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|
Standard | Description | Date of adoption | Effect on the financial statements or other significant matters | |||
Standards that are not yet adopted | ||||||
Accounting Standards Update (ASU) No. 2014-09, 2016-08, 2016-10 and 2016-12, Revenue from Contracts with Customers (Topic 606) | The updated revenue standard establishes principles for recognizing revenue and develops a common revenue standard for all industries. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard requires that entities disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Early adoption is permitted, but not earlier than the first quarter of 2017. The retrospective or cumulative effect transition method is permitted. | January 1, 2018 | The Company is evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures. The Company has not determined whether the effect will be material to its consolidated financial statements. | |||
ASU No. 2016-02, Leases (Topic 842) | This standard requires lessees to put most leases on their balance sheets but recognize the expenses on their income statements in a manner similar to current practice. Lessees would recognize a right-to-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. The new standard should be applied on a modified retrospective basis. | January 1, 2019 | The Company is evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures. | |||
ASU No. 2016-09, Stock Compensation (Topic 718) | This standard simplifies certain aspects of the accounting for share-based payment transactions, including income taxes, classification of awards and classification on the statement of cash flows. The new guidance also allows an entity to make a policy election to account for forfeitures as they occur. Early adoption is permitted for an entity in any interim or annual period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. | January 1, 2017 | The Company is evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures. | |||
Standards that were adopted | ||||||
ASU No. 2015-03 and ASU 2015-15, Interest - Imputation of Interest (Subtopic 835-30) | ASU 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts. ASU 2015-15 clarified ASU 2015-03 in that fees related to line-of-credit arrangements should continue to be presented as an asset and subsequently amortized ratably over the term of the line-of-credit arrangement. | January 1, 2016 | The adoption of these standards did not have a material impact on the Company's consolidated financial statements. |
|
|
September 30, 2016 | December 31, 2015 | ||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | |||||||||||||||||
Cash equivalents (1): | |||||||||||||||||||||||
Money market funds | $ | 4,954 | $ | — | $ | 4,954 | $ | 51,059 | $ | — | $ | 51,059 | |||||||||||
Total cash equivalents | $ | 4,954 | $ | — | $ | 4,954 | $ | 51,059 | $ | — | $ | 51,059 | |||||||||||
Marketable securities: | |||||||||||||||||||||||
U.S. agency securities | $ | — | $ | 13,334 | $ | 13,334 | $ | — | $ | 14,451 | $ | 14,451 | |||||||||||
Commercial paper | — | — | — | — | 2,197 | 2,197 | |||||||||||||||||
Corporate debt securities | — | 77,621 | 77,621 | — | 165,825 | 165,825 | |||||||||||||||||
Municipal securities | — | 2,360 | 2,360 | — | 11,913 | 11,913 | |||||||||||||||||
Total marketable securities | $ | — | $ | 93,315 | $ | 93,315 | $ | — | $ | 194,386 | $ | 194,386 |
(in thousands) | September 30, 2016 | December 31, 2015 | |||||
Less than one year | $ | 93,315 | $ | 122,199 | |||
Greater than one year but less than two years | — | 72,187 | |||||
Total | $ | 93,315 | $ | 194,386 |
|
(in thousands) | September 30, 2016 | December 31, 2015 | |||||
Components | $ | 35,097 | $ | 9,476 | |||
Finished goods | 110,134 | 178,756 | |||||
Total inventory | $ | 145,231 | $ | 188,232 |
(in thousands) | September 30, 2016 | December 31, 2015 | |||||
Leasehold improvements | $ | 48,019 | $ | 40,841 | |||
Production, engineering and other equipment | 40,991 | 25,174 | |||||
Tooling | 22,592 | 19,537 | |||||
Computers and software | 17,771 | 14,581 | |||||
Furniture and office equipment | 12,540 | 11,389 | |||||
Construction in progress | 2,317 | 4,632 | |||||
Tradeshow equipment and other | 7,409 | 4,136 | |||||
Gross property and equipment | 151,639 | 120,290 | |||||
Less: Accumulated depreciation and amortization | (74,062 | ) | (50,240 | ) | |||
