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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Medidata Solutions Inc | NASDAQ:MDSO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 92.22 | 92.24 | 92.25 | 0 | 01:00:00 |
ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
13-4066508
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
|
|
350 Hudson Street, 9th Floor
New York, New York
|
10014
|
(Address of principal executive offices)
|
(Zip Code)
|
Large accelerated filer
|
ý
|
|
Accelerated filer
|
¨
|
Non-accelerated filer
|
¨
|
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
¨
|
|
|
|
Emerging growth company
|
¨
|
|
|
Page
|
PART I
|
|
|
Item 1.
|
|
|
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
PART II
|
||
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
|
|
|
|
June 30,
2018 |
|
December 31,
2017 |
||||
|
(Amounts in thousands, except per share data)
|
||||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
120,298
|
|
|
$
|
237,325
|
|
Marketable securities
|
287,603
|
|
|
246,967
|
|
||
Accounts receivable, net of allowance for doubtful accounts of $1,668 and $1,454, respectively
|
137,169
|
|
|
110,685
|
|
||
Prepaid commission expense
|
17,612
|
|
|
12,404
|
|
||
Prepaid expenses and other current assets
|
37,109
|
|
|
33,636
|
|
||
Total current assets
|
599,791
|
|
|
641,017
|
|
||
Restricted cash
|
5,523
|
|
|
5,518
|
|
||
Furniture, fixtures and equipment, net
|
93,088
|
|
|
88,091
|
|
||
Marketable securities – long-term
|
69,476
|
|
|
179,041
|
|
||
Goodwill
|
198,780
|
|
|
47,435
|
|
||
Intangible assets, net
|
54,938
|
|
|
17,587
|
|
||
Deferred income taxes – long-term
|
37,414
|
|
|
35,789
|
|
||
Other assets
|
43,775
|
|
|
46,755
|
|
||
Total assets
|
$
|
1,102,785
|
|
|
$
|
1,061,233
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
6,527
|
|
|
$
|
5,009
|
|
Accrued payroll and other compensation
|
23,061
|
|
|
32,537
|
|
||
Accrued expenses and other
|
37,624
|
|
|
36,041
|
|
||
Deferred revenue
|
72,075
|
|
|
77,375
|
|
||
1.00% convertible senior notes, net
|
285,748
|
|
|
278,094
|
|
||
Total current liabilities
|
425,035
|
|
|
429,056
|
|
||
Noncurrent liabilities:
|
|
|
|
||||
Term loan, net
|
91,906
|
|
|
92,841
|
|
||
Deferred revenue, less current portion
|
3,993
|
|
|
5,256
|
|
||
Deferred tax liabilities
|
100
|
|
|
99
|
|
||
Other long-term liabilities
|
20,395
|
|
|
21,371
|
|
||
Total noncurrent liabilities
|
116,394
|
|
|
119,567
|
|
||
Total liabilities
|
541,429
|
|
|
548,623
|
|
||
Commitments and contingencies
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock, par value $0.01 per share; 5,000 shares authorized, none issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, par value $0.01 per share; 200,000 shares authorized; 64,289 and 62,801 shares issued; 59,634 and 58,607 shares outstanding, respectively
|
643
|
|
|
628
|
|
||
Additional paid-in capital
|
527,336
|
|
|
486,147
|
|
||
Treasury stock, 4,655 and 4,194 shares, respectively
|
(150,964
|
)
|
|
(132,705
|
)
|
||
Accumulated other comprehensive loss
|
(4,490
|
)
|
|
(3,377
|
)
|
||
Retained earnings
|
188,831
|
|
|
161,917
|
|
||
Total stockholders’ equity
|
561,356
|
|
|
512,610
|
|
||
Total liabilities and stockholders’ equity
|
$
|
1,102,785
|
|
|
$
|
1,061,233
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
||||||||
|
(Amounts in thousands, except per share data)
|
|
||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
||||||||
Subscription
|
$
|
130,486
|
|
|
$
|
112,904
|
|
(3)
|
$
|
257,305
|
|
|
$
|
220,797
|
|
(3)
|
Professional services
|
25,419
|
|
|
23,123
|
|
|
47,798
|
|
|
42,874
|
|
|
||||
Total revenues
|
155,905
|
|
|
136,027
|
|
|
305,103
|
|
|
263,671
|
|
|
||||
Cost of revenues (1)(2)
|
|
|
|
|
|
|
|
|
||||||||
Subscription
|
21,602
|
|
|
17,017
|
|
|
41,943
|
|
|
34,146
|
|
|
||||
Professional services
|
15,899
|
|
|
14,903
|
|
|
31,860
|
|
|
28,388
|
|
|
||||
Total cost of revenues
|
37,501
|
|
|
31,920
|
|
|
73,803
|
|
|
62,534
|
|
|
||||
Gross profit
|
118,404
|
|
|
104,107
|
|
|
231,300
|
|
|
201,137
