | 0 | 101,692 | [2] | 0 | [2] | |||||
Purchase of property and equipment, accrued but not paid | $ 93 | $ 188 | [2] | $ 20 | [2] | |||||
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Organization and Description of Business |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business 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. On April 3, 2017, the Company expanded into wellbeing through its acquisition of Jiff, Inc. (“Jiff”). Jiff's results of operations have been included in the Company’s Consolidated Statements of Operations beginning April 3, 2017. See Note 5–Business Combinations for more information on the Jiff acquisition. The Company was incorporated in the State of Delaware in January 2008. The Company's principal executive offices are located in San Francisco, California. |
Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). 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 and cash flows. The consolidated financial statements include the results of Castlight and its wholly owned U.S. subsidiaries. Effective January 1, 2018, the Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASC 606”) using the full retrospective method. As a result, the Company recorded a credit of $32.7 million to Accumulated deficit as of January 1, 2016 to reflect the cumulative effect of the adoption. Amounts and disclosures set forth in this Form 10-K have been updated to comply with this new standard, as indicated by the "as adjusted" footnote. Use of Estimates The preparation of 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: •The fair value of assets acquired and liabilities assumed for business combinations; •The amortization period for deferred commissions and deferred professional services costs; •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; and •Assumptions used in the valuation of certain equity awards. Actual results could differ from those estimates, and such differences could be material to the Company’s consolidated financial position and results of operations. Segment Information The Company's chief operating decision maker, its CEO, reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating the Company's financial performance. Accordingly, the Company has determined that it operates in a single reportable segment, cloud-based products. Revenue Recognition Revenues are derived primarily from contracts with customers for subscription services and professional services. Revenues are recognized when control of these services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Revenues do not include sales taxes. We determine revenue recognition through the following steps:
Subscription Revenue. Subscription revenue recognition commences on the date that the Company’s subscription services are made available to the customer, which the Company considers to be the launch date, and subscription revenue is generally recognized over the contract term. Subscription contracts are generally three years in length and certain contracts include termination provisions. Some of the Company’s subscription contracts include performance incentives that are generally based on engagement. Additionally, some of the Company’s subscription contracts include audit provisions. The Company considers fees related to performance incentives and audit provisions to be variable consideration. The Company estimates variable consideration at the most likely amount to which it expects to be entitled. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of its anticipated performance as well as other information available to the Company. The Company reassesses its estimates related to variable consideration each reporting period and records adjustments when appropriate. Professional Services and Other Revenue. Professional services and other revenue is primarily comprised of implementation services and communication services related to the Company's subscription service. Nearly all of the Company's professional services are sold on a fixed-fee basis. The Company determined its implementation services are not capable of being distinct. Accordingly, the Company recognizes implementation services revenue in the same manner as the subscription service, beginning on the launch date. The Company determined its communication services are distinct and the associated revenue is recognized over time from the commencement of the communication services through the end of the contractual term. Professional services and other revenue also includes revenue from products sold through the Company’s online marketplace and add-on subscription services made available from other ecosystem partners. These revenues are recognized on a net basis primarily because the Company acts as an agent in these contracts. Contracts with Multiple Performance Obligations. Most of the Company’s contracts have multiple performance obligations consisting of subscription services and professional services, including implementation services and communication services. For arrangements with multiple performance obligations, the Company evaluates whether the individual performance obligations are distinct. If the performance obligations are distinct, revenue is recognized for the respective performance obligation separately. If one or more of the performance obligations are not distinct, the performance obligations that are not distinct are combined with the Company's subscription service, and revenue for the combined performance obligation is recognized over the term of the subscription service commencing on the launch date. The Company has concluded that its subscription services and its communication services are distinct. Conversely, the Company has concluded that its implementation services are not distinct, primarily because these services are not capable of being distinct as the customer cannot benefit from the implementation services on their own. Accordingly, the Company considers the separate performance obligations in its multiple performance obligation contracts to be communication services and a combined performance obligation comprised of subscription services and implementation services. The transaction price for arrangements with multiple performance obligations is allocated to the separate performance obligations based on their standalone selling price. The Company determines standalone selling prices based on its overall pricing objectives taking into consideration market conditions and other factors, including the value of the contracts, the subscription services sold, and customer demographics. Contract Balances The Company records a contract asset when revenue is recognized prior to invoicing. Contract assets are presented within accounts receivable and other in the accompanying consolidated balance sheet. A contract liability represents deferred revenue. Deferred revenue consists of professional services and cloud-based subscription services that have been billed in advance of revenue being recognized. The Company invoices its customers for its cloud-based subscription services based on the terms of the contract, which can be annual, quarterly or monthly installments. Deferred revenue that is anticipated to be recognized during the succeeding 12-month period is recorded as current deferred revenue, and the remaining portion is recorded as non-current. Costs of Revenue Cost of revenue consists of the cost of subscription revenue and cost of professional services and other revenue. Cost of subscription revenue primarily consists of data fees, employee-related expenses (including salaries, benefits and stock-based compensation) related to hosting costs of its cloud-based subscription service, cost of subcontractors, expenses for service delivery (which includes call center support), allocated overhead, the costs of data center capacity, amortization of internal-use software and depreciation of certain owned computer equipment and software. Cost of professional services and other revenue consists primarily of employee-related expenses associated with these services, the cost of subcontractors and travel costs. The time and costs of the Company's customer implementations vary based on the source and condition of the data the Company receive from third parties, the configurations that the Company agrees to provide and the size of the customer. Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less from the date of purchase. The Company's cash and cash equivalents generally consist of investments in money market mutual funds, U.S treasury securities and U.S. agency obligations. Cash and cash equivalents are stated at fair value. Marketable Securities The Company's marketable securities consist of U.S. agency obligations and U.S. treasury securities, with maturities at the time of purchase of greater than three months. Marketable securities with remaining maturities in excess of one year are classified as non-current. The Company classifies its marketable securities as available-for-sale at the time of purchase based on its intent and are recorded at their estimated fair value. Unrealized gains and losses for available-for-sale securities are recorded in other comprehensive loss. The Company evaluates its investments to assess whether those with unrealized loss positions are other than temporarily impaired. The Company consider impairments to be other than temporary if they are related to deterioration in credit risk or if it is likely it will sell the securities before the recovery of their cost basis. Realized gains and losses and declines in value judged to be other than temporary are determined based on the specific identification method and are reported in other income, net in the consolidated statements of operations. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded when invoiced and at the invoiced amount, net of allowances for doubtful accounts. When accounts receivable are recorded, the related revenue may not commence until a later date depending on the nature of the services invoiced. The allowance for doubtful accounts is based on the Company's assessment of the collectability of accounts. The Company regularly reviews the adequacy of the allowance for doubtful accounts by considering the age of each outstanding invoice and the collection history of each customer to determine whether a specific allowance is appropriate. Accounts receivable deemed uncollectable are charged against the allowance for doubtful accounts when identified. For all periods presented, the allowance for doubtful accounts was not significant. Deferred Commissions Deferred commissions are the incremental costs that are incurred to obtain contracts with customers and consist primarily of sales commissions paid to the Company's sales force and channel partners. The commissions for initial contracts are deferred and amortized on a straight-line basis over a period of benefit that the Company has determined typically to be five years. The Company determined the period of benefit by taking into consideration the expected life of its subscription contracts, the expected life of the technology underlying its subscription services and other factors. The commissions for renewal contracts are deferred and then amortized on a straight-line basis over the related contractual renewal period. The deferred commission amounts are recoverable through the Company’s future revenues. Amortization of deferred commissions is included in sales and marketing expense in the accompanying consolidated statements of operations. All costs deferred are reviewed for impairment periodically. Deferred Professional Service Costs Deferred professional services costs are the direct costs incurred to fulfill subscription contracts that occur prior to the launch of the Company’s subscription services. Professional service costs, which primarily consist of employee related expenses attributable to launch activities, are deferred and then amortized on a straight-line basis over a period of benefit that the Company has determined typically to be five years for the same reasons as described in the deferred commissions disclosure above. Deferred professional service costs are recoverable through future revenues. Amortization of deferred professional service costs is included in cost of professional services and other revenue in the accompanying consolidated statements of operations. All costs deferred are reviewed for impairment periodically. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective asset as follows (in years):
Maintenance and repairs are charged to expense as incurred, and improvements are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in the consolidated statement of operations for the period realized. Internal-Use Software For the Company's development costs related to its cloud-based subscription service, the Company capitalizes costs incurred during the application development stage. Costs related to preliminary project and post-implementation stages are expensed as incurred. Capitalized software development costs are included as part of property and equipment and are amortized on a straight-line basis over the technology's estimated useful life, which is generally three years. The amortization expense is recorded as a component of cost of subscription revenue and was $0.8 million, $1.0 million, and $0.9 million for the years ended December 31, 2018, 2017, and 2016, respectively. The Company did not capitalize any software development costs during the years ended December 31, 2018 and December 31, 2017. Restricted Cash Restricted cash consists of letters of credit related to the Company's leased office space. Business Acquisitions The Company allocates the fair value of purchase consideration to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from acquired users and acquired technology, useful lives, and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, the Company may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings. Goodwill The Company reviews goodwill for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. The Company has elected to first assess the qualitative factors to determine whether it is more likely than not that the fair value of the Company’s single reporting unit is less than its carrying amount. Based on the qualitative assessment, if it is determined that it is more likely than not that its fair value is less than its carrying amount, the fair value of the Company's single reporting unit is compared to its carrying value. Any excess of the goodwill carrying amount over the fair value is recognized as an impairment loss, and the carrying value of goodwill is written down to fair value. As of December 31, 2018, no impairment of goodwill has been identified. Intangible Assets Acquired finite-lived intangible assets are amortized over their estimated useful lives. The Company evaluates the recoverability of its intangible assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If such review indicates that the carrying amount of intangible assets is not recoverable, the carrying amount of such assets is reduced to fair value. The Company has not recorded any such impairment charges. Stock-based Compensation All stock-based compensation to employees is measured based on the grant-date fair value of the awards and recognized in the Company's consolidated statements of operations over the period during which the employee is required to perform services in exchange for the award (generally the vesting period of the award). The options assumed and awarded in connection with the acquisition of Jiff were valued using the Monte Carlo simulation model. The Company estimates the fair value of all other stock options granted using the Black-Scholes option valuation model. For restricted stock units, fair value is based on the closing price of the Company's Class B common stock on the grant date. Compensation expense is recognized over the vesting period of the applicable award using the straight-line method. For awards with performance based and service vesting conditions, compensation cost is recognized over the requisite service period if it is probable that the performance condition will be satisfied based on the accelerated attribution method. Income Taxes The Company accounts for income taxes using the liability method, under which deferred tax assets and liabilities are determined based on the future tax consequences attributable to differences between the financial reporting carrying amounts of existing assets and liabilities and their respective tax bases and tax credit and net operating loss carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates that are expected to be in effect when the differences are expected to reverse. The Company assesses the likelihood that deferred tax assets will be recovered from future taxable income, and a valuation allowance is established when necessary to reduce deferred tax assets to the amounts more likely than not expected to be realized. The Company recognizes and measures uncertain tax positions using a two-step approach. The first step is to evaluate the tax position taken or expected to be taken by determining if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained in an audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. Significant judgment is required to evaluate uncertain tax positions. The Company evaluates its uncertain tax positions on a regular basis. The Company's evaluations are based on a number of factors, including changes in facts and circumstances, changes in tax law, correspondence with tax authorities during the course of audit and effective settlement of audit issues. Warranties and Indemnification The Company's cloud-based subscription service is generally warranted to be performed in a professional manner and in a manner that will comply with the terms of the customer agreements. The Company's arrangements generally include certain provisions for indemnifying customers against liabilities if there is a breach of a customer’s data or if the Company's service infringes a third party’s intellectual property rights. To date, the Company has not incurred any material costs as a result of such indemnifications and have not accrued any liabilities related to such obligations in the financial statements. The Company has entered into service-level agreements with certain customers warranting, among other things, defined levels of performance and response times and permitting those customers to receive credits for prepaid amounts related to subscription services in the event that the Company fails to meet those levels. To date, the Company has not experienced any significant failures to meet defined levels of performance and response times as a result of those agreements. The Company has also agreed to indemnify its directors and executive officers for costs associated with any fees, expenses, judgments, fines and settlement amounts incurred by any of these persons