Property and equipment, net | $ | 77,577 | $ | 70,050 |
September 30, 2016 | |||||||||||
(in thousands) | Gross carrying value | Accumulated amortization | Net carrying value | ||||||||
Purchased technology | $ | 48,634 | $ | (15,063 | ) | $ | 33,571 | ||||
In-process research and development (IPR&D) | 3,925 | — | 3,925 | ||||||||
Total intangible assets | $ | 52,559 | $ | (15,063 | ) | $ | 37,496 |
December 31, 2015 | |||||||||||
(in thousands) | Gross carrying value | Accumulated amortization | Net carrying value | ||||||||
Purchased technology | $ | 32,952 | $ | (8,540 | ) | $ | 24,412 | ||||
IPR&D | 6,615 | — | 6,615 | ||||||||
Total intangible assets | $ | 39,567 | $ | (8,540 | ) | $ | 31,027 |
(in thousands) | Total | ||
Balance at December 31, 2015 | $ | 6,615 | |
IPR&D assets acquired | 3,760 | ||
Technological feasibility achieved | (450 | ) | |
Asset impairment | (6,000 | ) | |
Balance at September 30, 2016 | $ | 3,925 |
(in thousands) | Total | ||
Year ending December 31, | |||
2016 (remaining 3 months) | $ | 2,567 | |
2017 | 9,506 | ||
2018 | 8,569 | ||
2019 | 7,786 | ||
2020 | 4,273 | ||
Thereafter | 870 | ||
$ | 33,571 |
(in thousands) | September 30, 2016 | December 31, 2015 | |||||
Accrued payables | $ | 73,084 | $ | 60,738 | |||
Inventory received not billed | 29,479 | 4,093 | |||||
Employee related liabilities | 33,935 | 26,491 | |||||
Accrued sales incentives | 19,637 | 29,298 | |||||
Warranty liability | 8,858 | 10,400 | |||||
Customer deposits | 6,520 | 8,877 | |||||
Income taxes payable | 1,979 | 7,536 | |||||
Purchase order commitments | 2,374 | 38,477 | |||||
Other | 8,039 | 6,536 | |||||
Accrued liabilities | $ | 183,905 | $ | 192,446 |
|
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|
Options outstanding | ||||||||||||
Shares (in thousands) | Weighted- average exercise price | Weighted- average remaining contractual term (in years) | Aggregate intrinsic value (in thousands) | |||||||||
Outstanding at December 31, 2015: | 13,081 | $ | 11.82 | 6.70 | $ | 108,846 | ||||||
Granted | 2,516 | 11.33 | ||||||||||
Exercised | (1,442 | ) | 1.53 | |||||||||
Forfeited/Cancelled | (1,115 | ) | 19.61 | |||||||||
Outstanding at September 30, 2016: | 13,040 | $ | 12.20 | 6.41 | $ | 86,550 | ||||||
Vested and expected to vest at September 30, 2016 | 12,803 | $ | 12.12 | 6.37 | $ | 85,781 | ||||||
Exercisable at September 30, 2016 | 8,132 | $ | 9.28 | 5.51 | $ | 73,387 |
Shares (in thousands) | Weighted- average grant date fair value | |||||
Non-vested shares at December 31, 2015 | 4,638 | $ | 32.15 | |||
Granted | 6,912 | 12.15 | ||||
Vested | (1,229 | ) | 26.23 | |||
Forfeited | (1,031 | ) | 26.10 | |||
Non-vested shares at September 30, 2016 | 9,290 | $ | 18.73 |
Three months ended | Nine months ended | ||||||||||||||
(in thousands) | September 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | |||||||||||
Cost of revenue | $ | 426 | $ | 410 | $ | 1,195 | $ | 1,043 | |||||||
Research and development | 8,039 | 4,872 | 21,135 | 12,117 | |||||||||||
Sales and marketing | 3,816 | 3,516 | 10,699 | 9,514 | |||||||||||
General and administrative | 6,185 | 9,072 | 18,572 | 39,886 | |||||||||||
Total stock-based compensation expense, before income taxes | 18,466 | 17,870 | 51,601 | 62,560 | |||||||||||
Total tax benefit recognized | (5,573 | ) | (7,323 | ) | (15,723 | ) | (22,867 | ) | |||||||
Total stock-based compensation expense, net of income taxes | $ | 12,893 | $ | 10,547 | $ | 35,878 | $ | 39,693 |
|
Three months ended | Nine months ended | ||||||||||||||
(dollars in thousands) | September 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | |||||||||||
Income tax expense (benefit) | $ | (12,329 | ) | $ | 8,474 | $ | (43,562 | ) | $ | 22,975 | |||||
Effective tax rate | 10.6 | % | 31.1 | % | 12.6 | % | 24.6 | % |
|
|
Three months ended | Nine months ended | ||||||||||||||
(in thousands) | September 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | |||||||||||
Beginning balances | $ | 8,939 | $ | 8,719 | $ | 10,855 | $ | 6,405 | |||||||
Charged to cost of revenue | 4,485 | 6,515 | 13,026 | 18,335 | |||||||||||
Settlements of warranty claims | (4,068 | ) | (5,809 | ) | (14,525 | ) | (15,315 | ) | |||||||
Ending balances | $ | 9,356 | $ | 9,425 | $ | 9,356 | $ | 9,425 |
|
September 30, 2016 | December 31, 2015 | ||
Customer A | 27% | * | |
Customer B | * | 40% | |
