0001178913-16-006143.txt : 20160809 0001178913-16-006143.hdr.sgml : 20160809 20160809143805 ACCESSION NUMBER: 0001178913-16-006143 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 63 CONFORMED PERIOD OF REPORT: 20160630 FILED AS OF DATE: 20160809 DATE AS OF CHANGE: 20160809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Sizmek Inc. CENTRAL INDEX KEY: 0001591877 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-ADVERTISING [7310] IRS NUMBER: 371744624 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36219 FILM NUMBER: 161817375 BUSINESS ADDRESS: STREET 1: 500 W. 5TH STREET STREET 2: SUITE 900 CITY: AUSTIN STATE: TX ZIP: 78701 BUSINESS PHONE: 512-469-5900 MAIL ADDRESS: STREET 1: 500 W. 5TH STREET STREET 2: SUITE 900 CITY: AUSTIN STATE: TX ZIP: 78701 FORMER COMPANY: FORMER CONFORMED NAME: New Online Co DATE OF NAME CHANGE: 20131113 10-Q 1 zk1618782.htm 10-Q zk1618782.htm
 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)

 
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2016

or

 
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission File Number: 001-36219

Sizmek Inc.
(Exact name of registrant as specified in its charter)

Delaware
  
37-1744624
(State or other jurisdiction of incorporation or
organization)
  
(I.R.S. Employer Identification No.)

500 West 5th Street, Suite 900
Austin, Texas 78701
 (Address of principal executive offices) (Zip Code)

(512) 469-5900
(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
 
Yes x      No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). 
 
Yes x      No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o
  
Accelerated filer x
     
Non-accelerated filer o
  
Smaller reporting company o
(Do not check if a smaller reporting company)
    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). 
 
Yes o      No x

As of August 9, 2016, the registrant had 29,141,209 shares of Common Stock, par value $0.001, outstanding.
 
 
 
 
 
SIZMEK INC.
 
Cautionary Note Regarding Forward-Looking Statements
 
        The Securities and Exchange Commission ("SEC") encourages companies to disclose forward-looking information so that investors can better understand a company's future prospects and make informed investment decisions. Certain statements contained herein may be deemed to constitute "forward-looking statements."
 
        Words such as "believe," "expect," "anticipate," "project," "estimate," "budget," "continue," "could," "intend," "may," "plan," "potential," "predict," "seek," "should," "will," "would," "objective," "forecast," "goal," "guidance," "outlook," "effort," "target" and similar expressions, among others, generally identify forward-looking statements, which speak only as of the date the statements were made. All forward-looking statements are management's present expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, among other things:
 
 
·
the timing of the Offer and the Merger (each as defined in Note 10 to our unaudited consolidated financial statements in this report);

 
·
the percentage of the Company’s stockholders tendering their shares in the Offer and the possibility that competing offers will be made;

 
·
the possibility that various closing conditions for the Offer or the Merger may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the Merger;

 
·
the effects of disruption from the Offer or the Merger on the Company’s business;

 
·
the announcement and pendency of the Offer and Merger may make it more difficult to establish or maintain relationships with employees, customers, vendors and other business partners;

 
·
stockholder litigation in connection with the Offer or the Merger may result in significant costs of defense, indemnification and liability;
 
 
·
our ability to further identify, develop and achieve commercial success for new online  products and services including mobile, video and programmatic solutions;
 
 
·
our ability to replace our existing Sizmek MDX platform with a new platform that is currently in development without experiencing service disruptions;
 
 
·
our ability to expand our partnership program by inviting developers with the latest technology and features to partner with us and implement their technology onto our platform;
 
 
·
continued or accelerating decline in our flash based rich media business;
 
 
·
delays in product offerings;
 
 
·
the development and pricing of competing online services and products;
 
 
·
consolidation of the digital industry and of digital advertising networks;
 
 
·
slower than expected development of the digital advertising market;
 
 
·
our ability to protect our proprietary technologies;
 
 
·
identifying acquisition and disposition opportunities and integrating our acquisitions with our operations, systems, personnel and technologies;
 
 
·
security threats to our computer networks;
 
 
·
operating in a variety of foreign jurisdictions;
 
 
·
fluctuations in currency exchange rates;
 
 
·
adaption to new, changing, and competitive technologies;
 
 
·
potential additional impairment of our goodwill and potential impairment of our other long-lived assets;
 
 
·
our ability to achieve some or all of the expected benefits of the spin-off and merger transaction; and
 
 
·
other risk factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2015.
 
        In particular, information included under the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" contains forward-looking statements.
 
        In light of these assumptions, risks and uncertainties, the results and events discussed in the forward-looking statements contained herein might not occur. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this filing. We are not under any obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. All subsequent forward-looking statements attributable to management or to any person authorized to act on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section.
 
 
2
 
 
PART I—FINANCIAL INFORMATION

Item 1.
FINANCIAL STATEMENTS

SIZMEK INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except par value amounts)

   
June 30,
2016
    
December 31,
2015
  
   
(unaudited)
        
Assets
            
CURRENT ASSETS:
            
Cash and cash equivalents
   $ 36,800     $ 42,046  
Accounts receivable (less allowances of $1,627 as of June 30, 2016 and $1,795 as of December 31, 2015)
     54,668       64,595  
Restricted cash
     1,551       1,538  
Other current assets
     4,074       4,568  
Current assets of TV business
     320       678  
Total current assets
     97,413       113,425  
Property and equipment, net
     35,324       29,410  
Goodwill
     9,120       8,411  
Intangible assets, net
     14,716       16,931  
Deferred income taxes
     518       523  
Restricted cash
     4,179       4,478  
Other non-current assets
     3,675       4,807  
Total assets
   $ 164,945     $ 177,985  
                 
Liabilities and Stockholders’ Equity
                
CURRENT LIABILITIES:
                
Accounts payable
   $ 6,400     $ 3,683  
Accrued liabilities
     32,863       39,037  
Current liabilities of TV business
     —       1,203  
Total current liabilities
     39,263       43,923  
Deferred income taxes
     782       919  
Other non-current liabilities
     8,446       7,613  
Total liabilities
     48,491       52,455  
                 
STOCKHOLDERS’ EQUITY:
                
Preferred stock, $0.001 par value—Authorized 15,000 shares; issued and outstanding—none
     —       —  
Common stock, $0.001 par value—Authorized 200,000 shares; 29,136 issued and outstanding at June 30, 2016; 29,584 issued and 29,228 outstanding at December 31, 2015
     29       30  
Treasury stock, at cost (356 shares at December 31, 2015)
     —       (1,510 )
Additional capital
     367,832       368,658  
Accumulated deficit
     (246,282 )     (238,289 )
Accumulated other comprehensive loss
     (5,125 )     (3,359 )
Total stockholders’ equity
     116,454       125,530  
Total liabilities and stockholders’ equity
   $ 164,945     $ 177,985  
 
The accompanying notes are an integral part of these financial statements.
 
 
3
 

 
SIZMEK INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)

   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
   
2016
    
2015
    
2016
    
2015
  
Revenues:
                    
 
  
Platform solutions
   $ 38,007     $ 35,645     $ 72,438     $ 68,537  
Programmatic solutions
     10,893       4,571       16,987       8,438  
Total
     48,900       40,216       89,425       76,975  
Cost of revenues (excluding depreciation and amortization):
                                
Platform solutions
     13,398       11,175       27,063       22,010  
Programmatic solutions
     7,914       3,317       12,500       6,142  
Total
     21,312       14,492       39,563       28,152  
Selling and marketing
     14,877       15,433       29,698       29,636  
Research and development
     3,103       3,674       6,313       6,577  
General and administrative
     5,368       4,739       10,923       9,293  
Merger, integration and other
     2,436       1,170       5,203       2,004  
Depreciation and amortization
     3,309       7,771       6,232       15,210  
Loss from operations
     (1,505 )     (7,063 )     (8,507 )     (13,897 )
Other (income) expense, net
     (977 )     366       (1,502 )     1,345  
Loss before income taxes
     (528 )     (7,429 )     (7,005 )     (15,242 )
Provision for income taxes
     513       468       988       600  
Net loss
   $ (1,041 )   $ (7,897 )   $ (7,993 )   $ (15,842 )
                                 
Basic and diluted loss per common share
   $ (0.04 )   $ (0.27 )   $ (0.27 )   $ (0.53 )
                                 
Weighted average common shares outstanding:
                                
Basic and diluted
     29,128       29,549       29,081       29,666  
 
The accompanying notes are an integral part of these financial statements.
 
 
4
 
 
SIZMEK INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OFCOMPREHENSIVE LOSS
(In thousands)
 
   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
   
2016
    
2015
    
2016
    
2015
  
Net loss
   $ (1,041 )   $ (7,897 )   $ (7,993 )   $ (15,842 )
Other comprehensive income (loss):
                                
Unrealized gain (loss) on derivatives, net of tax
     (190 )     469       61       374  
Unrealized loss on available for sale securities, net of tax
     (688 )     (6 )     (665 )     (234 )
Foreign currency translation adjustment
     (867 )     580       (1,162 )     (224 )
Total other comprehensive income (loss)
     (1,745 )     1,043       (1,766 )     (84 )
Total comprehensive loss
   $ (2,786 )   $ (6,854 )   $ (9,759 )   $ (15,926 )
 
The accompanying notes are an integral part of these financial statements.
 
 
5
 
 
SIZMEK INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
(In thousands)

   
 
Common Stock
(Shares / Amount)
    
 
Treasury Stock
(Shares / Amount)
    
 
Additional Capital
    
 
Accumulated Deficit
    
Accumulated Other Comprehensive
Loss
    
Total Stockholders’ Equity
  
Balance at December 31, 2015
     29,584     $ 30       (356 )   $ (1,510 )   $ 368,658     $ (238,289 )   $ (3,359 )   $ 125,530  
Net loss
     —       —       —       —       —       (7,993 )     —       (7,993 )
Share-based compensation
     —       —       —       —       2,148       —       —       2,148  
Common stock issued pursuant to RSU agreements, net of shares tendered to satisfy required tax withholding
     291       —       —       —       (188 )     —       —       (188 )
Purchase of treasury stock
     —       —       (383 )     (1,277 )     —       —       —       (1,277 )
Retirement of treasury stock
     (739 )     (1 )     739       2,787       (2,786 )     —       —       —  
Other comprehensive loss
     —       —       —       —       —       —       (1,766 )     (1,766 )
     Balance at June 30, 2016
     29,136       29       —       —       367,832       (246,282 )     (5,125 )     116,454  
 
The accompanying notes are an integral part of these financial statements.
 
 
6
 
 
SIZMEK INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

   
Six Months Ended
June 30,
  
   
2016
    
2015
  
Cash flows from operating activities:
            
Net loss
   $ (7,993 )   $ (15,842 )
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
                
Depreciation of property and equipment
     3,324       7,335  
Amortization of intangibles
     2,908       7,875  
Gain on sales of available for sales security
     (987 )     —  
Share-based compensation
     2,148       1,903  
Deferred income taxes
     (150 )     (590 )
Benefit for accounts receivable recoveries
     (168 )     (40 )
(Gain) loss from recovery of TV business net assets
     206       (50 )
Other
     444       (2 )
Changes in operating assets and liabilities:
                
Accounts receivable
     8,692       6,252  
Other assets
     1,539       (1,574 )
Accounts payable and other liabilities
     (3,511 )     (5,598 )
Net cash (used in) provided by operating activities
     6,452       (331 )
                 
Cash flows from investing activities:
                
Purchases of property and equipment
     (1,962 )     (3,131 )
Capitalized costs of developing software
     (7,089 )     (8,370 )
Proceeds from sale of property and equipment
     25       —  
Proceeds from sale of available for sale securities
     1,247       —  
Acquisition, net of cash acquired
     —       (7,541 )
Other
     (1 )     (433 )
Net cash used in investing activities
     (7,780 )     (19,475 )
                 
Cash flows from financing activities:
                
Purchases of treasury stock
     (1,277 )     (4,500 )
Payment of deferred financing obligation
     (500 )     —  
Payments of TV business liabilities
     (1,428 )     (126 )
Proceeds from TV business assets
     376       1,200  
Payment of tax withholding obligation for shares tendered
     (188 )     (169 )
Payment of extended payment obligation incurred to purchase software
     (579 )     —  
Net cash used in financing activities
     (3,596 )     (3,595 )
                 
Effect of exchange rate changes on cash and cash equivalents
     (322 )     (339 )
Net decrease in cash and cash equivalents
     (5,246 )     (23,740 )
Cash and cash equivalents at beginning of year
     42,046       90,672  
                 
Cash and cash equivalents at end of period
   $ 36,800     $ 66,932  
                 
Supplemental disclosures of cash flow information:
                
Cash received (paid) for income taxes
   $ 407     $ (445 )
Cash received (paid) for interest
   $ 77     $ 47  
Extended payment obligations incurred to purchase software
   $ —     $ 960  
 
The accompanying notes are an integral part of these financial statements.
 
 
7
 
 
SIZMEK INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
 
1. Basis of Presentation
 
 
The Company
 
Sizmek Inc. ("Sizmek," the "Company," "we," "us," and "our"), a Delaware corporation formed in 2013, operates a leading independent global online ad campaign management and distribution platform as measured by the number of advertising impressions served and the number of countries in which we serve customers. Our revenues are principally derived from services related to online advertising. We help advertisers, agencies and publishers engage with consumers across multiple online media channels (mobile, display, rich media, video and social) while delivering efficient, impactful and measurable ad campaigns. We connect 19,000 advertisers and 3,700 agencies to audiences in approximately 65 countries, serving more than 1.3 trillion impressions a year.
 
Sizmek works directly and indirectly with media agencies, advertisers, creative agencies, and publishers. Our primary customers are media agencies. The ability to execute advertising campaigns in a timely and scalable manner is a crucial requirement for our customers. Our technology empowers advertisers and agencies to deliver their creative assets to broad audiences, ensure consistent quality of the consumer experience, and utilize our data for rigorous analysis and optimization. We focus on online media advertising, including display, video, mobile, social and connected TV channels.
 
Our online campaign management platform, Sizmek MDX, helps advertisers, agencies and publishers simplify the complexities of managing their advertising budgets across multiple online media channels and formats, such as desktop, mobile, rich media, social media, in-stream video, interactive video, display and search. The Sizmek MDX platform strives to provide our customers with an easy-to-use, end-to-end solution to enhance planning, creative, delivery, measurement and optimization of online media campaigns. Our solutions are delivered through a scalable technology platform that allows delivery of sophisticated, global online media advertising campaigns, as well as smaller, more targeted campaigns. Presently, our R&D team is designing and developing a new ad management platform, the Sizmek MDX-NXT platform, which will be a single, end-to-end, integrated platform encompassing all channels and formats. Portions of the MDX-NXT platform are operating currently and we expect substantially all features and functionalities to be operational mid to late 2016.
 
Our focus on open ad management means guiding advertisers and publishers through this complex and fragmented online landscape by providing products and services to help advertisers reach, engage and optimize their desired audience for each particular campaign. Open ad management means:
 
 
·
end-to-end—bringing together all of the technology, intelligence and strategic guidance that a client needs to execute the most effective, global campaign; and
 
 
·
choice—providing an open, flexible framework that allows each client to choose what's best for their particular needs.
 
Reach.    Our integrated platform simplifies the complexities of managing online media advertising campaigns across multiple websites, advertising formats and channels and allows customers to manage varying publisher-imposed creative content restrictions. Our open architecture technology enables advertisers to reach audiences on many device types through the placement of ads in multiple formats on numerous channels including desktop, mobile, tablet and social, and is also designed to accommodate new and emerging online media channels such as connected TVs.
 
Engage.    Since our incorporation, we believe our Flash and HTML5 based authoring environments have helped advertisers and publishers create innovative and scalable formats for rich media, in-stream video, standard banners and emerging media capabilities. These capabilities include interactive video and synced media that enable advertisers to interact with their target audience more effectively and yield higher engagement, performance and recall rates among consumers.
 
Optimize.    Our platform and services are designed to help our customers deliver the most effective campaigns through data driven real-time targeting and creative optimization. This allows advertisers to reach specific consumer segments by assigning the best performing and most relevant creative advertisements throughout the campaign. Through our analytics capabilities, we offer advertisers the ability to target specific content categories through real-time exchange and/or programmatic bought inventory, offering cookie-less contextual targeting for greater efficiency and protection from unsafe content.
 
 
8
 
 
2. General
 
Principles of Consolidation
 
The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and include the accounts of our wholly-owned, and majority-owned and controlled subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These unaudited financial statements should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.
 
These financial statements have been prepared by us without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).  Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.  However, we believe the disclosures are adequate to make the information presented not misleading.  The unaudited consolidated financial statements reflect all adjustments, which are, in the opinion of management, of a normal and recurring nature and necessary for a fair presentation of our financial position as of the balance sheet dates, and the results of operations and cash flows for the periods presented.
 
Seasonality

Our business is seasonal. Revenues tend to be the highest in the fourth quarter as a large portion of our revenues follow the advertising spend or budgets of our customers which tend to be at their highest during the holiday season.
 
 
Reclassification
 
The Company has reclassified costs in the amount of $0.5 million, reported in the first quarter of 2016 as cost of revenue expenses – platform solutions to selling and marketing expenses. Such costs relate to a group of employees that are now being characterized as selling and marketing expenses to better align those costs with the functional areas that benefit from the expenditure. This reclassification has no impact on revenue, net loss, loss per share, total assets, total liabilities, or total shareholders’ equity.
 
Use of Estimates
 
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to the recoverability and useful lives of our long-lived assets, the adequacy of our allowance for doubtful accounts and credit memo reserves, contingent consideration and income taxes. We base our estimates on historical experience, future expectations and on other relevant assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.

For the three months ended December 31, 2015, the Company recorded an impairment charge related to its long-lived assets in the amount of $64.2 million.  In addition, we shortened the estimated remaining life of many of our remaining long-lived assets.  As a result, depreciation and amortization expense recorded for the three and six months ended June 30, 2016 is significantly lower than amounts recorded in the prior year. The Company estimates that the impairment charges and changes in remaining life assumptions reduced the amount of depreciation and amortization expense it recorded for the three and six months ended June 30, 2016 by $4.7 million and $9.6 million, respectively, and decreased our net loss by $4.7 million and $9.6 million, respectively, which reduced our loss per share by $0.16 and $0.33, respectively.

Risk of Goodwill Impairment and Long-Lived Assets Impairments
 
See Note 5 for a discussion of the risk of a future impairment of our goodwill.
 
 
9
 
 
Assets and Liabilities of DG’s TV Business
 
Pursuant to the Separation and Redemption Agreement, DG contributed to us substantially all of its television business current assets and certain other assets existing on February 7, 2014, and we agreed to assume substantially all of DG’s television business liabilities that existed on February 7, 2014 or were attributable to periods up to and including February 7, 2014.  These net assets contributed were recorded at $78.5 million.  The details of these assets and liabilities outstanding as of June 30, 2016 and December 31, 2015 were as follows (in thousands):
 
 
Description
  
June 30, 
2016
    
December 31, 
2015
  
Current assets of television business:
            
Income tax receivables
   $ 320     $ 515  
Trade accounts receivable
     —       163  
Total
   $ 320     $ 678  
                 
Current liabilities of television business:
                
Accrued liabilities
   $ —     $ 930  
Uncertain tax position
     —       273  
Total
   $ —     $ 1,203  
 
Derivative Instruments
 
We enter into foreign currency forward contracts and options to hedge a portion of the exposure to the variability in expected future cash flows resulting from changes in related foreign currency exchange rates between the New Israeli Shekel (“NIS”) and the U.S. Dollar. These transactions were designated as cash flow hedges, as defined by Accounting Standards Codification (“ASC”) Topic 815, “Derivatives and Hedging.”  ASC Topic 815 requires that we recognize derivative instruments as either assets or liabilities in our balance sheet at fair value. These contracts are Level 2 fair value measurements in accordance with ASC Topic 820, “Fair Value Measurements and Disclosures.” For derivative instruments that are designated and qualify as a cash flow hedge (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss), net of taxes, and reclassified into earnings (various operating expenses) in the same period or periods during which the hedged transaction affects earnings.

Our cash flow hedging strategy is to hedge against the risk of overall changes in cash flows resulting from certain forecasted foreign currency rent and salary payments during the next twelve months. We hedge portions of our forecasted expenses denominated in the NIS with a single counterparty using foreign currency forward contracts and options.  At June 30, 2016, we had $12.6 million notional amount of foreign currency forward contracts and options outstanding, the net fair value of which is immaterial. At December 31, 2015, we had $14.5 million notional amount of foreign currency forward contracts and options outstanding that had a net fair value liability balance of $0.1 million ($0.3 million liability, net of a $0.2 million asset). The net liability (at June 30, 2016 and at December 31, 2015) is included in accrued liabilities, and is expected to be recognized in our results of operations in the next twelve months. The vast majority of any gain or loss from hedging activities is included in our various operating expenses. As a result of our hedging activities, we incurred the following gains and losses in our results of operations (in thousands):

   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
   
2016
    
2015
    
2016
    
2015
  
Hedging gain (loss) recognized in operations
   $ (6 )   $ 24     $ (3 )   $ (47 )

It is our policy to offset fair value amounts recognized for derivative instruments executed with the same counterparty. In connection with our foreign currency forward contracts and options and other banking arrangements, we have agreed to maintain $1.5 million of cash in bank accounts with our counterparty, which we classify as restricted cash on our balance sheet.
 
 
10
 
 
 
Accumulated Other Comprehensive Income (Loss)
 
Components of accumulated other comprehensive income (loss) (“AOCI” or “AOCL”), net of tax, for the three and six months ended June 30, 2016 and 2015 were as follows (in thousands):
 
   
Three Months Ended June 30, 2016
  
   
Foreign
Currency
Translation
    
Unrealized
Gains (Losses) on Foreign
Currency
Derivatives
    
Unrealized
Gains 
on Available
for Sale
Securities
    
Total
Accumulated
Other
Comprehensive
Loss
  
Balance at March 31, 2016
   $ (4,539 )   $ 180     $ 979     $ (3,380 )
                                 
Other comprehensive (loss) before reclassifications
     (867 )     (196 )     (688 )     (1,751 )
Amounts reclassified out of AOCL
     —       6       —       6  
Net current period activity
     (867 )     (190 )     (688 )     (1,745 )
Balance at June 30, 2016
   $ (5,406 )   $ (10 )   $ 291     $ (5,125 )
 
   
Six Months Ended June 30, 2016
  
   
Foreign
Currency
Translation
    
Unrealized Losses on Foreign
Currency
Derivatives
    
Unrealized
Gains 
on Available
for Sale
Securities
    
Total
Accumulated
Other
Comprehensive
Loss
  
Balance at December 31, 2015
   $ (4,244 )   $ (71 )   $ 956     $ (3,359 )
                                 
Other comprehensive income (loss) before reclassifications
     (1,162 )     58       (665 )     (1,769 )
Amounts reclassified out of AOCL
     —       3       —       3  
Net current period activity
     (1,162 )     61       (665 )     (1,766 )
Balance at June 30, 2016
   $ (5,406 )   $ (10 )   $ 291     $ (5,125 )
 
   
Three Months Ended June 30, 2015
  
   
Foreign
Currency
Translation
    
Unrealized
Gains (Losses)
on Foreign
Currency
Derivatives
    
Unrealized
Gains 
on Available
for Sale
Securities
    
Total Accumulated
Other
Comprehensive
Loss
  
Balance at March 31, 2015
   $ (3,476 )   $ (193 )   $ 1,027     $ (2,642 )
                                 
Other comprehensive income (loss) before reclassifications
     580       491       (6 )     1,065  
Amounts reclassified out of AOCI
     —       (22 )     —       (22 )
Net current period activity
     580       469       (6 )     1,043  
Balance at June 30, 2015
   $ (2,896 )   $ 276     $ 1,021     $ (1,599 )
 
   
Six Months Ended June 30, 2015
  
   
Foreign
Currency
Translation
    
Unrealized
Gains (Losses)
on Foreign
Currency
Derivatives
    
Unrealized
Gains 
on Available
for Sale
Securities
    
Total
Accumulated
Other
Comprehensive
Loss
  
Balance at December 31, 2014
   $ (2,672 )   $ (98 )   $ 1,255     $ (1,515 )
                                 
Other comprehensive income (loss) before reclassifications
     (224 )     332       (234 )     (126 )
Amounts reclassified out of AOCL
     —       42       —       42  
Net current period activity
     (224 )     374       (234 )     (84 )
Balance at June 30, 2015
   $ (2,896 )   $ 276     $ 1,021     $ (1,599 )
 
 
11
 
 
The following table summarizes the reclassifications from AOCI or AOCL to the consolidated statements of operations for the three and six months ended June 30, 2016 and 2015 (in thousands):
 
   
Amounts Reclassified out of
AOCI or AOCL
    
   
Three Months
Ended June 30,
2016
    
Three Months
Ended June 30,
2015
  
Affected Line Items in the Consolidated
Statements of Operations
Gains (losses) on cash flow hedges:
              
Foreign currency derivatives
   $ 1     $ 3  
Cost of revenues
Foreign currency derivatives
     —       1  
Selling and marketing
Foreign currency derivatives
     5       14  
Research and development
Foreign currency derivatives
     1       3  
General and administrative
Foreign currency derivatives
     (13 )     3  
Other, net
Total before taxes
     (6 )     24    
Tax amounts
     —       (2 )  
Income (loss) after tax
   $ (6 )   $ 22    
 
   
Amounts Reclassified out of
AOCI or AOCL
    
   
Six Months
Ended June 30,
2016
    
Six Months
Ended June 30,
2015
  
Affected Line Items in the Consolidated
Statements of Operations
Gains (losses) on cash flow hedges:
              
Foreign currency derivatives
   $ 2     $ (5 )
Cost of revenues
Foreign currency derivatives
     —       (2 )
Selling and marketing
Foreign currency derivatives
     12       (34 )
Research and development
Foreign currency derivatives
     3       (8 )
General and administrative
Foreign currency derivatives
     (20 )     2  
Other, net
Total before taxes
     (3 )     (47 )  
Tax amounts
     —       5    
Loss after tax
   $ (3 )   $ (42 )  
 
Merger, Integration and Other Expenses
 
Merger, integration and other expenses reflect the expenses incurred in (i) DG's Merger with Extreme Reach and our Spin-Off from DG, (ii) acquiring or disposing of a business, (iii) integrating an acquired operation (e.g., office closure costs) into the Company and (iv) certain other items of income or expense not deemed to be part of our core operations. A summary of our merger, integration and other expenses is as follows (in thousands):
 
   
Three Months Ended June 30,
    
Six Months Ended June 30,
  
Description
  
2016
    
2015
    
2016
    
2015
  
Severance (1)
   $ 954     $ 142     $ 1,387     $ 466  
Integration and restructuring costs (2)
     1,188       565       3,263       1,070  
Special Projects
     371       611       481       730  
TV business (3)
     (77 )     (148 )     72       (262 )
Total
   $ 2,436     $ 1,170     $ 5,203     $ 2,004  
 
 
(1) -Severance costs primarily relate to consolidating the workforces of acquired businesses and eliminating redundancy. All costs shown above were paid in the period the expense was recognized, or shortly thereafter.   
 