|
|
|
||||
Operating costs and expenses
|
|
|
|
|
|
|
|
|
||||||||
Research and development (1)
|
40,789
|
|
|
35,884
|
|
|
78,311
|
|
|
65,821
|
|
|
||||
Sales and marketing (1)(2)
|
37,106
|
|
|
32,479
|
|
(3)
|
73,967
|
|
|
62,705
|
|
(3)
|
||||
General and administrative (1)
|
27,672
|
|
|
23,083
|
|
|
52,859
|
|
|
47,071
|
|
|
||||
Total operating costs and expenses
|
105,567
|
|
|
91,446
|
|
|
205,137
|
|
|
175,597
|
|
|
||||
Operating income
|
12,837
|
|
|
12,661
|
|
|
26,163
|
|
|
25,540
|
|
|
||||
Interest and other income (expense)
|
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
(5,700
|
)
|
|
(4,383
|
)
|
|
(11,275
|
)
|
|
(8,710
|
)
|
|
||||
Interest income
|
2,328
|
|
|
1,328
|
|
|
4,416
|
|
|
2,499
|
|
|
||||
Other income, net
|
7,729
|
|
|
—
|
|
|
7,633
|
|
|
—
|
|
|
||||
Total interest and other income (expense), net
|
4,357
|
|
|
(3,055
|
)
|
|
774
|
|
|
(6,211
|
)
|
|
||||
Income before income taxes
|
17,194
|
|
|
9,606
|
|
|
26,937
|
|
|
19,329
|
|
|
||||
Provision for income taxes
|
605
|
|
|
2,065
|
|
(3)
|
23
|
|
|
1,808
|
|
(3)
|
||||
Net income
|
$
|
16,589
|
|
|
$
|
7,541
|
|
(3)
|
$
|
26,914
|
|
|
$
|
17,521
|
|
(3)
|
Earnings per share
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.29
|
|
|
$
|
0.13
|
|
(3)
|
$
|
0.47
|
|
|
$
|
0.31
|
|
(3)
|
Diluted
|
$
|
0.27
|
|
|
$
|
0.13
|
|
(3)
|
$
|
0.44
|
|
|
$
|
0.30
|
|
(3)
|
Weighted average common shares outstanding
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
57,448
|
|
|
56,433
|
|
|
57,252
|
|
|
56,254
|
|
|
||||
Diluted
|
60,874
|
|
|
59,835
|
|
|
60,564
|
|
|
59,051
|
|
|
||||
(1) Stock-based compensation expense included in cost of revenues and operating costs and expenses is as follows:
|
|
|||||||||||||||
Cost of revenues
|
$
|
1,506
|
|
|
$
|
1,246
|
|
|
$
|
2,774
|
|
|
$
|
2,415
|
|
|
Research and development
|
3,319
|
|
|
3,427
|
|
|
6,173
|
|
|
6,262
|
|
|
||||
Sales and marketing
|
2,917
|
|
|
1,836
|
|
|
5,561
|
|
|
3,011
|
|
|
||||
General and administrative
|
7,377
|
|
|
6,183
|
|
|
13,766
|
|
|
11,325
|
|
|
||||
Total stock-based compensation
|
$
|
15,119
|
|
|
$
|
12,692
|
|
|
$
|
28,274
|
|
|
$
|
23,013
|
|
|
(2) Amortization of intangible assets included in cost of revenues and operating costs and expenses is as follows:
|
|
|||||||||||||||
Cost of revenues
|
$
|
1,205
|
|
|
$
|
1,022
|
|
|
$
|
2,299
|
|
|
$
|
1,476
|
|
|
Sales and marketing
|
231
|
|
|
119
|
|
|
351
|
|
|
202
|
|
|
||||
Total amortization of intangible assets
|
$
|
1,436
|
|
|
$
|
1,141
|
|
|
$
|
2,650
|
|
|
$
|
1,678
|
|
|
(3) The condensed consolidated statement of operations for the three and six months ended June 30, 2017 have been recast to reflect the Company's January 1, 2018 full retrospective adoption of ASC 606. For additional details, see
Note 1,
"Summary of Significant Accounting Policies — Recently Adopted Accounting Pronouncements."
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
||||||||
|
(Amounts in thousands)
|
|
||||||||||||||
Net income
|
$
|
16,589
|
|
|
$
|
7,541
|
|
(1)
|
$
|
26,914
|
|
|
$
|
17,521
|
|
(1)
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
(1,954
|
)
|
|
879
|
|
|
(684
|
)
|
|
1,302
|
|
|
||||
Unrealized gain (loss) on marketable securities
|
719
|
|
|
128
|
|
|
(307
|
)
|
|
240
|
|
|
||||
Other comprehensive (loss) income
|
(1,235
|
)
|
|
1,007
|
|
|
(991
|
)
|
|
1,542
|
|
|
||||
Income tax related to unrealized gain or loss on marketable securities
|
(180
|
)
|
|
(49
|
)
|
|
(122
|
)
|
|
(92
|
)
|
|
||||
Other comprehensive (loss) income, net of tax
|
(1,415
|
)
|
|
958
|
|
|
(1,113
|
)
|
|
1,450
|
|
|
||||
Comprehensive income, net of tax
|
$
|
15,174
|
|
|
$
|
8,499
|
|
(1)
|
$
|
25,801
|
|
|
$
|
18,971
|
|
(1)
|
(1) The condensed consolidated statement of comprehensive income for the three and six months ended June 30, 2017 has been recast to reflect the Company's January 1, 2018 full retrospective adoption of ASC 606. For additional details, see
Note 1
, "Summary of Significant Accounting Policies — Recently Adopted Accounting Pronouncements."
