ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 13-3895178 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) |
Large Accelerated Filer o | Accelerated Filer x |
Non-Accelerated Filer o (Do not check if a smaller reporting company) | Smaller Reporting Company o |
Page | |
PART I FINANCIAL INFORMATION | |
Item 1. Financial Statements (Unaudited): | |
Condensed Consolidated Balance Sheets | |
Condensed Consolidated Statements of Operations | |
Condensed Consolidated Statements of Cash Flows | |
Notes to Condensed Consolidated Financial Statements | |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | |
Item 3. Quantitative and Qualitative Disclosures About Market Risk | |
Item 4. Controls and Procedures | |
PART II OTHER INFORMATION | |
Item 1. Legal Proceedings | |
Item 1A. Risk Factors | |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 3. Defaults Upon Senior Securities | |
Item 4. Mine Safety Disclosures | |
Item 5. Other Information | |
Item 6. Exhibits | |
SIGNATURES |
March 31, 2016 | December 31, 2015 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 92,198 | $ | 88,509 | ||||
Accounts receivable, net of allowances of $3,136 and $2,668 at March 31, 2016 and December 31, 2015, respectively | 17,598 | 20,475 | ||||||
Prepaid expenses and other current assets | 5,653 | 5,341 | ||||||
Total current assets | 115,449 | 114,325 | ||||||
Long-term restricted cash | 2,598 | 2,598 | ||||||
Property and equipment, net | 12,588 | 13,251 | ||||||
Intangibles assets, net | 4,596 | 4,817 | ||||||
Goodwill | 47,396 | 47,396 | ||||||
Deferred tax assets, net | 11,234 | 11,578 | ||||||
Investments | 2,574 | 2,719 | ||||||
Other assets | 50 | 57 | ||||||
Total assets | $ | 196,485 | $ | 196,741 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued expenses | $ | 9,350 | $ | 12,163 | ||||
Deferred revenue | 17,808 | 18,640 | ||||||
Total current liabilities | 27,158 | 30,803 | ||||||
Deferred rent | 4,321 | 4,486 | ||||||
Other liabilities | 1,987 | 1,985 | ||||||
Total liabilities | 33,466 | 37,274 | ||||||
Commitments and contingencies (Note 5) | ||||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.001 par value; 5,000,000 shares authorized and 0 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively | — | — | ||||||
Common stock, $0.01 par value; 100,000,000 shares authorized and 26,510,693 and 26,235,824 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively | 266 | 264 | ||||||
Additional paid-in-capital | 174,089 | 173,564 | ||||||
Accumulated deficit | (11,336 | ) | (14,361 | ) | ||||
Total stockholders’ equity | 163,019 | 159,467 | ||||||
Total liabilities and stockholders’ equity | $ | 196,485 | $ | 196,741 |
Three Months Ended March 31, | ||||||||
2016 | 2015 | |||||||
Net revenue: | ||||||||
Online advertising | $ | 26,837 | $ | 23,916 | ||||
Transactions | 4,204 | 2,294 | ||||||
Merchandise | — | 878 | ||||||
Publishing and other | 4,628 | 5,514 | ||||||
Total net revenue | 35,669 | 32,602 | ||||||
Cost of revenue: | ||||||||
Online advertising | 500 | 354 | ||||||
Merchandise | — | 881 | ||||||
Publishing and other | 1,110 | 1,420 | ||||||
Total cost of revenue | 1,610 | 2,655 | ||||||
Gross profit | 34,059 | 29,947 | ||||||
Operating expenses: | ||||||||
Product and content development | 10,960 | 9,554 | ||||||
Sales and marketing | 11,714 | 10,622 | ||||||
General and administrative | 6,197 | 6,090 | ||||||
Depreciation and amortization | 1,594 | 1,245 | ||||||
Total operating expenses | 30,465 | 27,511 | ||||||
Income from operations | 3,594 | 2,436 | ||||||
Loss in equity interests | (144 | ) | (6 | ) | ||||
Interest and other expense, net | (1 | ) | (23 | ) | ||||
Income before income taxes | 3,449 | 2,407 | ||||||
Income tax expense | 424 | 962 | ||||||
Net income | $ | 3,025 | $ | 1,445 | ||||
Net income per share: | ||||||||
Basic | $ | 0.12 | $ | 0.06 | ||||
Diluted | $ | 0.12 | $ | 0.06 | ||||
Weighted average number of shares used in calculating net earnings per share: | ||||||||
Basic | 25,263 | 25,174 | ||||||
Dilutive effect of: | ||||||||
Restricted stock | 322 | 425 | ||||||
Options | 14 | 25 | ||||||
Diluted | 25,599 | 25,624 |
Three Months Ended March 31, | ||||||||
2016 | 2015 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income | $ | 3,025 | $ | 1,445 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 1,594 | 1,245 | ||||||
Stock-based compensation expense | 1,656 | 1,480 | ||||||
Deferred income taxes | 344 | 329 | ||||||
Excess tax benefits from stock-based awards | (304 | ) | (747 | ) | ||||
Allowance for doubtful accounts | 795 | 544 | ||||||
Other non-cash charges | 160 | (84 | ) | |||||
