Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a
smaller reporting company. See definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company"
in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer x
|
Accelerated filer ¨
|
Non-accelerated filer ¨
(Do not check if a smaller reporting company)
|
Smaller reporting company ¨
|
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YES ¨
NO x
The number of shares of the Registrant's Common Stock outstanding as of January 25, 2016 was 88,456,638.
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
|
Page No.
|
|
|
Item 1. Financial Statements:
|
|
|
|
Condensed Consolidated Balance Sheets at
December 31, 2015 and March 31, 2015
|
2
|
|
|
Condensed Consolidated Statements of Operations for the three
and nine months ended December 31, 2015 and 2014
|
3
|
|
|
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three
and nine months ended December 31, 2015 and 2014
|
4
|
|
|
Condensed Consolidated Statements of Cash Flows for the nine months
ended December 31, 2015 and 2014
|
5
|
|
|
Notes to Unaudited Condensed Consolidated Financial Statements
|
6
|
|
|
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
|
20
|
|
|
Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
27
|
|
|
Item 4. Controls and Procedures
|
27
|
|
|
PART II. OTHER INFORMATION
|
|
|
|
Item 1. Legal Proceedings
|
28
|
|
|
Item 1A. Risk Factors
|
28
|
|
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
28
|
|
|
Item 5. Other Information
|
28
|
|
|
Item 6. Exhibits
|
29
|
|
|
Signature
|
30
|
1
Part I -- FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
8X8, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
|
|
|
December 31, |
|
|
March 31, |
|
|
|
2015 |
|
|
2015 |
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
23,866 |
|
$ |
53,110 |
Short-term investments |
|
|
130,719 |
|
|
123,984 |
Accounts receivable, net |
|
|
9,927 |
|
|
6,642 |
Inventory |
|
|
786 |
|
|
704 |
Deferred cost of goods sold |
|
|
579 |
|
|
428 |
Deferred tax asset |
|
|
3,955 |
|
|
4,454 |
Other current assets |
|
|
5,068 |
|
|
2,274 |
Total current assets |
|
|
174,900 |
|
|
191,596 |
Property and equipment, net |
|
|
11,969 |
|
|
10,248 |
Intangible assets, net |
|
|
23,050 |
|
|
12,260 |
Goodwill |
|
|
48,144 |
|
|
36,887 |
Non-current deferred tax asset |
|
|
43,169 |
|
|
43,169 |
Other assets |
|
|
2,356 |
|
|
1,464 |
Total assets |
|
$ |
303,588 |
|
$ |
295,624 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
9,917 |
|
$ |
7,775 |
Accrued compensation |
|
|
9,880 |
|
|
6,183 |
Accrued warranty |
|
|
322 |
|
|
339 |
Accrued taxes |
|
|
4,753 |
|
|
2,800 |
Deferred revenue |
|
|
1,807 |
|
|
1,768 |
Other accrued liabilities |
|
|
3,743 |
|
|
2,965 |
Total current liabilities |
|
|
30,422 |
|
|
21,830 |
|
|
|
|
|
|
|
Non-current liabilities |
|
|
3,722 |
|
|
1,352 |
Non-current deferred revenue |
|
|
137 |
|
|
231 |
Total liabilities |
|
|
34,281 |
|
|
23,413 |
|
|
|
|
|
|
|
Commitments and contingencies (Note 6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
Common stock |
|
|
88 |
|
|
88 |
Additional paid-in capital |
|
|
381,335 |
|
|
378,971 |
Accumulated other comprehensive loss |
|
|
(3,333) |
|
|
(2,109) |
Accumulated deficit |
|
|
(108,783) |
|
|
(104,739) |
Total stockholders' equity |
|
|
269,307 |
|
|
272,211 |
Total liabilities and stockholders' equity |
|
$ |
303,588 |
|
$ |
295,624 |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
2
8X8, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts; unaudited)
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Service revenue |
|
$ |
48,948 |
|
$ |
37,802 |
|
$ |
140,068 |
|
$ |
108,199 |
Product revenue |
|
|
4,220 |
|
|
3,570 |
|
|
11,935 |
|
|
10,684 |
Total revenue |
|
|
53,168 |
|
|
41,372 |
|
|
152,003 |
|
|
118,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of service revenue |
|
|
9,713 |
|
|
7,544 |
|
|
27,359 |
|
|
22,046 |
Cost of product revenue |
|
|
5,087 |
|
|
3,959 |
|
|
14,065 |
|
|
11,690 |
Research and development |
|
|
6,404 |
|
|
3,868 |
|
|
17,930 |
|
|
10,770 |
Sales and marketing |
|
|
27,585 |
|
|
20,559 |
|
|
78,138 |
|
|
59,159 |
General and administrative |
|
|
6,888 |
|
|
4,617 |
|
|
18,614 |
|
|
12,388 |
Gain on patent sale |
|
|
- |
|
|
- |
|
|
- |
|
|
(1,000) |
Total operating expenses |
|
|
55,677 |
|
|
40,547 |
|
|
156,106 |
|
|
115,053 |
Income (loss) from operations |
|
|
(2,509) |
|
|
825 |
|
|
(4,103) |
|
|
3,830 |
Other income, net |
|
|
272 |
|
|
246 |
|
|
710 |
|
|
623 |
Income (loss) before provision (benefit) for income taxes |
|
|
(2,237) |
|
|
1,071 |
|
|
(3,393) |
|
|
4,453 |
Provision (benefit) for income taxes |
|
|
(557) |
|
|
627 |
|
|
651 |
|
|
2,710 |
Net income (loss) |
|
$ |
(1,680) |
|
$ |
444 |
|
$ |
(4,044) |
|
$ |
1,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.02) |
|
$ |
0.01 |
|
$ |
(0.05) |
|
$ |
0.02 |
Diluted |
|
$ |
(0.02) |
|
$ |
0.01 |
|
$ |
(0.05) |
|
$ |
0.02 |
Weighted average number of shares: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
88,289 |
|
|
89,594 |
|
|
88,812 |
|
|
89,107 |
Diluted |
|
|
88,289 |
|
|
91,974 |
|
|
88,812 |
|
|
91,752 |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3
8X8, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands, unaudited)
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Net income (loss) |
|
$ |
(1,680) |
|
$ |
444 |
|
$ |
(4,044) |
|
$ |
1,743 |
Other comprehensive loss, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss on investments in securities |
|
|
(245) |
|
|
(122) |
|
|
(320) |
|
|
(87) |
Foreign currency translation adjustment |
|
|
(972) |
|
|
(1,005) |
|
|
(904) |
|
|
(1,4965) |
Comprehensive income (loss) |
|
$ |
(2,897) |
|
$ |
(683) |
|
$ |
(5,268) |
|
$ |
160 |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4
8X8, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)
|
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
Cash flows from operating activities: |
|
|
|
|
|
|
Net income (loss) |
|
$ |
(4,044) |
|
$ |
1,743 |
Adjustments to reconcile net income (loss) to net cash |
|
|
|
|
|
|
provided by operating activities: |
|
|
|
|
|
|
Depreciation |
|
|
3,598 |
|
|
2,513 |
Amortization of intangible assets |
|
|
2,565 |
|
|
1,687 |
Impairment of long-lived assets |
|
|
640 |
|
|
- |
Amortization of capitalized software |
|
|
456 |
|
|
255 |
Net accretion of discount and amortization of premium on marketable securities |
|
|
584 |
|
|
659 |
Stock-based compensation |
|
|
11,202 |
|
|
6,489 |
Deferred income tax provision |
|
|
361 |
|
|
2,444 |
Other |
|
|
467 |
|
|
268 |
Changes in assets and liabilities: |
|
|
|
|
|
|
Accounts receivable, net |
|
|
(3,138) |
|
|
(2,062) |
Inventory |
|
|
(122) |
|
|
235 |
Other current and noncurrent assets |
|
|
(1,699) |
|
|
(505) |
Deferred cost of goods sold |
|
|
(156) |
|
|
(179) |
Accounts payable |
|
|
674 |
|
|
(736) |
Accrued compensation |
|
|
3,351 |
|
|
2,044 |
Accrued warranty |
|
|
(17) |
|
|
(237) |
Accrued taxes and fees |
|
|
1,837 |
|
|
561 |
Deferred revenue |
|
|
(427) |
|
|
(840) |
Other current and noncurrent liabilities |
|
|
(748) |
|
|
(564) |
Net cash provided by operating activities |
|
|
15,384 |
|
|
13,775 |
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(3,295) |
|
|
(4,523) |
Purchase of businesses, net of cash acquired |
|
|
(23,434) |
|
|
- |
Cost of capitalized software |
|
|
(1,275) |
|
|
(456) |
Proceeds from maturity of investments |
|
|
38,451 |
|
|
31,400 |
Sales of investments - available for sale |
|
|
43,934 |
|
|
29,580 |
Purchases of investments - available for sale |
|
|
(90,025) |
|
|
(77,821) |
Net cash used in investing activities |
|
|
(35,644) |
|
|
(21,820) |
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
Capital lease payments |
|
|
(321) |
|
|
(115) |
Payment of contingent consideration |
|
|
(200) |
|
|
- |
Repurchase of common stock |
|
|
(11,628) |
|
|
(1,723) |
Proceeds from issuance of common stock under employee stock plans |
|
|
2,848 |
|
|
2,666 |
Net cash (used in) provided by financing activities |
|
|
(9,301) |
|
|
828 |
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
|
317 |
|
|
656 |
Net decrease in cash and cash equivalents |
|
|
(29,244) |
|
|
(6,561) |
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the period |
|
|
53,110 |
|
|
59,159 |
Cash and cash equivalents at the end of the period |
|
$ |
23,866 |
|
$ |
52,598 |
|
|
|
|
|
|
|
Supplemental cash flow information |
|
|
|
|
|
|
Income taxes paid |
|
$ |
441 |
|
$ |
181 |
Interest paid |
|
|
30 |
|
|
25 |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
5
8X8, Inc.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
1. DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
DESCRIPTION OF BUSINESS
8x8, Inc. (8x8 or the Company) is a leading provider of VoIP (Voice over Internet Protocol) technology and SaaS (Software as a service) communication solutions in the cloud for
SMBs (Small and Midsize Business) and mid-market and distributed enterprises. The Company delivers a broad suite of SaaS services to in-office and mobile devices spanning cloud
telephony, virtual contact center and virtual meeting through its proprietary unified SaaS platform.
BASIS OF PRESENTATION
The Company's fiscal year ends on March 31 of each calendar year. Each reference to a fiscal year in these notes to the consolidated financial statements refers to the fiscal
year ended March 31 of the calendar year indicated (for example, fiscal 2016 refers to the fiscal year ended March 31, 2016).
The accompanying interim condensed consolidated financial statements are unaudited and have been prepared on substantially the same basis as our annual consolidated financial
statements for the fiscal year ended March 31, 2015. In the opinion of the Company's management, these interim condensed consolidated financial statements reflect all adjustments
(consisting only of normal recurring adjustments) considered necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented. The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses
during the reporting periods. Actual results could differ from these estimates.
The March 31, 2015 year-end condensed consolidated balance sheet data in this document were derived from audited consolidated financial statements and does not include all of the
disclosures required by U.S. generally accepted accounting principles. These condensed consolidated financial statements should be read in conjunction with the Company's audited
consolidated financial statements as of and for the fiscal year ended March 31, 2015 and notes thereto included in the Company's fiscal 2015 Annual Report on Form 10-K.
The results of operations and cash flows for the interim periods included in these condensed consolidated financial statements are not necessarily indicative of the results to be expected
for any future period or the entire fiscal year.
PRINCIPLES OF CONSOLIDATION
The consolidated financial statements include the accounts of 8x8 and its subsidiaries. All material intercompany accounts and transactions have been eliminated.
SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies used in preparation of these condensed consolidated financial statements are disclosed in our Annual Report on Form 10-K for the fiscal year
ended March 31, 2015 filed with the SEC on May 29, 2015, and there have been no changes to the Company's significant accounting policies during the three months ended December
31, 2015, except as described in the "Recent Accounting Pronouncements" section below and Note 10, "Segment Reporting".
6
RECENT ACCOUNTING PRONOUNCEMENTS
In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08, Presentation of Financial Statements (Topic 205) and
Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This ASU changes the requirements for
reporting discontinued operations in FASB ASU 205-20, such that a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued
operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. This ASU requires an entity to present, for each
comparative period, the assets and liabilities of a disposal group that includes a discontinued operation separately in the asset and liability sections, respectively, of the statement of financial
position, as well as additional disclosures about discontinued operations. Additionally, the ASU requires disclosures about a disposal of an individually significant component of an entity that
does not qualify for discontinued operations presentation in the financial statements and expands the disclosures about an entity's significant continuing involvement with a discontinued
operation. The accounting update is effective for annual periods beginning on or after December 15, 2014. We adopted this pronouncement for our fiscal year beginning April 1, 2015, and
there was no effect on our consolidated financial statements.
In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory, (Topic 330), which amends the guidelines for the measurement of inventory. Under the
amendments, an entity should measure inventory valued using a first-in, first-out or average cost method at the lower of cost and net realizable value. Net realizable value is defined as the
estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This amendment is effective for fiscal
years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact of this
pronouncement to its consolidated financial statements.
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be
entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new
standard will become effective for public companies on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has not
yet selected a transition method. The Company is currently assessing the impact of this pronouncement to its consolidated financial statements.
In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. Topic 805 requires an
acquirer retrospectively adjust provisional amounts recognized in a business combination during the measurement period. To simplify the accounting for adjustments made to provisional
amounts, the amendment requires that the acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the
adjustment amount is determined. The acquirer is required to also record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other
income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. In addition, an entity is required to
present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings by line item that
would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date.
The amendments are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments should be applied prospectively to
adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The Company is currently assessing
the impact of this pronouncement to its consolidated financial statements.
In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes, (Topic 740), which amends the current requirement for organizations to
present deferred tax assets and liabilities as current and noncurrent in a classified balance sheet. Under the amendment, an entity will be required to classify all deferred tax assets and
liabilities as noncurrent.
This amendment is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently
assessing the impact of this pronouncement to its consolidated financial statements.
7
2. CASH, CASH EQUIVALENTS, INVESTMENTS AND FAIR VALUE MEASUREMENTS
Cash, cash equivalents, available-for-sale investments and fair value measurements were (in thousands):
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
Cash and |
|
|
|
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Estimated |
|
|
Cash |
|
|
Short-Term |
As of December 31, 2015 |
|
|
Costs |
|
|
Gain |
|
|
Loss |
|
|
Fair Value |
|
|
Equivalents |
|
|
Investments |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
10,996 |
|
$ |
- |
|
$ |
- |
|
$ |
10,996 |
|
$ |
10,996 |
|
$ |
- |
Level 1: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
|
12,870 |
|
|
- |
|
|
- |
|
|
12,870 |
|
|
12,870 |
|
|
- |
Mutual funds |
|
|
2,000 |
|
|
- |
|
|
(198) |
|
|
1,802 |
|
|
- |
|
|
1,802 |
Subtotal |
|
|
25,866 |
|
|
- |
|
|
(198) |
|
|
25,668 |
|
|
23,866 |
|
|
1,802 |
Level 2: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
|
13,483 |
|
|
1 |
|
|
(3) |
|
|
13,481 |
|
|
- |
|
|
13,481 |
Corporate debt |
|
|
77,999 |
|
|
14 |
|
|
(138) |
|
|
77,875 |
|
|
- |
|
|
77,875 |
Municipal securities |
|
|
5,745 |
|
|
1 |
|
|
(1) |
|
|
5,745 |
|
|
- |
|
|
5,745 |
Asset backed securities |
|
|
21,782 |
|
|
- |
|
|
(46) |
|
|
21,736 |
|
|
- |
|
|
21,736 |
Mortgage backed securities |
|
|
2,328 |
|
|
- |
|
|
(33) |
|
|
2,295 |
|
|
- |
|
|
2,295 |
Agency bond |
|
|
6,806 |
|
|
- |
|
|
(22) |
|
|
6,784 |
|
|
- |
|
|
6,784 |
International government securities |
|
|
1,000 |
|
|
1 |
|
|
- |
|
|
1,001 |
|
|
- |
|
|
1,001 |
Subtotal |
|
|
129,143 |
|
|
17 |
|
|
(243) |
|
|
128,917 |
|
|
- |
|
|
128,917 |
Total assets |
|
$ |
155,009 |
|
$ |
17 |
|
$ |
(441) |
|
$ |
154,585 |
|
$ |
23,866 |
|
$ |
130,719 |
Level 3: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
341 |
|
$ |
- |
|
$ |
- |
Total liabilities |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
341 |
|
$ |
- |
|
$ |
- |
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
Cash and |
|
|
|
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Estimated |
|
|
Cash |
|
|
Short-Term |
As of March 31, 2015 |
|
|
Costs |
|
|
Gain |
|
|
Loss |
|
|
Fair Value |
|
|
Equivalents |
|
|
Investments |
Cash |
|
$ |
24,734 |
|
$ |
- |
|
$ |
- |
|
$ |
24,734 |
|
$ |
24,734 |
|
$ |
- |
Level 1: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
|
28,376 |
|
|
- |
|
|
- |
|
|
28,376 |
|
|
28,376 |
|
|
- |
Mutual funds |
|
|
2,000 |
|
|
- |
|
|
(107) |
|
|
1,893 |
|
|
- |
|
|
1,893 |
Subtotal |
|
|
55,110 |
|
|
- |
|
|
(107) |
|
|
55,003 |
|
|
53,110 |
|
|
1,893 |
Level 2: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
|
9,043 |
|
|
1 |
|
|
- |
|
|
9,044 |
|
|
- |
|
|
9,044 |
Corporate debt |
|
|
75,284 |
|
|
57 |
|
|
(10) |
|
|
75,331 |
|
|
- |
|
|
75,331 |
Municipal securities |
|
|
5,435 |
|
|
2 |
|
|
(1) |
|
|
5,436 |
|
|
- |
|
|
5,436 |
Asset backed securities |
|
|
21,503 |
|
|
4 |
|
|
(5) |
|
|
21,502 |
|
|
- |
|
|
21,502 |
Mortgage backed securities |
|
|
5,822 |
|
|
- |
|
|
(52) |
|
|
5,770 |
|
|
- |
|
|
5,770 |
Agency bond |
|
|
4,201 |
|
|
3 |
|
|
- |
|
|
4,204 |
|
|
- |
|
|
4,204 |
International government securities |
|
|
800 |
|
|
4 |
|
|
- |
|
|
804 |
|
|
- |
|
|
804 |
Subtotal |
|
|
122,088 |
|
|
71 |
|
|
(68) |
|
|
122,091 |
|
|
- |
|
|
122,091 |
Total |
|
$ |
177,198 |
|
$ |
71 |
|
$ |
(175) |
|
$ |
177,094 |
|
$ |
53,110 |
|
$ |
123,984 |
8
Contractual maturities of investments as of December 31, 2015 are set forth below (in thousands):
|
|
|
Estimated |
|
|
|
Fair Value |
Due within one year |
|
$ |
65,670 |
Due after one year |
|
|
65,049 |
Total |
|
$ |
130,719 |
The Company's contingent consideration liability, included in other accrued liabilities and noncurrent liabilities on the consolidated balance sheets, was associated with the Quality Software Corporation (QSC)
acquisition made in the first quarter of fiscal 2016. The liability was measured at fair value using a probability weighted average of the potential payment outcomes that would occur should
certain contract milestones be reached. There is no market data available to use in valuing the contingent consideration; therefore, the Company developed its own assumptions related to the
achievement of the milestones to evaluate the fair value of the liability. As such, the contingent consideration is classified within Level 3 as described below.
The item classified as Level 3 within the valuation hierarchy, consisting of contingent consideration liability related to the QSC acquisition, was valued based on an estimate of the
probability of success of the milestones being achieved. The table below presents a rollforward of the contingent consideration liability valued using a Level 3 input (in thousands):
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Balance at beginning of period |
|
$ |
391 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
Purchase price contingent consideration |
|
|
- |
|
|
- |
|
|
541 |
|
|
- |
Contingent consideration payments |
|
|
(50) |
|
|
- |
|
|
(200) |
|
|
- |
Balance at end of period |
|
$ |
341 |
|
$ |
- |
|
$ |
341 |
|
$ |
- |
3. BALANCE SHEET DETAIL
|
|
|
December 31, |
|
|
March 31, |
|
|
|
2015 |
|
|
2015 |
Inventory (in thousands) |
|
|
|
Work-in-process |
|
$ |
215 |
|
$ |
169 |
Finished goods |
|
|
571 |
|
|
535 |
Total |
|
$ |
786 |
|
$ |
704 |
9
4. INTANGIBLE ASSETS
The carrying value of intangible assets consisted of the following (in thousands):
|
|
December 31, 2015 |
|
|
March 31, 2015 |
|
|
Gross |
|
|
|
|
|
Net |
|
|
Gross |
|
|
|
|
|
Net |
|
|
Carrying |
|
|
Accumulated |
|
|
Carrying |
|
|
Carrying |
|
|
Accumulated |
|
|
Carrying |
|
|
Amount |
|
|
Amortization |
|
|
Amount |
|
|
Amount |
|
|
Amortization |
|
|
Amount |
Technology |
$ |
19,353 |
|
$ |
(4,797) |
|
$ |
14,556 |
|
$ |
8,242 |
|
$ |
(2,905) |
|
$ |
5,337 |
Customer relationships |
|
10,182 |
|
|
(4,532) |
|
|
5,650 |
|
|
9,686 |
|
|
(3,720) |
|
|
5,966 |
Trade names/domains |
|
2,439 |
|
|
(195) |
|
|
2,244 |
|
|
957 |
|
|
- |
|
|
957 |
In-process research and development |
|
600 |
|
|
- |
|
|
600 |
|
|
- |
|
|
- |
|
|
- |
Total acquired identifiable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangible assets |
$ |
32,574 |
|
$ |
(9,524) |
|
$ |
23,050 |
|
$ |
18,885 |
|
$ |
(6,625) |
|
$ |
12,260 |
At December 31, 2015, annual amortization of intangible assets, based upon our existing intangible assets and current useful lives, is estimated to be the following (in thousands):
|
|
|
Amount |
Remaining 2016 |
|
$ |
964 |
2017 |
|
|
3,855 |
2018 |
|
|
3,587 |
2019 |
|
|
3,337 |
2020 |
|
|
3,337 |
Thereafter |
|
|
5,126 |
Total |
|
$ |
20,206 |
Impairment of Long-Lived Assets
During the three months ended December 31, 2015, the Company decided to end-of-life its hosted virtual desktop service (Zerigo). The Company evaluated
long-lived assets related to Zerigo including the technology, customer relationships, and trade name intangible assets for impairment. The Company determined it was appropriate to
record an impairment charge equal to the remaining value of the impaired long-lived assets this quarter. The impairment recorded during the three and nine months ended
December 31, 2015 was $0.6 million, of which $0.4 million and $0.2 million was recorded in cost of service and sales and marketing, respectively, in the consolidated statements of
operations. Revenues and net income (loss) from Zerigo were not material for all periods presented.
5. RESEARCH, DEVELOPMENT AND SOFTWARE COSTS
In the first nine months of fiscal 2016, the Company expensed all research and development costs in accordance with ASC 985-20, Costs of Software to be Sold, Leased or
Marketed (ASC 985-20). At December 31, 2015 and March 31, 2015, total capitalized software development costs in accordance with ASC 985-20 included in other long-term assets were
approximately $0 and $1.0 million, respectively, and accumulated amortization costs related to capitalized software were approximately $0 and $0.5 million, respectively.
10
The Company accounts for computer software developed or obtained for internal use in accordance with ASC 350-40, Internal Use Software (ASC 350-40). In the first
nine months of fiscal 2016, the Company capitalized $1.3 million of software development costs in accordance with ASC 350-40, of which $1.1 million have been classified as other
long-term assets and $0.2 million have classified as property and equipment. At December 31, 2015, the Company had capitalized $2.8 million of software development costs in
accordance with ASC 350-40, of which $1.8 million have been classified as other long-term assets, and $1.0 million have been classified as property and equipment. As of March
31, 2015, the Company capitalized $1.5 million in accordance with ASC 350-40, of which $0.8 million has been classified as property and equipment and $0.7 million has been
classified as other long-term assets. In the first nine months of fiscal 2015 and as of December 31, 2014, the Company capitalized $1.1 million in accordance with ASC 350-40, of
which $0.6 million is classified as property and equipment and $0.5 million is classified as other long-term assets. At December 31, 2015 and March 31, 2015, accumulated
amortization costs related to capitalized software were approximately $0.1 million and $0, respectively.
