| Schedule of Quarterly Financial Information |
The following quarterly consolidated statements of operations for the quarters in the years ended December 31, 2014 and 2013 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, 2013 |
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June 30, 2013 |
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September 30 2013 |
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December 31, 2013 |
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March 31, 2014 |
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June 30, 2014 |
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September 30, 2014 |
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December 31, 2014 |
Revenue |
$ |
42,513 |
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|
$ |
62,831 |
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|
$ |
74,518 |
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|
$ |
79,860 |
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|
$ |
85,968 |
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$ |
98,145 |
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$ |
102,623 |
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$ |
100,999 |
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Operating expenses: |
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Cost of sales |
35,749 |
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|
49,820 |
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|
54,002 |
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58,367 |
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|
65,117 |
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74,608 |
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73,618 |
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|
68,530 |
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Sales and marketing expenses |
2,287 |
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|
2,399 |
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|
3,758 |
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1,871 |
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2,835 |
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3,322 |
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3,980 |
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|
3,150 |
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Product development |
1,337 |
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2,327 |
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2,282 |
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3,122 |
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3,922 |
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4,465 |
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7,212 |
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|
7,411 |
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General and administrative |
24,059 |
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12,745 |
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17,056 |
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16,784 |
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17,067 |
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17,143 |
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17,172 |
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|
26,391 |
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Amortization of intangible assets |
1,233 |
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3,016 |
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4,221 |
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8,811 |
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6,419 |
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6,146 |
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6,049 |
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5,938 |
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Restructuring charges |
— |
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— |
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— |
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— |
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— |
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— |
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2,606 |
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1,617 |
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Total operating expenses |
64,665 |
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70,307 |
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81,319 |
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88,955 |
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95,360 |
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105,684 |
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110,637 |
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113,037 |
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Loss from operations |
(22,152 |
) |
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(7,476 |
) |
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(6,801 |
) |
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(9,095 |
) |
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(9,392 |
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(7,539 |
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(8,014 |
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(12,038 |
) |
Other income (expense), net |
(176 |
) |
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(282 |
) |
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(267 |
) |
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(1,691 |
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(161 |
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42 |
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175 |
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32 |
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Change in fair value of financial instruments |
(4,615 |
) |
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(4,725 |
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2,233 |
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(56,854 |
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(15,518 |
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21,326 |
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(5,253 |
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(7,510 |
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Other income (expense), net |
(44 |
) |
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13 |
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601 |
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(1,571 |
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179 |
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(990 |
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(984 |
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(975 |
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Loss before income taxes |
(26,987 |
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(12,470 |
) |
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(4,234 |
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(69,211 |
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(24,892 |
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12,839 |
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(14,076 |
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(20,491 |
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Income tax expense |
34 |
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|
559 |
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1,161 |
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85 |
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1,257 |
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|
843 |
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1,454 |
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|
7,020 |
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Net loss |
(27,021 |
) |
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(13,029 |
) |
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(5,395 |
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(69,296 |
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(26,149 |
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11,996 |
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(15,530 |
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(27,511 |
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Non-controlling interests |
(39 |
) |
|
108 |
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158 |
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63 |
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|
194 |
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— |
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— |
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— |
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Net loss attributable to common stockholders |
$ |
(26,982 |
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$ |
(13,137 |
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$ |
(5,553 |
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$ |
(69,359 |
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$ |
(26,343 |
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$ |
11,996 |
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$ |
(15,530 |
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$ |
(27,511 |
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Net income (loss) per common share - basic |
$ |
(0.61 |
) |
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$ |
(0.24 |
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$ |
(0.10 |
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$ |
(1.19 |
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$ |
(0.37 |
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$ |
0.17 |
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$ |
(0.21 |
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$ |
(0.36 |
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Net income (loss) per common share - diluted |
$ |
(0.61 |
) |
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$ |
(0.24 |
) |
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$ |
(0.10 |
) |
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$ |
(1.19 |
) |
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$ |
(0.37 |
) |
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$ |
(0.13 |
) |
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$ |
(0.21 |
) |
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$ |
(0.36 |
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Weighted average common shares basic |
44,014 |
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54,843 |
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55,166 |
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58,223 |
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71,978 |
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71,988 |
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72,877 |
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76,313 |
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Weighted average common shares diluted |
44,014 |
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54,843 |
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55,166 |
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58,223 |
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71,978 |
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72,468 |
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72,877 |
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76,313 |
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