 
(2) – Represents redundant operating expenses incurred to integrate our 2015 acquisitions into our existing structure and workflow.
 
 
(3) - Represents (income) or expense due to realizing more or less TV net assets than originally estimated at the time of the Spin-Off.
 
 
12
 
 
Recently Issued Accounting Guidance
 
Adopted
 
In September 2015, the Financial Accounting Standards Board ("FASB") issued ASU 2015-16, "Business Combinations."  ASU 2015-16 modifies how changes to provisional amounts determined during the measurement period of a business combination are recognized.  Under existing accounting literature, changes to provisional amounts determined during the measurement period of a business combination, resulting from facts and circumstances that existed at the acquisition date, are recognized by retrospectively adjusting the provisional amounts at the acquisition date.   However, under ASU 2015-16, an acquirer recognizes adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustments are determined.  For Sizmek, ASU 2015-16 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period.  As such, we adopted ASU 2015-16 on January 1, 2016.
 
Issued
 
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)." ASU 2014-09 modifies revenue recognition guidance for GAAP. Previous revenue recognition guidance in GAAP comprised broad revenue recognition concepts together with numerous revenue requirements for particular industries or transactions, which sometimes resulted in different accounting for economically similar transactions. In contrast, International Accounting Standards Board ("IASB") provided limited guidance on revenue recognition. Accordingly, the FASB and IASB initiated a joint project to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards ("IFRS"). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of 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. To achieve that core principle, an entity should apply the following steps:  
 
        Step 1: Identify the contract(s) with a customer.
 
        Step 2: Identify the performance obligations in the contract.
 
        Step 3: Determine the transaction price.
 
        Step 4: Allocate the transaction price to the performance obligations in the contract.
 
        Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.
 
In August 2015, the FASB issued ASU 2015-14 to defer the effective date of ASU 2014-09 by one year.  As a result, for Sizmek, the amendments in ASU 2014-09 are now effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period.  Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period.  An entity shall adopt the amendments in ASU 2014-09 by either (i) retrospectively adjusting each prior reporting period presented or (ii) retrospectively adjusting for the cumulative effect of initially applying ASU 2014-09 at the date of initial adoption.
 
In April 2016, the FASB issued ASU 2016-10, supplementing ASU 2014-09. This ASU does not change the core principles of ASU 2014-09, which continues to have the same effective date as agreed under ASU 2015-14. This ASU clarifies the implementation guidance on identifying performance obligations and licensing. Specifically, ASU 2016-10 reduces the cost and complexity of identifying promised goods or services and improves the guidance for determining whether promises are separately identifiable. ASU 2016-10 also provides implementation guidance on determining whether an entity's promise to grant a license provides a customer with either a right to use the entity's intellectual property (which is satisfied at a point in time) or a right to access the entity's intellectual property (which is satisfied over time). We have not as yet determined (i) the extent to which we expect ASU 2014-09 will impact our reported revenues or (ii) the manner in which it will be adopted. In January 2016, the FASB issued ASU 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities."  ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income.  Presently, Sizmek recognizes changes in the fair value of its equity investments that have a readily determinable fair value in accumulated other comprehensive income / loss.  ASU 2016-01 also contains certain other provisions.  For Sizmek, ASU 2016-01 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period.  Early adoption is permitted.  We anticipate that the adoption of ASU 2016-01 will result in greater volatility of our operating results as the changes in fair value of our equity investments that have a readily determinable fair value will be reflected in net income rather than accumulated other comprehensive income / loss.
 
 
13
 
 
In February 2016, the FASB issued ASU 2016-02, "Leases" Topic 842.  ASU 2016-02 modifies accounting for leases under GAAP.  The core principle of ASU 2016-02 is that a lessee should recognize the assets and liabilities that arise from leases.  A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. When measuring assets and liabilities arising from a lease, a lessee (and a lessor) should include payments to be made in optional periods only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease.  For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term.  For operating leases, a lessee is required to do the following:

 
1.
Recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position.

 
2.
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.

 
3.
Classify all cash payments within operating activities in the statement of cash flows.

In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply.  An entity that elects to apply the practical expedients will, in effect, continue to account for leases that commence before the effective date in accordance with previous GAAP unless the lease is modified, except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP.
 
For Sizmek, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period.   
 
In March 2016, the FASB issued ASU 2016-09, "Compensation – Stock Compensation (Topic 718)." ASU 2016-09 will change how companies account for certain aspects of share-based payments to employees. Entities will be required to recognize the income tax effects of awards in the income statement when the awards vest or settle (i.e. additional paid in capital or APIC pools will be eliminated). The guidance also will change how an employer accounts for an employee’s use of shares to satisfy the employer’s statutory income tax withholding obligation and for forfeitures.
 
The guidance is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted in any annual or interim period for which financial statement have not been issued or made available to issuance, but all of this guidance must be adopted in the same period. If an entity early adopts the guidance in interim period, any adjustment must be reflected as of the beginning of the fiscal year that includes that interim period.
 
We have not as yet determined (i) the extent to which we expect ASU 2016-09 will impact our financial reports or (ii) the manner in which it will be adopted.
 
3. Fair Value Measurements
 
ASC 820, Fair Value Measurement, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date.
 
 
14
 
 
ASC 820 establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:
 
 
·
Level 1—Quoted prices in active markets for identical assets or liabilities.

 
·
Level 2—Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

 
·
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
 
We have classified our assets and liabilities that are measured at fair value on a recurring basis (at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date.
 
The tables below set forth by level, assets and liabilities that were accounted for at fair value as of June 30, 2016 and December 31, 2015. The carrying values of our cash on hand, accounts receivable, and accounts payable approximate their respective fair values due to the short-term nature of these financial instruments. The tables do not include assets and liabilities that are measured at historical cost or any basis other than fair value (in thousands).
 
     
Fair Value Measurements at June 30, 2016
  
   
Balance
Sheet
Location
  
Quoted Prices
in Active
Markets
(Level 1)
    
Significant Other
Observable
Inputs
(Level 2)
    
Total
Fair Value
Measurements
  
Assets:
                    
Money market funds
(a)
   $ 10,941     $ —     $ 10,941  
Marketable equity securities
(b)
     373       —       373  
Total
       11,314       —       11,314  
Liabilities:
                          
 Currency forward derivatives / options
(c)
   $ —     $ 13     $ 13  
 
     
Fair Value Measurements at December 31, 2015
  
   
Balance
Sheet
Location
  
Quoted Prices
in Active
Markets
(Level 1)
    
Significant Other
Observable
Inputs
(Level 2)
    
Total
Fair Value
Measurements
  
Assets:
                    
Money market funds
(a)
   $ 23,932     $ —     $ 23,932  
Marketable equity securities
(b)
     1,297       —       1,297  
Total
       25,229       —       25,229  
Liabilities:
                          
 Currency forward derivatives / options
(c)
   $ —     $ 86     $ 86  

(a) Included in cash and cash equivalents.
(b) Included in current assets in June 30, 2016 and in other non-current assets in December 31, 2015.
(c) Included in accrued liabilities.
 
The fair value of our money market funds was determined based upon quoted market prices. The currency forward derivatives/options are derivative instruments whose value is based upon quoted market prices from various market participants. We have a zero cost basis in these derivative instruments. Our marketable equity securities relate to a single issuer and have a cost basis of $0.3 million.
 
 
15
 

 
Abakus Convertible Notes
 
In May 2014, we purchased $1.0 million of Abakus convertible promissory notes ("Convertible Notes") for $1.0 million. The Convertible Notes are due 90 days after written notice after the earlier of (i) May 30, 2016 (the “demand date”) or (ii) an occurrence of an Event of Default (as defined in the Convertible Notes). During Q2 2016, the company and Abakus extended of the demand date to September 30, 2016. Abakus is a small private company that has developed a digital attribution software solution. The Convertible Notes bear interest at 5% per annum payable at maturity. The Convertible Notes are convertible into Abakus Series A Preferred Stock ("Series A Preferred") as follows:
 
  a)
Automatic conversion if Abakus sells $2.0 million of Series A Preferred ("Qualified Financing"), whereupon the Convertible Notes shall be converted, at Sizmek's option, at either (i) 75% of the share price in the Qualified Financing, or (ii) the quotient of $7.0 million divided by the number of shares outstanding upon exercise of all dilutive securities, or

  b)
Optional conversion at Sizmek's election if Abakus completes an Equity Financing (as defined in the Convertible Notes) that is not a Qualified Financing, whereupon the Convertible Notes shall be converted at 75% of the share price in the Equity Financing.
 
In addition, upon a Change in Control, as defined in the Convertible Notes, the Convertible Notes shall be paid off at the greater of (i) the outstanding balance, or (ii) the amount the holder would have received upon conversion of the Convertible Notes. The Convertible Notes are considered held-to-maturity securities and are carried at amortized cost. The fair value of the Convertible Notes is not readily determinable. We are not aware of a market for the Convertible Notes. The Convertible Notes are included in other current assets.
 
4. Acquisitions
 
StrikeAd

On May 28, 2015, we acquired substantially all the assets and operations, and assumed certain liabilities, of privately-held StrikeAd, Inc. and its affiliates (collectively, “StrikeAd”) for $9.8 million. Of the total purchase price (i) $7.7 million was paid in cash at closing, and (ii) $2.1 million will be paid, subject to any indemnification claims or other contingencies, of which we currently expect to pay only $1.4 million.  We are combining the StrikeAd assets with our existing programmatic assets to build an end-to-end DSP for use by our customers.  The objective of the transaction was to accelerate the development of our mobile technology in order to better serve the advertising community. We have already realized, and expect to continue to realize operating synergies from this transaction. StrikeAd has been included in our results of operations since the date of closing.

The purchase price was allocated to the assets acquired and liabilities assumed based upon their estimated fair values. We allocated $4.3 million to developed technology, $1.2 million to customer relationships and $11.0 million to goodwill.  The developed technology and customer relationships acquired in the transaction are presently being amortized on a straight-line basis over 3.2 years and 5.5 years, respectively.  The weighted average amortization period is 3.7 years. See Goodwill, Intangible Assets and Impairments note below. The goodwill and other intangible assets created in the acquisition are deductible for tax purposes.  As part of the acquisition, the seller guaranteed to provide a fixed amount of working capital on the acquisition date. Any shortfall from the guaranteed amount can be withheld from our deferred payment obligation. The updated purchase price allocation is final.

Point Roll

On November 12, 2015, we acquired all of the shares of Point Roll, Inc. (“Point Roll”) from TEGNA Inc. (“Tegna”) for a total purchase price of $20.0 million, subject to adjustment.  Of the total purchase price (i) $11.0 million was paid in cash at closing, (ii) $7.0 million will be paid one year after the closing date and (iii) up to $2.0 million will be paid one year after the closing date, subject to any indemnification claims or other contingencies, of which we currently expect to pay only $1.1 million.  Point Roll provides rich media and dynamic creative ad serving technologies that allow interactivity in online advertising, such as streaming video, polling, and e-mail and data collection.  The purchase price was paid from cash on hand.  The objective of the transaction was to realize significant operating synergies by combining the operations of Point Roll with our existing online ad serving operations.
 
 
16
 
 
The purchase price was allocated to the assets acquired and liabilities assumed based upon their estimated fair values.  During the six months ended June 30, 2016, we revised the purchase price allocation from our original estimates which increased goodwill by $0.8 million, increased other intangible assets by $0.7 million, increased current assets by $0.4 million, increased other long term assets by $0.8 million, increased property and equipment by $0.5 million, increased liabilities by $3.9 million which reduced the purchase price by $0.7 million. Each of the customer relationships and trade names acquired in the transaction are being amortized on a straight-line basis over 4.1 years.  The goodwill and other intangible assets created in the acquisition are not deductible for tax purposes.  The liabilities assumed include $1.2 million for an uncertain tax position relating to a period prior to our purchase.  Tegna has agreed to indemnify us for this potential exposure.  Accordingly, we have recorded an indemnification asset for $1.2 million in purchase accounting.  As part of the acquisition, the seller guaranteed to provide a fixed amount of working capital on the acquisition date.  Any shortfall from the guaranteed amount can be withheld from our deferred payment obligation.  The updated purchase price allocation will be considered preliminary until the final amount of working capital acquired has been determined.

 
Purchase Price Allocations
 
        The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the respective dates of acquisition for the above referenced transactions (in millions).
 
Category
  
Point Roll
    
StrikeAd
  
Current assets
   $ 10.0     $ 2.9  
Property and equipment
     2.0       —  
Other assets
     2.0       —  
Customer relationships
     7.0       1.2  
Trade names
     0.5       —  
Developed technology
     —       4.3  
Noncompetition agreements
     —       —  
Goodwill
     5.4       11.0  
Total assets acquired
     26.9       19.4  
Less liabilities assumed
     (7.8 )     (10.3 )
Net assets acquired
   $  19.1     $ 9.1  
 
 
Pro Forma Information
 
        The following pro forma information presents our results of operations for the six months ended June 30, 2016 and 2015 as if the acquisitions of Point Roll and StrikeAd had occurred on January 1, 2015 (in thousands). A table of actual amounts is provided for reference.

   
As Reported
Six Months Ended
June 30,
    
Unaudited Pro Forma
Six Months Ended
June 30,
  
   
2016
    
2015
    
2016
    
2015
  
Revenue
   $ 89,425     $ 76,975     $ 89,425     $ 100,075  
Net loss
     (7,993 )     (15,842 )     (7,993 )     (20,789 )

5. Goodwill, Intangible Assets and Impairments

We operate as a single reporting unit. Changes in the carrying value of our goodwill for the six months ended June 30, 2016 were as follows (in thousands):
 
   
Goodwill
    
Accumulated
Impairment
Losses
     Net Carrying Value  
Balance at December 31, 2015
   $ 396,354     $ (387,943 )   $ 8,411  
2016 Activity
     709       —       709  
Balance at June 30, 2016
   $ 397,063     $ (387,943 )   $ 9,120  
 
 
17
 
 
We evaluate goodwill for possible impairment each year on December 31st and whenever events or changes in circumstances indicate the carrying value of our goodwill may not be recoverable. Generally, the goodwill impairment test involves a two-step process.  In the first step, we compare the fair value of the Company to its carrying value. If the fair value of the Company exceeds its carrying value, goodwill is not impaired and no further testing is required. If the fair value of the Company is less than its carrying value, we must perform the second step of the impairment test to measure the amount of the impairment loss. In the second step, the Company's fair value is allocated to its assets and liabilities, including any unrecognized intangible assets, in a hypothetical analysis that calculates the implied fair value of goodwill in the same manner as if the Company was being acquired in a business combination. If the implied fair value of the Company's goodwill is less than the carrying value, the difference is recorded as an impairment loss.
 
ASC 350-20-35 allows an entity to assess qualitatively whether it is necessary to perform step one of the prescribed two-step annual goodwill impairment test. If an entity believes, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, the two-step goodwill impairment test is not required.
 
During the fourth quarter of 2015, we determined that indicators of potential impairment existed requiring us to perform both a long-lived asset impairment test and a goodwill impairment test.  These indicators included (i) revenues and operating results sufficiently below our earlier forecast which prompted us to reduce our long range forecast, and (ii) a sharp decline in our market capitalization during the fourth quarter of 2015 such that our market capitalization plus a reasonable control premium was well below the book value of our total stockholders' equity. In 2015, we recorded goodwill and long-lived asset impairment charges of $47.4 million and $64.2 million, respectively.  
 
Risk of Future Goodwill and Long-Lived Assets Impairment
 
At June 30, 2016 and December 31, 2015, based on our discounted cash flow (DCF) model that uses our internal forecast, we determined the fair value of the Company was only slightly in excess of its carrying value. In preparing our model, we made assumptions about future revenues and expenses for several periods to determine the cash flows that would result.
 
As with any forecast, there is substantial risk our forecasted cash flows may fall short of our current expectations. If actual or expected future cash flows should fall sufficiently below our current forecast, it is likely we would be required to record another goodwill impairment charge. Future net cash flows are impacted by a variety of factors including revenues, operating margins, capital expenditures, income tax rates, and a discount rate.
 
Further, the market value of our common stock plus a reasonable control premium is an indicator of the fair value of our Company. If the market value of our common stock should fall sufficiently below the current level for an extended period of time, it would likely cause us to conclude that our goodwill is impaired and we would be required to record another goodwill impairment charge.

 
18
 
 
6.  Share-based Compensation

All share-based compensation expense relates to awards issued from Sizmek’s Amended and Restated 2014 Incentive Award Plan.

   
Six Months Ended June 30,
  
Description
  
2016
    
2015
  
Sizmek share-based compensation
   $ 2,148     $ 1,903  
 
In the first quarter of 2016, Sizmek’s Compensation Committee granted (i) 471,362 performance-based Restricted Stock Units (“RSUs”) and, (ii) 431,116 time-based RSUs to certain of our employees and directors.  The RSUs expected to vest, were valued at $2.8 million.  The awards (i) vest over periods ranging from one to three years, (ii) are subject to the employees’ continued employment with us or the director’s continued service on our Board of Directors, and (iii) with respect to the performance-based RSUs, are subject to reaching certain (a) revenue, (b) adjusted EBITDA and (c) free cash flow growth targets (i.e., performance conditions).
 
In the second quarter of 2016, Sizmek’s Compensation Committee granted 660,995 time-based RSUs to certain of our employees.  The RSUs are expected to vest were valued at $1.5 million.  The awards vest over a period of two years, and are subject to the employees’ continued employment with us.
 
Generally, the awards granted in 2016 vest on an accelerated basis upon the occurrence of the holder’s (a) death, (b) termination by reason of disability, (c) termination without Cause (as defined) following a Change of Control (as defined) or (d) resignation for Good Reason (as defined) following a Change in Control.  Unrecognized compensation costs related to unvested RSUs and stock options were $5.9 million at June 30, 2016.

7.  Income Taxes

For the six months ended June 30, 2016, our effective tax rate was (14.1)% compared to (3.9)%  for the six months ended June 30, 2015.  The effective tax rates for each period differ from the expected federal statutory rate of 35.0% as a result of state and foreign income taxes; certain non-deductible expenses; and changes in our valuation allowances in Israel, the U.S. and state jurisdictions within the U.S. As a result, we do not recognize a tax benefit in Israel, the U.S. or state jurisdictions within the U.S. when we incur taxable losses as realization of those tax benefits is not more-likely-than-not.  Conversely, in certain foreign jurisdictions we report earnings and recognize a tax expense or benefit on that income in accordance with the tax statutes of those jurisdictions.
 
 
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We recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more-likely-than not sustain the position following an audit.  For tax positions meeting the more-likely-than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority.  During the six months ended June 30, 2016, we recognized one additional uncertain tax position related to a state and local income tax matter.  The position was effectively settled later in the same period.  Approximately $0.4 million of the increase relates to a position we acquired from Point Roll, for which we have an offsetting indemnification asset from the seller. Interest and penalties related to uncertain tax positions are recognized in income tax expense.  For each of the six month periods ended June 30, 2016 and 2015, we recognized less than $0.1 million of interest and penalties related to uncertain tax positions in our financial statements. The changes in uncertain tax positions for the six months ended June 30, 2016 and 2015 were as follows (in thousands):
 
   
Six Months Ended June 30,
  
   
2016
    
2015
  
Balance at beginning of year
   $ 2,677     $ 1,507  
Additions for tax positions related to prior years
     —       39  
Balance at end of period
   $ 2,677     $ 1,546  

If we reduced our reserve for uncertain tax positions, it would result in our recognition of a tax benefit.

As of June 30, 2016, we provided a valuation allowance against substantially all of our (i) U.S. federal and state NOL carryforwards and (ii) NOL carryforwards in Israel, as ultimate realization of these NOLs was determined to be not more-likely-than not.  Accordingly, we have NOL carryforwards available to us (should we have sufficient future taxable income to utilize them) that are not reflected in our consolidated balance sheets at June 30, 2016 and December 31, 2015.
 
We are subject to U.S. federal income tax, income tax from multiple foreign jurisdictions including Israel and the United Kingdom, and income taxes of multiple state jurisdictions. U.S. federal, state and local income tax returns for 2011 through 2015 remain open to examination. Israeli and United Kingdom income tax returns remain open to examination for 2010 through 2015 and 2009 through 2015, respectively. Prior to our Spin-Off, our operating results had been included in DG's U.S. federal and state tax returns or tax returns of non-U.S. jurisdictions. Subsequent to our Spin-Off, we file stand-alone income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions and various foreign jurisdictions. Prior to our Spin-Off, we entered into a tax matters agreement with DG that governs the parties' respective rights, responsibilities and obligations with respect to taxes. The tax matters agreement generally provides that the filing of tax returns, the control of audit proceedings, and the payment of any additional tax liability relative to DG and its consolidated subsidiaries for periods prior to February 8, 2014 is our responsibility.
 
We do not provide deferred taxes on the undistributed earnings of our non-U.S. subsidiaries in situations where our intention is to reinvest such earnings indefinitely. Furthermore, we believe both our U.S. and non-U.S. subsidiaries have significant net assets, liquidity, and other financial resources available to meet their operational and capital investment requirements.

8.  Loss per Share

Basic earnings (loss) per common share excludes dilution and is calculated by dividing net earnings (loss) by the weighted-average number of common shares outstanding during the period.  Diluted earnings (loss) per common share is calculated by dividing net earnings (loss) by the weighted-average number of common shares outstanding during the period, as adjusted for the potential dilutive effect of non-participating share-based awards such as stock options and RSUs.  The Company does not include any potentially dilutive securities in its calculation of diluted loss per common share, since their effect would be anti-dilutive.

The following table presents our loss per common share for the three and six months ended June 30, 2016 and 2015 (in thousands, except per share data):
 
   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
   
2016
    
2015
    
2016
    
2015
  
Net loss
   $ (1,041 )   $ (7,897 )   $ (7,993 )   $ (15,842 )
                                 
Weighted average common shares outstanding — basic
     29,128       29,549       29,081       29,666  
Dilutive securities
     —       —       —       —  
Weighted average common shares outstanding - diluted
     29,128       29,549       29,081       29,666  
                                 
Basic and diluted loss per common share
   $ (0.04 )   $ (0.27 )   $ (0.27 )   $ (0.53 )
                                 
Antidilutive securities not included:
                                
Stock options and RSUs
     1,295       1,268       1,141       1,266  
 
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9.  Geographical Information and Product Categories
 
We have one operating segment. Our chief operating decision maker is considered to be our Chief Executive Officer. The chief operating decision maker allocates resources and assesses performance of the business and other activities at the operating segment level.
 
The following table summarizes our revenues by geographic area (in thousands):

   
Three Months Ended June 30,
    
Six Months Ended June 30,
  
   
2016
    
2015
    
2016
     2015  
Revenues:
                        
United States
   $ 28,446     $ 20,975     $ 51,447     $ 40,575  
Europe, Middle East and Africa
     12,271       11,821       22,736       21,171  
Asia Pacific
     5,550       5,177       10,848       11,071  
Latin America
     1,689       1,398       2,783       2,749  
North America (excluding U.S.)
     944       845       1,611       1,409  
Total
   $ 48,900     $ 40,216     $ 89,425     $ 76,975  

For the three and six months ended June 30, 2016, about 42% of our revenues, for both of the periods,were attributable to foreign jurisdictions. However, no one country other than the United States represented more than 10% of our consolidated revenues in either period.
 
