$RPD
Rapid7, Inc.

2017 Q1 Form 10-K Financial Statement

#000119312517076894 Filed on March 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2015 Q4 2014 Q4
Revenue $45.25M $32.90M $21.90M
YoY Change 30.03% 50.23%
Cost Of Revenue $12.26M $9.000M $5.700M
YoY Change 40.77% 57.89%
Gross Profit $32.98M $23.90M $16.20M
YoY Change 26.44% 47.53%
Gross Profit Margin 72.89% 72.64% 73.97%
Selling, General & Admin $32.06M $29.90M $17.00M
YoY Change 9.19% 75.88%
% of Gross Profit 97.2% 125.1% 104.94%
Research & Development $11.39M $13.90M $6.500M
YoY Change -7.69% 113.85%
% of Gross Profit 34.54% 58.16% 40.12%
Depreciation & Amortization $1.624M $1.650M $1.100M
YoY Change -5.08% 50.0%
% of Gross Profit 4.92% 6.9% 6.79%
Operating Expenses $43.45M $44.70M $24.30M
YoY Change 4.19% 83.95%
Operating Profit -$10.47M -$20.80M -$8.100M
YoY Change -32.97% 156.79%
Interest Expense $169.0K -$100.0K -$800.0K
YoY Change -1226.67% -87.5%
% of Operating Profit
Other Income/Expense, Net -$115.0K
YoY Change -158.67%
Pretax Income -$10.42M -$21.00M -$8.900M
YoY Change -32.53% 135.96%
Income Tax $129.0K $100.0K $100.0K
% Of Pretax Income
Net Earnings -$10.55M -$21.10M -$9.000M
YoY Change -32.32% 134.44%
Net Earnings / Revenue -23.31% -64.13% -41.1%
Basic Earnings Per Share
Diluted Earnings Per Share -$250.0K -$523.6K -$78.81K
COMMON SHARES
Basic Shares Outstanding 42.64M shares 41.59M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q1 2015 Q4 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $79.20M $86.60M
YoY Change -5.15%
Cash & Equivalents $50.66M $86.55M $36.82M
Short-Term Investments $28.60M
Other Short-Term Assets $7.700M $6.100M
YoY Change 16.67%
Inventory
Prepaid Expenses
Receivables $33.70M $44.20M
Other Receivables $0.00 $0.00
Total Short-Term Assets $120.7M $136.9M $66.44M
YoY Change 0.6% 105.99%
LONG-TERM ASSETS
Property, Plant & Equipment $8.010M $7.532M $7.922M
YoY Change 5.24% -4.92%
Goodwill $75.11M $74.57M $11.27M
YoY Change 0.22% 561.92%
Intangibles $11.39M $1.156M
YoY Change 884.86%
Long-Term Investments $16.80M
YoY Change
Other Assets $700.0K $200.0K
YoY Change 40.0%
Total Long-Term Assets $109.1M $93.70M $20.52M
YoY Change 16.27% 356.56%
TOTAL ASSETS
Total Short-Term Assets $120.7M $136.9M $66.44M
Total Long-Term Assets $109.1M $93.70M $20.52M
Total Assets $229.8M $230.6M $86.97M
YoY Change 7.48% 165.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.495M $2.038M $3.536M
YoY Change 110.92% -42.36%
Accrued Expenses $16.35M $24.71M $11.91M
YoY Change 13.33% 107.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $137.6M $115.8M $74.25M
YoY Change 28.72% 55.92%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $16.87M
YoY Change -100.0%
Other Long-Term Liabilities $3.187M $4.319M $4.218M
YoY Change -28.54% 2.39%
Total Long-Term Liabilities $3.187M $4.319M $21.09M
YoY Change -28.54% -79.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $137.6M $115.8M $74.25M
Total Long-Term Liabilities $3.187M $4.319M $21.09M
Total Liabilities $191.9M $162.5M $122.2M
YoY Change 25.3% 32.93%
SHAREHOLDERS EQUITY
Retained Earnings -$400.0M -$340.3M -$243.5M
YoY Change 12.38% 39.79%
Common Stock $428.0K $415.0K $126.0K
YoY Change 2.15% 229.37%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.457M $3.526M $3.526M
YoY Change 26.4% 0.0%
Treasury Stock Shares 469.0K shares 401.6K shares 401.6K shares
Shareholders Equity $37.86M $68.08M -$246.9M
YoY Change
Total Liabilities & Shareholders Equity $229.8M $230.6M $86.97M
YoY Change 7.48% 165.12%

