| Schedule of Quarterly Financial Information |
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 |
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|
$ |
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 |
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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 |
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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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