The following table summarizes our revenues by product category (in thousands):
 
   
Three Months Ended June 30,
    
Six Months Ended June 30,
  
   
2016
    
2015
    
2016
    
2015
  
Revenues:
                        
Platform solutions
   $ 38,007     $ 35,645     $ 72,438     $ 68,537  
Programmatic solutions
     10,893       4,571       16,987       8,438  
Total
   $ 48,900     $ 40,216     $ 89,425     $ 76,975  

The following table summarizes our property and equipment, net by geographic area (in thousands):
 
   
June 30,
2016
    
December 31,
2015
  
Property and equipment, net:
            
Israel
   $ 27,584     $ 21,387  
United States
     6,116       6,441  
Other countries
     1,624       1,582  
Total
   $ 35,324     $ 29,410  

 
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10.  Subsequent Events

Merger Agreement
 
On August 3, 2016, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Solomon Holding, LLC, a Delaware limited liability company (“Parent”), and Solomon Merger Subsidiary, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Subsidiary”). Parent and Merger Subsidiary are affiliates of Vector Capital, a technology-focused private equity firm. Pursuant to the Merger Agreement and upon the terms and subject to the conditions thereof, Merger Subsidiary will commence a tender offer (the “Offer”) to purchase any and all of the outstanding shares (the “Shares”) of our common stock, par value $0.001 per share at a price of $3.90 per Share (the “Offer Price”), payable net to the sellers thereof in cash, without interest, in accordance with the terms of the Merger Agreement, subject to any deduction or withholding of taxes required by applicable laws.
 
Upon the terms and subject to the conditions of the Merger Agreement, Merger Subsidiary will commence the Offer no earlier than August 24, 2016 and no later than September 1, 2016. Subject to the terms and conditions set forth in the Merger Agreement, Merger Subsidiary shall, promptly after the expiration of the Offer, accept for payment all Shares validly tendered and not withdrawn pursuant to the Offer (the time at which Shares are first accepted for payment under the Offer, the “Acceptance Time”). Promptly after the Acceptance Time, Merger Subsidiary shall pay the Offer Price for such Shares.

Merger Subsidiary’s obligation to accept for payment and pay for all Shares validly tendered and not withdrawn pursuant to the Offer is subject to certain conditions including:  (i) that the number of Shares validly tendered and not withdrawn in accordance with the terms of the Offer, together with the Shares then owned by Parent, and/or Merger Subsidiary and any other Subsidiaries of Parent, collectively represents at least a majority of the Shares outstanding on a fully diluted basis, (ii) the expiration or termination of any waiting period (and extensions thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, (the “HSR Act”) or under laws analogous to the HSR Act existing in foreign jurisdictions in which the Company has annual revenues or assets in excess of $10,000,000, (iii) the absence of any law, judgment, injunction, order or decree by any governmental authority that would make illegal or otherwise prohibit the Offer or the Merger or restrains or prohibits Parent or Merger Subsidiary from exercising full rights of ownership in the Shares purchased pursuant to the Offer, (iv) the accuracy of the representations and warranties of the Company contained in the Merger Agreement, subject to customary exceptions, (v) the Company’s material compliance with its covenants contained in the Merger Agreement, (vi) that a Material Adverse Effect (as defined in the Merger Agreement) shall not have occurred, (vii) that less than 10% of the outstanding Shares (other than the Shares beneficially owned by Meruelo Investment Partners LLC and certain of its affiliates) have perfected and not withdrawn a demand for appraisal rights, (viii) the Company having the minimum Cash on Hand (as defined in the Merger Agreement), and (ix) other customary conditions. Neither the consummation of the Offer nor the Merger is subject to a financing condition.

Pursuant to the Merger Agreement, following the consummation of the Offer, and subject to the conditions set forth in the Merger Agreement, Merger Subsidiary will be merged with and into the Company (the “Merger”), whereupon the separate existence of Merger Subsidiary shall cease, and the Company shall be the surviving corporation and a wholly owned subsidiary of Parent. The Merger shall be governed by and effected under Section 251(h) of the Delaware General Corporation Law (the “DGCL”), without a vote of the stockholders of the Company, and subject to the terms and conditions contained in the Merger Agreement, the parties agree to take all necessary and appropriate action to cause the Merger to become effective as soon as practicable following the consummation of the Offer. At the effective time of the Merger (the “Effective Time”), all remaining outstanding Shares not tendered in the Offer (other than Shares held by Parent or any of its Subsidiaries, including Merger Subsidiary, or in the treasury of the Company, or Shares held by stockholders who are entitled to exercise, and properly exercise, appraisal rights with respect to such Shares pursuant to, and who comply in all respects with, the provisions of Section 262 of the DGCL) will be cancelled and converted into the right to receive an amount in cash equal to the Offer Price, without interest (the “Merger Consideration”), subject to any deduction or withholding of taxes required by applicable laws.
 
The Merger Agreement contains representations, warranties and covenants of the parties as customary for transactions of this type. The Company has also agreed to customary covenants governing the conduct of its business, including an obligation to conduct its business in the ordinary course consistent with past practices through the Effective Time. The Merger Agreement contains a “go-shop” provision pursuant to which the Company retains the right to solicit, receive, evaluate, encourage and engage in discussions and negotiations with respect to alternative acquisition proposals from third parties through the 30th calendar day after the date of the Merger Agreement. The Merger Agreement also contains customary termination provisions for the Company and Parent and provides that, in connection with the termination of the Merger Agreement in connection with a competing acquisition proposal and in other certain specified circumstances, the Company may be required to pay Parent a termination fee of 3.50% of our equity value based on the Offer Price.
 
 
 
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Item 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following management’s discussion and analysis of financial condition and results of operations (“MD&A”) should be read in conjunction with our unaudited consolidated financial statements and notes thereto contained elsewhere in this Quarterly Report on Form 10-Q (“Report”).

The following discussion contains forward-looking statements.  The matters discussed in these forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those made, projected or implied in the forward-looking statements.  Factors that could cause or contribute to these differences include those discussed elsewhere in this report, particularly in “Cautionary Note Regarding Forward-Looking Statements.” 

Critical Accounting Policies and Estimates

The following discussion and analysis of the financial condition and results of operations are based on the unaudited consolidated financial statements and notes to unaudited consolidated financial statements contained in this Report that have been prepared in accordance with the rules and regulations of the SEC and do not include all the disclosures normally required in annual financial statements prepared in accordance with GAAP.  The preparation of these financial statements requires us to make estimates that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities.  We base these estimates on historical results and various other assumptions believed to be reasonable, all of which form the basis for making estimates concerning the carrying values of our assets and liabilities that are not readily available from other sources.  Actual results may differ from these estimates.

Our significant accounting policies are described in Note 2 to the consolidated financial statements presented in our Annual Report on Form 10-K for the year ended December 31, 2015 (“Annual Report”).  Our critical accounting policies are described in MD&A in our Annual Report.  Our significant and critical accounting policies have not changed significantly since the filing of our Annual Report. 

See Note 5 to our unaudited consolidated financial statements in this report regarding the risk of a future impairment of our goodwill and long-lived assets.
 
Overview
 
We operate a leading open ad management and distribution platform. We assist 19,000 advertisers and 3,700 agencies engage with consumers in approximately 65 countries across multiple online media channels (mobile, display, rich media, video and social). Our revenues are principally derived from services related to online advertising. Our technology and service help advertisers overcome the fragmentation in the online advertising market and achieve optimal results from their advertising campaigns.
 
Our business can be impacted by several factors, including general economic conditions, the overall advertising market, new emerging digital technologies, and the continued growth of online and other alternative advertising.
 
On August 3, 2016, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Solomon Holding, LLC, a Delaware limited liability company (“Parent”), and Solomon Merger Subsidiary, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Subsidiary”). Parent and Merger Subsidiary are affiliates of Vector Capital, a technology-focused private equity firm. Pursuant to the Merger Agreement and upon the terms and subject to the conditions thereof, Merger Subsidiary will commence a tender offer to purchase any and all of the outstanding shares of our common stock, par value $0.001 per share at a price of $3.90 per share, payable net to the sellers thereof in cash, without interest, in accordance with the terms of the Merger Agreement, subject to any deduction or withholding of taxes required by applicable laws. For more information, see Note 10 to our unaudited consolidated financial statements in this report.
 
Our Business Strategy
 
Our goal is to operate the leading independent ad management platform worldwide, and become the platform of choice among advertisers, agencies and publishers. We are in the process of completing the development of a single, end-to-end, integrated ad management platform across all channels and formats. In order to achieve our objective, we need to:
 
  (i)
continue to expand the products available on our platform;

  (ii)
expand our partnership program by inviting developers with the latest technology and features to partner with us and implement their technology onto our platform: and

  (iii)
control our costs.
 
 
23
 
 
In 2016, our key strategic initiatives include:
 
 
·
driving new mobile, video, programmatic and data business with a particular emphasis on omni-channel delivery and measurement, and dynamic creative;
 
 
·
positioning Sizmek as the most credible, reliable provider of omni-channel solutions;
 
 
·
working to complete the development of the Sizmek MDX-NXT platform;
 
 
·
enhancing our mobile DSP platform to accommodate self-serve advertisers and integrate the platform with Sizmek MDX-NXT; and
 
 
·
completing the integration of our Point Roll business.
 
Acquisitions
 
        We have a history of acquisitions.  In May and November 2015, we acquired StrikeAd, Inc. and Point Roll, Inc. respectively.  As a result of these acquisitions, our operating results from period to period are not entirely comparable.  Each of the acquisitions has been included in our results of operations since their respective dates of closing.

Seasonality

Our business is seasonal. Revenues tend to be the highest in the fourth quarter as a large portion of our revenues follow the advertising patterns of our customers.
 
 
24
 

Results of Operations

Three Months Ended June 30, 2016 vs. Three Months Ended June 30, 2015

The following table sets forth certain historical financial data (dollars in thousands):
 
               
% Change
    
As a % of Revenue
  
   
Three Months Ended
    
2016
    
Three Months Ended
  
   
June 30,
    
vs.
    
June 30,
  
   
2016
    
2015
    
2015
    
2016
    
2015
  
Revenues:
                              
Platform solutions
   $ 38,007     $ 35,645       6.6 %     77.7 %     88.6 %
Programmatic solutions
     10,893       4,571       138.3       22.3       11.4  
Total
     48,900       40,216       21.6       100.0       100.0  
Costs and expenses:
                                        
Cost of revenues (a) :
                                        
Platform solutions
     13,398       11,175       19.9       27.4       27.8  
Programmatic solutions
     7,914       3,317       138.6       16.2       8.2  
Total
     21,312       14,492       47.1       43.6       36.0  
Selling and marketing
     14,877       15,433       (3.6 )     30.4       38.5  
Research and development
     3,103       3,674       (15.5 )     6.3       9.1  
General and administrative
     5,368       4,739       13.3       11.0       11.8  
Merger, integration and other
     2,436       1,170       108.2       5.0       2.9  
Depreciation and amortization
     3,309       7,771       (57.4 )     6.8       19.3  
Total costs and expenses
     50,405       47,279       6.6       103.1       117.6  
                                         
Loss from operations
     (1,505 )     (7,063 )     (78.7 )     (3.1 )     (17.6 )
                                         
Other (income) expense, net
     (977 )     366       (366.9 )     (2.0 )     0.9  
                                         
Loss before income taxes
     (528 )     (7,429 )     (92.9 )     (1.1 )     (18.5 )
Provision for income taxes
     513       468       9.6       1.0       1.2  
Net loss
     (1,041 )     (7,897 )     (86.8 )     (2.1 )     (19.7 )
 
(a)     Excluding depreciation and amortization.

Revenues – Platform solutions.    For the three months ended June 30, 2016, Platform revenues increased by $2.4 million, or 6.6%, as compared to the same period in the prior year.  Our November 2015 acquisition of Point Roll contributed approximately $4.8 million of Platform revenues to the second quarter 2016.  Our Platform products (excluding flash-based rich media) increased $9.1 million or 32.6% while our flash-based rich media revenues continued to decline falling $6.8 million, or 89.5%. Our flash-based rich media revenue declined due to a continuing reduction in the number of impressions served and the average selling price per impression served.  Our core products revenue (representing all Platform products except flash-based rich media) increased primarily due to greater usage of our (i) mobile services (ii) smart versioning optimization product, (iii) in-stream product and (iv) our viewability and verification products.  Our November 2015 acquisition of Point Roll contributed approximately $4.3 million of core products revenues to the second quarter 2016.  
 
Revenues – Programmatic solutions.    For the three months ended June 30, 2016, Programmatic revenues increased by $6.3 million, or 138.3%, as compared the same period in the prior year. Revenues increased due to (i) our May 2015 acquisition of StrikeAd, and (ii) growth in our trading revenues.
 
Revenues – Foreign Currency Impact.  For the three months ended June 30, 2016, foreign currency exchange rates compared to the U.S. Dollar were generally weaker than they were during the three months ended June 30, 2015.  This resulted in us reporting revenues $0.5 million lower than if the exchange rates were held constant with those in effect in the first three months of 2015.
 
 
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Cost of Revenues – Platform solutions.    For the three months ended June 30, 2016, Platform cost of revenues increased by $2.2 million, or 19.9%, as compared to the same period in the prior year. As a percentage of total revenues, Platform cost of revenues decreased to 27.4% in 2016, as compared to 27.8% in 2015.  Platform cost of revenues increased primarily due to (i) increased salary and salary related expenses mainly due to our November 2015 acquisition of Point Roll ($1.6 million), and (ii) delivery costs increased $1.6 million due to a 2015 decision to lease computing power in the cloud rather than own file servers.  The decision to lease cloud computing power gives us greater flexibility and more reliability but increases costs.  In addition, the entire leasing cost is charged to the area using the server.  When the file server was owned only the maintenance cost was charged to the area using the server and the cost of the equipment was recognized over a period of time as depreciation expense.
 
Cost of Revenues – Programmatic solutions.   For the three months ended June 30, 2016, Programmatic cost of revenues increased by $4.6 million, or 138.6%, as compared to the same period in the prior year.  Our programmatic gross profit percentage is 27.3% in 2016, as compared to 27.4% in 2015.  The increase was largely due to (i) our May 2015 acquisition of StrikeAd, and (ii) growth in our trading revenue of 138.3% with a similar increase in our expenses of 138.6%.
 
Selling and Marketing.    For the three months ended June 30, 2016, selling and marketing expense decreased $0.6 million, or 3.6%, as compared to the same period in the prior year. This decrease is mainly due to decreases in (i) salary expenses ($0.3 million),  and (ii) travels expenses ($0.2 million). As a percentage of revenues, selling and marketing expense decreased to 30.4% in the second quarter 2016 as compared to 38.5% in the second quarter of 2015.
 
Research and Development.    For the three months ended June 30, 2016, research and development expense decreased $0.6 million, or 15.5%, as compared to the same period in the prior year. This decrease is mainly due to decreased salary expenses ($0.4 million) due to reductions in headcount.
 
General and Administrative.    For the three months ended June 30, 2016, general and administrative expense increased by $0.6 million, or 13.3%, as compared to the same period in the prior year. The increase is mainly due to salary and compensation expenses ($0.5 million).  As a percentage of revenues, general and administrative expense decreased slightly to 11.0% in 2016, as compared to 11.8% in 2015.  
 
Merger, Integration and Other.    For the three months ended June 30, 2016, merger, integration and other costs increased by $1.3 million, or 108.2%, as compared to the same period in the prior year. The increase largely related to our 2015 acquisitions of StrikeAd and Point Roll.  
 
Depreciation and Amortization.    For the three months ended June 30, 2016, depreciation and amortization decreased by $4.5 million, or 57.4%, as compared to the same period in the prior year. The decrease is entirely the result of a long-lived asset impairment charge recorded at the end of 2015 which wrote off a large portion of our fixed assets and intangible assets and therefore reduced depreciation and amortization expenses in the second quarter of 2016 and will continue to reduce depreciation and amortization expenses in future periods.  
 
Other (income) expense, net.    For the three months ended June 30, 2016, other income, net was $1.0 million as compared to a net expense of $0.4 million for the same period in 2015.  In 2016 we recorded a gain from selling marketable securities while in 2015 we had expense primarily related to foreign exchange losses.
 
Provision for Income Taxes.    For the three months ended June 30, 2016, our effective tax rate was (97.2)% compared to (6.3)% for the same period in 2015. The effective tax rate for each period differs from the expected federal statutory rate of 35% as a result of non-deductible expenses, a change in our valuation allowance and state and foreign income taxes. Presently, our operations both in the U.S. and Israel are in a net operating loss position and we have not recognized a tax benefit for those losses as ultimate realization of the tax benefit is not more likely than not.  
 
Effect of Foreign Currency Exchange Rates.   For the three months ended June 30, 2016, foreign currency exchange rates had weakened against the U.S. Dollar when compared to the same period in 2015.  As a result, we reported lower revenues ($0.5 million), and lower operating expenses ($0.3 million).  The net impact increased our loss from operations by $0.2 million compared to if the exchange rates were held constant during both periods.
 
 
26
 

Six Months Ended June 30, 2016 vs. Six Months Ended June 30, 2015
 
The following table sets forth certain historical financial data (dollars in thousands):
 
               
% Change
    
As a % of Revenue
  
   
Six Months Ended
    
2016
    
Six Months Ended
  
   
June 30,
    
vs.
    
June 30,
  
   
2016
    
2015
    
2015
    
2016
    
2015
  
Revenues:
                              
Platform solutions
   $ 72,438     $ 68,537       5.7 %     81.0 %     89.0 %
Programmatic solutions
     16,987       8,438       101.3       19.0       11.0  
Total
     89,425       76,975       16.2       100.0       100.0  
Costs and expenses:
                                        
Cost of revenues (a) :
                                        
Platform solutions
     27,063       22,010       23.0       30.3       28.6  
Programmatic solutions
     12,500       6,142       103.5       14.0       8.0  
Total
     39,563       28,152       40.5       44.2       36.6  
Selling and marketing
     29,698       29,636       0.2       33.2       38.5  
Research and development
     6,313       6,577       (4.0 )     7.1       8.5  
General and administrative
     10,923       9,293       17.5       12.2       12.1  
Merger, integration and other
     5,203       2,004       159.6       5.8       2.6  
Depreciation and amortization
     6,232       15,210       (59.0 )     7.0       19.8  
Total costs and expenses
     97,932       90,872       7.8       109.5       118.1  
                                         
Loss from operations
     (8,507 )     (13,897 )     (38.8 )     (9.5 )     (18.1 )
                                         
Other (income) expense, net
     (1,502 )     1,345       (211.7 )     (1.7 )     1.7  
                                         
Loss before income taxes
     (7,005 )     (15,242 )     (54.0 )     (7.8 )     (19.8 )
Provision for income taxes
     988       600       64.7       1.1       0.8  
Net loss
     (7,993 )     (15,842 )     (49.5 )     (8.9 )     (20.6 )
 
(a)     Excluding depreciation and amortization.
 
NMNot meaningful.
 
Revenues – Platform solutions.    For the six months ended June 30, 2016, Platform revenues increased $3.9 million, or 5.7%, as compared to the same period in the prior year.  Our November 2015 acquisition of Point Roll contributed approximately $10.3  million of Platform revenues to the first half of 2016.  Our Platform products (excluding flash-based rich media) increased $16.3 million or 30.5% while our flash-based rich media revenues continued to decline falling $12.4 million, or 82.1%. Our flash-based rich media revenue declined due to a continuing reduction in the number of impressions served and the average selling price per impression served.  Our core products revenue grew primarily due to greater usage of our (i) mobile services (ii) smart versioning optimization product, (iii) in-stream product and (iv) our viewability and verification products.  Our November 2015 acquisition of Point Roll contributed approximately $8.2 million of core products revenues to the first half of 2016.  

Revenues – Programmatic solutions.    For the six months ended June 30, 2016, Programmatic solutions revenues increased $8.5 million, or 101.3%, as compared to the same period in the prior year.  Revenues increased due to (i) our May 2015 acquisition of StrikeAd, and (ii) growth in our trading revenues.
 
Revenues – Foreign Currency Impact.  For the six months ended June 30, 2016, foreign currency exchange rates compared to the U.S. Dollar were generally weaker than they were during the six months ended June 30, 2015.  This resulted in us reporting revenues $1.1 million lower than if the exchange rates were held constant with those in effect in the first six months of 2015.
 
 
27
 
 
Cost of Revenues – Platform solutions.    For the six months ended June 30, 2016, Platform cost of revenues increased $5.0 million, or 23.0%, as compared to the same period in the prior year. As a percentage of total revenues, Platform cost of revenues increased to 30.3% in the first half of 2016, as compared to 28.6% in the same period in 2015.  Platform cost of revenues increased primarily due to (i) increased salary and salary related expenses mainly due to our November 2015 acquisition of Point Roll ($2.5 million), and (ii) delivery costs increased $2.7 million due to a 2015 decision to lease computing power in the cloud rather than own file servers.  The decision to lease cloud computing power gives us greater flexibility and more reliability but increases costs.  
 
Cost of Revenues – Programmatic solutions.    For the six months ended June 30, 2016, Programmatic cost of revenues increased $6.4 million, or 103.5%, as compared to the same period in the prior year The increase was largely due to (i) our May 2015 acquisition of StrikeAd and (ii) growth in our trading revenue of 101.3% with a similar increase in our expenses of 103.5%.
 
Selling and Marketing.    For the six months ended June 30, 2016, selling and marketing expense remain with no change to the same period in the prior year. As a percentage of revenues, selling and marketing expense decreased to 33.2% in the six months ended June 30, 2016 as compared to 38.5% in the same 2015 period.  
 
Research and Development.    For the six months ended June 30, 2016, research and development expense decreased $0.3 million, or 4%, as compared to the same period in the prior year.  This decrease is mainly due to a decrease in salary expenses ($0.3 million) due to reductions in headcount.
 
General and Administrative.    For the six months ended June 30, 2016, general and administrative expense increased $1.6 million, or 17.5%, as compared to the same period in the prior year.The increase is mainly due to (i) an increase in our provision for doubtful accounts ($0.5 million) and (ii) an increase in salary and compensation expenses ($0.9 million). As a percentage of revenues, general and administrative expense increased slightly to 12.2% in 2016, as compared to 12.1% in 2015.  
 
Merger, Integration and Other.    For the six months ended June 30, 2016, merger, integration and other costs increased $3.2 million, or 159.6%, as compared to the same period in the prior year. The increase largely related to our 2015 acquisitions of StrikeAd and Point Roll.  
 
Depreciation and Amortization.    For the six months ended June 30, 2016, depreciation and amortization decreased $9.0 million, or 59%, as compared to the same period in the prior year. The decrease is entirely the result of a long-lived asset impairment charge recorded at the end of 2015 which wrote off a large portion of our fixed assets and intangible assets and therefore reduced depreciation and amortization expenses in the six months ended June 30,  2016 and will continue to reduce depreciation and amortization expenses in future periods.  
 
Other expense, net.    For the six months ended June 30, 2016, other income, net was $1.5 million as compared to a net expense of $1.3 million for the same period in 2015.  In 2016 we recorded  (i) a gain on the sale of marketable securities ($1.0 million), (ii) loss on sale of property and equipment ($0.1 million),  and (iii)  foreign currency exchange gains ($0.6 million), compared to foreign currency exchange losses ($1.3 million) in 2015.
 
Provision (Benefit) for Income Taxes.    For the six months ended June 30, 2016, our effective tax rate was (14.1)% compared to 3.9% for the same period in 2015. The effective tax rate for each period differs from the expected federal statutory rate of 35% as a result of non-deductible expenses, a change in our valuation allowance and state and foreign income taxes. Presently, our operations in the U.S. are in a net operating loss position and we have not recognized a tax benefit for those losses as realization of the tax benefit has not been determined to be likely.  
 
Effect of Foreign Currency Exchange Rates.   For the six months ended June 30, 2016, foreign currency exchange rates had weakened against the U.S. Dollar when compared to the same period in 2015.  As a result, we reported lower revenues ($1.1 million), and lower operating expenses ($1.0 million).  The net impact increased our loss from operations by $0.1 million compared to if the exchange rates were held constant during both periods.
 
 
28
 
 
Financial Condition

The following table sets forth certain major balance sheet accounts as of June 30, 2016 and December 31, 2015 (in thousands):
 
   
June 30,
2016
    
December 31,
2015
  
Assets:
            
Cash and cash equivalents
   $ 36,800     $ 42,046  
Accounts receivable, net
     54,668       64,595  
Property and equipment, net
     35,324       29,410  
Goodwill
     9,120       8,411  
Intangible assets, net
     14,716       16,931  
                 
Liabilities:
                
Accounts payable and accrued liabilities
     39,263       42,720  
Deferred income taxes
     782       919  
                 
Stockholders’ equity
     116,454       125,530  

Cash and cash equivalents fluctuate with changes in operating, investing and financing activities. In particular, cash and cash equivalents fluctuate with (i) operating results, (ii) the timing of payments, (iii) capital expenditures, (iv) acquisition and investment activity, and (v) capital activity. The decrease in cash and cash equivalents during the six month ended June 30, 2016 primarily relates to (i) our net loss ($8.0 million), (ii) our investment in capital assets ($9.0 million), (iii) our purchases of treasury stock ($1.3 million) and (iv) additional financing activity ($2.3 million),  partially offset by (i) proceeds from sale of available for sale securities ($1.3 million) and (ii) changes in operating assets and liabilities ($14.4 million).
 