Cashflow Statement

Concept 2017 Q1 2015 Q4 2014 Q4
OPERATING ACTIVITIES
Net Income -$10.55M -$21.10M -$9.000M
YoY Change -32.32% 134.44%
Depreciation, Depletion And Amortization $1.624M $1.650M $1.100M
YoY Change -5.08% 50.0%
Cash From Operating Activities $3.320M $70.00K $2.000M
YoY Change -308.81% -96.5%
INVESTING ACTIVITIES
Capital Expenditures $1.335M -$1.300M -$910.0K
YoY Change 22.25% 42.86%
Acquisitions
YoY Change
Other Investing Activities -$6.500M -$35.47M $0.00
YoY Change
Cash From Investing Activities -$7.840M -$36.77M -$910.0K
YoY Change 619.27% 3940.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.110M -670.0K 27.49M
YoY Change -513.73% -102.44%
NET CHANGE
Cash From Operating Activities 3.320M 70.00K 2.000M
Cash From Investing Activities -7.840M -36.77M -910.0K
Cash From Financing Activities 2.110M -670.0K 27.49M
Net Change In Cash -2.410M -37.37M 28.58M
YoY Change -24.45% -230.76%
FREE CASH FLOW
Cash From Operating Activities $3.320M $70.00K $2.000M
Capital Expenditures $1.335M -$1.300M -$910.0K
Free Cash Flow $1.985M $1.370M $2.910M
YoY Change -174.01% -52.92%

