þ | 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 | 20-8915510 | ||
(State or other jurisdiction of Incorporation or organization) | (I.R.S. Employer Identification Number) |
150 East 42nd Street 8th Floor New York, New York | 10017 | ||
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer ¨ | Accelerated filer þ | Non-accelerated filer ¨ | Smaller reporting company ¨ |
Class | Outstanding at October 28, 2016 | |
Common Stock, par value $0.001 per share | 57,755,261 |
Page Number | |
September 30, | December 31, | |||||||
2016 | 2015 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 47,862 | $ | 47,875 | ||||
Investments | — | 12,425 | ||||||
Accounts receivable, net of allowances of $5,801 and $4,265, respectively | 53,074 | 50,360 | ||||||
Prepaid expenses | 8,779 | 8,595 | ||||||
Other current assets | 3,454 | 3,399 | ||||||
Total current assets | 113,169 | 122,654 | ||||||
Fixed assets, net | 15,700 | 20,789 | ||||||
Capitalized software, net | 51,910 | 46,636 | ||||||
Goodwill | 229,848 | 224,383 | ||||||
Other intangibles, net | 21,561 | 38,106 | ||||||
Other non-current assets | 5,575 | 7,619 | ||||||
Total assets | $ | 437,763 | $ | 460,187 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 5,007 | $ | 10,094 | ||||
Current portion of long-term debt, net of debt issuance costs | 1,885 | 1,829 | ||||||
Deferred revenue | 56,291 | 52,005 | ||||||
Accrued expenses and other current liabilities | 26,577 | 29,856 | ||||||
Total current liabilities | 89,760 | 93,784 | ||||||
Long-term debt, net of debt issuance costs | 78,155 | 79,457 | ||||||
Other long-term liabilities | 4,640 | 4,795 | ||||||
Commitments and contingencies | ||||||||
Stockholders' equity: | ||||||||
Undesignated preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding, respectively | — | — | ||||||
Common stock, $0.001 par value; authorized 300,000,000 shares; issued 59,162,325 and 58,434,464 shares; outstanding 57,752,961 and 58,434,464 shares, respectively | 59 | 58 | ||||||
Additional paid-in capital | 464,629 | 456,141 | ||||||
Accumulated deficit | (183,669 | ) | (169,594 | ) | ||||
Accumulated other comprehensive loss | (4,322 | ) | (4,454 | ) | ||||
Treasury stock, 1,409,634 and 0 shares of common stock at cost, respectively | (11,489 | ) | — | |||||
Total stockholders' equity | 265,208 | 282,151 | ||||||
Total liabilities and stockholders' equity | $ | 437,763 | $ | 460,187 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Revenue | $ | 75,414 | $ | 69,588 | $ | 219,088 | $ | 204,869 | ||||||||
Cost of revenue | 19,401 | 19,304 | 59,007 | 57,189 | ||||||||||||
Gross profit | 56,013 | 50,284 | 160,081 | 147,680 | ||||||||||||
Operating expenses: | ||||||||||||||||
Sales and marketing | 32,897 | 29,496 | 96,236 | 91,666 | ||||||||||||
General and administrative | 15,614 | 18,652 | 50,795 | 55,406 | ||||||||||||
Product development | 6,858 | 6,859 | 20,828 | 19,107 | ||||||||||||
Total operating expenses | 55,369 | 55,007 | 167,859 | 166,179 | ||||||||||||
Income (loss) from operations | 644 | (4,723 | ) | (7,778 | ) | (18,499 | ) | |||||||||
Interest expense | 1,165 | 1,124 | 3,415 | 3,323 | ||||||||||||
Amortization of debt issuance costs | 143 | 143 | 429 | 429 | ||||||||||||
Other (income) expense, net | (133 | ) | 151 | 979 | 989 | |||||||||||
Net loss before income tax | (531 | ) | (6,141 | ) | (12,601 | ) | (23,240 | ) | ||||||||
Income tax expense | 700 | 420 | 1,474 | 1,164 | ||||||||||||
Net loss | $ | (1,231 | ) | $ | (6,561 | ) | $ | (14,075 | ) | $ | (24,404 | ) | ||||
Net loss per common share: | ||||||||||||||||
Basic | $ | (0.02 | ) | $ | (0.11 | ) | $ | (0.25 | ) | $ | (0.43 | ) | ||||
Diluted | $ | (0.02 | ) | $ | (0.11 | ) | $ | (0.25 | ) | $ | (0.43 | ) | ||||
Weighted average number of shares: | ||||||||||||||||
Basic | 56,916,485 | 57,446,774 | 57,303,394 | 56,970,515 | ||||||||||||
Diluted | 56,916,485 | 57,446,774 | 57,303,394 | 56,970,515 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net loss | $ | (1,231 | ) | $ | (6,561 | ) | $ | (14,075 | ) | $ | (24,404 | ) | ||||
Change in foreign currency translation adjustment (1) | (19 | ) | (1,542 | ) | 132 | (2,554 | ) | |||||||||
Total other comprehensive (loss) income, net of tax | (19 | ) | (1,542 | ) | 132 | (2,554 | ) | |||||||||
Comprehensive loss | $ | (1,250 | ) | $ | (8,103 | ) | $ | (13,943 | ) | $ | (26,958 | ) |
Nine months ended September 30, | ||||||||
2016 | 2015 | |||||||
Net loss | $ | (14,075 | ) | $ | (24,404 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 19,539 | 20,222 | ||||||
Amortization of intangible assets | 18,145 | 17,961 | ||||||
Stock-based compensation expense | 8,288 | 8,932 | ||||||
Other, net | 3,433 | 3,192 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (4,590 | ) | (7,419 | ) | ||||
Prepaid expenses and other assets | 278 | (2,510 | ) | |||||
Accounts payable | (4,351 | ) | 2,254 | |||||
Accrued expenses and other liabilities | (3,130 | ) | 349 | |||||
Deferred revenue | 3,525 | 3,577 | ||||||
Net cash provided by operating activities | 27,062 | 22,154 | ||||||
Cash flows from investing activities: | ||||||||
Capitalized software development costs | (19,108 | ) | (18,594 | ) | ||||
Capital expenditures | (1,413 | ) | (10,589 | ) | ||||
Maturities of investments | 12,384 | 6,750 | ||||||
Acquisition, net of cash acquired | (6,334 | ) | — | |||||
Purchase of a cost method investment | — | (1,000 | ) | |||||
Net cash used in investing activities | (14,471 | ) | (23,433 | ) | ||||
Cash flows from financing activities: | ||||||||
Purchases of treasury stock | (11,489 | ) | — | |||||
Payments on long-term debt | (1,727 | ) | (600 | ) | ||||
Other, net | 200 | 1,887 | ||||||
Net cash (used in) provided by financing activities | (13,016 | ) | 1,287 | |||||
Effect of foreign exchange rate changes on cash and cash equivalents | 412 | (1,255 | ) | |||||
Net decrease in cash and cash equivalents | (13 | ) | (1,247 | ) | ||||
Cash and cash equivalents at beginning of period | 47,875 | 40,682 | ||||||
Cash and cash equivalents at end of period | $ | 47,862 | $ | 39,435 |
December 31, 2015 | ||||||||
Security Type | Remaining Maturity | Consolidated Balance Sheet Classification | Amortized Cost | |||||
(In thousands) | ||||||||
Corporate Securities | 15 to 202 Days | Investments (current) | $ | 12,425 |
• | Level 1: Fair value measurement of the asset or liability using observable inputs such as quoted prices in active markets for identical assets or liabilities; |