Changes in operating assets and liabilities: | ||||||||
Decrease (increase) in accounts receivable | 2,082 | (641 | ) | |||||
(Increase) decrease in prepaid expenses and other assets, net | (305 | ) | 633 | |||||
Decrease in accounts payable and accrued expenses | (2,509 | ) | (3,836 | ) | ||||
(Decrease) increase in deferred revenue | (832 | ) | 711 | |||||
Decrease in deferred rent | (165 | ) | (171 | ) | ||||
Increase (decrease) in other liabilities, net | 2 | (24 | ) | |||||
Net cash provided by operating activities | 5,543 | 884 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Purchases of property and equipment | — | (220 | ) | |||||
Additions to capitalized software | (722 | ) | (1,015 | ) | ||||
Proceeds from the sale of property and equipment | — | 185 | ||||||
Other investing activities | — | (31 | ) | |||||
Net cash used in investing activities | (722 | ) | (1,081 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Repurchase of common stock | — | (5,993 | ) | |||||
Proceeds pursuant to employee stock-based compensation plans | 372 | 186 | ||||||
Excess tax benefits from stock-based awards | 304 | 747 | ||||||
Surrender of restricted common stock for income tax purposes | (1,808 | ) | (2,026 | ) | ||||
Net cash used in financing activities | (1,132 | ) | (7,086 | ) | ||||
Increase (decrease) in cash and cash equivalents | 3,689 | (7,283 | ) | |||||
Cash and cash equivalents at beginning of period | 88,509 | 89,955 | ||||||
Cash and cash equivalents at end of period | $ | 92,198 | $ | 82,672 |
March 31, 2016 | December 31, 2015 | |||||||
(In Thousands) | ||||||||
Cash and cash equivalents | ||||||||
Cash | $ | 37,432 | $ | 33,764 | ||||
Money market funds | 54,766 | 54,745 | ||||||
Total cash and cash equivalents | 92,198 | 88,509 | ||||||
Long-term investments | ||||||||
Long-term restricted cash | 2,598 | 2,598 | ||||||
Total cash and cash equivalents and investments | $ | 94,796 | $ | 91,107 |
Three Months Ended March 31, | ||||||
2016 | 2015 | |||||
(In Thousands) | ||||||
Balance as of December 31 | 26,236 | 26,631 | ||||
Issuance of shares of restricted common stock, net of cancellations | 361 | 290 | ||||
Issuance of shares of common stock pursuant to the employee stock purchase plan | 29 | 20 | ||||
Shares of common stock repurchased and retired | — | (343 | ) | |||
Shares of restricted common stock surrendered for income tax purposes | (115 | ) | (130 | ) | ||
Balance as of March 31 | 26,511 | 26,468 | ||||
Shares of restricted common stock vested | 291 | 216 |
Three Months Ended March 31, | ||||||||
2016 | 2015 | |||||||
(In Thousands) | ||||||||
Product and content development | $ | 405 | $ | 584 | ||||
Sales and marketing | 411 | 370 | ||||||
General and administrative | 840 | 526 | ||||||
Total stock-based compensation | $ | 1,656 | $ | 1,480 |
March 31, 2016 | December 31, 2015 | |||||||
(In Thousands) | ||||||||
Prepaid expenses and other current assets | ||||||||
Taxes | $ | 2,227 | $ | 1,971 | ||||
Software licenses and maintenance | 1,210 | 1,521 | ||||||
Compensation and employee benefits | 400 | 324 | ||||||
Other | 1,816 | 1,525 | ||||||
Total prepaid expenses and other current assets | $ | 5,653 | $ | 5,341 | ||||
Accounts payable and accrued expenses | ||||||||
Compensation and employee benefits | $ | 3,232 | $ | 5,826 | ||||
Accounts payable | 2,595 | 3,018 | ||||||
Taxes | 214 | 140 | ||||||
Other accrued expenses | 3,309 | 3,179 | ||||||
Total accounts payable and accrued expenses | $ | 9,350 | $ | 12,163 | ||||
Three Months Ended March 31, | ||||||||
2016 | 2015 | |||||||
(In Thousands) | ||||||||
Cash paid for income taxes, net of refunds | $ | (2 | ) | $ | 1,008 |
• | During the first quarter of 2016, total revenue increased 9.4% year over year, primarily due to an increase of 83.3% in our transactions business revenue and an increase of 12.2% in our total online revenue, year over year. |
• | Revenue increased by 12.4% excluding our merchandise operations which we exited in the first quarter of 2015. |
• | Our gross margin increased to 95.5% during the first quarter of 2016, from 91.9% during the first quarter of 2015. |
• | Operating expenses for the first quarter of 2016 increased by 10.7% due to continued investment in our strategic initiatives. |
• | Adjusted EBITDA increased 22.3% to $6.8 million, or 19.2% of revenue, during the first quarter of 2016. |
• | GAAP earnings per share were $0.12 including a $0.04 per share benefit from a non-recurring tax benefit of $1.0 million. |
• | Our cash balance increased $3.7 million to $92.2 million. |
Three Months Ended March 31, | ||||||||