|
|
Six Months Ended June 30,
|
|
||||||
|
2018
|
|
2017
|
|
||||
Cash flows from operating activities
|
(Amounts in thousands)
|
|
||||||
Net income
|
$
|
26,914
|
|
|
$
|
17,521
|
|
(1)
|
Adjustments to reconcile net income to net cash provided by operating activities
|
|
|
|
|
||||
Amortization of intangible assets and depreciation
|
16,218
|
|
|
10,065
|
|
|
||
Stock-based compensation
|
28,274
|
|
|
23,013
|
|
|
||
Amortization of discounts or premiums on marketable securities
|
50
|
|
|
757
|
|
|
||
Deferred income taxes
|
106
|
|
|
2,406
|
|
(1)
|
||
Amortization of debt issuance costs
|
856
|
|
|
639
|
|
|
||
Amortization of debt discount
|
7,015
|
|
|
6,607
|
|
|
||
Provision for doubtful accounts
|
763
|
|
|
526
|
|
|
||
Loss (gain) on fixed asset disposal
|
127
|
|
|
(2
|
)
|
|
||
Gain recognized on step acquisition
|
(7,648
|
)
|
|
—
|
|
|
||
Changes in fair value of contingent consideration
|
7
|
|
|
58
|
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Accounts receivable
|
(27,247
|
)
|
|
4,058
|
|
|
||
Prepaid commission expense
|
(7,205
|
)
|
|
(5,514
|
)
|
(1)
|
||
Prepaid expenses and other current assets
|
(3,008
|
)
|
|
(12,366
|
)
|
(1)
|
||
Other assets
|
1,591
|
|
|
1,171
|
|
|
||
Accounts payable
|
1,753
|
|
|
4,490
|
|
|
||
Accrued payroll and other compensation
|
(8,909
|
)
|
|
(10,122
|
)
|
|
||
Accrued expenses and other
|
3,236
|
|
|
5,313
|
|
|
||
Deferred revenue
|
(9,572
|
)
|
|
11,198
|
|
(1)
|
||
Other long-term liabilities
|
455
|
|
|
884
|
|
|
||
Net cash provided by operating activities
|
23,776
|
|
|
60,702
|
|
|
||
Cash flows from investing activities
|
|
|
|
|
||||
Purchases of furniture, fixtures and equipment
|
(19,520
|
)
|
|
(16,642
|
)
|
|
||
Purchases of available-for-sale securities
|
(69,214
|
)
|
|
(157,228
|
)
|
|
||
Proceeds from sale of available-for-sale securities
|
137,786
|
|
|
154,117
|
|
|
||
Acquisition of businesses, net of cash acquired
|
(178,568
|
)
|
|
(22,941
|
)
|
|
||
Net cash used in investing activities
|
(129,516
|
)
|
|
(42,694
|
)
|
|
||
Cash flows from financing activities
|
|
|
|
|
||||
Proceeds from exercise of stock options
|
6,351
|
|
|
9,057
|
|
|
||
Proceeds from employee stock purchase plan
|
6,345
|
|
|
4,248
|
|
|
||
Acquisition of treasury stock
|
(18,257
|
)
|
|
(14,785
|
)
|
|
||
Term loan principal payments
|
(1,250
|
)
|
|
—
|
|
|
||
Payment of acquisition-related earn-outs
|
(4,087
|
)
|
|
—
|
|
|
||
Payment of credit facility financing costs
|
(175
|
)
|
|
—
|
|
|
||
Net cash used in financing activities
|
(11,073
|
)
|
|
(1,480
|
)
|
|
||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(209
|
)
|
|
414
|
|
|
||
Net (decrease) increase in cash, cash equivalents and restricted cash
|
(117,022
|
)
|
|
16,942
|
|
|
||
Cash, cash equivalents and restricted cash – Beginning of period
|
242,843
|
|
|
99,279
|
|
|
||
Cash, cash equivalents and restricted cash – End of period
|
$
|
125,821
|
|
|
$
|
116,221
|
|
|
(1) The condensed consolidated statement of cash flows for the six months ended June 30, 2017 has been recast to reflect the Company's January 1, 2018 full retrospective adoption of ASC 606. For additional details, see
Note 1
, "Summary of Significant Accounting Policies — Recently Adopted Accounting Pronouncements."
|
|
Six Months Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Cash paid during the period for:
|
|
|
|
||||
Interest
|
$
|
3,263
|
|
|
$
|
1,441
|
|
Income taxes
|
$
|
2,253
|
|
|
$
|
2,877
|
|
|
|
|
|
||||
Noncash investing activities:
|
|
|
|
||||
Furniture, fixtures, and equipment acquired but not yet paid for at period-end
|
$
|
3,054
|
|
|
$
|
4,671
|
|
Contingent consideration associated with acquisition of business, at fair value
|
$
|
—
|
|
|
$
|
5,697
|
|
•
|
identify the contract with a customer;
|
•
|
identify the performance obligations in the contract;
|
•
|
determine the transaction price;
|
•
|
allocate the transaction price to performance obligations in the contract; and
|
•
|
recognize revenue as the performance obligation is satisfied.
