x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 93-1214598 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
Large Accelerated filer | ¨ | Accelerated filer | x |
Non-accelerated filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
Item 1A. Risk Factors | |
September 30, 2016 | December 31, 2015 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 17,174 | $ | 20,294 | |||
Accounts receivable, net of allowance for doubtful accounts of $164 and $241, respectively | 10,748 | 9,746 | |||||
Prepaid expenses | 1,419 | 2,762 | |||||
Other current assets | 324 | 342 | |||||
Total current assets | 29,665 | 33,144 | |||||
Property and equipment, net | 2,311 | 4,009 | |||||
Other assets | 708 | 690 | |||||
Total assets | $ | 32,684 | $ | 37,843 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 5,901 | $ | 6,291 | |||
Accrued liabilities | 3,858 | 5,356 | |||||
Deferred revenue, short-term | 2,436 | 2,321 | |||||
Total current liabilities | 12,195 | 13,968 | |||||
Deferred revenue, long-term | 127 | 231 | |||||
Other long-term liabilities | 1,105 | 1,043 | |||||
Total liabilities | 13,427 | 15,242 | |||||
Stockholders’ equity: | |||||||
Common stock | 68 | 65 | |||||
Additional paid-in capital | 223,082 | 219,981 | |||||
Accumulated deficit | (203,893 | ) | (197,445 | ) | |||
Total stockholders’ equity | 19,257 | 22,601 | |||||
Total liabilities and stockholders’ equity | $ | 32,684 | $ | 37,843 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Revenue | $ | 15,877 | $ | 14,985 | $ | 47,105 | $ | 47,138 | ||||||||
Cost of revenue and operating expenses: | ||||||||||||||||
Network access costs | 8,452 | 7,186 | 24,360 | 20,899 | ||||||||||||
Network operations | 1,838 | 2,169 | 5,716 | 7,629 | ||||||||||||
Research and development | 1,628 | 2,456 | 5,530 | 7,948 | ||||||||||||
Sales and marketing | 2,651 | 2,506 | 8,383 | 8,072 | ||||||||||||
General and administrative | 2,555 | 3,067 | 8,310 | 11,274 | ||||||||||||
Restructuring charges and related adjustments | — | 916 | 788 | 4,179 | ||||||||||||
Total cost of revenue and operating expenses | 17,124 | 18,300 | 53,087 | 60,001 | ||||||||||||
Operating loss | (1,247 | ) | (3,315 | ) | (5,982 | ) | (12,863 | ) | ||||||||
Interest income (expense), net | 12 | (12 | ) | 23 | (50 | ) | ||||||||||
Foreign exchange loss, net | (45 | ) | (72 | ) | (275 | ) | (1 | ) | ||||||||
Other loss, net | — | — | — | (135 | ) | |||||||||||
Loss before income taxes | (1,280 | ) | (3,399 | ) | (6,234 | ) | (13,049 | ) | ||||||||
Provision for income taxes | 61 | 29 | 214 | 196 | ||||||||||||
Net loss | $ | (1,341 | ) | $ | (3,428 | ) | $ | (6,448 | ) | $ | (13,245 | ) | ||||
Comprehensive loss | $ | (1,341 | ) | $ | (3,428 | ) | $ | (6,448 | ) | $ | (13,245 | ) | ||||
Net loss per share - basic and diluted | ||||||||||||||||
Net loss per share | $ | (0.02 | ) | $ | (0.05 | ) | $ | (0.10 | ) | $ | (0.21 | ) | ||||
Weighted average shares outstanding - basic and diluted | 64,546,665 | 62,979,830 | 63,893,371 | 62,862,144 |
Nine Months Ended September 30, | |||||||
2016 | 2015 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (6,448 | ) | $ | (13,245 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Stock-based compensation expense (benefit) | 776 | (522 | ) | ||||
Depreciation and amortization | 1,989 | 2,214 | |||||
Deferred income taxes | — | 7 | |||||
Loss on disposal of property and equipment | — | 4 | |||||
Provision for doubtful accounts | (13 | ) | (32 | ) | |||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (989 | ) | (86 | ) | |||
Prepaid expenses and other current assets | 1,361 | 235 | |||||
Other assets | (18 | ) | 235 | ||||
Accounts payable | (382 | ) | (251 | ) | |||
Accrued liabilities | (644 | ) | (437 | ) | |||
Deferred revenue | 11 | 1,965 | |||||
Other liabilities | 62 | 139 | |||||
Net cash used in operating activities | (4,295 | ) | (9,774 | ) | |||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (299 | ) | (642 | ) | |||
Change in restricted cash | — | 1,550 | |||||
Net cash (used in) provided by investing activities | (299 | ) | 908 | ||||
Cash flows from financing activities: | |||||||
Net proceeds from issuance of common stock | 2,673 | 127 | |||||
Principal payments for vendor financed property and equipment | (854 | ) | (832 | ) | |||
Stock repurchase | (345 | ) | — | ||||
Net cash provided by (used in) financing activities | 1,474 | (705 | ) | ||||
Net decrease in cash and cash equivalents | (3,120 | ) | (9,571 | ) | |||
Cash and cash equivalents at beginning of period | 20,294 | 33,814 | |||||
Cash and cash equivalents at end of period | $ | 17,174 | $ | 24,243 | |||
Supplemental disclosures of cash flow information: | |||||||
Net cash paid for taxes | $ | 194 | $ | 51 | |||
Accrued amounts for acquisition of property and equipment | $ | 1 | $ | 56 |
• | Level 1—Quoted prices in active markets for identical assets or liabilities; |
• | Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and |
• | Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
As of September 30, 2016 | As of December 31, 2015 | ||||||||||||||||||||||||||||||
Fair Value Measured Using | Total Balance | Fair Value Measured Using | Total Balance | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||||
Money market funds(1) | $ | 14,060 | $ | — | $ | — | $ | 14,060 | $ | 18,021 | $ | — | $ | — | $ | 18,021 | |||||||||||||||
Total financial assets | $ | 14,060 | $ | — | $ | — | $ | 14,060 | $ | 18,021 | $ | — | $ | — | $ | 18,021 |
(1) | Held in cash and cash equivalents on the Company’s condensed consolidated balance sheets. |
September 30, 2016 | December 31, 2015 | ||||||
(In thousands) | |||||||
Equipment | $ | 10,481 | $ | 10,431 | |||
Furniture and fixtures | 378 | 378 | |||||
Computer software | 9,932 | 9,894 | |||||
Construction in progress | 167 | 10 | |||||