6. COMMITMENTS AND CONTINGENCIES
Guarantees
Indemnifications
In the normal course of business, the Company may agree to indemnify other parties, including customers, lessors and parties to other transactions with the Company, with respect to
certain matters such as breaches of representations or covenants or intellectual property infringement or other claims made by third parties. These agreements may limit the time within which
an indemnification claim can be made and the amount of the claim. In addition, the Company has entered into indemnification agreements with its officers and directors.
It is not possible to determine the maximum potential amount of the Company's exposure under these indemnification agreements due to the limited history of prior indemnification claims
and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company under these agreements have not had a material impact on the
Company's operating results, financial position or cash flows. Under some of these agreements, however, the Company's potential indemnification liability might not have a contractual
limit.
Product Warranties
The Company accrues for the estimated costs that may be incurred under its product warranties upon revenue recognition. Changes in the Company's product warranty liability, which
is included in cost of product revenues in the consolidated statements of operations, were as follows (in thousands):
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Balance at beginning of period |
|
$ |
325 |
|
$ |
538 |
|
$ |
339 |
|
$ |
660 |
Accruals for warranties |
|
|
88 |
|
|
54 |
|
|
263 |
|
|
123 |
Settlements |
|
|
(70) |
|
|
(86) |
|
|
(223) |
|
|
(277) |
Adjustments |
|
|
(21) |
|
|
(83) |
|
|
(57) |
|
|
(83) |
Balance at end of period |
|
$ |
322 |
|
$ |
423 |
|
$ |
322 |
|
$ |
423 |
Minimum Third Party Customer Support Commitments
In the third quarter of 2010, the Company amended its contract with one of its third party customer support vendors containing a minimum monthly commitment of approximately $0.4 million.
The agreement requires a 150-day notice to terminate, which represents a minimum remaining obligation of $2.2 million under the contract.
11
Minimum Third Party Network Service Provider Commitments
The Company has entered into contracts with multiple vendors for third party network service which expire on various dates in fiscal 2016 through 2018. At December 31, 2015, future
minimum annual payments under these third party network service contracts were as follows (in thousands):
Year ending March 31: |
|
|
|
|
|
|
Remaining 2016 |
|
|
|
|
$ |
751 |
2017 |
|
|
|
|
|
2,452 |
2018 |
|
|
|
|
|
891 |
Total minimum payments |
|
|
|
|
$ |
4,094 |
Legal Proceedings
The Company, from time to time, is involved in various legal claims or litigation, including patent infringement claims that can arise in the normal course of the Company's operations.
Pending or future litigation could be costly, could cause the diversion of management's attention and could upon resolution, have a material adverse effect on the Company's business, results
of operations, financial condition and cash flows.
On February 22, 2011, the Company was named a defendant in Bear Creek Technologies, Inc. (BCT) v. 8x8, Inc. et al., filed in the U.S. District Court for
the District of Delaware (the Court), along with 20 other defendants. In August 2011, the suit was dismissed without prejudice and then was refiled against the Company before the same
Court. On November 28, 2012, the USPTO initiated and has since maintained a Reexamination Proceeding in which the claims of the patent (asserted against the Company) were rejected as
being invalid based on four separate grounds. In response to the USPTO invalidity rejections, the Company filed an informational pleading (on July 10, 2013) to join a motion to stay
the proceeding in the District Court, which this motion was granted on July 17, 2013. On May 5, 2015, the Court administratively closed this case with leave to reopen if needed. The
Reexamination Proceeding has been on appeal since September 15, 2014. A Decision on Appeal was issued on December 29, 2015, affirming the rejection of all claims. This Decision
remains subject to appeal at this date.
On November 25, 2015, the Company was named a defendant in 2-Way Computing, Inc. (2-Way) v. 8x8, Inc., filed in the U.S. District Court for the District of
Nevada. 2-Way also simultaneously sued five other defendants for infringing the same patent asserted against 8x8. The Company has not yet answered the
complaint and cannot estimate potential liability in this case at this early stage of the litigation.
On April 16, 2015, the Company was named as a defendant in a lawsuit, Slocumb Law Firm v. 8x8, Inc., filed in the United States District Court for the Middle District of Alabama. The
Slocumb Law Firm alleges that it purchased certain business services from the Company that did not perform as advertised or expected, and asserts various causes of actions including
fraud, breach of contract, violations of the Alabama Deceptive Trade Practices Act and negligence. On June 10, 2015, the United States Magistrate Judge issued a Report and
Recommendation that the Court grant the Company's motion to stay the case and compel the Slocumb Law Firm to arbitrate its claims against the Company in Santa Clara County, California
pursuant to a clause mandating arbitration of disputes set forth in the terms and conditions to which Slocumb Law Firm agreed in connection with its purchase of business services from the
Company. The Company has not yet received a formal arbitration demand from the Slocumb Law Firm, nor has discovery commenced. The Company intends to vigorously defend
against Slocumb Law Firm's claims.
State and Municipal Taxes
From time to time, the Company has received inquiries from a number of state and municipal taxing agencies with respect to the remittance of sales, use, telecommunications, excise,
and income taxes. Several jurisdictions currently are conducting tax audits of the Company's records. The Company collects or has accrued for taxes that it believes are required to be
remitted. The amounts that have been remitted have historically been within the accruals established by the Company.
12
7. STOCK-BASED COMPENSATION
The following table summarizes stock-based compensation expense (in thousands):
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Cost of service revenue |
|
$ |
346  |
|
$ |
201  |
|
$ |
828  |
|
$ |
476  |
Cost of product revenue |
|
|
-  |
|
|
-  |
|
|
-  |
|
|
-  |
Research and development |
|
|
850  |
|
|
420  |
|
|
2,107  |
|
|
1,049  |
Sales and marketing |
|
|
1,689  |
|
|
966  |
|
|
4,308  |
|
|
2,620  |
General and administrative |
|
|
1,778  |
|
|
1,047  |
|
|
3,959  |
|
|
2,344  |
Total stock-based compensation expense  |
|
|
|
|
|
|
|
|
|
|
|
|
related to employee stock options and  |
|
|
|
|
|
|
|
|
|
|
|
|
employee stock purchases, pre-tax |
|
|
4,663  |
|
|
2,634  |
|
|
11,202  |
|
|
6,489  |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax benefit |
|
|
-  |
|
|
-  |
|
|
-  |
|
|
-  |
Stock-based compensation expense  |
|
|
|
|
|
|
|
|
|
|
|
|
related to employee stock options and  |
|
|
|
|
|
|
|
|
|
|
|
|
employee stock purchases, net of tax |
|
$ |
4,663  |
|
$ |
2,634  |
|
$ |
11,202  |
|
$ |
6,489  |
Stock Options, Stock Purchase Right and Restricted Stock Unit Activity
Stock Option activity under all the Company's stock option plans for the nine months ended December 31, 2015, is summarized as follows:
|
|
|
|
|
Weighted Average |
|
|
Number of |
|
|
Exercise Price |
|
|
Shares |
|
|
Per Share |
Outstanding at March 31, 2015 |
|
5,327,907 |
|
$ |
5.19 |
Granted |
|
686,604 |
|
|
8.51 |
Exercised |
|
(647,158) |
|
|
2.54 |
Canceled/Forfeited |
|
(96,241) |
|
|
8.06 |
Outstanding at December 31, 2015 |
|
5,271,112 |
|
$ |
5.90 |
|
|
|
|
|
|
Vested and expected to vest at December 31, 2015 |
|
5,271,112 |
|
$ |
5.90 |
Exercisable at December 31, 2015 |
|
3,229,890 |
|
$ |
4.38 |
Stock Purchase Right activity for the nine months ended December 31, 2015, is summarized as follows:
|
|
|
|
|
Weighted |
|
|
Weighted |
|
|
|
|
|
Average |
|
|
Average |
|
|
|
|
|
Grant-Date |
|
|
Remaining |
|
|
Number of |
|
|
Fair Market |
|
|
Contractual |
|
|
Shares |
|
|
Value |
|
|
Term (in Years) |
Balance at March 31, 2015 |
|
223,835 |
|
$ |
5.92 |
|
|
1.50 |
Granted |
|
- |
|
|
- |
|
|
|
Vested |
|
(107,039) |
|
|
5.36 |
|
|
|
Forfeited |
|
(20,750) |
|
|
7.59 |
|
|
|
Balance at December 31, 2015 |
|
96,046 |
|
$ |
6.18 |
|
|
0.95 |
13
Restricted Stock Unit activity for the nine months ended December 31, 2015, is summarized as follows:
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
Weighted |
|
|
Average |
|
|
|
|
|
Average |
|
|
Remaining |
|
|
Number of |
|
|
Grant Date |
|
|
Contractual |
|
|
Shares |
|
|
Fair Value |
|
|
Term (in Years) |
Balance at March 31, 2015 |
|
2,698,686 |
|
$ |
7.33 |
|
|
1.88 |
Granted |
|
2,516,522 |
|
|
8.67 |
|
|
|
Vested |
|
(529,797) |
|
|
7.62 |
|
|
|
Forfeited |
|
(175,815) |
|
|
7.98 |
|
|
|
Balance at December 31, 2015 |
|
4,509,596 |
|
$ |
8.02 |
|
|
1.82 |
The following table summarizes stock options outstanding and exercisable at December 31, 2015:
|
|
Options Outstanding |
|
Options Exercisable |
|
|
|
|
|
Weighted |
|
Weighted |
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
|
Average |
|
Average |
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
Exercise |
|
Remaining |
|
|
Aggregate |
|
|
|
|
Exercise |
|
|
Aggregate |
|
|
|
|
|
Price |
|
Contractual |
|
|
Intrinsic |
|
|
|
|
Price |
|
|
Intrinsic |
|
|
Shares |
|
|
Per Share |
|
Life (Years) |
|
|
Value |
|
Shares |
|
|
Per Share |
|
|
Value |
$ 0.55 to $ 1.26 |
|
1,079,850 |
|
$ |
1.12 |
|
1.8 |
|
$ |
11,160,555 |
|
1,079,850 |
|
$ |
1.12 |
|
$ |
11,160,555 |
$ 1.27 to $ 5.87 |
|
1,280,153 |
|
$ |
3.81 |
|
3.9 |
|
|
9,776,033 |
|
1,196,313 |
|
$ |
3.68 |
|
|
9,300,097 |
$ 6.86 to $ 8.15 |
|
1,305,587 |
|
$ |
7.38 |
|
9.0 |
|
|
5,313,052 |
|
311,797 |
|
$ |
7.17 |
|
|
1,333,417 |
$ 8.54 to $ 9.74 |
|
1,409,422 |
|
$ |
9.37 |
|
8.0 |
|
|
2,927,371 |
|
568,493 |
|
$ |
9.64 |
|
|
1,031,456 |
$ 10.50 to $ 11.26 |
|
196,100 |
|
$ |
10.97 |
|
8.5 |
|
|
94,420 |
|
73,437 |
|
$ |
11.10 |
|
|
25,937 |
|
|
5,271,112 |
|
|
|
|
|
|
$ |
29,271,431 |
|
3,229,890 |
|
|
|
|
$ |
22,851,462 |
As of December 31, 2015, there was $36.4 million of unamortized stock-based compensation expense related to unvested stock options and awards which is expected to be recognized
over a weighted average period of 2.53 years.
Assumptions Used to Calculate Stock-Based Compensation Expense
The fair value of each of the Company's option grants has been estimated on the date of grant using the Black-Scholes pricing model with the following assumptions:
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Expected volatility |
|
|
51% |
|
|
61% |
|
|
53% |
|
|
61% |
Expected dividend yield |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Risk-free interest rate |
|
|
1.75% |
|
|
1.71% |
|
|
1.60% |
|
|
1.71% |
Weighted average expected option term |
|
|
5.25 years |
|
|
6.10 years |
|
|
5.44 years |
|
|
6.00 years |
Weighted average fair value of options granted |
|
$ |
4.92 |
|
$ |
4.02 |
|
$ |
4.12 |
|
$ |
4.01 |
14
The estimated fair value of options granted under the Employee Stock Purchase Plan was estimated at the date of grant using Black-Scholes pricing model with the following weighted
average assumptions:
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Expected volatility |
|
|
- |
|
|
- |
|
|
45% |
|
|
46% |
Expected dividend yield |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Risk-free interest rate |
|
|
- |
|
|
- |
|
|
0.30% |
|
|
0.90% |
Weighted average expected ESPP option term |
|
|
- |
|
|
- |
|
|
0.75 years |
|
|
0.75 years |
Weighted average fair value of |
|
|
|
|
|
|
|
|
|
|
|
|
ESPP options granted |
|
$ |
- |
|
$ |
- |
|
$ |
2.78 |
|
$ |
2.46 |
As of December 31, 2015, there were approximately $0.3 million of total unrecognized compensation cost related to employee stock purchases. This cost is expected to be recognized
over a weighted average period of 0.5 years.
Performance Stock Units
During the three months ended September 30, 2015, the Company issued restricted performance stock units (PSUs) to a group of executives with vesting that is contingent on
both market performance and continued service. These PSUs vest (1) 50% on September 22, 2017 and (2) 50% on September 27, 2018, in each case subject to performance of the
Company's common stock relative to the Russell 2000 Index during the period from grant date through such vesting date. A 2x multiplier will be applied to the total shareholder
returns (TSR) for each 1% of positive or negative relative TSR, and the number of shares earned will increase or decrease by 2% of the target numbers. In the event 8x8's common
stock performance is below negative 30%, relative to the benchmark, no shares will be issued.
To value these market-based restricted performance stock units under the Equity Compensation Plans, the Company used a Monte Carlo simulation model on the date of grant.
Fair value determined using the Monte Carlo simulation model varies based on the assumptions used for the expected stock price volatility, the correlation coefficient between the
Company and the NASDAQ Composite Index, risk free interest rates, and future dividend payments.
Stock Repurchases
In February 2015, the Company's board of directors authorized the Company to purchase up to $20.0 million of its common stock from time to time until February 29, 2016 (the
Repurchase Plan). Share repurchases, if any, will be funded with available cash. Repurchases under the Repurchase Plan may be made through open market purchases at prevailing market
prices or in privately negotiated transactions. The timing, volume and nature of share repurchases are subject to market prices and conditions, applicable securities laws and other factors,
and are at the discretion of the Company's management. Share repurchases under the Repurchase Plan may be commenced, suspended or discontinued at any time. In October 2015, the
Company's board of directors authorized the Company to repurchase an additional $15.0 million under the Repurchase Plan. The remaining authorized repurchase amount at December 31,
2015 was approximately $19.6 million.
The stock repurchase activity for the three months ended and as of December 31, 2015, is summarized as follows:
|
|
Shares |
|
|
Weighted Average |
|
|
Amount |
|
|
Repurchased |
|
|
Per Share |
|
|
Repurchased(1)
|
Balances as of September 30, 2015 |
|
1,900,761 |
|
$ |
7.82 |
|
$ |
14,858,923 |
Purchase of common stock under Repurchase Plan |
|
65,841 |
|
|
8.27 |
|
|
544,622 |
Balances as of December 31, 2015 |
|
1,966,602 |
|
$ |
7.83 |
|
$ |
15,403,545 |
|
|
|
|
|
|
|
|
|
(1) Amount excludes commission fees.
|
15
8. INCOME TAXES
For the three months ended December 31, 2015, we recorded a benefit from income taxes of $0.6 million. The tax benefit was primarily attributable to tax expense related to
actual year-to-date income of domestic operations less the tax effect of certain discrete items. For the three months ended December 31, 2014, the Company recorded a provision
for income taxes of $0.6 million, which was primarily attributable to income from operations.
We estimate our annual effective rate at the end of each quarterly period, and we record the tax effect of certain discrete items, which are unusual or occur infrequently, in the
interim period in which they occur, including changes in judgment about deferred tax valuation allowances. The determination of the effective tax rate reflects tax expense and
benefit generated in certain domestic and foreign jurisdictions. However, jurisdictions with a year-to-date loss where no tax benefit can be recognized are excluded from the annual
effective tax rate. At December 31, 2015, there were $2.4 million of unrecognized tax benefits that, if recognized, would have affected the effective tax rate. The Company
does not believe that there has been any significant change in the unrecognized tax benefits in the nine-month period ended December 31, 2015, and does not expect the remaining
unrecognized tax benefit to change materially in the next 12 months. To the extent that the remaining unrecognized tax benefits are ultimately recognized, they will have an impact
on the effective tax rate in future periods.
The Company is subject to taxation in the U.S., California and various other states and foreign jurisdictions in which it has or had a subsidiary or branch operations or it is collecting sales
tax. All tax returns from fiscal 1996 to fiscal 2015 may be subject to examination by the Internal Revenue Service, California and various other states. As of January 20, 2016, there were no
active federal or state income tax audits. Returns filed in foreign jurisdictions may be subject to examination for the fiscal years 2011 to 2015.
9. NET INCOME (LOSS) PER SHARE
The following is a reconciliation of the weighted average number of common shares outstanding used in calculating basic and diluted net income (loss) per share (in thousands,
except share and per share data):
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common stockholders |
|
$ |
(1,680) |
|
$ |
444 |
|
$ |
(4,044) |
|
$ |
1,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
Common shares |
|
|
88,289 |
|
|
89,594 |
|
|
88,812 |
|
|
89,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for basic calculation |
|
|
88,289 |
|
|
89,594 |
|
|
88,812 |
|
|
89,107 |
Employee stock options |
|
|
- |
|
|
1,963 |
|
|
- |
|
|
2,210 |
Stock purchase rights |
|
|
- |
|
|
417 |
|
|
- |
|
|
435 |
Denominator for diluted calculation |
|
|
88,289 |
|
|
91,974 |
|
|
88,812 |
|
|
91,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.02) |
|
$ |
0.01 |
|
$ |
(0.05) |
|
$ |
0.02 |
Diluted |
|
$ |
(0.02) |
|
$ |
0.01 |
|
$ |
(0.05) |
|
$ |
0.02 |
The following shares attributable to outstanding stock options and restricted stock purchase rights were excluded from the calculation of diluted earnings per share because their inclusion
would have been antidilutive (in thousands):
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Employee stock options |
|
|
1,232 |
|
|
2,106 |
|
|
2,539 |
|
|
1,634 |
Stock purchase rights |
|
|
- |
|
|
370 |
|
|
55 |
|
|
59 |
Total anti-dilutive employee stock-based securities |
|
|
1,232 |
|
|
2,476 |
|
|
2,594 |
|
|
1,693 |
16
10. SEGMENT REPORTING
ASC 280, Segment Reporting, establishes annual and interim reporting standards for an enterprise's business segments and related disclosures about its products, services,
geographic areas and major customers. Under ASC 280, the method for determining what information to report is based upon the way management organizes the operating segments within
the Company for making operating decisions and assessing financial performance.
The Company manages its operations primarily on a geographic basis. The Chief Executive Officer, the Chief Financial Officer, and the Chief Technology Officer or the
Company's Chief Operating Decision Makers (CODMs), evaluate performance of
the Company and make decisions regarding allocation of resources based on geographic results. The Company's reportable operating segments are the Americas and Europe.
The Americas segment is primarily North America. The Europe segment is primarily the United Kingdom. Each operating segment provides similar products and services.
The Company's CODMs evaluate the performance of its operating segments based on revenues and net income. Revenues are attributed to each segment based on the ordering location
of the customer or ship to location. The Company does not allocate research and development, sales and marketing, general and administrative, amortization expense, stock-based
compensation expense, and commitment and contingencies for each segment as management does not consider this information in its evaluation of the performance of each operating
segment. The Company did not allocate goodwill for each segment as the Company had not completed its analysis of assigning goodwill to its reporting units as of January 28, 2016.
The Company's revenue distribution by geographic region (based upon the destination of shipments and the customer's service address) is as follows:
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Americas (principally US) |
|
|
87% |
|
|
92% |
|
|
87% |
|
|
92% |
Europe |
|
|
13% |
|
|
7% |
|
|
12% |
|
|
7% |
Asia Pacific |
|
|
0% |
|
|
1% |
|
|
1% |
|
|
1% |
|
|
|
100% |
|
|
100% |
|
|
100% |
|
|
100% |
Geographic area data is based upon the location of the property and equipment and is as follows (in thousands):
|
|
|
December 31, |
|
|
March 31, |
|
|
|
2015 |
|
|
2015 |
Americas (principally US) |
|
$ |
8,756 |
|
$ |
8,348 |
Europe |
|
|
2,838 |
|
|
1,411 |
Asia-Pacific |
|
|
375 |
|
|
489 |
Total |
|
$ |
11,969 |
|
$ |
10,248 |
The following table provides financial information by operating segment (in thousands):
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Americas (principally US): |
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue |
|
$ |
46,503 |
|
$ |
38,436 |
|
$ |
134,177 |
|
$ |
110,334 |
Net Income |
|
$ |
467 |
|
$ |
1,478 |
|
$ |
733 |
|
$ |
4,481 |
Europe: |
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue |
|
$ |
6,665 |
|
$ |
2,936 |
|
$ |
17,826 |
|
$ |
8,549 |
Net Loss |
|
$ |
(2,147) |
|
$ |
(1,034) |
|
$ |
(4,777) |
|
$ |
(2,738) |
17
11. ACQUISITIONS
DXI Group Limited
On May 26, 2015, the Company entered into a share purchase agreement with the shareholders of DXI Limited, API Telecom Limited, Easycallnow Limited and RAS Telecom Limited
(collectively, DXI) for the purchase of the entire share capital of DXI. The transaction closed effective May 29, 2015 and was not subject to regulatory approvals. The total aggregate purchase
price was approximately $22.5 million, consisting of $18.7 million in cash paid to the DXI shareholders at closing, and $3.8 million in cash deposited into escrow to be held for two years as
security against indemnity claims made by the Company after the closing date. Approximately 352,000 shares of common stock valued at approximately $3.0 million were issued only to
former management shareholders of DXI as part of the share purchase agreement and are subject to certain restrictions, including a four-year annual vesting requirement based on the continued
employment of such shareholders. Under ASC 805-10-55-25, Business Combinations, the shares are considered post acquisition compensation vs. consideration
transferred. The value of the shares will be amortized over the vesting period of forty-eight months. The shares are further subject to indemnity claims asserted by the Company prior to
vesting. Vesting of the shares is subject to acceleration in the event of the shareholder's death or disability, or upon an employment termination without adequate cause, as provided in the
share purchase agreement. The cash escrow also applies only to the management shareholders of DXI and is to be released in annual installments over two years. The share purchase
agreement contains representations and warranties by the management shareholders that are customary in the UK for transactions of this size and nature. The Company also awarded
restricted stock units representing the right to receive approximately 53,000 shares of common stock that were valued at approximately $482,000 to certain continuing employees of DXI,
which will be amortized as stock-based compensation over the requisite service period.
The Company recorded the acquired tangible and identifiable intangible assets and liabilities assumed based on their estimated fair values. The excess of the consideration transferred
over the aggregate fair values of the assets acquired and liabilities assumed is recorded as goodwill. The amount of goodwill recognized is primarily attributable to the expected contributions
of the entity to the overall corporate strategy in addition to synergies and acquired workforce of the acquired business. The finite-lived intangible assets consist of the following: customer
relationships, with an estimated weighted-average useful life of two and five years; and developed technology, with an estimated weighted-average useful life of seven years. The indefinite
lived intangible asset consisted of a tradename. The fair value assigned to identifiable intangible assets acquired was based on estimates and assumptions made by management using
various income approach methods. Intangible assets are amortized on a straight-line basis. The preliminary fair values of net tangible assets and intangible assets acquired were based upon
preliminary valuations and our estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date). The primary areas that remain
preliminary relate to the fair values of intangible assets acquired, certain tangible assets and liabilities acquired, and residual goodwill.
The preliminary fair values of the assets acquired and liabilities assumed are as follows (in thousands):
|
|
|
Estimated |
|
|
|
Fair Value |
Assets acquired: |
|
|
|
Cash |
|
$ |
1,318 |
Current assets |
|
|
2,016 |
Property and equipment |
|
|
1,453 |
Intangible assets |
|
|
13,374 |
Total assets acquired |
|
|
18,161 |
Liabilities assumed: |
|
|
|
Current liabilities and non-current liabilities |
|
|
(5,734) |
Total liabilities assumed |
|
|
(5,734) |
Net identifiable assets acquired |
|
|
12,427 |
Goodwill |
|
|
10,125 |
Total consideration transferred |
|
$ |
22,552 |
None of the goodwill recognized is expected to be deductible for income tax purposes.