|
|
Three Months Ended June 30, 2017
|
|
Six Months Ended June 30, 2017
|
||||||||||||||||||||
|
As Reported Under ASC 605
|
|
Impact of ASC 606 Adoption
|
|
As Adjusted
|
|
As Reported Under ASC 605
|
|
Impact of ASC 606 Adoption
|
|
As Adjusted
|
||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Subscription
|
$
|
114,291
|
|
|
$
|
(1,387
|
)
|
|
$
|
112,904
|
|
|
$
|
221,361
|
|
|
$
|
(564
|
)
|
|
$
|
220,797
|
|
Professional services
|
23,123
|
|
|
—
|
|
|
23,123
|
|
|
42,874
|
|
|
—
|
|
|
42,874
|
|
||||||
Total revenues
|
137,414
|
|
|
(1,387
|
)
|
|
136,027
|
|
|
264,235
|
|
|
(564
|
)
|
|
263,671
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Sales and marketing
|
32,784
|
|
|
(305
|
)
|
|
32,479
|
|
|
62,893
|
|
|
(188
|
)
|
|
62,705
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating income
|
13,743
|
|
|
(1,082
|
)
|
|
12,661
|
|
|
25,916
|
|
|
(376
|
)
|
|
25,540
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Provision for income taxes
|
2,438
|
|
|
(373
|
)
|
|
2,065
|
|
|
1,937
|
|
|
(129
|
)
|
|
1,808
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
$
|
8,250
|
|
|
$
|
(709
|
)
|
|
$
|
7,541
|
|
|
$
|
17,768
|
|
|
$
|
(247
|
)
|
|
$
|
17,521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic
|
$
|
0.15
|
|
|
$
|
(0.02
|
)
|
|
$
|
0.13
|
|
|
$
|
0.32
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.31
|
|
Diluted
|
$
|
0.14
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.13
|
|
|
$
|
0.30
|
|
|
$
|
—
|
|
|
$
|
0.30
|
|
|
Three Months Ended June 30,
|
||||||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||||||
|
Subscription
|
|
Professional Services
|
|
Total
|
|
Subscription
|
|
Professional Services
|
|
Total
|
||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
United States
|
$
|
99,646
|
|
|
$
|
18,526
|
|
|
$
|
118,172
|
|
|
$
|
85,425
|
|
|
$
|
16,708
|
|
|
$
|
102,133
|
|
Rest of Americas
|
1,689
|
|
|
277
|
|
|
1,966
|
|
|
57
|
|
|
196
|
|
|
253
|
|
||||||
Total Americas
|
101,335
|
|
|
18,803
|
|
|
120,138
|
|
|
85,482
|
|
|
16,904
|
|
|
102,386
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Japan
|
7,665
|
|
|
1,261
|
|
|
8,926
|
|
|
7,627
|
|
|
1,222
|
|
|
8,849
|
|
||||||
Rest of Asia Pacific
|
3,875
|
|
|
1,243
|
|
|
5,118
|
|
|
2,603
|
|
|
1,351
|
|
|
3,954
|
|
||||||
Total Asia Pacific
|
11,540
|
|
|
2,504
|
|
|
14,044
|
|
|
10,230
|
|
|
2,573
|
|
|
12,803
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Europe, Middle East and Africa
|
17,611
|
|
|
4,112
|
|
|
21,723
|
|
|
17,192
|
|
|
3,646
|
|
|
20,838
|
|
||||||
Total
|
$
|
130,486
|
|
|
$
|
25,419
|
|
|
$
|
155,905
|
|
|
$
|
112,904
|
|
|
$
|
23,123
|
|
|
$
|
136,027
|
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||||||
|
Subscription
|
|
Professional Services
|
|
Total
|
|
Subscription
|
|
Professional Services
|
|
Total
|
||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
United States
|
$
|
195,811
|
|
|
$
|
34,510
|
|
|
$
|
230,321
|
|
|
$
|
169,764
|
|
|
$
|
30,616
|
|
|
$
|
200,380
|
|
Rest of Americas
|
1,998
|
|
|
481
|
|
|
2,479
|
|
|
87
|
|
|
221
|
|
|
308
|
|
||||||
Total Americas
|
197,809
|
|
|
34,991
|
|
|
232,800
|
|
|
169,851
|
|
|
30,837
|
|
|
200,688
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Japan
|
15,777
|
|
|
3,055
|
|
|
18,832
|
|
|
14,276
|
|
|
3,029
|
|
|
17,305
|
|
||||||
Rest of Asia Pacific
|
7,576
|
|
|
2,381
|
|
|
9,957
|
|
|
4,952
|
|
|
2,297
|
|
|
7,249
|
|
||||||
Total Asia Pacific
|
23,353
|
|
|
5,436
|
|
|
28,789
|
|
|
19,228
|
|
|
5,326
|
|
|
24,554
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Europe, Middle East and Africa
|
36,143
|
|
|
7,371
|
|
|
43,514
|
|
|
31,718
|
|
|
6,711
|
|
|
38,429
|
|
||||||
Total
|
$
|
257,305
|
|
|
$
|
47,798
|
|
|
$
|
305,103
|
|
|
$
|
220,797
|
|
|
$
|
42,874
|
|
|
$
|
263,671
|
|
|
Deferred Revenue
|
||||||
|
2018
|
|
2017
|
||||
Balance as of January 1
|
$
|
82,631
|
|
|
$
|
75,850
|
|
Revenue recognized that was included in deferred revenue at the beginning of the period
|
(71,137
|
)
|
|
(64,581
|
)
|
||
Revenue recognized that was not included in deferred revenue at the beginning of the period
|
(233,400
|
)
|
|
(198,379
|
)
|
||
Increases due to invoicing