2016 | 2015 | |||||||
(Dollar Amounts in Thousands) | ||||||||
Total net revenue | $ | 35,669 | $ | 32,602 | ||||
Gross margin | 95.5 | % | 91.9 | % | ||||
Adjusted EBITDA | $ | 6,844 | $ | 5,595 | ||||
Adjusted net income | $ | 2,069 | $ | 1,706 | ||||
Cash and cash equivalents at March 31 | $ | 92,198 | $ | 82,672 | ||||
Total employees at March 31 | 661 | 608 |
• | Adjusted EBITDA represents GAAP income from operations adjusted to exclude, if applicable: (1) depreciation and amortization, (2) stock-based compensation expense, (3) asset impairment charges, and (4) other items affecting comparability during the period. |
• | Adjusted net income represents GAAP net income, adjusted for items that impact comparability, which may include: (1) asset impairment charges, (2) executive separation and other severance charges, (3) non-recurring foreign taxes, interest and penalties, and (4) costs related to exit activities. |
• | Adjusted net income per diluted share represents adjusted net income (as defined above), divided by the diluted weighted-average number of shares outstanding for the period. |
• | Free cash flow represents GAAP net cash provided by operations, less capital expenditures. |
Three Months Ended March 31, 2016 | Three Months Ended March 31, 2015 | ||||||||||||||||||||||
GAAP Actual | Adjustments | Non GAAP | GAAP Actual | Adjustments | Non GAAP | ||||||||||||||||||
Net revenue | $ | 35,669 | $ | — | $ | 35,669 | $ | 32,602 | $ | — | $ | 32,602 | |||||||||||
Cost of revenue | 1,610 | — | 1,610 | 2,655 | — | 2,655 | |||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Product and content development | 10,960 | — | 10,960 | 9,554 | (11 | ) | (a) | 9,543 | |||||||||||||||
Sales and marketing | 11,714 | — | 11,714 | 10,622 | (265 | ) | (a) | 10,357 | |||||||||||||||
General and administrative | 6,197 | — | 6,197 | 6,090 | (158 | ) | (a) | 5,932 | |||||||||||||||
Depreciation and amortization | 1,594 | — | 1,594 | 1,245 | — | 1,245 | |||||||||||||||||
Total operating expenses | 30,465 | — | 30,465 | 27,511 | (434 | ) | 27,077 | ||||||||||||||||
Income from operations | 3,594 | — | 3,594 | 2,436 | 434 | 2,870 | |||||||||||||||||
Interest and other expense, net | (1 | ) | — | (1 | ) | (23 | ) | — | (23 | ) | |||||||||||||
Loss in equity interests | (144 | ) | — | (144 | ) | (6 | ) | — | (6 | ) | |||||||||||||
Income tax expense | 424 | 956 | (b) | 1,380 | 962 | 173 | (b) | 1,135 | |||||||||||||||
Net income | $ | 3,025 | $ | (956 | ) | $ | 2,069 | $ | 1,445 | $ | 261 | $ | 1,706 | ||||||||||
Net income per share - diluted | $ | 0.12 | $ | (0.04 | ) | $ | 0.08 | $ | 0.06 | $ | 0.01 | $ | 0.07 | ||||||||||
Weighted average number of shares outstanding - diluted | 25,599 | 25,599 | 25,624 | 25,624 | |||||||||||||||||||
Non GAAP Adjusted EBITDA Reconciliation | |||||||||||||||||||||||
Three Months Ended March 31, 2016 | Three Months Ended March 31, 2015 | ||||||||||||||||||||||
GAAP Actual | Adjustments | Non GAAP | GAAP Actual | Adjustments | Non GAAP | ||||||||||||||||||
Income from operations | $ | 3,594 | $ | — | $ | 3,594 | $ | 2,436 | $ | 434 | (a) | $ | 2,870 | ||||||||||
Depreciation and amortization | 1,594 | — | 1,594 | (c) | 1,245 | — | 1,245 | (c) | |||||||||||||||
Stock based compensation | 1,656 | — | 1,656 | (d) | 1,480 | — | 1,480 | (d) | |||||||||||||||
Adjusted EBITDA | $ | 6,844 | $ | — | $ | 6,844 | $ | 5,161 | $ | 434 | $ | 5,595 | |||||||||||
Free Cash Flow Reconciliation | |||||||||||||||||||||||
Three Months Ended March 31, 2016 | Three Months Ended March 31, 2015 | ||||||||||||||||||||||
Net cash provided by operating activities | $ | 5,543 | $ | 884 | |||||||||||||||||||
Less: capital expenditures | (722 | ) | (1,235 | ) | |||||||||||||||||||
Free cash flow | $ | 4,821 | $ | (351 | ) |
(a) | Costs impacting comparability included in operating expenses in the condensed consolidated statements of operations for the three months ended March 31, 2015 included costs related to the closure of our merchandise operations in Redding, CA. |
(b) | Adjusted income tax expense was calculated using an effective tax rate of 40.0% for the three months ended March 31, 2016 and 2015. The effective tax rate for the three months ended March 31, 2016 excludes discrete items, including |
(c) | To eliminate depreciation and amortization expense. |
(d) | To eliminate stock-based compensation expense. |
Three Months Ended March 31, | |||||||||||||||||||||
2016 | 2015 | Increase/(Decrease) | |||||||||||||||||||
Amount | % of Net Revenue | Amount | % of Net Revenue | Amount | % | ||||||||||||||||
(In Thousands, Except for Per Share Data) | |||||||||||||||||||||
