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Concentrations
9 Months Ended
Sep. 30, 2015
Concentrations

(5) Concentrations

The Company maintains substantially all of its cash and cash equivalents with one financial institution. During the three months ended September 30, 2015, the Company held cash equivalents in a commercial paper sweep account with the same financial institution, which were fully liquidated prior to September 30, 2015.

A significant majority of the Company’s revenue earned from advertisers is generated through arrangements with distribution partners. The Company may not be successful in renewing any of these agreements or, if they are renewed, they may not be on terms as favorable as current agreements. The Company may not be successful in entering into agreements with new distribution partners or advertisers on commercially acceptable terms. In addition, several of these distribution partners or advertisers may be considered potential competitors. There were no distribution partners representing more than 10% of consolidated revenue for the nine months ended September 30, 2015. One distribution partner was paid less than 20% of consolidated revenue for the nine months ended September 30, 2014.

The advertisers representing more than 10% of consolidated revenue are as follows (in percentages):

 

     Nine months ended
September 30,
    Three months ended
September 30,
 
     2014     2015     2014     2015  

Advertiser A

     23     30     24     28

Advertiser B

     *        20     *        19

Advertiser C

     34     *        33     *   

Advertiser A is also a distribution partner.

The outstanding receivable balance for each advertiser representing more than 10% of accounts receivable is as follows (in percentages):

 

     At December 31,
2014
    At September 30,
2015
 

Advertiser A

     41     34

Advertiser B

     16     18

 

* Less than 10%

In certain cases, the Company may engage directly with one or more advertising agencies who act on an advertiser’s behalf. In addition, an advertising agency may represent more than one advertiser that utilizes the Company’s products and services. For the three and nine months ended September 30, 2014, no advertising agency represented more than 10% of consolidated revenue, and, as of December 31, 2014, one advertising agency represented 13% of consolidated accounts receivable. For the three and nine months ended September 30, 2015, there was one advertising agency which represented 17% and 19%, respectively, of consolidated revenue and, as of September 30, 2015, represented 15% of the consolidated accounts receivable balance.