Customer C | * | 18% |
Three months ended | Nine months ended | ||||||||||||||
(in thousands) | September 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | |||||||||||
Accounts receivable sold | $ | 35,210 | $ | 55,136 | $ | 99,514 | $ | 140,852 | |||||||
Factoring fees | 267 | 482 | 726 | 1,219 |
Three months ended | Nine months ended | ||||||
September 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | ||||
Customer A | 21% | 14% | 19% | 14% | |||
Customer B | 10% | 11% | 12% | * |
Three months ended | Nine months ended | ||||||||||||||
(in thousands) | September 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | |||||||||||
Americas | $ | 135,895 | $ | 190,839 | $ | 345,770 | $ | 583,282 | |||||||
Europe, Middle East and Africa (EMEA) | 77,346 | 156,639 | 198,338 | 432,904 | |||||||||||
Asia and Pacific area countries (APAC) | 27,328 | 52,862 | 100,752 | 167,182 | |||||||||||
Total revenue | $ | 240,569 | $ | 400,340 | $ | 644,860 | $ | 1,183,368 |
|
|
Standard | Description | Date of adoption | Effect on the financial statements or other significant matters | |||
Standards that are not yet adopted | ||||||
Accounting Standards Update (ASU) No. 2014-09, 2016-08, 2016-10 and 2016-12, Revenue from Contracts with Customers (Topic 606) | The updated revenue standard establishes principles for recognizing revenue and develops a common revenue standard for all industries. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard requires that entities disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Early adoption is permitted, but not earlier than the first quarter of 2017. The retrospective or cumulative effect transition method is permitted. | January 1, 2018 | The Company is evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures. The Company has not determined whether the effect will be material to its consolidated financial statements. | |||
ASU No. 2016-02, Leases (Topic 842) | This standard requires lessees to put most leases on their balance sheets but recognize the expenses on their income statements in a manner similar to current practice. Lessees would recognize a right-to-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. The new standard should be applied on a modified retrospective basis. | January 1, 2019 | The Company is evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures. | |||
ASU No. 2016-09, Stock Compensation (Topic 718) | This standard simplifies certain aspects of the accounting for share-based payment transactions, including income taxes, classification of awards and classification on the statement of cash flows. The new guidance also allows an entity to make a policy election to account for forfeitures as they occur. Early adoption is permitted for an entity in any interim or annual period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. | January 1, 2017 | The Company is evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures. | |||
Standards that were adopted | ||||||
ASU No. 2015-03 and ASU 2015-15, Interest - Imputation of Interest (Subtopic 835-30) | ASU 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts. ASU 2015-15 clarified ASU 2015-03 in that fees related to line-of-credit arrangements should continue to be presented as an asset and subsequently amortized ratably over the term of the line-of-credit arrangement. | January 1, 2016 | The adoption of these standards did not have a material impact on the Company's consolidated financial statements. |
|
Standard | Description | Date of adoption | Effect on the financial statements or other significant matters | |||
Standards that are not yet adopted | ||||||
Accounting Standards Update (ASU) No. 2014-09, 2016-08, 2016-10 and 2016-12, Revenue from Contracts with Customers (Topic 606) | The updated revenue standard establishes principles for recognizing revenue and develops a common revenue standard for all industries. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard requires that entities disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Early adoption is permitted, but not earlier than the first quarter of 2017. The retrospective or cumulative effect transition method is permitted. | January 1, 2018 | The Company is evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures. The Company has not determined whether the effect will be material to its consolidated financial statements. | |||