in any action or proceeding to which any of those persons is, or is threatened to be, made a party by reason of the person’s service as a director or officer, including any action by the Company, arising out of that person’s services as its director or officer or that person’s services provided to any other company or enterprise at the Company's request. The Company maintains director and officer insurance coverage that would generally enable the Company to recover a portion of any future amounts paid. The Company may also be subject to indemnification obligations by law with respect to the actions of its employees under certain circumstances and in certain jurisdictions. Advertising Expenses Advertising is expensed as incurred. Advertising expense was $0.3 million, $0.3 million and $0.6 million for the years ended December 31, 2018, 2017 and 2016, respectively. Concentrations of Risk and Significant Customers The Company's financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities and accounts receivable. Although the Company deposits its cash with multiple financial institutions, its deposits, at times, may exceed federally insured limits. The Company serves its customers and users from outsourced data center facilities located in the United States. The Company has internal procedures to restore all of its production customer facing services in the event of disasters at the certain facilities. Procedures utilizing currently deployed hardware, software and services at certain of the Company's disaster recovery locations allow its cloud-based service to be restored within 24 hours during the implementation of the procedures to restore services. Significant customers are direct customers or channel partners that represent more than 10% of the total revenue for the most recent period presented or more than 10% of accounts receivable balance as of the most recent balance sheet date. No single direct customer accounted for more than 10% of total revenue for the year ended December 31, 2018. However, one direct customer accounted for approximately 13% of accounts receivable as of December 31, 2018. Castlight had one channel partner that represented approximately 11% of total revenue for the year ended December 31, 2018, and approximately 18% of accounts receivable as of December 31, 2018. Recently Adopted Accounting Pronouncements Revenue Recognition In May 2014 the Financial Accounting Standards Board (“FASB”) issued ASC 606. ASC 606 supersedes the revenue recognition requirements in ASC 605, Revenue Recognition, and requires the recognition of revenue when promised goods or services are transferred to customers in an amount that reflects the considerations to which the entity expects to be entitled to in exchange for those goods or services. ASC 606 also includes Subtopic 340-40, Other Assets and Deferred Costs - Contracts with Customers, which requires the deferral of incremental costs of obtaining and fulfilling a contract with a customer. The key changes from adopting the new standard are:
Select consolidated balance sheet line items, which reflect the adoption of ASC 606 are as follows (in thousands):
Select consolidated statement of operations line items, which reflect the adoption of ASC 606 are as follows (in thousands, except per share amounts):
Select consolidated statement of cash flows line items, which reflect the adoption of ASC 606 are as follows (in thousands):
Stock-based Compensation In March 2016, the FASB issued ASU 2016-09, “Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting.” The guidance changed how companies account for certain aspects of share-based payments to employees. The standard is intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures. The Company adopted this guidance on January 1, 2017, using a modified retrospective approach, and accordingly recorded a cumulative-effect adjustment charge of approximately $0.4 million to the beginning accumulated deficit for the impact of electing to account for forfeitures as they occur. The adoption of this standard did not have any impact to the Statement of Operations or the Statement of Cash Flows. The Company is subject to full valuation allowance and thus has not utilized any excess tax benefits or realized any cash tax benefit related to stock compensation expense. The adoption of this standard did not have any material impact to the Company’s results of operations for the year ended December 31, 2017. Financial Instruments In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which amends various aspects of the recognition, measurement, presentation, and disclosure of financial instruments. The Company adopted ASU 2016-01 as of January 1, 2018 using the modified retrospective method for its marketable equity securities, which currently consist of money market mutual funds. The Company currently does not have any non-marketable equity securities. The adoption of ASU 2016-01 did not have a significant impact on the Company’s financial position or results of operations. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”), and subsequent amendments have been issued since then. The guidance will require 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 in a manner similar to current practice. 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. The Company will adopt this ASU beginning January 1, 2019 and has elected to not restate comparative periods and intends to elect certain other available practical expedients upon adoption. The Company is evaluating the full effect the adoption will have on its financial condition, results of operations, and disclosures and is finalizing the accounting, transition and disclosure requirements of the adoption. The Company expects all of its operating leases and contractual obligations, as disclosed in Note 13-Commitments and Contingencies, will be subject to the new standard. The Company expects the primary impact to be the inclusion of ROU assets and lease liabilities on the consolidated balance sheet. Additionally, the Company does not expect that the adoption will have a material impact on the consolidated statement of operations, consolidated statement of stockholders’ equity or consolidated statement of cash flows. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (“ASU 2016-13”) and subsequent amendments have been issued since then. The standard changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The Company will recognize an allowance for credit losses on available-for-sale securities rather than deductions in amortized cost. The standard is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted for all periods beginning after December 15, 2018. The adoption of this standard is not expected to have a significant impact on the Company’s financial statements. In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (“ASU 2018-02”). The provisions in ASU 2018-02 allow for a reclassification from accumulated other comprehensive income to retained earnings to eliminate the stranded tax effects resulting from the change in federal corporate income tax rate in the Tax Cuts and Jobs Act enacted in December 2017. The Company is required to adopt ASU 2018-02 on January 1, 2019. Early adoption is permitted, including adoption in any interim period for which financial statements have not yet been issued. The adoption of ASU 2018-02 is not expected to have a significant impact on the Company’s financial position or results of operations. In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (“ASU 2018-15”), which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance will be effective for interim and annual reporting periods beginning after December 15, 2019, and early adoption is permitted. The Company is currently evaluating the impacts that adoption of this ASU will have on its financial statements. |
Revenue, Deferred Revenue, Contract Balances and Performance Obligations |
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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 12% of the Company’s total revenue for the year ended December 31, 2018. Deferred revenue as of December 31, 2018 and December 31, 2017 was $21.2 million and $30.4 million, respectively. Contract assets as of December 31, 2018 and December 31, 2017 were $1.0 million and $1.2 million, respectively. $28.1 million and $26.4 million of revenue was recognized during the year ended December 31, 2018 and 2017, respectively, that was included in the deferred revenue balances at the beginning of the respective periods. The Company recorded favorable cumulative catch-up adjustments to revenue arising from changes in estimates of transaction price of $1.1 million during the year ended December 31, 2018. The aggregate balance of remaining performance obligations from non-cancelable contracts with customers as of December 31, 2018 was $156.8 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 Changes in the balance of total deferred commissions and total deferred professional service costs for the year ended December 31, 2018 are as follows (in thousands):
These costs are reviewed for impairment periodically. Impairment charges, included in expense recognized above, were $1.9 million for the year ended December 31, 2018. No impairment charges were recorded for the year ended December 31, 2017. |
Deferred Costs |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs | 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 12% of the Company’s total revenue for the year ended December 31, 2018. Deferred revenue as of December 31, 2018 and December 31, 2017 was $21.2 million and $30.4 million, respectively. Contract assets as of December 31, 2018 and December 31, 2017 were $1.0 million and $1.2 million, respectively. $28.1 million and $26.4 million of revenue was recognized during the year ended December 31, 2018 and 2017, respectively, that was included in the deferred revenue balances at the beginning of the respective periods. The Company recorded favorable cumulative catch-up adjustments to revenue arising from changes in estimates of transaction price of $1.1 million during the year ended December 31, 2018. The aggregate balance of remaining performance obligations from non-cancelable contracts with customers as of December 31, 2018 was $156.8 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 Changes in the balance of total deferred commissions and total deferred professional service costs for the year ended December 31, 2018 are as follows (in thousands):
These costs are reviewed for impairment periodically. Impairment charges, included in expense recognized above, were $1.9 million for the year ended December 31, 2018. No impairment charges were recorded for the year ended December 31, 2017. |
Business Combinations |
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Business Combinations | Business Combinations On April 3, 2017, the Company completed its acquisition of Jiff. Jiff provided an enterprise health benefits platform that served as a central hub for employee wellbeing and employee benefit programs and its acquisition by the Company formed the basis for Wellbeing Navigator. The acquisition enabled the Company to develop a product offering that provides the full spectrum of wellbeing, healthcare decision support and an engagement hub all in one complete package. The Company acquired Jiff for approximately 27,000,000 shares and options. At the closing on April 3, 2017, Venrock, a holder of more than 5% of the Company’s capital stock, acquired a total of 3,965,979 shares of the Company’s Class B common stock in exchange for its shares of Jiff capital stock. Venrock will also receive its pro rata share of any additional contingent consideration further described below. Bryan Roberts, the Chairman of the Company’s Board of Directors, is a Partner at Venrock. Accordingly, this was a related party transaction. The Company’s Board appointed a Special Committee (comprised solely of disinterested directors) to which it delegated the full and exclusive power, authority and discretion of the Castlight Board to evaluate, assess, and approve the Jiff transaction on its behalf, including retaining a financial advisor for an opinion on the fairness of the financial conditions of the transaction. The transaction was approved solely by the Special Committee which concluded that the transaction terms were fair to Castlight, and the transaction was in the best interests of Castlight and its stockholders. As part of the merger, certain stockholders and option holders were to receive an aggregate of 1,000,000 shares of the Company’s Class B common stock or options if the Jiff business achieved at least $25 million in revenue in 2017 and an aggregate of 3,000,000 shares of Class B common stock or options if the Jiff business achieved at least $25 million in net new bookings during 2017 (“the milestones”). As of December 31, 2017, the Company evaluated and determined that both the milestones were not met. Additionally, all options for Jiff common stock held by Jiff employees who became employees of the combined company were converted into options to purchase the Company’s Class B common stock. The following table summarizes the components of the purchase consideration transferred based on the closing price of the Company’s stock as of the acquisition date (in thousands):
For the Jiff options assumed as part of the acquisition, the Company applied the ratio of pre-combination service provided, on a grant-by-grant basis, to the total service period and applied this ratio to the acquisition date fair value of the Jiff awards. The Company determined that the contingent consideration shares associated with the milestones are one unit of account, and the Company classified the contingent consideration as a liability as the arrangement can be settled in a variable number of shares and is not considered fixed-for-fixed. Based on the probability of completing the milestones and changes in the fair value of the Company’s common stock, the Company used a Monte Carlo simulation model to determine the fair value of the contingent consideration liability which was $0.7 million at the date of acquisition. As of December 31, 2017, the Company reversed the contingent consideration liability as the milestones were not met. As a result, $0.7 million of income was recorded in general and administrative expenses for the year ended December 31, 2017. The Company has accounted for this acquisition as a business combination. The method requires, among other things, that assets acquired and liabilities assumed in a business combination be recognized at their fair values as of the acquisition date. The final allocation of purchase consideration to assets acquired and liabilities assumed is reflected below. There were no changes to amounts previously recorded as assets or liabilities that resulted in a corresponding adjustment to goodwill. The fair values of the assets acquired and liabilities assumed by major class in the acquisition of Jiff were recognized as follows (in thousands):
The fair values assigned to tangible assets acquired, liabilities assumed and identifiable intangible assets are based on management’s estimates and assumptions. The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill. The goodwill balance is primarily attributed to the cross-selling opportunities, cost synergies, and a knowledgeable and experienced workforce which play an important role in the integration of the acquired customers and technology. The goodwill balance is not deductible for U.S. income tax purposes. The following table sets forth the fair value components of identifiable acquired intangible assets (in thousands) and their estimated useful lives (in years):
Customer relationships represent the fair value of projected cash flows that will be derived from the sale of products to Jiff's existing customers based on existing, in-process, and future versions of the underlying technology. Developed technology represents Jiff’s benefits platform. The Company used the relief from royalty method to value the developed technology. To determine the net cash flow that a market participant would expect to realize from licensing the Company's technology, the Company estimated a net royalty rate, which excludes any expenses that would be incurred to maintain the current functionality of the technology. The Company has included the financial results of Jiff in the consolidated statements of operations from the date of acquisition. For the year ended December 31, 2017, $10.0 million of revenue, adjusted for the adoption of ASC 606, attributable to Jiff was included in the consolidated results of operations, and the associated operating income was immaterial. The Company incurred $3.1 million of acquisition-related costs for the year ended December 31, 2017 that were recognized in general and administrative expenses. The unaudited pro forma financial information in the table below summarizes the combined results of operations for the Company and Jiff as if the companies were combined as of the beginning of 2016. The historical consolidated financial statements have been adjusted in the pro forma combined financial statements to give effect to pro forma events that are directly attributable to the business combination and factually supportable. The unaudited pro forma financial information presented includes the business combination accounting effects resulting from the acquisition, including amortization charges from acquired intangible assets, stock-based compensation, and acquisition-related costs. In addition, the pro forma combined financial statements give effect to the adoption of ASC 606 in 2018. The unaudited pro forma financial information as presented below is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisitions had taken place at the beginning of 2016 (in thousands):
The pro forma revenue and net loss reflects material, nonrecurring adjustments, such as the tax benefit of $5.2 million recorded in 2017 that resulted from the acquisition, non-recurring acquisition-related compensation expense and non-recurring deferred revenue fair value adjustments. |
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. The changes in the carrying amount of goodwill were as follows (in thousands):
Intangible assets, net The following tables set forth the fair value components of identifiable acquired intangible assets (dollars in thousands)(1):
Amortization expense from acquired intangible assets for the years ended December 31, 2018 and 2017 were $4.0 million and $3.6 million and is included in cost of subscription, general and administrative, and sales and marketing expenses. Estimated 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 As of December 31, 2018 and December 31, 2017, respectively, marketable securities consisted of the following (in thousands):
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Fair Value Measurements |