Accounts receivable generally fluctuate with revenues. As revenues increase or decrease, accounts receivable tend to increase or decrease, correspondingly. The decrease in accounts receivable since December 31, 2015 is attributable to a decline in revenue for the second quarter 2016 vs. the fourth quarter 2015 in addition to a decline in the number of days of revenue included in accounts receivable which was 102 days and 107 days at June 30, 2016 and December 31, 2015, respectively.
 
Property and equipment tends to increase when we make significant improvements to our equipment or properties, expand our platform or capitalize software development initiatives. It also can increase as a result of acquisition activity. Further, the balance of property and equipment is decreased by recording depreciation expense. For the six months ended June 30, 2016 and 2015, purchases of property and equipment used to support our ad serving platform were $2.0 million and $3.1 million, respectively.  For the six months ended June 30, 2016 and2015, capitalized costs of developing software were $7.0 million and $8.4 million, respectively.
 
Intangible assets decreased during the six months ended June 30, 2016 as a result of amortization.
 
Accounts payable and accrued liabilities decreased $3.5 million to $39.3 million at June 30, 2016 as compared to $42.7 million at December 31, 2015.  The decrease relates to (i) a decrease in employees and payroll accrued ($5.7 million) offset with (ii) an increase in account payables ($2.7 million).  
 
Stockholders' equity decreased by $9.1 million to $116.4million at June 30, 2016 compared to $125.5 million at December 31, 2015, principally as a result of reporting an $8.0 million net loss.
 
 
29
 
 
Liquidity and Capital Resources

The following table sets forth a summary of our statements of cash flows (in thousands):
 
   
Six Months Ended
June 30,
  
   
2016
    
2015
  
Operating activities:
            
Net loss
   $ (7,993 )   $ (15,842 )
Depreciation and amortization
     6,232       15,210  
Share-based compensation and other
     2,148       1,221  
Changes in operating assets and liabilities, net
     6,065       (920 )
Total
     6,452       (331 )
                 
Investing activities:
                
Purchases of property and equipment
     (1,962 )     (3,131 )
Capitalized costs of developing software
     (7,089 )     (8,370 )
Proceeds from sale of available for sales securities
     1,247       —  
Acquisition, net of cash acquired
     —       (7,541 )
Other
     24       (433 )
Total
     (7,780 )     (19,475 )
                 
Financing activities:
                
Purchases of treasury stock
     (1,277 )     (4,500 )
Payments of TV business liabilities
     (1,428 )     (126 )
Proceeds from TV business assets
     376       1,200  
Payment of deferred financing obligation
     (500 )     —  
Payment of extended payment obligation incurred to purchase software
     (579 )     —  
Other
     (188 )     (169 )
Total
     (3,596 )     (3,595 )
                 
Effect of exchange rate changes on cash and cash equivalents
     (322 )     (339 )
                 
Net (decrease) increase in cash and cash equivalents
   $ (5,246 )   $ (23,740 )
 
We generate cash from operating activities principally from net loss adjusted for certain non-cash expenses such as (i) depreciation and amortization and (ii) share-based compensation. .In the first six months of 2016, we generated $6.5 million of cash from operating activities, as compared to using $0.3 million in cash from operating activities in the first six months of 2015. The increase in cash generated from operating activities ($6.8 million) was primarily due to decrease in our net loss.
 
We have invested our cash in (i) property and equipment, and (ii) the development of software.
 
In 2016, our cash used in financing activities includes payment of an outstanding obligation related to the former TV business.  In 2016 and 2015, we used cash in financing activities to purchase our common stock.
 
Sources of Liquidity
 
Our sources of liquidity include:
 
 
·
cash and cash equivalents on hand (including $8.7 million held outside the United States at June 30, 2016, all of which can be repatriated into the United States with little or no adverse tax consequences);

 
·
cash generated from operating activities;

 
·
borrowings from a credit facility we may enter into; and

 
·
the issuance of equity securities.
 
We believe our sources of liquidity, including (i) cash and cash equivalents on hand and (ii) cash generated from operating activities, will satisfy our capital needs for the next twelve months.
 
 
30
 
 
 
Cash Requirements
 
We routinely evaluate our liquidity requirements, including alternative sources and uses of cash.  As a result of this process:
 
we expect to use cash in connection with:
 
 
·
the purchase of capital assets (including the development of capitalized software projects); and

 
·
the organic growth of our business.

we could use cash in connection with:

 
·
the strategic acquisition of related businesses or investments, with cash requirements varying depending on if our common stock is used to fund all or part of any acquisition; and

 
·
purchases of our common stock.
 
In August 2014, our Board of Directors approved a $15 million share repurchase program. In March 2015, our Board of Directors increased the share repurchase program to $30 million. The program allows us to repurchase shares of our common stock through open market purchases, privately negotiated transactions or otherwise, subject to certain conditions. The share repurchase program does not have an expiration date. Since implementation of our share repurchase program through June 30, 2016, we made share repurchases totaling $9.3 million. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without notice. We have no obligation to repurchase shares under the share repurchase program.
 
During 2016, we expect we will purchase property and equipment and incur capitalized software development costs of approximately $17 million to $19 million, a portion of which will be used toward completion of our Sizmek MDX-NXT ad serving platform.  We expect to use cash to further expand and develop our business as we expect substantially all features and functionalities to be operational during 2016.
 
Off-Balance Sheet Arrangements
 
We have entered into operating leases for all of our office facilities and certain equipment rentals. Generally, these leases are for periods of three to ten years and usually contain one or more renewal options. We use leasing arrangements to preserve capital. We expect to continue to lease the majority of our office facilities under arrangements substantially consistent with the past.
 
Other than our operating leases, we are not a party to any off-balance sheet arrangement that we believe is likely to have a material impact on our current or future financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.
 
Item 3.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We have no material changes to the disclosure on this matter made in our Annual Report.

Item 4.    CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

In accordance with Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”), as of the end of the period covered by this Report, our management evaluated, with the participation of our principal executive officer and principal financial officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act).  Based on their evaluation of these disclosure controls and procedures, our Chief Executive Officer and Chief Financial Officer have concluded that the disclosure controls and procedures were effective as of the end of the period covered by this Report.
 
Changes in Internal Control over Financial Reporting

During the three months ended June 30, 2016, there have been no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
 
 
31
 
 
PART II.               OTHER INFORMATION
 
Item 1A.    RISK FACTORS
 
The risk factors included in our Annual Report on Form 10-K for the year ended December 31, 2015 should be considered while evaluating the Company and our business. In addition to those factors and other information in this Quarterly Report on Form 10-Q, the following updates to the risk factors should be considered carefully while evaluating the Company and our business.
 
Risks Related to our Pending Acquisition by Vector Capital
 
The conditions under the Merger Agreement to Vector Capital’s consummation of the Offer and the subsequent Merger may not be satisfied at all or in the anticipated timeframe.
 
On August 3, 2016, we entered into the Merger Agreement. The obligation of Vector Capital, Parent and Merger Subsidiary to complete the Offer and consummate the Merger is subject to certain conditions, including (i) that the number of Shares validly tendered and not withdrawn in accordance with the terms of the Offer, together with the Shares then owned by Parent, and/or Merger Subsidiary and any other Subsidiaries of Parent, collectively represents at least a majority of the Shares outstanding on a fully diluted basis, (ii) the expiration or termination of any waiting period (and extensions thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, (the “HSR Act”) or under laws analogous to the HSR Act existing in foreign jurisdictions in which the Company has annual revenues or assets in excess of $10,000,000, (iii) the absence of any law, judgment, injunction, order or decree by any governmental authority that would make illegal or otherwise prohibit the Offer or the Merger or restrains or prohibits Parent or Merger Subsidiary from exercising full rights of ownership in the Shares purchased pursuant to the Offer, (iv) the accuracy of the representations and warranties of the Company contained in the Merger Agreement, subject to customary exceptions, (v) the Company’s material compliance with its covenants contained in the Merger Agreement, (vi) that a Material Adverse Effect (as defined in the Merger Agreement) shall not have occurred, (vii) that less than 10% of the outstanding Shares (other than the Shares beneficially owned by Meruelo Investment Partners LLC and certain of its affiliates) have perfected and not withdrawn a demand for appraisal rights, (viii) the Company having the minimum Cash on Hand (as defined in the Merger Agreement), and (ix) other customary conditions. These conditions are described in more detail in the Merger Agreement, which we filed as an exhibit to our Current Report on Form 8-K with the SEC on August 3, 2016.
 
No assurance can be given that such conditions will be satisfied at all or in the anticipated timeframe. If the Offer and Merger are not completed, or are not completed in a timely manner, our business, financial condition, results of operations and cash flows may be adversely affected.
 
The announcement of, or a failure to complete, the Offer and the Merger could negatively impact our business, financial condition, results of operations or our stock price.
 
Our announcement of having entered into the Merger Agreement could cause a material disruption to our business and there can be no assurance that the conditions to the completion of the Offer and the Merger will be satisfied. The Merger Agreement also contains customary termination provisions for us and Parent and provides that, in connection with the termination of the Merger Agreement in connection with a competing acquisition proposal the Company may be required to pay Parent a termination fee of 3.50% of our equity value based on the Offer Price. We are subject to several risks as a result of the announcement of the Merger Agreement and the Offer, including, but not limited to, the following:
 
 
·
if the Offer and the Merger are not completed, the share price of our common stock may decline to the extent that the current market price of our common stock reflects an assumption that the Offer and the Merger will be completed;
 
 
·
certain costs related to the Offer and the Merger, including the fees and/or expenses of our legal, accounting and financial advisors, must be paid even if the Merger is not completed;
 
 
·
pursuant to the Merger Agreement, we are subject to certain restrictions on the conduct of our business prior to the completion of the Merger, which restrictions could adversely affect our ability to realize certain of our business strategies or take advantage of certain business opportunities;
 
 
·
the inability to retain certain key employees who may have sought and obtained different employment in anticipation of the completion of the Offer and the Merger;
 
 
·
sales of our products may be negatively impacted if we experience sales force turnover as a result of the announcement of the Offer and the Merger;
 
 
·
the announcement and pendency of the Offer and Merger may make it more difficult to establish or maintain relationships with employees, customers, vendors and other business partners;
 
 
·
the attention of our management may be directed toward the completion of the Offer and the Merger and related matters and may be diverted from day-to-day business operations, including from other opportunities that might otherwise be beneficial to us;
 
 
·
stockholder litigation in connection with the Offer or the Merger may result in significant costs of defense, indemnification and liability; and
 
 
·
a failure of the Offer and the Merger may result in negative publicity or a negative impression of us in the investment community or business community generally.
 
Should they occur, any of these matters could adversely affect our business, financial condition, results of operations or our stock price.
 
Some of our directors and executive officers have interests in the Offer and the Merger that are different from, or in addition to, those of our other stockholders.
 
Our stockholders should be aware that certain of our directors and executive officers have arrangements that provide them with interests in the Offer and the Merger that may be different from, or in addition to, those of our stockholders. Our executive officers are party to existing employment agreements that provide for certain severance payments in the event of their qualifying termination in connection with the proposed Merger. In addition, our directors and executive officers hold stock options and restricted stock units that will vest immediately prior to the effective time of the Merger. Our directors and executive officers also have certain rights to indemnification and directors’ and officers’ liability insurance that will remain following the completion of the proposed Merger.
 
 
32
 
 
Item 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
 
See a description of our share repurchase program in Part I, Item 2 of this Report under the heading “Liquidity and Capital Resources” and sub heading “Cash Requirements.”  We did not repurchase any shares of our common stock during the three months ended June 30, 2016.
 
Item 6.   EXHIBITS

Exhibits
    
3.1(a)
3.2(b)
31.1 *
  
Amended and Restated Certificate of Incorporation of Registrant.
Second Amended and Restated Bylaws of Registrant.
Rule 13a-14(a)/15d-14(a) Certification.
31.2 *
  
Rule 13a-14(a)/15d-14(a) Certification.
32.1 **
  
Section 1350 Certifications.
101  *
  
The following materials from our Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Unaudited Consolidated Statements of Operations, (iii) Unaudited Consolidated Statements of Comprehensive Loss, (iv) Unaudited Consolidated Statement of Stockholders’ Equity, (v) Unaudited Consolidated Statements of Cash Flows, and (vi) Notes to Unaudited Consolidated Financial Statements.
 
*
Filed herewith.
**
Furnished herewith.
(a)
Incorporated by reference to the exhibit bearing the same title filed with the Registrant’s Current Report on Form 8-K filed February 4, 2014.
(b)
Incorporated by reference to the exhibit bearing the same title filed with the Registrant’s Current Report on Form 8-K filed November 3, 2014.
 
 
33
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 
SIZMEK INC.
  
       
Date: August 9, 2016
By:
/s/ NEIL H. NGUYEN
  
 
Name:
Neil H. Nguyen
  
 
Title:
Chief Executive Officer and President
  
       
Date: August 9, 2016
By:
/s/ KENNETH SAUNDERS
  
 
Name:
Kenneth Saunders
  
 
Title:
Chief Financial Officer
  
 
34

 






 
 EX-31.1 2 exhibit_31-1.htm EXHIBIT 31.1 exhibit_31-1.htm
 
Exhibit 31.1

SIZMEK INC. AND SUBSIDIARIES

CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a)

I, Neil H. Nguyen, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Sizmek Inc.;

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 officer(s) 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 officer(s) 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: August 9, 2016
/s/ Neil H. Nguyen
  
 
Neil H. Nguyen
  
 
Chief Executive Officer and
  
 
President
  


EX-31.2 3 exhibit_31-2.htm EXHIBIT 31.2 exhibit_31-2.htm
Exhibit 31.2

SIZMEK INC. AND SUBSIDIARIES

CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a)

I, Kenneth Saunders, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Sizmek Inc.;

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 officer(s) 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 officer(s) 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: August 9, 2016
/s/ Kenneth Saunders
  
 
Kenneth Saunders
  
 
Chief Financial Officer
  
 
 EX-32.1 4 exhibit_32-1.htm EXHIBIT 32.1 exhibit_32-1.htm

EXHIBIT 32.1

SECTION 1350 CERTIFICATIONS

In connection with the Quarterly Report of Sizmek Inc. (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2015, as filed with the SEC on the date hereof (the “Report”), the undersigned, in the capacities and on the dates indicated below, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to such officer’s knowledge: (1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; 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: August 9, 2016
By:
/s/ Neil H. Nguyen
   