|
297,161
|
|
|
277,087
|
|
||
Other
|
813
|
|
|
(2,705
|
)
|
||
Balance as of June 30
|
$
|
76,068
|
|
|
$
|
87,272
|
|
|
As of June 30, 2018
|
||||||||||||||
|
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair
Value
|
||||||||
Commercial paper and corporate bonds
|
$
|
333,185
|
|
|
$
|
—
|
|
|
$
|
(1,650
|
)
|
|
$
|
331,535
|
|
U.S. government agency debt securities
|
25,690
|
|
|
—
|
|
|
(146
|
)
|
|
25,544
|
|
||||
Total
|
$
|
358,875
|
|
|
$
|
—
|
|
|
$
|
(1,796
|
)
|
|
$
|
357,079
|
|
|
As of December 31, 2017
|
||||||||||||||
|
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair
Value
|
||||||||
Commercial paper and corporate bonds
|
$
|
392,481
|
|
|
$
|
—
|
|
|
$
|
(1,334
|
)
|
|
$
|
391,147
|
|
U.S. government agency debt securities
|
35,016
|
|
|
—
|
|
|
(155
|
)
|
|
34,861
|
|
||||
Total
|
$
|
427,497
|
|
|
$
|
—
|
|
|
$
|
(1,489
|
)
|
|
$
|
426,008
|
|
|
As of June 30, 2018
|
|
As of December 31, 2017
|
||||||||||||
|
Cost
|
|
Estimated
Fair
Value
|
|
Cost
|
|
Estimated
Fair
Value
|
||||||||
Due in one year or less
|
$
|
288,628
|
|
|
$
|
287,603
|
|
|
$
|
247,495
|
|
|
$
|
246,967
|
|
Due in one to five years
|
70,247
|
|
|
69,476
|
|
|
180,002
|
|
|
179,041
|
|
||||
Total
|
$
|
358,875
|
|
|
$
|
357,079
|
|
|
$
|
427,497
|
|
|
$
|
426,008
|
|
|
In Loss Position for Less than 12 Months
|
||||||||||||||
|
As of June 30, 2018
|
|
As of December 31, 2017
|
||||||||||||
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
Commercial paper and corporate bonds
|
$
|
254,385
|
|
|
$
|
(1,353
|
)
|
|
$
|
295,224
|
|
|
$
|
(1,137
|
)
|
U.S. government agency debt securities
|
10,575
|
|
|
(116
|
)
|
|
18,431
|
|
|
(86
|
)
|
||||
Total
|
$
|
264,960
|
|
|
$
|
(1,469
|
)
|
|
$
|
313,655
|
|
|
$
|
(1,223
|
)
|
|
In Loss Position for More than 12 Months
|
||||||||||||||
|
As of June 30, 2018
|
|
As of December 31, 2017
|
||||||||||||
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
Commercial paper and corporate bonds
|
$
|
77,151
|
|
|
$
|
(297
|
)
|
|
$
|
95,923
|
|
|
$
|
(197
|
)
|
U.S. government agency debt securities
|
14,970
|
|
|
(30
|
)
|
|
16,430
|
|
|
(69
|
)
|
||||
Total
|
$
|
92,121
|
|
|
$
|
(327
|
)
|
|
$
|
112,353
|
|
|
$
|
(266
|
)
|
|
As of June 30, 2018
|
|
As of December 31, 2017
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
Cash
|
$
|
118,584
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
118,584
|
|
|
$
|
237,149
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
237,149
|
|
Money market funds
|
1,714
|
|
|
—
|
|
|
—
|
|
|
1,714
|
|
|
176
|
|
|
—
|
|
|
—
|
|
|
176
|
|
||||||||
Total cash and cash equivalents
|
120,298
|
|
|
—
|
|
|
—
|
|
|
120,298
|
|
|
237,325
|
|
|
—
|
|
|
—
|
|
|
237,325
|
|
||||||||
Commercial paper and corporate bonds
|
—
|
|
|
331,534
|
|
|
—
|
|
|
331,534
|
|
|
—
|
|
|
391,147
|
|
|
—
|
|
|
391,147
|
|
||||||||
U.S. government agency debt securities
|
—
|
|
|
25,545
|
|
|
—
|
|
|
25,545
|
|
|
—
|
|
|
34,861
|
|
|
—
|
|
|
34,861
|
|
||||||||
Total marketable securities
|
—
|
|
|
357,079
|
|
|
—
|
|
|
357,079
|
|
|
—
|
|
|
426,008
|
|
|
—
|
|
|
426,008
|
|
||||||||
Total financial assets measured at fair value on a recurring basis
|
$
|
120,298
|
|
|
$
|
357,079
|
|
|
$
|
—
|
|
|
$
|
477,377
|
|
|
$
|
237,325
|
|
|
$
|
426,008
|
|
|
$
|
—
|
|
|
$
|
663,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Contingent consideration – short-term
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,351
|
|
|
$
|
1,351
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,993
|
|
|
$
|
3,993
|
|
Contingent consideration – long-term
|
—
|
|
|
—
|
|
|
581
|
|
|
581
|
|
|
—
|
|
|
—
|
|
|
2,012
|
|
|
2,012
|
|
||||||||
Total financial liabilities measured at fair value on a recurring basis
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,932
|
|
|
$
|
1,932
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,005
|
|
|
$
|
6,005
|
|
Balance as of January 1, 2018
|
$
|
6,005
|
|
Amounts earned by sellers
|
(4,080
|
)
|
|
Fair value adjustment (included in general and administrative expenses)
|
7
|
|
|
Balance as of June 30, 2018
|
$
|
1,932
|
|
Balance as of January 1, 2018
|
$
|
47,435
|
|
Additions related to current period acquisition - SHYFT
