| Quarterly Financial Data (Unaudited) |
Quarterly Financial Data (Unaudited)
The following quarterly consolidated statements of operations for the quarters in the years ended December 31, 2013 and 2012 are unaudited, and have been prepared on a basis consistent with our audited consolidated annual financial statements, and include, in the opinion of management, all normal recurring adjustments necessary for the fair statement of the financial information contained in those statements.
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Quarter ended, |
(in thousands) |
March 31, 2012 |
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June 30, 2012 |
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September 30 2012 |
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December 31, 2012 |
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March 31, 2013 |
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June 30, 2013 |
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September 30, 2013 |
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December 31, 2013 |
Revenue |
$ |
18,507 |
|
|
$ |
16,836 |
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|
$ |
19,305 |
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|
$ |
14,562 |
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|
$ |
42,513 |
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$ |
62,831 |
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$ |
74,518 |
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$ |
79,860 |
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Operating expenses: |
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Cost of sales |
17,882 |
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18,722 |
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|
22,264 |
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18,029 |
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|
35,749 |
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49,820 |
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54,002 |
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|
58,367 |
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Sales and marketing expenses |
1,215 |
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|
777 |
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1,055 |
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|
888 |
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2,287 |
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2,399 |
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3,758 |
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|
1,871 |
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Product development |
649 |
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|
850 |
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758 |
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389 |
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1,337 |
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2,327 |
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2,282 |
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3,122 |
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General and administrative |
2,897 |
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3,030 |
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3,176 |
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5,431 |
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24,059 |
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12,745 |
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17,056 |
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16,784 |
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Amortization of intangible assets |
6 |
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6 |
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12 |
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10 |
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1,233 |
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3,016 |
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4,221 |
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|
8,811 |
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Total operating expenses |
22,649 |
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|
23,385 |
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27,265 |
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24,747 |
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64,665 |
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70,307 |
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81,319 |
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88,955 |
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Loss from operations |
(4,142 |
) |
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(6,549 |
) |
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(7,960 |
) |
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(10,185 |
) |
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(22,152 |
) |
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(7,476 |
) |
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(6,801 |
) |
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(9,095 |
) |
Other income (expense), net |
(3,386 |
) |
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(7,132 |
) |
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18 |
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131 |
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(176 |
) |
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(282 |
) |
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(267 |
) |
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(1,691 |
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Change in fair value of financial instruments |
— |
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— |
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248 |
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(3,824 |
) |
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(4,615 |
) |
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(4,725 |
) |
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2,233 |
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(56,854 |
) |
Other income (expense), net |
92 |
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(92 |
) |
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(157 |
) |
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134 |
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(44 |
) |
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13 |
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601 |
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(1,571 |
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Loss before income taxes |
(7,436 |
) |
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(13,773 |
) |
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(7,851 |
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(13,744 |
) |
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(26,987 |
) |
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(12,470 |
) |
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(4,234 |
) |
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(69,211 |
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Income tax expense |
— |
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— |
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— |
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— |
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(34 |
) |
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(559 |
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(1,161 |
) |
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(85 |
) |
Net loss |
(7,436 |
) |
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(13,773 |
) |
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(7,851 |
) |
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(13,744 |
) |
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(27,021 |
) |
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(13,029 |
) |
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(5,395 |
) |
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(69,296 |
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Non-controlling interests |
— |
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— |
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— |
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— |
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39 |
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(108 |
) |
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(158 |
) |
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(63 |
) |
Net loss attributable to common stockholders |
$ |
(7,436 |
) |
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$ |
(13,773 |
) |
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$ |
(7,851 |
) |
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$ |
(13,744 |
) |
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$ |
(26,982 |
) |
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$ |
(13,137 |
) |
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$ |
(5,553 |
) |
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$ |
(69,359 |
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Basic and Diluted |
$ |
(0.50 |
) |
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$ |
(0.86 |
) |
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$ |
(0.35 |
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$ |
(0.59 |
) |
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$ |
(0.61 |
) |
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$ |
(0.24 |
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$ |
(0.10 |
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$ |
(1.19 |
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Weighted average common shares basic and diluted |
14,873 |
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16,030 |
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22,287 |
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23,403 |
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44,014 |
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54,843 |
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55,166 |
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|
58,223 |
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Certain prior year amounts have been reclassified to conform to the current period presentation.
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