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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 maximizes 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 for the years ended December 31, 2018 and 2017. The following tables present information about the Company's assets 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 December 31, 2018 and December 31, 2017 were not material. The Company does not believe the unrealized losses represent other-than-temporary impairments based on its evaluation of available evidence as of December 31, 2018. There were no realized gains or losses for the years ended December 31, 2018 and 2017. As of December 31, 2018 and December 31, 2017, all of the Company's marketable securities 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 years ended December 31, 2018, 2017 and 2016 was $2.8 million, $3.0 million and $3.2 million, respectively. Depreciation is 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 (“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 required 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 December 31, 2018 are as follows (in thousands):
Revolving Line of Credit The Loan Agreement also provides for an up to $25 million revolving credit facility (the “Revolving Line”). Borrowings under the Revolving Line accrue interest at a floating per annum rate equal to the Prime Rate plus one-half of one percent (0.50%) and are payable monthly. The Company may request borrowings under the Revolving Line prior to April 3, 2019, on which date the Revolving Line terminates. As of December 31, 2018, no borrowings have been made under the Revolving Line. In relation to the Loan Agreement, the Company is subject to certain financial and reporting covenants and are secured by a security interest in the assets of the Company, excluding intellectual property and certain other exceptions. As of December 31, 2018, 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 December 31, 2018. |
Related Party Transactions and Variable Interest Entity |
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Related Party Transactions [Abstract] | |
Related Party Transactions and Variable Interest Entity | Related Party Transactions and Variable Interest Entity In 2015, the Company made a preferred stock investment of $4.1 million and entered into a strategic alliance with Lyra Health ("Lyra"), a related party at the time of the investment. In the fourth quarter of 2017, the Company sold its investment in Lyra to a group of buyers that included related parties. Lyra was considered a related party to the Company because two of the Company’s directors, Dr. Roberts and Mr. Ebersman, served on the Lyra board of directors and Mr. Ebersman is the Lyra chief executive officer. Prior to the sale of the investment in Lyra, the Company evaluated all its transactions with Lyra and determined that Lyra was a variable interest entity (“VIE”) for the Company but that it was not required to consolidate the operations of the VIE. Because Lyra was a related party and potential buyers were also related parties, the Company formed an independent committee of the Company's board of directors (the "Independent Committee"), comprised solely of disinterested directors, to approve the sale. The Company engaged an independent third-party valuation expert to assist in determining the fair value of the Company's investment in Lyra. Based in part on the valuation performed, the Company negotiated a selling price of $5.5 million, which the Independent Committee approved after concluding that the transaction terms were fair to the Company. In 2017, the sale resulted in a pre-tax gain of $1.4 million which is recorded in other income, net within the consolidated statements of operations. |
Current Liabilities |
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Compensation Related Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Liabilities | Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands):
Accrued compensation consisted of the following (in thousands):
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Leases and Contractual Obligations The Company leases office space under non-cancellable operating leases in San Francisco, California, Sunnyvale, California and Charlotte, North Carolina, with expiration dates in 2022, 2025 and 2020, respectively. Contractual obligations relate to the Company's service agreements for its data centers and other third-party service providers. As of December 31, 2018, the future minimum lease payments under non-cancellable operating leases are as follows (in thousands):
The Company's facility lease agreements generally provide for rental payments on a graduated basis and for options to renew, which could increase future minimum lease payments if exercised. The Company recognizes rent expense on a straight-line basis over the lease period and has accrued for rent expense incurred but not paid. Rent expense for the years ended December 31, 2018, 2017 and 2016 was $3.5 million, $4.1 million and $3.3 million, respectively. In March 2018, the Company subleased a portion of its engineering office located in Mountain View, California reducing its total rent obligation by $2.4 million and recognizing a one-time sublease loss of $0.9 million in research and development expense in the accompanying consolidated statement of operations. During 2018, the Company recognized a lease exit charge of approximately $1.3 million related to the remaining engineering office space in Mountain View, California that the Company no longer utilizes. These charges are recorded in research and development expense in the accompanying consolidated statement of operations. Legal Matters During the second quarter of 2015, four purported securities class action lawsuits, which were later consolidated into a single action, were filed in the Superior Court of the State of California, County of San Mateo, against the Company, certain of its current and former directors, executive officers, significant stockholders and underwriters associated with its initial public offering (“IPO”). The lawsuits were brought by purported stockholders of the Company seeking to represent a class consisting of all those who purchased the Company’s stock pursuant or traceable to the Registration Statement and Prospectus issued in connection with its IPO, alleging claims under Sections 11, 12(a)(2) and 15 of the Securities Act of 1933. On March 28, 2016, the parties to the consolidated actions reached a mutually acceptable resolution by way of a mediated cash settlement for an aggregate amount of $9.5 million, and the Court entered final approval of the settlement on October 28, 2016. As a result of the settlement, Castlight recorded a net charge of $2.9 million to general and administrative expense in 2016. This amount represents the portion of settlement that was not covered by insurance and legal fees incurred in 2016 regarding this matter. 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. |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Compensation | Stock Compensation Employee Equity Plans The Company adopted a 2014 Equity Incentive Plan (“EIP”) that became effective on March 12, 2014 and serves as the successor to the Company's 2008 Stock Incentive Plan. Shares issued under the 2008 Stock Plan were Class A common stock and shares issued under the EIP are Class B common stock. The Company's 2014 EIP authorizes the award of stock options, restricted stock awards (“RSAs”), stock appreciation rights (“SARs”), restricted stock units (“RSUs”), performance awards and stock bonuses. The Company began granting RSUs in the fourth quarter of 2014. The Company adopted a 2014 Employee Stock Purchase Plan (“ESPP”) that became effective on March 13, 2014 that enables eligible employees to purchase shares of the Company's Class B common stock at a discount. The Company has not yet established a start date of the initial purchasing period under the ESPP. Stock-Based Compensation to Employees All stock-based compensation to employees is measured based on the grant-date fair value of the awards and is generally recognized in the Company's statement of operations over the period during which the employee is required to perform services in exchange for the award (generally the vesting period of the award). Except for the stock options assumed and granted related to the Jiff acquisition, the Company estimates the fair value of stock options granted using the Black-Scholes option-valuation model. For restricted stock units, fair value is based on the closing price of the Company's Class B common stock on the grant date. Compensation cost is generally recognized over the vesting period of the applicable award using the straight-line method. For awards with performance based and service vesting conditions, compensation cost is recognized over the requisite service period if it is probable that the performance condition will be satisfied based on the accelerated attribution method. The assumptions used in the Black-Scholes option-pricing model were determined as follows: Volatility. Since the Company does not have enough trading history for its Class B common stock, the expected volatility was derived from the historical stock volatilities of peer group companies within the Company's industry. In evaluating peer companies, the Company considered factors such as nature of business, customer base, service offerings and markets served. Risk-Free Interest Rate. The risk-free rate that the Company used is based on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term on the options. Expected Life. The expected term represents the period that the Company's stock-based awards are expected to be outstanding. The expected term assumptions were determined based on the vesting terms, exercise terms and contractual lives of the options. Dividend Yield. The Company has never declared or paid any cash dividends and do not plan to pay cash dividends in the foreseeable future, and therefore, the Company uses an expected dividend yield of zero. Fair Value of Common Stock. The Company has used the market closing price for its Class B common stock as reported on the New York Stock Exchange to determine the fair value of the Company's common stock. In addition to assumptions used in the Black-Scholes option-pricing model, prior to the adoption of ASU 2016-09, “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” in 2017, the Company estimated a forfeiture rate to calculate the stock-based compensation for its awards based on an analysis of its actual forfeitures. The Company used historical data to estimate pre-vesting option forfeitures and recorded stock-based compensation expense only for those awards that are expected to vest. With the adoption of ASU 2016-09, the Company no longer estimates forfeitures but accounts for forfeitures as they occur. Except for the stock options assumed and granted related to the Jiff acquisition, the fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions and fair value per share:
The options assumed and awarded in connection with the acquisition of Jiff were valued using the Monte Carlo simulation model. The relevant assumptions used in the Monte Carlo simulation model are presented in the table below. The Monte Carlo simulation model considers vesting schedules, stated expiration dates and potential early exercises based on market performance in determining the effective holding period for the options.
* The Company has not used the Monte Carlo simulation model prior to or after the acquisition of Jiff. Stock Option Activity The following table summarizes activities for stock options:
The total grant-date fair value of stock options granted, excluding options assumed related to the Jiff acquisition in 2017, during the years ended December 31, 2018, 2017 and 2016 was $0.3 million, $0.8 million and $3.6 million, respectively. The total grant-date fair value of stock options vested, including options assumed related to the Jiff acquisition in 2017, during the years ended December 31, 2018, 2017 and 2016 was $3.4 million, $6.7 million and $4.9 million, respectively. The total intrinsic value of the options exercised, including options assumed related to the Jiff acquisition in 2017, during the years ended December 31, 2018, 2017 and 2016, was $5.7 million, $2.6 million and $4.7 million, respectively. The intrinsic value is the difference of the current fair value of the stock and the exercise price of the stock option. As of December 31, 2018, 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 2.1 years. Assumed and Awarded Jiff Options In connection with the acquisition of Jiff, the Company assumed 5.4 million options with a grant date fair value of $14.1 million. These options are categorized as performance stock options, as the final exercise price at the time of acquisition was to be determined upon the achievement of certain milestones. The total acquisition date fair value of $14.1 million allocation to the pre-combination services and post-combination services was $9.6 million and $4.5 million, respectively. Any subsequent changes in the fair value of the assumed Jiff options resulting from achievement of the earn-out milestones were to be accounted as post-combination stock compensation expense. For the year ended December 31, 2017, the Company did not make changes to the assumed Jiff options as earn-out milestones were not met. Restricted Stock Units The following table summarizes activities for RSUs:
The total grant-date fair value of RSUs granted during the years ended December 31, 2018, 2017, and 2016 was $27.4 million, $24.0 million, and $28.4 million respectively. The total grant-date fair value of RSUs vested during the year ended December 31, 2018, 2017, and 2016 was $17.3 million, $19.8 million, and $15.5 million, respectively. As of December 31, 2018, the Company had $29.8 million in unrecognized compensation cost related to non-vested RSUs, which is expected to be recognized over a weighted-average period of approximately 2.7 years. During 2018, the Company awarded 0.8 million PSUs to certain employees. The number of shares that would eventually vest depends on achievement of performance targets for 2018, as determined by the compensation committee of the Company's board of directors, and if achieved, may range from 50% to 150% of the targeted award amount. Once the performance is determined and a targeted award amount is fixed, the target number of PSUs, if any, will generally vest in eight quarterly installments, subject to recipients' continued service, after the performance period has ended. The compensation expense, if any, associated with the PSUs is recognized using the accelerated method. For the year ended December 31, 2018, the Company recognized compensation expense of approximately $0.6 million related to 0.2 million PSUs as performance conditions were met, and no expense was recognized related to the remaining 0.6 million PSUs as performance conditions were not met. No expense related to PSUs was recorded in 2017 or 2016 as the Company determined the performance conditions were not met. |
Stockholders' Equity |
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Dec. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Common Stock As of December 31, 2018, the Company had 37,576,324 shares of Class A common stock and 104,350,881 shares of Class B common stock outstanding. As of December 31, 2017, the Company had 52,853,400 shares of Class A common stock and 81,685,875 shares of Class B common stock outstanding. Transactions with SAP Technologies, Inc. In May 2016, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with SAP Technologies, Inc. (“SAP”) pursuant to which it sold and issued to SAP 4.7 million shares of its Class B Common Stock and a warrant (the “Warrant”), which gave SAP the right to purchase up to 1.9 million shares of the Company's Class B Common Stock for an exercise price of $4.91, subject to certain conditions. The net proceeds from this transaction were $17.8 million, net of issuance costs, and are being used for working capital and other general corporate purposes. The Warrant was set to expire four years from the date the Company enters into agreements with SAP related to the distribution and the reselling of the Company’s solutions (the “Alliance Agreements”) within a prescribed period. In the second quarter of 2017, the Company and SAP modified the Warrant to extend the time period allowed to execute the Alliance Agreements from May 17, 2017 to November 17, 2017. However, the Alliance Agreements were not executed prior to that date and as a result, the Warrant expired. The shares and Warrant were considered freestanding instruments from each other and were classified within stockholders’ equity. Initially, upon execution of the Securities Purchase Agreement, the Company preliminarily allocated the net proceeds to the shares and Warrant and also to a customer prepayment liability classified within accrued expenses and other current liabilities that represented the future obligations under the Alliance Agreements. The Company updated its preliminary allocation of the net proceeds as a result of the modification of the Warrant in the second quarter of 2017, which resulted in a change in classification of customer prepayment liability into other assets. Subsequent to expiration, during the fourth quarter of 2017, the Company released the associated other asset in the consolidated balance sheet and recorded a $1.1 million non-cash charge in other income, net in the consolidated statement of operations. The expiration did not result in a change to the amounts recorded within stockholders' equity. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The components of loss before income tax benefit were as follows (in thousands):
As a result of the Company's history of net operating losses and full valuation allowance against its net deferred tax assets, there was no current or deferred income tax provision for the years ended December 31, 2018 and 2016. For the year ended December 31, 2017, as a result of the acquisition of Jiff in April 2017, the Company recorded an income tax benefit of $5.2 million. This tax benefit is a result of the partial release of its existing valuation allowance since the acquired deferred tax liabilities from Jiff will provide a source of income for the Company to realize a portion of its deferred tax assets, for which a valuation allowance is no longer needed. There was no other current or deferred income tax provision for December 31, 2017. Reconciliations of the statutory federal income tax benefit and the Company's effective tax benefit consist of the following (in thousands):
Significant components of the Company's net deferred tax assets were as follows (in thousands):
