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• | Level 1 inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. |
• | Level 2 inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.), or inputs that are derived principally from or corroborated by market data by correlation or other means. |
• | Level 3 inputs - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. |
June 28, 2014 | December 28, 2013 | ||||||||||||||||||||||||||||||
Fair Value Measurements Using Input Types | Fair Value Measurements Using Input Types | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Money market mutual funds | $ | 96,812 | $ | — | $ | — | $ | 96,812 | $ | 15,085 | $ | — | $ | — | $ | 15,085 | |||||||||||||||
Total assets | $ | 96,812 | $ | — | $ | — | $ | 96,812 | $ | 15,085 | $ | — | $ | — | $ | 15,085 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Contingent acquisition consideration | $ | — | $ | — | $ | 2,690 | $ | 2,690 | $ | — | $ | — | $ | 10,630 | $ | 10,630 | |||||||||||||||
Preferred stock warrants | — | — | — | — | — | — | 362 | 362 | |||||||||||||||||||||||
Total liabilities | $ | — | $ | — | $ | 2,690 | $ | 2,690 | $ | — | $ | — | $ | 10,992 | $ | 10,992 |
June 28, 2014 | December 28, 2013 | ||||||||||||||
Contingent Acquisition Consideration | Preferred Stock Warrants | Contingent Acquisition Consideration | Preferred Stock Warrants | ||||||||||||
Beginning balance | $ | 10,630 | $ | 362 | $ | 9,288 | $ | 247 | |||||||
Increase in fair value included in earnings | 2,406 | 606 | 1,342 | 115 | |||||||||||
Reclassification to permanent equity | (4,878 | ) | (968 | ) | — | — | |||||||||
Contingent acquisition consideration payments | (5,468 | ) | — | — | — | ||||||||||
Ending balance | $ | 2,690 | $ | — | $ | 10,630 | $ | 362 |
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June 28, 2014 | December 28, 2013 | ||||||
Computer equipment | $ | 1,619 | $ | 1,444 | |||
Furniture and fixtures | 1,340 | 1,154 | |||||
Software | 250 | 199 | |||||
Leasehold improvements | 247 | 183 | |||||
Total | 3,456 | 2,980 | |||||
Less accumulated depreciation | (1,850 | ) | (1,427 | ) | |||
Property and equipment, net | $ | 1,606 | $ | 1,553 |
June 28, 2014 | December 28, 2013 | ||||||
Payroll and compensation | $ | 2,266 | $ | 3,134 | |||
Tax-related expense | 682 | 372 | |||||
Marketing expenses | 6,559 | 1,028 | |||||
Other accrued expenses | 3,794 | 2,489 | |||||
Total accrued expenses and other current liabilities | $ | 13,301 | $ | 7,023 |
|
Balance as of December 28, 2013 | $ | 62,686 | |
Acquisition | 489 | ||
Effect of currency translation | (218 | ) | |
Balance as of June 28, 2014 | $ | 62,957 |
Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Weighted-Average Remaining Life (Years) | ||||||||||
June 28, 2014: | |||||||||||||
Indefinite lived intangibles | $ | 242 | $ | — | $ | 242 | N/A | ||||||
Trademarks and trade names | 4,554 | (2,749 | ) | 1,805 | 2.2 | ||||||||
Proprietary software | 5,164 | (3,252 | ) | 1,912 | 3.0 | ||||||||
Website | 50 | (27 | ) | 23 | 1.9 | ||||||||
Training materials | 30 | (15 | ) | 15 | 1.5 | ||||||||
Non-compete agreements | 147 | (81 | ) | 66 | 2.2 | ||||||||