Neil H. Nguyen
   
Chief Executive Officer and
   
President
     
Date: August 9, 2016
By:
/s/ Kenneth Saunders
   
Kenneth Saunders
   
Chief Financial Officer

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Adjustment [Member] Scenario [Axis] Abakus [Member] Counterparty Name [Axis] Convertible Debt Securities [Member] Debt Security [Axis] Developed Technology Rights [Member] Finite-Lived Intangible Assets by Major Class [Axis] Customer Relationships [Member] Foreign Currency Translation [Member] Unrealized Gains (Losses) on Foreign Currency Derivatives [Member] Unrealized Gains on Available for Sale Securities [Member] Fair Value Inputs Level1 [Member] Fair Value, Hierarchy [Axis] Fair Value Inputs Level2 [Member] ISRAEL [Member] Geographical [Axis] UNITED STATES [Member] Other Countries [Member] Programmatic Solutions [Member] Products and Services [Axis] E M E A [Member] Asia Pacific [Member] Latin America [Member] North America Excluding United States Of America [Member] Platform Solutions [Member] Foreign Exchange Contract [Member] Derivative Instrument [Axis] Reclassification Out Of Accumulated Other Comprehensive Income [Member] Reclassification out of Accumulated Other Comprehensive Income [Axis] Minimum [Member] Range [Axis] Maximum [Member] Sizmek Equity Based Incentive Plan [Member] Plan Name [Axis] Restricted Stock Units R S U [Member] Award Type [Axis] Vesting Based On Performance [Member] Vesting Criteria [Axis] Vesting Based On Service [Member] Subsequent Event [Member] Subsequent Event Type [Axis] Document and Entity Information [Abstract] Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Document Fiscal Year Focus Document Fiscal Period Focus Statement of Financial Position [Abstract] Assets CURRENT ASSETS: Cash and cash equivalents Accounts receivable (less allowances of $1,627 as of June 30, 2016 and $1,795 as of December 31, 2015) Restricted cash Other current assets Current assets of TV business Total current assets Property and equipment, net Goodwill Intangible assets, net Deferred income taxes Restricted cash Other non-current assets Total assets Liabilities and Stockholders' Equity CURRENT LIABILITIES: Accounts payable Accrued liabilities Current liabilities of TV business Total current liabilities Deferred income taxes Other non-current liabilities Total liabilities STOCKHOLDERS' EQUITY: Preferred stock, $0.001 par value-Authorized 15,000 shares; issued and outstanding-none Common stock, $0.001 par value-Authorized 200,000 shares; 29,136 issued and outstanding at June 30, 2016; 29,584 issued and 29,228 outstanding at December 31, 2015 Treasury stock, at cost (356 shares at December 31, 2015) Additional capital Accumulated deficit Accumulated other comprehensive loss Total stockholders' equity Total liabilities and stockholders' equity Accounts receivable, allowances Preferred stock, par value Preferred stock, Authorized shares Preferred stock, issued shares Preferred stock, outstanding shares Common stock, par value Common stock, Authorized shares Common stock, issued shares Common stock, outstanding shares Treasury stock, shares Income Statement [Abstract] Revenues: Platform solutions Programmatic solutions Total Cost of revenues (excluding depreciation and amortization): Platform solutions Programmatic solutions Total Selling and marketing Research and development General and administrative Merger, integration, and other Depreciation and amortization Loss from operations Other (income) expense, net Loss before income taxes Provision for income taxes Net loss Basic and diluted loss per common share Weighted average common shares outstanding: Basic and diluted Statement of Comprehensive Income [Abstract] Net loss Other comprehensive income (loss): Unrealized gain (loss) on derivatives, net of tax Unrealized loss on available for sale securities, net of tax Foreign currency translation adjustment Total other comprehensive income (loss) Total comprehensive loss Statement [Table] Statement [Line Items] Balance Balance, shares Share-based compensation Common stock issued pursuant to RSU agreements, net of shares tendered to satisfy required tax withholding Common stock issued pursuant to RSU agreements, net of shares tendered to satisfy required tax withholding, shares Purchase of treasury stock Purchase of treasury stock, shares Retirement of treasury stock Retirement of treasury stock, shares Other comprehensive loss Balance Balance, shares Statement of Cash Flows [Abstract] Cash flows from operating activities: Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Depreciation of property and equipment Amortization of intangibles Gain on sales of available for sales security Share-based compensation Deferred income taxes Benefit for accounts receivable recoveries (Gain) loss from recovery of TV business net assets Other Changes in operating assets and liabilities: Accounts receivables Other assets Accounts payable and other liabilities Net cash (used in) provided by operating activities Cash flows from investing activities: Purchases of property and equipment Capitalized costs of developing software Proceeds from sale of property and equipment Proceeds from sale of available for sale securities Acquisition, net of cash acquired Other Net cash used in investing activities Cash flows from financing activities: Purchases of treasury stock Payment of deferred financing obligation Payments of TV business liabilities Proceeds from TV business assets Payment of tax withholding obligation for shares tendered Payment of extended payment obligation incurred to purchase software Net cash used in financing activities Effect of exchange rate changes on cash and cash equivalents Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Supplemental disclosures of cash flow information: Cash received (paid) for income taxes Cash received (paid) for interest Extended payment obligations incurred to purchase software Organization, Consolidation and Presentation of Financial Statements [Abstract] Basis of Presentation Accounting Policies [Abstract] General Fair Value Disclosures [Abstract] Fair Value Measurements Business Combinations [Abstract] Acquisitions Goodwill and Intangible Assets Disclosure [Abstract] Goodwill, Intangible Assets and Impairments Stock Plan And Stock Repurchase Program Stock Plan and Stock Repurchase Program Income Tax Disclosure [Abstract] Income Taxes Earnings Per Share [Abstract] Loss per Share Segments, Geographical Areas [Abstract] Geographical Information and Product Categories Subsequent Events [Abstract] Subsequent Events Principles of Consolidation Seasonality Reclassification Use of Estimates Risk of Goodwill Impairment and Long-Lived Assets Impairments Assets and Liabilities of DG's TV Business Derivative Instruments Accumulated Other Comprehensive Income (Loss) Merger, Integration and Other Expenses Recently Issued Accounting Guidance Schedule of DG's assets and liabilities outstanding Schedule of gains and losses recognized in consolidated results of operations due to hedging activities Schedule of components of accumulated other comprehensive income (loss) ("AOCI" or "AOCL"), net of tax Summary of reclassifications from accumulated other comprehensive income (loss) to the consolidated and combined statements of operations Summary of merger, integration and other expenses Schedule of assets and liabilities accounted for at fair value Summary of the estimated fair values of the assets acquired and liabilities assumed Schedule of as reported and pro forma results of operations relating to acquisitions Schedule of changes in carrying value of goodwill Summary of share-based compensation expense Schedule of changes in uncertain tax positions Schedule of loss per common share Schedule of revenues by geographic area Schedule of revenues by product category Schedule of property and equipment, net by country Number of advertisers connected to audiences Number of agencies connected to audiences Number of countries in which entity operates Minimum number of impressions served Assets and Liabilities of DG's TV Business [Abstract] Net assets of TV business contributed by DG Current assets of television business: Income tax receivables Trade accounts receivable Total Current liabilities of television business: Accrued liabilities Uncertain tax position Total Derivative Instruments Period for which certain forecasted foreign currency rent and salary payments are hedged Notional amount of foreign currency forward contracts and options outstanding Fair value liability balance of foreign currency forward contracts and options outstanding Fair value asset balance of foreign currency forward contracts and options outstanding Net fair value asset (liability) balance of foreign currency forward contracts and options outstanding Hedging (loss) gain recognized in operations Accumulated Other Comprehensive Income (Loss) [Table] Accumulated Other Comprehensive Income (Loss) [Line Items] Balance at beginning of the period Other comprehensive income (loss) before reclassifications Amounts reclassified out of AOCL Net current period activity Balance at end of the period Reclassification out of Accumulated Other Comprehensive Income [Table] Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] Cost of revenues Other, net Loss before income taxes Tax amounts Severance Integration and restructuring costs Special Projects TV business Total Long-lived asset impairment charges Effect of change in estimate on depreciation and amortization Effect of change in estimate on net loss Effect of change in estimate on net loss per share Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Measurement Frequency [Axis] Assets: Money market funds Marketable equity securities Total Liabilities: Currency forward derivatives/options Investment [Table] Investment [Line Items] Amount of convertible notes purchased Payment for convertible notes Period of time convertible notes are due after written notice Interest rate Amount of Abakus Series A preferred shares to be sold by Abakus for triggering automatic conversion Conversion price as a percentage of the share price in Qualified Financing Amount divided by the number of shares outstanding upon exercise of all dilutive securities to derive quotient for determining conversion price upon automatic conversion Conversion price as a percentage of the share price in the Equity Financing Schedule of Business Acquisitions, by Acquisition [Table] Business Acquisition [Line Items] Acquisition date Purchase price Cash consideration Goodwill Weighted average amortization period of intangible assets Liability for uncertain tax position Indemnification asset Consideration to be paid one year after the closing date Consideration to be paid one year after the closing date, subject to any indemnification claims Consideration to be paid one year after the closing date, subject to any indemnification claims, present value Purchase Price Allocations Current assets Property and equipment Other assets Customer relationships Trade names Developed technology Noncompetition agreements Total assets acquired Less liabilities assumed Net assets acquired As Reported Revenues Unaudited Pro Forma Revenue Net loss Goodwill Balance at beginning of the period 2016 activity Balance at end of the period Accumulated Impairment Losses Balance at beginning of the period 2016 activity Balance at end of the period Net Carrying Value Balance at beginning of the period 2016 activity Balance at end of the period Goodwill impairment charges Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Awards granted in period (in shares) Value of RSUs granted in period Vesting period Sizmek share-based compensation Unrecognized compensation cost Change in unrecognized tax benefits Balance at beginning of year Additions for tax positions related to prior years Balance at end of year Effective tax rate Federal statutory tax rate Interest or penalties recognized related to uncertain tax positions Increase from acquisition of Point Roll Weighted average common shares outstanding - basic Dilutive securities Weighted average common shares outstanding - diluted Antidilutive securities not included: Stock options and RSUs (in shares) Schedule of Revenues from External Customers and Long-Lived Assets [Table] Revenues from External Customers and Long-Lived Assets [Line Items] Percentage of revenue attributable to foreign jurisdictions Offer price per share Minimum annual revenues or assets to trigger termination of waiting period Possible termination fee as a percentage of equity Represents information pertaining to Abakus. Carrying value as of the balance sheet date of obligations incurred and payable of Television business received under Separation and Redemption Agreement entered into by the entity, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Other acquisition and integration expenses. Represents the carrying amount, as of the balance sheet date, of current assets of Television business received under Separation and Redemption Agreement entered into by the entity. Disclosure of accounting policy for expenses related to acquisition and integration of a business. Tabular disclosure of pro forma and reported results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate and for disposition of assets. Represents the costs to integrate and restructure the acquired entity. Such costs could include severance pay, office closure costs, etc. Amount of intangible assets of customer relationships acquired at the acquisition date. Amount of intangible assets of developed technology, acquired at the acquisition date. Amount of intangible assets of noncompetition agreements, acquired at the acquisition date. Amount of intangible assets of trade names, acquired at the acquisition date. The amount of liability arising from an inherited uncertain tax position which has been recognized as of the acquisition date. The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). No definition available. Disclosure of accounting policy for contributed assets and liabilities assumed related to separation agreement. Represents the conversion price as a percentage of the share price in Equity Financing. Represents the conversion price as a percentage of the share price in the Qualified Financing. Represents the amount divided by the number of shares outstanding upon exercise of all dilutive securities to derive quotient for determining conversion price upon automatic conversion. Period of time between written notice and convertible notes becoming due, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. The amount of preferred shares to be sold by counterparty for triggering automatic conversion of convertible notes. Represents costs related to platform service rendered by an entity during the reporting period. Cash flow impact of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Represents the amount of extended payment obligations incurred to purchase software. Carrying amount due within one year of the balance sheet date (or one operating cycle, if longer) from tax authorities as of the balance sheet date representing refunds of overpayments or recoveries for Television business received under Separation and Redemption Agreement entered into by the entity. Represents the carrying amount, as of the balance sheet date, of current liabilities of Television business assumed under Separation and Redemption Agreement entered into by the entity. The Current portion of the amount recognized for uncertain tax positions as of the balance sheet date of Television business received under Separation and Redemption Agreement entered into by the entity. Represents the minimum number of impression served by the entity. Net assets of Television business contributed by DG, Pursuant to the Separation and Redemption Agreement. Represents information pertaining to North America excluding United States of America. Represents the number of advertisers connected to audiences by the entity. Represents the number of agencies connected to audiences by the entity. Represents other countries. Represents the cash outflow for repayment of liabilities related to Television business of the entity. Represents the amount of consideration to be paid for acquisition of business during the period. Represents the amount of consideration to be paid one year after the closing date, subject to any indemnification claims for acquisition of business during the period. Represents the present value amount of consideration to be paid one year after the closing date, subject to any indemnification claims for acquisition of business during the period. Represents information pertaining to Point Roll. Represents the cash inflow from assets related to Television business of the entity. Represents the recovery of television business net assets. Represents the percentage of revenue attributable to foreign jurisdictions. Represents revenue from platform related services rendered during the reporting period. Tabular disclosure of contributed assets and liabilities assumed related to separation agreement. Disclosure of policy regarding seasonality of the business. Intrinsic value of equity-based compensation awards granted during the period. Excludes stock and unit options. Sizmek 2014 Incentive Award Plan. Represents information pertaining to StrikeAd. Represents an increase (reduction) in expense due to realizing less (more) TV business net assets than originally estimated at the time of the Spin-Off. Amount due from customers or clients (due within one year or within the normal operating cycle if longer) of Television business received under Separation and Redemption Agreement entered into by the entity, for goods or services that have been delivered or sold in the normal course of business. Represents a share based compensation award with vesting based on achievement of performance conditions. Represents a share based compensation award with vesting based on length of service. Information about the type of vesting for share-based compensation awards. The types of vesting specified for share-based compensation awards. The possible termination fee as a percentage of equity value as outlined in the Merger Agreement. The minimum amount of annual revenues or assets that will trigger the termination of a waiting period as outlined in the Merger Agreement. Assets, Current Restricted Cash and Cash Equivalents, Noncurrent Assets [Default Label] Liabilities, Current Deferred Tax Liabilities, Net, Noncurrent Liabilities Treasury Stock, Value Stockholders' Equity Attributable to Parent Liabilities and Equity CostOfRevenuePlatformRelated Technology Services Costs Operating Income (Loss) Other Nonoperating Income (Expense) Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent Comprehensive Income (Loss), Net of Tax, Attributable to Parent Shares, Outstanding Treasury Stock, Value, Acquired, Cost Method Treasury Stock, Retired, Cost Method, Amount Gain (Loss) on Investments DeferredIncomeTaxExpenseBenefitCashFlowImpact RecoveryOfTelevisionBusinessNetAssets Increase (Decrease) in Accounts Receivable Increase (Decrease) in Other Operating Assets Net Cash Provided by (Used in) Operating Activities, Continuing Operations Payments to Acquire Property, Plant, and Equipment Payments for Software Payments to Acquire Businesses, Net of Cash Acquired Payments for (Proceeds from) Other Investing Activities Net Cash Provided by (Used in) Investing Activities, Continuing Operations Payments for Repurchase of Common Stock PaymentsOfTelevisionBusinessLiabilities Payments Related to Tax Withholding for Share-based Compensation PaymentsForPropertyAndEquipmentFinancingActivities Net Cash Provided by (Used in) Financing Activities, Continuing Operations Cash and Cash Equivalents, Period Increase (Decrease) AccruedLiabilitiesTVBusinessCurrent Foreign Currency Cash Flow Hedges [Abstract] Foreign Currency Cash Flow Hedge Derivative at Fair Value, Net Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax ChangeInEstimateFinancialEffectNetIncomeLoss ChangeInEstimateFinancialEffectEarningsPerShare Assets, Fair Value Disclosure Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net Business Acquisition, Pro Forma Net Income (Loss) GoodwillGrossRollForward Goodwill, Gross Goodwill, Impaired, Accumulated Impairment Loss Goodwill, Period Increase (Decrease) Unrecognized Tax Benefits Weighted Average Number of Shares Outstanding, Diluted VestingCriteriaDomain EX-101.PRE 10 szmk-20160630_pre.xml TAXONOMY EXTENSION PRESENTATION LINKBASE XML 11 R1.htm IDEA: XBRL DOCUMENT v3.5.0.2
Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2016
Aug. 09, 2016
Document and Entity Information [Abstract]    
Entity Registrant Name Sizmek Inc.  
Entity Central Index Key 0001591877  
Document Type 10-Q  
Document Period End Date Jun. 30, 2016  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Filer Category Accelerated Filer  
Entity Common Stock, Shares Outstanding   29,141,209
Document Fiscal Year Focus 2016  
Document Fiscal Period Focus Q2  
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2016
Dec. 31, 2015
CURRENT ASSETS:    
Cash and cash equivalents $ 36,800 $ 42,046
Accounts receivable (less allowances of $1,627 as of June 30, 2016 and $1,795 as of December 31, 2015) 54,668 64,595
Restricted cash 1,551 1,538
Other current assets 4,074 4,568
Current assets of TV business 320 678
Total current assets 97,413 113,425
Property and equipment, net 35,324 29,410
Goodwill 9,120 8,411
Intangible assets, net 14,716 16,931
Deferred income taxes 518 523
Restricted cash 4,179 4,478
Other non-current assets 3,675 4,807
Total assets 164,945 177,985
CURRENT LIABILITIES:    
Accounts payable 6,400 3,683
Accrued liabilities 32,863 39,037
Current liabilities of TV business 1,203
Total current liabilities 39,263 43,923
Deferred income taxes 782 919
Other non-current liabilities 8,446 7,613
Total liabilities 48,491 52,455
STOCKHOLDERS' EQUITY:    
Preferred stock, $0.001 par value-Authorized 15,000 shares; issued and outstanding-none
Common stock, $0.001 par value-Authorized 200,000 shares; 29,136 issued and outstanding at June 30, 2016; 29,584 issued and 29,228 outstanding at December 31, 2015 29 30
Treasury stock, at cost (356 shares at December 31, 2015) (1,510)
Additional capital 367,832 368,658
Accumulated deficit (246,282) (238,289)
Accumulated other comprehensive loss (5,125) (3,359)
Total stockholders' equity 116,454 125,530
Total liabilities and stockholders' equity $ 164,945 $ 177,985
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Jun. 30, 2016
Dec. 31, 2015
Statement of Financial Position [Abstract]    
Accounts receivable, allowances $ 1,627 $ 1,795
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, Authorized shares 15,000 15,000
Preferred stock, issued shares 0 0
Preferred stock, outstanding shares 0 0
Common stock, par value $ 0.001 $ 0.001
Common stock, Authorized shares 200,000 200,000
Common stock, issued shares 29,136 29,584
Common stock, outstanding shares 29,136 29,228
Treasury stock, shares 0 356
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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Revenues:        
Platform solutions $ 38,007 $ 35,645 $ 72,438 $ 68,537
Programmatic solutions 10,893 4,571 16,987 8,438
Total 48,900 40,216 89,425 76,975
Cost of revenues (excluding depreciation and amortization):        
Platform solutions 13,398 11,175 27,063 22,010
Programmatic solutions 7,914 3,317 12,500 6,142
Total 21,312 14,492 39,563 28,152
Selling and marketing 14,877 15,433 29,698 29,636
Research and development 3,103 3,674 6,313 6,577
General and administrative 5,368 4,739 10,923 9,293
Merger, integration, and other 2,436 1,170 5,203 2,004
Depreciation and amortization 3,309 7,771 6,232 15,210
Loss from operations (1,505) (7,063) (8,507) (13,897)
Other (income) expense, net (977) 366 (1,502) 1,345
Loss before income taxes (528) (7,429) (7,005) (15,242)
Provision for income taxes 513 468 988 600
Net loss $ (1,041) $ (7,897) $ (7,993) $ (15,842)
Basic and diluted loss per common share $ (0.04) $ (0.27) $ (0.27) $ (0.53)
Weighted average common shares outstanding:        
Basic and diluted 29,128 29,549 29,081 29,666
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Statement of Comprehensive Income [Abstract]        
Net loss $ (1,041) $ (7,897) $ (7,993) $ (15,842)
Other comprehensive income (loss):        
Unrealized gain (loss) on derivatives, net of tax (190) 469 61 374
Unrealized loss on available for sale securities, net of tax (688) (6) (665) (234)
Foreign currency translation adjustment (867) 580 (1,162) (224)
Total other comprehensive income (loss) (1,745) 1,043 (1,766) (84)
Total comprehensive loss $ (2,786) $ (6,854) $ (9,759) $ (15,926)
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CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 6 months ended Jun. 30, 2016 - USD ($)
shares in Thousands, $ in Thousands
Common Stock [Member]
Treasury Stock [Member]
Additional Paid In Capital [Member]
Accumulated Deficit [Member]
Accumulated Other Comprehensive Loss [Member]
Total
Balance at Dec. 31, 2015 $ 30 $ (1,510) $ 368,658 $ (238,289) $ (3,359) $ 125,530
Balance, shares at Dec. 31, 2015 29,584 (356)        
Net loss (7,993) (7,993)
Share-based compensation 2,148 2,148
Common stock issued pursuant to RSU agreements, net of shares tendered to satisfy required tax withholding (188) (188)
Common stock issued pursuant to RSU agreements, net of shares tendered to satisfy required tax withholding, shares 291        
Purchase of treasury stock $ (1,277) (1,277)
Purchase of treasury stock, shares (383)        
Retirement of treasury stock $ (1) $ 2,787 (2,786)
Retirement of treasury stock, shares (739) 739        
Other comprehensive loss (1,766) (1,766)
Balance at Jun. 30, 2016 $ 29 $ 367,832 $ (246,282) $ (5,125) $ 116,454
Balance, shares at Jun. 30, 2016 29,136        
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net loss $ (7,993) $ (15,842)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation of property and equipment 3,324 7,335
Amortization of intangibles 2,908 7,875
Gain on sales of available for sales security (987)
Share-based compensation 2,148 1,903
Deferred income taxes (150) (590)
Benefit for accounts receivable recoveries (168) (40)
(Gain) loss from recovery of TV business net assets 206 (50)
Other 444 (2)
Changes in operating assets and liabilities:    
Accounts receivables 8,692 6,252
Other assets 1,539 (1,574)
Accounts payable and other liabilities (3,511) (5,598)
Net cash (used in) provided by operating activities 6,452 (331)
Cash flows from investing activities:    
Purchases of property and equipment (1,962) (3,131)
Capitalized costs of developing software (7,089) (8,370)
Proceeds from sale of property and equipment 25
Proceeds from sale of available for sale securities 1,247
Acquisition, net of cash acquired (7,541)
Other (1) (433)
Net cash used in investing activities (7,780) (19,475)
Cash flows from financing activities:    
Purchases of treasury stock (1,277) (4,500)
Payment of deferred financing obligation (500)
Payments of TV business liabilities (1,428) (126)
Proceeds from TV business assets 376 1,200
Payment of tax withholding obligation for shares tendered (188) (169)
Payment of extended payment obligation incurred to purchase software (579)
Net cash used in financing activities (3,596) (3,595)
Effect of exchange rate changes on cash and cash equivalents (322) (339)
Net decrease in cash and cash equivalents (5,246) (23,740)
Cash and cash equivalents at beginning of year 42,046 90,672
Cash and cash equivalents at end of year 36,800 66,932
Supplemental disclosures of cash flow information:    
Cash received (paid) for income taxes 407 (445)
Cash received (paid) for interest 77 47
Extended payment obligations incurred to purchase software $ 960
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Basis of Presentation
 6 Months Ended
Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
1. Basis of Presentation
 
 
The Company
 
Sizmek Inc. ("Sizmek," the "Company," "we," "us," and "our"), a Delaware corporation formed in 2013, operates a leading independent global online ad campaign management and distribution platform as measured by the number of advertising impressions served and the number of countries in which we serve customers. Our revenues are principally derived from services related to online advertising. We help advertisers, agencies and publishers engage with consumers across multiple online media channels (mobile, display, rich media, video and social) while delivering efficient, impactful and measurable ad campaigns. We connect 19,000 advertisers and 3,700 agencies to audiences in approximately 65 countries, serving more than 1.3 trillion impressions a year.
 
Sizmek works directly and indirectly with media agencies, advertisers, creative agencies, and publishers. Our primary customers are media agencies. The ability to execute advertising campaigns in a timely and scalable manner is a crucial requirement for our customers. Our technology empowers advertisers and agencies to deliver their creative assets to broad audiences, ensure consistent quality of the consumer experience, and utilize our data for rigorous analysis and optimization. We focus on online media advertising, including display, video, mobile, social and connected TV channels.
 
Our online campaign management platform, Sizmek MDX, helps advertisers, agencies and publishers simplify the complexities of managing their advertising budgets across multiple online media channels and formats, such as desktop, mobile, rich media, social media, in-stream video, interactive video, display and search. The Sizmek MDX platform strives to provide our customers with an easy-to-use, end-to-end solution to enhance planning, creative, delivery, measurement and optimization of online media campaigns. Our solutions are delivered through a scalable technology platform that allows delivery of sophisticated, global online media advertising campaigns, as well as smaller, more targeted campaigns. Presently, our R&D team is designing and developing a new ad management platform, the Sizmek MDX-NXT platform, which will be a single, end-to-end, integrated platform encompassing all channels and formats. Portions of the MDX-NXT platform are operating currently and we expect substantially all features and functionalities to be operational mid to late 2016.
 
Our focus on open ad management means guiding advertisers and publishers through this complex and fragmented online landscape by providing products and services to help advertisers reach, engage and optimize their desired audience for each particular campaign. Open ad management means:
 
 
·
end-to-end—bringing together all of the technology, intelligence and strategic guidance that a client needs to execute the most effective, global campaign; and
 
 
·
choice—providing an open, flexible framework that allows each client to choose what's best for their particular needs.
 
Reach.    Our integrated platform simplifies the complexities of managing online media advertising campaigns across multiple websites, advertising formats and channels and allows customers to manage varying publisher-imposed creative content restrictions. Our open architecture technology enables advertisers to reach audiences on many device types through the placement of ads in multiple formats on numerous channels including desktop, mobile, tablet and social, and is also designed to accommodate new and emerging online media channels such as connected TVs.
 
Engage.    Since our incorporation, we believe our Flash and HTML5 based authoring environments have helped advertisers and publishers create innovative and scalable formats for rich media, in-stream video, standard banners and emerging media capabilities. These capabilities include interactive video and synced media that enable advertisers to interact with their target audience more effectively and yield higher engagement, performance and recall rates among consumers.
 
Optimize.    Our platform and services are designed to help our customers deliver the most effective campaigns through data driven real-time targeting and creative optimization. This allows advertisers to reach specific consumer segments by assigning the best performing and most relevant creative advertisements throughout the campaign. Through our analytics capabilities, we offer advertisers the ability to target specific content categories through real-time exchange and/or programmatic bought inventory, offering cookie-less contextual targeting for greater efficiency and protection from unsafe content.
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General
 6 Months Ended
Jun. 30, 2016
Accounting Policies [Abstract]  
General
2. General
 
Principles of Consolidation
 
The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and include the accounts of our wholly-owned, and majority-owned and controlled subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These unaudited financial statements should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.
 
These financial statements have been prepared by us without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).  Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.  However, we believe the disclosures are adequate to make the information presented not misleading.  The unaudited consolidated financial statements reflect all adjustments, which are, in the opinion of management, of a normal and recurring nature and necessary for a fair presentation of our financial position as of the balance sheet dates, and the results of operations and cash flows for the periods presented.
 
Seasonality

Our business is seasonal. Revenues tend to be the highest in the fourth quarter as a large portion of our revenues follow the advertising spend or budgets of our customers which tend to be at their highest during the holiday season.
 
 
Reclassification
 
The Company has reclassified costs in the amount of $0.5 million, reported in the first quarter of 2016 as cost of revenue expenses – platform solutions to selling and marketing expenses. Such costs relate to a group of employees that are now being characterized as selling and marketing expenses to better align those costs with the functional areas that benefit from the expenditure. This reclassification has no impact on revenue, net loss, loss per share, total assets, total liabilities, or total shareholders’ equity.
 
Use of Estimates
 
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to the recoverability and useful lives of our long-lived assets, the adequacy of our allowance for doubtful accounts and credit memo reserves, contingent consideration and income taxes. We base our estimates on historical experience, future expectations and on other relevant assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.

For the three months ended December 31, 2015, the Company recorded an impairment charge related to its long-lived assets in the amount of $64.2 million.  In addition, we shortened the estimated remaining life of many of our remaining long-lived assets.  As a result, depreciation and amortization expense recorded for the three and six months ended June 30, 2016 is significantly lower than amounts recorded in the prior year. The Company estimates that the impairment charges and changes in remaining life assumptions reduced the amount of depreciation and amortization expense it recorded for the three and six months ended June 30, 2016 by $4.7 million and $9.6 million, respectively, and decreased our net loss by $4.7 million and $9.6 million, respectively, which reduced our loss per share by $0.16 and $0.33, respectively.

Risk of Goodwill Impairment and Long-Lived Assets Impairments
 
See Note 5 for a discussion of the risk of a future impairment of our goodwill.
 
Assets and Liabilities of DG’s TV Business
 
Pursuant to the Separation and Redemption Agreement, DG contributed to us substantially all of its television business current assets and certain other assets existing on February 7, 2014, and we agreed to assume substantially all of DG’s television business liabilities that existed on February 7, 2014 or were attributable to periods up to and including February 7, 2014.  These net assets contributed were recorded at $78.5 million.  The details of these assets and liabilities outstanding as of June 30, 2016 and December 31, 2015 were as follows (in thousands):
 
 
Description
  
June 30, 
2016
    
December 31, 
2015
  
Current assets of television business:
            
Income tax receivables
   $ 320     $ 515  
Trade accounts receivable
     —       163  
Total
   $ 320     $ 678  
                 
Current liabilities of television business:
                
Accrued liabilities
   $ —     $ 930  
Uncertain tax position
     —       273  
Total
   $ —     $ 1,203  
 
Derivative Instruments
 
We enter into foreign currency forward contracts and options to hedge a portion of the exposure to the variability in expected future cash flows resulting from changes in related foreign currency exchange rates between the New Israeli Shekel (“NIS”) and the U.S. Dollar. These transactions were designated as cash flow hedges, as defined by Accounting Standards Codification (“ASC”) Topic 815, “Derivatives and Hedging.”  ASC Topic 815 requires that we recognize derivative instruments as either assets or liabilities in our balance sheet at fair value. These contracts are Level 2 fair value measurements in accordance with ASC Topic 820, “Fair Value Measurements and Disclosures.” For derivative instruments that are designated and qualify as a cash flow hedge (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss), net of taxes, and reclassified into earnings (various operating expenses) in the same period or periods during which the hedged transaction affects earnings.

Our cash flow hedging strategy is to hedge against the risk of overall changes in cash flows resulting from certain forecasted foreign currency rent and salary payments during the next twelve months. We hedge portions of our forecasted expenses denominated in the NIS with a single counterparty using foreign currency forward contracts and options.  At June 30, 2016, we had $12.6 million notional amount of foreign currency forward contracts and options outstanding, the net fair value of which is immaterial. At December 31, 2015, we had $14.5 million notional amount of foreign currency forward contracts and options outstanding that had a net fair value liability balance of $0.1 million ($0.3 million liability, net of a $0.2 million asset). The net liability (at June 30, 2016 and at December 31, 2015) is included in accrued liabilities, and is expected to be recognized in our results of operations in the next twelve months. The vast majority of any gain or loss from hedging activities is included in our various operating expenses. As a result of our hedging activities, we incurred the following gains and losses in our results of operations (in thousands):

   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
   
2016
    
2015
    
2016
    
2015
  
Hedging gain (loss) recognized in operations
   $ (6 )   $ 24     $ (3 )   $ (47 )

It is our policy to offset fair value amounts recognized for derivative instruments executed with the same counterparty. In connection with our foreign currency forward contracts and options and other banking arrangements, we have agreed to maintain $1.5 million of cash in bank accounts with our counterparty, which we classify as restricted cash on our balance sheet.
 
 
Accumulated Other Comprehensive Income (Loss)
 
Components of accumulated other comprehensive income (loss) (“AOCI” or “AOCL”), net of tax, for the three and six months ended June 30, 2016 and 2015 were as follows (in thousands):
 
   
Three Months Ended June 30, 2016
  
   
Foreign
Currency
Translation
    
Unrealized
Gains (Losses) on Foreign
Currency
Derivatives
    
Unrealized
Gains 
on Available
for Sale
Securities
    
Total
Accumulated
Other
Comprehensive
Loss
  
Balance at March 31, 2016
   $ (4,539 )   $ 180     $ 979     $ (3,380 )
                                 
Other comprehensive (loss) before reclassifications
     (867 )     (196 )     (688 )     (1,751 )
Amounts reclassified out of AOCL
     —       6       —       6  
Net current period activity
     (867 )     (190 )     (688 )     (1,745 )
Balance at June 30, 2016
   $ (5,406 )   $ (10 )   $ 291     $ (5,125 )
 
   
Six Months Ended June 30, 2016
  
   
Foreign
Currency
Translation
    
Unrealized Losses on Foreign
Currency
Derivatives
    
Unrealized
Gains 
on Available
for Sale
Securities
    
Total
Accumulated
Other
Comprehensive
Loss
  
Balance at December 31, 2015
   $ (4,244 )   $ (71 )   $ 956     $ (3,359 )
                                 
Other comprehensive income (loss) before reclassifications
     (1,162 )     58       (665 )     (1,769 )
Amounts reclassified out of AOCL
     —       3       —       3  
Net current period activity
     (1,162 )     61       (665 )     (1,766 )
Balance at June 30, 2016
   $ (5,406 )   $ (10 )   $ 291     $ (5,125 )
 
   
Three Months Ended June 30, 2015
  
   
Foreign
Currency
Translation
    
Unrealized
Gains (Losses)
on Foreign
Currency
Derivatives
    
Unrealized
Gains 
on Available
for Sale
Securities
    
Total Accumulated
Other
Comprehensive
Loss
  
Balance at March 31, 2015
   $ (3,476 )   $ (193 )   $ 1,027     $ (2,642 )
                                 
Other comprehensive income (loss) before reclassifications
     580       491       (6 )     1,065  
Amounts reclassified out of AOCI
     —       (22 )     —       (22 )
Net current period activity
     580       469       (6 )     1,043  
Balance at June 30, 2015
   $ (2,896 )   $ 276     $ 1,021     $ (1,599 )
 
   
Six Months Ended June 30, 2015
  
   
Foreign
Currency
Translation
    
Unrealized
Gains (Losses)
on Foreign
Currency
Derivatives
    
Unrealized
Gains 
on Available
for Sale
Securities
    
Total
Accumulated
Other
Comprehensive
Loss
  
Balance at December 31, 2014
   $ (2,672 )   $ (98 )   $ 1,255     $ (1,515 )
                                 
Other comprehensive income (loss) before reclassifications
     (224 )     332       (234 )     (126 )
Amounts reclassified out of AOCL
     —       42       —       42  
Net current period activity
     (224 )     374       (234 )     (84 )
Balance at June 30, 2015
   $ (2,896 )   $ 276     $ 1,021     $ (1,599 )
 
The following table summarizes the reclassifications from AOCI or AOCL to the consolidated statements of operations for the three and six months ended June 30, 2016 and 2015 (in thousands):
 
   
Amounts Reclassified out of
AOCI or AOCL
    
   
Three Months
Ended June 30,
2016
    
Three Months
Ended June 30,
2015
  
Affected Line Items in the Consolidated
Statements of Operations
Gains (losses) on cash flow hedges:
              
Foreign currency derivatives
   $ 1     $ 3  
Cost of revenues
Foreign currency derivatives
     —       1  
Selling and marketing
Foreign currency derivatives
     5       14  
Research and development
Foreign currency derivatives
     1       3  
General and administrative
Foreign currency derivatives
     (13 )     3  
Other, net
Total before taxes
     (6 )     24    
Tax amounts
     —       (2 )  
Income (loss) after tax
   $ (6 )   $ 22    
 
   
Amounts Reclassified out of
AOCI or AOCL
    
   
Six Months
Ended June 30,
2016
    
Six Months
Ended June 30,
2015
  
Affected Line Items in the Consolidated
Statements of Operations
Gains (losses) on cash flow hedges:
              
Foreign currency derivatives
   $ 2     $ (5 )
Cost of revenues
Foreign currency derivatives
     —       (2 )
Selling and marketing
Foreign currency derivatives
     12       (34 )
Research and development
Foreign currency derivatives
     3       (8 )
General and administrative
Foreign currency derivatives
     (20 )     2  
Other, net
Total before taxes
     (3 )     (47 )  
Tax amounts
     —       5    
Loss after tax
   $ (3 )   $ (42 )  
 
Merger, Integration and Other Expenses
 
Merger, integration and other expenses reflect the expenses incurred in (i) DG's Merger with Extreme Reach and our Spin-Off from DG, (ii) acquiring or disposing of a business, (iii) integrating an acquired operation (e.g., office closure costs) into the Company and (iv) certain other items of income or expense not deemed to be part of our core operations. A summary of our merger, integration and other expenses is as follows (in thousands):
 
   
Three Months Ended June 30,
    
Six Months Ended June 30,
  
Description
  
2016
    
2015
    
2016
    
2015
  
Severance (1)
   $ 954     $ 142     $ 1,387     $ 466  
Integration and restructuring costs (2)
     1,188       565       3,263       1,070  
Special Projects
     371       611       481       730  
TV business (3)
     (77 )     (148 )     72       (262 )
Total
   $ 2,436     $ 1,170     $ 5,203     $ 2,004  
 
 
(1) -Severance costs primarily relate to consolidating the workforces of acquired businesses and eliminating redundancy. All costs shown above were paid in the period the expense was recognized, or shortly thereafter.   
 