The Company provided a full valuation allowance for its net deferred tax assets as of December 31, 2018 and 2017, due to the uncertainty surrounding the future realization of such assets. Therefore, no benefit has been recognized for the net operating loss carryforwards and other deferred tax assets. The valuation allowance increased by $9.1 million and decreased by $11.6 million during the years ended December 31, 2018 and 2017, respectively. The increase in the valuation allowance for the year ended December 31, 2018 related to the increase in net operating losses for ongoing operations. The decrease in the valuation allowance for the year ended December 31, 2017 related to a decrease in the U.S. corporate federal income tax rate from 35% to 21%, as well as the acquired deferred tax liabilities from Jiff. In connection with the adoption of ASC 606 effective January 1, 2018, the Company recognized a deferred tax liability in the amount of $5.1 million for the year ended December 31, 2017, with an offsetting reduction to the valuation allowance. On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act of 2017 (the “Act”) into law. The new legislation decreased the U.S. corporate federal income tax rate from 35% to 21% effective January 1, 2018. The Act also included a number of other provisions including the elimination of loss carrybacks and limitations on the use of future losses and repeal of the Alternative Minimum Tax regime. In accordance with Staff Accounting Bulletin No. 118, the Company determined the provisional amounts related to the re-measurement of certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future was a net decrease to deferred tax assets and deferred tax liabilities of $51.2 million, with a corresponding offsetting change in valuation allowance of $51.2 million for the year ended December 31, 2017. At December 31, 2018, we completed our accounting for all of the enactment-date income tax effects of the Act. There were no changes to the provisional amounts as determined as of December 31, 2017. As of December 31, 2018, the Company had approximately $470.3 million of federal and $327.9 million of state net operating loss carryforwards available to offset future taxable income. If not utilized, the federal and state net operating loss carryforwards begin to expire in 2028. As of December 31, 2018, the Company also had approximately $10.5 million and $11.6 million of research and development tax credit carryforwards available to reduce future taxable income, if any, for federal and California purposes, respectively. The federal credit carryforwards expire beginning in 2028, and the California research credits do not expire and may be carried forward indefinitely. The Company's ability to utilize the net operating loss and tax credit carryforwards in the future may be subject to substantial restrictions in the event of past or future ownership changes as defined in Section 382 of the Internal Revenue Code and similar state tax laws. In the event the Company should experience an ownership change, as defined under Section 382, utilization of the Company's net operating loss carryforwards and tax credits could be limited. The Company evaluates tax positions for recognition using a more-likely-than-not recognition threshold, and those tax positions eligible for recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon the effective settlement with a taxing authority that has full knowledge of all relevant information. A reconciliation of the beginning and ending amount of the gross unrecognized tax benefit is as follows (in thousands):
As of December 31, 2018, all unrecognized tax benefits are subject to a full valuation allowance and, if recognized, will not affect the Company's tax rate. The Company does not anticipate that the total amounts of unrecognized tax benefits will significantly increase or decrease in the next 12 months. The Company's policy is to include interest and penalties related to unrecognized tax benefits within its provision for income taxes. Due to the Company's net operating loss position, the Company has not recorded an accrual for interest or penalties related to uncertain tax positions for the years ended December 31, 2018, 2017 or 2016. |
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, less the weighted-average unvested common stock subject to repurchase. Diluted net loss per share is computed by giving effect to all potential shares of common stock, including Preferred Stock and 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. When shares of both Class A and Class B common stock are outstanding, 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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401(k) Plan |
12 Months Ended |
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Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
401(k) Plan | 401(k) Plan The Company has a qualified defined contribution plan under Section 401(k) of the Internal Revenue Code covering eligible employees. Under the plan, participating employees may defer up to 90% of their pre-tax earnings, subject to the Internal Revenue Service annual contribution limits. The Company matches a portion of the employee contributions. The Company's contribution expense totaled $1.3 million, $1.1 million and $1.0 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
Reduction in Workforce |
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Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Reduction in Workforce | Reduction in Workforce On July 30, 2018, the Company announced its intent to undertake a program to reduce its workforce in order to decrease expenses, align its operations with evolving business needs and improve efficiencies. This was in part due to the unexpected churn of a large customer. Under this program, the Company undertook an initiative to reduce its workforce by approximately 12%. For the year ended December 31, 2018, the Company incurred charges of approximately $2.1 million for this reduction, all of which related to severance costs. As of December 31, 2018, all costs were fully paid out. On May 10, 2016, the Company’s Board of Directors committed to a program to reduce the Company’s workforce in order to reduce expenses, align its operations with evolving business needs and improve efficiencies. Under this program, the Company undertook an initiative to reduce its workforce by approximately 14% percent. For the year ended December 31, 2016, the Company incurred charges of $0.8 million, all of which were related to severance costs. As of December 31, 2016, all costs were fully paid out. |
Selected Quarterly Financial Data (unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Quarterly Financial Data (unaudited) | Selected Quarterly Financial Data (unaudited) The following tables set forth selected unaudited quarterly consolidated statements of operations data for each of the eight quarters in years 2018 and 2017 (in thousands, except per share data):
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). 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 and cash flows. The consolidated financial statements include the results of Castlight and its wholly owned U.S. subsidiaries. Effective January 1, 2018, the Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASC 606”) using the full retrospective method. As a result, the Company recorded a credit of $32.7 million to Accumulated deficit as of January 1, 2016 to reflect the cumulative effect of the adoption. Amounts and disclosures set forth in this Form 10-K have been updated to comply with this new standard, as indicated by the "as adjusted" footnote. |
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Use of Estimates | Use of Estimates The preparation of 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: •The fair value of assets acquired and liabilities assumed for business combinations; •The amortization period for deferred commissions and deferred professional services costs; •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; and •Assumptions used in the valuation of certain equity awards. 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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Segment Information | Segment Information The Company's chief operating decision maker, its CEO, reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating the Company's financial performance. Accordingly, the Company has determined that it operates in a single reportable segment, cloud-based products. |
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Revenue Recognition, Cost of Revenue and Deferred Revenue | Revenue Recognition Revenues are derived primarily from contracts with customers for subscription services and professional services. Revenues are recognized when control of these services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Revenues do not include sales taxes. We determine revenue recognition through the following steps:
Subscription Revenue. Subscription revenue recognition commences on the date that the Company’s subscription services are made available to the customer, which the Company considers to be the launch date, and subscription revenue is generally recognized over the contract term. Subscription contracts are generally three years in length and certain contracts include termination provisions. Some of the Company’s subscription contracts include performance incentives that are generally based on engagement. Additionally, some of the Company’s subscription contracts include audit provisions. The Company considers fees related to performance incentives and audit provisions to be variable consideration. The Company estimates variable consideration at the most likely amount to which it expects to be entitled. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of its anticipated performance as well as other information available to the Company. The Company reassesses its estimates related to variable consideration each reporting period and records adjustments when appropriate. Professional Services and Other Revenue. Professional services and other revenue is primarily comprised of implementation services and communication services related to the Company's subscription service. Nearly all of the Company's professional services are sold on a fixed-fee basis. The Company determined its implementation services are not capable of being distinct. Accordingly, the Company recognizes implementation services revenue in the same manner as the subscription service, beginning on the launch date. The Company determined its communication services are distinct and the associated revenue is recognized over time from the commencement of the communication services through the end of the contractual term. Professional services and other revenue also includes revenue from products sold through the Company’s online marketplace and add-on subscription services made available from other ecosystem partners. These revenues are recognized on a net basis primarily because the Company acts as an agent in these contracts. Contracts with Multiple Performance Obligations. Most of the Company’s contracts have multiple performance obligations consisting of subscription services and professional services, including implementation services and communication services. For arrangements with multiple performance obligations, the Company evaluates whether the individual performance obligations are distinct. If the performance obligations are distinct, revenue is recognized for the respective performance obligation separately. If one or more of the performance obligations are not distinct, the performance obligations that are not distinct are combined with the Company's subscription service, and revenue for the combined performance obligation is recognized over the term of the subscription service commencing on the launch date. The Company has concluded that its subscription services and its communication services are distinct. Conversely, the Company has concluded that its implementation services are not distinct, primarily because these services are not capable of being distinct as the customer cannot benefit from the implementation services on their own. Accordingly, the Company considers the separate performance obligations in its multiple performance obligation contracts to be communication services and a combined performance obligation comprised of subscription services and implementation services. The transaction price for arrangements with multiple performance obligations is allocated to the separate performance obligations based on their standalone selling price. The Company determines standalone selling prices based on its overall pricing objectives taking into consideration market conditions and other factors, including the value of the contracts, the subscription services sold, and customer demographics. Contract Balances The Company records a contract asset when revenue is recognized prior to invoicing. Contract assets are presented within accounts receivable and other in the accompanying consolidated balance sheet. A contract liability represents deferred revenue. Deferred revenue consists of professional services and cloud-based subscription services that have been billed in advance of revenue being recognized. The Company invoices its customers for its cloud-based subscription services based on the terms of the contract, which can be annual, quarterly or monthly installments. Deferred revenue that is anticipated to be recognized during the succeeding 12-month period is recorded as current deferred revenue, and the remaining portion is recorded as non-current. Costs of Revenue Cost of revenue consists of the cost of subscription revenue and cost of professional services and other revenue. Cost of subscription revenue primarily consists of data fees, employee-related expenses (including salaries, benefits and stock-based compensation) related to hosting costs of its cloud-based subscription service, cost of subcontractors, expenses for service delivery (which includes call center support), allocated overhead, the costs of data center capacity, amortization of internal-use software and depreciation of certain owned computer equipment and software. Cost of professional services and other revenue consists primarily of employee-related expenses associated with these services, the cost of subcontractors and travel costs. The time and costs of the Company's customer implementations vary based on the source and condition of the data the Company receive from third parties, the configurations that the Company agrees to provide and the size of the customer. |
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Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less from the date of purchase. The Company's cash and cash equivalents generally consist of investments in money market mutual funds, U.S treasury securities and U.S. agency obligations. Cash and cash equivalents are stated at fair value. |
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Marketable Securities | Marketable Securities The Company's marketable securities consist of U.S. agency obligations and U.S. treasury securities, with maturities at the time of purchase of greater than three months. Marketable securities with remaining maturities in excess of one year are classified as non-current. The Company classifies its marketable securities as available-for-sale at the time of purchase based on its intent and are recorded at their estimated fair value. Unrealized gains and losses for available-for-sale securities are recorded in other comprehensive loss. The Company evaluates its investments to assess whether those with unrealized loss positions are other than temporarily impaired. The Company consider impairments to be other than temporary if they are related to deterioration in credit risk or if it is likely it will sell the securities before the recovery of their cost basis. Realized gains and losses and declines in value judged to be other than temporary are determined based on the specific identification method and are reported in other income, net in the consolidated statements of operations. |
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Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded when invoiced and at the invoiced amount, net of allowances for doubtful accounts. When accounts receivable are recorded, the related revenue may not commence until a later date depending on the nature of the services invoiced. The allowance for doubtful accounts is based on the Company's assessment of the collectability of accounts. The Company regularly reviews the adequacy of the allowance for doubtful accounts by considering the age of each outstanding invoice and the collection history of each customer to determine whether a specific allowance is appropriate. Accounts receivable deemed uncollectable are charged against the allowance for doubtful accounts when identified. For all periods presented, the allowance for doubtful accounts was not significant. |
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Deferred Commissions | Deferred Commissions Deferred commissions are the incremental costs that are incurred to obtain contracts with customers and consist primarily of sales commissions paid to the Company's sales force and channel partners. The commissions for initial contracts are deferred and amortized on a straight-line basis over a period of benefit that the Company has determined typically to be five years. The Company determined the period of benefit by taking into consideration the expected life of its subscription contracts, the expected life of the technology underlying its subscription services and other factors. The commissions for renewal contracts are deferred and then amortized on a straight-line basis over the related contractual renewal period. The deferred commission amounts are recoverable through the Company’s future revenues. Amortization of deferred commissions is included in sales and marketing expense in the accompanying consolidated statements of operations. All costs deferred are reviewed for impairment periodically. |
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Deferred Professional Service Costs | Deferred Professional Service Costs Deferred professional services costs are the direct costs incurred to fulfill subscription contracts that occur prior to the launch of the Company’s subscription services. Professional service costs, which primarily consist of employee related expenses attributable to launch activities, are deferred and then amortized on a straight-line basis over a period of benefit that the Company has determined typically to be five years for the same reasons as described in the deferred commissions disclosure above. Deferred professional service costs are recoverable through future revenues. Amortization of deferred professional service costs is included in cost of professional services and other revenue in the accompanying consolidated statements of operations. All costs deferred are reviewed for impairment periodically. |