Net revenue | $ | 35,669 | 100.0 | % | $ | 32,602 | 100.0 | % | $ | 3,067 | 9.4 | % | |||||||||
Cost of revenue | 1,610 | 4.5 | 2,655 | 8.1 | (1,045 | ) | (39.4 | ) | |||||||||||||
Gross profit | 34,059 | 95.5 | 29,947 | 91.9 | 4,112 | 13.7 | |||||||||||||||
Operating expenses | 30,465 | 85.4 | 27,511 | 84.4 | 2,954 | 10.7 | |||||||||||||||
Income from operations | 3,594 | 10.1 | 2,436 | 7.5 | 1,158 | 47.5 | |||||||||||||||
Loss in equity interests | (144 | ) | (0.4 | ) | (6 | ) | — | (138 | ) | (2,300.0 | ) | ||||||||||
Interest and other expense, net | (1 | ) | — | (23 | ) | (0.1 | ) | 22 | 95.7 | ||||||||||||
Income before income taxes | 3,449 | 9.7 | 2,407 | 7.4 | 1,042 | 43.3 | |||||||||||||||
Income tax expense | 424 | 1.2 | 962 | 3.0 | (538 | ) | (55.9 | ) | |||||||||||||
Net income | $ | 3,025 | 8.5 | % | $ | 1,445 | 4.4 | % | $ | 1,580 | 109.3 | % | |||||||||
Net income per share: | |||||||||||||||||||||
Basic | $ | 0.12 | $ | 0.06 | $ | 0.06 | 100.0 | % | |||||||||||||
Diluted | $ | 0.12 | $ | 0.06 | $ | 0.06 | 100.0 | % |
Three Months Ended March 31, | |||||||||||||||||
Net Revenue | Percentage Increase/ (Decrease) | Percentage of Total Net Revenue | |||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
(In Thousands) | |||||||||||||||||
National online advertising | $ | 8,658 | $ | 7,999 | 8.2 | % | 24.2 | % | 24.6 | % | |||||||
Local online advertising | 18,179 | 15,917 | 14.2 | 51.0 | 48.8 | ||||||||||||
Total online advertising | 26,837 | 23,916 | 12.2 | 75.2 | 73.4 | ||||||||||||
Transactions | 4,204 | 2,294 | 83.3 | 11.8 | 7.0 | ||||||||||||
Merchandise | — | 878 | (100.0 | ) | — | 2.7 | |||||||||||
Publishing and other | 4,628 | 5,514 | (16.1 | ) | 13.0 | 16.9 | |||||||||||
Total net revenue | $ | 35,669 | $ | 32,602 | 9.4 | % | 100.0 | % | 100.0 | % |
Three Months Ended March 31, | |||||||||||||||||||||
2016 | 2015 | Increase/(Decrease) | |||||||||||||||||||
Gross Profit | Gross Margin % | Gross Profit | Gross Margin % | Gross Profit | Gross Margin % | ||||||||||||||||
(Dollar Amounts In Thousands) | |||||||||||||||||||||
Online advertising (national and local) | $ | 26,337 | 98.1 | % | $ | 23,562 | 98.5 | % | $ | 2,775 | 11.8 | % | |||||||||
Transactions | 4,204 | 100.0 | 2,294 | 100.0 | 1,910 | 83.3 | |||||||||||||||
Merchandise | — | — | (2 | ) | (0.2 | ) | 2 | 100.0 | |||||||||||||
Publishing and other | 3,518 | 76.0 | 4,093 | 74.2 | (575 | ) | (14.0 | ) | |||||||||||||
Total gross profit | $ | 34,059 | 95.5 | % | $ | 29,947 | 91.9 | % | $ | 4,112 | 13.7 | % |
Three Months Ended March 31, | |||||||||||||||||
Operating Expenses | Percentage Increase/ (Decrease) | Percentage of Total Net Revenue | |||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
(In Thousands) | |||||||||||||||||
Product and content development | $ | 10,960 | $ | 9,554 | 14.7 | % | 30.7 | % | 29.3 | % | |||||||
Sales and marketing | 11,714 | 10,622 | 10.3 | 32.8 | 32.6 | ||||||||||||
General and administrative | 6,197 | 6,090 | 1.8 | 17.4 | 18.7 | ||||||||||||
Depreciation and amortization | 1,594 | 1,245 | 28.0 | 4.5 | 3.8 | ||||||||||||
Total operating expenses | $ | 30,465 | $ | 27,511 | 10.7 | % | 85.4 | % | 84.4 | % |
Three Months Ended March 31, | ||||||||
2016 | 2015 | |||||||
(In Thousands) | ||||||||
Net cash provided by operating activities | $ | 5,543 | $ | 884 | ||||
Net cash used in investing activities | (722 | ) | (1,081 | ) | ||||
Net cash used in financing activities | (1,132 | ) | (7,086 | ) | ||||
Increase (decrease) in cash and cash equivalents | $ | 3,689 | $ | (7,283 | ) |
Period | Total Number of Shares Purchased(a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(b) | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs(c) | ||||||||||
January 1 to January 31, 2016 | 2,489 | $ | 14.92 | — | $ | 9,564,303 | ||||||||
February 1 to February 29, 2016 | 12,456 | $ | 14.35 | — | $ | 9,564,303 | ||||||||
March 1 to March 31, 2016 | 100,116 | $ | 15.85 | — | $ | 9,564,303 | ||||||||
Total | 115,061 | $ | 15.67 | — | $ | 9,564,303 |
(a) | The terms of some awards granted under certain of our stock incentive plans allow participants to surrender or deliver shares of XO Group’s common stock to us to pay for the exercise price of those awards or to satisfy tax withholding obligations related to the exercise or vesting of those awards. The shares listed in the table above represent the surrender or delivery of shares to us in connection with such exercise price payments or tax withholding obligations. For purposes of this table, the “price paid per share” is determined by reference to the closing sales price per share of XO Group’s common stock on the New York Stock Exchange on the date of such surrender or delivery (or on the last date preceding such surrender or delivery for which such reported price exists). |