• | Level 2: Fair value measurement of the asset or liability using inputs other than quoted prices that are observable for the applicable asset or liability, either directly or indirectly, such as quoted prices for similar (as opposed to identical) assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and |
• | Level 3: Fair value measurement of the asset or liability using unobservable inputs that reflect the Company’s own assumptions regarding the applicable asset or liability. |
September 30, 2016 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
Asset: | ||||||||||||||||
Money market funds as cash equivalents | $ | 16,331 | $ | 16,331 | $ | — | $ | — |
December 31, 2015 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
Asset: | ||||||||||||||||
Money market funds as cash equivalents | $ | 17,143 | $ | 17,143 | $ | — | $ | — |
Definite–Lived Intangible Assets | ||||||||||||
Gross Carrying Value | Accumulated Amortization | Net Carrying Value | ||||||||||
(In thousands) | ||||||||||||
Customer relationships | $ | 141,973 | $ | (131,789 | ) | $ | 10,184 | |||||
Developed technology | 135,792 | (128,023 | ) | 7,769 | ||||||||
Trade name | 14,629 | (11,330 | ) | 3,299 | ||||||||
Non-compete agreements | 1,687 | (1,378 | ) | 309 | ||||||||
Total | $ | 294,081 | $ | (272,520 | ) | $ | 21,561 |
Definite–Lived Intangible Assets | ||||||||||||
Gross Carrying Value | Accumulated Amortization | Net Carrying Value | ||||||||||
(In thousands) | ||||||||||||
Customer relationships | $ | 141,973 | $ | (121,141 | ) | $ | 20,832 | |||||
Developed technology | 134,542 | (121,634 | ) | 12,908 | ||||||||
Trade name | 14,629 | (10,416 | ) | 4,213 | ||||||||
Non-compete agreements | 1,337 | (1,184 | ) | 153 | ||||||||
Total | $ | 292,481 | $ | (254,375 | ) | $ | 38,106 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
(In thousands) | ||||||||||||||||
Cost of revenue | $ | 2,145 | $ | 2,083 | $ | 6,389 | $ | 6,248 | ||||||||
Sales and marketing | 3,550 | 3,549 | 10,648 | 10,648 | ||||||||||||
General and administrative | 373 | 354 | 1,108 | 1,065 | ||||||||||||
Total | $ | 6,068 | $ | 5,986 | $ | 18,145 | $ | 17,961 |
Amount | ||||
(In thousands) | ||||
Remainder of 2016 | $ | 6,069 | ||
2017 | 12,224 | |||
2018 | 1,911 | |||
2019 | 966 | |||
2020 | 281 | |||
Thereafter | 110 | |||
Total | $ | 21,561 |
September 30, | December 31, | |||||||
2016 | 2015 | |||||||
(In thousands) | ||||||||
Computer equipment and software | $ | 37,499 | $ | 37,200 | ||||
Furniture, fixtures and office equipment | 3,074 | 3,058 | ||||||
Leasehold improvements | 6,355 | 6,213 | ||||||
Total fixed assets | 46,928 | 46,471 | ||||||
Less: Accumulated depreciation and amortization | (31,228 | ) | (25,682 | ) | ||||
Fixed assets, net | $ | 15,700 | $ | 20,789 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
(In thousands) | ||||||||||||||||
Cost of revenue | $ | 1,419 | $ | 1,181 | $ | 4,248 | $ | 3,416 | ||||||||
Sales and marketing | 302 | 304 | 985 | 918 | ||||||||||||
General and administrative | 190 | 245 | 608 | 750 | ||||||||||||
Product development | 134 | 133 | 433 | 430 | ||||||||||||
Total | $ | 2,045 | $ | 1,863 | $ | 6,274 | $ | 5,514 |
September 30, | December 31, | |||||||
2016 | 2015 | |||||||
(In thousands) | ||||||||
Capitalized internal-use software development costs | $ | 164,669 | $ | 146,261 | ||||
Less: Accumulated amortization | (112,759 | ) | (99,625 | ) | ||||
Capitalized software, net | $ | 51,910 | $ | 46,636 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
(In thousands) | ||||||||||||||||
Cost of revenue | $ | 4,175 | $ | 4,625 | $ | 12,774 | $ | 14,224 | ||||||||
Sales and marketing | 59 | 51 | 163 | 117 | ||||||||||||
General and administrative | 97 | 122 | 328 | 367 | ||||||||||||
Total | $ | 4,331 | $ | 4,798 | $ | 13,265 | $ | 14,708 |
September 30, | December 31, | |||||||
2016 | 2015 | |||||||
(In thousands) | ||||||||
Term Loan Credit Facility | $ | 78,000 | $ | 78,600 | ||||
Equipment Loan Facility | 3,591 | 4,719 | ||||||
Term Loan original issue discount | (387 | ) | (507 | ) | ||||
Term Loan unamortized debt issuance costs | (1,164 | ) | (1,526 | ) | ||||
Total debt, net of debt issuance costs | 80,040 | 81,286 | ||||||
Less: current portion (Term Loan Credit Facility) | (318 | ) | (318 | ) | ||||
Less: current portion (Equipment Loan Facility) | (1,567 | ) | (1,511 | ) | ||||
Total current portion of debt, net of debt issuance costs | (1,885 | ) | (1,829 | ) | ||||
Total long-term debt, net of debt issuance costs | $ | 78,155 | $ | 79,457 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
(In thousands) | ||||||||||||||||
Cost of revenue | $ | 217 | $ | 142 | $ | 544 | $ | 358 | ||||||||
Sales and marketing | 737 | 487 | 1,839 | 1,537 | ||||||||||||
General and administrative | 1,411 | 2,086 | 4,477 | 6,002 | ||||||||||||
Product development | 519 | 353 | 1,428 | 1,035 | ||||||||||||
Total | $ | 2,884 | $ | 3,068 | $ | 8,288 | $ | 8,932 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Numerator: | ||||||||||||||||
Net loss (in thousands) | $ | (1,231 | ) | $ | (6,561 | ) | $ | (14,075 | ) | $ | (24,404 | ) | ||||
Denominator: | ||||||||||||||||
Weighted-average shares used to compute basic net loss per share | 56,916,485 | 57,446,774 | 57,303,394 | 56,970,515 | ||||||||||||
Effect of dilutive options, unvested shares of restricted stock awards and unvested restricted stock units | — | — | — | — | ||||||||||||
Weighted-average shares used to compute diluted net loss per share | 56,916,485 | 57,446,774 | 57,303,394 | 56,970,515 | ||||||||||||
Net loss per share: | ||||||||||||||||
Basic | $ | (0.02 | ) | $ | (0.11 | ) | $ | (0.25 | ) | $ | (0.43 | ) | ||||
Diluted | $ | (0.02 | ) | $ | (0.11 | ) | $ | (0.25 | ) | $ | (0.43 | ) |
September 30, | September 30, | |||||
2016 | 2015 | |||||
Options to purchase common stock | 3,875,077 | 4,170,107 | ||||
Unvested shares of restricted stock awards | 662,605 | 562,055 | ||||
Unvested shares of restricted stock units | 3,702,917 | 2,143,793 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
Revenue | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||
Cost of revenue | 25.7 | % | 27.7 | % | 26.9 | % | 27.9 | % | ||||
Gross profit | 74.3 | % | 72.3 | % | 73.1 | % | 72.1 | % | ||||
Operating expenses: | ||||||||||||
Sales and marketing | 43.6 | % | 42.4 | % | 43.9 | % | 44.7 | % | ||||
General and administrative | 20.7 | % | 26.8 | % | 23.2 | % | 27.0 | % | ||||
Product development | 9.1 | % | 9.9 | % | 9.5 | % | 9.3 | % | ||||
Total operating expenses | 73.4 | % | 79.0 | % | 76.6 | % | 81.1 | % | ||||
Income (loss) from operations | 0.9 | % | (6.8 | )% | (3.6 | )% | (9.0 | )% | ||||