Leasehold improvements | 536 | 526 | |||||
21,494 | 21,239 | ||||||
Less: Accumulated depreciation and amortization | (19,183 | ) | (17,230 | ) | |||
Property and equipment, net | $ | 2,311 | $ | 4,009 |
September 30, 2016 | December 31, 2015 | ||||||
(In thousands) | |||||||
Deposits | $ | 489 | $ | 470 | |||
Long-term deferred tax assets, net | 219 | 220 | |||||
$ | 708 | $ | 690 |
September 30, 2016 | December 31, 2015 | ||||||
(In thousands) | |||||||
Accrued tax liabilities | $ | 928 | $ | 1,065 | |||
Accrued restructuring liabilities (1) | 1 | 250 | |||||
Accrued bonus, commissions and other employee benefits | 935 | 1,168 | |||||
Accrued vendor financed property and equipment (2) | — | 572 | |||||
Amounts due to customers | 939 | 728 | |||||
Other accrued liabilities | 1,055 | 1,573 | |||||
$ | 3,858 | $ | 5,356 |
(1) | See Note 6 "Accrued Restructuring" |
(2) | See Note 7 "Vendor Financed Property and Equipment" |
Three Months Ended September 30, | |||||||
2016 | 2015 | ||||||
(In thousands) | |||||||
Beginning balance | $ | 11 | $ | 1,833 | |||
Restructuring charges and related adjustments | — | 916 | |||||
Payments and adjustments | (10 | ) | (1,797 | ) | |||
Ending balance | $ | 1 | $ | 952 |
Nine Months Ended September 30, | |||||||
2016 | 2015 | ||||||
(In thousands) | |||||||
Beginning balance | $ | 250 | $ | 160 | |||
Restructuring charges and related adjustments | 788 | 4,179 | |||||
Payments and adjustments | (1,037 | ) | (3,387 | ) | |||
Ending balance | $ | 1 | $ | 952 |
Year | Operating Leases | ||
(In thousands) | |||
Remainder of 2016 | $ | 416 | |
2017 | 1,474 | ||
2018 | 1,096 | ||
2019 | 1,082 | ||
2020 | 926 | ||
$ | 4,994 |
Year | Minimum Purchase Commitments | ||
(In thousands) | |||
Remainder of 2016 | $ | 4,423 | |
2017 | 14,863 | ||
2018 | 4,162 | ||
2019 | — | ||
$ | 23,448 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||
Numerator: | |||||||||||||||
Net loss | $ | (1,341 | ) | $ | (3,428 | ) | $ | (6,448 | ) | $ | (13,245 | ) | |||
Denominator: | |||||||||||||||
Weighted average shares outstanding - basic and diluted | 64,546,665 | 62,979,830 | 63,893,371 | 62,862,144 | |||||||||||
Total loss per share - basic and diluted: | |||||||||||||||
Total net loss per share | $ | (0.02 | ) | $ | (0.05 | ) | $ | (0.10 | ) | $ | (0.21 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Options to purchase common stock | 4,736,258 | 6,778,265 | 6,447,978 | 5,498,476 | |||||||
Restricted stock awards, including participating securities | 219,164 | 1,657,500 | 265,832 | 1,907,500 | |||||||
Total | 4,955,422 | 8,435,765 | 6,713,810 | 7,405,976 |
Mobility Services | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
United States | 43 | % | 43 | % | 43 | % | 40 | % | |||
EMEA | 44 | % | 48 | % | 44 | % | 50 | % | |||
Asia Pacific | 11 | % | 8 | % | 12 | % | 9 | % | |||
Rest of the World | 2 | % | 1 | % | 1 | % | 1 | % |
Overview | Discussion of our business | |
Business Portfolio and Our Strategy | Description of our business and strategy | |
Significant Trends and Events | Operating, financial and other material trends and events that affect our company and may reflect our performance | |
Key Operating Metrics and Non-GAAP Financial Measures | Discussion of key operating metrics and non-GAAP financial measures that we use to evaluate our operating performance | |
Critical Accounting Policies and Estimates | Accounting policies and estimates that we believe are most important to understanding the assumptions and judgments incorporated in our reported financial results | |
Results of Operations | An analysis of our financial results comparing the three and nine months ended September 30, 2016, and September 30, 2015 | |
Liquidity and Capital Resources | An analysis of changes in our balance sheet and cash flows, and discussion of our financial condition, potential sources of liquidity and other required disclosures |
For the Quarter Ended | ||||||||||||||
September 30, 2016 | June 30, 2016 | March 31, 2016 | December 31, 2015 | September 30, 2015 | ||||||||||
(In thousands) | ||||||||||||||
Wi-Fi Network Users: | ||||||||||||||
Enterprise (formerly OME) | 77 | 83 | 77 | 79 | 78 | |||||||||
Strategic Partnerships (formerly OMX) | 56 | 42 | 24 | 21 | 23 | |||||||||
Total iPass Wi-Fi Network Users | 133 | 125 | 101 | 100 | 101 | |||||||||
Total iPass Active Platform Users | 738 | 794 | 807 | 830 | 839 |
For the Quarter Ended | ||||||||||||||
September 30, 2016 | June 30, 2016 | March 31, 2016 | December 31, 2015 | September 30, 2015 | ||||||||||
Gross Margin | 35.2 | % | 37.9 | % | 35.2 | % | 36.9 | % | 37.6 | % |
For the Quarter Ended | |||||||||||||||||||
September 30, 2016 | June 30, 2016 | March 31, 2016 | December 31, 2015 | September 30, 2015 | |||||||||||||||
Total Deferred Revenue | $ | 2,563 | $ | 2,300 | $ | 2,348 | $ | 2,552 | $ | 2,517 |
For the Quarter Ended | |||||||||||||||||||
September 30, 2016 | June 30, 2016 | March 31, 2016 | December 31, 2015 | September 30, 2015 | |||||||||||||||
Annual Contract Value | $ | 3,667 | $ | 2,287 | $ | 2,116 | $ | 724 | $ | 1,558 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
GAAP Net loss | $ | (1,341 | ) | $ | (3,428 | ) | $ | (6,448 | ) | $ | (13,245 | ) | |||
Interest (income) expense | (12 | ) | 12 | (23 | ) | 50 | |||||||||
Income tax expense | 61 | 29 | 214 | 196 | |||||||||||
Depreciation of property and equipment | 618 | 737 | 1,989 | 2,214 | |||||||||||
Stock-based compensation expense (benefit) | 284 | 111 | 776 | (522 | ) | ||||||||||
Restructuring charges and related adjustments | — | 916 | 788 | 4,179 | |||||||||||
CEO exit costs | — | — | — | 621 | |||||||||||
Proxy contest costs | — | — | — | 446 | |||||||||||
Nonrecurring legal costs | — | — | — | 129 | |||||||||||