18
DXI contributed revenue of approximately $7.4 million and ($2.0) million net loss for the period from the date of acquisition to December 31, 2015. Total acquisition related costs were
approximately $0.9 million. The Company determined that the acquisition was not deemed to be a material business combination and it is impractical to include such pro forma information
given the difficulty in obtaining the historical financial information of DXI. Inclusion of such information would require the Company to make estimates and assumptions regarding DXI's
historical financial results that the Company believes may ultimately prove inaccurate.
In the second quarter of fiscal 2016, the Company updated its analysis of the valuation of the assets and liabilities acquired, which resulted in an increase of approximately $1.1 million to
goodwill, a decrease in intangible assets of approximately $1.3 million, and a decrease to current and non-current liabilities of $0.2 million, compared with the preliminary estimates recorded
for the first quarter of fiscal 2016. The impact of the change in preliminary values on the first quarter of fiscal 2016 statement of operations was not material. Therefore, no measurement
period adjustment was required.
Quality Software Corporation
On June 18, 2015, the Company entered into an asset purchase agreement with the shareholder of QSC and other parties affiliated with the
shareholder and QSC for the purchase of certain assets as per the purchase agreement. The total aggregate fair value of the consideration was approximately $2.9 million, which $2.2 million
was paid in cash to the QSC shareholder at closing. As part of the aggregate purchases price, there is also $0.5 million in contingent consideration payable subject to attainment of certain
revenue and product release milestones for the acquired business, and $0.3 million in cash held by the Company in escrow to be retained for two years as security against indemnity claims
made by the Company after the closing date. The preliminary fair value of the contingent consideration and escrow amounts was $0.7 million at the acquisition date.
The Company recorded the acquired identifiable intangible assets and liabilities assumed based on their estimated fair values. The excess of the consideration transferred over the
aggregate fair values of the assets acquired and liabilities assumed is recorded as goodwill. The amount of goodwill recognized is primarily attributable to the expected contributions of the
entity to the overall corporate strategy in addition to synergies and acquired workforce of the acquired business. The finite-lived intangible assets consist of the following:
customer relationships, with an estimated weighted-average useful life of five years; and developed
technology, with an estimated weighted-average useful life of seven years. The indefinite lived intangible asset consisted of in-process research and development and a tradename. The fair
value assigned to identifiable intangible assets acquired was based on estimates and assumptions made by management using various income approach methods. Intangible assets are
amortized on a straight-line basis. The preliminary fair values of intangible assets acquired were based upon preliminary valuations and our estimates and assumptions are subject to change
within the measurement period (up to one year from the acquisition date). The areas that remain preliminary relate to the fair values of intangible assets acquired and residual goodwill.
The preliminary fair values of the assets acquired and liabilities assumed are as follows (in thousands):
|
|
|
Estimated |
|
|
|
Fair Value |
Assets acquired: |
|
|
|
Intangible assets |
|
$ |
1,225 |
Goodwill |
|
|
1,664 |
Total consideration transferred |
|
$ |
2,889 |
The goodwill recognized is expected to be deductible for income tax purposes.
QSC's contributions to revenue and income for the period from the date of acquisition to December 31, 2015 were not material. Total acquisition related costs were approximately $0.1
million. The Company determined that the acquisition was not deemed to be a material business combination and it is impractical to include such pro forma information given the difficulty in
obtaining the historical financial information of QSC. Inclusion of such information would require the Company to make estimates and assumptions regarding QSC's historical financial results
that we believe may ultimately prove inaccurate.
19
In the second quarter of fiscal 2016, the Company updated its analysis of the valuation of intangible assets with definitive lives, which resulted in $450,000 being reallocated from
intangibles to goodwill compared with the preliminary estimates recorded for the first quarter of fiscal 2016. The impact of the change in preliminary values on the first quarter of fiscal 2016
statement of operations was not material. Therefore, no measurement period adjustment was required.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FORWARD-LOOKING STATEMENTS
This Management Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements within the meaning of Section 27A of the Securities Act
and Section 21E of the Exchange Act. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, words such
as "may," "will," "should," "estimates," "predicts," "potential," "continue," "strategy," "believes," "anticipates," "plans," "expects," "intends," and similar expressions are intended to identify
forward-looking statements. You should not place undue reliance on these forward-looking statements. Actual results and trends may differ materially from historical results or those projected
in any such forward-looking statements depending on a variety of factors. These factors include, but are not limited to, customer acceptance and demand for our cloud communications and
collaboration services, the quality and reliability of our services, the prices for our services, customer renewal rates, customer acquisition costs, our ability to compete effectively in the hosted
telecommunications and cloud-based computing services business, actions by our competitors, including price reductions for their competitive services, our ability to provide cost-effective and
timely service and support to larger distributed enterprises, potential federal and state regulatory actions, compliance costs, potential warranty claims and product defects, our need for and
the availability of adequate working capital, our ability to innovate technologically, the timely supply of products by our contract manufacturers, our management's ability to execute its plans,
strategies and objectives for future operations, including the execution of integration plans, and to realize the expected benefits of our acquisitions, and potential future intellectual property
infringement claims and other litigation that could adversely affect our business and operating results. All forward-looking statements included in this report are based on information available
to us on the date hereof, and we assume no obligation to update any such forward-looking statements. The forward-looking statements included in this Form 10-Q are made only as of the
date of this report, and we undertake no obligation to update the forward-looking statements to reflect subsequent events or circumstances or for any reason, except as required by law, even
as new information becomes available or other events occur in the future. In addition to the factors discussed elsewhere in this Form 10-Q, see the Risk Factors discussion in Item 1A of our
2015 Form 10-K in connection with reviewing any forward-looking statements and other disclosures contained in this Form 10-Q.
BUSINESS OVERVIEW
We are a leading provider of VoIP and SaaS communication solutions in the cloud for SMBs and mid-market and distributed enterprises. We deliver a broad suite of SaaS
services including hosted cloud telephony, virtual contact center, and virtual meeting to in-office and mobile devices through our proprietary unified SaaS platform. Our integrated, "pure-cloud"
services platform is based on internally owned and managed technologies and is uniquely positioned to serve mid-market and enterprise businesses making the shift to cloud based unified
communications. We make a full set of unified communications capabilities including cloud telephony, contact center, video and web conferencing available from anywhere in the world. With
8x8 analytics and reporting, our customers have a robust suite of web based tools that provide enterprise-level analytics that can be used to make highly informed business decisions,
whether employees are mobile via the mobile client or in-office using a softphone, or a desk phone. Since fiscal 2004, substantially all of our revenue has been generated from the sale,
license and provision of communications services. Prior to fiscal 2003, our focus was on our Voice over Internet Protocol semiconductor business.
Our fiscal year ends on March 31 of each calendar year. Each reference to a fiscal year in this report refers to the fiscal year ending March 31 of the calendar year indicated (for example,
fiscal 2016 refers to the fiscal year ending March 31, 2016).
20
SUMMARY AND OUTLOOK
In the third quarter of fiscal 2016, our bookings of new monthly recurring revenue from our mid-market, enterprise customers and new monthly recurring revenue generated from
our channel sales teams increased substantially, reflecting strong demand for our services in our target market segments. Also, average monthly service revenue per business customer
increased 21% to a record $369, compared with $305 in the same period last year. Our ability to offer a broad range of cloud- based mission critical communications services is bringing us
larger deals where we continue to displace incumbent, premises-based systems.
As we continue our focus on building a more profitable and sustaining mid-market customer base, one that contributes significantly greater lifetime value than the average small business
customer, we are adding fewer one - two line business customers. We expect this trend to continue based on our continued focus on selling to larger businesses.
CRITICAL ACCOUNTING POLICIES & ESTIMATES
The discussion and analysis of our financial condition and results of operations are based upon our condensed consolidated financial statements, which have been prepared in
accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the
reported amounts of assets, liabilities, revenue and expenses, and related disclosure of assets and liabilities. On an on-going basis, we evaluate our critical accounting policies and estimates.
We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making
judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or
conditions.
RECENT ACCOUNTING PRONOUNCEMENTS
See Item 1 of Part I, "Financial Statements - Note 1 - Basis of Presentation - Recent Accounting Pronouncements."
SELECTED OPERATING STATISTICS
We periodically review certain key business metrics, within the context of our articulated performance goals, in order to evaluate the effectiveness of our operational strategies,
allocate resources and maximize the financial performance of our business. The selected operating statistics include the following:
|
|
Selected Operating Statistics |
|
|
Dec. 31, |
|
Sept. 30, |
|
June 30, |
|
March 31, |
|
Dec. 31, |
|
|
2015 |
|
2015 |
|
2015 |
|
2015 |
|
2014 |
Business customers average monthly |
|
|
|
|
|
|
|
|
|
|
service revenue per customer (1) |
|
$ 369 |
|
$ 360 |
|
$ 353 |
|
$ 320 |
|
$ 305 |
Monthly business service revenue churn (2)(3) |
|
1.2% |
|
0.7% |
|
1.0% |
|
0.5% |
|
1.0% |
|
|
|
|
|
|
|
|
|
|
|
Overall service margin |
|
80% |
|
80% |
|
81% |
|
81% |
|
80% |
Overall product margin |
|
-21% |
|
-15% |
|
-18% |
|
-19% |
|
-11% |
Overall gross margin |
|
72% |
|
73% |
|
73% |
|
73% |
|
72% |
_____________
(1) |
Business customer average monthly service revenue per customer is service revenue from business customers in the period divided by the number of months in the
period divided by the simple average number of business customers during the period. |
(2) |
Business customer service revenue churn is calculated by dividing the service revenue lost from business customers (after the expiration of 30-day trial) during the
period by the simple average of business customer service revenue during the same period and dividing the result by the number of months in the period. |
(3) |
Excludes DXI business customer service revenue churn for the periods ended June 30, September 30, and December 31, 2015. DXI churn is excluded because
revenue recorded by DXI is tied to usage levels and are not correlated with customer turnover. |
|
|
21
RESULTS OF OPERATIONS
The following discussion should be read in conjunction with our condensed consolidated financial statements and the notes thereto.
|
|
|
December 31, |
|
|
Dollar |
|
Percent |
Service revenue |
|
|
2015 |
|
|
2014 |
|
|
Change |
|
Change |
|
|
|
(dollar amounts in thousands) |
|
|
Three months ended |
|
$ |
48,948 |
|
$ |
37,802 |
|
$ |
11,146 |
|
29.5% |
Percentage of total revenue |
|
|
92.1% |
|
|
91.4% |
|
|
|
|
|
Nine months ended |
|
$ |
140,068 |
|
$ |
108,199 |
|
$ |
31,869 |
|
29.5% |
Percentage of total revenue |
|
|
92.1% |
|
|
91.0% |
|
|
|
|
|
Service revenue consists of revenue attributable to the provision of our 8x8 cloud communication and collaboration services. We expect that 8x8 service revenues will continue to
comprise nearly all of our service revenues for the foreseeable future. 8x8 service revenues increased in the third quarter and first nine months of fiscal 2016 primarily due to the increase in
our business customer subscriber base (net of customer churn), in particular, to mid-market and enterprise customers, revenue of approximately $7.4 million from customers acquired as part
of the DXI acquisition, and an increase in the average monthly service revenue per customer. Average monthly service revenue per customer increased from $305 at December 31, 2014 to
$369 at December 31, 2015. We expect the number of business customers and average monthly service revenue per customer to continue to grow in fiscal 2016.
|
|
|
December 31, |
|
|
Dollar |
|
Percent |
Product revenue |
|
|
2015 |
|
|
2014 |
|
|
Change |
|
Change |
|
|
|
(dollar amounts in thousands) |
|
|
Three months ended |
|
$ |
4,220 |
|
$ |
3,570 |
|
$ |
650 |
|
18.2% |
Percentage of total revenue |
|
|
7.9% |
|
|
8.6% |
|
|
|
|
|
Nine months ended |
|
$ |
11,935 |
|
$ |
10,684 |
|
$ |
1,251 |
|
11.7% |
Percentage of total revenue |
|
|
7.9% |
|
|
9.0% |
|
|
|
|
|
Product revenue consists primarily of revenue from sales of IP telephones in conjunction with our 8x8 cloud telephony service. Product revenue increased for the three and nine months
ended December 31, 2015 primarily due to an increase in equipment sales to business customers.
No customer represented greater than 10% of the Company's total revenues for the three and nine months ended December 31, 2015 or 2014.
|
|
|
December 31, |
|
|
Dollar |
|
Percent |
Cost of service revenue |
|
|
2015 |
|
|
2014 |
|
|
Change |
|
Change |
|
|
|
(dollar amounts in thousands) |
|
|
Three months ended |
|
$ |
9,713 |
|
$ |
7,544 |
|
$ |
2,169 |
|
28.8% |
Percentage of service revenue |
|
|
19.8% |
|
|
20.0% |
|
|
|
|
|
Nine months ended |
|
$ |
27,359 |
|
$ |
22,046 |
|
$ |
5,313 |
|
24.1% |
Percentage of service revenue |
|
|
19.5% |
|
|
20.4% |
|
|
|
|
|
The cost of service revenue primarily consists of costs associated with network operations and related personnel, telephony origination and termination services provided by third party
carriers and technology license expenses. Cost of service revenue for the three months ended December 31, 2015 increased over the comparable period in the prior fiscal year primarily due
to a $0.5 million increase in amortization expense, a $0.4 million increase in third party network services expenses, a $0.4 million increase in payroll and related expenses, a $0.4 million
increase due to the impairment of long-lived assets, a $0.2 million increase in repairs and maintenance expense, and a $0.1 million increase in stock-based compensation cost. Also, for the
third quarter of fiscal 2016, the DXI acquisition increased total cost of service revenue by $1.2 million compared to the prior period in fiscal 2015.
22
Cost of service revenue for the nine months ended December 31, 2015 increased over the comparable period in the prior fiscal year primarily due to a $1.1 million increase in third party
network services expenses, a $1.0 million increase in payroll and related expenses, a $0.9 million increase in amortization expense, a $0.5 million increase in depreciation expense, a $0.4
million increase due to the impairment of long lived assets, and a $0.4 million increase in stock-based compensation expenses. Also, for the nine months ended December 31, 2015, the DXI
acquisition increased total cost of service revenue by $3.1 million, compared to the nine months ended December 31, 2014.
|
|
|
December 31, |
|
|
Dollar |
|
Percent |
Cost of product revenue |
|
|
2015 |
|
|
2014 |
|
|
Change |
|
Change |
|
|
|
(dollar amounts in thousands) |
|
|
Three months ended |
|
$ |
5,087 |
|
$ |
3,959 |
|
$ |
1,128 |
|
28.5% |
Percentage of product revenue |
|
|
120.5% |
|
|
110.9% |
|
|
|
|
|
Nine months ended |
|
$ |
14,065 |
|
$ |
11,690 |
|
$ |
2,375 |
|
20.3% |
Percentage of product revenue |
|
|
117.8% |
|
|
109.4% |
|
|
|
|
|
The cost of product revenue consists primarily of IP telephones, estimated warranty obligations and direct and indirect costs associated with product purchasing, scheduling, shipping and
handling. The amount of revenue allocated to product revenue based on the relative selling price is less than the cost of the IP phone equipment. The cost of product revenue for the three
months ended December 31, 2015 increased over the comparable period in the prior fiscal year primarily due to an increase in equipment shipped to customers. The increase in negative
margin was due to increased discounting on customer equipment purchases in the most recent quarter.
The cost of product revenue for the nine months ended December 31, 2015 increased over the comparable period in the prior fiscal year primarily due to an increase in equipment
shipped to customers. The increase in negative margin was due to increased discounting on customer equipment purchases.
|
|
|
December 31, |
|
|
Dollar |
|
Percent |
Research and development |
|
|
2015 |
|
|
2014 |
|
|
Change |
|
Change |
|
|
|
(dollar amounts in thousands) |
|
|
Three months ended |
|
$ |
6,404 |
|
$ |
3,868 |
|
$ |
2,536 |
|
65.6% |
Percentage of total revenue |
|
|
12.0% |
|
|
9.3% |
|
|
|
|
|
Nine months ended |
|
$ |
17,930 |
|
$ |
10,770 |
|
$ |
7,160 |
|
66.5% |
Percentage of total revenue |
|
|
11.8% |
|
|
9.1% |
|
|
|
|
|
Historically, our research and development expenses have consisted primarily of personnel, system prototype design, and equipment costs necessary for us to conduct our
development and engineering efforts. During the three months ended December 31, 2015, we expensed all research and development costs as they were incurred in accordance
with ASC 985-20. The research and development expenses for the three months ended December 31, 2015 increased over the comparable period in the prior fiscal year primarily
due to a $1.3 million increase in payroll and related costs, a $0.4 million increase in stock-based compensation costs, and a $0.1 million increase in depreciation expense. Also, for
the third quarter of fiscal 2016, the DXI acquisition and our Romanian subsidiary increased total research and development costs by $1.3 and $0.3 million, respectively, compared to
the prior period in fiscal 2015.
The research and development expenses for the nine months ended December 31, 2015 increased over the comparable period in the prior fiscal year primarily due to a $5.1
million increase in payroll and related costs, a $1.0 million increase in stock-based compensation expenses, a $0.3 million increase in depreciation expense, and a $0.2 million
increase in consulting, temporary personnel, and outside service expenses. Also, for the nine months ended December 31, 2015, the DXI acquisition and our Romanian subsidiary
increased total research and development costs by $3.0 million and $0.4 million, respectively, compared to the nine months ended December 31, 2014. We expect research and
development expenses to increase for the foreseeable future as we continue to invest in our DXI unit and in the formation of our research and development team in Romania.
23
|
|
|
December 31, |
|
|
Dollar |
|
Percent |
Sales and marketing |
|
|
2015 |
|
|
2014 |
|
|
Change |
|
Change |
|
|
|
(dollar amounts in thousands) |
|
|
Three months ended |
|
$ |
27,585 |
|
$ |
20,559 |
|
$ |
7,026 |
|
34.2% |
Percentage of total revenue |
|
|
51.9% |
|
|
49.7% |
|
|
|
|
|
Nine months ended |
|
$ |
78,138 |
|
$ |
59,159 |
|
$ |
18,979 |
|
32.1% |
Percentage of total revenue |
|
|
51.4% |
|
|
49.8% |
|
|
|
|
|
Sales and marketing expenses consist primarily of personnel and related overhead costs for sales, marketing, and customer service which includes deployment engineering. Such costs
also include outsourced customer service call center operations, sales commissions, as well as trade show, advertising and other marketing and promotional expenses. Sales and marketing
expenses for the third quarter of fiscal 2016 increased over the same quarter in the prior fiscal year primarily because of a $3.4 million increase in payroll and related costs, a $0.8 million
increase in indirect channel commission expenses, a $0.7 million increase in stock-based compensation expenses, a $0.6 million increase in temporary personnel, consulting and outside
service expenses, a $0.3 million increase in advertising costs, and a $0.3 million increase in travel costs. Also, for the third quarter of fiscal 2016, the DXI acquisition increased total sales and
marketing expense by $1.0 million compared to the prior period in fiscal 2015.
Sales and marketing expenses for the nine months ended December 31, 2015 increased over the same period in the prior fiscal year primarily because of a $8.8 million increase in
payroll and related costs, a $2.3 million increase in indirect channel commissions, $1.6 million increase in stock-based compensation expenses, a $1.5 million increase in temporary
personnel, consulting and outside service expenses, a $0.9 million increase in travel expenses, a $0.8 million increase in advertising expenses, and a $0.5 million increase in trade show
costs. Also, for the nine months ended December 31, 2015, the DXI acquisition increased total sales and marketing expense by $2.4 million, compared to the nine months ended December
31, 2014. We expect sales and marketing expenses to increase for the foreseeable future as we continue to increase our efforts to sell to larger businesses and to deploy our cloud
communication and collaboration services globally to enterprise customers.
|
|
|
December 31, |
|
|
Dollar |
|
Percent |
General and administrative |
|
|
2015 |
|
|
2014 |
|
|
Change |
|
Change |
|
|
|
(dollar amounts in thousands) |
|
|
Three months ended |
|
$ |
6,888 |
|
$ |
4,617 |
|
$ |
2,271 |
|
49.2% |
Percentage of total revenue |
|
|
13.0% |
|
|
11.2% |
|
|
|
|
|
Nine months ended |
|
$ |
18,614 |
|
$ |
12,388 |
|
$ |
6,226 |
|
50.3% |
Percentage of total revenue |
|
|
12.2% |
|
|
10.4% |
|
|
|
|
|
General and administrative expenses consist primarily of personnel and related overhead costs for finance, human resources and general management. General and administrative
expenses for the third quarter of fiscal 2016 increased over the same quarter in the prior fiscal year primarily because of a $0.7 million increase in stock-based compensation expenses, a
$0.4 million increase in payroll and related costs, a $0.2 million increase in temporary personnel, consulting and outside service expenses, a $0.2 million increase in legal fees, a $0.1 million
increase in accounting and tax fees, and a $0.1 million increase in recruiting expenses. Also, for the third quarter of fiscal 2016, the DXI acquisition increased total general and administrative
expenses by $0.4 million compared to the prior period in fiscal 2015.
General and administrative expenses for the nine months ended December 31, 2015 increased over the same period in the prior fiscal year primarily because of a $1.6 million increase in
stock-based compensation expenses, a $1.4 million increase in payroll and related expenses, a $1.0 million increase in legal fees, primarily due to the business acquisitions that occurred in
the first quarter of fiscal 2016, a $0.6 million increase in temporary personnel, consulting and outside service expenses, a $0.5 million increase in rent expense, a $0.4 million increase in
accounting and tax fees, a $0.2 million increase in license and fee expenses, and a $0.1 million increase in depreciation expense. Also, for the nine months ended December 31, 2015, the
DXI acquisition increased general and administrative expenses by $1.1 million, compared to the nine months ended December 31, 2014.
24
|
|
|
December 31, |
|
|
Dollar |
|
Percent |
Gain on patent sale |
|
|
2015 |
|
|
2014 |
|
|
Change |
|
Change |
|
|
|
(dollar amounts in thousands) |
|
|
Three months ended |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
n/a |
Percentage of total revenue |
|
|
0.0% |
|
|
0.0% |
|
|
|
|
|
Nine months ended |
|
$ |
- |
|
$ |
(1,000) |
|
$ |
1,000 |
|
-100.0% |
Percentage of total revenue |
|
|
0.0% |
|
|
-0.8% |
|
|
|
|
|
In June 2012, we entered into a patent purchase agreement for the sale of a family of United States patents. We recognized a gain of $1.0 million for the three and nine months ended
December 31, 2014 due to the third party purchaser entering into a license agreement with its customer. The gain on patent sale has been recorded as a reduction of operating expenses in
the consolidated statements of operations.
|
|
|
December 31, |
|
|
Dollar |
|
Percent |
Other income, net |
|
|
2015 |
|
|
2014 |
|
|
Change |
|
Change |
|
|
|
(dollar amounts in thousands) |
|
|
Three months ended |
|
$ |
272 |
|
$ |
246 |
|
$ |
26 |
|
10.6% |
Percentage of total revenue |
|
|
0.5% |
|
|
0.6% |
|
|
|
|
|
Nine months ended |
|
$ |
710 |
|
$ |
623 |
|
$ |
87 |
|
14.0% |
Percentage of total revenue |
|
|
0.5% |
|
|
0.5% |
|
|
|
|
|
Other income, net, primarily consisted of interest income earned on our cash, cash equivalents and investments and amortization or accretion of investments in fiscal 2016 and 2015.
|
|
|
December 31, |
|
|
Dollar |
|
Percent |
Provision (benefit) for income tax |
|
|
2015 |
|
|
2014 |
|
|
Change |
|
Change |
|
|
|
(dollar amounts in thousands) |
|
|
Three months ended |
|
$ |
(557) |
|
$ |
627 |
|
$ |
(1,184) |
|
-188.8% |
Percentage of income (loss) before |
|
|
|
|
|
|
|
|
|
|
|
provision (benefit) for income taxes |
|
|
24.9% |
|
|
58.5% |
|
|
|
|
|
Nine months ended |
|
$ |
651 |
|
$ |
2,710 |
|
$ |
(2,059) |
|
-76.0% |
Percentage of income (loss) before |
|
|
|
|
|
|
|
|
|
|
|
provision (benefit) for income taxes |
|
|
-19.2% |
|
|
60.9% |
|
|
|
|
|
For the three months ended December 31, 2015, we recorded a benefit from income taxes of $0.6 million. The tax benefit was
primarily attributable to tax expense related to actual year-to-date income of domestic operations less the tax effect of certain
discrete items. For the three months ended December 31, 2014, we recorded a provision for income taxes of $0.6 million, all of which
related to domestic income from operations.