|
151,857
|
|
|
Final purchase price adjustment - Mytrus
|
(422
|
)
|
|
Foreign currency translation adjustments
|
(90
|
)
|
|
Balance as of June 30, 2018
|
$
|
198,780
|
|
|
As of June 30, 2018
|
|
As of December 31, 2017
|
||||||||||||||||||||
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
||||||||||||
Developed technology
|
$
|
44,407
|
|
|
$
|
(11,152
|
)
|
|
$
|
33,255
|
|
|
$
|
24,436
|
|
|
$
|
(8,883
|
)
|
|
$
|
15,553
|
|
Customer relationships
|
24,481
|
|
|
(2,907
|
)
|
|
21,574
|
|
|
4,489
|
|
|
(2,595
|
)
|
|
1,894
|
|
||||||
Non-competition agreements
|
260
|
|
|
(151
|
)
|
|
109
|
|
|
260
|
|
|
(120
|
)
|
|
140
|
|
||||||
Total
|
$
|
69,148
|
|
|
$
|
(14,210
|
)
|
|
$
|
54,938
|
|
|
$
|
29,185
|
|
|
$
|
(11,598
|
)
|
|
$
|
17,587
|
|
Remainder of 2018
|
$
|
6,339
|
|
2019
|
12,486
|
|
|
2020
|
11,742
|
|
|
2021
|
11,472
|
|
|
2022
|
8,877
|
|
|
2023
|
4,022
|
|
|
Thereafter
|
—
|
|
|
Total
|
$
|
54,938
|
|
|
June 30,
2018 |
|
December 31,
2017 |
||||
Equity component, net of equity issue costs
|
$
|
60,222
|
|
|
$
|
60,222
|
|
Liability component:
|
|
|
|
||||
Principal
|
287,500
|
|
|
287,500
|
|
||
Less: unamortized debt discount
|
(1,646
|
)
|
|
(8,661
|
)
|
||
Less: unamortized debt issuance costs
|
(106
|
)
|
|
(745
|
)
|
||
Net carrying amount
|
$
|
285,748
|
|
|
$
|
278,094
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Contractual interest expense
|
$
|
719
|
|
|
$
|
719
|
|
|
$
|
1,438
|
|
|
$
|
1,438
|
|
Amortization of debt issuance costs
|
320
|
|
|
320
|
|
|
639
|
|
|
639
|
|
||||
Amortization of debt discount
|
3,534
|
|
|
3,328
|
|
|
7,015
|
|
|
6,607
|
|
||||
Total
|
$
|
4,573
|
|
|
$
|
4,367
|
|
|
$
|
9,092
|
|
|
$
|
8,684
|
|
|
|
|
|
|
|
|
|
||||||||
Effective interest rate
|
6.5
|
%
|
|
6.5
|
%
|
|
6.5
|
%
|
|
6.5
|
%
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Term Loans
|
$
|
98,750
|
|
|
$
|
100,000
|
|
Less: unamortized debt issuance costs
|
(1,942
|
)
|
|
(2,159
|
)
|
||
Net carrying amount (1)
|
$
|
96,808
|
|
|
$
|
97,841
|
|
(1) Of the total carrying amount of the Term Loans, short-term maturities of $4.9 million and $5.0 million were included in accrued expenses and other on the Company's condensed consolidated balance sheets as of June 30, 2018 and December 31, 2017, respectively.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||
|
June 30, 2018
|
||||||
Contractual interest expense on Term Loans
|
$
|
811
|
|
|
$
|
1,559
|
|
Amortization of debt issuance costs
|
109
|
|
|
217
|
|
||
Unused commitment fee on Revolver
|
209
|
|
|
409
|
|
||
Total
|
$
|
1,129
|
|
|
$
|
2,185
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Expected volatility
|
42
|
%
|
|
43
|
%
|
|
42
|
%
|
|
44
|
%
|
Expected life
|
4.78 years
|
|
|
6.00 years
|
|
|
4.78 years
|
|
|
6.00 years
|
|
Risk-free interest rate
|
2.82
|
%
|
|
2.02
|
%
|
|
2.82
|
%
|
|
2.07
|
%
|
Dividend yield
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Number of
Shares
|
|
Weighted-
Average
Exercise
Price
|
|
Weighted-
Average
Remaining
Contractual
Term
(years)
|
|
Aggregate
Intrinsic
Value
|
|||||
Outstanding at January 1, 2018
|
1,511
|
|
|
|
$22.72
|
|
|
|
|
|
||
Granted
|
35
|
|
|
72.27
|
|
|
|
|
|
|||
Exercised
|
(248
|
)
|
|
25.62
|
|
|
|
|
|
|||
Forfeited
|
(34
|
)
|
|
45.55
|
|
|
|
|
|
|||
Expired
|
—
|
|
|
—
|
|
|
|
|
|
|||
Outstanding at June 30, 2018
|
1,264
|
|
|
|
$22.91
|
|
|
3.88
|
|
|
$72,894
|
|
Exercisable at June 30, 2018
|
1,092
|
|
|
|
$17.45
|
|
|
3.16
|
|
|
$68,942
|
|
Vested and expected to vest at June 30, 2018
|
1,252
|
|
|
|
$22.52
|
|
|
3.83
|
|
|
$72,657
|
|
|
Number of
Shares
|
|
Weighted-
Average
Grant-Date
Fair Value
|
|||
Nonvested at January 1, 2018
|
1,754
|
|
|
|
$48.45
|
|
Granted
|
982
|
|
|
72.56
|
|
|
Vested
|
(554
|
)
|
|
46.99
|
|
|
Forfeited
|
(191
|
)
|
|
50.03
|
|
|
Nonvested at June 30, 2018
|
1,991
|
|
|
|
$60.60
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Expected volatility - Medidata
|
36
|
%
|
|
42
|
%
|
|
37
|
%
|
|
42
|
%
|
Expected volatility - comparison index
|
43
|
%
|
|
43
|
%
|
|
42
|
%
|
|
43
|
%
|
Expected life
|
2.69 years
|
|
|
2.85 years
|
|
|
2.85 years
|
|
|
2.85 years
|
|
Risk-free interest rate
|