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Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective asset as follows (in years):
Maintenance and repairs are charged to expense as incurred, and improvements are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in the consolidated statement of operations for the period realized. |
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Internal-use Software | Internal-Use Software For the Company's development costs related to its cloud-based subscription service, the Company capitalizes costs incurred during the application development stage. Costs related to preliminary project and post-implementation stages are expensed as incurred. Capitalized software development costs are included as part of property and equipment and are amortized on a straight-line basis over the technology's estimated useful life, which is generally three years. |
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Restricted Cash | Restricted Cash Restricted cash consists of letters of credit related to the Company's leased office space. |
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Business Acquisitions | Business Acquisitions The Company allocates the fair value of purchase consideration to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from acquired users and acquired technology, useful lives, and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, the Company may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings. |
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Goodwill and Intangible Assets | Intangible Assets Acquired finite-lived intangible assets are amortized over their estimated useful lives. The Company evaluates the recoverability of its intangible assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If such review indicates that the carrying amount of intangible assets is not recoverable, the carrying amount of such assets is reduced to fair value. The Company has not recorded any such impairment charges. Goodwill The Company reviews goodwill for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. The Company has elected to first assess the qualitative factors to determine whether it is more likely than not that the fair value of the Company’s single reporting unit is less than its carrying amount. Based on the qualitative assessment, if it is determined that it is more likely than not that its fair value is less than its carrying amount, the fair value of the Company's single reporting unit is compared to its carrying value. Any excess of the goodwill carrying amount over the fair value is recognized as an impairment loss, and the carrying value of goodwill is written down to fair value. |
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Stock-based Compensation | Stock-based Compensation All stock-based compensation to employees is measured based on the grant-date fair value of the awards and recognized in the Company's consolidated statements of operations over the period during which the employee is required to perform services in exchange for the award (generally the vesting period of the award). The options assumed and awarded in connection with the acquisition of Jiff were valued using the Monte Carlo simulation model. The Company estimates the fair value of all other stock options granted using the Black-Scholes option valuation model. For restricted stock units, fair value is based on the closing price of the Company's Class B common stock on the grant date. Compensation expense is recognized over the vesting period of the applicable award using the straight-line method. For awards with performance based and service vesting conditions, compensation cost is recognized over the requisite service period if it is probable that the performance condition will be satisfied based on the accelerated attribution method. |
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Income Taxes | Income Taxes The Company accounts for income taxes using the liability method, under which deferred tax assets and liabilities are determined based on the future tax consequences attributable to differences between the financial reporting carrying amounts of existing assets and liabilities and their respective tax bases and tax credit and net operating loss carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates that are expected to be in effect when the differences are expected to reverse. The Company assesses the likelihood that deferred tax assets will be recovered from future taxable income, and a valuation allowance is established when necessary to reduce deferred tax assets to the amounts more likely than not expected to be realized. The Company recognizes and measures uncertain tax positions using a two-step approach. The first step is to evaluate the tax position taken or expected to be taken by determining if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained in an audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. Significant judgment is required to evaluate uncertain tax positions. The Company evaluates its uncertain tax positions on a regular basis. The Company's evaluations are based on a number of factors, including changes in facts and circumstances, changes in tax law, correspondence with tax authorities during the course of audit and effective settlement of audit issues. |
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Warranties and Indemnification | Warranties and Indemnification The Company's cloud-based subscription service is generally warranted to be performed in a professional manner and in a manner that will comply with the terms of the customer agreements. The Company's arrangements generally include certain provisions for indemnifying customers against liabilities if there is a breach of a customer’s data or if the Company's service infringes a third party’s intellectual property rights. To date, the Company has not incurred any material costs as a result of such indemnifications and have not accrued any liabilities related to such obligations in the financial statements. The Company has entered into service-level agreements with certain customers warranting, among other things, defined levels of performance and response times and permitting those customers to receive credits for prepaid amounts related to subscription services in the event that the Company fails to meet those levels. To date, the Company has not experienced any significant failures to meet defined levels of performance and response times as a result of those agreements. The Company has also agreed to indemnify its directors and executive officers for costs associated with any fees, expenses, judgments, fines and settlement amounts incurred by any of these persons in any action or proceeding to which any of those persons is, or is threatened to be, made a party by reason of the person’s service as a director or officer, including any action by the Company, arising out of that person’s services as its director or officer or that person’s services provided to any other company or enterprise at the Company's request. The Company maintains director and officer insurance coverage that would generally enable the Company to recover a portion of any future amounts paid. The Company may also be subject to indemnification obligations by law with respect to the actions of its employees under certain circumstances and in certain jurisdictions. |
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Advertising Expenses | Advertising Expenses Advertising is expensed as incurred. |
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Concentrations of Risk and Significant Customers | Concentrations of Risk and Significant Customers The Company's financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities and accounts receivable. Although the Company deposits its cash with multiple financial institutions, its deposits, at times, may exceed federally insured limits. The Company serves its customers and users from outsourced data center facilities located in the United States. The Company has internal procedures to restore all of its production customer facing services in the event of disasters at the certain facilities. Procedures utilizing currently deployed hardware, software and services at certain of the Company's disaster recovery locations allow its cloud-based service to be restored within 24 hours during the implementation of the procedures to restore services. Significant customers are direct customers or channel partners that represent more than 10% of the total revenue for the most recent period presented or more than 10% of accounts receivable balance as of the most recent balance sheet date. |
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Recently Adopted and Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements Revenue Recognition In May 2014 the Financial Accounting Standards Board (“FASB”) issued ASC 606. ASC 606 supersedes the revenue recognition requirements in ASC 605, Revenue Recognition, and requires the recognition of revenue when promised goods or services are transferred to customers in an amount that reflects the considerations to which the entity expects to be entitled to in exchange for those goods or services. ASC 606 also includes Subtopic 340-40, Other Assets and Deferred Costs - Contracts with Customers, which requires the deferral of incremental costs of obtaining and fulfilling a contract with a customer. The key changes from adopting the new standard are:
Select consolidated balance sheet line items, which reflect the adoption of ASC 606 are as follows (in thousands):
Select consolidated statement of operations line items, which reflect the adoption of ASC 606 are as follows (in thousands, except per share amounts):
Select consolidated statement of cash flows line items, which reflect the adoption of ASC 606 are as follows (in thousands):
Stock-based Compensation In March 2016, the FASB issued ASU 2016-09, “Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting.” The guidance changed how companies account for certain aspects of share-based payments to employees. The standard is intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures. The Company adopted this guidance on January 1, 2017, using a modified retrospective approach, and accordingly recorded a cumulative-effect adjustment charge of approximately $0.4 million to the beginning accumulated deficit for the impact of electing to account for forfeitures as they occur. The adoption of this standard did not have any impact to the Statement of Operations or the Statement of Cash Flows. The Company is subject to full valuation allowance and thus has not utilized any excess tax benefits or realized any cash tax benefit related to stock compensation expense. The adoption of this standard did not have any material impact to the Company’s results of operations for the year ended December 31, 2017. Financial Instruments In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which amends various aspects of the recognition, measurement, presentation, and disclosure of financial instruments. The Company adopted ASU 2016-01 as of January 1, 2018 using the modified retrospective method for its marketable equity securities, which currently consist of money market mutual funds. The Company currently does not have any non-marketable equity securities. The adoption of ASU 2016-01 did not have a significant impact on the Company’s financial position or results of operations. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”), and subsequent amendments have been issued since then. The guidance will require 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 in a manner similar to current practice. 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. The Company will adopt this ASU beginning January 1, 2019 and has elected to not restate comparative periods and intends to elect certain other available practical expedients upon adoption. The Company is evaluating the full effect the adoption will have on its financial condition, results of operations, and disclosures and is finalizing the accounting, transition and disclosure requirements of the adoption. The Company expects all of its operating leases and contractual obligations, as disclosed in Note 13-Commitments and Contingencies, will be subject to the new standard. The Company expects the primary impact to be the inclusion of ROU assets and lease liabilities on the consolidated balance sheet. Additionally, the Company does not expect that the adoption will have a material impact on the consolidated statement of operations, consolidated statement of stockholders’ equity or consolidated statement of cash flows. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (“ASU 2016-13”) and subsequent amendments have been issued since then. The standard changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The Company will recognize an allowance for credit losses on available-for-sale securities rather than deductions in amortized cost. The standard is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted for all periods beginning after December 15, 2018. The adoption of this standard is not expected to have a significant impact on the Company’s financial statements. In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (“ASU 2018-02”). The provisions in ASU 2018-02 allow for a reclassification from accumulated other comprehensive income to retained earnings to eliminate the stranded tax effects resulting from the change in federal corporate income tax rate in the Tax Cuts and Jobs Act enacted in December 2017. The Company is required to adopt ASU 2018-02 on January 1, 2019. Early adoption is permitted, including adoption in any interim period for which financial statements have not yet been issued. The adoption of ASU 2018-02 is not expected to have a significant impact on the Company’s financial position or results of operations. In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (“ASU 2018-15”), which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance will be effective for interim and annual reporting periods beginning after December 15, 2019, and early adoption is permitted. The Company is currently evaluating the impacts that adoption of this ASU will have on its financial statements. |
Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Property, Plant and Equipment | Property and equipment are stated at cost less accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective asset as follows (in years):
Property and equipment consisted of the following (in thousands):
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Condensed Income Statement | Select consolidated statement of cash flows line items, which reflect the adoption of ASC 606 are as follows (in thousands):
Select consolidated statement of operations line items, which reflect the adoption of ASC 606 are as follows (in thousands, except per share amounts):
Select consolidated balance sheet line items, which reflect the adoption of ASC 606 are as follows (in thousands):
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Deferred Costs (Tables) |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred costs, capitalized, prepaid, and other assets disclosure | Changes in the balance of total deferred commissions and total deferred professional service costs for the year ended December 31, 2018 are as follows (in thousands):
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Business Combinations (Tables) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the Components of the Purchase Consideration Transferred | The following table summarizes the components of the purchase consideration transferred based on the closing price of the Company’s stock as of the acquisition date (in thousands):
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Schedule of Fair Values of Assets Acquired and Liabilities Assumed | The fair values of the assets acquired and liabilities assumed by major class in the acquisition of Jiff were recognized as follows (in thousands):
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Schedule of Identifiable Acquired Intangible Assets | The following table sets forth the fair value components of identifiable acquired intangible assets (in thousands) and their estimated useful lives (in years):
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Schedule of Unaudited Pro Forma Financial Information | The unaudited pro forma financial information as presented below is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisitions had taken place at the beginning of 2016 (in thousands):
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Goodwill and Intangible Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The changes in the carrying amount of goodwill were as follows (in thousands):
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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)(1):
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated 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] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities, Available-for-sale | As of December 31, 2018 and December 31, 2017, respectively, marketable securities consisted of the following (in thousands):
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Fair Value Assets Measured on Recurring Basis | The following tables present information about the Company's assets 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) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Property, Plant and Equipment | Property and equipment are stated at cost less accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective asset as follows (in years):
Property and equipment consisted of the following (in thousands):
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt | The future maturities of the Term Loan by year as of December 31, 2018 are as follows (in thousands):
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Current Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation Related Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands):
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Schedule of Accrued Compensation | Accrued compensation consisted of the following (in thousands):
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | As of December 31, 2018, the future minimum lease payments under non-cancellable operating leases are as follows (in thousands):
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Stock Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Except for the stock options assumed and granted related to the Jiff acquisition, the fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions and fair value per share:
The Monte Carlo simulation model considers vesting schedules, stated expiration dates and potential early exercises based on market performance in determining the effective holding period for the options.