ASU No. 2016-02, Leases (Topic 842) | This standard requires lessees to put most leases on their balance sheets but recognize the expenses on their income statements in a manner similar to current practice. Lessees would recognize a right-to-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. The new standard should be applied on a modified retrospective basis. | January 1, 2019 | The Company is evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures. | |||
ASU No. 2016-09, Stock Compensation (Topic 718) | This standard simplifies certain aspects of the accounting for share-based payment transactions, including income taxes, classification of awards and classification on the statement of cash flows. The new guidance also allows an entity to make a policy election to account for forfeitures as they occur. Early adoption is permitted for an entity in any interim or annual period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. | January 1, 2017 | The Company is evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures. | |||
Standards that were adopted | ||||||
ASU No. 2015-03 and ASU 2015-15, Interest - Imputation of Interest (Subtopic 835-30) | ASU 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts. ASU 2015-15 clarified ASU 2015-03 in that fees related to line-of-credit arrangements should continue to be presented as an asset and subsequently amortized ratably over the term of the line-of-credit arrangement. | January 1, 2016 | The adoption of these standards did not have a material impact on the Company's consolidated financial statements. |
|
September 30, 2016 | December 31, 2015 | ||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | |||||||||||||||||
Cash equivalents (1): | |||||||||||||||||||||||
Money market funds | $ | 4,954 | $ | — | $ | 4,954 | $ | 51,059 | $ | — | $ | 51,059 | |||||||||||
Total cash equivalents | $ | 4,954 | $ | — | $ | 4,954 | $ | 51,059 | $ | — | $ | 51,059 | |||||||||||
Marketable securities: | |||||||||||||||||||||||
U.S. agency securities | $ | — | $ | 13,334 | $ | 13,334 | $ | — | $ | 14,451 | $ | 14,451 | |||||||||||
Commercial paper | — | — | — | — | 2,197 | 2,197 | |||||||||||||||||
Corporate debt securities | — | 77,621 | 77,621 | — | 165,825 | 165,825 | |||||||||||||||||
Municipal securities | — | 2,360 | 2,360 | — | 11,913 | 11,913 | |||||||||||||||||
Total marketable securities | $ | — | $ | 93,315 | $ | 93,315 | $ | — | $ | 194,386 | $ | 194,386 |
(in thousands) | September 30, 2016 | December 31, 2015 | |||||
Less than one year | $ | 93,315 | $ | 122,199 | |||
Greater than one year but less than two years | — | 72,187 | |||||
Total | $ | 93,315 | $ | 194,386 |
|
(in thousands) | September 30, 2016 | December 31, 2015 | |||||
Components | $ | 35,097 | $ | 9,476 | |||
Finished goods | 110,134 | 178,756 | |||||
Total inventory | $ | 145,231 | $ | 188,232 |
(in thousands) | September 30, 2016 | December 31, 2015 | |||||
Leasehold improvements | $ | 48,019 | $ | 40,841 | |||
Production, engineering and other equipment | 40,991 | 25,174 | |||||
Tooling | 22,592 | 19,537 | |||||
Computers and software | 17,771 | 14,581 | |||||
Furniture and office equipment | 12,540 | 11,389 | |||||
Construction in progress | 2,317 | 4,632 | |||||
Tradeshow equipment and other | 7,409 | 4,136 | |||||
Gross property and equipment | 151,639 | 120,290 | |||||
Less: Accumulated depreciation and amortization | (74,062 | ) | (50,240 | ) | |||
Property and equipment, net | $ | 77,577 | $ | 70,050 |
September 30, 2016 | |||||||||||
(in thousands) | Gross carrying value | Accumulated amortization | Net carrying value | ||||||||
Purchased technology | $ | 48,634 | $ | (15,063 | ) | $ | 33,571 | ||||
In-process research and development (IPR&D) | 3,925 | — | 3,925 | ||||||||
Total intangible assets | $ | 52,559 | $ | (15,063 | ) | $ | 37,496 |
December 31, 2015 | |||||||||||
(in thousands) | Gross carrying value | Accumulated amortization | Net carrying value | ||||||||
Purchased technology | $ | 32,952 | $ | (8,540 | ) | $ | 24,412 | ||||
IPR&D | 6,615 | — | 6,615 | ||||||||
Total intangible assets | $ | 39,567 | $ | (8,540 | ) | $ | 31,027 |
(in thousands) | Total | ||
Balance at December 31, 2015 | $ | 6,615 | |
IPR&D assets acquired | 3,760 | ||
Technological feasibility achieved | (450 | ) | |
Asset impairment | (6,000 | ) | |
Balance at September 30, 2016 | $ | 3,925 |