2.58
|
%
|
|
1.40
|
%
|
|
2.37
|
%
|
|
1.40
|
%
|
Dividend yield
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net Income
|
|
TSR
|
|
Other
|
|
Total Number of Shares
|
|
Weighted-Average Grant Date Fair Value
|
||||||
Nonvested at January 1, 2018
|
110
|
|
|
613
|
|
|
13
|
|
|
736
|
|
|
$
|
62.96
|
|
Granted (based on performance at 100% of targeted levels)
|
122
|
|
|
122
|
|
|
2
|
|
|
246
|
|
|
85.92
|
|
|
Adjustment related to expected performance
|
—
|
|
|
171
|
|
|
10
|
|
|
181
|
|
|
78.54
|
|
|
Vested
|
—
|
|
|
(120
|
)
|
|
—
|
|
|
(120
|
)
|
|
69.92
|
|
|
Forfeited
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
77.64
|
|
|
Nonvested at June 30, 2018
|
232
|
|
|
786
|
|
|
24
|
|
|
1,042
|
|
|
$
|
70.27
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Expected volatility
|
37
|
%
|
|
39
|
%
|
|
37
|
%
|
|
39
|
%
|
Expected life
|
1.70 years
|
|
|
1.49 years
|
|
|
1.70 years
|
|
|
1.49 years
|
|
Risk-free interest rate
|
1.09
|
%
|
|
0.62
|
%
|
|
1.09
|
%
|
|
0.62
|
%
|
Dividend yield
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Foreign currency translation adjustments
|
|
Unrealized gains (losses) on marketable securities
|
|
Total
|
||||||
Balance as of January 1, 2018
|
$
|
(2,459
|
)
|
|
$
|
(918
|
)
|
|
$
|
(3,377
|
)
|
Other comprehensive income
|
(684
|
)
|
|
(429
|
)
|
|
(1,113
|
)
|
|||
Balance as of June 30, 2018
|
$
|
(3,143
|
)
|
|
$
|
(1,347
|
)
|
|
$
|
(4,490
|
)
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Stock options
|
79
|
|
|
94
|
|
|
78
|
|
|
202
|
|
Restricted stock awards and units
|
34
|
|
|
1
|
|
|
30
|
|
|
10
|
|
Performance-based restricted stock units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Employee stock purchase plan
|
84
|
|
|
275
|
|
|
84
|
|
|
275
|
|
Total
|
197
|
|
|
370
|
|
|
192
|
|
|
487
|
|
•
|
Total revenues increased
15%
and
16%
compared with the second quarter and first half of 2017, respectively.
|
•
|
Subscription revenues increased
16%
and
17%
compared with the second quarter and first half of 2017, respectively.
|
•
|
Professional services revenues increased
10%
and
11%
compared with the second quarter and first half of 2017, respectively.
|
•
|
Operating income increased
1%
and
2%
compared with the second quarter and first half of 2017, respectively.
|
•
|
Net income increased
120%
and
54%
compared with the second quarter and first half of 2017, respectively, inclusive of a
$7.6 million
gain on the step acquisition of SHYFT Analytics, Inc. ("SHYFT").
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||
Revenues:
|
(amounts in thousands except percentages)
|
||||||||||||||||||||
Subscription
|
$
|
130,486
|
|
|
$
|
112,904
|
|
(1)
|
15.6
|
%
|
|
$
|
257,305
|
|
|
$
|
220,797
|
|
(1)
|
16.5
|
%
|
Percentage of total revenues
|
83.7
|
%
|
|
83.0
|
%
|
|
|
|
84.3
|
%
|
|
83.7
|
%
|
|
|
||||||
Professional services
|
25,419
|
|
|
23,123
|
|
|
9.9
|
%
|
|
47,798
|
|
|
42,874
|
|
|
11.5
|
%
|
||||
Percentage of total revenues
|
16.3
|
%
|
|
17.0
|
%
|
|
|
|
15.7
|
%
|
|
16.3
|
%
|
|
|
||||||
Total revenues
|
$
|
155,905
|
|
|
$
|
136,027
|
|
|
14.6
|
%
|
|
$
|
305,103
|
|
|
$
|
263,671
|
|
|
15.7
|
%
|
(1) Figures for the three and six months ended June 30, 2017 have been recast to reflect our January 1, 2018 full retrospective adoption of Accounting Standards Codification ("ASC") 606. For additional details, see
Note 1
, "Summary of Significant Accounting Policies — Recently Adopted Accounting Pronouncements" to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||
Cost of revenues:
|
(amounts in thousands except percentages)
|
||||||||||||||||||||
Subscription
|
$
|
21,602
|
|
|
$
|
17,017
|
|
|
26.9
|
%
|
|
$
|
41,943
|
|
|
$
|
34,146
|
|
|
22.8
|
%
|
Percentage of total revenues
|
13.9
|
%
|
|
12.5
|
%
|
|
|
|
13.8
|
%
|
|
12.9
|
%
|
|
|
||||||
Professional services
|
15,899
|
|
|
14,903
|
|
|
6.7
|
%
|
|
31,860
|
|
|
28,388
|
|
|
12.2
|
%
|
||||
Percentage of total revenues
|
10.2
|
%
|
|
11.0
|
%
|
|
|
|
10.4
|
%
|
|
10.8
|
%
|
|
|
||||||
Total cost of revenues
|
$
|
37,501
|
|
|
$
|
31,920
|
|
|
17.5
|
%
|
|
$
|
73,803
|
|
|
$
|
62,534
|
|
|
18.0
|
%
|
Percentage of total revenues
|
24.1
|
%
|
|
23.5
|
%
|
|