Interest expense | 1.5 | % | 1.6 | % | 1.6 | % | 1.6 | % | ||||
Amortization of debt issuance costs | 0.2 | % | 0.2 | % | 0.2 | % | 0.2 | % | ||||
Other (income) expense, net | (0.2 | )% | 0.2 | % | 0.4 | % | 0.5 | % | ||||
Net loss before income tax | (0.7 | )% | (8.8 | )% | (5.8 | )% | (11.3 | )% | ||||
Income tax expense | 0.9 | % | 0.6 | % | 0.7 | % | 0.6 | % | ||||
Net loss | (1.6 | )% | (9.4 | )% | (6.4 | )% | (11.9 | )% |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||
2016 | 2015 | $ | % | 2016 | 2015 | $ | % | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||
M&A | $ | 39,226 | $ | 35,563 | $ | 3,663 | 10.3 | % | $ | 111,439 | $ | 103,496 | $ | 7,943 | 7.7 | % | ||||||||||||||
Enterprise | 29,294 | 27,113 | 2,181 | 8.0 | % | 86,507 | 79,703 | 6,804 | 8.5 | % | ||||||||||||||||||||
DCM | 6,894 | 6,912 | (18 | ) | (0.3 | )% | 21,142 | 21,670 | (528 | ) | (2.4 | )% | ||||||||||||||||||
Total revenue | $ | 75,414 | $ | 69,588 | $ | 5,826 | 8.4 | % | $ | 219,088 | $ | 204,869 | $ | 14,219 | 6.9 | % |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||
2016 | 2015 | $ | % | 2016 | 2015 | $ | % | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||
Cost of revenue | $ | 19,401 | $ | 19,304 | $ | 97 | 0.5 | % | $ | 59,007 | $ | 57,189 | $ | 1,818 | 3.2 | % | ||||||||||||||
Gross profit | $ | 56,013 | $ | 50,284 | $ | 5,729 | 11.4 | % | $ | 160,081 | $ | 147,680 | $ | 12,401 | 8.4 | % | ||||||||||||||
Gross margin | 74.3 | % | 72.3 | % | 2.0 points | 73.1 | % | 72.1 | % | 1.0 point |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||
2016 | 2015 | $ | % | 2016 | 2015 | $ | % | |||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||
Sales and marketing | $ | 32,897 | $ | 29,496 | $ | 3,401 | 11.5 | % | $ | 96,236 | $ | 91,666 | $ | 4,570 | 5.0 | % | ||||||||||||||
General and administrative | 15,614 | 18,652 | (3,038 | ) | (16.3 | )% | 50,795 | 55,406 | (4,611 | ) | (8.3 | )% | ||||||||||||||||||
Product development | 6,858 | 6,859 | (1 | ) | — | % | 20,828 | 19,107 | 1,721 | 9.0 | % | |||||||||||||||||||
Total operating expenses | $ | 55,369 | $ | 55,007 | $ | 362 | 0.7 | % | $ | 167,859 | $ | 166,179 | $ | 1,680 | 1.0 | % |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||
2016 | 2015 | $ | % | 2016 | 2015 | $ | % | |||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||
Product development expense | $ | 6,858 | $ | 6,859 | $ | (1 | ) | — | % | $ | 20,828 | $ | 19,107 | $ | 1,721 | 9.0 | % | |||||||||||||
Capitalized software development costs | 5,731 | 6,333 | (602 | ) | (9.5 | )% | 18,366 | 19,062 | (696 | ) | (3.7 | )% | ||||||||||||||||||
Total product development costs | $ | 12,589 | $ | 13,192 | $ | (603 | ) | (4.6 | )% | $ | 39,194 | $ | 38,169 | $ | 1,025 | 2.7 | % | |||||||||||||
As a percentage of revenue | 16.7 | % | 19.0 | % | 17.9 | % | 18.6 | % |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||
2016 | 2015 | $ | % | 2016 | 2015 | $ | % | |||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||
Interest expense | $ | 1,165 | $ | 1,124 | $ | 41 | 3.6 | % | $ | 3,415 | $ | 3,323 | $ | 92 | 2.8 | % | ||||||||||||||
Amortization of debt issuance costs | $ | 143 | $ | 143 | $ | — | — | % | $ | 429 | $ | 429 | $ | — | — | % | ||||||||||||||
Other (income) expense, net | $ | (133 | ) | $ | 151 | $ | (284 | ) | >(100)% | $ | 979 | $ | 989 | $ | (10 | ) | (1.0 | )% |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Income tax expense | $ | 700 | $ | 420 | $ | 1,474 | $ | 1,164 |
Three Months Ended September 30, | Nine months ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
(In thousands) | ||||||||||||||||
Income (loss) from operations | $ | 644 | $ | (4,723 | ) | $ | (7,778 | ) | $ | (18,499 | ) | |||||
Amortization of intangible assets | 6,068 | 5,986 | 18,145 | 17,961 | ||||||||||||
Stock-based compensation expense | 2,884 | 3,068 | 8,288 | 8,932 | ||||||||||||
Non-GAAP adjusted operating income | $ | 9,596 | $ | 4,331 | $ | 18,655 | $ | 8,394 |
September 30, | ||||||||
2016 | 2015 | |||||||
(In thousands) | ||||||||
Cash and cash equivalents | $ | 47,862 | $ | 39,435 | ||||
Nine Months Ended September 30, | ||||||||
2016 | 2015 | |||||||
(In thousands) | ||||||||
Net cash provided by operating activities | $ | 27,062 | $ | 22,154 | ||||
Net cash used in investing activities | (14,471 | ) | (23,433 | ) | ||||
Net cash (used in) provided by financing activities | (13,016 | ) | 1,287 | |||||
Effect of foreign exchange rate changes on cash and cash equivalents | 412 | (1,255 | ) | |||||
Net decrease in cash and cash equivalents | $ | (13 | ) | $ | (1,247 | ) |
Rating Agency | Rating | Outlook | ||
Moody's | B2 | Stable | ||
Standard & Poor's | B+ | Negative |
Exhibit Number | Description | |
10.1 | Intralinks Holdings, Inc. 2010 Equity Incentive Plan as Amended and Restated, together with forms of award agreements (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on July 28, 2016). | |
10.2* | Intralinks Holdings, Inc. Second Amended and Restated 2010 Employee Stock Purchase Plan. | |
31.1* | Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2* | Certification of Principal Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1* | Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2* | Certification of Principal Accounting Officer 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 Calculation Linkbase Document | |
101.LAB+ | XBRL Taxonomy Label Linkbase Document | |
101.PRE+ | XBRL Taxonomy Presentation Linkbase Document | |
101.DEF+ | XBRL Taxonomy Definitions Linkbase Document |
INTRALINKS HOLDINGS, INC. | ||
By: /s/ Ronald W. Hovsepian | ||
Date: November 2, 2016 | Ronald W. Hovsepian President and Chief Executive Officer | |
By: /s/ Christopher J. Lafond | ||
Date: November 2, 2016 | Christopher J. Lafond Chief Financial Officer |
1 | I have reviewed this Quarterly Report on Form 10-Q for the period ended September 30, 2016 of Intralinks Holdings, Inc. (the “Registrant”); |
2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4 | The Registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
(a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and |
5 | The Registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions): |
(a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and |
(b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting. |
Date: November 2, 2016 | /s/ RONALD W. HOVSEPIAN | |
Ronald W. Hovsepian President and Chief Executive Officer |
1 | I have reviewed this Quarterly Report on Form 10-Q for the period ended September 30, 2016 of Intralinks Holdings, Inc. (the “Registrant”); |