(b), (c) | On April 10, 2013, we announced that our Board of Directors had authorized the repurchase of up to $20.0 million of our common stock from time to time in the open market or in privately negotiated transactions. The repurchase program may be suspended or discontinued at any time, but it does not have an expiration date. As of March 31, 2016, we have repurchased a total of 634,479 shares of our common stock under this program for an aggregate of $10.4 million. |
Date: May 4, 2016 | XO GROUP INC. |
By: /s/ Gillian Munson Gillian Munson Chief Financial Officer (principal financial officer and duly authorized officer) |
Number | Description | |
31.1 | Certification of Chief Executive Officer and President Pursuant to Exchange Act Rule 13a-14(a), As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2 | Certification of Chief Financial Officer Pursuant to Exchange Act Rule 13a-14(a), As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1* | Certification of Chief Executive Officer and President 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 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 Labels Linkbase Document | |
101.PRE** | XBRL Taxonomy Extension Presentation Linkbase Document |
Date: May 4, 2016 | By: | /s/ Michael Steib |
Name: Michael Steib | ||
Title: Chief Executive Officer and President | ||
(principal executive officer) |
Date: May 4, 2016 | By: | /s/ Gillian Munson |
Name: Gillian Munson | ||
Title: 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: May 4, 2016 | By: | /s/ Michael Steib |
Michael Steib | ||
Chief Executive Officer and President |
(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: May 4, 2016 | By: | /s/ Gillian Munson |
Gillian Munson | ||
Chief Financial Officer |
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Apr. 29, 2016 |
|
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | XOXO | |
Entity Registrant Name | XO GROUP INC. | |
Entity Central Index Key | 0001062292 | |
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 Common Stock, Shares Outstanding | 26,498,703 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Accounts Receivable, allowances | $ 3,136 | $ 2,668 |
Preferred stock, par value (usd per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Preferred stock, shares outstanding (shares) | 0 | 0 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (shares) | 26,510,693 | 26,235,824 |
Common stock, shares outstanding (shares) | 26,510,693 | 26,235,824 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 3,025 | $ 1,445 |
Organization and Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of XO Group Inc. (“XO Group” or the “Company”) and its wholly-owned subsidiaries. The condensed consolidated financial statements included in this report have been prepared by the Company pursuant to the rules and regulations of the SEC. Certain information and disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. The Company believes that the disclosures are adequate to make the information presented not misleading. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2015. In the opinion of the Company's management, the accompanying unaudited condensed consolidated financial statements contain all normal and recurring adjustments necessary to present fairly the consolidated financial condition, results of operations and changes in cash flows of the Company for the interim periods presented. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of results to be expected for the entire calendar year. Earnings per Share For the three months ended March 31, 2016, the calculation of diluted earnings per share excludes a weighted average number stock options, restricted stock and ESPP shares of 363,994, 104,753, and 0, respectively, because to include them would be antidilutive. The calculation of diluted earnings per share for the three months ended March 31, 2015 excludes a weighted average number of stock options, restricted stock and ESPP shares of 150,000, 57,389 and 1,049, respectively, because to include them would be antidilutive. Recently Issued Accounting Pronouncements In January 2016, the Financial Accounting Standards Board ("FASB") issued guidance requiring equity securities to be measured at fair value with changes in fair value recognized through net income and eliminating the cost method for equity securities without readily determinable fair