* The Company has not used the Monte Carlo simulation model prior to or after the acquisition of Jiff. |
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Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | The following table summarizes activities for stock options:
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Nonvested Restricted Stock Shares Activity | The following table summarizes activities for RSUs:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income before Income Tax | The components of loss before income tax benefit were as follows (in thousands):
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Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of the statutory federal income tax benefit and the Company's effective tax benefit consist of the following (in thousands):
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Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company's net deferred tax assets were as follows (in thousands):
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Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of the gross unrecognized tax benefit is as follows (in thousands):
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Net Loss per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | 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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Selected Quarterly Financial Data (unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | The following tables set forth selected unaudited quarterly consolidated statements of operations data for each of the eight quarters in years 2018 and 2017 (in thousands, except per share data):
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Summary of Significant Accounting Policies - Basis of Presentation and Principles of Consolidation (Details) - Accounting Standards Update 2014-09 $ in Thousands |
Jan. 01, 2016
USD ($)
|
[1] | ||
---|---|---|---|---|
Property, Plant and Equipment [Line Items] | ||||
Cumulative adjustment upon adoption of ASC 606 | $ 32,704 | |||
Retained Earnings | ||||
Property, Plant and Equipment [Line Items] | ||||
Cumulative adjustment upon adoption of ASC 606 | $ 32,704 | |||
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Summary of Significant Accounting Policies - Schedule of Estimated Useful Life of Property and Equipment (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Software Development | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 3 years | ||
Software Development | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 5 years | ||
Computer equipment | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 3 years | ||
Furniture and equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 5 years | ||
Furniture and equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 7 years | ||
Internal-use Software | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 3 years | ||
Subscription Revenue | |||
Property, Plant and Equipment [Line Items] | |||
Amortization | $ 0.8 | $ 1.0 | $ 0.9 |
Summary of Significant Accounting Policies - Details (Details) - USD ($) |
1 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Jan. 01, 2019 |
||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Capitalized software development costs for software sold to customers | $ 0 | $ 0 | ||||||
Advertising expense | 300,000 | 300,000 | $ 600,000 | |||||
Assets | 253,514,000 | 279,883,000 | [1] | |||||
Liabilities | 58,843,000 | 68,326,000 | [1] | |||||
Subscription Revenue | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Amortization | $ 800,000 | $ 1,000,000 | $ 900,000 | |||||
Accounting Standards Update 2016-09 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Share-based payment adjustment | $ 400,000 | |||||||
Scenario, Forecast | Subsequent Event | Accounting Standards Update 2016-02 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Liabilities | $ 18,000,000 | |||||||
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Summary of Significant Accounting Policies - Summary of Major Customers (Details) - Customer Concentration Risk |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
One Direct Customer | Accounts Receivable | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 13.00% |
One Channel Partner | Revenue | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 11.00% |
One Channel Partner | Accounts Receivable | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 18.00% |
Summary of Significant Accounting Policies - ASU (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Item Effected [Line Items] | |||||
Accounts receivable and other, net | $ 26,816 | $ 21,933 | |||
Deferred commissions | 20,142 | 27,512 | [1] | ||
Deferred professional service costs | 10,133 | 12,480 | [1] | ||
Deferred revenue | 20,193 | 25,985 | |||
Deferred revenue, non-current | 1,030 | 4,457 | |||
Accumulated deficit | $ (415,040) | (375,334) | |||
Previously Reported | |||||
Item Effected [Line Items] | |||||
Accounts receivable and other, net | 20,761 | ||||
Deferred commissions | 10,583 | ||||
Deferred professional service costs | 0 | ||||
Deferred revenue | 29,410 | ||||
Deferred revenue, non-current | 6,686 | ||||
Accumulated deficit | (411,569) | ||||
Restatement Adjustment | Accounting Standards Update 2014-09 | |||||
Item Effected [Line Items] | |||||
Accounts receivable and other, net | 1,172 | ||||
Deferred commissions | 16,929 | ||||
Deferred professional service costs | 12,480 | ||||
Deferred revenue | (3,425) | ||||
Deferred revenue, non-current | (2,229) | ||||
Accumulated deficit | $ 36,235 | ||||
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Summary of Significant Accounting Policies - Income Statement (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||||||||
Total revenue | $ 42,100 | $ 40,041 | $ 37,784 | $ 36,479 | $ 37,193 | $ 34,492 | $ 32,632 | $ 27,703 | $ 156,404 | $ 132,020 | [1] | $ 98,708 | [1] | ||||||
Cost of professional services and other | 60,189 | 46,652 | [1] | 31,866 | [1] | ||||||||||||||
Sales and marketing | 49,134 | 59,767 | [1],[2] | 58,641 | [1],[2] | ||||||||||||||
Operating loss | (39,894) | (57,726) | [1] | (59,118) | [1] | ||||||||||||||
Net loss | $ (4,039) | $ (7,265) | $ (13,958) | $ (14,444) | $ (7,157) | $ (17,992) | $ (12,379) | $ (14,374) | $ (39,706) | $ (51,902) | [1],[3] | $ (58,686) | [1],[3] | ||||||
Net loss per share, basic and diluted (in usd per share) | $ (0.03) | $ (0.05) | $ (0.10) | $ (0.11) | $ (0.05) | $ (0.14) | $ (0.09) | $ (0.14) | $ (0.29) | $ (0.41) | [1] | $ (0.58) | [1] | ||||||
Subscription and Circulation | |||||||||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||||||||
Total revenue | $ 143,901 | $ 121,368 | [1] | $ 91,943 | [1] | ||||||||||||||
Cost of professional services and other | 34,691 | 28,410 | [1],[2] | 16,463 | [1],[2] | ||||||||||||||
Professional Services And Other | |||||||||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||||||||
Total revenue | 12,503 | 10,652 | [1] | 6,765 | [1] | ||||||||||||||
Cost of professional services and other | $ 25,498 | 18,242 | [1],[2] | 15,403 | [1],[2] | ||||||||||||||
Previously Reported | |||||||||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||||||||
Sales and marketing | 62,313 | 58,800 | |||||||||||||||||
Operating loss | (61,395) | (58,980) | |||||||||||||||||
Net loss | $ (55,571) | $ (58,548) | |||||||||||||||||
Net loss per share, basic and diluted (in usd per share) | $ (0.44) | $ (0.58) | |||||||||||||||||
Previously Reported | Subscription and Circulation | |||||||||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||||||||
Total revenue | $ 120,496 | $ 95,016 | |||||||||||||||||
Previously Reported | Professional Services And Other | |||||||||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||||||||
Total revenue | 10,933 | 6,684 | |||||||||||||||||
Cost of professional services and other | 18,774 | 18,098 | |||||||||||||||||
Accounting Standards Update 2014-09 | Restatement Adjustment | |||||||||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||||||||
Sales and marketing | (2,546) | (159) | |||||||||||||||||
Operating loss | 3,669 | (138) | |||||||||||||||||
Net loss | $ 3,669 | $ (138) | |||||||||||||||||
Net loss per share, basic and diluted (in usd per share) | $ 0.03 | $ 0.00 | |||||||||||||||||
Accounting Standards Update 2014-09 | Restatement Adjustment | Subscription and Circulation | |||||||||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||||||||
Total revenue | $ 872 | $ (3,073) | |||||||||||||||||
Accounting Standards Update 2014-09 | Restatement Adjustment | Professional Services And Other | |||||||||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||||||||
Total revenue | (281) | 81 | |||||||||||||||||
Cost of professional services and other | $ (532) | $ (2,695) | |||||||||||||||||
|
Summary of Significant Accounting Policies - Statement of Cash Flows (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||||||
Net loss | $ (4,039) | $ (7,265) | $ (13,958) | $ (14,444) | $ (7,157) | $ (17,992) | $ (12,379) | $ (14,374) | $ (39,706) | $ (51,902) | [1],[2] | $ (58,686) | [1],[2] | ||||
Stock-based compensation | 18,132 | 24,003 | [2] | 21,256 | [2] | ||||||||||||
Amortization and impairment of deferred commissions | 13,105 | 10,026 | [2] | 5,882 | [2] | ||||||||||||
Amortization and impairment of professional service costs | 5,268 | 4,225 | [2] | 2,795 | [2] | ||||||||||||
Accounts receivable | (4,883) | (2,799) | [2] | (2,278) | [2] | ||||||||||||
Deferred commissions | (5,735) | (9,888) | [2] | (8,947) | [2] | ||||||||||||
Deferred professional service costs | (2,735) | (4,181) | [2] | (4,734) | [2] | ||||||||||||
Deferred revenue | $ (9,219) | (1,943) | [2] | 4,970 | [2] | ||||||||||||
Previously Reported | |||||||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||||||
Net loss | (55,571) | (58,548) | |||||||||||||||
Stock-based compensation | 24,578 | 22,012 | |||||||||||||||
Amortization and impairment of deferred commissions | 12,453 | 5,070 | |||||||||||||||
Amortization and impairment of professional service costs | 0 | 0 | |||||||||||||||
Accounts receivable | (2,522) | (2,055) | |||||||||||||||
Deferred commissions | (9,768) | (7,977) | |||||||||||||||
Deferred professional service costs | 0 | 0 | |||||||||||||||
Deferred revenue | (1,629) | 1,756 | |||||||||||||||
Accounting Standards Update 2014-09 | Restatement Adjustment | |||||||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||||||
Net loss | 3,669 | (138) | |||||||||||||||
Stock-based compensation | (575) | (756) | |||||||||||||||
Amortization and impairment of deferred commissions | (2,427) | 812 | |||||||||||||||
Amortization and impairment of professional service costs | 4,225 | 2,795 | |||||||||||||||
Accounts receivable | (277) | (223) | |||||||||||||||
Deferred commissions | (120) | (970) | |||||||||||||||
Deferred professional service costs | (4,181) | (4,734) | |||||||||||||||
Deferred revenue | $ (314) | $ 3,214 | |||||||||||||||
|
Revenue, Deferred Revenue, Contract Balances and Performance Obligations (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Deferred revenue | $ 21.2 | $ 30.4 |
Contract with customer, asset, net | 1.0 | 1.2 |
Contract with customer, liability, revenue recognized | 28.1 | $ 26.4 |
Contract with customer, liability, cumulative catch-up adjustment to revenue, change in estimate of transaction price | 1.1 | |
Revenue, remaining performance obligation, amount | $ 156.8 | |
Indirect Channel | Revenue from Contract with Customer | Customer Concentration Risk | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Concentration risk, percentage | 12.00% |
Revenue, Deferred Revenue, Contract Balances and Performance Obligations - Narrative (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 |
Dec. 31, 2018 |
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, percentage | 70.00% |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months |
(Details) - USD ($) |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
[2] | |||||||
Movement Analysis of Deferred Costs [Rollforward] | ||||||||||
Deferred commissions, beginning | [1] | $ 27,512,000 | ||||||||
Deferred commissions, additions | 5,735,000 | |||||||||
Deferred commissions, expense recognized | (13,105,000) | $ (10,026,000) | [2] | $ (5,882,000) | ||||||
Deferred commissions, ending | 20,142,000 | 27,512,000 | [1] | |||||||
Deferred professional service costs, beginning | [1] | 12,480,000 | ||||||||
Deferred professional service costs, additions | 2,921,000 | |||||||||
Deferred professional service costs, expense recognized | (5,268,000) | |||||||||
Deferred professional service costs, ending | 10,133,000 | 12,480,000 | [1] | |||||||
Deferred commissions and professional service costs, beginning | 39,992,000 | |||||||||
Total deferred commissions and professional service costs, additions | 8,656,000 | |||||||||
Total deferred commissions and professionals service costs | (18,373,000) | |||||||||
Deferred commissions and professional service costs, ending | 30,275,000 | 39,992,000 | ||||||||
Deferred costs, impairment charges | $ 1,900,000 | $ 0 | ||||||||
|
Business Combinations - Narrative (Details) - USD ($) |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Apr. 03, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
[1] | ||||
Business Acquisition [Line Items] | ||||||||
Tax benefit | $ 0 | $ 5,206,000 | [1] | $ 0 | ||||
Jiff, Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Change in fair value of contingent consideration liability | $ 671,000 | |||||||
Revenue attributable to Jiff included in consolidated results | 10,000,000 | |||||||
Total acquisition-related costs incurred | 3,100,000 | |||||||
Jiff, Inc. | Class B | ||||||||
Business Acquisition [Line Items] | ||||||||
Shares and options paid to acquire business (in shares) | 27,000,000 | |||||||
Sales Revenue, Net | Jiff, Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Revenue threshold | $ 25,000,000 | |||||||