For the nine months ended December 31, 2015, we recorded a provision for income taxes of $0.7 million, which was primarily
attributable to domestic loss from operations. For the nine months ended December 31, 2014, we recorded a provision for income taxes
of $2.7 million which was primarily attributable to domestic income from operations.
We estimate our annual effective rate at the end of each quarterly period, and we record the tax effect of certain discrete items,
which are unusual or occur infrequently, in the interim period in which they occur, including changes in judgment about deferred tax
valuation allowances. The determination of the effective tax rate reflects tax expense and benefit generated in certain domestic and
foreign jurisdictions. However, jurisdictions with a year-to-date loss where no tax benefit can be recognized are excluded from the
annual effective tax rate.
25
Liquidity and Capital Resources
As of December 31, 2015, we had approximately $154.6 million in cash, cash equivalents and short-term investments.
Net cash provided by operating activities for the nine months ended December 31, 2015 was approximately $15.4 million, compared with $13.8 million for the nine months ended
December 31, 2014. Cash provided by operating activities has historically been affected by the amount of net income, sales of subscriptions, changes in working capital accounts particularly
in deferred revenue due to timing of annual plan renewals, add-backs of non-cash expense items such as the use of deferred tax assets, depreciation and amortization and the expense
associated with stock-based awards.
Net cash used in investing activities was approximately $35.6 million during the nine months ended December 31, 2015. We spent approximately $3.3 million on the purchase of property
and equipment, we spent approximately $23.4 million on acquisitions of two businesses, and we purchased approximately $7.6 million of short term investments, net of sales and maturities of
short term investments. The net cash used in investing activities for the nine months ended December 31, 2014 was $21.8 million, as we purchased approximately $16.8 million of short term
investments, net of sales and maturities of short term investments, and we spent approximately $4.5 million on the purchase of property and equipment.
Net cash used in financing activities for the nine months ended December 31, 2015 was approximately $9.3 million, which was primarily due from cash used to repurchase our
common stock as part of our Repurchase Plan in the amount of approximately $11.2 million and $0.4 million
due to repurchase of restricted shares,
partially offset by cash received from the issuance of common stock under our employee stock purchase plan of approximately $2.8 million. Net cash provided by financing activities
for the nine months ended December 31, 2014 were approximately $0.8 million, which was primarily due to cash received from the issuance of common stock under our employee
stock purchase plan of approximately $2.7 million, partially offset from cash used to repurchased our common stock as part of our Repurchase Plan in the amount of approximately
$1.7 million.
Contractual Obligations
We lease our headquarters facility in San Jose, California under an operating lease agreement that expires in October 2019. The lease is an industrial net lease with monthly
base rent of $130,821 for the first 15 months with a 3% increase each year thereafter, and requires us to pay property taxes, utilities and normal maintenance costs.
We entered into a series of noncancelable capital lease agreements for office equipment bearing interest at various rates. Assets under capital lease at December 31, 2015
totaled $1.7 million with accumulated amortization of $0.5 million.
In the third quarter of 2010, we amended the contract with one of our third party customer support vendors containing a minimum monthly commitment of approximately $0.4
million. The agreement requires a 150-day notice to terminate. At December 31, 2015, the total remaining obligation under the contract was $2.2 million.
We have entered into contracts with multiple vendors for third party network services. At December 31, 2015, future minimum annual payments under these third party network
service contracts were $0.8 million in fiscal year 2016, $2.5 million for fiscal year 2017, and $0.9 million for fiscal year 2018.
We lease our UK headquarters in Aylesbury UK under an operating lease agreement that expires in March 2017. The lease was amended in September 2014 for additional
space. The lease has a base monthly rent of approximately $13,000, and requires us to pay property taxes, service charges, utilities and normal maintenance costs. We also
lease office space in London UK under an operating lease agreement that expires in April 2019. The lease has a base monthly rent of approximately $6,900.
We lease additional spaces in London UK for our DXI location under operating leases that expire through October 2016. The lease has a base monthly rent of approximately
$29,700, and requires us to pay service charges and normal maintenance costs.
We lease space in Romania for our Romanian subsidiary under an operating lease that expires in December 2020. The lease has a base monthly rent of approximately $2,700,
and requires us to pay service charges and normal maintenance costs.
26
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Foreign Currency
Our financial market risk consists primarily of risks associated with international operations and related foreign currencies. We derive a portion of our revenue from customers in
Europe and Asia. In order to reduce the risk from fluctuation in foreign exchange rates, the vast majority of our sales are denominated in U.S. dollars. In addition, almost all of our
arrangements with our contract manufacturers are denominated in U.S. dollars. We have not entered into any currency hedging activities. To date, our exposure to exchange rate volatility has
not been significant; however, there can be no assurance that there will not be a material impact in the future.
Investments
The primary objective of our investment activities is to preserve principal while maximizing income without significantly increasing risk. Some of the securities in which we invest may
be subject to market risk. This means that a change in prevailing interest rates may cause the principal amount of the investment to fluctuate. To minimize this risk, we may maintain our
portfolio of cash equivalents and investments in a variety of securities, including commercial paper, money market funds, debt securities and certificates of deposit. The risk associated with
fluctuating interest rates is limited to our investment portfolio and we do not believe that a 10% change in interest rates would have a significant impact on our interest income.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Effectiveness of Disclosure Controls and Procedures
We maintain disclosure controls and procedures as defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (Disclosure Controls) that are designed to ensure
that information we are required to disclose in reports filed or submitted under the Securities and Exchange Act of 1934 is accumulated and communicated to management, including our
principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure, and that such information is recorded, processed, summarized and
reported within the time periods specified in Securities and Exchange Commission rules and forms.
As of the end of the period covered by this Quarterly Report on Form 10-Q, under the supervision of our Chief Executive Officer and our Chief Financial Officer, we evaluated the
effectiveness of our Disclosure Controls. Based on this evaluation our Chief Executive Officer and our Chief Financial Officer have concluded that our Disclosure Controls were effective as of
December 31, 2015.
Limitations on the Effectiveness of Controls
Our management, including the Chief Executive Officer and Chief Financial Officer, do not expect that our Disclosure Controls or internal control over financial reporting will prevent
all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met.
Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent
limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.
Changes in Internal Control over Financial Reporting
During the third quarter of fiscal 2016, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect,
our internal control over financial reporting.
27
PART II -- OTHER INFORMATION
ITEM 1. Legal Proceedings
Descriptions of our legal proceedings are contained in Part I, Item 1, Financial Statements - Notes to Condensed Consolidated Financial Statements - "Note 6".
ITEM 1A. Risk Factors
We face many significant risks in our business, some of which are unknown to us and not presently foreseen. These risks could have a material adverse impact on our business,
financial condition and results of operations in the future. We have disclosed a number of material risks under Part I, Item 1A of our annual report on Form 10-K for the fiscal year ended
March 31, 2015, which we filed with the Securities and Exchange Commission on May 29, 2015.
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
The activity under the Repurchase Plan for the three months ended December 31, 2015 is summarized as follows:
|
|
|
|
|
|
|
|
|
Total Number |
|
|
Approximate Dollar |
|
|
|
Total Number |
|
|
Average |
|
|
of Shares Purchased |
|
|
Value of Shares that |
|
|
|
of Shares |
|
|
Price Paid |
|
|
as Part of Publicly |
|
|
May Yet be Purchased |
|
|
|
Purchased |
|
|
Per Share |
|
|
Announced Program |
|
|
Under the Program(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
October 1 - October 31, 2015 |
|
|
65,841 |
|
$ |
8.27 |
|
|
65,841 |
|
$ |
19,595,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
November 1 - November 30, 2015 |
|
|
- |
|
|
- |
|
|
- |
|
|
19,595,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 1 - December 31, 2015 |
|
|
- |
|
|
- |
|
|
- |
|
|
19,595,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
65,841 |
|
$ |
8.27 |
|
|
65,841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Increase due to Board of Director's authorization of an additional $15.0 million under the Repurchase Plan in October 2015. |
ITEM 5. Other Information
None.
28
ITEM 6. Exhibits
29
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: January 29, 2016
8X8, INC. |
(Registrant) |
By: /s/ MARYELLEN GENOVESE |
MaryEllen Genovese |
Chief Financial Officer
(Principal Financial and Chief Accounting Officer and Duly Authorized Officer) |
30
Exhibit 31.1
CERTIFICATION PURSUANT TO
RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Vikram Verma, certify that:
1. I have reviewed this quarterly report on Form 10-Q of 8x8, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
- Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;
- Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles;
- Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such
evaluation; and
- Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's
most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the
equivalent functions):
- All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
- Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.
January 29, 2016
/s/ VIKRAM VERMA
Vikram Verma
Chief Executive Officer
Exhibit 31.2
CERTIFICATION PURSUANT TO
RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, MaryEllen Genovese, certify that:
1. I have reviewed this quarterly report on Form 10-Q of 8x8, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
- Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;
- Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles;
- Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such
evaluation; and
- Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's
most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the
equivalent functions):
- All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
- Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.
January 29, 2016
/s/ MARYELLEN GENOVESE
MaryEllen Genovese
Chief Financial Officer and Secretary
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S. C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of 8x8, Inc. (the "Company") for the period ended December 31, 2015, as
filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Vikram Verma, Chief Executive
Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that:
- The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
- The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of
the Company.
/s/ VIKRAM VERMA
Vikram Verma
Chief Executive Officer
January 29, 2016
This certification accompanies this Report pursuant to § 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the
extent required by the Sarbanes-Oxley Act of 2002, or otherwise required, be deemed filed by the Company for purposes of § 18
of the Securities Exchange Act of 1934, as amended.
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S. C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of 8x8, Inc. (the "Company") for the period ended December 31, 2015, as
filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, MaryEllen Genovese, Chief Financial Officer and Secretary
of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, that:
- The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
- The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of
the Company.
/s/ MARYELLEN GENOVESE
MaryEllen Genovese
Chief Financial Officer and Secretary
January 29, 2016
This certification accompanies this Report pursuant to § 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the
extent required by the Sarbanes-Oxley Act of 2002, or otherwise required, be deemed filed by the Company for purposes of § 18
of the Securities Exchange Act of 1934, as amended.
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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Dec. 31, 2015 |
Mar. 31, 2015 |
Current assets: |
|
|
Cash and cash equivalents |
$ 23,866
|
$ 53,110
|
Short-term investments |
130,719
|
123,984
|
Accounts receivable, net |
9,927
|
6,642
|
Inventory |
786
|
704
|
Deferred cost of goods sold |
579
|
428
|
Deferred tax asset |
3,955
|
4,454
|
Other current assets |
5,068
|
2,274
|
Total current assets |
174,900
|
191,596
|
Property and equipment, net |
11,969
|
10,248
|
Intangible assets, net |
23,050
|
12,260
|
Goodwill |
48,144
|
36,887
|
Non-current deferred tax asset |
43,169
|
43,169
|
Other assets |
2,356
|
1,464
|
Total assets |
303,588
|
295,624
|
Current liabilities: |
|
|
Accounts payable |
9,917
|
7,775
|
Accrued compensation |
9,880
|
6,183
|
Accrued warranty |
322
|
339
|
Accrued taxes |
4,753
|
2,800
|
Deferred revenue |
1,807
|
1,768
|
Other accrued liabilities |
3,743
|
2,965
|
Total current liabilities |
30,422
|
21,830
|
Non-current liabilities |
3,722
|
1,352
|
Non-current deferred revenue |
137
|
231
|
Total liabilities |
$ 34,281
|
23,413
|
Commitments and contingencies (Note 6) |
|
|
Stockholders' equity: |
|
|
Common stock |
$ 88
|
88
|
Additional paid-in capital |
381,335
|
378,971
|
Accumulated other comprehensive loss |
(3,333)
|
(2,109)
|
Accumulated deficit |
(108,783)
|
(104,739)
|
Total stockholders' equity |
269,307
|
272,211
|
Total liabilities and stockholders' equity |
$ 303,588
|
$ 295,624
|
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v3.3.1.900
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Income Statement [Abstract] |
|
|
|
|
Service revenue |
$ 48,948
|
$ 37,802
|
$ 140,068
|
$ 108,199
|
Product revenue |
4,220
|
3,570
|
11,935
|
10,684
|
Total revenue |
53,168
|
41,372
|
152,003
|
118,883
|
Operating expenses: |
|
|
|
|
Cost of service revenue |
9,713
|
7,544
|
27,359
|
22,046
|
Cost of product revenue |
5,087
|
3,959
|
14,065
|
11,690
|
Research and development |
6,404
|
3,868
|
17,930
|
10,770
|
Sales and marketing |
27,585
|
20,559
|
78,138
|
59,159
|
General and administrative |
$ 6,888
|
4,617
|
$ 18,614
|
12,388
|
Gain on patent sale |
|
0
|
|
(1,000)
|
Total operating expenses |
$ 55,677
|
40,547
|
$ 156,106
|
115,053
|
Income (loss) from operations |
(2,509)
|
825
|
(4,103)
|
3,830
|
Other income, net |
272
|
246
|
710
|
623
|
Income (loss) before provision (benefit) for income taxes |
(2,237)
|
1,071
|
(3,393)
|
4,453
|
Provision (benefit) for income taxes |
(557)
|
627
|
651
|
2,710
|
Net income (loss) |
$ (1,680)
|
$ 444
|
$ (4,044)
|
$ 1,743
|
Net income (loss) per share: |
|
|
|
|
Basic |
$ (0.02)
|
$ 0.01
|
$ (0.05)
|
$ 0.02
|
Diluted |
$ (0.02)
|
$ 0.01
|
$ (0.05)
|
$ 0.02
|
Weighted average number of shares: |
|
|
|
|
Basic |
88,289
|
89,594
|
88,812
|
89,107
|
Diluted |
88,289
|
91,974
|
88,812
|
91,752
|
X |
- DefinitionTotal costs related to goods produced and sold during the reporting period.
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v3.3.1.900
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Statement of Comprehensive Income [Abstract] |
|
|
|
|
Net income (loss) |
$ (1,680)
|
$ 444
|
$ (4,044)
|
$ 1,743
|
Other comprehensive loss, net of tax |
|
|
|
|
Unrealized loss on investments in securities |
(245)
|
(122)
|
(320)
|
(87)
|
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(972)
|
(1,005)
|
(904)
|
(1,496)
|
Comprehensive income (loss) |
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|
$ (683)
|
$ (5,268)
|
$ 160
|
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v3.3.1.900
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
9 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Cash flows from operating activities: |
|
|
Net income (loss) |
$ (4,044)
|
$ 1,743
|
Adjustments to reconcile net income (loss) to net cash provided by operating activites: |
|
|
Depreciation |
3,598
|
2,513
|
Amortization of intangible assets |
2,565
|
1,687
|
Impairment of long-lived assets |
640
|
0
|
Amortization of capitalized software |
456
|
255
|
Net accretion of discount and amortization of premium on marketable securities |
584
|
659
|
Stock-based compensation |
11,202
|
6,489
|
Deferred income tax provision |
361
|
2,444
|
Other |
467
|
268
|
Changes in assets and liabilities: |
|
|
Accounts receivable, net |
(3,138)
|
(2,062)
|
Inventory |
(122)
|
235
|
Other current and noncurrent assets |
(1,699)
|
(505)
|
Deferred cost of goods sold |
(156)
|
(179)
|
Accounts payable |
674
|
(736)
|
Accrued compensation |
3,351
|
2,044
|
Accrued warranty |
(17)
|
(237)
|
Accrued taxes and fees |
1,837
|
561
|
Deferred revenue |
(427)
|
(840)
|
Other current and noncurrent liabilities |
(748)
|
(564)
|
Net cash provided by operating activities |
15,384
|
13,775
|
Cash flows from investing activities: |
|
|
Purchases of property and equipment |
(3,295)
|
(4,523)
|
Purchase of businesses, net of cash acquired |
(23,434)
|
0
|
Cost of capitalized software |
(1,275)
|
(456)
|
Proceeds from maturity of investments |
38,451
|
31,400
|
Sales of investments - available for sale |
43,934
|
29,580
|
Purchase of investments - available for sale |
(90,025)
|
(77,821)
|
Net cash used in investing activities |
(35,644)
|
(21,820)
|
Cash flows from financing activities: |
|
|
Capital lease payments |
(321)
|
(115)
|
Payment of contingent consideration |
(200)
|
0
|
Repurchase of common stock |
(11,628)
|
(1,723)
|
Proceeds from issuance of common stock under employee stock plans |
2,848
|
2,666
|
Net cash (used in) provided by financing activities |
(9,301)
|
828
|
Effect of exchange rate changes on cash |
317
|
656
|
Net decrease in cash and cash equivalents |
(29,244)
|
(6,561)
|
Cash and cash equivalents at the beginning of the period |
53,110
|
59,159
|
Cash and cash equivalents at the end of the period |
23,866
|
52,598
|
Supplemental cash flow information |
|
|
Income taxes paid |
441
|
181
|
Interest paid |
$ 30
|
$ 25
|
X |
- DefinitionAmount recognized for the passage of time, typically for liabilities, that have been discounted to their net present values. Excludes accretion associated with asset retirement obligations.
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v3.3.1.900
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Note 1
|
9 Months Ended |
Dec. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Note 1 |
1. DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
DESCRIPTION OF BUSINESS
8x8, Inc. (8x8 or the Company) is a leading
provider of VoIP (Voice over Internet Protocol) technology and SaaS (Software as a service) communication solutions in the cloud
for SMBs (Small and Midsize Business) and mid-market and distributed enterprises. The Company delivers a broad suite of SaaS services
to in-office and mobile devices spanning cloud telephony, virtual contact center and virtual meeting through its proprietary unified
SaaS platform.
BASIS OF PRESENTATION
The Company's fiscal year ends on March 31
of each calendar year. Each reference to a fiscal year in these notes to the consolidated financial statements refers to the fiscal
year ended March 31 of the calendar year indicated (for example, fiscal 2016 refers to the fiscal year ended March 31, 2016).
The accompanying interim condensed consolidated
financial statements are unaudited and have been prepared on substantially the same basis as our annual consolidated financial
statements for the fiscal year ended March 31, 2015. In the opinion of the Company's management, these interim condensed consolidated
financial statements reflect all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair
statement of our financial position, results of operations and cash flows for the periods presented. The preparation of financial
statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed
consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results
could differ from these estimates.
The March 31, 2015 year-end condensed consolidated
balance sheet data in this document were derived from audited consolidated financial statements and does not include all of the
disclosures required by U.S. generally accepted accounting principles. These condensed consolidated financial statements should
be read in conjunction with the Company's audited consolidated financial statements as of and for the fiscal year ended March 31,
2015 and notes thereto included in the Company's fiscal 2015 Annual Report on Form 10-K.
The results of operations and cash flows for
the interim periods included in these condensed consolidated financial statements are not necessarily indicative of the results
to be expected for any future period or the entire fiscal year.
PRINCIPLES OF CONSOLIDATION
The consolidated financial statements include
the accounts of 8x8 and its subsidiaries. All material intercompany accounts and transactions have been eliminated.
SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies used in
preparation of these condensed consolidated financial statements are disclosed in our Annual Report on Form 10-K for the fiscal
year ended March 31, 2015 filed with the SEC on May 29, 2015, and there have been no changes to the Company's significant accounting
policies during the three months ended December 31, 2015, except as described in the "Recent Accounting Pronouncements"
section below and Note 10, "Segment Reporting".
RECENT ACCOUNTING PRONOUNCEMENTS
In April 2014, the Financial Accounting Standards
Board (FASB) issued Accounting Standards Update (ASU) 2014-08, Presentation of Financial Statements (Topic 205) and Property,
Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.
This ASU changes the requirements for reporting discontinued operations in FASB ASU 205-20, such that a disposal of a component
of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents
a strategic shift that has (or will have) a major effect on an entity's operations and financial results. This ASU requires an
entity to present, for each comparative period, the assets and liabilities of a disposal group that includes a discontinued operation
separately in the asset and liability sections, respectively, of the statement of financial position, as well as additional disclosures
about discontinued operations. Additionally, the ASU requires disclosures about a disposal of an individually significant component
of an entity that does not qualify for discontinued operations presentation in the financial statements and expands the disclosures
about an entity's significant continuing involvement with a discontinued operation. The accounting update is effective for annual
periods beginning on or after December 15, 2014. We adopted this pronouncement for our fiscal year beginning April 1, 2015, and
there was no effect on our consolidated financial statements.
In July 2015, the FASB issued ASU 2015-11,
Simplifying the Measurement of Inventory, (Topic 330), which amends the guidelines for the measurement of inventory. Under
the amendments, an entity should measure inventory valued using a first-in, first-out or average cost method at the lower of cost
and net realizable value. Net realizable value is defined as the estimated selling price in the ordinary course of business, less
reasonably predictable costs of completion, disposal, and transportation. This amendment is effective for fiscal years
beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company
is currently assessing the impact of this pronouncement to its consolidated financial statements.
In May 2014, the FASB issued ASU No. 2014-09,
Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to
be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition
guidance in U.S. GAAP when it becomes effective. The new standard will become effective for public companies on January 1, 2018.
The standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected
a transition method. The Company is currently assessing the impact of this pronouncement to its consolidated financial statements.
In September 2015, the FASB issued ASU 2015-16,
Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. Topic 805 requires an
acquirer retrospectively adjust provisional amounts recognized in a business combination during the measurement period. To simplify
the accounting for adjustments made to provisional amounts, the amendment requires that the acquirer recognize adjustments to provisional
amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined.
The acquirer is required to also record, in the same period's financial statements, the effect on earnings of changes in depreciation,
amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting
had been completed at the acquisition date. In addition, an entity is required to present separately on the face of the income
statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings by
line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized
as of the acquisition date.
The amendments are effective for fiscal years
beginning after December 15, 2015, including interim periods within those fiscal years. The amendments should be applied prospectively
to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements
that have not been issued. The Company is currently assessing the impact of this pronouncement to its consolidated financial statements.
In November 2015, the FASB issued ASU No.
2015-17, Balance Sheet Classification of Deferred Taxes, (Topic 740), which amends the current requirement for organizations
to present deferred tax assets and liabilities as current and noncurrent in a classified balance sheet. Under the amendment, an
entity will be required to classify all deferred tax assets and liabilities as noncurrent.
This amendment is effective for fiscal years
beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company
is currently assessing the impact of this pronouncement to its consolidated financial statements.
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- DefinitionThe entire disclosure for the general note to the financial statements for the reporting entity which may include, descriptions of the basis of presentation, business description, significant accounting policies, consolidations, reclassifications, new pronouncements not yet adopted and changes in accounting principles.