values. The guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. In February 2016, FASB issued guidance on operating leases requiring a lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, on its balance sheet. The standard also requires a lessee to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, on a generally straight-line basis. The guidance is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. In March 2016, FASB issued guidance on employee share-based payment accounting requiring all tax effects related to share-based payments at settlement or expiration to be recorded through the income statement and be reported as operating activities on the statement of cash flows. Further, under the new guidance, entities are permitted to make an accounting policy election for the impact of forfeitures on the recognition of expense for share-based payment awards; whereas forfeitures can be estimated, as required today, or recognized when they occur. The guidance is effective for public business entities for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. In March 2016, FASB issued guidance on equity method accounting eliminating the requirement to restate historical financial statements, as if the equity method had been used during all previous periods, when an existing cost method investment qualifies for use of the equity method. Under the new guidance, at the point an investment qualifies for the equity method, any unrealized gain or loss in accumulated other comprehensive loss may be recognized through earnings. The guidance is effective for public business entities for annual reporting periods beginning after December 15, 2016, with early adoption permitted. The Company does not expect this guidance to have a material impact on its consolidated financial statements. In March 2016, FASB issued guidance on revenue from contracts with customers that 1) clarifies how to implement revenue recognition guidance related to determining whether an entity is a principal or an agent in a revenue transaction and 2) provides a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods and services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods and services, and expands on related disclosures. The guidance is effective for public business entities for annual reporting periods beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. |
Fair Value Measurements |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Cash and cash equivalents and investments consist of the following:
The inputs to the valuation techniques used to measure fair value are classified into the following categories: Level 1 — Quoted prices in active markets for identical assets or liabilities Level 2 — Quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 — Inputs that are unobservable (for example, cash flow modeling inputs based on assumptions) As of March 31, 2016, the Company’s cash and cash equivalents of $92.2 million, and long-term restricted cash on the condensed consolidated balance sheets of $2.6 million, were measured at fair value using Level 1 inputs. During the three months ended March 31, 2016, there were no transfers in or out of the Company’s Level 1 assets. Long-term restricted cash consists of $2.6 million held as restricted in relation to the Company’s New York office lease. |
Stockholders' Equity and Stock Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity and Stock-Based Compensation | Stockholders’ Equity and Stock Based Compensation The Company maintains several stock-based compensation plans, which are more fully described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. During the three month periods ended March 31, 2016 and March 31, 2015, common stock outstanding changed as a result of the following activity:
The Company included total stock-based compensation expense related to all its stock awards in various operating expense categories for the three month periods ended March 31, 2016 and March 31, 2015, as follows:
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Supplemental Balance Sheet and Cash Flow Information |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Supplemental Balance Sheet and Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Balance Sheet and Cash Flow Information | Supplemental Balance Sheet and Cash Flow Information The components of certain balance sheet accounts and supplemental cash flow information are as follows:
Amortization of capitalized software was $0.9 million for the three months ended March 31, 2016, compared to $0.7 million for the three months ended March 31, 2015. |