2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4 | The Registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
(a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and |
5 | The Registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions): |
(a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and |
(b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting. |
Date: November 2, 2016 | /s/ CHRISTOPHER J. LAFOND | |
Christopher J. Lafond Chief Financial 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 2, 2016 | /s/ RONALD W. HOVSEPIAN | |
Ronald W. Hovsepian 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 2, 2016 | /s/ CHRISTOPHER J. LAFOND | |
Christopher J. Lafond Chief Financial Officer (Principal Financial Officer) |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Oct. 28, 2016 |
|
Document and Entity Information [Abstract] | ||
Document type | 10-Q | |
Amendment flag | false | |
Document year focus | 2016 | |
Document period focus | Q3 | |
Document period end date | Sep. 30, 2016 | |
Current fiscal year end date | --12-31 | |
Entity central index key | 0001488075 | |
Entity filer category | Accelerated Filer | |
Entity registrant name | Intralinks Holdings, Inc. | |
Entity common stock shares outstanding | 57,755,261 |
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
ASSETS | ||
Allowance for Doubtful Accounts Receivable | $ 5,801 | $ 4,265 |
Treasury stock (in shares) | 1,409,634 | 0 |
Series A Redeemable Convertible Preferred Stock [Member] | ||
Preferred stock par value (in dollars per share) | $ 0.001 | $ 0.001 |
Authorized shares, preferred | 10,000,000 | 10,000,000 |
Issued shares, preferred | 0 | 0 |
Outstanding shares, preferred | 0 | 0 |
Common Stock [Member] | ||
Common stock par value (in dollars per share) | $ 0.001 | $ 0.001 |
Authorized shares, common | 300,000,000 | 300,000,000 |
Issued shares, common | 59,162,325 | 58,434,464 |
Outstanding shares, common | 57,752,961 | 58,434,464 |
Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Income Statement [Abstract] | ||||
Revenue | $ 75,414 | $ 69,588 | $ 219,088 | $ 204,869 |
Cost of revenue | 19,401 | 19,304 | 59,007 | 57,189 |
Gross profit | 56,013 | 50,284 | 160,081 | 147,680 |
Operating expenses: | ||||
Sales and marketing | 32,897 | 29,496 | 96,236 | 91,666 |
General and administrative | 15,614 | 18,652 | 50,795 | 55,406 |
Product development | 6,858 | 6,859 | 20,828 | 19,107 |
Total operating expenses | 55,369 | 55,007 | 167,859 | 166,179 |
Income (loss) from operations | 644 | (4,723) | (7,778) | (18,499) |
Interest expense | 1,165 | 1,124 | 3,415 | 3,323 |
Amortization of debt issuance costs | 143 | 143 | 429 | 429 |
Other (income) expense, net | (133) | 151 | 979 | 989 |
Net loss before income tax | (531) | (6,141) | (12,601) | (23,240) |
Income tax expense | 700 | 420 | 1,474 | 1,164 |
Net loss before income tax | $ (1,231) | $ (6,561) | $ (14,075) | $ (24,404) |
Net loss per common share: | ||||
Basic (in dollars per share) | $ (0.02) | $ (0.11) | $ (0.25) | $ (0.43) |
Diluted (in dollars per share) | $ (0.02) | $ (0.11) | $ (0.25) | $ (0.43) |
Weighted average number of shares: | ||||
Basic (in shares) | 56,916,485 | 57,446,774 | 57,303,394 | 56,970,515 |
Diluted (in shares) | 56,916,485 | 57,446,774 | 57,303,394 | 56,970,515 |
Consolidated Statements of Comprehensive 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] | ||||||
Net loss | $ (1,231) | $ (6,561) | $ (14,075) | $ (24,404) | ||
Change in foreign currency translation adjustment (1) | [1] | (19) | (1,542) | 132 | (2,554) | |
Total other comprehensive (loss) income, net of tax | (19) | (1,542) | 132 | (2,554) | ||
Total other comprehensive (loss) income, net of tax | $ (1,250) | $ (8,103) | $ (13,943) | $ (26,958) | ||
|
Consolidated Statements of Comprehensive Loss (Parentheticals) - 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] | ||||
Foreign currency translation adjustment, tax benefit (expense) | $ 10 | $ 0 | $ (100) | $ 0 |
Intralinks Holdings, Inc. and Summary of Significant Accounting Policies |
9 Months Ended |
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Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Intralinks Holdings, Inc. and Summary of Significant Accounting Policies | Intralinks Holdings, Inc. and Summary of Significant Accounting Policies Intralinks Holdings, Inc. ("Intralinks Holdings") and its subsidiaries (collectively, the "Company") is a leading global provider of Software-as-a-Service ("SaaS") solutions for secure enterprise content collaboration within and among organizations. The Company was incorporated in Delaware in June 1996. The Company's cloud-based solutions enable organizations to manage, control, track, search, exchange and collaborate on sensitive information, inside and outside of the firewall, all within a secure and easy-to-use environment. Basis of Presentation The accompanying unaudited Consolidated Financial Statements include the accounts of Intralinks Holdings and its subsidiaries. All intercompany balances and transactions have been eliminated. The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such SEC rules and regulations. In the opinion of management, the accompanying unaudited Consolidated Financial Statements contain all normal and recurring adjustments necessary for the fair statement of the Company's consolidated financial position, results of operations and cash flows for the interim periods presented. Interim results are not necessarily indicative of the results to be expected for a full year. The financial statements contained herein are unaudited and should be read in conjunction with the Company’s audited Consolidated Financial Statements and related notes included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2015. Certain prior year amounts have been reclassified to conform to the current year presentation. Use of Estimates The preparation of the Company's Consolidated Financial Statements in conformity with U.S. GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. On an ongoing basis, the Company evaluates its estimates and assumptions including those related to (a) allowances for doubtful accounts and reserves for customer credits, (b) the fair values of the Company's single operating segment and reporting unit, goodwill, definite-lived intangible assets and long-term investments, (c) the recoverability of its definite-lived intangible assets, capitalized software and fixed assets (and their related useful lives), (d) certain components of the income tax provision (including the valuation allowance on net deferred tax assets and liabilities for uncertain tax positions), (e) accruals for certain compensation and benefit expenses and (f) the fair value of stock-based awards including estimated forfeitures of such awards. The Company bases its estimates, judgments and assumptions on historical experience, its forecasts and budgets and on various other factors that it believes to be reasonable under the circumstances. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers, which outlines a single comprehensive model for entities to use in accounting for revenue. ASU 2014-09 supersedes current revenue recognition guidance and requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Entities have the option of using either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. The amendment in this update deferred the effective date of implementation of ASU 2014-09 by one year and is now effective for annual and interim reporting periods beginning after December 15, 2017. In March 2016, the FASB issued ASU 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net), amending the principal-versus-agent implementation guidance set forth in ASU 2014-09. The amendment clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract with a customer. In April 2016, the FASB issued ASU 2016-10, Identifying Performance Obligations and Licensing, which amends certain aspects of the guidance set forth in the FASB's new revenue standard related to identifying performance obligations and licensing implementation. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which clarifies implementation guidance in ASU 2014-09 on assessing collectability, noncash consideration, presentation of sales tax and completed contracts and contract modifications at transition. The Company is currently evaluating the impact of the adoption of these standards on its Consolidated Financial Statements. In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs, which requires an entity to present debt issuance costs on the balance sheet as a direct deduction from the related liability rather than as an asset. ASU 2015-03 is effective for annual and interim reporting periods beginning after December 15, 2015. In August 2015, the FASB issued ASU 2015-15, Interest-Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, which clarifies that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are outstanding borrowings on the line-of-credit. As a result of the retrospective adoption of ASU 2015-03, at December 31, 2015, the Company reclassified capitalized deferred debt issuance costs of $0.5 million from "Other current assets" to "Current portion of long-term debt, net of debt issuance costs" and $1.0 million from "Other non-current assets" to "Long-term debt, net of debt issuance costs." In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes existing guidance on accounting for leases in "Leases (Topic 840)" and generally requires all leases to be recognized in the consolidated balance sheet. ASU 2016-02 is effective for annual and interim reporting periods beginning after December 15, 2018; early adoption is permitted. The provisions of ASU 2016-02 are to be applied using a modified retrospective approach. The Company is currently evaluating the impact of the adoption of this standard on its Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which simplifies the accounting for employee stock-based payment. This update provides clarification on guidance for employee share-based payments, in particular areas including income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently evaluating the impact of the adoption of these standards on its Consolidated Financial Statements. |
Investments and Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments and Fair Value Measurements | Investments and Fair Value Measurements The Company has classified its investments in corporate securities as held-to-maturity and, as such, has recorded them at amortized cost. Interest earned on these corporate securities is included in “Other expense (income), net” within the Consolidated Statements of Operations. The gross unrealized holding gains and losses for the three and nine months ended September 30, 2016 and 2015 were not material. The Company held no investments at September 30, 2016. The following table summarizes these investments at December 31, 2015:
The Company categorizes its financial instruments measured at fair value into a three-level fair value hierarchy that prioritizes the inputs used in determining the fair value of the asset or liability. The three levels of the fair value hierarchy are as follows:
The following tables present the Company's financial instruments that are measured at fair value on a recurring basis:
The Company's non-financial assets, which include goodwill, intangible assets, fixed assets, capitalized software and cost method investments, are adjusted to fair value only when an impairment charge is recognized. These fair value measurements are based predominantly on Level 3 inputs. At September 30, 2016 and December 31, 2015, the carrying value of the Company's investments accounted for under the cost method totaled $3.0 million and $4.5 million, respectively, and are included in "Other non-current assets" on the Company's Consolidated Balance Sheets. During the nine months ended September 30, 2016, the Company recognized an impairment charge of $1.5 million related to the write-down of a cost method investment to its estimated fair value of zero. The decline in value was determined to be other-than-temporary due to the investee company’s inability to continue operations without new outside financing. The impairment charge is included in “Other (income) expense, net” in the Consolidated Statements of Operations. |
Goodwill and Other Intangibles |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangibles | Goodwill and Other Intangibles At September 30, 2016 and December 31, 2015, the Company had $229.8 million and $224.4 million of goodwill, respectively. The additions to goodwill and other intangibles relate to the Company’s acquisition of Verilume, Inc., a cloud infrastructure company. The Company completed the purchase price allocation related to this transaction and recorded the acquired assets and assumed liabilities at their estimated fair values. At September 30, 2016, other intangibles consisted of the following:
At December 31, 2015, other intangibles consisted of the following:
Amortization of intangible assets is classified in each of the operating expense categories as follows:
At September 30, 2016, amortization of intangible assets for each of the next five years and thereafter is estimated to be as follows:
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Fixed Assets |
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Fixed Assets | Fixed Assets Fixed assets consisted of the following:
Depreciation expense is classified in each of the operating expense categories as follows:
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Capitalized Software |
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Research and Development [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalized Software | Capitalized Software Capitalized software consisted of the following:
Amortization expense is classified in each of the operating expense categories as follows:
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Income Tax |
9 Months Ended |
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Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Tax The Company recorded an income tax expense of $0.7 million and $1.5 million despite a pre-tax loss of $0.5 million and $12.6 million for the three and nine months ended September 30, 2016, respectively, and recorded an income tax expense of $0.4 million and $1.2 million despite a pre-tax loss of $6.1 million and $23.2 million for the three and nine months ended September 30, 2015, respectively, primarily because the income tax benefit related to the U.S. pre-tax loss generated was subject to a valuation allowance. In addition, certain foreign jurisdictions generated pre-tax income that resulted in tax expense. The Company is routinely under audit by federal, state, local and foreign tax authorities in the area of income tax. These audits include questioning the timing and the amount of income and deductions and the allocation of income and deductions among various tax jurisdictions. The Internal Revenue Service recently completed an audit of the Company’s federal tax returns for the years ended December 31, 2010 and 2011. Various other jurisdictions are open to examination for various tax years. Management believes it has adequately provided for all uncertain tax positions and any potential audit adjustments would not have a material impact on the Company’s liquidity, results of operations or financial condition. Unrecognized tax benefits totaled $6.8 million and $5.5 million at September 30, 2016 and December 31, 2015, respectively. Management does not expect that the balance of unrecognized tax benefits will significantly increase or decrease over the next twelve months. If unrecognized tax benefits at September 30, 2016 are subsequently recognized, the Company's income tax expense would be reduced by $5.7 million ($0.7 million net of the impact of the Company’s valuation allowance). |
Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Long-term debt consisted of the following:
Based on available market information, the estimated fair value of the Company’s long-term debt was $79.2 million and $81.0 million as of September 30, 2016 and December 31, 2015, respectively. These fair value measurements were determined using Level 2 observable inputs, as defined in Note 2. The estimated fair value of our facility related to the purchase of equipment ("Equipment Loan Facility") approximates its carrying value at each reporting period. As of September 30, 2016, the Company had $2.9 million in outstanding letters of credit issued under its Revolving Credit Facility. The Term Loan Credit Facility and the Revolving Credit Facility (collectively, the "Credit Facilities") include covenants that restrict certain activities by the Company, as well as require the Company to comply with certain financial ratios such as a Consolidated Net Leverage Ratio and a springing Fixed Charge Coverage Ratio, as these terms are defined in the agreements governing the Credit Facilities. The agreements governing the Credit Facilities also contain other affirmative and negative covenants with which the Company is required to comply. The Term Loan Credit Facility requires partial prepayment of a portion of the principal outstanding in the event that the Company generates Consolidated Excess Cash Flow (as defined under the Term Loan Credit Facility) in excess of a certain threshold. This determination is to be made 90 days following the end of the preceding fiscal year, with any payment, if required, due within 105 days following the end of the preceding fiscal year. The Company was in compliance with all applicable covenants set forth in the Credit Facilities as of September 30, 2016 and there was no required prepayment for the year ended December 31, 2015. |
Employee Stock Plans |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Stock Plans | Employee Stock Plans Stock-based compensation expense is measured at the grant date based on the fair value of the award and recognized as expense over the requisite service period, net of an estimated forfeiture rate. 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 fiscal year ended December 31, 2015. Stock-based compensation expense related to all of the Company’s stock awards is included in operating expense categories, as follows:
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Net Loss Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss per Share | Net Loss per Share The following table provides a reconciliation of the numerator and denominator used in computing basic and diluted net loss per common share:
The following outstanding options to purchase common stock, unvested shares of restricted stock awards and unvested restricted stock units were excluded from the computation of diluted net loss per share for the periods presented as their inclusion would have been anti-dilutive:
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Contingencies |
9 Months Ended |