Adjusted EBITDA loss | $ | (390 | ) | $ | (1,623 | ) | $ | (2,704 | ) | $ | (5,932 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In thousands) | |||||||||||||||
Mobile Connectivity Services | $ | 15,877 | $ | 14,985 | $ | 47,105 | $ | 47,138 | |||||||
Enterprise | 11,885 | 12,466 | 37,003 | 39,928 | |||||||||||
Strategic Partnerships | 3,457 | 1,732 | 8,401 | 4,095 | |||||||||||
Legacy iPC | 535 | 787 | 1,701 | 3,115 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Gross Margin (%) | 35.2 | % | 37.6 | % | 36.2 | % | 39.5 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
(In thousands) | ||||||||||||
Network access costs | 8,452 | 7,186 | 24,360 | $ | 20,899 | |||||||
As a percentage of total revenue | 53.2 | % | 48.0 | % | 51.7 | % | 44.3 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
(In thousands) | ||||||||||||
Network operations costs | 1,838 | 2,169 | 5,716 | $ | 7,629 | |||||||
As a percentage of total revenue | 11.6 | % | 14.5 | % | 12.1 | % | 16.2 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
(In thousands) | ||||||||||||
Research and development expense | 1,628 | 2,456 | 5,530 | $ | 7,948 | |||||||
As a percentage of total revenue | 10.3 | % | 16.4 | % | 11.7 | % | 16.9 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
(In thousands) | ||||||||||||
Sales and marketing expense | 2,651 | 2,506 | 8,383 | $ | 8,072 | |||||||
As a percentage of total revenue | 16.7 | % | 16.7 | % | 17.8 | % | 17.1 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
(In thousands) | ||||||||||||
General and administrative expense | 2,555 | 3,067 | 8,310 | $ | 11,274 | |||||||
As a percentage of total revenue | 16.1 | % | 20.5 | % | 17.6 | % | 23.9 | % |
Nine Months Ended September 30, | |||||||
2016 | 2015 | ||||||
(In thousands) | |||||||
Cash Flows | |||||||
Net cash used in operating activities | $ | (4,295 | ) | $ | (9,774 | ) | |
Net cash (used in) provided by investing activities | (299 | ) | 908 | ||||
Net cash provided by (used in) financing activities | 1,474 | (705 | ) | ||||
Net decrease in cash and cash equivalents | $ | (3,120 | ) | $ | (9,571 | ) |
Total | Less Than 1 Year | 1-3 Years | 3-5 Years | ||||||||||||
(In thousands) | |||||||||||||||
Operating Lease Obligations | $ | 4,994 | $ | 1,555 | $ | 3,345 | $ | 94 | |||||||
Other Purchase Commitments | 23,448 | 15,607 | 7,841 | — | |||||||||||
Total Contractual Obligations (1) | $ | 28,442 | $ | 17,162 | $ | 11,186 | $ | 94 |
• | Willingness of enterprises to make additional information technology expenditures; |
• | Availability of security services necessary to ensure data privacy over a variety of networks; |
• | Quality, cost and functionality of our services and competing services; |
• | Increased adoption of wireless broadband access methods and our ability to support these new methods; |
• | Proliferation of smartphones, tablets and mobile handheld devices and related applications, and our ability to provide valuable services and support for those devices; |
• | Our ability to partner with mobile network operators and service providers that are willing to stimulate consumer awareness and adoption of our services; and |
• | Our ability to timely implement technology changes to our services to meet evolving industry standards for mobile devices, Wi-Fi network access and customer business requirements. |
• | Generally longer payment cycles for foreign customers; |
• | The impact of changes in foreign currency exchange rates on both the attractiveness of our USD-based pricing and our operating results, particularly upon the re-measurement of assets, liabilities, revenues and expenses and the transactional settlement of outstanding local currency liabilities; |
• | High taxes, and related complexities and changing compliance requirements in some foreign jurisdictions; |
• | Difficulty in complying with Internet and data privacy related regulations in foreign jurisdictions; |
• | Difficulty enforcing intellectual property rights and weaker laws protecting these rights; and |
• | Ability to efficiently deploy capital and generate returns in foreign jurisdictions. |
iPass Inc. | ||||
Date: November 7, 2016 | /s/ Darin R. Vickery | |||
Darin R. Vickery | ||||
Chief Financial Officer (Duly Authorized Officer and Principal Financial and Accounting Officer) |
Exhibit Number | Description | |
3.1 | Amended and Restated Certificate of Incorporation. (Filed as Exhibit 3.1 to our Form 10-Q (SEC File No. 000-50327), filed on November 13, 2003, and incorporated by reference herein.) | |
3.2 | Certificate of Amendment to Amended and Restated Certificate of Incorporation. (Filed as Exhibit 3.2 to our Form 10-Q (SEC File No. 000-50327), filed on August 7, 2009, and incorporated by reference herein.) | |
3.3 | Certificate of Change to Amended and Restated Certificate of Incorporation. (Filed as Exhibit 3.1 to our Form 8-K (SEC File No. 000-50327), filed on February 3, 2010, and incorporated by reference herein.) | |
3.4 | Amended and Restated By-Laws. (Filed as Exhibit 3.4 to our Form 10-Q (SEC File No. 000-50327), filed on November 7, 2013, and incorporated by reference herein.) | |
4.1 | Reference is made to Exhibits 3.1, 3.2, 3.3 and 3.4 | |
4.2 | Specimen stock certificate. (Filed as Exhibit 4.2 to our Registration Statement on Form S-1/A (SEC File No. 333-102715), filed on July 1, 2003, and incorporated by reference herein.) | |
10.1 | iPass Inc. 2003 Equity Incentive Plan, as amended. (Filed as Exhibit 10.2 to our Form 10-Q (SEC File No. 000-50327), filed on August 5, 2016, and incorporated by reference herein.) | |
31.1 | Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2 | Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1 | Certification of the Chief Executive Officer pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