Leasehold interests | 170 | (49 | ) | 121 | 4.9 | ||||||||
Caregiver relationships | 343 | (220 | ) | 123 | 1.1 | ||||||||
Customer relationships | 8,945 | (3,973 | ) | 4,972 | 3.2 | ||||||||
Total | $ | 19,645 | $ | (10,366 | ) | $ | 9,279 | ||||||
December 28, 2013: | |||||||||||||
Indefinite lived intangibles | $ | 242 | $ | — | $ | 242 | N/A | ||||||
Trademarks and trade names | 4,561 | (2,096 | ) | 2,465 | 2.5 | ||||||||
Proprietary software | 5,184 | (2,952 | ) | 2,232 | 3.5 | ||||||||
Website | 50 | (19 | ) | 31 | 2.3 | ||||||||
Training materials | 30 | (10 | ) | 20 | 2.0 | ||||||||
Non-compete agreements | 148 | (61 | ) | 87 | 2.6 | ||||||||
Leasehold interests | 170 | (36 | ) | 134 | 5.4 | ||||||||
Caregiver relationships | 346 | (164 | ) | 182 | 1.6 | ||||||||
Customer relationships | 8,953 | (2,928 | ) | 6,025 | 3.5 | ||||||||
Total | $ | 19,684 | $ | (8,266 | ) | $ | 11,418 |
2014 (remaining) | $ | 2,127 | |
2015 | 3,674 | ||
2016 | 1,993 | ||
2017 | 566 | ||
2018 | 221 | ||
Thereafter | 456 | ||
Total | $ | 9,037 |
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June 28, 2014 | December 28, 2013 | ||||
Conversion of preferred stock | — | 21,299 | |||
Contingent consideration payable in Series E convertible preferred stock | — | 383 | |||
Contingent consideration payable in common stock | 191 | — | |||
Options issued and outstanding | 4,053 | 3,632 | |||
Options available for grant under stock option plans | 3,418 | 193 | |||
Convertible preferred stock warrants | — | 41 | |||
Common stock warrants | — | 40 | |||
Total | 7,662 | 25,588 |
Number of Shares | Weighted-Average Remaining Contractual Term (Years) | Weighted-Average Exercise Price | Aggregate Intrinsic Value | |||||||||
Outstanding as of December 28, 2013 | 3,439 | 8.0 | $ | 4.28 | $ | 27,148 | ||||||
Granted | 742 | 17.63 | ||||||||||
Canceled and forfeited | (59 | ) | 11.10 | |||||||||
Exercised | (69 | ) | 3.59 | |||||||||
Outstanding as of June 28, 2014 | 4,053 | 7.9 | 6.64 | 29,605 | ||||||||
Options vested and exercisable as of June 28, 2014 | 1,911 | 7.0 | 3.79 | 17,815 | ||||||||
Options vested and expected to vest as of June 28, 2014 (1) | 3,885 | 7.9 | $ | 6.56 | $ | 28,604 | ||||||
(1) Options expected to vest reflect an estimated forfeiture rate |
Six Months Ended | |||
June 28, 2014 | June 30, 2013 | ||
Risk-free interest rate | 1.54 - 2.88 % | 1.23 - 2.52 % | |
Expected term (years) | 4.88 - 10 | 6.25 - 9.55 | |
Volatility | 47.1 - 55.3 % | 44.6% | |
Expected dividend yield | — | — |
Three Months Ended | Six Months Ended | ||||||||||||||
June 28, 2014 | June 30, 2013 | June 28, 2014 | June 30, 2013 | ||||||||||||
Cost of revenue | 47 | $ | 53 | 94 | $ | 91 | |||||||||
Selling and marketing | 163 | 98 | 309 | 173 | |||||||||||
Research and development | 115 | 70 | 204 | 119 | |||||||||||
General and administrative | 658 | 200 | 1,475 | 335 | |||||||||||
Total stock-based compensation | $ | 983 | $ | 421 | $ | 2,082 | $ | 718 |
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Three Months Ended | Six Months Ended | ||||||||||||||
June 28, 2014 | June 30, 2013 | June 28, 2014 | June 30, 2013 | ||||||||||||