Commitments and Contingencies |
3 Months Ended |
---|---|
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company has certain obligations relating principally to operating leases and a letter of credit. As of March 31, 2016, the Company also has commitments related to purchase orders and other contracts. As of March 31, 2016, the Company was engaged in certain legal actions arising in the ordinary course of business and believes that the ultimate outcome of these actions will not have a material effect on its results of operations, financial position or cash flows. |
Income Taxes (Notes) |
3 Months Ended |
---|---|
Mar. 31, 2016 | |
Income Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | 6. Income Taxes The Company had an effective tax rate for the three months ended March 31, 2016 of 12.3%, compared to 40.0% for the three months ended March 31, 2015. The lower effective tax rate in 2016 was primarily a result of the reversal of a tax liability resulting from the resolution of an uncertain tax position associated with a former subsidiary. The Company adopted accounting guidance requiring presentation of deferred income tax assets and liabilities as non-current in the condensed consolidated balance sheets, and offsetting deferred tax liabilities and assets. The Company early adopted this guidance on a prospective basis as of December 31, 2015. Prior periods were not retrospectively adjusted. |
Organization and Basis of Presentation (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Earnings per Share | Earnings per Share For the three months ended March 31, 2016, the calculation of diluted earnings per share excludes a weighted average number stock options, restricted stock and ESPP shares of 363,994, 104,753, and 0, respectively, because to include them would be antidilutive. The calculation of diluted earnings per share for the three months ended March 31, 2015 excludes a weighted average number of stock options, restricted stock and ESPP shares of 150,000, 57,389 and 1,049, respectively, because to include them would be antidilutive. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In January 2016, the Financial Accounting Standards Board ("FASB") issued guidance requiring equity securities to be measured at fair value with changes in fair value recognized through net income and eliminating the cost method for equity securities without readily determinable fair values. The guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. In February 2016, FASB issued guidance on operating leases requiring a lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, on its balance sheet. The standard also requires a lessee to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, on a generally straight-line basis. The guidance is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. In March 2016, FASB issued guidance on employee share-based payment accounting requiring all tax effects related to share-based payments at settlement or expiration to be recorded through the income statement and be reported as operating activities on the statement of cash flows. Further, under the new guidance, entities are permitted to make an accounting policy election for the impact of forfeitures on the recognition of expense for share-based payment awards; whereas forfeitures can be estimated, as required today, or recognized when they occur. The guidance is effective for public business entities for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. In March 2016, FASB issued guidance on equity method accounting eliminating the requirement to restate historical financial statements, as if the equity method had been used during all previous periods, when an existing cost method investment qualifies for use of the equity method. Under the new guidance, at the point an investment qualifies for the equity method, any unrealized gain or loss in accumulated other comprehensive loss may be recognized through earnings. The guidance is effective for public business entities for annual reporting periods beginning after December 15, 2016, with early adoption permitted. The Company does not expect this guidance to have a material impact on its consolidated financial statements. In March 2016, FASB issued guidance on revenue from contracts with customers that 1) clarifies how to implement revenue recognition guidance related to determining whether an entity is a principal or an agent in a revenue transaction and 2) provides a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods and services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods and services, and expands on related disclosures. The guidance is effective for public business entities for annual reporting periods beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. |