32.2 | Certification of the Chief Financial Officer pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
Date: November 7, 2016 | By: | /S/ Gary A. Griffiths | ||||
Gary A. Griffiths | ||||||
President and Chief Executive Officer (Principal Executive Officer) |
Date: November 7, 2016 | By: | /S/ Darin R. Vickery | ||||
Darin R. Vickery | ||||||
Chief Financial Officer (Principal Financial and Accounting Officer) |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: November 7, 2016 | By: | /S/ Gary A. Griffiths | ||||
Gary A. Griffiths | ||||||
President and Chief Executive Officer (Principal Executive Officer) |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: November 7, 2016 | By: | /S/ Darin R. Vickery | ||||
Darin R. Vickery | ||||||
Chief Financial Officer (Principal Financial and Accounting Officer) |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Oct. 31, 2016 |
|
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | IPASS INC | |
Entity Central Index Key | 0001053374 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 66,258,781 |
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Current assets: | ||
Cash and cash equivalents | $ 17,174 | $ 20,294 |
Accounts receivable, net of allowance for doubtful accounts of $209 and $241, respectively | 10,748 | 9,746 |
Prepaid Expense, Current | 1,419 | 2,762 |
Other current assets | 324 | 342 |
Total current assets | 29,665 | 33,144 |
Property and equipment, net | 2,311 | 4,009 |
Other assets | 708 | 690 |
Total assets | 32,684 | 37,843 |
Current liabilities: | ||
Accounts payable | 5,901 | 6,291 |
Accrued liabilities | 3,858 | 5,356 |
Deferred revenue, short-term | 2,436 | 2,321 |
Total current liabilities | 12,195 | 13,968 |
Deferred revenue, long-term | 127 | 231 |
Other long-term liabilities | 1,105 | 1,043 |
Total liabilities | 13,427 | 15,242 |
Stockholders’ equity: | ||
Common stock | 68 | 65 |
Additional paid-in capital | 223,082 | 219,981 |
Accumulated deficit | (203,893) | (197,445) |
Total stockholders’ equity | 19,257 | 22,601 |
Total liabilities and stockholders’ equity | $ 32,684 | $ 37,843 |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 81 | $ 172 |
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||||
Revenue | $ 15,877 | $ 14,985 | $ 47,105 | $ 47,138 |
Cost of revenue and operating expenses: | ||||
Network access costs | 8,452 | 7,186 | 24,360 | 20,899 |
Network operations | 1,838 | 2,169 | 5,716 | 7,629 |
Research and development | 1,628 | 2,456 | 5,530 | 7,948 |
Sales and marketing | 2,651 | 2,506 | 8,383 | 8,072 |
General and administrative | 2,555 | 3,067 | 8,310 | 11,274 |
Restructuring charges and related adjustments | 0 | 916 | 788 | 4,179 |
Total cost of revenue and operating expenses | 17,124 | 18,300 | 53,087 | 60,001 |
Operating loss | (1,247) | (3,315) | (5,982) | (12,863) |
Interest income (expense), net | 12 | (12) | 23 | (50) |
Foreign exchange gain (loss), net | (45) | (72) | (275) | (1) |
Other loss, net | 0 | 0 | 0 | (135) |
Loss before income taxes | (1,280) | (3,399) | (6,234) | (13,049) |
Provision for income taxes | 61 | 29 | 214 | 196 |
Net loss | (1,341) | (3,428) | (6,448) | (13,245) |
Comprehensive loss | $ (1,341) | $ (3,428) | $ (6,448) | $ (13,245) |
Net loss per share - basic and diluted | ||||
Total net income (loss) per share (USD per share) | $ (0.02) | $ (0.05) | $ (0.10) | $ (0.21) |
Weighted average shares outstanding - basic and diluted | 64,546,665 | 62,979,830 | 63,893,371 | 62,862,144 |
Basis of Presentation and Recent Accounting Pronouncements |
9 Months Ended |
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Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Recent Accounting Pronouncements | Basis of Presentation and Recent Accounting Pronouncements Basis of Presentation The Condensed Consolidated Financial Statements include the accounts of iPass Inc. and its wholly owned subsidiaries ("iPass" and the “Company”). The Condensed Consolidated Financial Statements that accompany these notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) consistent in all material respects with those applied in the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2015. The Condensed Consolidated Financial Statements as of and for December 31, 2015, were derived from audited financial statements but do not include all disclosures required by GAAP. The interim financial information is unaudited but reflects all normal adjustments that are, in the opinion of management, necessary to provide a fair presentation for the interim periods presented. This interim financial information should be read in conjunction with the Consolidated Financial Statements and the Notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The results of operations for the three and nine months ended September 30, 2016 are not necessarily indicative of the operating results for the full fiscal year or any future periods. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results that the Company experiences may differ materially from those estimates. Estimates are used for, but not limited to, the valuation of accounts receivables, other long-lived assets, recognition of deferred revenue, network access costs, stock-based compensation, legal contingencies, and income taxes. The Company reports total comprehensive net loss in a single continuous financial statement within its Condensed Consolidated Statements of Operations and Comprehensive Loss. The Company’s comprehensive net loss is equivalent to its total net loss because the Company does not have any transactions that are recorded through other comprehensive loss. Recent Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” This update addresses how certain cash receipts and cash payments are presented and classified in the statement of cash flows with the objective of reducing existing