 
(2) – Represents redundant operating expenses incurred to integrate our 2015 acquisitions into our existing structure and workflow.
 
 
(3) - Represents (income) or expense due to realizing more or less TV net assets than originally estimated at the time of the Spin-Off.
 
Recently Issued Accounting Guidance
 
Adopted
 
In September 2015, the Financial Accounting Standards Board ("FASB") issued ASU 2015-16, "Business Combinations."  ASU 2015-16 modifies how changes to provisional amounts determined during the measurement period of a business combination are recognized.  Under existing accounting literature, changes to provisional amounts determined during the measurement period of a business combination, resulting from facts and circumstances that existed at the acquisition date, are recognized by retrospectively adjusting the provisional amounts at the acquisition date.   However, under ASU 2015-16, an acquirer recognizes adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustments are determined.  For Sizmek, ASU 2015-16 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period.  As such, we adopted ASU 2015-16 on January 1, 2016.
 
Issued
 
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)." ASU 2014-09 modifies revenue recognition guidance for GAAP. Previous revenue recognition guidance in GAAP comprised broad revenue recognition concepts together with numerous revenue requirements for particular industries or transactions, which sometimes resulted in different accounting for economically similar transactions. In contrast, International Accounting Standards Board ("IASB") provided limited guidance on revenue recognition. Accordingly, the FASB and IASB initiated a joint project to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards ("IFRS"). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of 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. To achieve that core principle, an entity should apply the following steps:  
 
        Step 1: Identify the contract(s) with a customer.
 
        Step 2: Identify the performance obligations in the contract.
 
        Step 3: Determine the transaction price.
 
        Step 4: Allocate the transaction price to the performance obligations in the contract.
 
        Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.
 
In August 2015, the FASB issued ASU 2015-14 to defer the effective date of ASU 2014-09 by one year.  As a result, for Sizmek, the amendments in ASU 2014-09 are now effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period.  Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period.  An entity shall adopt the amendments in ASU 2014-09 by either (i) retrospectively adjusting each prior reporting period presented or (ii) retrospectively adjusting for the cumulative effect of initially applying ASU 2014-09 at the date of initial adoption.
 
In April 2016, the FASB issued ASU 2016-10, supplementing ASU 2014-09. This ASU does not change the core principles of ASU 2014-09, which continues to have the same effective date as agreed under ASU 2015-14. This ASU clarifies the implementation guidance on identifying performance obligations and licensing. Specifically, ASU 2016-10 reduces the cost and complexity of identifying promised goods or services and improves the guidance for determining whether promises are separately identifiable. ASU 2016-10 also provides implementation guidance on determining whether an entity's promise to grant a license provides a customer with either a right to use the entity's intellectual property (which is satisfied at a point in time) or a right to access the entity's intellectual property (which is satisfied over time). We have not as yet determined (i) the extent to which we expect ASU 2014-09 will impact our reported revenues or (ii) the manner in which it will be adopted. In January 2016, the FASB issued ASU 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities."  ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income.  Presently, Sizmek recognizes changes in the fair value of its equity investments that have a readily determinable fair value in accumulated other comprehensive income / loss.  ASU 2016-01 also contains certain other provisions.  For Sizmek, ASU 2016-01 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period.  Early adoption is permitted.  We anticipate that the adoption of ASU 2016-01 will result in greater volatility of our operating results as the changes in fair value of our equity investments that have a readily determinable fair value will be reflected in net income rather than accumulated other comprehensive income / loss.
 
In February 2016, the FASB issued ASU 2016-02, "Leases" Topic 842.  ASU 2016-02 modifies accounting for leases under GAAP.  The core principle of ASU 2016-02 is that a lessee should recognize the assets and liabilities that arise from leases.  A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. When measuring assets and liabilities arising from a lease, a lessee (and a lessor) should include payments to be made in optional periods only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease.  For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term.  For operating leases, a lessee is required to do the following:

 
1.
Recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position.

 
2.
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.

 
3.
Classify all cash payments within operating activities in the statement of cash flows.

In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply.  An entity that elects to apply the practical expedients will, in effect, continue to account for leases that commence before the effective date in accordance with previous GAAP unless the lease is modified, except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP.
 
For Sizmek, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period.   
 
In March 2016, the FASB issued ASU 2016-09, "Compensation – Stock Compensation (Topic 718)." ASU 2016-09 will change how companies account for certain aspects of share-based payments to employees. Entities will be required to recognize the income tax effects of awards in the income statement when the awards vest or settle (i.e. additional paid in capital or APIC pools will be eliminated). The guidance also will change how an employer accounts for an employee’s use of shares to satisfy the employer’s statutory income tax withholding obligation and for forfeitures.
 
The guidance is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted in any annual or interim period for which financial statement have not been issued or made available to issuance, but all of this guidance must be adopted in the same period. If an entity early adopts the guidance in interim period, any adjustment must be reflected as of the beginning of the fiscal year that includes that interim period.
 
We have not as yet determined (i) the extent to which we expect ASU 2016-09 will impact our financial reports or (ii) the manner in which it will be adopted.
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Fair Value Measurements
 6 Months Ended
Jun. 30, 2016
Fair Value Disclosures [Abstract]  
Fair Value Measurements
3. Fair Value Measurements
 
ASC 820, Fair Value Measurement, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date.
 
ASC 820 establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:
 
 
·
Level 1—Quoted prices in active markets for identical assets or liabilities.

 
·
Level 2—Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

 
·
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
 
We have classified our assets and liabilities that are measured at fair value on a recurring basis (at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date.
 
The tables below set forth by level, assets and liabilities that were accounted for at fair value as of June 30, 2016 and December 31, 2015. The carrying values of our cash on hand, accounts receivable, and accounts payable approximate their respective fair values due to the short-term nature of these financial instruments. The tables do not include assets and liabilities that are measured at historical cost or any basis other than fair value (in thousands).
 
     
Fair Value Measurements at June 30, 2016
  
   
Balance
Sheet
Location
  
Quoted Prices
in Active
Markets
(Level 1)
    
Significant Other
Observable
Inputs
(Level 2)
    
Total
Fair Value
Measurements
  
Assets:
                    
Money market funds
(a)
   $ 10,941     $ —     $ 10,941  
Marketable equity securities
(b)
     373       —       373  
Total
       11,314       —       11,314  
Liabilities:
                          
 Currency forward derivatives / options
(c)
   $ —     $ 13     $ 13  
 
     
Fair Value Measurements at December 31, 2015
  
   
Balance
Sheet
Location
  
Quoted Prices
in Active
Markets
(Level 1)
    
Significant Other
Observable
Inputs
(Level 2)
    
Total
Fair Value
Measurements
  
Assets:
                    
Money market funds
(a)
   $ 23,932     $ —     $ 23,932  
Marketable equity securities
(b)
     1,297       —       1,297  
Total
       25,229       —       25,229  
Liabilities:
                          
 Currency forward derivatives / options
(c)
   $ —     $ 86     $ 86  

(a) Included in cash and cash equivalents.
(b) Included in current assets in June 30, 2016 and in other non-current assets in December 31, 2015.
(c) Included in accrued liabilities.
 
The fair value of our money market funds was determined based upon quoted market prices. The currency forward derivatives/options are derivative instruments whose value is based upon quoted market prices from various market participants. We have a zero cost basis in these derivative instruments. Our marketable equity securities relate to a single issuer and have a cost basis of $0.3 million.
 
 
Abakus Convertible Notes
 
In May 2014, we purchased $1.0 million of Abakus convertible promissory notes ("Convertible Notes") for $1.0 million. The Convertible Notes are due 90 days after written notice after the earlier of (i) May 30, 2016 (the “demand date”) or (ii) an occurrence of an Event of Default (as defined in the Convertible Notes). During Q2 2016, the company and Abakus extended of the demand date to September 30, 2016. Abakus is a small private company that has developed a digital attribution software solution. The Convertible Notes bear interest at 5% per annum payable at maturity. The Convertible Notes are convertible into Abakus Series A Preferred Stock ("Series A Preferred") as follows:
 
  a)
Automatic conversion if Abakus sells $2.0 million of Series A Preferred ("Qualified Financing"), whereupon the Convertible Notes shall be converted, at Sizmek's option, at either (i) 75% of the share price in the Qualified Financing, or (ii) the quotient of $7.0 million divided by the number of shares outstanding upon exercise of all dilutive securities, or

  b)
Optional conversion at Sizmek's election if Abakus completes an Equity Financing (as defined in the Convertible Notes) that is not a Qualified Financing, whereupon the Convertible Notes shall be converted at 75% of the share price in the Equity Financing.
 
In addition, upon a Change in Control, as defined in the Convertible Notes, the Convertible Notes shall be paid off at the greater of (i) the outstanding balance, or (ii) the amount the holder would have received upon conversion of the Convertible Notes. The Convertible Notes are considered held-to-maturity securities and are carried at amortized cost. The fair value of the Convertible Notes is not readily determinable. We are not aware of a market for the Convertible Notes. The Convertible Notes are included in other current assets.
XML 21 R11.htm IDEA: XBRL DOCUMENT v3.5.0.2
Acquisitions
 6 Months Ended
Jun. 30, 2016
Business Combinations [Abstract]  
Acquisitions
 
4. Acquisitions
 
StrikeAd

On May 28, 2015, we acquired substantially all the assets and operations, and assumed certain liabilities, of privately-held StrikeAd, Inc. and its affiliates (collectively, “StrikeAd”) for $9.8 million. Of the total purchase price (i) $7.7 million was paid in cash at closing, and (ii) $2.1 million will be paid, subject to any indemnification claims or other contingencies, of which we currently expect to pay only $1.4 million.  We are combining the StrikeAd assets with our existing programmatic assets to build an end-to-end DSP for use by our customers.  The objective of the transaction was to accelerate the development of our mobile technology in order to better serve the advertising community. We have already realized, and expect to continue to realize operating synergies from this transaction. StrikeAd has been included in our results of operations since the date of closing.

The purchase price was allocated to the assets acquired and liabilities assumed based upon their estimated fair values. We allocated $4.3 million to developed technology, $1.2 million to customer relationships and $11.0 million to goodwill.  The developed technology and customer relationships acquired in the transaction are presently being amortized on a straight-line basis over 3.2 years and 5.5 years, respectively.  The weighted average amortization period is 3.7 years. See Goodwill, Intangible Assets and Impairments note below. The goodwill and other intangible assets created in the acquisition are deductible for tax purposes.  As part of the acquisition, the seller guaranteed to provide a fixed amount of working capital on the acquisition date. Any shortfall from the guaranteed amount can be withheld from our deferred payment obligation. The updated purchase price allocation is final.

Point Roll

On November 12, 2015, we acquired all of the shares of Point Roll, Inc. (“Point Roll”) from TEGNA Inc. (“Tegna”) for a total purchase price of $20.0 million, subject to adjustment.  Of the total purchase price (i) $11.0 million was paid in cash at closing, (ii) $7.0 million will be paid one year after the closing date and (iii) up to $2.0 million will be paid one year after the closing date, subject to any indemnification claims or other contingencies, of which we currently expect to pay only $1.1 million.  Point Roll provides rich media and dynamic creative ad serving technologies that allow interactivity in online advertising, such as streaming video, polling, and e-mail and data collection.  The purchase price was paid from cash on hand.  The objective of the transaction was to realize significant operating synergies by combining the operations of Point Roll with our existing online ad serving operations.
 
The purchase price was allocated to the assets acquired and liabilities assumed based upon their estimated fair values.  During the six months ended June 30, 2016, we revised the purchase price allocation from our original estimates which increased goodwill by $0.8 million, increased other intangible assets by $0.7 million, increased current assets by $0.4 million, increased other long term assets by $0.8 million, increased property and equipment by $0.5 million, increased liabilities by $3.9 million which reduced the purchase price by $0.7 million. Each of the customer relationships and trade names acquired in the transaction are being amortized on a straight-line basis over 4.1 years.  The goodwill and other intangible assets created in the acquisition are not deductible for tax purposes.  The liabilities assumed include $1.2 million for an uncertain tax position relating to a period prior to our purchase.  Tegna has agreed to indemnify us for this potential exposure.  Accordingly, we have recorded an indemnification asset for $1.2 million in purchase accounting.  As part of the acquisition, the seller guaranteed to provide a fixed amount of working capital on the acquisition date.  Any shortfall from the guaranteed amount can be withheld from our deferred payment obligation.  The updated purchase price allocation will be considered preliminary until the final amount of working capital acquired has been determined.

 
Purchase Price Allocations
 
        The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the respective dates of acquisition for the above referenced transactions (in millions).
 
Category
  
Point Roll
    
StrikeAd
  
Current assets
   $ 10.0     $ 2.9  
Property and equipment
     2.0       —  
Other assets
     2.0       —  
Customer relationships
     7.0       1.2  
Trade names
     0.5       —  
Developed technology
     —       4.3  
Noncompetition agreements
     —       —  
Goodwill
     5.4       11.0  
Total assets acquired
     26.9       19.4  
Less liabilities assumed
     (7.8 )     (10.3 )
Net assets acquired
   $  19.1     $ 9.1  
 
 
Pro Forma Information
 
        The following pro forma information presents our results of operations for the six months ended June 30, 2016 and 2015 as if the acquisitions of Point Roll and StrikeAd had occurred on January 1, 2015 (in thousands). A table of actual amounts is provided for reference.

   
As Reported
Six Months Ended
June 30,
    
Unaudited Pro Forma
Six Months Ended
June 30,
  
   
2016
    
2015
    
2016
    
2015
  
Revenue
   $ 89,425     $ 76,975     $ 89,425     $ 100,075  
Net loss
     (7,993 )     (15,842 )     (7,993 )     (20,789 )
XML 22 R12.htm IDEA: XBRL DOCUMENT v3.5.0.2
Goodwill, Intangible Assets and Impairments
 6 Months Ended
Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill, Intangible Assets and Impairments
5. Goodwill, Intangible Assets and Impairments

We operate as a single reporting unit. Changes in the carrying value of our goodwill for the six months ended June 30, 2016 were as follows (in thousands):
 
   
Goodwill
    
Accumulated
Impairment
Losses
     Net Carrying Value  
Balance at December 31, 2015
   $ 396,354     $ (387,943 )   $ 8,411  
2016 Activity
     709       —       709  
Balance at June 30, 2016
   $ 397,063     $ (387,943 )   $ 9,120  
 
We evaluate goodwill for possible impairment each year on December 31st and whenever events or changes in circumstances indicate the carrying value of our goodwill may not be recoverable. Generally, the goodwill impairment test involves a two-step process.  In the first step, we compare the fair value of the Company to its carrying value. If the fair value of the Company exceeds its carrying value, goodwill is not impaired and no further testing is required. If the fair value of the Company is less than its carrying value, we must perform the second step of the impairment test to measure the amount of the impairment loss. In the second step, the Company's fair value is allocated to its assets and liabilities, including any unrecognized intangible assets, in a hypothetical analysis that calculates the implied fair value of goodwill in the same manner as if the Company was being acquired in a business combination. If the implied fair value of the Company's goodwill is less than the carrying value, the difference is recorded as an impairment loss.
 
ASC 350-20-35 allows an entity to assess qualitatively whether it is necessary to perform step one of the prescribed two-step annual goodwill impairment test. If an entity believes, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, the two-step goodwill impairment test is not required.
 
During the fourth quarter of 2015, we determined that indicators of potential impairment existed requiring us to perform both a long-lived asset impairment test and a goodwill impairment test.  These indicators included (i) revenues and operating results sufficiently below our earlier forecast which prompted us to reduce our long range forecast, and (ii) a sharp decline in our market capitalization during the fourth quarter of 2015 such that our market capitalization plus a reasonable control premium was well below the book value of our total stockholders' equity. In 2015, we recorded goodwill and long-lived asset impairment charges of $47.4 million and $64.2 million, respectively.  
 
Risk of Future Goodwill and Long-Lived Assets Impairment
 
At June 30, 2016 and December 31, 2015, based on our discounted cash flow (DCF) model that uses our internal forecast, we determined the fair value of the Company was only slightly in excess of its carrying value. In preparing our model, we made assumptions about future revenues and expenses for several periods to determine the cash flows that would result.
 
As with any forecast, there is substantial risk our forecasted cash flows may fall short of our current expectations. If actual or expected future cash flows should fall sufficiently below our current forecast, it is likely we would be required to record another goodwill impairment charge. Future net cash flows are impacted by a variety of factors including revenues, operating margins, capital expenditures, income tax rates, and a discount rate.
 
Further, the market value of our common stock plus a reasonable control premium is an indicator of the fair value of our Company. If the market value of our common stock should fall sufficiently below the current level for an extended period of time, it would likely cause us to conclude that our goodwill is impaired and we would be required to record another goodwill impairment charge.
XML 23 R13.htm IDEA: XBRL DOCUMENT v3.5.0.2
Share-based Compensation
 6 Months Ended
Jun. 30, 2016
Stock Plan And Stock Repurchase Program  
Stock Plan and Stock Repurchase Program
6.  Share-based Compensation

All share-based compensation expense relates to awards issued from Sizmek’s Amended and Restated 2014 Incentive Award Plan.

   
Six Months Ended June 30,
  
Description
  
2016
    
2015
  
Sizmek share-based compensation
   $ 2,148     $ 1,903  
 
In the first quarter of 2016, Sizmek’s Compensation Committee granted (i) 471,362 performance-based Restricted Stock Units (“RSUs”) and, (ii) 431,116 time-based RSUs to certain of our employees and directors.  The RSUs expected to vest, were valued at $2.8 million.  The awards (i) vest over periods ranging from one to three years, (ii) are subject to the employees’ continued employment with us or the director’s continued service on our Board of Directors, and (iii) with respect to the performance-based RSUs, are subject to reaching certain (a) revenue, (b) adjusted EBITDA and (c) free cash flow growth targets (i.e., performance conditions).
 
In the second quarter of 2016, Sizmek’s Compensation Committee granted 660,995 time-based RSUs to certain of our employees.  The RSUs are expected to vest were valued at $1.5 million.  The awards vest over a period of two years, and are subject to the employees’ continued employment with us.
 
Generally, the awards granted in 2016 vest on an accelerated basis upon the occurrence of the holder’s (a) death, (b) termination by reason of disability, (c) termination without Cause (as defined) following a Change of Control (as defined) or (d) resignation for Good Reason (as defined) following a Change in Control.  Unrecognized compensation costs related to unvested RSUs and stock options were $5.9 million at June 30, 2016.
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.5.0.2
Income Taxes
 6 Months Ended
Jun. 30, 2016
Income Tax Disclosure [Abstract]  
Income Taxes
7.  Income Taxes

For the six months ended June 30, 2016, our effective tax rate was (14.1)% compared to (3.9)%  for the six months ended June 30, 2015.  The effective tax rates for each period differ from the expected federal statutory rate of 35.0% as a result of state and foreign income taxes; certain non-deductible expenses; and changes in our valuation allowances in Israel, the U.S. and state jurisdictions within the U.S. As a result, we do not recognize a tax benefit in Israel, the U.S. or state jurisdictions within the U.S. when we incur taxable losses as realization of those tax benefits is not more-likely-than-not.  Conversely, in certain foreign jurisdictions we report earnings and recognize a tax expense or benefit on that income in accordance with the tax statutes of those jurisdictions.
 
We recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more-likely-than not sustain the position following an audit.  For tax positions meeting the more-likely-than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority.  During the six months ended June 30, 2016, we recognized one additional uncertain tax position related to a state and local income tax matter.  The position was effectively settled later in the same period.  Approximately $0.4 million of the increase relates to a position we acquired from Point Roll, for which we have an offsetting indemnification asset from the seller. Interest and penalties related to uncertain tax positions are recognized in income tax expense.  For each of the six month periods ended June 30, 2016 and 2015, we recognized less than $0.1 million of interest and penalties related to uncertain tax positions in our financial statements. The changes in uncertain tax positions for the six months ended June 30, 2016 and 2015 were as follows (in thousands):
 
   
Six Months Ended June 30,
  
   
2016
    
2015
  
Balance at beginning of year
   $ 2,677     $ 1,507  
Additions for tax positions related to prior years
     —       39  
Balance at end of period
   $ 2,677     $ 1,546  

If we reduced our reserve for uncertain tax positions, it would result in our recognition of a tax benefit.

As of June 30, 2016, we provided a valuation allowance against substantially all of our (i) U.S. federal and state NOL carryforwards and (ii) NOL carryforwards in Israel, as ultimate realization of these NOLs was determined to be not more-likely-than not.  Accordingly, we have NOL carryforwards available to us (should we have sufficient future taxable income to utilize them) that are not reflected in our consolidated balance sheets at June 30, 2016 and December 31, 2015.
 
We are subject to U.S. federal income tax, income tax from multiple foreign jurisdictions including Israel and the United Kingdom, and income taxes of multiple state jurisdictions. U.S. federal, state and local income tax returns for 2011 through 2015 remain open to examination. Israeli and United Kingdom income tax returns remain open to examination for 2010 through 2015 and 2009 through 2015, respectively. Prior to our Spin-Off, our operating results had been included in DG's U.S. federal and state tax returns or tax returns of non-U.S. jurisdictions. Subsequent to our Spin-Off, we file stand-alone income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions and various foreign jurisdictions. Prior to our Spin-Off, we entered into a tax matters agreement with DG that governs the parties' respective rights, responsibilities and obligations with respect to taxes. The tax matters agreement generally provides that the filing of tax returns, the control of audit proceedings, and the payment of any additional tax liability relative to DG and its consolidated subsidiaries for periods prior to February 8, 2014 is our responsibility.
 
We do not provide deferred taxes on the undistributed earnings of our non-U.S. subsidiaries in situations where our intention is to reinvest such earnings indefinitely. Furthermore, we believe both our U.S. and non-U.S. subsidiaries have significant net assets, liquidity, and other financial resources available to meet their operational and capital investment requirements.
XML 25 R15.htm IDEA: XBRL DOCUMENT v3.5.0.2
Loss per Share
 6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
Loss per Share
8.  Loss per Share

Basic earnings (loss) per common share excludes dilution and is calculated by dividing net earnings (loss) by the weighted-average number of common shares outstanding during the period.  Diluted earnings (loss) per common share is calculated by dividing net earnings (loss) by the weighted-average number of common shares outstanding during the period, as adjusted for the potential dilutive effect of non-participating share-based awards such as stock options and RSUs.  The Company does not include any potentially dilutive securities in its calculation of diluted loss per common share, since their effect would be anti-dilutive.