(in thousands) | Total | ||
Year ending December 31, | |||
2016 (remaining 3 months) | $ | 2,567 | |
2017 | 9,506 | ||
2018 | 8,569 | ||
2019 | 7,786 | ||
2020 | 4,273 | ||
Thereafter | 870 | ||
$ | 33,571 |
(in thousands) | September 30, 2016 | December 31, 2015 | |||||
Accrued payables | $ | 73,084 | $ | 60,738 | |||
Inventory received not billed | 29,479 | 4,093 | |||||
Employee related liabilities | 33,935 | 26,491 | |||||
Accrued sales incentives | 19,637 | 29,298 | |||||
Warranty liability | 8,858 | 10,400 | |||||
Customer deposits | 6,520 | 8,877 | |||||
Income taxes payable | 1,979 | 7,536 | |||||
Purchase order commitments | 2,374 | 38,477 | |||||
Other | 8,039 | 6,536 | |||||
Accrued liabilities | $ | 183,905 | $ | 192,446 |
|
Options outstanding | ||||||||||||
Shares (in thousands) | Weighted- average exercise price | Weighted- average remaining contractual term (in years) | Aggregate intrinsic value (in thousands) | |||||||||
Outstanding at December 31, 2015: | 13,081 | $ | 11.82 | 6.70 | $ | 108,846 | ||||||
Granted | 2,516 | 11.33 | ||||||||||
Exercised | (1,442 | ) | 1.53 | |||||||||
Forfeited/Cancelled | (1,115 | ) | 19.61 | |||||||||
Outstanding at September 30, 2016: | 13,040 | $ | 12.20 | 6.41 | $ | 86,550 | ||||||
Vested and expected to vest at September 30, 2016 | 12,803 | $ | 12.12 | 6.37 | $ | 85,781 | ||||||
Exercisable at September 30, 2016 | 8,132 | $ | 9.28 | 5.51 | $ | 73,387 |
Shares (in thousands) | Weighted- average grant date fair value | |||||
Non-vested shares at December 31, 2015 | 4,638 | $ | 32.15 | |||
Granted | 6,912 | 12.15 | ||||
Vested | (1,229 | ) | 26.23 | |||
Forfeited | (1,031 | ) | 26.10 | |||
Non-vested shares at September 30, 2016 | 9,290 | $ | 18.73 |
Three months ended | Nine months ended | ||||||||||||||
(in thousands) | September 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | |||||||||||
Cost of revenue | $ | 426 | $ | 410 | $ | 1,195 | $ | 1,043 | |||||||
Research and development | 8,039 | 4,872 | 21,135 | 12,117 | |||||||||||
Sales and marketing | 3,816 | 3,516 | 10,699 | 9,514 | |||||||||||
General and administrative | 6,185 | 9,072 | 18,572 | 39,886 | |||||||||||
Total stock-based compensation expense, before income taxes | 18,466 | 17,870 | 51,601 | 62,560 | |||||||||||
Total tax benefit recognized | (5,573 | ) | (7,323 | ) | (15,723 | ) | (22,867 | ) | |||||||
Total stock-based compensation expense, net of income taxes | $ | 12,893 | $ | 10,547 | $ | 35,878 | $ | 39,693 |
|
Three months ended | Nine months ended | ||||||||||||||
(dollars in thousands) | September 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | |||||||||||
Income tax expense (benefit) | $ | (12,329 | ) | $ | 8,474 | $ | (43,562 | ) | $ | 22,975 | |||||
Effective tax rate | 10.6 | % | 31.1 | % | 12.6 | % | 24.6 | % |
|
Three months ended | Nine months ended | ||||||||||||||
(in thousands) | September 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | |||||||||||
Beginning balances | $ | 8,939 | $ | 8,719 | $ | 10,855 | $ | 6,405 | |||||||
Charged to cost of revenue | 4,485 | 6,515 | 13,026 | 18,335 | |||||||||||
Settlements of warranty claims | (4,068 | ) | (5,809 | ) | (14,525 | ) | (15,315 | ) | |||||||
Ending balances | $ | 9,356 | $ | 9,425 | $ | 9,356 | $ | 9,425 |
|
Three months ended | Nine months ended | ||||||||||||||
(in thousands) | September 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | |||||||||||
Accounts receivable sold | $ | 35,210 | $ | 55,136 | $ | 99,514 | $ | 140,852 | |||||||
Factoring fees | 267 | 482 | 726 | 1,219 |
Three months ended | Nine months ended | ||||||||||||||
(in thousands) | September 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | |||||||||||
Americas | $ | 135,895 | $ | 190,839 | $ | 345,770 | $ | 583,282 | |||||||
Europe, Middle East and Africa (EMEA) | 77,346 | 156,639 | 198,338 | 432,904 | |||||||||||
Asia and Pacific area countries (APAC) | 27,328 | 52,862 | 100,752 | 167,182 | |||||||||||
Total revenue | $ | 240,569 | $ | 400,340 | $ | 644,860 | $ | 1,183,368 |
September 30, 2016 | December 31, 2015 | ||
Customer A | 27% | * | |
Customer B | * | 40% | |
Customer C | * | 18% |
Three months ended | Nine months ended | ||||||
September 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | ||||
Customer A | 21% | 14% | 19% | 14% | |||
Customer B | 10% | 11% | 12% | * |
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