Sales Revenue, Net | Jiff, Inc. | Class B | ||||||||
Business Acquisition [Line Items] | ||||||||
Class B common stock acquired in exchange (in shares) | 1,000,000 | |||||||
New Booking | Jiff, Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Revenue threshold | $ 25,000,000 | |||||||
New Booking | Jiff, Inc. | Class B | ||||||||
Business Acquisition [Line Items] | ||||||||
Class B common stock acquired in exchange (in shares) | 3,000,000 | |||||||
Contingent Consideration | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, gain (loss) included in earnings | $ 700,000 | |||||||
Contingent Consideration | Jiff, Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Change in fair value of contingent consideration liability | $ 700,000 | |||||||
Acquisition-related Costs | Jiff, Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Tax benefit | $ 5,200,000 | |||||||
Venrock | Castlight Health, Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership interest in Jiff (more than) (as a percent) | 5.00% | |||||||
Venrock | Castlight Health, Inc. | Class B | ||||||||
Business Acquisition [Line Items] | ||||||||
Class B common stock acquired in exchange (in shares) | 3,965,979 | |||||||
|
Business Combinations - Summary of the Components of the Purchase Consideration Transferred (Details) - Jiff, Inc. $ / shares in Units, $ in Thousands, shares in Millions |
Apr. 03, 2017
USD ($)
$ / shares
shares
|
---|---|
Business Acquisition [Line Items] | |
Fair value of Company Class B common stock | $ 91,447 |
Change in fair value of contingent consideration liability | 671 |
Fair value of assumed Jiff options attributable to pre-combination services | 9,574 |
Transaction costs paid on behalf of Jiff | 4,498 |
Total purchase price consideration | $ 106,190 |
Class B | |
Business Acquisition [Line Items] | |
Shares and options paid to acquire business (in shares) | shares | 27 |
Business acquisition, share price (in USD per share) | $ / shares | $ 3.65 |
Business Combinations - Schedule of Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
[1] | Apr. 03, 2017 |
Dec. 31, 2016 |
||
---|---|---|---|---|---|---|---|
Business Acquisition [Line Items] | |||||||
Goodwill | $ 91,785 | $ 91,785 | $ 0 | ||||
Jiff, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
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) | ||||||
Non-current liabilities | (5,232) | ||||||
Total net assets acquired | $ 106,190 | ||||||
|
Business Combinations - Schedule of Identifiable Acquired Intangible Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Apr. 03, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Business Acquisition [Line Items] | |||
Fair Value | $ 23,900 | $ 23,900 | $ 23,900 |
Customer relationships | |||
Business Acquisition [Line Items] | |||
Fair Value | $ 10,900 | $ 10,900 | $ 10,900 |
Useful Life | 10 years | 10 years | 10 years |
Developed technology | |||
Business Acquisition [Line Items] | |||
Fair Value | $ 10,600 | $ 10,600 | $ 10,600 |
Useful Life | 5 years | 5 years | 5 years |
Backlog | |||
Business Acquisition [Line Items] | |||
Fair Value | $ 1,500 | $ 1,500 | $ 1,500 |
Useful Life | 3 years | 3 years | 3 years |
Other acquired intangible assets | |||
Business Acquisition [Line Items] | |||
Fair Value | $ 900 | $ 900 | $ 900 |
Minimum | Other acquired intangible assets | |||
Business Acquisition [Line Items] | |||
Useful Life | 1 year | 1 year | 1 year |
Maximum | Other acquired intangible assets | |||
Business Acquisition [Line Items] | |||
Useful Life | 3 years | 3 years | 3 years |
Business Combinations - Schedule of Unaudited Pro Forma Financial Information (Details) - Jiff, Inc. - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Business Acquisition [Line Items] | ||
Total revenue | $ 135,588 | $ 104,295 |
Net loss | $ (57,398) | $ (89,586) |
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|||||
Goodwill [Roll Forward] | ||||||
Beginning balance | $ 91,785,000 | [1] | $ 0 | |||
Acquisition of Jiff | 0 | 91,398,000 | ||||
Measurement period adjustments for Jiff acquisition | 0 | 387,000 | ||||
Ending balance | 91,785,000 | 91,785,000 | [1] | |||
Goodwill, impaired, accumulated impairment loss | $ 0 | $ 0 | ||||
|
Marketable Securities (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 33,253 | $ 56,528 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | (22) |
Fair Value | 33,253 | 56,506 |
Included in cash and cash equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 21,926 | 24,481 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 21,926 | 24,481 |
Included in marketable securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 11,327 | 32,047 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | (22) |
Fair Value | 11,327 | 32,025 |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 7,980 | 31,047 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | (22) |
Fair Value | 7,980 | 31,025 |
U.S. agency obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 18,158 | 19,366 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 18,158 | 19,366 |
Money market mutual funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 7,115 | 6,115 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | $ 7,115 | $ 6,115 |
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Apr. 03, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Finite-Lived Intangible Assets [Line Items] | |||
Gross | $ 23,900 | $ 23,900 | $ 23,900 |
Accumulated Amortization | (7,691) | (3,647) | |
Net | $ 16,209 | $ 20,253 | |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful Life | 10 years | 10 years | 10 years |
Gross | $ 10,900 | $ 10,900 | $ 10,900 |
Accumulated Amortization | (1,908) | (818) | |
Net | $ 8,992 | $ 10,082 | |
Developed technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful Life | 5 years | 5 years | 5 years |
Gross | $ 10,600 | $ 10,600 | $ 10,600 |
Accumulated Amortization | (3,710) | (1,590) | |
Net | $ 6,890 | $ 9,010 | |
Backlog | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful Life | 3 years | 3 years | 3 years |
Gross | $ 1,500 | $ 1,500 | $ 1,500 |
Accumulated Amortization | (1,256) | (664) | |
Net | 244 | 836 | |
Other acquired intangible assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | $ 900 | 900 | 900 |
Accumulated Amortization | (817) | (575) | |
Net | $ 83 | $ 325 | |
Minimum | Other acquired intangible assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful Life | 1 year | 1 year | 1 year |
Maximum | Other acquired intangible assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful Life | 3 years | 3 years | 3 years |
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 4.0 | $ 3.6 |
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2019 | $ 3,505 | |
2020 | 3,242 | |
2021 | 3,210 | |
2022 | 1,620 | |
2023 | 1,090 | |
Thereafter | 3,542 | |
Net | $ 16,209 | $ 20,253 |
Fair Value Measurements - Summary of Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Marketable securities: | ||
Marketable securities | $ 33,253 | $ 56,506 |
Money market mutual funds | ||
Marketable securities: | ||
Marketable securities | 7,115 | 6,115 |
U.S. agency obligations | ||
Marketable securities: | ||
Marketable securities | 18,158 | 19,366 |
U.S. treasury securities | ||
Marketable securities: | ||
Marketable securities | 7,980 | 31,025 |
Fair Value, Measurements, Recurring | ||
Marketable securities: | ||
Assets, fair value disclosure | 33,253 | 56,506 |
Fair Value, Measurements, Recurring | Money market mutual funds | ||
Cash equivalents: | ||
Cash equivalents | 7,115 | 6,115 |
Fair Value, Measurements, Recurring | U.S. agency obligations | ||
Cash equivalents: | ||
Cash equivalents | 14,811 | 18,366 |
Marketable securities: | ||
Marketable securities | 3,347 | 1,000 |
Fair Value, Measurements, Recurring | U.S. treasury securities | ||
Marketable securities: | ||
Marketable securities | 7,980 | 31,025 |
Fair Value, Measurements, Recurring | Level 1 | ||
Marketable securities: | ||
Assets, fair value disclosure | 7,115 | 6,115 |
Fair Value, Measurements, Recurring | Level 1 | Money market mutual funds | ||
Cash equivalents: | ||
Cash equivalents | 7,115 | 6,115 |
Fair Value, Measurements, Recurring | Level 1 | U.S. agency obligations | ||
Cash equivalents: | ||
Cash equivalents | 0 | 0 |
Marketable securities: | ||
Marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | U.S. treasury securities | ||
Marketable securities: | ||
Marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Marketable securities: | ||
Assets, fair value disclosure | 26,138 | 50,391 |
Fair Value, Measurements, Recurring | Level 2 | Money market mutual funds | ||
Cash equivalents: | ||
Cash equivalents | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | U.S. agency obligations | ||
Cash equivalents: | ||
Cash equivalents | 14,811 | 18,366 |
Marketable securities: | ||
Marketable securities | 3,347 | 1,000 |
Fair Value, Measurements, Recurring | Level 2 | U.S. treasury securities | ||
Marketable securities: | ||
Marketable securities | $ 7,980 | $ 31,025 |
Fair Value Measurements (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Fair Value Disclosures [Abstract] | ||
Debt securities, available-for-sale, realized gain (loss) | $ 0 | $ 0 |
Debt securities available-for-sale securities, maturity period | 1 year | 1 year |
Property and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | $ 15,002 | $ 14,447 | |||
Internal-use software | 2,925 | 2,925 | |||
Accumulated depreciation | (11,039) | (9,184) | |||
Property and equipment, net | 3,963 | 5,263 | [1] | ||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 3,102 | 2,915 | |||
Computer equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 6,860 | 6,165 | |||
Software | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 1,097 | 1,149 | |||
Furniture and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | $ 1,018 | $ 1,293 | |||
|
Property and Equipment (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 2.8 | $ 3.0 | $ 3.2 |
Debt (Details) - USD ($) |
Apr. 03, 2017 |
Dec. 31, 2018 |
---|---|---|
Line of Credit Facility [Line Items] | ||
Long-term debt | $ 5,600,000 | $ 5,113,000 |
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 | |
Prime Rate | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.00% | |
Interest Rate Option 2 | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, interest rate, stated percentage | 0.00% | |
Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Long-term line of credit | $ 0 | |
Revolving Credit Facility | Prime Rate | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, basis spread on variable rate | (0.50%) |
Debt - Future Maturities (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
[1] | Apr. 03, 2017 |
||
---|---|---|---|---|---|---|
Debt Disclosure [Abstract] | ||||||
2019 | $ 1,859 | |||||
2020 | 1,859 | |||||
2021 | 1,395 | |||||
Total future maturities of debt | 5,113 | $ 5,600 | ||||
Less current maturities | (1,859) | |||||
Debt, non-current | $ 3,254 | $ 4,958 | ||||
|
Related Party Transactions and Variable Interest Entity (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
[1] | Dec. 31, 2015 |
||||
Related Party Transaction [Line Items] | ||||||||
Proceeds from sale of investment in related party | $ 0 | $ 5,500 | [1] | $ 0 | ||||
Lyra Health | ||||||||
Related Party Transaction [Line Items] | ||||||||
Payments to acquire interest in related party | $ 4,100 | |||||||
Proceeds from sale of investment in related party | 5,500 | |||||||
Gain on sale of investments | $ 1,400 | |||||||
|
Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Compensation Related Costs [Abstract] | ||
Customer deposits related to online store | $ 5,926 | $ 5,638 |
Other | 9,528 | 7,540 |
Total | $ 15,454 | $ 13,178 |
Current Liabilities - Schedule of Accrued Compensation (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Compensation Related Costs [Abstract] | |||||
Accrued commissions | $ 379 | $ 2,481 | |||
Accrued bonuses | 4,293 | 9,001 | |||
Other employee and benefits payable | 1,303 | 2,459 | |||
Total | $ 5,975 | $ 13,941 | [1] | ||
|
Commitments and Contingencies - Schedule of Future Operating Lease Payments and Contractual Obligations (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2018
USD ($)
| |
Operating Leases | |
2019 | $ 6,324 |
2020 | 5,953 |
2021 | 5,355 |
2022 | 3,050 |
2023 and later | 1,788 |
Total | 22,470 |
Contractual Obligations | |
2019 | 761 |
2020 | 570 |
2021 | 0 |
2022 | 0 |
2023 and later | 0 |
Total | 1,331 |
Operating leases, rent expense, sublease rentals | $ 7,100 |
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Oct. 28, 2016 |
Mar. 31, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||
Loss Contingencies [Line Items] | |||||||||
Rent expense | $ 3,500 | $ 4,100 | $ 3,300 | ||||||
Increase (decrease) in rent expense | $ 2,400 | ||||||||
Lease exit and related charges | $ 900 | 2,634 | $ 0 | [1] | 0 | [1] | |||
Litigation settlement, amount awarded to other party | $ 9,500 | ||||||||
Litigation settlement, expense | $ 2,900 | ||||||||
Mountain View, CA | |||||||||
Loss Contingencies [Line Items] | |||||||||
Lease exit and related charges | $ 1,300 | ||||||||
|
Stock Compensation - Narrative (Details) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
Apr. 03, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected dividend rate | 0.00% | |||
Stock granted value, share-based compensation, gross | $ 300,000 | $ 800,000 | $ 3,600,000 | |
Total grant-date fair value of awards vested | 3,400,000 | 6,700,000 | 4,900,000 | |
Total intrinsic value of options exercised | 5,700,000 | 2,600,000 | 4,700,000 | |
Unrecognized compensation costs on non-vested stock options | $ 1,000,000 | |||
Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period of recognition for unrecognized compensation costs (in years) | 2 years 1 month 2 days | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock granted value, share-based compensation, gross | $ 27,400,000 | 24,000,000 | 28,400,000 | |