The following table presents our loss per common share for the three and six months ended June 30, 2016 and 2015 (in thousands, except per share data):
 
   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
   
2016
    
2015
    
2016
    
2015
  
Net loss
   $ (1,041 )   $ (7,897 )   $ (7,993 )   $ (15,842 )
                                 
Weighted average common shares outstanding — basic
     29,128       29,549       29,081       29,666  
Dilutive securities
     —       —       —       —  
Weighted average common shares outstanding - diluted
     29,128       29,549       29,081       29,666  
                                 
Basic and diluted loss per common share
   $ (0.04 )   $ (0.27 )   $ (0.27 )   $ (0.53 )
                                 
Antidilutive securities not included:
                                
Stock options and RSUs
     1,295       1,268       1,141       1,266  
XML 26 R16.htm IDEA: XBRL DOCUMENT v3.5.0.2
Geographical Information and Product Categories
 6 Months Ended
Jun. 30, 2016
Segments, Geographical Areas [Abstract]  
Geographical Information and Product Categories

9.  Geographical Information and Product Categories
 
We have one operating segment. Our chief operating decision maker is considered to be our Chief Executive Officer. The chief operating decision maker allocates resources and assesses performance of the business and other activities at the operating segment level.
 
The following table summarizes our revenues by geographic area (in thousands):

   
Three Months Ended June 30,
    
Six Months Ended June 30,
  
   
2016
    
2015
    
2016
     2015  
Revenues:
                        
United States
   $ 28,446     $ 20,975     $ 51,447     $ 40,575  
Europe, Middle East and Africa
     12,271       11,821       22,736       21,171  
Asia Pacific
     5,550       5,177       10,848       11,071  
Latin America
     1,689       1,398       2,783       2,749  
North America (excluding U.S.)
     944       845       1,611       1,409  
Total
   $ 48,900     $ 40,216     $ 89,425     $ 76,975  

For the three and six months ended June 30, 2016, about 42% of our revenues, for both of the periods,were attributable to foreign jurisdictions. However, no one country other than the United States represented more than 10% of our consolidated revenues in either period.
 
The following table summarizes our revenues by product category (in thousands):
 
   
Three Months Ended June 30,
    
Six Months Ended June 30,
  
   
2016
    
2015
    
2016
    
2015
  
Revenues:
                        
Platform solutions
   $ 38,007     $ 35,645     $ 72,438     $ 68,537  
Programmatic solutions
     10,893       4,571       16,987       8,438  
Total
   $ 48,900     $ 40,216     $ 89,425     $ 76,975  

The following table summarizes our property and equipment, net by geographic area (in thousands):
 
   
June 30,
2016
    
December 31,
2015
  
Property and equipment, net:
            
Israel
   $ 27,584     $ 21,387  
United States
     6,116       6,441  
Other countries
     1,624       1,582  
Total
   $ 35,324     $ 29,410  

XML 27 R17.htm IDEA: XBRL DOCUMENT v3.5.0.2
Subsequent Events
 6 Months Ended
Jun. 30, 2016
Subsequent Events [Abstract]  
Subsequent Events
10.  Subsequent Events

Merger Agreement
 
On August 3, 2016, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Solomon Holding, LLC, a Delaware limited liability company (“Parent”), and Solomon Merger Subsidiary, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Subsidiary”). Parent and Merger Subsidiary are affiliates of Vector Capital, a technology-focused private equity firm. Pursuant to the Merger Agreement and upon the terms and subject to the conditions thereof, Merger Subsidiary will commence a tender offer (the “Offer”) to purchase any and all of the outstanding shares (the “Shares”) of our common stock, par value $0.001 per share at a price of $3.90 per Share (the “Offer Price”), payable net to the sellers thereof in cash, without interest, in accordance with the terms of the Merger Agreement, subject to any deduction or withholding of taxes required by applicable laws.
 
Upon the terms and subject to the conditions of the Merger Agreement, Merger Subsidiary will commence the Offer no earlier than August 24, 2016 and no later than September 1, 2016. Subject to the terms and conditions set forth in the Merger Agreement, Merger Subsidiary shall, promptly after the expiration of the Offer, accept for payment all Shares validly tendered and not withdrawn pursuant to the Offer (the time at which Shares are first accepted for payment under the Offer, the “Acceptance Time”). Promptly after the Acceptance Time, Merger Subsidiary shall pay the Offer Price for such Shares.

Merger Subsidiary’s obligation to accept for payment and pay for all Shares validly tendered and not withdrawn pursuant to the Offer is subject to certain conditions including:  (i) that the number of Shares validly tendered and not withdrawn in accordance with the terms of the Offer, together with the Shares then owned by Parent, and/or Merger Subsidiary and any other Subsidiaries of Parent, collectively represents at least a majority of the Shares outstanding on a fully diluted basis, (ii) the expiration or termination of any waiting period (and extensions thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, (the “HSR Act”) or under laws analogous to the HSR Act existing in foreign jurisdictions in which the Company has annual revenues or assets in excess of $10,000,000, (iii) the absence of any law, judgment, injunction, order or decree by any governmental authority that would make illegal or otherwise prohibit the Offer or the Merger or restrains or prohibits Parent or Merger Subsidiary from exercising full rights of ownership in the Shares purchased pursuant to the Offer, (iv) the accuracy of the representations and warranties of the Company contained in the Merger Agreement, subject to customary exceptions, (v) the Company’s material compliance with its covenants contained in the Merger Agreement, (vi) that a Material Adverse Effect (as defined in the Merger Agreement) shall not have occurred, (vii) that less than 10% of the outstanding Shares (other than the Shares beneficially owned by Meruelo Investment Partners LLC and certain of its affiliates) have perfected and not withdrawn a demand for appraisal rights, (viii) the Company having the minimum Cash on Hand (as defined in the Merger Agreement), and (ix) other customary conditions. Neither the consummation of the Offer nor the Merger is subject to a financing condition.

Pursuant to the Merger Agreement, following the consummation of the Offer, and subject to the conditions set forth in the Merger Agreement, Merger Subsidiary will be merged with and into the Company (the “Merger”), whereupon the separate existence of Merger Subsidiary shall cease, and the Company shall be the surviving corporation and a wholly owned subsidiary of Parent. The Merger shall be governed by and effected under Section 251(h) of the Delaware General Corporation Law (the “DGCL”), without a vote of the stockholders of the Company, and subject to the terms and conditions contained in the Merger Agreement, the parties agree to take all necessary and appropriate action to cause the Merger to become effective as soon as practicable following the consummation of the Offer. At the effective time of the Merger (the “Effective Time”), all remaining outstanding Shares not tendered in the Offer (other than Shares held by Parent or any of its Subsidiaries, including Merger Subsidiary, or in the treasury of the Company, or Shares held by stockholders who are entitled to exercise, and properly exercise, appraisal rights with respect to such Shares pursuant to, and who comply in all respects with, the provisions of Section 262 of the DGCL) will be cancelled and converted into the right to receive an amount in cash equal to the Offer Price, without interest (the “Merger Consideration”), subject to any deduction or withholding of taxes required by applicable laws.
 
The Merger Agreement contains representations, warranties and covenants of the parties as customary for transactions of this type. The Company has also agreed to customary covenants governing the conduct of its business, including an obligation to conduct its business in the ordinary course consistent with past practices through the Effective Time. The Merger Agreement contains a “go-shop” provision pursuant to which the Company retains the right to solicit, receive, evaluate, encourage and engage in discussions and negotiations with respect to alternative acquisition proposals from third parties through the 30th calendar day after the date of the Merger Agreement. The Merger Agreement also contains customary termination provisions for the Company and Parent and provides that, in connection with the termination of the Merger Agreement in connection with a competing acquisition proposal and in other certain specified circumstances, the Company may be required to pay Parent a termination fee of 3.50% of our equity value based on the Offer Price.
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General (Policies)
 6 Months Ended
Jun. 30, 2016
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation
 
The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and include the accounts of our wholly-owned, and majority-owned and controlled subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These unaudited financial statements should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.
 
These financial statements have been prepared by us without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).  Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.  However, we believe the disclosures are adequate to make the information presented not misleading.  The unaudited consolidated financial statements reflect all adjustments, which are, in the opinion of management, of a normal and recurring nature and necessary for a fair presentation of our financial position as of the balance sheet dates, and the results of operations and cash flows for the periods presented.
Seasonality
Seasonality

Our business is seasonal. Revenues tend to be the highest in the fourth quarter as a large portion of our revenues follow the advertising spend or budgets of our customers which tend to be at their highest during the holiday season.
Reclassification
Reclassification
 
The Company has reclassified costs in the amount of $0.5 million, reported in the first quarter of 2016 as cost of revenue expenses – platform solutions to selling and marketing expenses. Such costs relate to a group of employees that are now being characterized as selling and marketing expenses to better align those costs with the functional areas that benefit from the expenditure. This reclassification has no impact on revenue, net loss, loss per share, total assets, total liabilities, or total shareholders’ equity.
Use of Estimates
Use of Estimates
 
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to the recoverability and useful lives of our long-lived assets, the adequacy of our allowance for doubtful accounts and credit memo reserves, contingent consideration and income taxes. We base our estimates on historical experience, future expectations and on other relevant assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.

For the three months ended December 31, 2015, the Company recorded an impairment charge related to its long-lived assets in the amount of $64.2 million.  In addition, we shortened the estimated remaining life of many of our remaining long-lived assets.  As a result, depreciation and amortization expense recorded for the three and six months ended June 30, 2016 is significantly lower than amounts recorded in the prior year. The Company estimates that the impairment charges and changes in remaining life assumptions reduced the amount of depreciation and amortization expense it recorded for the three and six months ended June 30, 2016 by $4.7 million and $9.6 million, respectively, and decreased our net loss by $4.7 million and $9.6 million, respectively, which reduced our loss per share by $0.16 and $0.33, respectively.
Risk of Goodwill Impairment and Long-Lived Assets Impairments
Risk of Goodwill Impairment and Long-Lived Assets Impairments
 
See Note 5 for a discussion of the risk of a future impairment of our goodwill.
Assets and Liabilities of DG's TV Business
Assets and Liabilities of DG’s TV Business
 
Pursuant to the Separation and Redemption Agreement, DG contributed to us substantially all of its television business current assets and certain other assets existing on February 7, 2014, and we agreed to assume substantially all of DG’s television business liabilities that existed on February 7, 2014 or were attributable to periods up to and including February 7, 2014.  These net assets contributed were recorded at $78.5 million.  The details of these assets and liabilities outstanding as of June 30, 2016 and December 31, 2015 were as follows (in thousands):
 
 
Description
  
June 30, 
2016
    
December 31, 
2015
  
Current assets of television business:
            
Income tax receivables
   $ 320     $ 515  
Trade accounts receivable
     —       163  
Total
   $ 320     $ 678  
                 
Current liabilities of television business:
                
Accrued liabilities
   $ —     $ 930  
Uncertain tax position
     —       273  
Total
   $ —     $ 1,203  
 
Derivative Instruments
Derivative Instruments
 
We enter into foreign currency forward contracts and options to hedge a portion of the exposure to the variability in expected future cash flows resulting from changes in related foreign currency exchange rates between the New Israeli Shekel (“NIS”) and the U.S. Dollar. These transactions were designated as cash flow hedges, as defined by Accounting Standards Codification (“ASC”) Topic 815, “Derivatives and Hedging.”  ASC Topic 815 requires that we recognize derivative instruments as either assets or liabilities in our balance sheet at fair value. These contracts are Level 2 fair value measurements in accordance with ASC Topic 820, “Fair Value Measurements and Disclosures.” For derivative instruments that are designated and qualify as a cash flow hedge (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss), net of taxes, and reclassified into earnings (various operating expenses) in the same period or periods during which the hedged transaction affects earnings.

Our cash flow hedging strategy is to hedge against the risk of overall changes in cash flows resulting from certain forecasted foreign currency rent and salary payments during the next twelve months. We hedge portions of our forecasted expenses denominated in the NIS with a single counterparty using foreign currency forward contracts and options.  At June 30, 2016, we had $12.6 million notional amount of foreign currency forward contracts and options outstanding, the net fair value of which is immaterial. At December 31, 2015, we had $14.5 million notional amount of foreign currency forward contracts and options outstanding that had a net fair value liability balance of $0.1 million ($0.3 million liability, net of a $0.2 million asset). The net liability (at June 30, 2016 and at December 31, 2015) is included in accrued liabilities, and is expected to be recognized in our results of operations in the next twelve months. The vast majority of any gain or loss from hedging activities is included in our various operating expenses. As a result of our hedging activities, we incurred the following gains and losses in our results of operations (in thousands):

   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
   
2016
    
2015
    
2016
    
2015
  
Hedging gain (loss) recognized in operations
   $ (6 )   $ 24     $ (3 )   $ (47 )

It is our policy to offset fair value amounts recognized for derivative instruments executed with the same counterparty. In connection with our foreign currency forward contracts and options and other banking arrangements, we have agreed to maintain $1.5 million of cash in bank accounts with our counterparty, which we classify as restricted cash on our balance sheet.
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
 
Components of accumulated other comprehensive income (loss) (“AOCI” or “AOCL”), net of tax, for the three and six months ended June 30, 2016 and 2015 were as follows (in thousands):
 
   
Three Months Ended June 30, 2016
  
   
Foreign
Currency
Translation
    
Unrealized
Gains (Losses) on Foreign
Currency
Derivatives
    
Unrealized
Gains 
on Available
for Sale
Securities
    
Total
Accumulated
Other
Comprehensive
Loss
  
Balance at March 31, 2016
   $ (4,539 )   $ 180     $ 979     $ (3,380 )
                                 
Other comprehensive (loss) before reclassifications
     (867 )     (196 )     (688 )     (1,751 )
Amounts reclassified out of AOCL
     —       6       —       6  
Net current period activity
     (867 )     (190 )     (688 )     (1,745 )
Balance at June 30, 2016
   $ (5,406 )   $ (10 )   $ 291     $ (5,125 )
 
   
Six Months Ended June 30, 2016
  
   
Foreign
Currency
Translation
    
Unrealized Losses on Foreign
Currency
Derivatives
    
Unrealized
Gains 
on Available
for Sale
Securities
    
Total
Accumulated
Other
Comprehensive
Loss
  
Balance at December 31, 2015
   $ (4,244 )   $ (71 )   $ 956     $ (3,359 )
                                 
Other comprehensive income (loss) before reclassifications
     (1,162 )     58       (665 )     (1,769 )
Amounts reclassified out of AOCL
     —       3       —       3  
Net current period activity
     (1,162 )     61       (665 )     (1,766 )
Balance at June 30, 2016
   $ (5,406 )   $ (10 )   $ 291     $ (5,125 )
 
   
Three Months Ended June 30, 2015
  
   
Foreign
Currency
Translation
    
Unrealized
Gains (Losses)
on Foreign
Currency
Derivatives
    
Unrealized
Gains 
on Available
for Sale
Securities
    
Total Accumulated
Other
Comprehensive
Loss
  
Balance at March 31, 2015
   $ (3,476 )   $ (193 )   $ 1,027     $ (2,642 )
                                 
Other comprehensive income (loss) before reclassifications
     580       491       (6 )     1,065  
Amounts reclassified out of AOCI
     —       (22 )     —       (22 )
Net current period activity
     580       469       (6 )     1,043  
Balance at June 30, 2015
   $ (2,896 )   $ 276     $ 1,021     $ (1,599 )
 
   
Six Months Ended June 30, 2015
  
   
Foreign
Currency
Translation
    
Unrealized
Gains (Losses)
on Foreign
Currency
Derivatives
    
Unrealized
Gains 
on Available
for Sale
Securities
    
Total
Accumulated
Other
Comprehensive
Loss
  
Balance at December 31, 2014
   $ (2,672 )   $ (98 )   $ 1,255     $ (1,515 )
                                 
Other comprehensive income (loss) before reclassifications
     (224 )     332       (234 )     (126 )
Amounts reclassified out of AOCL
     —       42       —       42  
Net current period activity
     (224 )     374       (234 )     (84 )
Balance at June 30, 2015
   $ (2,896 )   $ 276     $ 1,021     $ (1,599 )
 
The following table summarizes the reclassifications from AOCI or AOCL to the consolidated statements of operations for the three and six months ended June 30, 2016 and 2015 (in thousands):
 
   
Amounts Reclassified out of
AOCI or AOCL
    
   
Three Months
Ended June 30,
2016
    
Three Months
Ended June 30,
2015
  
Affected Line Items in the Consolidated
Statements of Operations
Gains (losses) on cash flow hedges:
              
Foreign currency derivatives
   $ 1     $ 3  
Cost of revenues
Foreign currency derivatives
     —       1  
Selling and marketing
Foreign currency derivatives
     5       14  
Research and development
Foreign currency derivatives
     1       3  
General and administrative
Foreign currency derivatives
     (13 )     3  
Other, net
Total before taxes
     (6 )     24    
Tax amounts
     —       (2 )  
Income (loss) after tax
   $ (6 )   $ 22    
 
   
Amounts Reclassified out of
AOCI or AOCL
    
   
Six Months
Ended June 30,
2016
    
Six Months
Ended June 30,
2015
  
Affected Line Items in the Consolidated
Statements of Operations
Gains (losses) on cash flow hedges:
              
Foreign currency derivatives
   $ 2     $ (5 )
Cost of revenues
Foreign currency derivatives
     —       (2 )
Selling and marketing
Foreign currency derivatives
     12       (34 )
Research and development
Foreign currency derivatives
     3       (8 )
General and administrative
Foreign currency derivatives
     (20 )     2  
Other, net
Total before taxes
     (3 )     (47 )  
Tax amounts
     —       5    
Loss after tax
   $ (3 )   $ (42 )  
 
Merger, Integration and Other Expenses
Merger, Integration and Other Expenses
 
Merger, integration and other expenses reflect the expenses incurred in (i) DG's Merger with Extreme Reach and our Spin-Off from DG, (ii) acquiring or disposing of a business, (iii) integrating an acquired operation (e.g., office closure costs) into the Company and (iv) certain other items of income or expense not deemed to be part of our core operations. A summary of our merger, integration and other expenses is as follows (in thousands):
 
   
Three Months Ended June 30,
    
Six Months Ended June 30,
  
Description
  
2016
    
2015
    
2016
    
2015
  
Severance (1)
   $ 954     $ 142     $ 1,387     $ 466  
Integration and restructuring costs (2)
     1,188       565       3,263       1,070  
Special Projects
     371       611       481       730  
TV business (3)
     (77 )     (148 )     72       (262 )
Total
   $ 2,436     $ 1,170     $ 5,203     $ 2,004  
 
 
(1) -Severance costs primarily relate to consolidating the workforces of acquired businesses and eliminating redundancy. All costs shown above were paid in the period the expense was recognized, or shortly thereafter.   
 
 
(2) – Represents redundant operating expenses incurred to integrate our 2015 acquisitions into our existing structure and workflow.
 
 
(3) - Represents (income) or expense due to realizing more or less TV net assets than originally estimated at the time of the Spin-Off.
 
Recently Issued Accounting Guidance
Recently Issued Accounting Guidance
 
Adopted
 
In September 2015, the Financial Accounting Standards Board ("FASB") issued ASU 2015-16, "Business Combinations."  ASU 2015-16 modifies how changes to provisional amounts determined during the measurement period of a business combination are recognized.  Under existing accounting literature, changes to provisional amounts determined during the measurement period of a business combination, resulting from facts and circumstances that existed at the acquisition date, are recognized by retrospectively adjusting the provisional amounts at the acquisition date.   However, under ASU 2015-16, an acquirer recognizes adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustments are determined.  For Sizmek, ASU 2015-16 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period.  As such, we adopted ASU 2015-16 on January 1, 2016.
 
Issued
 
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)." ASU 2014-09 modifies revenue recognition guidance for GAAP. Previous revenue recognition guidance in GAAP comprised broad revenue recognition concepts together with numerous revenue requirements for particular industries or transactions, which sometimes resulted in different accounting for economically similar transactions. In contrast, International Accounting Standards Board ("IASB") provided limited guidance on revenue recognition. Accordingly, the FASB and IASB initiated a joint project to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards ("IFRS"). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of 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. To achieve that core principle, an entity should apply the following steps:  
 
        Step 1: Identify the contract(s) with a customer.
 
        Step 2: Identify the performance obligations in the contract.
 
        Step 3: Determine the transaction price.
 
        Step 4: Allocate the transaction price to the performance obligations in the contract.
 
        Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.
 
In August 2015, the FASB issued ASU 2015-14 to defer the effective date of ASU 2014-09 by one year.  As a result, for Sizmek, the amendments in ASU 2014-09 are now effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period.  Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period.  An entity shall adopt the amendments in ASU 2014-09 by either (i) retrospectively adjusting each prior reporting period presented or (ii) retrospectively adjusting for the cumulative effect of initially applying ASU 2014-09 at the date of initial adoption.
 
In April 2016, the FASB issued ASU 2016-10, supplementing ASU 2014-09. This ASU does not change the core principles of ASU 2014-09, which continues to have the same effective date as agreed under ASU 2015-14. This ASU clarifies the implementation guidance on identifying performance obligations and licensing. Specifically, ASU 2016-10 reduces the cost and complexity of identifying promised goods or services and improves the guidance for determining whether promises are separately identifiable. ASU 2016-10 also provides implementation guidance on determining whether an entity's promise to grant a license provides a customer with either a right to use the entity's intellectual property (which is satisfied at a point in time) or a right to access the entity's intellectual property (which is satisfied over time). We have not as yet determined (i) the extent to which we expect ASU 2014-09 will impact our reported revenues or (ii) the manner in which it will be adopted. In January 2016, the FASB issued ASU 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities."  ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income.  Presently, Sizmek recognizes changes in the fair value of its equity investments that have a readily determinable fair value in accumulated other comprehensive income / loss.  ASU 2016-01 also contains certain other provisions.  For Sizmek, ASU 2016-01 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period.  Early adoption is permitted.  We anticipate that the adoption of ASU 2016-01 will result in greater volatility of our operating results as the changes in fair value of our equity investments that have a readily determinable fair value will be reflected in net income rather than accumulated other comprehensive income / loss.
 
In February 2016, the FASB issued ASU 2016-02, "Leases" Topic 842.  ASU 2016-02 modifies accounting for leases under GAAP.  The core principle of ASU 2016-02 is that a lessee should recognize the assets and liabilities that arise from leases.  A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. When measuring assets and liabilities arising from a lease, a lessee (and a lessor) should include payments to be made in optional periods only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease.  For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term.  For operating leases, a lessee is required to do the following:

 
1.
Recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position.

 
2.
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.

 
3.
Classify all cash payments within operating activities in the statement of cash flows.

In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply.  An entity that elects to apply the practical expedients will, in effect, continue to account for leases that commence before the effective date in accordance with previous GAAP unless the lease is modified, except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP.
 
For Sizmek, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period.   
 
In March 2016, the FASB issued ASU 2016-09, "Compensation – Stock Compensation (Topic 718)." ASU 2016-09 will change how companies account for certain aspects of share-based payments to employees. Entities will be required to recognize the income tax effects of awards in the income statement when the awards vest or settle (i.e. additional paid in capital or APIC pools will be eliminated). The guidance also will change how an employer accounts for an employee’s use of shares to satisfy the employer’s statutory income tax withholding obligation and for forfeitures.
 
The guidance is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted in any annual or interim period for which financial statement have not been issued or made available to issuance, but all of this guidance must be adopted in the same period. If an entity early adopts the guidance in interim period, any adjustment must be reflected as of the beginning of the fiscal year that includes that interim period.
 