Fair Value Measurements (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents, Restricted Cash and Investments | Cash and cash equivalents and investments consist of the following:
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Stockholders' Equity and Stock Based Compensation (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Common Stock Outstanding Roll Forward | During the three month periods ended March 31, 2016 and March 31, 2015, common stock outstanding changed as a result of the following activity:
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Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The Company included total stock-based compensation expense related to all its stock awards in various operating expense categories for the three month periods ended March 31, 2016 and March 31, 2015, as follows:
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Supplemental Balance Sheet and Cash Flow Information (Tables) |
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Supplemental Balance Sheet and Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Balance Sheet Information | The components of certain balance sheet accounts and supplemental cash flow information are as follows:
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Organization and Basis of Presentation (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 363,994 | 150,000 |
Restricted stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 104,753 | 57,389 |
Employee Stock Purchase Plan | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 1,049 |
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Cash and cash equivalents | ||||
Cash | $ 37,432 | $ 33,764 | ||
Money market funds | 54,766 | 54,745 | ||
Total cash and cash equivalents | 92,198 | 88,509 | $ 82,672 | $ 89,955 |
Long-term investments | ||||
Long-term restricted cash | 2,598 | 2,598 | ||
Total cash and cash equivalents and investments | 94,796 | $ 91,107 | ||
Fair Value, Inputs, Level 1 | ||||
Long-term investments | ||||
Cash and cash equivalents, at fair value | 92,200 | |||
Restricted cash, at fair value | $ 2,600 |
Stockholders' Equity and Stock Based Compensation - Common Stock Outstanding (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Increase (Decrease) in Common Stock Outstanding | ||
Opening balance as of December, 2015 and December 31, 2014, respectively (shares) | 26,235,824 | 26,631,000 |
Ending balance as of March 31, 2016 (shares) | 26,510,693 | 26,468,000 |
Common Stock | ||
Increase (Decrease) in Common Stock Outstanding | ||
Issuance of shares of restricted common stock, net of cancellations | 361,000 | 290,000 |
Issuance of shares of common stock pursuant to the employee stock purchase plan | 29,000 | 20,000 |
Shares of common stock repurchased and retired | 0 | (343,000) |
Shares of restricted common stock surrendered for income tax purposes | (115,000) | (130,000) |
Restricted stock | ||
Increase (Decrease) in Common Stock Outstanding | ||
Shares of restricted common stock vested (shares) | 291,000 | 216,000 |
Stockholders' Equity and Stock Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 1,656 | $ 1,480 |
Product and content development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 405 | 584 |
Sales and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 411 | 370 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 840 | $ 526 |
Supplemental Balance Sheet and Cash Flow Information (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
|
Prepaid Expense and Other Assets, Current [Abstract] | |||
Taxes | $ 2,227 | $ 1,971 | |
Software licenses and maintenance | 1,210 | 1,521 | |
Compensation and employee benefits | 400 | 324 | |
Other | 1,816 | 1,525 | |
Total prepaid expenses and other current assets | 5,653 | 5,341 | |
Accounts Payable and Accrued Liabilities [Abstract] | |||
Compensation and employee benefits | 3,232 | 5,826 | |
Accounts payable | 2,595 | 3,018 | |
Taxes | 214 | 140 | |
Other accrued expenses | 3,309 | 3,179 | |
Total accounts payable and accrued expenses | 9,350 | $ 12,163 | |
Income Taxes Paid, Net | (2) | $ 1,008 | |
Software and Software Development Costs | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization | $ 900 | $ 700 |
Income Taxes (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Income Taxes [Abstract] | ||
Effective Income Tax Rate Reconciliation, Percent | 12.30% | 40.00% |
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