United States | $ | 23,559 | $ | 17,573 | $ | 46,773 | $ | 34,146 | |||||||
International | 2,277 | 1,560 | 4,334 | 3,149 | |||||||||||
Total revenue | $ | 25,836 | $ | 19,133 | $ | 51,107 | $ | 37,295 |
Three Months Ended | Six Months Ended | ||||||||||
June 28, 2014 | June 30, 2013 | June 28, 2014 | June 30, 2013 | ||||||||
(As a percentage of revenue) | (As a percentage of revenue) | ||||||||||
United States | 91 | % | 92 | % | 92 | % | 92 | % | |||
International | 9 | % | 8 | % | 8 | % | 8 | % | |||
Total revenue | 100 | % | 100 | % | 100 | % | 100 | % |
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Three Months Ended | Six Months Ended | ||||||||||||||
June 28, 2014 | June 30, 2013 | June 28, 2014 | June 30, 2013 | ||||||||||||
Interest income | $ | 26 | $ | 19 | $ | 46 | $ | 31 | |||||||
Interest expense | (10 | ) | — | (17 | ) | (2 | ) | ||||||||
Other income (expense), net | 51 | (9 | ) | (2,708 | ) | (146 | ) | ||||||||
Total other income (expense), net | $ | 67 | $ | 10 | $ | (2,679 | ) | $ | (117 | ) |
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June 28, 2014 | December 28, 2013 | ||||||||||||||||||||||||||||||
Fair Value Measurements Using Input Types | Fair Value Measurements Using Input Types | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Money market mutual funds | $ | 96,812 | $ | — | $ | — | $ | 96,812 | $ | 15,085 | $ | — | $ | — | $ | 15,085 | |||||||||||||||
Total assets | $ | 96,812 | $ | — | $ | — | $ | 96,812 | $ | 15,085 | $ | — | $ | — | $ | 15,085 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Contingent acquisition consideration | $ | — | $ | — | $ | 2,690 | $ | 2,690 | $ | — | $ | — | $ | 10,630 | $ | 10,630 | |||||||||||||||
Preferred stock warrants | — | — | — | — | — | — | 362 | 362 | |||||||||||||||||||||||
Total liabilities | $ | — | $ | — | $ | 2,690 | $ | 2,690 | $ | — | $ | — | $ | 10,992 | $ | 10,992 |
June 28, 2014 | December 28, 2013 | ||||||||||||||
Contingent Acquisition Consideration | Preferred Stock Warrants | Contingent Acquisition Consideration | Preferred Stock Warrants | ||||||||||||
Beginning balance | $ | 10,630 | $ | 362 | $ | 9,288 | $ | 247 | |||||||
Increase in fair value included in earnings | 2,406 | 606 | 1,342 | 115 | |||||||||||
Reclassification to permanent equity | (4,878 | ) | (968 | ) | — | — | |||||||||
Contingent acquisition consideration payments | (5,468 | ) | — | — | — | ||||||||||
Ending balance | $ | 2,690 | $ | — | $ | 10,630 | $ | 362 |
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June 28, 2014 | December 28, 2013 | ||||||
Computer equipment | $ | 1,619 | $ | 1,444 | |||
Furniture and fixtures | 1,340 | 1,154 | |||||
Software | 250 | 199 | |||||
Leasehold improvements | 247 | 183 | |||||
Total | 3,456 | 2,980 | |||||
Less accumulated depreciation | (1,850 | ) | (1,427 | ) | |||
Property and equipment, net | $ | 1,606 | $ | 1,553 |
June 28, 2014 | December 28, 2013 | ||||||
Payroll and compensation | $ | 2,266 | $ | 3,134 | |||
Tax-related expense | 682 | 372 | |||||
Marketing expenses | 6,559 | 1,028 | |||||
Other accrued expenses | 3,794 | 2,489 | |||||
Total accrued expenses and other current liabilities | $ | 13,301 | $ | 7,023 |