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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td width="5%">&#xA0;</td> <td valign="top" width="5%" align="left"><b><i>(h)</i></b></td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="justify"><b><i>Concentration of Credit Risk</i></b></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 10%; MARGIN-TOP: 6pt" align="justify">Financial instruments that potentially expose us to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable and short-term and long-term investments. We maintain a substantial portion of our cash and cash equivalents in money market funds invested in U.S. Treasury related obligations. Deposits held with banks may exceed the amount of insurance provided on such deposits. We have not experienced any losses in such accounts and believe that we are not exposed to any significant risk.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 10%; MARGIN-TOP: 6pt" align="justify">We provide credit to customers in the normal course of business. Collateral is not required for accounts receivable, but ongoing credit evaluations of customers&#x2019; financial condition are performed. We maintain reserves for potential credit losses. No single customer accounted for 10% or more of our total revenues in 2016, 2015 or 2014 or accounts receivable as of December&#xA0;31, 2016 and 2015.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 10%; MARGIN-TOP: 6pt" align="justify">Our short-term and long-term investments primarily consist of commercial paper, corporate bonds, U.S. government agencies and asset-backed securities. All of our investments are highly-rated by credit rating agencies and are issued by organizations with reputable credit, and therefore bear minimal credit risk.</p> </div>
CY2016 us-gaap Depreciation
Depreciation
4300000
CY2016 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6725000
CY2016 us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions
87000
CY2016 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2016 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.001 pure
CY2016 us-gaap Fair Value Option Methodology And Assumptions
FairValueOptionMethodologyAndAssumptions
The risk-free interest rate was based on U.S. Treasury zero-coupon securities with maturities consistent with the estimated expected term.
CY2016 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-49019000
CY2016 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2016 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2400000
CY2016 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2016 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
61000
CY2016 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-58000
CY2016 us-gaap Cost Of Services
CostOfServices
20173000
CY2016 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
75000
CY2016 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
131000
CY2016 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34 pure
CY2016 us-gaap Cost Of Revenue
CostOfRevenue
39725000
CY2016 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.001 pure
CY2016 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
600000
CY2016 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
75000
CY2016 us-gaap Revenues
Revenues
157437000
CY2016 us-gaap Interest Paid
InterestPaid
5000
CY2016 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
The statute of limitations for these jurisdictions is generally three to six years.
CY2016 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
5000000
CY2016 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-109000
CY2016 us-gaap Payments For Previous Acquisition
PaymentsForPreviousAcquisition
1392000
CY2016 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
38976000
CY2016 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1578000
CY2016 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
558000
CY2016 us-gaap Gross Profit
GrossProfit
117712000
CY2016 us-gaap Operating Expenses
OperatingExpenses
166761000
CY2016 us-gaap Net Income Loss
NetIncomeLoss
-49000000
CY2016 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
931000
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-49027000
CY2016 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-43475000
CY2016 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
8800000
CY2016 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
6195000
CY2016 us-gaap Maintenance Revenue
MaintenanceRevenue
37403000
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-41466000
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-7561000
CY2016 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1619000
CY2016 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3523000
CY2016 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-49000000
CY2016 us-gaap Operating Income Loss
OperatingIncomeLoss
-49049000
CY2016 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
1161000
CY2016 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-19000
CY2016 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
556000
CY2016 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
38748000
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-27000
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y2M12D
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
247000
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td width="5%">&#xA0;</td> <td valign="top" width="5%" align="left"><b><i>(b)</i></b></td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="justify"><b><i>Use of Estimates</i></b></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 10%; MARGIN-TOP: 6pt" align="justify">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, together with amounts disclosed in the accompanying notes to the financial statements. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include revenue recognition, provision for doubtful accounts, stock-based compensation expense, deferred tax valuation allowances and goodwill and intangible assets. We base our estimates on historical experience and also on assumptions that we believe are reasonable. Changes in facts or circumstances may cause us to change our assumptions and estimates in future periods and it is possible that actual results could differ from our current or revised future estimates.</p> </div>
CY2016 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.030 pure
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.50 pure
CY2016 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4114000
CY2016 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
100000
CY2016 us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5%; MARGIN-TOP: 6pt" align="justify"></p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="5%" align="left"><b>(1)</b></td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-TOP: 0pt" align="justify"><b>Nature of the Business</b></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 78px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal" align="justify">Rapid7, Inc. and subsidiaries (&#x201C;we,&#x201D; &#x201C;us&#x201D; or &#x201C;our&#x201D;) is a leading provider of analytics for security and IT operations that enable organizations to implement an active, analytics-driven approach to cyber security and IT operations.</p> </div>
CY2016 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
9112000
CY2016 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-222000
CY2016 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4499000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.019 pure
CY2016 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
650185 shares
CY2016 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
0
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
13.43
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y3M18D
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
9.65
CY2016 rpd Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
-0.014 pure
CY2016 rpd Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
100000 shares
CY2016 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
68000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
6409000
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.43
CY2016 dei Trading Symbol
TradingSymbol
RPD
CY2016 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
47955000
CY2016 us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td width="5%">&#xA0;</td> <td valign="top" width="5%" align="left"><b><i>(d)</i></b></td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="justify"><b><i>Deferred Revenue</i></b></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 10%; MARGIN-TOP: 6pt" align="justify">Deferred revenue consists of amounts that have been invoiced but that have not been recognized as revenue. Deferred revenue that will be realized during the succeeding <font style="WHITE-SPACE: nowrap">12-month</font> period is recorded as current, and the remaining deferred revenue is recorded as <font style="WHITE-SPACE: nowrap">non-current.</font></p> </div>
CY2016 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2924000
CY2016 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
3097000
CY2016 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
30630000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1454626 shares
CY2016 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
3724000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.012 pure
CY2016 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
90524000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
470591 shares
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
17316000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.48 pure
CY2016 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
41248473 shares
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y1M6D
CY2016 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
CY2016 rpd Deferred Income Tax Provision
DeferredIncomeTaxProvision
100000
CY2016 rpd Stock Issued During Period Shares Warrants Exercised
StockIssuedDuringPeriodSharesWarrantsExercised
28774 shares
CY2016 rpd Proceeds From Issuance Of Employee Stock Purchase Plan
ProceedsFromIssuanceOfEmployeeStockPurchasePlan
3724000
CY2016 rpd Expected Decrease In Unrecognized Tax Benefits
ExpectedDecreaseInUnrecognizedTaxBenefits
300000
CY2016 rpd Employee Stock Purchase Plan Purchase Price As Percentage Of Market Value
EmployeeStockPurchasePlanPurchasePriceAsPercentageOfMarketValue
0.85 pure
CY2016 rpd Cost Of Revenue Product
CostOfRevenueProduct
12447000
CY2016 rpd Stock Issued During Period Value Stock Options And Warrants Exercised
StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised
2881000
CY2016 rpd Product Revenue
ProductRevenue
89404000

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