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v3.3.1.900
CASH, CASH EQUIVALENTS, INVESTMENTS AND FAIR VALUE MEASUREMENTS - Note 2
|
9 Months Ended |
Dec. 31, 2015 |
Cash and Cash Equivalents [Abstract] |
|
CASH, CASH EQUIVALENTS, INVESTMENTS AND FAIR VALUE MEASUREMENTS - Note 2 |
2. CASH, CASH EQUIVALENTS, INVESTMENTS
AND FAIR VALUE MEASUREMENTS
Cash, cash equivalents, available-for-sale
investments and fair value measurements were (in thousands):
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
Cash and |
|
|
|
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Estimated |
|
|
Cash |
|
|
Short-Term |
As of December 31, 2015 |
|
|
Costs |
|
|
Gain |
|
|
Loss |
|
|
Fair Value |
|
|
Equivalents |
|
|
Investments |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
10,996 |
|
$ |
- |
|
$ |
- |
|
$ |
10,996 |
|
$ |
10,996 |
|
$ |
- |
Level 1: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
|
12,870 |
|
|
- |
|
|
- |
|
|
12,870 |
|
|
12,870 |
|
|
- |
Mutual funds |
|
|
2,000 |
|
|
- |
|
|
(198) |
|
|
1,802 |
|
|
- |
|
|
1,802 |
Subtotal |
|
|
25,866 |
|
|
- |
|
|
(198) |
|
|
25,668 |
|
|
23,866 |
|
|
1,802 |
Level 2: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
|
13,483 |
|
|
1 |
|
|
(3) |
|
|
13,481 |
|
|
- |
|
|
13,481 |
Corporate debt |
|
|
77,999 |
|
|
14 |
|
|
(138) |
|
|
77,875 |
|
|
- |
|
|
77,875 |
Municipal securities |
|
|
5,745 |
|
|
1 |
|
|
(1) |
|
|
5,745 |
|
|
- |
|
|
5,745 |
Asset backed securities |
|
|
21,782 |
|
|
- |
|
|
(46) |
|
|
21,736 |
|
|
- |
|
|
21,736 |
Mortgage backed securities |
|
|
2,328 |
|
|
- |
|
|
(33) |
|
|
2,295 |
|
|
- |
|
|
2,295 |
Agency bond |
|
|
6,806 |
|
|
- |
|
|
(22) |
|
|
6,784 |
|
|
- |
|
|
6,784 |
International government securities |
|
|
1,000 |
|
|
1 |
|
|
- |
|
|
1,001 |
|
|
- |
|
|
1,001 |
Subtotal |
|
|
129,143 |
|
|
17 |
|
|
(243) |
|
|
128,917 |
|
|
- |
|
|
128,917 |
Total assets |
|
$ |
155,009 |
|
$ |
17 |
|
$ |
(441) |
|
$ |
154,585 |
|
$ |
23,866 |
|
$ |
130,719 |
Level 3: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
341 |
|
$ |
- |
|
$ |
- |
Total liabilities |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
341 |
|
$ |
- |
|
$ |
- |
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
Cash and |
|
|
|
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Estimated |
|
|
Cash |
|
|
Short-Term |
As of March 31, 2015 |
|
|
Costs |
|
|
Gain |
|
|
Loss |
|
|
Fair Value |
|
|
Equivalents |
|
|
Investments |
Cash |
|
$ |
24,734 |
|
$ |
- |
|
$ |
- |
|
$ |
24,734 |
|
$ |
24,734 |
|
$ |
- |
Level 1: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
|
28,376 |
|
|
- |
|
|
- |
|
|
28,376 |
|
|
28,376 |
|
|
- |
Mutual funds |
|
|
2,000 |
|
|
- |
|
|
(107) |
|
|
1,893 |
|
|
- |
|
|
1,893 |
Subtotal |
|
|
55,110 |
|
|
- |
|
|
(107) |
|
|
55,003 |
|
|
53,110 |
|
|
1,893 |
Level 2: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
|
9,043 |
|
|
1 |
|
|
- |
|
|
9,044 |
|
|
- |
|
|
9,044 |
Corporate debt |
|
|
75,284 |
|
|
57 |
|
|
(10) |
|
|
75,331 |
|
|
- |
|
|
75,331 |
Municipal securities |
|
|
5,435 |
|
|
2 |
|
|
(1) |
|
|
5,436 |
|
|
- |
|
|
5,436 |
Asset backed securities |
|
|
21,503 |
|
|
4 |
|
|
(5) |
|
|
21,502 |
|
|
- |
|
|
21,502 |
Mortgage backed securities |
|
|
5,822 |
|
|
- |
|
|
(52) |
|
|
5,770 |
|
|
- |
|
|
5,770 |
Agency bond |
|
|
4,201 |
|
|
3 |
|
|
- |
|
|
4,204 |
|
|
- |
|
|
4,204 |
International government securities |
|
|
800 |
|
|
4 |
|
|
- |
|
|
804 |
|
|
- |
|
|
804 |
Subtotal |
|
|
122,088 |
|
|
71 |
|
|
(68) |
|
|
122,091 |
|
|
- |
|
|
122,091 |
Total |
|
$ |
177,198 |
|
$ |
71 |
|
$ |
(175) |
|
$ |
177,094 |
|
$ |
53,110 |
|
$ |
123,984 |
Contractual maturities of investments as of
December 31, 2015 are set forth below (in thousands):
|
|
|
Estimated |
|
|
|
Fair Value |
Due within one year |
|
$ |
65,670 |
Due after one year |
|
|
65,049 |
Total |
|
$ |
130,719 |
The Company's contingent consideration
liability, included in other accrued liabilities and noncurrent liabilities on the consolidated balance sheets, was
associated with the Quality Software Corporation (QSC) acquisition made in the first quarter of fiscal 2016. The liability
was measured at fair value using a probability weighted average of the potential payment outcomes that would occur should
certain contract milestones be reached. There is no market data available to use in valuing the contingent consideration;
therefore, the Company developed its own assumptions related to the achievement of the milestones to evaluate the fair value
of the liability. As such, the contingent consideration is classified within Level 3 as described below.
The item classified as Level 3 within the
valuation hierarchy, consisting of contingent consideration liability related to the QSC acquisition, was valued based on an estimate
of the probability of success of the milestones being achieved. The table below presents a rollforward of the contingent consideration
liability valued using a Level 3 input (in thousands):
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Balance at beginning of period |
|
$ |
391 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
Purchase price contingent consideration |
|
|
- |
|
|
- |
|
|
541 |
|
|
- |
Contingent consideration payments |
|
|
(50) |
|
|
- |
|
|
(200) |
|
|
- |
Balance at end of period |
|
$ |
341 |
|
$ |
- |
|
$ |
341 |
|
$ |
- |
|
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v3.3.1.900
INTANGIBLE ASSETS - Note 4
|
9 Months Ended |
Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS - Note 4 |
4. INTANGIBLE ASSETS
The carrying value of intangible assets consisted
of the following (in thousands):
|
|
December 31, 2015 |
|
|
March 31, 2015 |
|
|
Gross |
|
|
|
|
|
Net |
|
|
Gross |
|
|
|
|
|
Net |
|
|
Carrying |
|
|
Accumulated |
|
|
Carrying |
|
|
Carrying |
|
|
Accumulated |
|
|
Carrying |
|
|
Amount |
|
|
Amortization |
|
|
Amount |
|
|
Amount |
|
|
Amortization |
|
|
Amount |
Technology |
$ |
19,353 |
|
$ |
(4,797) |
|
$ |
14,556 |
|
$ |
8,242 |
|
$ |
(2,905) |
|
$ |
5,337 |
Customer relationships |
|
10,182 |
|
|
(4,532) |
|
|
5,650 |
|
|
9,686 |
|
|
(3,720) |
|
|
5,966 |
Trade names/domains |
|
2,439 |
|
|
(195) |
|
|
2,244 |
|
|
957 |
|
|
- |
|
|
957 |
In-process research and development |
|
600 |
|
|
- |
|
|
600 |
|
|
- |
|
|
- |
|
|
- |
Total acquired identifiable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangible assets |
$ |
32,574 |
|
$ |
(9,524) |
|
$ |
23,050 |
|
$ |
18,885 |
|
$ |
(6,625) |
|
$ |
12,260 |
At December 31, 2015, annual amortization
of intangible assets, based upon our existing intangible assets and current useful lives, is estimated to be the following (in
thousands):
|
|
|
Amount |
Remaining 2016 |
|
$ |
964 |
2017 |
|
|
3,855 |
2018 |
|
|
3,587 |
2019 |
|
|
3,337 |
2020 |
|
|
3,337 |
Thereafter |
|
|
5,126 |
Total |
|
$ |
20,206 |
Impairment of Long-Lived Assets
During the three months ended December 31,
2015, the Company decided to end-of-life its hosted virtual desktop service (Zerigo). The Company evaluated long-lived
assets related to Zerigo including the technology, customer relationships, and trade name intangible assets for impairment. The
Company determined it was appropriate to record an impairment charge equal to the remaining value of the impaired long-lived assets
this quarter. The impairment recorded during the three and nine months ended December 31, 2015 was $0.6 million, of which $0.4
million and $0.2 million was recorded in cost of service and sales and marketing, respectively, in the consolidated statements
of operations. Revenues and net income (loss) from Zerigo were not material for all periods presented.
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v3.3.1.900
RESEARCH, DEVELOPMENT AND SOFTWARE COSTS - Note 5
|
9 Months Ended |
Dec. 31, 2015 |
Research and Development [Abstract] |
|
RESEARCH, DEVELOPMENT AND SOFTWARE COSTS - Note 5 |
5. RESEARCH, DEVELOPMENT AND SOFTWARE COSTS
In the first nine months of fiscal 2016,
the Company expensed all research and development costs in accordance with ASC 985-20, Costs of Software to be Sold, Leased
or Marketed (ASC 985-20). At December 31, 2015 and March 31, 2015, total capitalized software development costs in accordance
with ASC 985-20 included in other long-term assets were approximately $0 and $1.0 million, respectively, and accumulated amortization
costs related to capitalized software were approximately $0 and $0.5 million, respectively.
The Company accounts for computer software
developed or obtained for internal use in accordance with ASC 350-40, Internal Use Software (ASC 350-40). In the first
nine months of fiscal 2016, the Company capitalized $1.3 million of software development costs in accordance with ASC 350-40,
of which $1.1 million have been classified as other long-term assets and $0.2 million have classified as property and equipment.
At December 31, 2015, the Company had capitalized $2.8 million of software development costs in accordance with ASC 350-40, of
which $1.8 million have been classified as other long-term assets, and $1.0 million have been classified as property and equipment.
As of March 31, 2015, the Company capitalized $1.5 million in accordance with ASC 350-40, of which $0.8 million has been classified
as property and equipment and $0.7 million has been classified as other long-term assets. In the first nine months of fiscal 2015
and as of December 31, 2014, the Company capitalized $1.1 million in accordance with ASC 350-40, of which $0.6 million is classified
as property and equipment and $0.5 million is classified as other long-term assets. At December 31, 2015 and March 31, 2015, accumulated
amortization costs related to capitalized software were approximately $0.1 million and $0, respectively.
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v3.3.1.900
COMMITMENTS AND CONTINGENCIES - Note 6
|
9 Months Ended |
Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES - Note 6 |
6. COMMITMENTS
AND CONTINGENCIES
Guarantees
Indemnifications
In the normal course of business, the Company
may agree to indemnify other parties, including customers, lessors and parties to other transactions with the Company, with respect
to certain matters such as breaches of representations or covenants or intellectual property infringement or other claims made
by third parties. These agreements may limit the time within which an indemnification claim can be made and the amount of the
claim. In addition, the Company has entered into indemnification agreements with its officers and directors.
It is not possible to determine the maximum
potential amount of the Company's exposure under these indemnification agreements due to the limited history of prior indemnification
claims and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company
under these agreements have not had a material impact on the Company's operating results, financial position or cash flows. Under
some of these agreements, however, the Company's potential indemnification liability might not have a contractual limit.
Product Warranties
The Company accrues for the estimated costs
that may be incurred under its product warranties upon revenue recognition. Changes in the Company's product warranty liability,
which is included in cost of product revenues in the consolidated statements of operations, were as follows (in thousands):
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Balance at beginning of period |
|
$ |
325 |
|
$ |
538 |
|
$ |
339 |
|
$ |
660 |
Accruals for warranties |
|
|
88 |
|
|
54 |
|
|
263 |
|
|
123 |
Settlements |
|
|
(70) |
|
|
(86) |
|
|
(223) |
|
|
(277) |
Adjustments |
|
|
(21) |
|
|
(83) |
|
|
(57) |
|
|
(83) |
Balance at end of period |
|
$ |
322 |
|
$ |
423 |
|
$ |
322 |
|
$ |
423 |
Minimum Third Party Customer Support Commitments
In the third quarter of 2010, the Company
amended its contract with one of its third party customer support vendors containing a minimum monthly commitment of approximately
$0.4 million. The agreement requires a 150-day notice to terminate, which represents a minimum remaining
obligation of $2.2 million under the contract.
Minimum Third Party Network Service Provider
Commitments
The Company has entered into contracts with
multiple vendors for third party network service which expire on various dates in fiscal 2016 through 2018. At December 31, 2015,
future minimum annual payments under these third party network service contracts were as follows (in thousands):
Year ending March 31: |
|
|
|
|
|
|
Remaining 2016 |
|
|
|
|
$ |
751 |
2017 |
|
|
|
|
|
2,452 |
2018 |
|
|
|
|
|
891 |
Total minimum payments |
|
|
|
|
$ |
4,094 |
Legal Proceedings
The Company, from time to time, is involved
in various legal claims or litigation, including patent infringement claims that can arise in the normal course of the Company's
operations. Pending or future litigation could be costly, could cause the diversion of management's attention and could upon resolution,
have a material adverse effect on the Company's business, results of operations, financial condition and cash flows.
On February 22, 2011, the Company was named
a defendant in Bear Creek Technologies, Inc. (BCT) v. 8x8, Inc. et al., filed in the U.S. District Court
for the District of Delaware (the Court), along with 20 other defendants. In August 2011, the suit was dismissed without prejudice
and then was refiled against the Company before the same Court. On November 28, 2012, the USPTO initiated and has since maintained
a Reexamination Proceeding in which the claims of the patent (asserted against the Company) were rejected as being invalid based
on four separate grounds. In response to the USPTO invalidity rejections, the Company filed an informational pleading (on
July 10, 2013) to join a motion to stay the proceeding in the District Court, which this motion was granted on July 17, 2013.
On May 5, 2015, the Court administratively closed this case with leave to reopen if needed. The Reexamination Proceeding has been
on appeal since September 15, 2014. A Decision on Appeal was issued on December 29, 2015, affirming the rejection of all claims.
This Decision remains subject to appeal at this date.
On November 25, 2015, the Company was named
a defendant in 2-Way Computing, Inc. (2-Way) v. 8x8, Inc., filed in the U.S. District Court for the District of
Nevada. 2-Way also simultaneously sued five other defendants for infringing the same patent asserted against 8x8.
The Company has not yet answered the complaint and cannot estimate potential liability in this case at this early stage of the
litigation.
On April 16, 2015, the Company was named as
a defendant in a lawsuit, Slocumb Law Firm v. 8x8, Inc., filed in the United States District Court for the Middle District of Alabama.
The Slocumb Law Firm alleges that it purchased certain business services from the Company that did not perform as advertised or
expected, and asserts various causes of actions including fraud, breach of contract, violations of the Alabama Deceptive Trade
Practices Act and negligence. On June 10, 2015, the United States Magistrate Judge issued a Report and Recommendation that the
Court grant the Company's motion to stay the case and compel the Slocumb Law Firm to arbitrate its claims against the Company in
Santa Clara County, California pursuant to a clause mandating arbitration of disputes set forth in the terms and conditions to
which Slocumb Law Firm agreed in connection with its purchase of business services from the Company. The Company has not
yet received a formal arbitration demand from the Slocumb Law Firm, nor has discovery commenced. The Company intends to vigorously
defend against Slocumb Law Firm's claims.
State and Municipal Taxes
From time to time, the Company has received
inquiries from a number of state and municipal taxing agencies with respect to the remittance of sales, use, telecommunications,
excise, and income taxes. Several jurisdictions currently are conducting tax audits of the Company's records. The Company collects
or has accrued for taxes that it believes are required to be remitted. The amounts that have been remitted have historically been
within the accruals established by the Company.
|
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.3.1.900
STOCK-BASED COMPENSATION - Note 7
|
9 Months Ended |
Dec. 31, 2015 |
Equity [Abstract] |
|
STOCK-BASED COMPENSATION - Note 7 |
7. STOCK-BASED COMPENSATION
The following table summarizes stock-based
compensation expense (in thousands):
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Cost of service revenue |
|
$ |
346 |
|
$ |
201 |
|
$ |
828 |
|
$ |
476 |
Cost of product revenue |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Research and development |
|
|
850 |
|
|
420 |
|
|
2,107 |
|
|
1,049 |
Sales and marketing |
|
|
1,689 |
|
|
966 |
|
|
4,308 |
|
|
2,620 |
General and administrative |
|
|
1,778 |
|
|
1,047 |
|
|
3,959 |
|
|
2,344 |
Total stock-based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
related to employee stock options and |
|
|
|
|
|
|
|
|
|
|
|
|
employee stock purchases, pre-tax |
|
|
4,663 |
|
|
2,634 |
|
|
11,202 |
|
|
6,489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax benefit |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Stock-based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
related to employee stock options and |
|
|
|
|
|
|
|
|
|
|
|
|
employee stock purchases, net of tax |
|
$ |
4,663 |
|
$ |
2,634 |
|
$ |
11,202 |
|
$ |
6,489 |
Stock Options, Stock Purchase Right
and Restricted Stock Unit Activity
Stock Option activity under all the Company's
stock option plans for the nine months ended December 31, 2015, is summarized as follows:
|
|
|
|
|
Weighted Average |
|
|
Number of |
|
|
Exercise Price |
|
|
Shares |
|
|
Per Share |
Outstanding at March 31, 2015 |
|
5,327,907 |
|
$ |
5.19 |
Granted |
|
686,604 |
|
|
8.51 |
Exercised |
|
(647,158) |
|
|
2.54 |
Canceled/Forfeited |
|
(96,241) |
|
|
8.06 |
Outstanding at December 31, 2015 |
|
5,271,112 |
|
$ |
5.90 |
|
|
|
|
|
|
Vested and expected to vest at December 31, 2015 |
|
5,271,112 |
|
$ |
5.90 |
Exercisable at December 31, 2015 |
|
3,229,890 |
|
$ |
4.38 |
Stock Purchase Right activity for the nine
months ended December 31, 2015, is summarized as follows:
|
|
|
|
|
Weighted |
|
|
Weighted |
|
|
|
|
|
Average |
|
|
Average |
|
|
|
|
|
Grant-Date |
|
|
Remaining |
|
|
Number of |
|
|
Fair Market |
|
|
Contractual |
|
|
Shares |
|
|
Value |
|
|
Term (in Years) |
Balance at March 31, 2015 |
|
223,835 |
|
$ |
5.92 |
|
|
1.50 |
Granted |
|
- |
|
|
- |
|
|
|
Vested |
|
(107,039) |
|
|
5.36 |
|
|
|
Forfeited |
|
(20,750) |
|
|
7.59 |
|
|
|
Balance at December 31, 2015 |
|
96,046 |
|
$ |
6.18 |
|
|
0.95 |
Restricted Stock Unit activity for the nine
months ended December 31, 2015, is summarized as follows:
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
Weighted |
|
|
Average |
|
|
|
|
|
Average |
|
|
Remaining |
|
|
Number of |
|
|
Grant Date |
|
|
Contractual |
|
|
Shares |
|
|
Fair Value |
|
|
Term (in Years) |
Balance at March 31, 2015 |
|
2,698,686 |
|
$ |
7.33 |
|
|
1.88 |
Granted |
|
2,516,522 |
|
|
8.67 |
|
|
|
Vested |
|
(529,797) |
|
|
7.62 |
|
|
|
Forfeited |
|
(175,815) |
|
|
7.98 |
|
|
|
Balance at December 31, 2015 |
|
4,509,596 |
|
$ |
8.02 |
|
|
1.82 |
The following table summarizes stock options
outstanding and exercisable at December 31, 2015:
|
|
Options Outstanding |
|
Options Exercisable |
|
|
|
|
|
Weighted |
|
Weighted |
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
|
Average |
|
Average |
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
Exercise |
|
Remaining |
|
|
Aggregate |
|
|
|
|
Exercise |
|
|
Aggregate |
|
|
|
|
|
Price |
|
Contractual |
|
|
Intrinsic |
|
|
|
|
Price |
|
|
Intrinsic |
|
|
Shares |
|
|
Per Share |
|
Life (Years) |
|
|
Value |
|
Shares |
|
|
Per Share |
|
|
Value |
$ 0.55 to $ 1.26 |
|
1,079,850 |
|
$ |
1.12 |
|
1.8 |
|
$ |
11,160,555 |
|
1,079,850 |
|
$ |
1.12 |
|
$ |
11,160,555 |
$ 1.27 to $ 5.87 |
|
1,280,153 |
|
$ |
3.81 |
|
3.9 |
|
|
9,776,033 |
|
1,196,313 |
|
$ |
3.68 |
|
|
9,300,097 |
$ 6.86 to $ 8.15 |
|
1,305,587 |
|
$ |
7.38 |
|
9.0 |
|
|
5,313,052 |
|
311,797 |
|
$ |
7.17 |
|
|
1,333,417 |
$ 8.54 to $ 9.74 |
|
1,409,422 |
|
$ |
9.37 |
|
8.0 |
|
|
2,927,371 |
|
568,493 |
|
$ |
9.64 |
|
|
1,031,456 |
$ 10.50 to $ 11.26 |
|
196,100 |
|
$ |
10.97 |
|
8.5 |
|
|
94,420 |
|
73,437 |
|
$ |
11.10 |
|
|
25,937 |
|
|
5,271,112 |
|
|
|
|
|
|
$ |
29,271,431 |
|
3,229,890 |
|
|
|
|
$ |
22,851,462 |
As of December 31, 2015, there was $36.4 million
of unamortized stock-based compensation expense related to unvested stock options and awards which is expected to be recognized
over a weighted average period of 2.53 years.
Assumptions Used to Calculate Stock-Based
Compensation Expense
The fair value of each of the Company's option
grants has been estimated on the date of grant using the Black-Scholes pricing model with the following assumptions:
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Expected volatility |
|
|
51% |
|
|
61% |
|
|
53% |
|
|
61% |
Expected dividend yield |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Risk-free interest rate |
|
|
1.75% |
|
|
1.71% |
|
|
1.60% |
|
|
1.71% |
Weighted average expected option term |
|
|
5.25 years |
|
|
6.10 years |
|
|
5.44 years |
|
|
6.00 years |
Weighted average fair value of options granted |
|
$ |
4.92 |
|
$ |
4.02 |
|
$ |
4.12 |
|
$ |
4.01 |
The estimated fair value of options granted
under the Employee Stock Purchase Plan was estimated at the date of grant using Black-Scholes pricing model with the following
weighted average assumptions:
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Expected volatility |
|
|
- |
|
|
- |
|
|
45% |
|
|
46% |
Expected dividend yield |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Risk-free interest rate |
|
|
- |
|
|
- |
|
|
0.30% |
|
|
0.90% |
Weighted average expected ESPP option term |
|
|
- |
|
|
- |
|
|
0.75 years |
|
|
0.75 years |
Weighted average fair value of |
|
|
|
|
|
|
|
|
|
|
|
|
ESPP options granted |
|
$ |
- |
|
$ |
- |
|
$ |
2.78 |
|
$ |
2.46 |
As of December 31, 2015, there were approximately
$0.3 million of total unrecognized compensation cost related to employee stock purchases. This cost is expected to be recognized
over a weighted average period of 0.5 years.
Performance Stock Units
During the three months ended September 30,
2015, the Company issued restricted performance stock units (PSUs) to a group of executives with vesting that is contingent on
both market performance and continued service. These PSUs vest (1) 50% on September 22, 2017 and (2) 50% on September 27, 2018,
in each case subject to performance of the Company's common stock relative to the Russell 2000 Index during the period from grant
date through such vesting date. A 2x multiplier will be applied to the total shareholder returns (TSR) for each 1% of positive
or negative relative TSR, and the number of shares earned will increase or decrease by 2% of the target numbers. In the event 8x8's
common stock performance is below negative 30%, relative to the benchmark, no shares will be issued.
To value these market-based restricted performance
stock units under the Equity Compensation Plans, the Company used a Monte Carlo simulation model on the date of grant. Fair value
determined using the Monte Carlo simulation model varies based on the assumptions used for the expected stock price volatility,
the correlation coefficient between the Company and the NASDAQ Composite Index, risk free interest rates, and future dividend payments.
Stock Repurchases
In February 2015, the Company's board of directors
authorized the Company to purchase up to $20.0 million of its common stock from time to time until February 29, 2016 (the Repurchase
Plan). Share repurchases, if any, will be funded with available cash. Repurchases under the Repurchase Plan may be made through
open market purchases at prevailing market prices or in privately negotiated transactions. The timing, volume and nature of share
repurchases are subject to market prices and conditions, applicable securities laws and other factors, and are at the discretion
of the Company's management. Share repurchases under the Repurchase Plan may be commenced, suspended or discontinued at any time.
In October 2015, the Company's board of directors authorized the Company to repurchase an additional $15.0 million under the Repurchase
Plan. The remaining authorized repurchase amount at December 31, 2015 was approximately $19.6 million.
The stock repurchase activity for the three
months ended and as of December 31, 2015, is summarized as follows:
|
|
Shares |
|
|
Weighted Average |
|
|
Amount |
|
|
Repurchased |
|
|
Per Share |
|
|
Repurchased(1) |
Balances as of September 30, 2015 |
|
1,900,761 |
|
$ |
7.82 |
|
$ |
14,858,923 |
Purchase of common stock under Repurchase Plan |
|
65,841 |
|
|
8.27 |
|
|
544,622 |
Balances as of December 31, 2015 |
|
1,966,602 |
|
$ |
7.83 |
|
$ |
15,403,545 |
|
|
|
|
|
|
|
|
|
(1) Amount excludes commission fees. |
|
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- DefinitionThe entire disclosure for accounts comprising shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income, and compensation-related costs for equity-based compensation. Includes, but is not limited to, disclosure of policies, compensation plan details, equity-based arrangements to obtain goods and services, deferred compensation arrangements, and employee stock purchase plan details.
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v3.3.1.900
INCOME TAXES - Note 8
|
9 Months Ended |
Dec. 31, 2015 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES - Note 8 |
8. INCOME TAXES
For the three months ended December 31, 2015,
we recorded a benefit from income taxes of $0.6 million. The tax benefit was primarily attributable to tax expense related to
actual year-to-date income of domestic operations less the tax effect of certain discrete items. For the three months ended December
31, 2014, the Company recorded a provision for income taxes of $0.6 million, which was primarily attributable to income from operations.