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Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies In the ordinary course of business, the Company and its subsidiaries are subject to various claims, charges, disputes, litigation and regulatory inquiries and investigations. The Company establishes reserves for specific legal matters when it determines that the likelihood of an unfavorable outcome is probable and the loss is reasonably estimable. Management has also identified certain other legal matters where it believes an unfavorable outcome is not probable and, therefore, no reserve is established. Although management currently believes that resolving claims against the Company, including claims where an unfavorable outcome is reasonably possible, will not have a material impact on the Company's liquidity, results of operations or financial condition, these matters are subject to inherent uncertainties and management's view of these matters may change in the future. The Company also evaluates other contingent matters, including income and non-income tax contingencies, to assess the likelihood of an unfavorable outcome and estimated extent of potential loss. These matters, if resolved adversely against the Company, may result in monetary damages, fines and penalties or require changes in business practices. It is possible that an unfavorable outcome of one or more of these lawsuits or other contingencies could have a material impact on the Company's liquidity, results of operations or financial condition. The Company is not currently aware of any pending or threatened material claims, charges, disputes, litigation and regulatory inquiries and investigations. |
Subsequent Event |
9 Months Ended |
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Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event [To be assessed through date of filing.] |
Intralinks Holdings, Inc. and Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited Consolidated Financial Statements include the accounts of Intralinks Holdings and its subsidiaries. All intercompany balances and transactions have been eliminated. The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such SEC rules and regulations. In the opinion of management, the accompanying unaudited Consolidated Financial Statements contain all normal and recurring adjustments necessary for the fair statement of the Company's consolidated financial position, results of operations and cash flows for the interim periods presented. Interim results are not necessarily indicative of the results to be expected for a full year. The financial statements contained herein are unaudited and should be read in conjunction with the Company’s audited Consolidated Financial Statements and related notes included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2015. Certain prior year amounts have been reclassified to conform to the current year presentation. |
Use of Estimates | Use of Estimates The preparation of the Company's Consolidated Financial Statements in conformity with U.S. GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. On an ongoing basis, the Company evaluates its estimates and assumptions including those related to (a) allowances for doubtful accounts and reserves for customer credits, (b) the fair values of the Company's single operating segment and reporting unit, goodwill, definite-lived intangible assets and long-term investments, (c) the recoverability of its definite-lived intangible assets, capitalized software and fixed assets (and their related useful lives), (d) certain components of the income tax provision (including the valuation allowance on net deferred tax assets and liabilities for uncertain tax positions), (e) accruals for certain compensation and benefit expenses and (f) the fair value of stock-based awards including estimated forfeitures of such awards. The Company bases its estimates, judgments and assumptions on historical experience, its forecasts and budgets and on various other factors that it believes to be reasonable under the circumstances. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers, which outlines a single comprehensive model for entities to use in accounting for revenue. ASU 2014-09 supersedes current revenue recognition guidance and requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Entities have the option of using either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. The amendment in this update deferred the effective date of implementation of ASU 2014-09 by one year and is now effective for annual and interim reporting periods beginning after December 15, 2017. In March 2016, the FASB issued ASU 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net), amending the principal-versus-agent implementation guidance set forth in ASU 2014-09. The amendment clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract with a customer. In April 2016, the FASB issued ASU 2016-10, Identifying Performance Obligations and Licensing, which amends certain aspects of the guidance set forth in the FASB's new revenue standard related to identifying performance obligations and licensing implementation. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which clarifies implementation guidance in ASU 2014-09 on assessing collectability, noncash consideration, presentation of sales tax and completed contracts and contract modifications at transition. The Company is currently evaluating the impact of the adoption of these standards on its Consolidated Financial Statements. In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs, which requires an entity to present debt issuance costs on the balance sheet as a direct deduction from the related liability rather than as an asset. ASU 2015-03 is effective for annual and interim reporting periods beginning after December 15, 2015. In August 2015, the FASB issued ASU 2015-15, Interest-Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, which clarifies that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are outstanding borrowings on the line-of-credit. As a result of the retrospective adoption of ASU 2015-03, at December 31, 2015, the Company reclassified capitalized deferred debt issuance costs of $0.5 million from "Other current assets" to "Current portion of long-term debt, net of debt issuance costs" and $1.0 million from "Other non-current assets" to "Long-term debt, net of debt issuance costs." In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes existing guidance on accounting for leases in "Leases (Topic 840)" and generally requires all leases to be recognized in the consolidated balance sheet. ASU 2016-02 is effective for annual and interim reporting periods beginning after December 15, 2018; early adoption is permitted. The provisions of ASU 2016-02 are to be applied using a modified retrospective approach. The Company is currently evaluating the impact of the adoption of this standard on its Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which simplifies the accounting for employee stock-based payment. This update provides clarification on guidance for employee share-based payments, in particular areas including income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently evaluating the impact of the adoption of these standards on its Consolidated Financial Statements. |