|
Balance as of December 28, 2013 | $ | 62,686 | |
Acquisition | 489 | ||
Effect of currency translation | (218 | ) | |
Balance as of June 28, 2014 | $ | 62,957 |
Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Weighted-Average Remaining Life (Years) | ||||||||||
June 28, 2014: | |||||||||||||
Indefinite lived intangibles | $ | 242 | $ | — | $ | 242 | N/A | ||||||
Trademarks and trade names | 4,554 | (2,749 | ) | 1,805 | 2.2 | ||||||||
Proprietary software | 5,164 | (3,252 | ) | 1,912 | 3.0 | ||||||||
Website | 50 | (27 | ) | 23 | 1.9 | ||||||||
Training materials | 30 | (15 | ) | 15 | 1.5 | ||||||||
Non-compete agreements | 147 | (81 | ) | 66 | 2.2 | ||||||||
Leasehold interests | 170 | (49 | ) | 121 | 4.9 | ||||||||
Caregiver relationships | 343 | (220 | ) | 123 | 1.1 | ||||||||
Customer relationships | 8,945 | (3,973 | ) | 4,972 | 3.2 | ||||||||
Total | $ | 19,645 | $ | (10,366 | ) | $ | 9,279 | ||||||
December 28, 2013: | |||||||||||||
Indefinite lived intangibles | $ | 242 | $ | — | $ | 242 | N/A | ||||||
Trademarks and trade names | 4,561 | (2,096 | ) | 2,465 | 2.5 | ||||||||
Proprietary software | 5,184 | (2,952 | ) | 2,232 | 3.5 | ||||||||
Website | 50 | (19 | ) | 31 | 2.3 | ||||||||
Training materials | 30 | (10 | ) | 20 | 2.0 | ||||||||
Non-compete agreements | 148 | (61 | ) | 87 | 2.6 | ||||||||
Leasehold interests | 170 | (36 | ) | 134 | 5.4 | ||||||||
Caregiver relationships | 346 | (164 | ) | 182 | 1.6 | ||||||||
Customer relationships | 8,953 | (2,928 | ) | 6,025 | 3.5 | ||||||||
Total | $ | 19,684 | $ | (8,266 | ) | $ | 11,418 |
Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Weighted-Average Remaining Life (Years) | ||||||||||
June 28, 2014: | |||||||||||||
Indefinite lived intangibles | $ | 242 | $ | — | $ | 242 | N/A | ||||||
Trademarks and trade names | 4,554 | (2,749 | ) | 1,805 | 2.2 | ||||||||
Proprietary software | 5,164 | (3,252 | ) | 1,912 | 3.0 | ||||||||
Website | 50 | (27 | ) | 23 | 1.9 | ||||||||
Training materials | 30 | (15 | ) | 15 | 1.5 | ||||||||
Non-compete agreements | 147 | (81 | ) | 66 | 2.2 | ||||||||
Leasehold interests | 170 | (49 | ) | 121 | 4.9 | ||||||||
Caregiver relationships | 343 | (220 | ) | 123 | 1.1 | ||||||||
Customer relationships | 8,945 | (3,973 | ) | 4,972 | 3.2 | ||||||||
Total | $ | 19,645 | $ | (10,366 | ) | $ | 9,279 | ||||||
December 28, 2013: | |||||||||||||
Indefinite lived intangibles | $ | 242 | $ | — | $ | 242 | N/A | ||||||
Trademarks and trade names | 4,561 | (2,096 | ) | 2,465 | 2.5 | ||||||||
Proprietary software | 5,184 | (2,952 | ) | 2,232 | 3.5 | ||||||||
Website | 50 | (19 | ) | 31 | 2.3 | ||||||||
Training materials | 30 | (10 | ) | 20 | 2.0 | ||||||||
Non-compete agreements | 148 | (61 | ) | 87 | 2.6 | ||||||||
Leasehold interests | 170 | (36 | ) | 134 | 5.4 | ||||||||
Caregiver relationships | 346 | (164 | ) | 182 | 1.6 | ||||||||
Customer relationships | 8,953 | (2,928 | ) | 6,025 | 3.5 | ||||||||
Total | $ | 19,684 | $ | (8,266 | ) | $ | 11,418 |
2014 (remaining) | $ | 2,127 | |
2015 | 3,674 | ||
2016 | 1,993 | ||
2017 | 566 | ||
2018 | 221 | ||
Thereafter | 456 | ||
Total | $ | 9,037 |