We estimate our annual effective rate at the
end of each quarterly period, and we record the tax effect of certain discrete items, which are unusual or occur infrequently,
in the interim period in which they occur, including changes in judgment about deferred tax valuation allowances. The determination
of the effective tax rate reflects tax expense and benefit generated in certain domestic and foreign jurisdictions. However, jurisdictions
with a year-to-date loss where no tax benefit can be recognized are excluded from the annual effective tax rate. At December 31,
2015, there were $2.4 million of unrecognized tax benefits that, if recognized, would have affected the effective tax rate. The
Company does not believe that there has been any significant change in the unrecognized tax benefits in the nine-month period ended
December 31, 2015, and does not expect the remaining unrecognized tax benefit to change materially in the next 12 months. To the
extent that the remaining unrecognized tax benefits are ultimately recognized, they will have an impact on the effective tax rate
in future periods.
The Company is subject to taxation in the
U.S., California and various other states and foreign jurisdictions in which it has or had a subsidiary or branch operations or
it is collecting sales tax. All tax returns from fiscal 1996 to fiscal 2015 may be subject to examination by the Internal Revenue
Service, California and various other states. As of January 20, 2016, there were no active federal or state income tax audits.
Returns filed in foreign jurisdictions may be subject to examination for the fiscal years 2011 to 2015.
|
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.3.1.900
NET INCOME (LOSS) PER SHARE - Note 9
|
9 Months Ended |
Dec. 31, 2015 |
Net income (loss) per share: |
|
NET INCOME (LOSS) PER SHARE - Note 9 |
9. NET INCOME (LOSS) PER SHARE
The following is a reconciliation of the
weighted average number of common shares outstanding used in calculating basic and diluted net income (loss) per share (in thousands,
except share and per share data):
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common stockholders |
|
$ |
(1,680) |
|
$ |
444 |
|
$ |
(4,044) |
|
$ |
1,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
Common shares |
|
|
88,289 |
|
|
89,594 |
|
|
88,812 |
|
|
89,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for basic calculation |
|
|
88,289 |
|
|
89,594 |
|
|
88,812 |
|
|
89,107 |
Employee stock options |
|
|
- |
|
|
1,963 |
|
|
- |
|
|
2,210 |
Stock purchase rights |
|
|
- |
|
|
417 |
|
|
- |
|
|
435 |
Denominator for diluted calculation |
|
|
88,289 |
|
|
91,974 |
|
|
88,812 |
|
|
91,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.02) |
|
$ |
0.01 |
|
$ |
(0.05) |
|
$ |
0.02 |
Diluted |
|
$ |
(0.02) |
|
$ |
0.01 |
|
$ |
(0.05) |
|
$ |
0.02 |
The following shares attributable to outstanding
stock options and restricted stock purchase rights were excluded from the calculation of diluted earnings per share because their
inclusion would have been antidilutive (in thousands):
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Employee stock options |
|
|
1,232 |
|
|
2,106 |
|
|
2,539 |
|
|
1,634 |
Stock purchase rights |
|
|
- |
|
|
370 |
|
|
55 |
|
|
59 |
Total anti-dilutive employee stock-based securities |
|
|
1,232 |
|
|
2,476 |
|
|
2,594 |
|
|
1,693 |
|
X |
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- DefinitionThe entire disclosure for earnings per share.
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v3.3.1.900
SEGMENT REPORTING - Note 10
|
9 Months Ended |
Dec. 31, 2015 |
Segment Reporting [Abstract] |
|
SEGMENT REPORTING - Note 10 |
10. SEGMENT REPORTING
ASC 280, Segment Reporting, establishes
annual and interim reporting standards for an enterprise's business segments and related disclosures about its products, services,
geographic areas and major customers. Under ASC 280, the method for determining what information to report is based upon the way
management organizes the operating segments within the Company for making operating decisions and assessing financial performance.
The Company manages its operations
primarily on a geographic basis. The Chief Executive Officer, the Chief Financial Officer, and the Chief Technology Officer
or the Company's Chief Operating Decision Makers (CODMs), evaluate performance of the Company and make decisions regarding allocation of resources based on geographic
results. The Company's reportable operating segments are the Americas and Europe. The Americas segment is
primarily North America. The Europe segment is primarily the United Kingdom. Each operating segment provides similar products
and services.
The Company's CODMs evaluate the
performance of its operating segments based on revenues and net income. Revenues are attributed to each segment based on the
ordering location of the customer or ship to location. The Company does not allocate research and development, sales and
marketing, general and administrative, amortization expense, stock-based compensation expense, and commitment and
contingencies for each segment as management does not consider this information in its evaluation of the performance of each
operating segment. The Company did not allocate goodwill for each segment as the Company had not completed its analysis of
assigning goodwill to its reporting units as of January 28, 2016.
The Company's revenue distribution by geographic
region (based upon the destination of shipments and the customer's service address) is as follows:
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Americas (principally US) |
|
|
87% |
|
|
92% |
|
|
87% |
|
|
92% |
Europe |
|
|
13% |
|
|
7% |
|
|
12% |
|
|
7% |
Asia Pacific |
|
|
0% |
|
|
1% |
|
|
1% |
|
|
1% |
|
|
|
100% |
|
|
100% |
|
|
100% |
|
|
100% |
Geographic area data is based upon the location
of the property and equipment and is as follows (in thousands):
|
|
|
December 31, |
|
|
March 31, |
|
|
|
2015 |
|
|
2015 |
Americas (principally US) |
|
$ |
8,756 |
|
$ |
8,348 |
Europe |
|
|
2,838 |
|
|
1,411 |
Asia-Pacific |
|
|
375 |
|
|
489 |
Total |
|
$ |
11,969 |
|
$ |
10,248 |
The following table provides financial information
by operating segment (in thousands):
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Americas (principally US): |
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue |
|
$ |
46,503 |
|
$ |
38,436 |
|
$ |
134,177 |
|
$ |
110,334 |
Net Income |
|
$ |
467 |
|
$ |
1,478 |
|
$ |
733 |
|
$ |
4,481 |
Europe: |
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue |
|
$ |
6,665 |
|
$ |
2,936 |
|
$ |
17,826 |
|
$ |
8,549 |
Net Loss |
|
$ |
(2,147) |
|
$ |
(1,034) |
|
$ |
(4,777) |
|
$ |
(2,738) |
|
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.3.1.900
ACQUISITIONS - Note 11
|
9 Months Ended |
Dec. 31, 2015 |
Business Combinations [Abstract] |
|
ACQUISITIONS - Note 11 |
11. ACQUISITIONS
DXI Group Limited
On May 26, 2015, the Company entered into
a share purchase agreement with the shareholders of DXI Limited, API Telecom Limited, Easycallnow Limited and RAS Telecom Limited
(collectively, DXI) for the purchase of the entire share capital of DXI. The transaction closed effective May 29, 2015 and was
not subject to regulatory approvals. The total aggregate purchase price was approximately $22.5 million, consisting of $18.7 million
in cash paid to the DXI shareholders at closing, and $3.8 million in cash deposited into escrow to be held for two years as security
against indemnity claims made by the Company after the closing date. Approximately 352,000 shares of common stock valued at approximately
$3.0 million were issued only to former management shareholders of DXI as part of the share purchase agreement and are subject
to certain restrictions, including a four-year annual vesting requirement based on the continued employment of such shareholders.
Under ASC 805-10-55-25, Business Combinations, the shares are considered post acquisition compensation vs. consideration
transferred. The value of the shares will be amortized over the vesting period of forty-eight months. The shares are further subject
to indemnity claims asserted by the Company prior to vesting. Vesting of the shares is subject to acceleration in the event of
the shareholder's death or disability, or upon an employment termination without adequate cause, as provided in the share purchase
agreement. The cash escrow also applies only to the management shareholders of DXI and is to be released in annual installments
over two years. The share purchase agreement contains representations and warranties by the management shareholders that are customary
in the UK for transactions of this size and nature. The Company also awarded restricted stock units representing the right to
receive approximately 53,000 shares of common stock that were valued at approximately $482,000 to certain continuing employees
of DXI, which will be amortized as stock-based compensation over the requisite service period.
The Company recorded the acquired tangible
and identifiable intangible assets and liabilities assumed based on their estimated fair values. The excess of the consideration
transferred over the aggregate fair values of the assets acquired and liabilities assumed is recorded as goodwill. The amount of
goodwill recognized is primarily attributable to the expected contributions of the entity to the overall corporate strategy in
addition to synergies and acquired workforce of the acquired business. The finite-lived intangible assets consist of the following:
customer relationships, with an estimated weighted-average useful life of two and five years; and developed technology, with an
estimated weighted-average useful life of seven years. The indefinite lived intangible asset consisted of a tradename. The fair
value assigned to identifiable intangible assets acquired was based on estimates and assumptions made by management using various
income approach methods. Intangible assets are amortized on a straight-line basis. The preliminary fair values of net tangible
assets and intangible assets acquired were based upon preliminary valuations and our estimates and assumptions are subject to change
within the measurement period (up to one year from the acquisition date). The primary areas that remain preliminary relate to the
fair values of intangible assets acquired, certain tangible assets and liabilities acquired, and residual goodwill.
The preliminary fair values of the assets
acquired and liabilities assumed are as follows (in thousands):
|
|
|
Estimated |
|
|
|
Fair Value |
Assets acquired: |
|
|
|
Cash |
|
$ |
1,318 |
Current assets |
|
|
2,016 |
Property and equipment |
|
|
1,453 |
Intangible assets |
|
|
13,374 |
Total assets acquired |
|
|
18,161 |
Liabilities assumed: |
|
|
|
Current liabilities and non-current liabilities |
|
|
(5,734) |
Total liabilities assumed |
|
|
(5,734) |
Net identifiable assets acquired |
|
|
12,427 |
Goodwill |
|
|
10,125 |
Total consideration transferred |
|
$ |
22,552 |
None of the goodwill recognized is expected
to be deductible for income tax purposes.
DXI contributed revenue of approximately $7.4
million and ($2.0) million net loss for the period from the date of acquisition to December 31, 2015. Total acquisition related
costs were approximately $0.9 million. The Company determined that the acquisition was not deemed to be a material business combination
and it is impractical to include such pro forma information given the difficulty in obtaining the historical financial information
of DXI. Inclusion of such information would require the Company to make estimates and assumptions regarding DXI's historical financial
results that the Company believes may ultimately prove inaccurate.
In the second quarter of fiscal 2016, the
Company updated its analysis of the valuation of the assets and liabilities acquired, which resulted in an increase of approximately
$1.1 million to goodwill, a decrease in intangible assets of approximately $1.3 million, and a decrease to current and non-current
liabilities of $0.2 million, compared with the preliminary estimates recorded for the first quarter of fiscal 2016. The impact
of the change in preliminary values on the first quarter of fiscal 2016 statement of operations was not material. Therefore, no
measurement period adjustment was required.
Quality Software Corporation
On June 18, 2015, the Company entered into
an asset purchase agreement with the shareholder of QSC and other parties affiliated with the shareholder
and QSC for the purchase of certain assets as per the purchase agreement. The total aggregate fair value of the consideration was
approximately $2.9 million, which $2.2 million was paid in cash to the QSC shareholder at closing. As part of the aggregate purchases
price, there is also $0.5 million in contingent consideration payable subject to attainment of certain revenue and product release
milestones for the acquired business, and $0.3 million in cash held by the Company in escrow to be retained for two years as security
against indemnity claims made by the Company after the closing date. The preliminary fair value of the contingent consideration
and escrow amounts was $0.7 million at the acquisition date.
The Company recorded the acquired
identifiable intangible assets and liabilities assumed based on their estimated fair values. The excess of the consideration
transferred over the aggregate fair values of the assets acquired and liabilities assumed is recorded as goodwill. The amount
of goodwill recognized is primarily attributable to the expected contributions of the entity to the overall corporate
strategy in addition to synergies and acquired workforce of the acquired business. The finite-lived intangible assets consist
of the following: customer relationships, with an estimated weighted-average useful life of five years; and developed
technology, with an estimated weighted-average useful life of seven years. The indefinite lived intangible asset consisted of
in-process research and development and a tradename. The fair value assigned to identifiable intangible assets acquired was
based on estimates and assumptions made by management using various income approach methods. Intangible assets are amortized
on a straight-line basis. The preliminary fair values of intangible assets acquired were based upon preliminary valuations
and our estimates and assumptions are subject to change within the measurement period (up to one year from the
acquisition date). The areas that remain preliminary relate to the fair values of intangible assets acquired and residual
goodwill.
The preliminary fair values of the assets
acquired and liabilities assumed are as follows (in thousands):
|
|
|
Estimated |
|
|
|
Fair Value |
Assets acquired: |
|
|
|
Intangible assets |
|
$ |
1,225 |
Goodwill |
|
|
1,664 |
Total consideration transferred |
|
$ |
2,889 |
The goodwill recognized is expected to be
deductible for income tax purposes.
QSC's contributions to revenue and income
for the period from the date of acquisition to December 31, 2015 were not material. Total acquisition related costs were approximately
$0.1 million. The Company determined that the acquisition was not deemed to be a material business combination and it is impractical
to include such pro forma information given the difficulty in obtaining the historical financial information of QSC. Inclusion
of such information would require the Company to make estimates and assumptions regarding QSC's historical financial results that
we believe may ultimately prove inaccurate.
In the second quarter of fiscal 2016, the
Company updated its analysis of the valuation of intangible assets with definitive lives, which resulted in $450,000 being reallocated
from intangibles to goodwill compared with the preliminary estimates recorded for the first quarter of fiscal 2016. The impact
of the change in preliminary values on the first quarter of fiscal 2016 statement of operations was not material. Therefore, no
measurement period adjustment was required.
|
X |
- DefinitionThe entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
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v3.3.1.900
Summary of Significant Accounting Policies (Policies)
|
9 Months Ended |
Dec. 31, 2015 |
Accounting Policies [Abstract] |
|
Fiscal Period |
The Company's fiscal year ends on March 31
of each calendar year. Each reference to a fiscal year in these notes to the consolidated financial statements refers to the fiscal
year ended March 31 of the calendar year indicated (for example, fiscal 2016 refers to the fiscal year ended March 31, 2016).
|
Use of Estimates |
The accompanying interim condensed consolidated
financial statements are unaudited and have been prepared on substantially the same basis as our annual consolidated financial
statements for the fiscal year ended March 31, 2015. In the opinion of the Company's management, these interim condensed consolidated
financial statements reflect all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair
statement of our financial position, results of operations and cash flows for the periods presented. The preparation of financial
statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed
consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results
could differ from these estimates.
|
Basis of Accounting |
The March 31, 2015 year-end condensed consolidated
balance sheet data in this document were derived from audited consolidated financial statements and does not include all of the
disclosures required by U.S. generally accepted accounting principles. These condensed consolidated financial statements should
be read in conjunction with the Company's audited consolidated financial statements as of and for the fiscal year ended March
31, 2015 and notes thereto included in the Company's fiscal 2015 Annual Report on Form 10-K.
The results of operations and cash flows for
the interim periods included in these condensed consolidated financial statements are not necessarily indicative of the results
to be expected for any future period or the entire fiscal year.
The significant accounting policies used
in preparation of these condensed consolidated financial statements are disclosed in our Annual Report on Form 10-K for the fiscal
year ended March 31, 2015 filed with the SEC on May 29, 2015, and there have been no changes to the Company's significant accounting
policies during the three months ended December 31, 2015, except as described in the "Recent Accounting Pronouncements"
section below and Note 10, "Segment Reporting".
|
Principles of Consolidation |
PRINCIPLES OF CONSOLIDATION
The consolidated financial statements include
the accounts of 8x8 and its subsidiaries. All material intercompany accounts and transactions have been eliminated.
|
Recent Accounting Pronouncements |
RECENT ACCOUNTING PRONOUNCEMENTS
In April 2014, the Financial Accounting Standards
Board (FASB) issued Accounting Standards Update (ASU) 2014-08, Presentation of Financial Statements (Topic 205) and Property,
Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.
This ASU changes the requirements for reporting discontinued operations in FASB ASU 205-20, such that a disposal of a component
of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents
a strategic shift that has (or will have) a major effect on an entity's operations and financial results. This ASU requires an
entity to present, for each comparative period, the assets and liabilities of a disposal group that includes a discontinued operation
separately in the asset and liability sections, respectively, of the statement of financial position, as well as additional disclosures
about discontinued operations. Additionally, the ASU requires disclosures about a disposal of an individually significant component
of an entity that does not qualify for discontinued operations presentation in the financial statements and expands the disclosures
about an entity's significant continuing involvement with a discontinued operation. The accounting update is effective for annual
periods beginning on or after December 15, 2014. We adopted this pronouncement for our fiscal year beginning April 1, 2015, and
there was no effect on our consolidated financial statements.
In July 2015, the FASB issued ASU 2015-11,
Simplifying the Measurement of Inventory, (Topic 330), which amends the guidelines for the measurement of inventory. Under
the amendments, an entity should measure inventory valued using a first-in, first-out or average cost method at the lower of cost
and net realizable value. Net realizable value is defined as the estimated selling price in the ordinary course of business, less
reasonably predictable costs of completion, disposal, and transportation. This amendment is effective for fiscal years
beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company
is currently assessing the impact of this pronouncement to its consolidated financial statements.
In May 2014, the FASB issued ASU No. 2014-09,
Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to
be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition
guidance in U.S. GAAP when it becomes effective. The new standard will become effective for public companies on January 1, 2018.
The standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected
a transition method. The Company is currently assessing the impact of this pronouncement to its consolidated financial statements.
In September 2015, the FASB issued ASU 2015-16,
Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. Topic 805 requires an
acquirer retrospectively adjust provisional amounts recognized in a business combination during the measurement period. To simplify
the accounting for adjustments made to provisional amounts, the amendment requires that the acquirer recognize adjustments to provisional
amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined.
The acquirer is required to also record, in the same period's financial statements, the effect on earnings of changes in depreciation,
amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting
had been completed at the acquisition date. In addition, an entity is required to present separately on the face of the income
statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings by
line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized
as of the acquisition date.
The amendments are effective for fiscal years
beginning after December 15, 2015, including interim periods within those fiscal years. The amendments should be applied prospectively
to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements
that have not been issued. The Company is currently assessing the impact of this pronouncement to its consolidated financial statements.
In November 2015, the FASB issued ASU No.
2015-17, Balance Sheet Classification of Deferred Taxes, (Topic 740), which amends the current requirement for organizations
to present deferred tax assets and liabilities as current and noncurrent in a classified balance sheet. Under the amendment, an
entity will be required to classify all deferred tax assets and liabilities as noncurrent.
This amendment is effective for fiscal years
beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company
is currently assessing the impact of this pronouncement to its consolidated financial statements.
|
Research, Development and Software Costs |
RESEARCH, DEVELOPMENT AND SOFTWARE COSTS
In the first nine months of fiscal 2016,
the Company expensed all research and development costs in accordance with ASC 985-20, Costs of Software to be Sold, Leased
or Marketed (ASC 985-20).
The Company accounts for computer software
developed or obtained for internal use in accordance with ASC 350-40, Internal Use Software (ASC 350-40).
|
Indemnifications |
Indemnifications
In the normal course of business, the Company
may agree to indemnify other parties, including customers, lessors and parties to other transactions with the Company, with respect
to certain matters such as breaches of representations or covenants or intellectual property infringement or other claims made
by third parties. These agreements may limit the time within which an indemnification claim can be made and the amount of the claim.
In addition, the Company has entered into indemnification agreements with its officers and directors.
It is not possible to determine the maximum
potential amount of the Company's exposure under these indemnification agreements due to the limited history of prior indemnification
claims and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company
under these agreements have not had a material impact on the Company's operating results, financial position or cash flows. Under
some of these agreements, however, the Company's potential indemnification liability might not have a contractual limit.
|
Warranty Expense |
WARRANTY EXPENSE
The Company accrues for the estimated costs that may be incurred under its product warranties upon revenue
recognition.
|
Segment Reporting |
SEGMENT REPORTING
ASC 280, Segment Reporting, establishes
annual and interim reporting standards for an enterprise's business segments and related disclosures about its products, services,
geographic areas and major customers. Under ASC 280, the method for determining what information to report is based upon the way
management organizes the operating segments within the Company for making operating decisions and assessing financial performance.
The Company manages its operations primarily
on a geographic basis. The Chief Executive Officer, the Chief Financial Officer, and the Chief Technology Officer, evaluate performance
of the Company and make decisions regarding allocation of resources based on geographic results. The Company's reportable
operating segments are the Americas and Europe. The Americas segment is primarily North America. The Europe segment is primarily
the United Kingdom. Each operating segment provides similar products and services.
The Company's CODMs evaluate the performance
of its operating segments based on revenues and net income. Revenues are attributed to each segment based on the ordering location
of the customer or ship to location. The Company does not allocate research and development, sales and marketing, general and administrative,
amortization expense, stock-based compensation expense, and commitment and contingencies for each segment as management does not
consider this information in its evaluation of the performance of each operating segment. The Company did not allocate goodwill
for each segment as the Company had not completed its analysis of assigning goodwill to its reporting units as of October 27, 2015.