Investments and Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Held-to-maturity Securities | The Company held no investments at September 30, 2016. The following table summarizes these investments at December 31, 2015:
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Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis | The following tables present the Company's financial instruments that are measured at fair value on a recurring basis:
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Goodwill and Other Intangibles (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets by Major Class | At September 30, 2016, other intangibles consisted of the following:
At December 31, 2015, other intangibles consisted of the following:
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Allocation Of Amortization Expense For Other Intangible Assets | Amortization of intangible assets is classified in each of the operating expense categories as follows:
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Schedule of Expected Amortization Expense | At September 30, 2016, amortization of intangible assets for each of the next five years and thereafter is estimated to be as follows:
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Fixed Assets (Tables) |
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Property Plant and Equipment Income Statement Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Fixed assets consisted of the following:
Depreciation expense is classified in each of the operating expense categories as follows:
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Capitalized Software (Tables) |
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Research and Development [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalized Software | Capitalized software consisted of the following:
Amortization expense is classified in each of the operating expense categories as follows:
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Debt (Tables) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | Long-term debt consisted of the following:
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Employee Stock Plans (Tables) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | Stock-based compensation expense related to all of the Company’s stock awards is included in operating expense categories, as follows:
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Net Loss Per Share (Tables) |
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table provides a reconciliation of the numerator and denominator used in computing basic and diluted net loss per common share:
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following outstanding options to purchase common stock, unvested shares of restricted stock awards and unvested restricted stock units were excluded from the computation of diluted net loss per share for the periods presented as their inclusion would have been anti-dilutive:
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Intralinks Holdings, Inc. and Summary of Significant Accounting Policies (Narrative) (Details) - Accounting Standards Update 2015-03 [Member] $ in Millions |
Dec. 31, 2015
USD ($)
|
---|---|
Other Current Assets [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Reclassification of unamortized debt issuance costs | $ (0.5) |
Other Non-current Assets [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Reclassification of unamortized debt issuance costs | (1.0) |
Current Portion of Long-term Debt [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Reclassification of unamortized debt issuance costs | 0.5 |
Long-term Debt [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Reclassification of unamortized debt issuance costs | $ 1.0 |
Investments and Fair Value Measurements (Details) - Corporate Securities [Member] - Investments (Current) [Member] $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Held-to-maturity Securities, Amortized Cost | $ 12,425 |
Minimum [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Held to -maturity Securities, Remaining Maturity | 15 days |
Maximum [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Held to -maturity Securities, Remaining Maturity | 202 days |
Goodwill and Other Intangibles (Narrative) (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 229,848 | $ 224,383 |
Goodwill and Other Intangibles (Future Amortization Expense) (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2016 | $ 6,069 | |
2017 | 12,224 | |
2018 | 1,911 | |
2019 | 966 | |
2020 | 281 | |
Thereafter | 110 | |
Net Carrying Value | $ 21,561 | $ 38,106 |
Capitalized Software (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Impaired Intangible Assets [Line Items] | |||||
Capitalized internal-use software development costs | $ 164,669 | $ 164,669 | $ 146,261 | ||
Less: Accumulated amortization | (112,759) | (112,759) | (99,625) | ||
Capitalized software, net | 51,910 | 51,910 | $ 46,636 | ||
Amortization expense | 4,331 | $ 4,798 | 13,265 | $ 14,708 | |
Cost of revenue [Member] | |||||
Impaired Intangible Assets [Line Items] | |||||
Amortization expense | 4,175 | 4,625 | 12,774 | 14,224 | |
Sales and marketing [Member] | |||||
Impaired Intangible Assets [Line Items] | |||||
Amortization expense | 59 | 51 | 163 | 117 | |
General and administrative [Member] | |||||
Impaired Intangible Assets [Line Items] | |||||
Amortization expense | $ 97 | $ 122 | $ 328 | $ 367 |
Income Tax (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Income Tax Disclosure [Abstract] | |||||
Income tax expense | $ 700 | $ 420 | $ 1,474 | $ 1,164 | |
Net loss before income tax | (531) | $ (6,141) | (12,601) | $ (23,240) | |
Unrecognized tax benefits | 6,800 | 6,800 | $ 5,500 | ||
Unrecognized tax benefits that would impact effective tax rate | 5,700 | 5,700 | |||
Effect on income tax expense net of valuation allowance | $ 700 | $ 700 |
Employee Stock Plans (Stock Based Compensation) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 2,884 | $ 3,068 | $ 8,288 | $ 8,932 |
Cost of revenue [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 217 | 142 | 544 | 358 |
Sales and marketing [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 737 | 487 | 1,839 | 1,537 |
General and administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 1,411 | 2,086 | 4,477 | 6,002 |
Product development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 519 | $ 353 | $ 1,428 | $ 1,035 |
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