We have not as yet determined (i) the extent to which we expect ASU 2016-09 will impact our financial reports or (ii) the manner in which it will be adopted.
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General (Tables)
 6 Months Ended
Jun. 30, 2016
Accounting Policies [Abstract]  
Schedule of DG's assets and liabilities outstanding
 
 
Description
  
June 30, 
2016
    
December 31, 
2015
  
Current assets of television business:
            
Income tax receivables
   $ 320     $ 515  
Trade accounts receivable
     —       163  
Total
   $ 320     $ 678  
                 
Current liabilities of television business:
                
Accrued liabilities
   $ —     $ 930  
Uncertain tax position
     —       273  
Total
   $ —     $ 1,203  
Schedule of gains and losses recognized in consolidated results of operations due to hedging activities

   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
   
2016
    
2015
    
2016
    
2015
  
Hedging gain (loss) recognized in operations
   $ (6 )   $ 24     $ (3 )   $ (47 )
Schedule of components of accumulated other comprehensive income (loss) ("AOCI" or "AOCL"), net of tax
   
Three Months Ended June 30, 2016
  
   
Foreign
Currency
Translation
    
Unrealized
Gains (Losses) on Foreign
Currency
Derivatives
    
Unrealized
Gains 
on Available
for Sale
Securities
    
Total
Accumulated
Other
Comprehensive
Loss
  
Balance at March 31, 2016
   $ (4,539 )   $ 180     $ 979     $ (3,380 )
                                 
Other comprehensive (loss) before reclassifications
     (867 )     (196 )     (688 )     (1,751 )
Amounts reclassified out of AOCL
     —       6       —       6  
Net current period activity
     (867 )     (190 )     (688 )     (1,745 )
Balance at June 30, 2016
   $ (5,406 )   $ (10 )   $ 291     $ (5,125 )
 
   
Six Months Ended June 30, 2016
  
   
Foreign
Currency
Translation
    
Unrealized Losses on Foreign
Currency
Derivatives
    
Unrealized
Gains 
on Available
for Sale
Securities
    
Total
Accumulated
Other
Comprehensive
Loss
  
Balance at December 31, 2015
   $ (4,244 )   $ (71 )   $ 956     $ (3,359 )
                                 
Other comprehensive income (loss) before reclassifications
     (1,162 )     58       (665 )     (1,769 )
Amounts reclassified out of AOCL
     —       3       —       3  
Net current period activity
     (1,162 )     61       (665 )     (1,766 )
Balance at June 30, 2016
   $ (5,406 )   $ (10 )   $ 291     $ (5,125 )
 
   
Three Months Ended June 30, 2015
  
   
Foreign
Currency
Translation
    
Unrealized
Gains (Losses)
on Foreign
Currency
Derivatives
    
Unrealized
Gains 
on Available
for Sale
Securities
    
Total Accumulated
Other
Comprehensive
Loss
  
Balance at March 31, 2015
   $ (3,476 )   $ (193 )   $ 1,027     $ (2,642 )
                                 
Other comprehensive income (loss) before reclassifications
     580       491       (6 )     1,065  
Amounts reclassified out of AOCI
     —       (22 )     —       (22 )
Net current period activity
     580       469       (6 )     1,043  
Balance at June 30, 2015
   $ (2,896 )   $ 276     $ 1,021     $ (1,599 )
 
   
Six Months Ended June 30, 2015
  
   
Foreign
Currency
Translation
    
Unrealized
Gains (Losses)
on Foreign
Currency
Derivatives
    
Unrealized
Gains 
on Available
for Sale
Securities
    
Total
Accumulated
Other
Comprehensive
Loss
  
Balance at December 31, 2014
   $ (2,672 )   $ (98 )   $ 1,255     $ (1,515 )
                                 
Other comprehensive income (loss) before reclassifications
     (224 )     332       (234 )     (126 )
Amounts reclassified out of AOCL
     —       42       —       42  
Net current period activity
     (224 )     374       (234 )     (84 )
Balance at June 30, 2015
   $ (2,896 )   $ 276     $ 1,021     $ (1,599 )
 
Summary of reclassifications from accumulated other comprehensive income (loss) to the consolidated and combined statements of operations
   
Amounts Reclassified out of
AOCI or AOCL
    
   
Three Months
Ended June 30,
2016
    
Three Months
Ended June 30,
2015
  
Affected Line Items in the Consolidated
Statements of Operations
Gains (losses) on cash flow hedges:
              
Foreign currency derivatives
   $ 1     $ 3  
Cost of revenues
Foreign currency derivatives
     —       1  
Selling and marketing
Foreign currency derivatives
     5       14  
Research and development
Foreign currency derivatives
     1       3  
General and administrative
Foreign currency derivatives
     (13 )     3  
Other, net
Total before taxes
     (6 )     24    
Tax amounts
     —       (2 )  
Income (loss) after tax
   $ (6 )   $ 22    
 
   
Amounts Reclassified out of
AOCI or AOCL
    
   
Six Months
Ended June 30,
2016
    
Six Months
Ended June 30,
2015
  
Affected Line Items in the Consolidated
Statements of Operations
Gains (losses) on cash flow hedges:
              
Foreign currency derivatives
   $ 2     $ (5 )
Cost of revenues
Foreign currency derivatives
     —       (2 )
Selling and marketing
Foreign currency derivatives
     12       (34 )
Research and development
Foreign currency derivatives
     3       (8 )
General and administrative
Foreign currency derivatives
     (20 )     2  
Other, net
Total before taxes
     (3 )     (47 )  
Tax amounts
     —       5    
Loss after tax
   $ (3 )   $ (42 )  
 
Summary of merger, integration and other expenses
 
   
Three Months Ended June 30,
    
Six Months Ended June 30,
  
Description
  
2016
    
2015
    
2016
    
2015
  
Severance (1)
   $ 954     $ 142     $ 1,387     $ 466  
Integration and restructuring costs (2)
     1,188       565       3,263       1,070  
Special Projects
     371       611       481       730  
TV business (3)
     (77 )     (148 )     72       (262 )
Total
   $ 2,436     $ 1,170     $ 5,203     $ 2,004  
 
 
(1) -Severance costs primarily relate to consolidating the workforces of acquired businesses and eliminating redundancy. All costs shown above were paid in the period the expense was recognized, or shortly thereafter.   
 
 
(2) – Represents redundant operating expenses incurred to integrate our 2015 acquisitions into our existing structure and workflow.
 
 
(3) - Represents (income) or expense due to realizing more or less TV net assets than originally estimated at the time of the Spin-Off.
 
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.5.0.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2016
Fair Value Disclosures [Abstract]  
Schedule of assets and liabilities accounted for at fair value
     
Fair Value Measurements at June 30, 2016
  
   
Balance
Sheet
Location
  
Quoted Prices
in Active
Markets
(Level 1)
    
Significant Other
Observable
Inputs
(Level 2)
    
Total
Fair Value
Measurements
  
Assets:
                    
Money market funds
(a)
   $ 10,941     $ —     $ 10,941  
Marketable equity securities
(b)
     373       —       373  
Total
       11,314       —       11,314  
Liabilities:
                          
 Currency forward derivatives / options
(c)
   $ —     $ 13     $ 13  
 
     
Fair Value Measurements at December 31, 2015
  
   
Balance
Sheet
Location
  
Quoted Prices
in Active
Markets
(Level 1)
    
Significant Other
Observable
Inputs
(Level 2)
    
Total
Fair Value
Measurements
  
Assets:
                    
Money market funds
(a)
   $ 23,932     $ —     $ 23,932  
Marketable equity securities
(b)
     1,297       —       1,297  
Total
       25,229       —       25,229  
Liabilities:
                          
 Currency forward derivatives / options
(c)
   $ —     $ 86     $ 86  

(a) Included in cash and cash equivalents.
(b) Included in current assets in June 30, 2016 and in other non-current assets in December 31, 2015.
(c) Included in accrued liabilities.
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.5.0.2
Acquisitions (Tables)
 6 Months Ended
Jun. 30, 2016
Business Combinations [Abstract]  
Summary of the estimated fair values of the assets acquired and liabilities assumed
 
Category
  
Point Roll
    
StrikeAd
  
Current assets
   $ 10.0     $ 2.9  
Property and equipment
     2.0       —  
Other assets
     2.0       —  
Customer relationships
     7.0       1.2  
Trade names
     0.5       —  
Developed technology
     —       4.3  
Noncompetition agreements
     —       —  
Goodwill
     5.4       11.0  
Total assets acquired
     26.9       19.4  
Less liabilities assumed
     (7.8 )     (10.3 )
Net assets acquired
   $  19.1     $ 9.1  
 
Schedule of as reported and pro forma results of operations relating to acquisitions

   
As Reported
Six Months Ended
June 30,
    
Unaudited Pro Forma
Six Months Ended
June 30,
  
   
2016
    
2015
    
2016
    
2015
  
Revenue
   $ 89,425     $ 76,975     $ 89,425     $ 100,075  
Net loss
     (7,993 )     (15,842 )     (7,993 )     (20,789 )
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.5.0.2
Goodwill, Intangible Assets and Impairments (Tables)
 6 Months Ended
Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of changes in carrying value of goodwill
 
   
Goodwill
    
Accumulated
Impairment
Losses
     Net Carrying Value  
Balance at December 31, 2015
   $ 396,354     $ (387,943 )   $ 8,411  
2016 Activity
     709       —       709  
Balance at June 30, 2016
   $ 397,063     $ (387,943 )   $ 9,120  
 
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.5.0.2
Share-based Compensation (Tables)
 6 Months Ended
Jun. 30, 2016
Stock Plan And Stock Repurchase Program  
Summary of share-based compensation expense

   
Six Months Ended June 30,
  
Description
  
2016
    
2015
  
Sizmek share-based compensation
   $ 2,148     $ 1,903  
 
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.5.0.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2016
Income Tax Disclosure [Abstract]  
Schedule of changes in uncertain tax positions
 
   
Six Months Ended June 30,
  
   
2016
    
2015
  
Balance at beginning of year
   $ 2,677     $ 1,507  
Additions for tax positions related to prior years
     —       39  
Balance at end of period
   $ 2,677     $ 1,546  
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.5.0.2
Loss per Share (Tables)
 6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
Schedule of loss per common share
 
   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
   
2016
    
2015
    
2016
    
2015
  
Net loss
   $ (1,041 )   $ (7,897 )   $ (7,993 )   $ (15,842 )
                                 
Weighted average common shares outstanding — basic
     29,128       29,549       29,081       29,666  
Dilutive securities
     —       —       —       —  
Weighted average common shares outstanding - diluted
     29,128       29,549       29,081       29,666  
                                 
Basic and diluted loss per common share
   $ (0.04 )   $ (0.27 )   $ (0.27 )   $ (0.53 )
                                 
Antidilutive securities not included:
                                
Stock options and RSUs
     1,295       1,268       1,141       1,266  
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.5.0.2
Geographical Information and Product Categories (Tables)
 6 Months Ended
Jun. 30, 2016
Segments, Geographical Areas [Abstract]  
Schedule of revenues by geographic area

   
Three Months Ended June 30,
    
Six Months Ended June 30,
  
   
2016
    
2015
    
2016
     2015  
Revenues:
                        
United States
   $ 28,446     $ 20,975     $ 51,447     $ 40,575  
Europe, Middle East and Africa
     12,271       11,821       22,736       21,171  
Asia Pacific
     5,550       5,177       10,848       11,071  
Latin America
     1,689       1,398       2,783       2,749  
North America (excluding U.S.)
     944       845       1,611       1,409  
Total
   $ 48,900     $ 40,216     $ 89,425     $ 76,975  
Schedule of revenues by product category
 
   
Three Months Ended June 30,
    
Six Months Ended June 30,
  
   
2016
    
2015
    
2016
    
2015
  
Revenues:
                        
Platform solutions
   $ 38,007     $ 35,645     $ 72,438     $ 68,537  
Programmatic solutions
     10,893       4,571       16,987       8,438  
Total
   $ 48,900     $ 40,216     $ 89,425     $ 76,975  
Schedule of property and equipment, net by country
 
   
June 30,
2016
    
December 31,
2015
  
Property and equipment, net:
            
Israel
   $ 27,584     $ 21,387  
United States
     6,116       6,441  
Other countries
     1,624       1,582  
Total
   $ 35,324     $ 29,410  
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.5.0.2
Basis of Presentation (Details)
 6 Months Ended
Jun. 30, 2016
item
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of advertisers connected to audiences 19,000
Number of agencies connected to audiences 3,700
Number of countries in which entity operates 65
Minimum number of impressions served 1,300,000,000,000
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.5.0.2
General (Assets And Liabilities Of DG's TV Business) (Details) - USD ($)
$ in Thousands
Jun. 30, 2016
Dec. 31, 2015
Feb. 07, 2014
Assets and Liabilities of DG's TV Business [Abstract]      
Net assets of TV business contributed by DG     $ 78,500
Current assets of television business:      
Income tax receivables $ 320 $ 515  
Trade accounts receivable 163  
Total 320 678  
Current liabilities of television business:      
Accrued liabilities 930  
Uncertain tax position 273  
Total $ 1,203  
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.5.0.2
General (Derivative Instruments) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Derivative Instruments          
Notional amount of foreign currency forward contracts and options outstanding $ 12,600   $ 12,600   $ 14,500
Fair value liability balance of foreign currency forward contracts and options outstanding         300
Fair value asset balance of foreign currency forward contracts and options outstanding         200
Net fair value asset (liability) balance of foreign currency forward contracts and options outstanding         (100)
Hedging (loss) gain recognized in operations (6) $ 24 (3) $ (47)  
Restricted cash $ 1,551   $ 1,551   $ 1,538
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.5.0.2
General (Components Of Accumulated Other Comprehensive Income (Loss) (AOCI or AOCL), Net Of Tax) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Balance at beginning of the period $ (3,380) $ (2,642) $ (3,359) $ (1,515)
Other comprehensive income (loss) before reclassifications (1,751) 1,065 (1,769) (126)
Amounts reclassified out of AOCL 6 (22) 3 42
Net current period activity (1,745) 1,043 (1,766) (84)
Balance at end of the period (5,125) (1,599) (5,125) (1,599)
Foreign Currency Translation [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Balance at beginning of the period (4,539) (3,476) (4,244) (2,672)
Other comprehensive income (loss) before reclassifications (867) 580 (1,162) (224)
Amounts reclassified out of AOCL
Net current period activity (867) 580 (1,162) (224)
Balance at end of the period (5,406) (2,896) (5,406) (2,896)
Unrealized Gains (Losses) on Foreign Currency Derivatives [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Balance at beginning of the period 180 (193) (71) (98)
Other comprehensive income (loss) before reclassifications (196) 491 58 332
Amounts reclassified out of AOCL 6 (22) 3 42
Net current period activity (190) 469 61 374
Balance at end of the period (10) 276 (10) 276
Unrealized Gains on Available for Sale Securities [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Balance at beginning of the period 979 1,027 956 1,255
Other comprehensive income (loss) before reclassifications (688) (6) (665) (234)
Amounts reclassified out of AOCL
Net current period activity (688) (6) (665) (234)
Balance at end of the period $ 291 $ 1,021 $ 291 $ 1,021
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.5.0.2
General (Reclassifications from AOCI Or AOCL to Consolidated Statements of Operations) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Cost of revenues $ 21,312 $ 14,492 $ 39,563 $ 28,152
Selling and marketing 14,877 15,433 29,698 29,636
Research and development 3,103 3,674 6,313 6,577
General and administrative 5,368 4,739 10,923 9,293
Other, net (977) 366 (1,502) 1,345
Loss before income taxes (528) (7,429) (7,005) (15,242)
Tax amounts (513) (468) (988) (600)
Net loss (1,041) (7,897) (7,993) (15,842)
Foreign Exchange Contract [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Foreign Currency Derivatives [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Cost of revenues 1 3 2 (5)
Selling and marketing 1 (2)
Research and development 5 14 12 (34)
General and administrative 1 3 3 (8)
Other, net (13) 3 (20) 2
Loss before income taxes (6) 24 (3) (47)
Tax amounts (2) 5
Net loss $ (6) $ 22 $ (3) $ (42)
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.5.0.2
General (Merger, Integration And Other Expenses) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Accounting Policies [Abstract]        
Severance [1] $ 954 $ 142 $ 1,387 $ 466
Integration and restructuring costs [2] 1,188 565 3,263 1,070
Special Projects 371 611 481 730
TV business [3] (77) (148) 72 (262)
Total $ 2,436 $ 1,170 $ 5,203 $ 2,004
[1] Severance costs primarily relate to consolidating the workforces of acquired businesses and eliminating redundancy. All costs shown above were paid in the period the expense was recognized, or shortly thereafter.
[2] Represents redundant operating expenses incurred to integrate our 2015 acquisitions into our existing structure and workflow.
[3] Represents (income) or expense due to realizing more or less TV net assets than originally estimated at the time of the Spin-Off.
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.5.0.2
General (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2016
Jun. 30, 2016
Dec. 31, 2015
Accounting Policies [Abstract]      
Long-lived asset impairment charges     $ 64,200
Effect of change in estimate on depreciation and amortization $ (4,700) $ (9,600)  
Effect of change in estimate on net loss $ (4,700) $ (9,600)  
Effect of change in estimate on net loss per share $ (0.16) $ (0.33)  
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.5.0.2
Fair Value Measurements (Fair Value of Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Jun. 30, 2016
Dec. 31, 2015
Assets:    
Money market funds [1] $ 10,941 $ 23,932
Marketable equity securities [2] 373 1,297
Total 11,314 25,229
Liabilities:    
Currency forward derivatives/options [3] 13 86
Fair Value Inputs Level1 [Member]    
Assets:    
Money market funds [1] 10,941 23,932
Marketable equity securities [2] 373 1,297
Total 11,314 25,229
Liabilities:    
Currency forward derivatives/options [3]
Fair Value Inputs Level2 [Member]    
Assets:    
Money market funds [1]
Marketable equity securities [2]
Total
Liabilities:    
Currency forward derivatives/options [3] $ 13 $ 86
[1] Included in cash and cash equivalents.
[2] Included in current assets in June 30, 2016 and in other non-current assets in December 31, 2015.
[3] Included in accrued liabilities.
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.5.0.2
Fair Value Measurements (Abakus Convertible Notes) (Details) - Abakus [Member] - Convertible Debt Securities [Member] - USD ($)
$ in Millions
 1 Months Ended 23 Months Ended
May 31, 2014
Jun. 30, 2016
Investment [Line Items]    
Amount of convertible notes purchased $ 1.0  
Payment for convertible notes $ 1.0  
Period of time convertible notes are due after written notice   90 days
Interest rate   5.00%
Amount of Abakus Series A preferred shares to be sold by Abakus for triggering automatic conversion   $ 2.0
Conversion price as a percentage of the share price in Qualified Financing   75.00%
Amount divided by the number of shares outstanding upon exercise of all dilutive securities to derive quotient for determining conversion price upon automatic conversion   $ 7.0
Conversion price as a percentage of the share price in the Equity Financing   75.00%
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.5.0.2
Acquisitions (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 12, 2015
May 28, 2015
Dec. 31, 2015
Jun. 30, 2016
Business Acquisition [Line Items]        
Goodwill     $ 8,411 $ 9,120
Point Roll [Member]        
Business Acquisition [Line Items]        
Purchase price $ 20,000      
Cash consideration 11,000      
Goodwill 5,400      
Weighted average amortization period of intangible assets     4 years 1 month 6 days  
Liability for uncertain tax position 1,200      
Indemnification asset 1,200      
Consideration to be paid one year after the closing date 7,000      
Consideration to be paid one year after the closing date, subject to any indemnification claims 2,000      
Consideration to be paid one year after the closing date, subject to any indemnification claims, present value $ 1,100      
Strike Ad [Member]        
Business Acquisition [Line Items]        
Purchase price   $ 9,800    
Cash consideration   7,700    
Goodwill   $ 11,000    
Weighted average amortization period of intangible assets   3 years 8 months 12 days    
Consideration to be paid one year after the closing date, subject to any indemnification claims   $ 2,100    
Consideration to be paid one year after the closing date, subject to any indemnification claims, present value   1,400    
Strike Ad [Member] | Developed Technology Rights [Member]        
Business Acquisition [Line Items]        
Purchase price   $ 4,300    
Weighted average amortization period of intangible assets   3 years 2 months 12 days    
Strike Ad [Member] | Customer Relationships [Member]        
Business Acquisition [Line Items]        
Purchase price   $ 1,200    
Weighted average amortization period of intangible assets   5 years 6 months    
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.5.0.2
Acquisitions (Summary of Estimated Fair values of Assets Acquired and Liabilities Assumed) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Nov. 12, 2015
May 28, 2015
Jun. 30, 2016
Dec. 31, 2015
Purchase Price Allocations        
Goodwill     $ 9,120 $ 8,411
Point Roll [Member]        
Purchase Price Allocations        
Current assets $ 10,000      
Property and equipment 2,000      
Other assets 2,000      
Customer relationships 7,000      
Trade names 500      
Developed technology      
Noncompetition agreements      
Goodwill 5,400      
Total assets acquired 26,900      
Less liabilities assumed (7,800)      
Net assets acquired 19,100      
Purchase price 20,000      
Point Roll [Member] | Adjustment [Member]        
Purchase Price Allocations        
Current assets 400      
Property and equipment 500      
Other assets 800      
Customer relationships 700      
Goodwill 800      
Less liabilities assumed $ (3,900)      
Purchase price     $ (700)  
Strike Ad [Member]        
Purchase Price Allocations        
Current assets   $ 2,900    
Property and equipment      
Other assets      
Customer relationships   1,200    
Trade names      
Developed technology   4,300    
Noncompetition agreements      
Goodwill   11,000    
Total assets acquired   19,400    
Less liabilities assumed   (10,300)    
Net assets acquired   9,100    
Purchase price   $ 9,800    
XML 48 R38.htm IDEA: XBRL DOCUMENT v3.5.0.2
Acquisitions (Schedule of as Reported and Pro forma Results of Operations Relating to Acquisitions) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
As Reported        
Revenues $ 48,900 $ 40,216 $ 89,425 $ 76,975
Net loss $ (1,041) $ (7,897) (7,993) (15,842)
Unaudited Pro Forma        
Revenue     89,425 100,075
Net loss     $ (7,993) $ (20,789)
XML 49 R39.htm IDEA: XBRL DOCUMENT v3.5.0.2
Goodwill, Intangible Assets and Impairments (Schedule of Changes in Carrying Value of Goodwill) (Narrative) (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Goodwill    
Balance at beginning of the period $ 396,354  
2016 activity 709  
Balance at end of the period 397,063 $ 396,354
Accumulated Impairment Losses    
Balance at beginning of the period (387,943) (387,943)
2016 activity (47,400)
Balance at end of the period (387,943) (387,943)
Net Carrying Value    
Balance at beginning of the period 8,411  
2016 activity 709  
Balance at end of the period $ 9,120 $ 8,411
XML 50 R40.htm IDEA: XBRL DOCUMENT v3.5.0.2
Goodwill, Intangible Assets and Impairments (Impairment Charges) (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill impairment charges $ 47,400
Long-lived asset impairment charges   $ 64,200
XML 51 R41.htm IDEA: XBRL DOCUMENT v3.5.0.2
Share-based Compensation (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Mar. 31, 2016
Jun. 30, 2016
Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Value of RSUs granted in period     $ 2,800  
Sizmek share-based compensation     2,148 $ 1,903
Unrecognized compensation cost $ 5,900   $ 5,900  
Sizmek Equity Based Incentive Plan [Member] | Restricted Stock Units R S U [Member] | Vesting Based On Performance [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Awards granted in period (in shares)   471,362    
Sizmek Equity Based Incentive Plan [Member] | Restricted Stock Units R S U [Member] | Vesting Based On Service [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Awards granted in period (in shares) 660,995 431,116    
Value of RSUs granted in period $ 1,500      
Vesting period 2 years      
Minimum [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period     1 year  
Maximum [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period     3 years  
XML 52 R42.htm IDEA: XBRL DOCUMENT v3.5.0.2
Income Taxes (Schedule of Changes in Unrecognized Tax Benefits) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Change in unrecognized tax benefits    
Balance at beginning of year $ 2,677 $ 1,507
Additions for tax positions related to prior years 39
Balance at end of year $ 2,677 $ 1,546
XML 53 R43.htm IDEA: XBRL DOCUMENT v3.5.0.2
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Income Tax Disclosure [Abstract]    
Effective tax rate (14.10%) (3.90%)
Federal statutory tax rate 35.00% 35.00%
Interest or penalties recognized related to uncertain tax positions $ 0.1 $ 0.1
Increase from acquisition of Point Roll   $ 0.4
XML 54 R44.htm IDEA: XBRL DOCUMENT v3.5.0.2
Loss per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Earnings Per Share [Abstract]        
Net loss $ (1,041) $ (7,897) $ (7,993) $ (15,842)
Weighted average common shares outstanding - basic 29,128 29,549 29,081 29,666
Dilutive securities
Weighted average common shares outstanding - diluted 29,128 29,549 29,081 29,666
Basic and diluted loss per common share $ (0.04) $ (0.27) $ (0.27) $ (0.53)
Antidilutive securities not included:        
Stock options and RSUs (in shares) 1,295 1,268 1,141 1,266
XML 55 R45.htm IDEA: XBRL DOCUMENT v3.5.0.2
Geographical Information and Product Categories (Revenues By Geographic Area) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenues $ 48,900 $ 40,216 $ 89,425 $ 76,975
Percentage of revenue attributable to foreign jurisdictions     42.00%  
UNITED STATES [Member]        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenues 28,446 20,975 $ 51,447 40,575
Latin America [Member]        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenues 1,689 1,398 2,783 2,749
Asia Pacific [Member]        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenues 5,550 5,177 10,848 11,071
E M E A [Member]        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenues 12,271 11,821 22,736 21,171
North America Excluding United States Of America [Member]        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenues $ 944 $ 845 $ 1,611 $ 1,409
XML 56 R46.htm IDEA: XBRL DOCUMENT v3.5.0.2
Geographical Information and Product Categories (Revenues By Product Category) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenues $ 48,900 $ 40,216 $ 89,425 $ 76,975
Programmatic Solutions [Member]        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenues 10,893 4,571 16,987 8,438
Platform Solutions [Member]        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenues $ 38,007 $ 35,645 $ 72,438 $ 68,537
XML 57 R47.htm IDEA: XBRL DOCUMENT v3.5.0.2
Geographical Information and Product Categories (Long-Lived Assets By Country) (Details) - USD ($)
$ in Thousands
Jun. 30, 2016
Dec. 31, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property and equipment, net $ 35,324 $ 29,410
Other Countries [Member]    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property and equipment, net 1,624 1,582
UNITED STATES [Member]    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property and equipment, net 6,116 6,441
ISRAEL [Member]    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property and equipment, net $ 27,584 $ 21,387
XML 58 R48.htm IDEA: XBRL DOCUMENT v3.5.0.2
Subsequent Events (Details) - USD ($)
Aug. 03, 2016
Jun. 30, 2016
Dec. 31, 2015
Common stock, par value   $ 0.001 $ 0.001
Subsequent Event [Member]      
Common stock, par value $ 0.001    
Offer price per share $ 3.90    
Minimum annual revenues or assets to trigger termination of waiting period $ 10,000,000    
Possible termination fee as a percentage of equity 3.50%    
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