|
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v3.3.1.900
Cash, Cash Equivalents, Available-for-sale Investments and Fair Value Measurements (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
Cash Cash Equivalents Available-for-sale Investments And Fair Value Measurements Tables |
|
Fair Value Measurements, Recurring and Nonrecurring |
Cash, cash equivalents, available-for-sale
investments and fair value measurements were (in thousands):
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
Cash and |
|
|
|
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Estimated |
|
|
Cash |
|
|
Short-Term |
As of December 31, 2015 |
|
|
Costs |
|
|
Gain |
|
|
Loss |
|
|
Fair Value |
|
|
Equivalents |
|
|
Investments |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
10,996 |
|
$ |
- |
|
$ |
- |
|
$ |
10,996 |
|
$ |
10,996 |
|
$ |
- |
Level 1: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
|
12,870 |
|
|
- |
|
|
- |
|
|
12,870 |
|
|
12,870 |
|
|
- |
Mutual funds |
|
|
2,000 |
|
|
- |
|
|
(198) |
|
|
1,802 |
|
|
- |
|
|
1,802 |
Subtotal |
|
|
25,866 |
|
|
- |
|
|
(198) |
|
|
25,668 |
|
|
23,866 |
|
|
1,802 |
Level 2: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
|
13,483 |
|
|
1 |
|
|
(3) |
|
|
13,481 |
|
|
- |
|
|
13,481 |
Corporate debt |
|
|
77,999 |
|
|
14 |
|
|
(138) |
|
|
77,875 |
|
|
- |
|
|
77,875 |
Municipal securities |
|
|
5,745 |
|
|
1 |
|
|
(1) |
|
|
5,745 |
|
|
- |
|
|
5,745 |
Asset backed securities |
|
|
21,782 |
|
|
- |
|
|
(46) |
|
|
21,736 |
|
|
- |
|
|
21,736 |
Mortgage backed securities |
|
|
2,328 |
|
|
- |
|
|
(33) |
|
|
2,295 |
|
|
- |
|
|
2,295 |
Agency bond |
|
|
6,806 |
|
|
- |
|
|
(22) |
|
|
6,784 |
|
|
- |
|
|
6,784 |
International government securities |
|
|
1,000 |
|
|
1 |
|
|
- |
|
|
1,001 |
|
|
- |
|
|
1,001 |
Subtotal |
|
|
129,143 |
|
|
17 |
|
|
(243) |
|
|
128,917 |
|
|
- |
|
|
128,917 |
Total assets |
|
$ |
155,009 |
|
$ |
17 |
|
$ |
(441) |
|
$ |
154,585 |
|
$ |
23,866 |
|
$ |
130,719 |
Level 3: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
341 |
|
$ |
- |
|
$ |
- |
Total liabilities |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
341 |
|
$ |
- |
|
$ |
- |
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
Cash and |
|
|
|
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Estimated |
|
|
Cash |
|
|
Short-Term |
As of March 31, 2015 |
|
|
Costs |
|
|
Gain |
|
|
Loss |
|
|
Fair Value |
|
|
Equivalents |
|
|
Investments |
Cash |
|
$ |
24,734 |
|
$ |
- |
|
$ |
- |
|
$ |
24,734 |
|
$ |
24,734 |
|
$ |
- |
Level 1: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
|
28,376 |
|
|
- |
|
|
- |
|
|
28,376 |
|
|
28,376 |
|
|
- |
Mutual funds |
|
|
2,000 |
|
|
- |
|
|
(107) |
|
|
1,893 |
|
|
- |
|
|
1,893 |
Subtotal |
|
|
55,110 |
|
|
- |
|
|
(107) |
|
|
55,003 |
|
|
53,110 |
|
|
1,893 |
Level 2: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
|
9,043 |
|
|
1 |
|
|
- |
|
|
9,044 |
|
|
- |
|
|
9,044 |
Corporate debt |
|
|
75,284 |
|
|
57 |
|
|
(10) |
|
|
75,331 |
|
|
- |
|
|
75,331 |
Municipal securities |
|
|
5,435 |
|
|
2 |
|
|
(1) |
|
|
5,436 |
|
|
- |
|
|
5,436 |
Asset backed securities |
|
|
21,503 |
|
|
4 |
|
|
(5) |
|
|
21,502 |
|
|
- |
|
|
21,502 |
Mortgage backed securities |
|
|
5,822 |
|
|
- |
|
|
(52) |
|
|
5,770 |
|
|
- |
|
|
5,770 |
Agency bond |
|
|
4,201 |
|
|
3 |
|
|
- |
|
|
4,204 |
|
|
- |
|
|
4,204 |
International government securities |
|
|
800 |
|
|
4 |
|
|
- |
|
|
804 |
|
|
- |
|
|
804 |
Subtotal |
|
|
122,088 |
|
|
71 |
|
|
(68) |
|
|
122,091 |
|
|
- |
|
|
122,091 |
Total |
|
$ |
177,198 |
|
$ |
71 |
|
$ |
(175) |
|
$ |
177,094 |
|
$ |
53,110 |
|
$ |
123,984 |
Contractual maturities of investments as of
December 31, 2015 are set forth below (in thousands):
|
|
|
Estimated |
|
|
|
Fair Value |
Due within one year |
|
$ |
65,670 |
Due after one year |
|
|
65,049 |
Total |
|
$ |
130,719 |
|
Rollforward of contingent consideration liabilities |
The table below presents a rollforward of
the contingent consideration liability valued using a Level 3 input (in thousands):
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Balance at beginning of period |
|
$ |
391 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
Purchase price contingent consideration |
|
|
- |
|
|
- |
|
|
541 |
|
|
- |
Contingent consideration payments |
|
|
(50) |
|
|
- |
|
|
(200) |
|
|
- |
Balance at end of period |
|
$ |
341 |
|
$ |
- |
|
$ |
341 |
|
$ |
- |
|
X |
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v3.3.1.900
Intangible Assets (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] |
|
Carrying values of intangible assets |
The carrying value of intangible assets consisted
of the following (in thousands):
|
|
December 31, 2015 |
|
|
March 31, 2015 |
|
|
Gross |
|
|
|
|
|
Net |
|
|
Gross |
|
|
|
|
|
Net |
|
|
Carrying |
|
|
Accumulated |
|
|
Carrying |
|
|
Carrying |
|
|
Accumulated |
|
|
Carrying |
|
|
Amount |
|
|
Amortization |
|
|
Amount |
|
|
Amount |
|
|
Amortization |
|
|
Amount |
Technology |
$ |
19,353 |
|
$ |
(4,797) |
|
$ |
14,556 |
|
$ |
8,242 |
|
$ |
(2,905) |
|
$ |
5,337 |
Customer relationships |
|
10,182 |
|
|
(4,532) |
|
|
5,650 |
|
|
9,686 |
|
|
(3,720) |
|
|
5,966 |
Trade names/domains |
|
2,439 |
|
|
(195) |
|
|
2,244 |
|
|
957 |
|
|
- |
|
|
957 |
In-process research and development |
|
600 |
|
|
- |
|
|
600 |
|
|
- |
|
|
- |
|
|
- |
Total acquired identifiable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangible assets |
$ |
32,574 |
|
$ |
(9,524) |
|
$ |
23,050 |
|
$ |
18,885 |
|
$ |
(6,625) |
|
$ |
12,260 |
|
Finite-lived intangible assets - future amortization expense |
At December 31, 2015, annual amortization
of intangible assets, based upon our existing intangible assets and current useful lives, is estimated to be the following (in
thousands):
|
|
|
Amount |
Remaining 2016 |
|
$ |
964 |
2017 |
|
|
3,855 |
2018 |
|
|
3,587 |
2019 |
|
|
3,337 |
2020 |
|
|
3,337 |
Thereafter |
|
|
5,126 |
Total |
|
$ |
20,206 |
|
X |
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v3.3.1.900
Commitments And Contingencies (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
Commitments And Contingencies Tables |
|
Product warranties |
Changes in the Company's product warranty liability,
which is included in cost of product revenues in the consolidated statements of operations, were as follows (in thousands):
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Balance at beginning of period |
|
$ |
325 |
|
$ |
538 |
|
$ |
339 |
|
$ |
660 |
Accruals for warranties |
|
|
88 |
|
|
54 |
|
|
263 |
|
|
123 |
Settlements |
|
|
(70) |
|
|
(86) |
|
|
(223) |
|
|
(277) |
Adjustments |
|
|
(21) |
|
|
(83) |
|
|
(57) |
|
|
(83) |
Balance at end of period |
|
$ |
322 |
|
$ |
423 |
|
$ |
322 |
|
$ |
423 |
|
Minimum third party network service provider commitments |
At December 31, 2015, future minimum annual payments
under these third party network service contracts were as follows (in thousands):
Year ending March 31: |
|
|
|
|
|
|
Remaining 2016 |
|
|
|
|
$ |
751 |
2017 |
|
|
|
|
|
2,452 |
2018 |
|
|
|
|
|
891 |
Total minimum payments |
|
|
|
|
$ |
4,094 |
|
X |
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v3.3.1.900
Distribution of Stock-Based Compensation Plan Expense (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
Distribution Of Stock-based Compensation Plan Expense Tables |
|
Schedule Of Stock-Based Compensation Expense By Statement Of Operations Line Item |
The following table summarizes stock-based
compensation expense (in thousands):
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Cost of service revenue |
|
$ |
346 |
|
$ |
201 |
|
$ |
828 |
|
$ |
476 |
Cost of product revenue |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Research and development |
|
|
850 |
|
|
420 |
|
|
2,107 |
|
|
1,049 |
Sales and marketing |
|
|
1,689 |
|
|
966 |
|
|
4,308 |
|
|
2,620 |
General and administrative |
|
|
1,778 |
|
|
1,047 |
|
|
3,959 |
|
|
2,344 |
Total stock-based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
related to employee stock options and |
|
|
|
|
|
|
|
|
|
|
|
|
employee stock purchases, pre-tax |
|
|
4,663 |
|
|
2,634 |
|
|
11,202 |
|
|
6,489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax benefit |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Stock-based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
related to employee stock options and |
|
|
|
|
|
|
|
|
|
|
|
|
employee stock purchases, net of tax |
|
$ |
4,663 |
|
$ |
2,634 |
|
$ |
11,202 |
|
$ |
6,489 |
|
X |
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v3.3.1.900
Stock-Based Compensation And Employee Purchase Plan (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
Employee Stock Purchase Plan |
|
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The estimated fair value of options granted
under the Employee Stock Purchase Plan was estimated at the date of grant using Black-Scholes pricing model with the following
weighted average assumptions:
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Expected volatility |
|
|
- |
|
|
- |
|
|
45% |
|
|
46% |
Expected dividend yield |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Risk-free interest rate |
|
|
- |
|
|
- |
|
|
0.30% |
|
|
0.90% |
Weighted average expected ESPP option term |
|
|
- |
|
|
- |
|
|
0.75 years |
|
|
0.75 years |
Weighted average fair value of |
|
|
|
|
|
|
|
|
|
|
|
|
ESPP options granted |
|
$ |
- |
|
$ |
- |
|
$ |
2.78 |
|
$ |
2.46 |
|
Option Grants |
|
Disclosure Of Share-Based Compensation Arrangements By Share-Based Payment Award |
Stock Option activity under all the Company's
stock option plans for the nine months ended December 31, 2015, is summarized as follows:
|
|
|
|
|
Weighted Average |
|
|
Number of |
|
|
Exercise Price |
|
|
Shares |
|
|
Per Share |
Outstanding at March 31, 2015 |
|
5,327,907 |
|
$ |
5.19 |
Granted |
|
686,604 |
|
|
8.51 |
Exercised |
|
(647,158) |
|
|
2.54 |
Canceled/Forfeited |
|
(96,241) |
|
|
8.06 |
Outstanding at December 31, 2015 |
|
5,271,112 |
|
$ |
5.90 |
|
|
|
|
|
|
Vested and expected to vest at December 31, 2015 |
|
5,271,112 |
|
$ |
5.90 |
Exercisable at December 31, 2015 |
|
3,229,890 |
|
$ |
4.38 |
|
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The fair value of each of the Company's option
grants has been estimated on the date of grant using the Black-Scholes pricing model with the following assumptions:
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Expected volatility |
|
|
51% |
|
|
61% |
|
|
53% |
|
|
61% |
Expected dividend yield |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Risk-free interest rate |
|
|
1.75% |
|
|
1.71% |
|
|
1.60% |
|
|
1.71% |
Weighted average expected option term |
|
|
5.25 years |
|
|
6.10 years |
|
|
5.44 years |
|
|
6.00 years |
Weighted average fair value of options granted |
|
$ |
4.92 |
|
$ |
4.02 |
|
$ |
4.12 |
|
$ |
4.01 |
|
Stock Purchase Rights |
|
Disclosure Of Share-Based Compensation Arrangements By Share-Based Payment Award |
Stock Purchase Right activity for the nine
months ended December 31, 2015, is summarized as follows:
|
|
|
|
|
Weighted |
|
|
Weighted |
|
|
|
|
|
Average |
|
|
Average |
|
|
|
|
|
Grant-Date |
|
|
Remaining |
|
|
Number of |
|
|
Fair Market |
|
|
Contractual |
|
|
Shares |
|
|
Value |
|
|
Term (in Years) |
Balance at March 31, 2015 |
|
223,835 |
|
$ |
5.92 |
|
|
1.50 |
Granted |
|
- |
|
|
- |
|
|
|
Vested |
|
(107,039) |
|
|
5.36 |
|
|
|
Forfeited |
|
(20,750) |
|
|
7.59 |
|
|
|
Balance at December 31, 2015 |
|
96,046 |
|
$ |
6.18 |
|
|
0.95 |
|
Restricted Stock Units |
|
Disclosure Of Share-Based Compensation Arrangements By Share-Based Payment Award |
Restricted Stock Unit activity for the nine
months ended December 31, 2015, is summarized as follows:
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
Weighted |
|
|
Average |
|
|
|
|
|
Average |
|
|
Remaining |
|
|
Number of |
|
|
Grant Date |
|
|
Contractual |
|
|
Shares |
|
|
Fair Value |
|
|
Term (in Years) |
Balance at March 31, 2015 |
|
2,698,686 |
|
$ |
7.33 |
|
|
1.88 |
Granted |
|
2,516,522 |
|
|
8.67 |
|
|
|
Vested |
|
(529,797) |
|
|
7.62 |
|
|
|
Forfeited |
|
(175,815) |
|
|
7.98 |
|
|
|
Balance at December 31, 2015 |
|
4,509,596 |
|
$ |
8.02 |
|
|
1.82 |
|
X |
- DefinitionTabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.
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v3.3.1.900
Stock Options Outstanding And Exercisable (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
Stock Options Outstanding And Exercisable Tables |
|
Summary Of Outstanding And Exercisable Stock Options |
The following table summarizes stock options
outstanding and exercisable at December 31, 2015:
|
|
Options Outstanding |
|
Options Exercisable |
|
|
|
|
|
Weighted |
|
Weighted |
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
|
Average |
|
Average |
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
Exercise |
|
Remaining |
|
|
Aggregate |
|
|
|
|
Exercise |
|
|
Aggregate |
|
|
|
|
|
Price |
|
Contractual |
|
|
Intrinsic |
|
|
|
|
Price |
|
|
Intrinsic |
|
|
Shares |
|
|
Per Share |
|
Life (Years) |
|
|
Value |
|
Shares |
|
|
Per Share |
|
|
Value |
$ 0.55 to $ 1.26 |
|
1,079,850 |
|
$ |
1.12 |
|
1.8 |
|
$ |
11,160,555 |
|
1,079,850 |
|
$ |
1.12 |
|
$ |
11,160,555 |
$ 1.27 to $ 5.87 |
|
1,280,153 |
|
$ |
3.81 |
|
3.9 |
|
|
9,776,033 |
|
1,196,313 |
|
$ |
3.68 |
|
|
9,300,097 |
$ 6.86 to $ 8.15 |
|
1,305,587 |
|
$ |
7.38 |
|
9.0 |
|
|
5,313,052 |
|
311,797 |
|
$ |
7.17 |
|
|
1,333,417 |
$ 8.54 to $ 9.74 |
|
1,409,422 |
|
$ |
9.37 |
|
8.0 |
|
|
2,927,371 |
|
568,493 |
|
$ |
9.64 |
|
|
1,031,456 |
$ 10.50 to $ 11.26 |
|
196,100 |
|
$ |
10.97 |
|
8.5 |
|
|
94,420 |
|
73,437 |
|
$ |
11.10 |
|
|
25,937 |
|
|
5,271,112 |
|
|
|
|
|
|
$ |
29,271,431 |
|
3,229,890 |
|
|
|
|
$ |
22,851,462 |
|
X |
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- DefinitionTabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.
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v3.3.1.900
Stock Repurchases (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
Stock Repurchases Tables |
|
Stock Repurchases [Table Text Block] |
The stock repurchase activity for the three
months ended and as of December 31, 2015, is summarized as follows:
|
|
Shares |
|
|
Weighted Average |
|
|
Amount |
|
|
Repurchased |
|
|
Per Share |
|
|
Repurchased(1) |
Balances as of September 30, 2015 |
|
1,900,761 |
|
$ |
7.82 |
|
$ |
14,858,923 |
Purchase of common stock under Repurchase Plan |
|
65,841 |
|
|
8.27 |
|
|
544,622 |
Balances as of December 31, 2015 |
|
1,966,602 |
|
$ |
7.83 |
|
$ |
15,403,545 |
|
|
|
|
|
|
|
|
|
(1) Amount excludes commission fees. |
|
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v3.3.1.900
Net Income (Loss) Per Share (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
Net Income Loss Per Share Tables |
|
Net Income (Loss) Per Share |
The following is a reconciliation of the weighted
average number of common shares outstanding used in calculating basic and diluted net income (loss) per share (in thousands, except
share and per share data):
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common stockholders |
|
$ |
(1,680) |
|
$ |
444 |
|
$ |
(4,044) |
|
$ |
1,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
Common shares |
|
|
88,289 |
|
|
89,594 |
|
|
88,812 |
|
|
89,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for basic calculation |
|
|
88,289 |
|
|
89,594 |
|
|
88,812 |
|
|
89,107 |
Employee stock options |
|
|
- |
|
|
1,963 |
|
|
- |
|
|
2,210 |
Stock purchase rights |
|
|
- |
|
|
417 |
|
|
- |
|
|
435 |
Denominator for diluted calculation |
|
|
88,289 |
|
|
91,974 |
|
|
88,812 |
|
|
91,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.02) |
|
$ |
0.01 |
|
$ |
(0.05) |
|
$ |
0.02 |
Diluted |
|
$ |
(0.02) |
|
$ |
0.01 |
|
$ |
(0.05) |
|
$ |
0.02 |
|
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
The following shares attributable to outstanding
stock options and restricted stock purchase rights were excluded from the calculation of diluted earnings per share because their
inclusion would have been antidilutive (in thousands):
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Employee stock options |
|
|
1,232 |
|
|
2,106 |
|
|
2,539 |
|
|
1,634 |
Stock purchase rights |
|
|
- |
|
|
370 |
|
|
55 |
|
|
59 |
Total anti-dilutive employee stock-based securities |
|
|
1,232 |
|
|
2,476 |
|
|
2,594 |
|
|
1,693 |
|
X |
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v3.3.1.900
Segment Information (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
Segment Reporting [Abstract] |
|
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas |
The Company's revenue distribution by
geographic region (based upon the destination of shipments and the customer's service address) is as follows:
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Americas (principally US) |
|
|
87% |
|
|
92% |
|
|
87% |
|
|
92% |
Europe |
|
|
13% |
|
|
7% |
|
|
12% |
|
|
7% |
Asia Pacific |
|
|
0% |
|
|
1% |
|
|
1% |
|
|
1% |
|
|
|
100% |
|
|
100% |
|
|
100% |
|
|
100% |
Geographic area data is based upon the location
of the property and equipment and is as follows (in thousands):
|
|
|
December 31, |
|
|
March 31, |
|
|
|
2015 |
|
|
2015 |
Americas (principally US) |
|
$ |
8,756 |
|
$ |
8,348 |
Europe |
|
|
2,838 |
|
|
1,411 |
Asia-Pacific |
|
|
375 |
|
|
489 |
Total |
|
$ |
11,969 |
|
$ |
10,248 |
|
X |
- DefinitionTabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries.
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v3.3.1.900
Operating Segment Information (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
Operating Segment Information Tables |
|
Schedule of Segment Reporting Information, by Segment |
The following table provides financial information
by operating segment (in thousands):
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Americas (principally US): |
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue |
|
$ |
46,503 |
|
$ |
38,436 |
|
$ |
134,177 |
|
$ |
110,334 |
Net Income |
|
$ |
467 |
|
$ |
1,478 |
|
$ |
733 |
|
$ |
4,481 |
Europe: |
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue |
|
$ |
6,665 |
|
$ |
2,936 |
|
$ |
17,826 |
|
$ |
8,549 |
Net Loss |
|
$ |
(2,147) |
|
$ |
(1,034) |
|
$ |
(4,777) |
|
$ |
(2,738) |
|
X |
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v3.3.1.900
Acquisition (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
Business Combinations [Abstract] |
|
Schedule of Business Acquisitions, by Acquisition [Table Text Block] |
DXI Group Limited
The preliminary fair values of the assets
acquired and liabilities assumed are as follows (in thousands):
|
|
|
Estimated |
|
|
|
Fair Value |
Assets acquired: |
|
|
|
Cash |
|
$ |
1,318 |
Current assets |
|
|
2,016 |
Property and equipment |
|
|
1,453 |
Intangible assets |
|
|
13,374 |
Total assets acquired |
|
|
18,161 |
Liabilities assumed: |
|
|
|
Current liabilities and non-current liabilities |
|
|
(5,734) |
Total liabilities assumed |
|
|
(5,734) |
Net identifiable assets acquired |
|
|
12,427 |
Goodwill |
|
|
10,125 |
Total consideration transferred |
|
$ |
22,552 |
Quality Software Corporation
The preliminary fair values of the assets
acquired and liabilities assumed are as follows (in thousands):
|
|
|
Estimated |
|
|
|
Fair Value |
Assets acquired: |
|
|
|
Intangible assets |
|
$ |
1,225 |
Goodwill |
|
|
1,664 |
Total consideration transferred |
|
$ |
2,889 |
|
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|
v3.3.1.900
Cash, Cash Equivalents and Investments with Hierarchy (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Sep. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Mar. 31, 2014 |
Amortized Costs |
$ 155,009
|
|
$ 177,198
|
|
|
|
Gross Unrealized Gains |
17
|
|
71
|
|
|
|
Gross Unrealized Loss |
(441)
|
|
(175)
|
|
|
|
Estimated Fair Value |
154,585
|
|
177,094
|
|
|
|
Cash and cash equivalents |
23,866
|
|
53,110
|
$ 52,598
|
|
$ 59,159
|
Short-term marketable investments |
130,719
|
|
123,984
|
|
|
|
Liabilities, Fair Value Disclosure |
341
|
$ 391
|
0
|
$ 0
|
$ 0
|
$ 0
|
Aavailable-for-sale investments due within one year |
65,670
|
|
|
|
|
|
Aavailable-for-sale investments due after one year |
65,049
|
|
|
|
|
|
Level 1 |
|
|
|
|
|
|
Amortized Costs |
25,866
|
|
55,110
|
|
|
|
Gross Unrealized Gains |
0
|
|
0
|
|
|
|
Gross Unrealized Loss |
(198)
|
|
(107)
|
|
|
|
Estimated Fair Value |
25,668
|
|
55,003
|
|
|
|
Cash and cash equivalents |
23,866
|
|
53,110
|
|
|
|
Short-term marketable investments |
1,802
|
|
1,893
|
|
|
|
Level 2 |
|
|
|
|
|
|
Amortized Costs |
129,143
|
|
122,088
|
|
|
|
Gross Unrealized Gains |
17
|
|
71
|
|
|
|
Gross Unrealized Loss |
(243)
|
|
(68)
|
|
|
|
Estimated Fair Value |
128,917
|
|
122,091
|
|
|
|
Cash and cash equivalents |
0
|
|
0
|
|
|
|
Short-term marketable investments |
128,917
|
|
122,091
|
|
|
|
Level 3 |
|
|
|
|
|
|
Amortized Costs |
0
|
|
|
|
|
|
Gross Unrealized Gains |
0
|
|
|
|
|
|
Gross Unrealized Loss |
0
|
|
|
|
|
|
Estimated Fair Value |
341
|
|
|
|
|
|
Cash and cash equivalents |
0
|
|
|
|
|
|
Short-term marketable investments |
0
|
|
|
|
|
|
Liabilities, Fair Value Disclosure |
341
|
|
|
|
|
|
Cash |
|
|
|
|
|
|
Amortized Costs |
10,996
|
|
24,734
|
|
|
|
Gross Unrealized Gains |
0
|
|
0
|
|
|
|
Gross Unrealized Loss |
0
|
|
0
|
|
|
|
Estimated Fair Value |
10,996
|
|
24,734
|
|
|
|
Cash and cash equivalents |
10,996
|
|
24,734
|
|
|
|
Short-term marketable investments |
0
|
|
0
|
|
|
|
Money Market Funds | Level 1 |
|
|
|
|
|
|
Amortized Costs |
12,870
|
|
28,376
|
|
|
|
Gross Unrealized Gains |
0
|
|
0
|
|
|
|
Gross Unrealized Loss |
0
|
|
0
|
|
|
|
Estimated Fair Value |
12,870
|
|
28,376
|
|
|
|
Cash and cash equivalents |
12,870
|
|
28,376
|
|
|
|
Short-term marketable investments |
0
|
|
0
|
|
|
|
Mutual Funds | Level 1 |
|
|
|
|
|
|
Amortized Costs |
2,000
|
|
2,000
|
|
|
|
Gross Unrealized Gains |
0
|
|
0
|
|
|
|
Gross Unrealized Loss |
(198)
|
|
(107)
|
|
|
|
Estimated Fair Value |
1,802
|
|
1,893
|
|
|
|
Cash and cash equivalents |
0
|
|
0
|
|
|
|
Short-term marketable investments |
1,802
|
|
1,893
|
|
|
|
Commercial Paper | Level 2 |
|
|
|
|
|
|
Amortized Costs |
13,483
|
|
9,043
|
|
|
|
Gross Unrealized Gains |
1
|
|
1
|
|
|
|
Gross Unrealized Loss |
(3)
|
|
0
|
|
|
|
Estimated Fair Value |
13,481
|
|
9,044
|
|
|
|
Cash and cash equivalents |
0
|
|
0
|
|
|
|
Short-term marketable investments |
13,481
|
|
9,044
|
|
|
|
Corporate Debt | Level 2 |
|
|
|
|
|
|
Amortized Costs |
77,999
|
|
75,284
|
|
|
|
Gross Unrealized Gains |
14
|
|
57
|
|
|
|
Gross Unrealized Loss |
(138)
|
|
(10)
|
|
|
|
Estimated Fair Value |
77,875
|
|
75,331
|
|
|
|
Cash and cash equivalents |
0
|
|
0
|
|
|
|
Short-term marketable investments |
77,875
|
|
75,331
|
|
|
|
Municipal Securities | Level 2 |
|
|
|
|
|
|
Amortized Costs |
5,745
|
|
5,435
|
|
|
|
Gross Unrealized Gains |
1
|
|
2
|
|
|
|
Gross Unrealized Loss |
(1)
|
|
(1)
|
|
|
|
Estimated Fair Value |
5,745
|
|
5,436
|
|
|
|
Cash and cash equivalents |
0
|
|
0
|
|
|
|
Short-term marketable investments |
5,745
|
|
5,436
|
|
|
|
Asset-backed Securities | Level 2 |
|
|
|
|
|
|
Amortized Costs |
21,782
|
|
21,503
|
|
|
|
Gross Unrealized Gains |
0
|
|
4
|
|
|
|
Gross Unrealized Loss |
(46)
|
|
(5)
|
|
|
|
Estimated Fair Value |
21,736
|
|
21,502
|
|
|
|
Cash and cash equivalents |
0
|
|
0
|
|
|
|
Short-term marketable investments |
21,736
|
|
21,502
|
|
|
|
Mortgage backed Securities | Level 2 |
|
|
|
|
|
|
Amortized Costs |
2,328
|
|
5,822
|
|
|
|
Gross Unrealized Gains |
0
|
|
0
|
|
|
|
Gross Unrealized Loss |
(33)
|
|
(52)
|
|
|
|
Estimated Fair Value |
2,295
|
|
5,770
|
|
|
|
Cash and cash equivalents |
0
|
|
0
|
|
|
|
Short-term marketable investments |
2,295
|
|
5,770
|
|
|
|
Agency Bond | Level 2 |
|
|
|
|
|
|
Amortized Costs |
6,806
|
|
4,201
|
|
|
|
Gross Unrealized Gains |
0
|
|
3
|
|
|
|
Gross Unrealized Loss |
(22)
|
|
0
|
|
|
|
Estimated Fair Value |