diversity in practice with respect to these items. Among the types of cash flows addressed are payments for costs related to debt prepayments or extinguishment, payments representing accreted interest on discounted debt, payments of contingent consideration after a business combination, proceeds from insurance claims and company-owned life insurance, and distributions from equity method investees, among others. The update is to be adopted retrospectively and is effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted. The Company does not expect a material impact of adopting this guidance on its financial statements. In October 2016, the FASB issued ASU 2016-16, "Intra-Equity Transfers of Assets Other Than Inventory (Topic 740), which is intended to eliminate diversity in practice and provide a more accurate depiction of the tax consequences on intercompany asset transfers (excluding inventory)". This update requires entities to immediately recognize the tax consequences on intercompany asset transfers (excluding inventory) at the transaction date, rather than deferring the tax consequences under current GAAP. The update will be effective for the Company’s first quarter of fiscal year 2019 and requires a modified retrospective method of adoption. Early adoption is permitted, but only in the first quarter of an entity’s annual fiscal year. The Company is currently evaluating the effect that ASU 2016-16 will have on its consolidated financial statements and related disclosures. |
Financial Instruments and Fair Value |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments and Fair Value | Financial Instruments and Fair Value Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction in the principal or most advantageous market between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers assumptions that market participants would use when pricing the asset or liability. Fair Value Hierarchy The three levels of inputs that may be used to measure fair value are as follows:
The recurring fair value measurements of these financial assets (excluding cash) were determined using the following inputs at September 30, 2016, and December 31, 2015, respectively:
There were no transfers between Levels 1, 2, and 3 from December 31, 2015 through September 30, 2016. As of September 30, 2016 and December 31, 2015, the carrying amounts of accounts receivable, accounts payable, and accrued liabilities approximated fair value due to their short maturities (refer to Note 6 and 7 for discussion related to Accrued Restructuring and Vendor Financed Property and Equipment). |
Property and Equipment, Net |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment, Net | Property and Equipment, net Property and equipment, net, consisted of the following:
For the three and nine months ended September 30, 2016, depreciation expense was approximately $0.6 million and $2.0 million, respectively. For the three and nine months ended September 30, 2015, depreciation expense was approximately $0.7 million and $2.2 million, respectively. During the three months ended September 30, 2016, the Company did not retire any property and equipment. During the nine months ended September 30, 2016, the Company retired less than $0.1 million of gross property and equipment. During the three and nine months ended September 30, 2015, the Company retired less than $0.1 million and $2.0 million of gross property equipment, respectively, all of which were nearly fully depreciated. |
Other Assets |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets | Other Assets Other assets (non-current) consisted of the following:
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Accrued Liabilities |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities | Accrued Liabilities Accrued liabilities consisted of the following:
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Accrued Restructuring |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Restructuring | Accrued Restructuring During the year ended December 31, 2009, the Company announced restructuring plans (the “2009 Plans”) to reduce operating costs and focus resources on key strategic priorities, which resulted in a workforce reduction of 146 positions across all functional areas and abandonment of certain facilities and termination of a contract obligation. As of September 30, 2015, the Company completed all of the related payments associated with the 2009 Plans. During the third quarter of 2014, the Company announced a restructuring plan (the "Q3 2014 Plan") to re-align its cost structure as a result of the divestiture of its Unity business, which resulted in workforce reduction of approximately 20 employees worldwide and the termination of lease contracts for certain leased facilities. The Company recorded approximately $0.7 million of restructuring charges in the third quarter of 2014, and as of September 30, 2015 the Company has completed all of the related payments associated with the Q3 2014 Plan. During the second quarter of 2015, the Company announced a restructuring plan (the "Q2 2015 Plan") intended to flatten the organization, create a more nimble sales and delivery infrastructure to support a SaaS go to market strategy, and accelerate the cash flow break-even point for the Company. The Q2 2015 Plan reduced headcount globally by approximately 14% and the Company recorded approximately $4.2 million of restructuring charges in 2015 and had less than $0.1 million of payments remaining as of September 30, 2016 for employee termination costs. During the first quarter of 2016, the Company announced a restructuring plan (the "Q1 2016 Plan") with the stated purpose to achieve positive Adjusted EBITDA profitability in 2016. The Q1 2016 Plan reduced headcount globally by 57 employees, or 30% of the workforce, and primarily eliminated positions in engineering and network operations groups, including a reduction of personnel in the India team. This resulted in a charge of approximately $0.8 million in 2016, and as of September 30, 2016 the Company has completed all of the related payments associated with Q1 2016 Plan. The following is a rollforward of restructuring liability for the Plans:
As of September 30, 2016, the balance primarily represents remaining employee termination obligations, all of which are expected to be paid in the fourth quarter of 2016. There is no long-term restructuring liability as of September 30, 2016. |
Vendor Financed Property and Equipment |
9 Months Ended |
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Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Vendor Financed Property and Equipment | Vendor Financed Property and Equipment In October 2013, the Company acquired enterprise database software (under a term unlimited license agreement) and infrastructure hardware. This purchase was financed through a vendor and is payable over three years. In April 2014, the Company acquired additional enterprise infrastructure hardware which was financed through the vendor and is payable over two years. The total purchases financed by the vendor were approximately $3.1 million. Since October 2013, the Company made approximately $3.1 million of principal payments, and as of September 30, 2016, the Company has completed all remaining principal payments. Subsequent to September 30, 2016, the Company extended the license related to the previously acquired software for approximately $0.5 million to be paid over one year. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Lease and Purchase Commitments The Company leases facilities under operating leases that expire at various dates through October 2020. Future minimum lease payments under these operating leases as of September 30, 2016, are as follows:
The Company has contracts with certain network service providers which have minimum purchase commitments that expire on various dates through December 2018. Future minimum purchase commitments as of September 30, 2016, under all agreements are as follows:
Unclaimed Property Compliance The Company has received notices from several states stating that they have appointed an agent to conduct an examination of the books and records of the Company to determine whether it has complied with state unclaimed property laws. In addition to seeking the turnover of unclaimed property subject to escheat laws, the states may seek interest, penalties, costs of examinations, and other relief. If the potential loss from any payment claim is considered probable and the amount or the range of the loss can be estimated, the Company accrues a liability for the estimated loss. To date, the Company is not able to estimate the possible payment, if any, due to the early stages of this matter. Legal Proceedings The Company is involved in legal proceedings and claims arising in the ordinary course of business. While there can be no assurances as to the ultimate outcome of any litigation involving the Company, management does not believe any such pending legal proceeding or claim will result in a judgment or settlement that would have a material adverse effect on the Company’s financial position, results of operations or cash flows. In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to customers, business partners, and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by the Company, or from intellectual property infringement claims made by third-parties. Certain indemnification agreements may not be subject to maximum loss clauses. If the potential loss from any indemnification claim is considered probable and the amount or the range of the loss can be estimated, the Company accrues a liability for the estimated loss. To date, claims under such indemnification provisions have not been significant. |
Net Income (Loss) Per Common Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Per Common Share | Net Loss Per Share Basic net loss per common share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding plus dilutive potential common shares as determined using the treasury stock method for outstanding stock options, restricted stock-based awards and shares issuable under the employee stock purchase plan, unless the result of adding such shares would be anti-dilutive. Unvested participating securities are included in the weighted daily average number of shares outstanding used in the calculation of diluted net income per common share, but are excluded from the calculation of diluted net loss per share. In a net loss position, basic and diluted net loss per common share are equal, since the weighted average number of shares used to compute diluted net loss per common share excludes anti-dilutive securities, including participating securities. As a result of the Company’s net loss for the three and nine months ended September 30, 2016 and 2015, the Company has excluded all potential shares of common stock from the diluted net loss per share calculation as their inclusion would have had an anti-dilutive effect. The following table sets forth the computation of basic and diluted net loss per share:
The following weighted average potential shares of common stock have been excluded from the computation of diluted net loss per share because the effect of including these shares would have been anti-dilutive:
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Segment and Geographical Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and Geographical Information | Segment and Geographical Information The following table presents comparative percent of Company revenue by country or by geographic region.