Period of recognition for unrecognized compensation costs (in years) | 2 years 8 months 12 days | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period, fair value | $ 17,300,000 | 19,800,000 | 15,500,000 | |
Employee service share-based compensation, nonvested awards, compensation not yet recognized, share-based awards other than options | $ 29,800,000 | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 8,146,627 | |||
Restricted stock units vested (in shares) | 4,131,967 | |||
Restricted stock units forfeited and canceled (in shares) | (3,819,954) | |||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 800,000 | |||
Allocated share-based compensation expense | $ 600,000 | $ 0 | $ 0 | |
Restricted stock units vested (in shares) | 200,000 | |||
Restricted stock units forfeited and canceled (in shares) | (600,000) | |||
Jiff, Inc. | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total grant-date fair value of awards vested | $ 14,100,000 | |||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 5,400,000.0 | |||
Fair value of assumed Jiff options attributable to pre-combination services | $ 9,574,000 | |||
Share-based compensation arrangement by share-based payment award, options, acquisition date fair value, post-combination | $ 4,500,000 | |||
Minimum | Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of potentially vested shares | 50.00% | |||
Maximum | Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of potentially vested shares | 150.00% |
Stock Compensation - Assumptions Related to Share-based Compensation (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | ||
Black-Scholes Option Valuation Model | Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 57.00% | 61.00% | |
Expected life (in years) | 6 years 22 days | 6 years 7 days | |
Share-based compensation arrangement by share-based payment award, fair Value assumptions, risk free interest rate | 2.03% | ||
Risk-free interest rate, minimum | 2.72% | 0.95% | |
Risk-free interest rate, maximum | 2.74% | 1.37% | |
Dividend yield | 0.00% | 0.00% | 0.00% |
Grants in period, weighted average grant date fair value (in USD per share) | $ 3.69 | $ 3.60 | $ 3.16 |
Black-Scholes Option Valuation Model | Minimum | Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 45.00% | ||
Expected life (in years) | 5 years 3 months 22 days | ||
Black-Scholes Option Valuation Model | Maximum | Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 47.00% | ||
Expected life (in years) | 6 years 1 month 13 days | ||
Monte Carlo | Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 75.00% | ||
Share-based compensation arrangement by share-based payment award, fair Value assumptions, risk free interest rate | 2.35% | ||
Dividend yield | 0.00% |
Stock Compensation - Schedule of Stock Option Grants (Details) - Stock Option - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Options outstanding | ||
Beginning Balance (in shares) | 10,335,178 | |
Stock option grants (in shares) | 134,000 | |
Stock options exercised (in shares) | (3,255,963) | |
Stock options forfeited and canceled (in shares) | (947,992) | |
Ending Balance (in shares) | 6,265,223 | 10,335,178 |
Vested or expected to vest at December 31, 2018 (in shares) | 6,265,223 | |
Exercisable as of December 31, 2018 (in shares) | 5,330,943 | |
Weighted- Average Exercise Price | ||
Beginning Balance (in USD per share) | $ 2.83 | |
Stock option grants (in USD per share) | 3.69 | |
Stock options exercised (in USD per share) | 1.38 | |
Stock options forfeited and canceled (in USD per share) | 9.16 | |
Ending Balance (in USD per share) | 2.65 | $ 2.83 |
Vested or expected to vest, weighted average exercise price (in USD per share) | 2.65 | |
Exercisable, weighted average share price (in USD per share) | $ 2.61 | |
Weighted- Average Remaining Contractual Life (in years) | 4 years 8 months 16 days | 6 years 1 month 28 days |
Vested or expected to vest, weighted average remaining contractual life (in years) | 4 years 8 months 16 days | |
Exercisable, weighted average remaining contractual life (in years) | 4 years 2 months 16 days | |
Aggregate Intrinsic Value | ||
Aggregate Intrinsic Value (in thousands) | $ 3,499 | $ 19,253 |
Vested or expected to vest, aggregate intrinsic value | 3,499 | |
Exercisable as of December 31, 2018 | $ 3,366 |
Stock Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) |
12 Months Ended |
---|---|
Dec. 31, 2018
$ / shares
shares
| |
Number of shares | |
Beginning Balance (in shares) | shares | 9,333,896 |
Restricted stock units granted (in shares) | shares | 8,146,627 |
Restricted stock units vested (in shares) | shares | (4,131,967) |
Restricted stock units forfeited and canceled (in shares) | shares | (3,819,954) |
Ending Balance (in shares) | shares | 9,528,602 |
Weighted Average Grant-Date Fair Value | |
Balance (in USD per share) | $ / shares | $ 4.03 |
Restricted stock units granted (in USD per share) | $ / shares | 3.36 |
Restricted stock units vested (in USD per share) | $ / shares | 4.19 |
Restricted stock units forfeited and canceled (in USD per share) | $ / shares | 3.67 |
Balance (in USD per share) | $ / shares | $ 3.54 |
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|
May 31, 2016 |
May 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
[1] | ||||
Class of Stock [Line Items] | ||||||||||
Issuance of stock and warrants for services or claims | $ 1,100 | $ 0 | $ 1,132 | [1] | $ 0 | |||||
SAP Technologies, Inc. | ||||||||||
Class of Stock [Line Items] | ||||||||||
Exercise price of warrants (in usd per share) | $ 4.91 | $ 4.91 | ||||||||
Class B | SAP Technologies, Inc. | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares issued in period (in shares) | 4,700,000 | |||||||||
Number of securities called by warrant (in shares) | 1,900,000.0 | 1,900,000.0 | ||||||||
Class of warrant or right, number of securities called by warrants or rights, value | $ 17,800 | |||||||||
Class of warrant or right, term | 4 years | |||||||||
Class A | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares outstanding (in shares) | 52,853,400 | 37,576,324 | 52,853,400 | |||||||
Class B | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares outstanding (in shares) | 81,685,875 | 104,350,881 | 81,685,875 | |||||||
|
Income Taxes - Components of Loss from Continuing Operations before Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||
Income Tax Disclosure [Abstract] | |||||||
United States | $ (39,706) | $ (57,108) | [1] | $ (58,686) | [1] | ||
|
Income Taxes (Details) - USD ($) |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
[1] | ||||
Tax Credit Carryforward [Line Items] | |||||||
Tax benefits related to stock-based compensation | $ 0 | $ 0 | |||||
Valuation allowance, deferred tax asset, increase (decrease), amount | 9,100,000 | (11,600,000) | |||||
Deferred tax liabilities, net | 7,971,000 | 5,085,000 | |||||
Tax Cuts And Jobs Act Of 2017, incomplete accounting, change in tax rate, deferred tax asset, provisional income tax expense | 51,200,000 | ||||||
Operating loss carryforwards, federal | 470,300,000 | ||||||
Operating loss carryforwards, state | 327,900,000 | ||||||
Income tax benefit | 0 | 5,206,000 | [1] | $ 0 | |||
Research and Development Tax Credit Carryforward | Federal | |||||||
Tax Credit Carryforward [Line Items] | |||||||
Tax credit carryforwards | 10,500,000 | ||||||
Research and Development Tax Credit Carryforward | California | |||||||
Tax Credit Carryforward [Line Items] | |||||||
Tax credit carryforwards | $ 11,600,000 | ||||||
Accounting Standards Update 2014-09 | |||||||
Tax Credit Carryforward [Line Items] | |||||||
Deferred tax liabilities, net | $ 5,100,000 | ||||||
|
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||
Income Tax Disclosure [Abstract] | |||||||
Tax at federal statutory rate | $ (8,338) | $ (19,417) | $ (19,953) | ||||
State statutory rate (net of federal benefit) | (2,279) | (2,479) | (1,259) | ||||
Non-deductible stock compensation | (194) | 106 | 1,594 | ||||
Effect of U.S. tax law change | 0 | 51,203 | 0 | ||||
Change in valuation allowance | 10,638 | (30,974) | 14,506 | ||||
Benefit associated with Jiff Acquisition | 0 | (5,206) | 0 | ||||
Other | 173 | 1,561 | 5,112 | ||||
Income tax expense (benefit) reconciliation | $ 0 | $ (5,206) | [1] | $ 0 | [1] | ||
|
Income Taxes - Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Deferred tax assets: | ||
Net operating loss carryforwards | $ 118,477 | $ 105,247 |
Deferred rent | 914 | 474 |
Accrued compensation | 1,230 | 2,792 |
Stock-based compensation | 6,014 | 7,530 |
Other reserves and accruals | 316 | 78 |
Property and equipment | 509 | 283 |
Deferred tax assets, gross | 127,460 | 116,404 |
Valuation allowance | (115,298) | (106,154) |
Net deferred tax asset/(liability) | 12,162 | 10,250 |
Deferred tax liability: | ||
Intangibles | (4,191) | (5,165) |
Deferred costs | (7,971) | (5,085) |
Deferred tax liability | (12,162) | (10,250) |
Net deferred tax asset/(liability) | $ 0 | $ 0 |
Income Taxes - Roll Forward of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross unrecognized tax benefits at the beginning of the year | $ 18,888 | $ 13,568 | $ 9,540 |
Decreases for tax positions of prior years | 0 | (626) | (125) |
Increases for tax positions related to the current year | 3,300 | 5,946 | 4,153 |
Gross unrecognized tax benefits at the end of the year | $ 22,188 | $ 18,888 | $ 13,568 |
Net Loss per Share - Calculation of Basic and Diluted EPS for Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||||
Schedule of Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Table] [Line Items] | |||||||||||||||||
Net loss | $ (4,039) | $ (7,265) | $ (13,958) | $ (14,444) | $ (7,157) | $ (17,992) | $ (12,379) | $ (14,374) | $ (39,706) | $ (51,902) | [1],[2] | $ (58,686) | [1],[2] | ||||
Weighted-average shares used to compute basic and diluted net loss per share (in shares) | 137,686 | 125,534 | [1] | 100,798 | [1] | ||||||||||||
Basic and diluted net loss per share (in usd per share) | $ (0.03) | $ (0.05) | $ (0.10) | $ (0.11) | $ (0.05) | $ (0.14) | $ (0.09) | $ (0.14) | $ (0.29) | $ (0.41) | [1] | $ (0.58) | [1] | ||||
Class A | |||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Table] [Line Items] | |||||||||||||||||
Net loss | $ (13,375) | $ (22,153) | $ (31,685) | ||||||||||||||
Weighted-average shares used to compute basic and diluted net loss per share (in shares) | 46,379 | 53,582 | 54,421 | ||||||||||||||
Basic and diluted net loss per share (in usd per share) | $ (0.29) | $ (0.41) | $ (0.58) | ||||||||||||||
Class B | |||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Table] [Line Items] | |||||||||||||||||
Net loss | $ (26,331) | $ (29,749) | $ (27,001) | ||||||||||||||
Weighted-average shares used to compute basic and diluted net loss per share (in shares) | 91,307 | 71,952 | 46,377 | ||||||||||||||
Basic and diluted net loss per share (in usd per share) | $ (0.29) | $ (0.41) | $ (0.58) | ||||||||||||||
|
Net Loss per Share - Summary of Antidilutive Securities (Details) - Class A - shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 15,909 | 19,784 | 20,205 |
Stock options and restricted common stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 15,794 | 19,669 | 18,185 |
Warrants | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 115 | 115 | 2,020 |
401(k) Plan (Details) - 401(k) Plan - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Defined Contribution Plan Disclosure [Line Items] | |||
Maximum annual contributions per employee, percent (up to) | 90.00% | ||
Defined contribution plan, cost recognized | $ 1.3 | $ 1.1 | $ 1.0 |
Reduction in Workforce (Narratives) (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2016 |
Jul. 30, 2018 |
May 10, 2016 |
|
Restructuring and Related Activities [Abstract] | ||||
Planned reduction in workforce, percent | 12.00% | 14.00% | ||
Restructuring charges | $ 2.1 | |||
Severance costs | $ 0.8 |
Selected Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
[1] | Dec. 31, 2016 |
[1] | |||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Total revenue | $ 42,100 | $ 40,041 | $ 37,784 | $ 36,479 | $ 37,193 | $ 34,492 | $ 32,632 | $ 27,703 | $ 156,404 | $ 132,020 | $ 98,708 | ||||||
Gross profit | 27,379 | 25,246 | 22,054 | 21,536 | 23,844 | 21,578 | 20,298 | 19,648 | 96,215 | 85,368 | 66,842 | ||||||
Net loss | $ (4,039) | $ (7,265) | $ (13,958) | $ (14,444) | $ (7,157) | $ (17,992) | $ (12,379) | $ (14,374) | $ (39,706) | $ (51,902) | [2] | $ (58,686) | [2] | ||||
Net loss per share, basic and diluted (in usd per share) | $ (0.03) | $ (0.05) | $ (0.10) | $ (0.11) | $ (0.05) | $ (0.14) | $ (0.09) | $ (0.14) | $ (0.29) | $ (0.41) | $ (0.58) | ||||||
|
Label | Element | Value | ||||
---|---|---|---|---|---|---|
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 151,058,000 | [1] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 134,528,000 | [2] | |||
Common Stock [Member] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 10,000 | [1] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 10,000 | [2] | |||
Additional Paid-in Capital [Member] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 415,519,000 | [1] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 457,950,000 | [2] | |||
Retained Earnings [Member] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (264,392,000) | [1] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (323,432,000) | [2] | |||
AOCI Attributable to Parent [Member] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (79,000) | [1] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 0 | [2] | |||
Accounting Standards Update 2016-09 [Member] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 | [2] | |||
Accounting Standards Update 2016-09 [Member] | Additional Paid-in Capital [Member] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 354,000 | [2] | |||
Accounting Standards Update 2016-09 [Member] | Retained Earnings [Member] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (354,000) | [2] | |||
|