6,784
|
|
4,204
|
|
|
|
Cash and cash equivalents |
0
|
|
0
|
|
|
|
Short-term marketable investments |
6,784
|
|
4,204
|
|
|
|
International Government Securities | Level 2 |
|
|
|
|
|
|
Amortized Costs |
1,000
|
|
800
|
|
|
|
Gross Unrealized Gains |
1
|
|
4
|
|
|
|
Gross Unrealized Loss |
0
|
|
0
|
|
|
|
Estimated Fair Value |
1,001
|
|
804
|
|
|
|
Cash and cash equivalents |
0
|
|
0
|
|
|
|
Short-term marketable investments |
1,001
|
|
$ 804
|
|
|
|
Contingent Consideration | Level 3 |
|
|
|
|
|
|
Amortized Costs |
0
|
|
|
|
|
|
Gross Unrealized Gains |
0
|
|
|
|
|
|
Gross Unrealized Loss |
0
|
|
|
|
|
|
Estimated Fair Value |
341
|
|
|
|
|
|
Cash and cash equivalents |
0
|
|
|
|
|
|
Short-term marketable investments |
0
|
|
|
|
|
|
Liabilities, Fair Value Disclosure |
$ 341
|
|
|
|
|
|
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v3.3.1.900
Intangible Assets Schedule Of Intangibles (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Mar. 31, 2015 |
Gross Carrying Amount |
$ 32,574
|
$ 18,885
|
Accumulated Amortization |
(9,524)
|
(6,625)
|
Net Carrying Amount |
23,050
|
12,260
|
Technology |
|
|
Gross Carrying Amount |
19,353
|
8,242
|
Accumulated Amortization |
(4,797)
|
(2,905)
|
Net Carrying Amount |
14,556
|
5,337
|
Customer relationships |
|
|
Gross Carrying Amount |
10,182
|
9,686
|
Accumulated Amortization |
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|
(3,720)
|
Net Carrying Amount |
5,650
|
5,966
|
Trade names/domains |
|
|
Gross Carrying Amount |
2,439
|
957
|
Accumulated Amortization |
(195)
|
0
|
Net Carrying Amount |
2,244
|
957
|
In-process R&D |
|
|
Gross Carrying Amount |
600
|
0
|
Accumulated Amortization |
0
|
0
|
Net Carrying Amount |
$ 600
|
$ 0
|
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Stock-based Compensation Stock-Based Compensation Expense By Statement Of Operations (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Stock-based employee compensation expense related to employee stock options and employee stock purchases, pre tax |
$ 4,663
|
$ 2,634
|
$ 11,202
|
$ 6,489
|
Tax benefit |
0
|
0
|
0
|
0
|
Stock-based employee compensation expense related to employee stock options and employee stock purchases, net of tax |
4,663
|
2,634
|
11,202
|
6,489
|
Cost of service revenue |
|
|
|
|
Stock-based employee compensation expense related to employee stock options and employee stock purchases, pre tax |
346
|
201
|
828
|
476
|
Cost of product revenue |
|
|
|
|
Stock-based employee compensation expense related to employee stock options and employee stock purchases, pre tax |
0
|
0
|
0
|
0
|
Research and development |
|
|
|
|
Stock-based employee compensation expense related to employee stock options and employee stock purchases, pre tax |
850
|
420
|
2,107
|
1,049
|
Sales and marketing |
|
|
|
|
Stock-based employee compensation expense related to employee stock options and employee stock purchases, pre tax |
1,689
|
966
|
4,308
|
2,620
|
General and administrative |
|
|
|
|
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$ 1,778
|
$ 1,047
|
$ 3,959
|
$ 2,344
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Dec. 31, 2015
$ / shares
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Stock-based Compensation Option Activity Details |
|
Balance at beginning of period | shares |
5,327,907
|
Granted | shares |
686,604
|
Exercised | shares |
(647,158)
|
Cancelled/forfeited | shares |
(96,241)
|
Balance at end of period | shares |
5,271,112
|
Options, Vested and expected to vest | shares |
5,271,112
|
Options, Exercisable at end of period | shares |
3,229,890
|
Weighted-average exercise price of options outstanding, at beginning of period | $ / shares |
$ 5.19
|
Weighted-average exercise price of options granted during period | $ / shares |
8.51
|
Weighted-average exercise price of options exercised during the period | $ / shares |
2.54
|
Weighted-average exercise price of options forfeited, cancelled or expired during the period | $ / shares |
8.06
|
Weighted-average exercise price of options outstanding at end of period | $ / shares |
5.90
|
Options, Vested and Expected to Vest, Weighted Average Exercise Price | $ / shares |
5.90
|
Weighted-Average Exercise Prices, Exercisable at end of period | $ / shares |
$ 4.38
|
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v3.3.1.900
Stock-based Compensation Stock Purchase Right Activity (Details)
|
9 Months Ended |
Dec. 31, 2015
$ / shares
shares
|
Stock-based Compensation Stock Purchase Right Activity Details |
|
Balance at beginning of year | shares |
223,835
|
Granted | shares |
0
|
Vested | shares |
(107,039)
|
Forfeited | shares |
(20,750)
|
Balance at end of year | shares |
96,046
|
Weighted-average grant date fair market value, beginning balance | $ / shares |
$ 5.92
|
Weighted-average grant date fair market value of restricted stock rights granted | $ / shares |
0
|
Weighted-average grant date fair market value, released during period | $ / shares |
5.36
|
Weighted-average grant date fair market value, forfeited during period | $ / shares |
7.59
|
Weighted-average grant date fair market value, ending balance | $ / shares |
$ 6.18
|
Weighted-average remaining contractual term, in years, ending balance |
342 days
|
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v3.3.1.900
Stock-based Compensation Restricted Stock Unit Activity (Details)
|
9 Months Ended |
|
Dec. 31, 2015
$ / shares
shares
|
Mar. 31, 2015 |
Stock-based Compensation Restricted Stock Unit Activity Details |
|
|
Balance at beginning of period | shares |
2,698,686
|
|
Granted | shares |
2,516,522
|
|
Vested | shares |
(529,797)
|
|
Forfeited | shares |
(175,815)
|
|
Balance at end of period | shares |
4,509,596
|
|
RSU weighted-average remaining contractual term, in years |
1.82
|
1.88
|
Beginning of period, weighted-average purchase price | $ / shares |
$ 7.33
|
|
Granted, weighted-average purchase price | $ / shares |
8.67
|
|
Vested, weighted-average purchase price | $ / shares |
7.62
|
|
Forfeited, weighted-average purchase price | $ / shares |
7.98
|
|
End of period, weighted-average purchase price | $ / shares |
$ 8.02
|
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v3.3.1.900
Stock-based Compenstaion Stock Options Outstanding And Exercisable (Details) - USD ($)
|
9 Months Ended |
|
Dec. 31, 2015 |
Mar. 31, 2015 |
Options Outstanding, Number of Shares |
5,271,112
|
5,327,907
|
Options Outstanding, Weighted-Average Exercise Price Per Share |
$ 5.90
|
$ 5.19
|
Options Exercisable, Number of Shares |
3,229,890
|
|
Options Exercisable, Weighted-Average Exercise Price Per Share |
$ 4.38
|
|
$0.55 - $1.26 |
|
|
Range of Exercise Prices, Minimum |
0.55
|
|
Range of Exercise Prices, Maximum |
$ 1.26
|
|
Options Outstanding, Number of Shares |
1,079,850
|
|
Options Outstanding, Weighted-Average Exercise Price Per Share |
$ 1.12
|
|
Options Outstanding, Weighted-Average Remaining Contractual Term (in years) |
1 year 288 days
|
|
Options Outstanding, Aggregate Intrinsic Value |
$ 11,160,555
|
|
Options Exercisable, Number of Shares |
1,079,850
|
|
Options Exercisable, Weighted-Average Exercise Price Per Share |
$ 1.12
|
|
Options Exercisable, Aggregate Intrinsic Value |
$ 11,160,555
|
|
$1.27 - $5.87 |
|
|
Range of Exercise Prices, Minimum |
$ 1.27
|
|
Range of Exercise Prices, Maximum |
$ 5.87
|
|
Options Outstanding, Number of Shares |
1,280,153
|
|
Options Outstanding, Weighted-Average Exercise Price Per Share |
$ 3.81
|
|
Options Outstanding, Weighted-Average Remaining Contractual Term (in years) |
3 years 324 days
|
|
Options Outstanding, Aggregate Intrinsic Value |
$ 9,776,033
|
|
Options Exercisable, Number of Shares |
1,196,313
|
|
Options Exercisable, Weighted-Average Exercise Price Per Share |
$ 3.68
|
|
Options Exercisable, Aggregate Intrinsic Value |
$ 9,300,097
|
|
$6.86 - $8.15 |
|
|
Range of Exercise Prices, Minimum |
$ 6.86
|
|
Range of Exercise Prices, Maximum |
$ 8.15
|
|
Options Outstanding, Number of Shares |
1,305,587
|
|
Options Outstanding, Weighted-Average Exercise Price Per Share |
$ 7.38
|
|
Options Outstanding, Weighted-Average Remaining Contractual Term (in years) |
9 years
|
|
Options Outstanding, Aggregate Intrinsic Value |
$ 5,313,052
|
|
Options Exercisable, Number of Shares |
311,797
|
|
Options Exercisable, Weighted-Average Exercise Price Per Share |
$ 7.17
|
|
Options Exercisable, Aggregate Intrinsic Value |
$ 1,333,417
|
|
$8.54 - $9.74 |
|
|
Range of Exercise Prices, Minimum |
$ 8.54
|
|
Range of Exercise Prices, Maximum |
$ 9.74
|
|
Options Outstanding, Number of Shares |
1,409,422
|
|
Options Outstanding, Weighted-Average Exercise Price Per Share |
$ 9.37
|
|
Options Outstanding, Weighted-Average Remaining Contractual Term (in years) |
8 years
|
|
Options Outstanding, Aggregate Intrinsic Value |
$ 2,927,371
|
|
Options Exercisable, Number of Shares |
568,493
|
|
Options Exercisable, Weighted-Average Exercise Price Per Share |
$ 9.64
|
|
Options Exercisable, Aggregate Intrinsic Value |
$ 1,031,456
|
|
$10.50 - $11.26 |
|
|
Range of Exercise Prices, Minimum |
$ 10.50
|
|
Range of Exercise Prices, Maximum |
$ 11.26
|
|
Options Outstanding, Number of Shares |
196,100
|
|
Options Outstanding, Weighted-Average Exercise Price Per Share |
$ 10.97
|
|
Options Outstanding, Weighted-Average Remaining Contractual Term (in years) |
8 years 180 days
|
|
Options Outstanding, Aggregate Intrinsic Value |
$ 94,420
|
|
Options Exercisable, Number of Shares |
73,437
|
|
Options Exercisable, Weighted-Average Exercise Price Per Share |
$ 11.10
|
|
Options Exercisable, Aggregate Intrinsic Value |
$ 25,937
|
|
$0.55 - $11.26 |
|
|
Range of Exercise Prices, Minimum |
$ 0.55
|
|
Range of Exercise Prices, Maximum |
$ 11.26
|
|
Options Outstanding, Number of Shares |
5,271,112
|
|
Options Outstanding, Aggregate Intrinsic Value |
$ 29,271,431
|
|
Options Exercisable, Number of Shares |
3,229,890
|
|
Options Exercisable, Aggregate Intrinsic Value |
$ 22,851,462
|
|
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Repurchases of Common Shares (Detail) - USD ($)
|
3 Months Ended |
9 Months Ended |
Dec. 31, 2015 |
Sep. 30, 2015 |
Dec. 31, 2015 |
Number of Shares |
|
65,841
|
1,900,761
|
1,966,602
|
Weighted Average Repurchase Price Per Share |
|
$ 8.27
|
$ 7.82
|
$ 7.83
|
Amount |
[1] |
$ 544,622
|
$ 14,858,923
|
$ 15,403,545
|
|
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Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Numerator: |
|
|
|
|
Net income (loss) available to common stockholders |
$ (1,680)
|
$ 444
|
$ (4,044)
|
$ 1,743
|
Denominator: |
|
|
|
|
Common shares |
88,289
|
89,594
|
88,812
|
89,107
|
Denominator for basic calculation |
88,289
|
89,594
|
88,812
|
89,107
|
Employee stock options |
0
|
1,963
|
0
|
2,210
|
Stock purchase rights |
0
|
417
|
0
|
435
|
Denominator for diluted calculation |
88,289
|
91,974
|
88,812
|
91,752
|
Net income (loss) per share: |
|
|
|
|
Basic |
$ (0.02)
|
$ 0.01
|
$ (0.05)
|
$ 0.02
|
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$ (0.02)
|
$ 0.01
|
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|
$ 0.02
|
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Net Income (Loss) Per Share (Options and Rights Excluded) (Details) - shares shares in Thousands |
3 Months Ended |
9 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Anti-dilutive shares |
1,232
|
2,476
|
2,594
|
1,693
|
Employee stock options |
|
|
|
|
Anti-dilutive shares |
1,232
|
2,106
|
2,539
|
1,634
|
Stock purchase rights |
|
|
|
|
Anti-dilutive shares |
0
|
370
|
55
|
59
|
X |
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3 Months Ended |
9 Months Ended |
|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Mar. 31, 2015 |
Geographic Areas, Revenue from External Customers |
100%
|
100%
|
100%
|
100%
|
|
Number of customers at more than 10% of revenue |
0
|
0
|
0
|
0
|
|
Geographic Areas, Long-Lived Assets |
$ 11,969
|
|
$ 11,969
|
|
$ 10,248
|
Americas |
|
|
|
|
|
Geographic Areas, Revenue from External Customers |
87%
|
92%
|
87%
|
92%
|
|
Geographic Areas, Long-Lived Assets |
$ 8,756
|
|
$ 8,756
|
|
8,348
|
Europe |
|
|
|
|
|
Geographic Areas, Revenue from External Customers |
13%
|
7%
|
12%
|
7%
|
|
Geographic Areas, Long-Lived Assets |
$ 2,838
|
|
$ 2,838
|
|
1,411
|
Asia-Pacific |
|
|
|
|
|
Geographic Areas, Revenue from External Customers |
0%
|
1%
|
1%
|
1%
|
|
Geographic Areas, Long-Lived Assets |
$ 375
|
|
$ 375
|
|
$ 489
|
X |
- DefinitionDisclosure about revenues from external customers (1) attributed to the entity's country of domicile and (2) attributed to all foreign countries in total from which the entity derives revenues.
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3 Months Ended |
9 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Net revenue |
$ 53,168
|
$ 41,372
|
$ 152,003
|
$ 118,883
|
Net income (loss) |
(1,680)
|
444
|
(4,044)
|
1,743
|
Americas |
|
|
|
|
Net revenue |
46,503
|
38,436
|
134,177
|
110,334
|
Net income (loss) |
467
|
1,478
|
733
|
4,481
|
Europe |
|
|
|
|
Net revenue |
6,665
|
2,936
|
17,826
|
8,549
|
Net income (loss) |
$ (2,147)
|
$ (1,034)
|
$ (4,777)
|
$ (2,738)
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.3.1.900
Acquisitions (Details) - USD ($) $ in Thousands |
2 Months Ended |
7 Months Ended |
Jun. 30, 2015 |
Dec. 31, 2015 |
DXI |
|
|
Assets acquired: |
|
|
Cash |
|
$ 1,318
|
Current assets |
|
2,016
|
Property and equipment |
|
1,453
|
Intangible assets |
|
13,374
|
Total assets acquired |
|
18,161
|
Liabilities assumed: |
|
|
Current and non-current liabilities |
|
(5,734)
|
Total liabilities assumed |
|
(5,734)
|
Net identifiable assets acquired |
|
12,427
|
Goodwill |
$ 10,125
|
|
Total consideration transferred |
|
22,552
|
Purchase price components |
|
|
Cash |
18,700
|
|
Contingent payments |
3,800
|
|
Total purchase price |
$ 22,500
|
|
Total revenue |
|
7,400
|
Net loss |
|
(2,000)
|
Business Acquisition, Transaction Costs |
|
900
|
Business Acquisition, Name of Acquired Entity |
DXI Group Limited
|
|
Business Acquisition, Description of Acquired Entity |
On May 26, 2015, the Company entered into
a share purchase agreement with the shareholders of DXI Limited, API Telecom Limited, Easycallnow Limited and RAS Telecom Limited
(collectively, DXI) for the purchase of the entire share capital of DXI. The transaction closed effective May 29, 2015 and was
not subject to regulatory approvals. The total aggregate purchase price was approximately $22.5 million, consisting of $18.7 million
in cash paid to the DXI shareholders at closing, and $3.8 million in cash deposited into escrow to be held for two years as security
against indemnity claims made by the Company after the closing date. Approximately 352,000 shares of common stock valued at approximately
$3.0 million were issued only to former management shareholders of DXI as part of the share purchase agreement and are subject
to certain restrictions, including a four-year annual vesting requirement based on the continued employment of such shareholders.
Under ASC 805-10-55-25, Business Combinations, the shares are considered post acquisition compensation vs. consideration
transferred. The value of the shares will be amortized over the vesting period of forty-eight months. The shares are further subject
to indemnity claims asserted by the Company prior to vesting. Vesting of the shares is subject to acceleration in the event of
the shareholder's death or disability, or upon an employment termination without adequate cause, as provided in the share purchase
agreement. The cash escrow also applies only to the management shareholders of DXI and is to be released in annual installments
over two years. The share purchase agreement contains representations and warranties by the management shareholders that are customary
in the UK for transactions of this size and nature. The Company also awarded restricted stock units representing the right to
receive approximately 53,000 shares of common stock that were valued at approximately $482,000 to certain continuing employees
of DXI, which will be amortized as stock-based compensation over the requisite service period.
|
|
Business Combination, Assets and Liabilities, Description |
The Company recorded the acquired tangible
and identifiable intangible assets and liabilities assumed based on their estimated fair values. The excess of the consideration
transferred over the aggregate fair values of the assets acquired and liabilities assumed is recorded as goodwill. The amount
of goodwill recognized is primarily attributable to the expected contributions of the entity to the overall corporate strategy
in addition to synergies and acquired workforce of the acquired business. The finite-lived intangible assets consist of the following:
customer relationships, with an estimated weighted-average useful life of two and five years; and developed technology, with an
estimated weighted-average useful life of seven years. The indefinite lived intangible asset consisted of a tradename. The fair
value assigned to identifiable intangible assets acquired was based on estimates and assumptions made by management using various
income approach methods. Intangible assets are amortized on a straight-line basis. The preliminary fair values of net tangible
assets and intangible assets acquired were based upon preliminary valuations and our estimates and assumptions are subject to
change within the measurement period (up to one year from the acquisition date). The primary areas that remain preliminary relate
to the fair values of intangible assets acquired, certain tangible assets and liabilities acquired, and residual goodwill.
None of the goodwill recognized is expected
to be deductible for income tax purposes.
DXI contributed revenue of approximately $7.4
million and ($2.0) million net loss for the period from the date of acquisition to December 31, 2015. Total acquisition related
costs were approximately $0.9 million. The Company determined that the acquisition was not deemed to be a material business combination
and it is impractical to include such pro forma information given the difficulty in obtaining the historical financial information
of DXI. Inclusion of such information would require the Company to make estimates and assumptions regarding DXI's historical financial
results that the Company believes may ultimately prove inaccurate.
In the second quarter of fiscal 2016, the
Company updated its analysis of the valuation of the assets and liabilities acquired, which resulted in an increase of approximately
$1.1 million to goodwill, a decrease in intangible assets of approximately $1.3 million, and a decrease to current and non-current
liabilities of $0.2 million, compared with the preliminary estimates recorded for the first quarter of fiscal 2016. The impact
of the change in preliminary values on the first quarter of fiscal 2016 statement of operations was not material. Therefore, no
measurement period adjustment was required.
|
|
Quality Software |
|
|
Assets acquired: |
|
|
Intangible assets |
|
1,225
|
Total assets acquired |
|
1,225
|
Liabilities assumed: |
|
|
Net identifiable assets acquired |
|
1,225
|
Goodwill |
$ 1,664
|
|
Total consideration transferred |
|
2,889
|
Purchase price components |
|
|
Cash |
2,200
|
|
Contingent payments |
700
|
|
Total purchase price |
$ 2,900
|
|
Business Acquisition, Transaction Costs |
|
$ 100
|
Business Acquisition, Name of Acquired Entity |
Quality Software Corporation
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Business Acquisition, Description of Acquired Entity |
On June 18, 2015, the Company entered into
an asset purchase agreement with the shareholder of QSC and other parties affiliated with the shareholder
and QSC for the purchase of certain assets as per the purchase agreement. The total aggregate fair value of the consideration
was approximately $2.9 million, which $2.2 million was paid in cash to the QSC shareholder at closing. As part of the aggregate
purchases price, there is also $0.5 million in contingent consideration payable subject to attainment of certain revenue and product
release milestones for the acquired business, and $0.3 million in cash held by the Company in escrow to be retained for two years
as security against indemnity claims made by the Company after the closing date. The preliminary fair value of the contingent
consideration and escrow amounts was $0.7 million at the acquisition date.
None of the goodwill recognized is expected
to be deductible for income tax purposes.
In the second quarter of fiscal 2016, the
Company updated its analysis of the valuation of the assets and liabilities acquired, which resulted in an increase of approximately
$1.1 million to goodwill, a decrease in intangible assets of approximately $1.3 million, and a decrease to current and non-current
liabilities of $0.2 million, compared with the preliminary estimates recorded for the first quarter of fiscal 2016. The impact
of the change in preliminary values on the first quarter of fiscal 2016 statement of operations was not material. Therefore, no
measurement period adjustment was required.
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Business Combination, Assets and Liabilities, Description |
The Company recorded the acquired
identifiable intangible assets and liabilities assumed based on their estimated fair values. The excess of the consideration
transferred over the aggregate fair values of the assets acquired and liabilities assumed is recorded as goodwill. The amount
of goodwill recognized is primarily attributable to the expected contributions of the entity to the overall corporate
strategy in addition to synergies and acquired workforce of the acquired business. The finite-lived intangible assets consist
of the following: customer relationships, with an estimated weighted-average useful life of five years; and developed
technology, with an estimated weighted-average useful life of seven years. The indefinite lived intangible asset consisted of
in-process research and development and a tradename. The fair value assigned to identifiable intangible assets acquired was
based on estimates and assumptions made by management using various income approach methods. Intangible assets are amortized
on a straight-line basis. The preliminary fair values of intangible assets acquired were based upon preliminary valuations
and our estimates and assumptions are subject to change within the measurement period (up to one year from the
acquisition date). The areas that remain preliminary relate to the fair values of intangible assets acquired and residual
goodwill.
The goodwill recognized is expected to be
deductible for income tax purposes.
QSC's contributions to revenue and income
for the period from the date of acquisition to December 31, 2015 were not material. Total acquisition related costs were approximately
$0.1 million. The Company determined that the acquisition was not deemed to be a material business combination and it is impractical
to include such pro forma information given the difficulty in obtaining the historical financial information of QSC. Inclusion
of such information would require the Company to make estimates and assumptions regarding QSC's historical financial results that
we believe may ultimately prove inaccurate.
In the second quarter of fiscal 2016, the
Company updated its analysis of the valuation of intangible assets with definitive lives, which resulted in $450,000 being reallocated
from intangibles to goodwill compared with the preliminary estimates recorded for the first quarter of fiscal 2016. The impact
of the change in preliminary values on the first quarter of fiscal 2016 statement of operations was not material. Therefore, no
measurement period adjustment was required.
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