For the three months ended September 30, 2016, the United States and Germany represented 43% and 13% of total revenue, respectively. For the nine months ended September 30, 2016, the United States and Germany represented 43% and 14% of total revenue, respectively. One customer, a channel reseller, represented 10% of total revenues for the nine months ended September 30, 2016. For the three months ended September 30, 2015, the United States and Germany represented 43% and 15% of total revenue, respectively. For the nine months ended September 30, 2015, the United States, Germany and the United Kingdom represented 40%, 15% and 10% of total revenue, respectively. One customer, a channel reseller, represented 10% and 11% of total revenues for the three and nine months ended September 30, 2015. Substantially all of the Company’s long-lived assets are located in the United States. |
Stock Repurchase Program |
9 Months Ended |
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Sep. 30, 2016 | |
Equity [Abstract] | |
Stock Repurchase Program | Stock Repurchase Program On November 3, 2015, the Company’s Board of Directors authorized a share repurchase program of up to $3.0 million of the Company’s common stock beginning in the fourth quarter of 2015. Under the repurchase program, the Company is authorized to repurchase shares through open market purchases, in accordance with applicable federal securities laws, including through trading plans under Rule 10b5-1 of the Securities and Exchange Act of 1934. The repurchase program shall run through December 31, 2016, unless earlier completed or terminated by the Board of Directors. The number of shares to be purchased and the timing of purchases are based on general business and market conditions, and other factors, including legal requirements. No shares had been repurchased under the repurchase program during the fourth quarter of 2015. On February 25, 2016, the Company established a 10b5-1 plan for repurchases under the repurchase program and started acquiring stock under this plan. During the nine months ending September 30, 2016, the Company repurchased 339,228 shares for $345,296 under the repurchase program, for an average price of $1.02 per share. |
Subsequent Events |
9 Months Ended |
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Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Management has evaluated events subsequent to September 30, 2016 through the date the accompanying consolidated financial statements were filed with the Securities and Exchange Commission for transactions and other events that may require adjustment of and/or disclosure in such financial statements, and noted no additional significant subsequent event that needs to be disclosed. |
Basis of Presentation and Recent Accounting Pronouncements (Policies) |
9 Months Ended |
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Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” This update addresses how certain cash receipts and cash payments are presented and classified in the statement of cash flows with the objective of reducing existing diversity in practice with respect to these items. Among the types of cash flows addressed are payments for costs related to debt prepayments or extinguishment, payments representing accreted interest on discounted debt, payments of contingent consideration after a business combination, proceeds from insurance claims and company-owned life insurance, and distributions from equity method investees, among others. The update is to be adopted retrospectively and is effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted. The Company does not expect a material impact of adopting this guidance on its financial statements. In October 2016, the FASB issued ASU 2016-16, "Intra-Equity Transfers of Assets Other Than Inventory (Topic 740), which is intended to eliminate diversity in practice and provide a more accurate depiction of the tax consequences on intercompany asset transfers (excluding inventory)". This update requires entities to immediately recognize the tax consequences on intercompany asset transfers (excluding inventory) at the transaction date, rather than deferring the tax consequences under current GAAP. The update will be effective for the Company’s first quarter of fiscal year 2019 and requires a modified retrospective method of adoption. Early adoption is permitted, but only in the first quarter of an entity’s annual fiscal year. The Company is currently evaluating the effect that ASU 2016-16 will have on its consolidated financial statements and related disclosures. |
Financial Instruments and Fair Value (Tables) |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Assets (Excluding Cash) and Financial Liabilities | The recurring fair value measurements of these financial assets (excluding cash) were determined using the following inputs at September 30, 2016, and December 31, 2015, respectively:
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Property and Equipment, Net (Tables) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Property and Equipment, Net | Property and equipment, net, consisted of the following:
|
Other Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Other Assets | Other assets (non-current) consisted of the following:
|
Accrued Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following:
|
Accrued Restructuring (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Accrued Restructuring | The following is a rollforward of restructuring liability for the Plans:
|
Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Lease Payments | The Company leases facilities under operating leases that expire at various dates through October 2020. Future minimum lease payments under these operating leases as of September 30, 2016, are as follows:
|
||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Purchase Commitments | Future minimum purchase commitments as of September 30, 2016, under all agreements are as follows:
|
Net Income (Loss) Per Common Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of basic and diluted net loss per share:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Anti-dilutive Shares Excluded from Computation of Diluted Net Loss Per Share | The following weighted average potential shares of common stock have been excluded from the computation of diluted net loss per share because the effect of including these shares would have been anti-dilutive:
|
Segment and Geographical Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Revenue by Geographical Region |
|
Financial Instruments and Fair Value - Narrative (Detail) |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
Fair Value Disclosures [Abstract] | |
Transfers between Levels 1, 2, and 3 | $ 0 |
Property and Equipment, Net - Components of Property and Equipment, Net (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Property, Plant and Equipment [Abstract] | ||
Equipment | $ 10,481 | $ 10,431 |
Furniture and fixtures | 378 | 378 |
Computer software | 9,932 | 9,894 |
Construction in progress | 167 | 10 |
Leasehold improvements | 536 | 526 |
Property plant and equipment, gross | 21,494 | 21,239 |
Less: Accumulated depreciation and amortization | (19,183) | (17,230) |
Property and equipment, net | $ 2,311 | $ 4,009 |
Property and Equipment, Net - Narrative (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, wrote-off | $ 0.1 | $ 0.1 | $ 2.0 | |
Continuing Operations | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 0.6 | $ 0.7 | $ 2.0 | 2.2 |
Discontinued Operations | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 0.1 |