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June 28, 2014 | December 28, 2013 | ||||
Conversion of preferred stock | — | 21,299 | |||
Contingent consideration payable in Series E convertible preferred stock | — | 383 | |||
Contingent consideration payable in common stock | 191 | — | |||
Options issued and outstanding | 4,053 | 3,632 | |||
Options available for grant under stock option plans | 3,418 | 193 | |||
Convertible preferred stock warrants | — | 41 | |||
Common stock warrants | — | 40 | |||
Total | 7,662 | 25,588 |
Number of Shares | Weighted-Average Remaining Contractual Term (Years) | Weighted-Average Exercise Price | Aggregate Intrinsic Value | |||||||||
Outstanding as of December 28, 2013 | 3,439 | 8.0 | $ | 4.28 | $ | 27,148 | ||||||
Granted | 742 | 17.63 | ||||||||||
Canceled and forfeited | (59 | ) | 11.10 | |||||||||
Exercised | (69 | ) | 3.59 | |||||||||
Outstanding as of June 28, 2014 | 4,053 | 7.9 | 6.64 | 29,605 | ||||||||
Options vested and exercisable as of June 28, 2014 | 1,911 | 7.0 | 3.79 | 17,815 | ||||||||
Options vested and expected to vest as of June 28, 2014 (1) | 3,885 | 7.9 | $ | 6.56 | $ | 28,604 | ||||||
(1) Options expected to vest reflect an estimated forfeiture rate |
Six Months Ended | |||
June 28, 2014 | June 30, 2013 | ||
Risk-free interest rate | 1.54 - 2.88 % | 1.23 - 2.52 % | |
Expected term (years) | 4.88 - 10 | 6.25 - 9.55 | |
Volatility | 47.1 - 55.3 % | 44.6% | |
Expected dividend yield | — | — |
Three Months Ended | Six Months Ended | ||||||||||||||
June 28, 2014 | June 30, 2013 | June 28, 2014 | June 30, 2013 | ||||||||||||
Cost of revenue | 47 | $ | 53 | 94 | $ | 91 | |||||||||
Selling and marketing | 163 | 98 | 309 | 173 | |||||||||||
Research and development | 115 | 70 | 204 | 119 | |||||||||||
General and administrative | 658 | 200 | 1,475 | 335 | |||||||||||
Total stock-based compensation | $ | 983 | $ | 421 | $ | 2,082 | $ | 718 |
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Three Months Ended | Six Months Ended | ||||||||||||||
June 28, 2014 | June 30, 2013 | June 28, 2014 | June 30, 2013 | ||||||||||||
United States | $ | 23,559 | $ | 17,573 | $ | 46,773 | $ | 34,146 | |||||||
International | 2,277 | 1,560 | 4,334 | 3,149 | |||||||||||
Total revenue | $ | 25,836 | $ | 19,133 | $ | 51,107 | $ | 37,295 |
Three Months Ended | Six Months Ended | ||||||||||
June 28, 2014 | June 30, 2013 | June 28, 2014 | June 30, 2013 | ||||||||
(As a percentage of revenue) | (As a percentage of revenue) | ||||||||||
United States | 91 | % | 92 | % | 92 | % | 92 | % | |||
International | 9 | % | 8 | % | 8 | % | 8 | % | |||
Total revenue | 100 | % | 100 | % | 100 | % | 100 | % |
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Three Months Ended | Six Months Ended | ||||||||||||||
June 28, 2014 | June 30, 2013 | June 28, 2014 | June 30, 2013 | ||||||||||||
Interest income | $ | 26 | $ | 19 | $ | 46 | $ | 31 | |||||||
Interest expense | (10 | ) | — | (17 | ) | (2 | ) | ||||||||
Other income (expense), net | 51 | (9 | ) | (2,708 | ) | (146 | ) | ||||||||
Total other income (expense), net | $ | 67 | $ | 10 | $ | (2,679 | ) | $ | (117 | ) |
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