|
|
24.2
|
%
|
|
23.7
|
%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross profit
|
$
|
118,404
|
|
|
$
|
104,107
|
|
|
|
|
$
|
231,300
|
|
|
$
|
201,137
|
|
|
|
||
Gross margin
|
75.9
|
%
|
|
76.5
|
%
|
|
|
|
75.8
|
%
|
|
76.3
|
%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Subscription margin
|
83.4
|
%
|
|
84.9
|
%
|
|
|
|
83.7
|
%
|
|
84.5
|
%
|
|
|
||||||
Professional services margin
|
37.5
|
%
|
|
35.5
|
%
|
|
|
|
33.3
|
%
|
|
33.8
|
%
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||
Operating costs and expenses:
|
(amounts in thousands except percentages)
|
||||||||||||||||||||
Research and development
|
$
|
40,789
|
|
|
$
|
35,884
|
|
|
13.7
|
%
|
|
$
|
78,311
|
|
|
$
|
65,821
|
|
|
19.0
|
%
|
Percentage of total revenues
|
26.2
|
%
|
|
26.4
|
%
|
|
|
|
25.7
|
%
|
|
25.0
|
%
|
|
|
||||||
Sales and marketing
|
37,106
|
|
|
32,479
|
|
(1)
|
14.2
|
%
|
|
73,967
|
|
|
62,705
|
|
(1)
|
18.0
|
%
|
||||
Percentage of total revenues
|
23.8
|
%
|
|
23.9
|
%
|
|
|
|
24.2
|
%
|
|
23.8
|
%
|
|
|
||||||
General and administrative
|
27,672
|
|
|
23,083
|
|
|
19.9
|
%
|
|
52,859
|
|
|
47,071
|
|
|
12.3
|
%
|
||||
Percentage of total revenues
|
17.7
|
%
|
|
16.9
|
%
|
|
|
|
17.3
|
%
|
|
17.8
|
%
|
|
|
||||||
Total operating costs and expenses
|
$
|
105,567
|
|
|
$
|
91,446
|
|
|
15.4
|
%
|
|
$
|
205,137
|
|
|
$
|
175,597
|
|
|
16.8
|
%
|
Percentage of total revenues
|
67.7
|
%
|
|
67.2
|
%
|
|
|
|
67.2
|
%
|
|
66.6
|
%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income
|
$
|
12,837
|
|
|
$
|
12,661
|
|
|
1.4
|
%
|
|
$
|
26,163
|
|
|
$
|
25,540
|
|
|
2.4
|
%
|
Operating margin
|
8.2
|
%
|
|
9.3
|
%
|
|
|
|
8.6
|
%
|
|
9.7
|
%
|
|
|
||||||
(1) Figures for the three and six months ended June 30, 2017 have been recast to reflect our January 1, 2018 full retrospective adoption of ASC 606. For additional details, see
Note 1
, "Summary of Significant Accounting Policies — Recently Adopted Accounting Pronouncements" to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
||||||||
|
(amounts in thousands)
|
|
||||||||||||||
Interest and other income (expense), net
|
|
$4,357
|
|
|
|
($3,055
|
)
|
|
$
|
774
|
|
|
$
|
(6,211
|
)
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
||||||||
|
(amounts in thousands)
|
|
||||||||||||||
Provision for income taxes
|
|
$605
|
|
|
|
$2,065
|
|
(1)
|
$
|
23
|
|
|
$
|
1,808
|
|
(1)
|
(1) Figures for the three and six months ended June 30, 2017 have been recast to reflect our January 1, 2018 full retrospective adoption of ASC 606.
|
•
|
identify the contract with a customer;
|
•
|
identify the performance obligations in the contract;
|
•
|
determine the transaction price;
|
•
|
allocate the transaction price to performance obligations in the contract; and
|
•
|
recognize revenue as the performance obligation is satisfied.
|
|
June 30,
2018 |
|
December 31,
2017 |
||||
Cash, cash equivalents, and marketable securities
|
$
|
477,377
|
|
|
$
|
663,333
|
|
Furniture, fixtures and equipment, net
|
93,088
|
|
|
88,091
|
|
||
1.00% convertible senior notes, net
|
285,748
|
|
|
278,094
|
|
||
Term loan, net (including current maturities)
|
96,808
|
|
|
97,841
|
|
||
|
|
|
|
||||
|
Six Months Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
Cash provided by operating activities
|
$
|
23,776
|
|
|
$
|
60,702
|
|
Cash used in investing activities
|
(129,516
|
)
|
|
(42,694
|
)
|
||
Cash used in financing activities
|
(11,073
|
)
|
|
(1,480
|
)
|
|
|
Incorporated by Reference
|
||
Exhibit No.
|
Description
|
Form
|
File No.
|
Date Filed
|
8-K
|
001-34387
|
6/12/2018
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
101.INS*
|
XBRL Instance Document
|
|
|
|
101.SCH*
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF*
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB*
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
*
|
Filed herewith.
|
**
|
Furnished herewith.
|
|
MEDIDATA SOLUTIONS, INC.
|
|
|
|
|
|
By:
|
/s/ ROUVEN BERGMANN
|
|
|
Rouven Bergmann
Chief Financial Officer (Principal Financial and Principal Accounting Officer)
|
1 Year Medidata Solutions Chart |
1 Month Medidata Solutions Chart |
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