Other Assets - Components of Other Assets (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Other Assets [Abstract] | ||
Deposits | $ 489 | $ 470 |
Long-term deferred tax assets, net | 219 | 220 |
Other Assets | $ 708 | $ 690 |
Accrued Liabilities - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
|||||
---|---|---|---|---|---|---|---|
Payables and Accruals [Abstract] | |||||||
Accrued tax liabilities | $ 928 | $ 1,065 | |||||
Accrued restructuring liabilities | [1] | 1 | 250 | ||||
Accrued bonus, commissions and other employee benefits | 935 | 1,168 | |||||
Accrued vendor financed property and equipment | [2] | 0 | 572 | ||||
Amounts due to customers | 939 | 728 | |||||
Other accrued liabilities | 1,055 | 1,573 | |||||
Accrued liabilities | $ 3,858 | $ 5,356 | |||||
|
Accrued Restructuring - Narrative (Detail) |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2016
USD ($)
Employee
|
Sep. 30, 2015
USD ($)
Employee
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2009
Employee
|
Mar. 31, 2016
USD ($)
|
Jun. 30, 2015
USD ($)
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
|||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Accrued Liabilities, Current | $ 3,858,000 | $ 3,858,000 | $ 5,356,000 | |||||||||
Restructuring charges | 0 | $ 916,000 | 788,000 | $ 4,179,000 | ||||||||
Restructuring Reserve, Current | [1] | 1,000 | 1,000 | 250,000 | ||||||||
Remaining restructuring charges | 1,000 | 1,000 | 250,000 | $ 11,000 | $ 952,000 | $ 1,833,000 | $ 160,000 | |||||
Payments for Restructuring | (10,000) | $ (1,797,000) | (1,037,000) | $ (3,387,000) | ||||||||
2009 Plans | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring plan, number of positions | Employee | 146 | |||||||||||
Q3 2014 Plan | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring plan, number of positions | Employee | 20 | |||||||||||
Restructuring charges | $ 700,000 | |||||||||||
Q2 2015 Plan | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring charges | $ 4,200,000 | |||||||||||
Restructuring Reserve, Current | $ 0.1 | $ 0.1 | ||||||||||
Reduction in headcount, percent | 14.00% | |||||||||||
Two Thousand Sixteen Q1 Restructuring Plan [Member] [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring plan, number of positions | Employee | 57 | |||||||||||
Restructuring charges | $ 0 | |||||||||||
Reduction in headcount, percent | 30.00% | |||||||||||
|
Accrued Restructuring - Summary of Accrued Restructuring (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Restructuring and Related Activities [Abstract] | |||||
Beginning balance | $ 952 | $ 250 | $ 160 | $ 160 | |
Restructuring charges and related adjustments | $ 0 | 916 | 788 | 4,179 | |
Payments | (10) | $ (1,797) | (1,037) | $ (3,387) | |
Ending balance | $ 1 | $ 1 | $ 250 |
Vendor Financed Property and Equipment - Narrative (Details) - USD ($) $ in Thousands |
1 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Oct. 31, 2016 |
Apr. 30, 2014 |
Oct. 31, 2013 |
Sep. 30, 2016 |
Dec. 31, 2015 |
|||
Property, Plant and Equipment [Line Items] | |||||||
Vendor financed property and equipment repayment period | 1 year | 2 years | 3 years | ||||
Accounts Payable, Current | $ 5,901 | $ 6,291 | |||||
Accrued vendor financed property and equipment (2) | [1] | 0 | $ 572 | ||||
Computer Equipment | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Vendor financed computer software and hardware | $ 500 | $ 3,100 | |||||
Repayments of vendor financed equipment obligations | $ 3,100 | ||||||
|
Commitments and Contingencies - Narrative (Detail) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
Commitment And Contingencies [Line Items] | |
Purchase commitments expiration period | expire on various dates through December 2018 |
Purchase obligation | $ 23,448 |
Purchase Obligation, Due in Second and Third Year | $ 0 |
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Detail) $ in Thousands |
Sep. 30, 2016
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2016 | $ 416 |
2017 | 1,474 |
2018 | 1,096 |
2019 | 1,082 |
2020 | 926 |
Operating leases, future minimum payments | $ 4,994 |
Commitments and Contingencies - Schedule of Future Minimum Purchase Commitments (Detail) $ in Thousands |
Sep. 30, 2016
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2016 | $ 4,423 |
2017 | 14,863 |
2018 | 4,162 |
Purchase Obligation, Due in Fourth Year | 0 |
Future minimum purchase commitments | $ 23,448 |
Net Income (Loss) Per Common Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Numerator: | ||||
Net loss from continuing operations | $ (6,448) | |||
Net loss | $ (1,341) | $ (3,428) | $ (6,448) | $ (13,245) |
Denominator: | ||||
Weighted average shares outstanding - basic and diluted | 64,546,665 | 62,979,830 | 63,893,371 | 62,862,144 |
Total loss per share - basic and diluted: | ||||
Net loss per share (USD per share) | $ (0.02) | $ (0.05) | $ (0.10) | $ (0.21) |
Net Income (Loss) Per Common Share - Schedule of Anti-Dilutive Shares Excluded from Computation of Diluted Net Loss Per Share (Detail) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 4,955,422 | 8,435,765 | 6,713,810 | 7,405,976 |
Options to Purchase Common Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 4,736,258 | 6,778,265 | 6,447,978 | 5,498,476 |
Restricted Stock Awards, Including Participating Securities | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 219,164 | 1,657,500 | 265,832 | 1,907,500 |
Segment and Geographical Information - Narrative (Detail) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016
Customer
|
Sep. 30, 2015 |
Sep. 30, 2016
Customer
Segment
|
Sep. 30, 2015 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Number of reportable segments | Segment | 1 | |||
Revenue | Customer Concentration Risk | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Number of individual customer | 1 | |||
United States | Revenue | Geographic Concentration Risk | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 43.00% | 43.00% | 43.00% | 40.00% |
Germany | Revenue | Geographic Concentration Risk | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 13.00% | 15.00% | 14.00% | |
United Kingdom | Revenue | Geographic Concentration Risk | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 10.00% | 10.00% | ||
Customer A | Revenue | Customer Concentration Risk | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 10.00% | 10.00% | 11.00% | |
Number of individual customer | 1 |
Segment and Geographical Information - Summary of Revenue by Geographical Region (Detail) - Revenue - Geographic Concentration Risk |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Percentage of revenue by geographical region | 43.00% | 43.00% | 43.00% | 40.00% |
EMEA | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Percentage of revenue by geographical region | 44.00% | 48.00% | 44.00% | 50.00% |
Asia Pacific | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Percentage of revenue by geographical region | 11.00% | 8.00% | 12.00% | 9.00% |
Rest of the World | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Percentage of revenue by geographical region | 2.00% | 1.00% | 1.00% | 1.00% |
Stock Repurchase Program (Details) - November 2015 Share Repurchase Program [Member] - USD ($) |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2016 |
Nov. 03, 2015 |
|
Equity, Class of Treasury Stock [Line Items] | |||
Authorized amount under Share Repurchase Program | $ 3,000,000.0 | ||
Treasury stock acquired, shares | 0 | 339,228 | |
Treasury stock acquired, value | $ 345,296 | ||
Treasury stock acquired, average price per share | $ 1.02 |
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