Attached files
| file | filename |
|---|---|
| EX-32.2 - EX-32.2 - ORBCOMM Inc. | orbc-ex322_9.htm |
| EX-32.1 - EX-32.1 - ORBCOMM Inc. | orbc-ex321_8.htm |
| EX-31.2 - EX-31.2 - ORBCOMM Inc. | orbc-ex312_7.htm |
| EX-31.1 - EX-31.1 - ORBCOMM Inc. | orbc-ex311_6.htm |
| EX-10.1 - EX-10.1 - ORBCOMM Inc. | orbc-ex101_679.htm |
United States
Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-Q
(Mark One)
|
x |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2015
OR
|
¨ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 001-33118
ORBCOMM INC.
(Exact name of registrant as specified in its charter)
|
Delaware |
|
41-2118289 |
|
(State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer Identification No.) |
395 W. Passaic Street, Rochelle Park, New Jersey 07662
(Address of principal executive offices)
703-433-6300
(Registrant’s telephone number)
N/A
(Former name, former address and formal fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨
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 the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
|
Large accelerated filer |
|
¨ |
|
Accelerated filer |
|
x |
|
|
|
|
|
|
|
|
|
Non-accelerated filer |
|
¨ (Do not check if a smaller reporting company) |
|
Smaller reporting company |
|
o |
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 outstanding of the registrant’s common stock as of November 2, 2015 is 70,576,427.
|
PART I — FINANCIAL INFORMATION |
|
|
Item 1. Financial Statements |
|
|
Condensed Consolidated Balance Sheets (unaudited) as of September 30, 2015 and December 31, 2014 |
3 |
|
4 |
|
|
5 |
|
|
6 |
|
|
7 |
|
|
Notes to the Condensed Consolidated Financial Statements (unaudited) |
8 |
|
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |
26 |
|
Item 3. Quantitative and Qualitative Disclosures about Market Risks |
34 |
|
35 |
|
|
|
|
|
35 |
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|
35 |
|
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
35 |
|
35 |
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|
35 |
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35 |
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36 |
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37 |
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38 |
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
ORBCOMM Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
|
|
September 30, |
|
|
December 31, |
|
||
|
|
2015 |
|
|
2014 |
|
||
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
58,490 |
|
|
$ |
91,565 |
|
|
Cash held for acquisition |
|
— |
|
|
|
123,000 |
|
|
Accounts receivable, net of allowance for doubtful accounts of $764 and $706, respectively |
|
34,453 |
|
|
|
23,194 |
|
|
Inventories |
|
17,077 |
|
|
|
11,650 |
|
|
Prepaid expenses and other current assets |
|
4,961 |
|
|
|
2,333 |
|
|
Deferred income taxes |
|
3,208 |
|
|
|
814 |
|
|
Total current assets |
|
118,189 |
|
|
|
252,556 |
|
|
Satellite network and other equipment, net |
|
195,238 |
|
|
|
180,621 |
|
|
Goodwill |
|
101,899 |
|
|
|
39,870 |
|
|
Intangible assets, net |
|
91,660 |
|
|
|
26,334 |
|
|
Restricted cash |
|
1,195 |
|
|
|
1,195 |
|
|
Other assets |
|
7,269 |
|
|
|
5,921 |
|
|
Deferred income taxes |
|
51 |
|
|
|
51 |
|
|
Total assets |
$ |
515,501 |
|
|
$ |
506,548 |
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
$ |
8,975 |
|
|
$ |
8,750 |
|
|
Accrued liabilities |
|
22,668 |
|
|
|
20,336 |
|
|
Current portion of deferred revenue |
|
4,821 |
|
|
|
3,525 |
|
|
Total current liabilities |
|
36,464 |
|
|
|
32,611 |
|
|
Note payable - related party |
|
1,275 |
|
|
|
1,389 |
|
|
Note payable |
|
150,000 |
|
|
|
150,000 |
|
|
Deferred revenue, net of current portion |
|
2,532 |
|
|
|
2,579 |
|
|
Deferred tax liabilities |
|
20,555 |
|
|
|
5,696 |
|
|
Other liabilities |
|
6,015 |
|
|
|
5,764 |
|
|
Total liabilities |
|
216,841 |
|
|
|
198,039 |
|
|
Commitments and contingencies |
|
— |
|
|
|
— |
|
|
Equity: |
|
|
|
|
|
|
|
|
ORBCOMM Inc. stockholders' equity |
|
|
|
|
|
|
|
|
Preferred Stock Series A, par value $0.001; 1,000,000 shares authorized; 93,707 and 90,973 shares issued and outstanding at September 30, 2015 and December 31, 2014 |
|
936 |
|
|
|
909 |
|
|
Common stock, par value $0.001; 250,000,000 shares authorized; 70,504,396 and 70,109,488 shares issued at September 30, 2015 and December 31, 2014 |
|
71 |
|
|
|
70 |
|
|
Additional paid-in capital |
|
380,120 |
|
|
|
376,297 |
|
|
Accumulated other comprehensive income |
|
(991 |
) |
|
|
(583 |
) |
|
Accumulated deficit |
|
(81,654 |
) |
|
|
(68,137 |
) |
|
Less treasury stock, at cost; 29,990 shares at September 30, 2015 and December 31, 2014 |
|
(96 |
) |
|
|
(96 |
) |
|
Total ORBCOMM Inc. stockholders' equity |
|
298,386 |
|
|
|
308,460 |
|
|
Noncontrolling interest |
|
274 |
|
|
|
49 |
|
|
Total equity |
|
298,660 |
|
|
|
308,509 |
|
|
Total liabilities and equity |
$ |
515,501 |
|
|
$ |
506,548 |
|
See notes to condensed consolidated financial statements.
3
ORBCOMM Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
|
|
|
Quarters Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service revenues |
|
$ |
25,048 |
|
|
$ |
15,184 |
|
|
$ |
72,833 |
|
|
$ |
44,512 |
|
|
Product sales |
|
|
21,036 |
|
|
|
7,942 |
|
|
|
60,464 |
|
|
|
22,262 |
|
|
Total revenues |
|
|
46,084 |
|
|
|
23,126 |
|
|
|
133,297 |
|
|
|
66,774 |
|
|
Cost of revenues, exclusive of depreciation and amortization shown below: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of services |
|
|
8,766 |
|
|
|
5,291 |
|
|
|
24,788 |
|
|
|
14,991 |
|
|
Cost of product sales |
|
|
15,424 |
|
|
|
5,524 |
|
|
|
44,162 |
|
|
|
16,098 |
|
|
Gross profit |
|
|
21,894 |
|
|
|
12,311 |
|
|
|
64,347 |
|
|
|
35,685 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
10,668 |
|
|
|
8,720 |
|
|
|
33,134 |
|
|
|
23,840 |
|
|
Product development |
|
|
1,202 |
|
|
|
788 |
|
|
|
4,628 |
|
|
|
2,108 |
|
|
Depreciation and amortization |
|
|
6,331 |
|
|
|
2,481 |
|
|
|
19,426 |
|
|
|
6,470 |
|
|
Impairment loss - satellite network |
|
|
— |
|
|
|
— |
|
|
|
12,748 |
|
|
|
— |
|
|
Acquisition - related and integration costs |
|
|
500 |
|
|
|
247 |
|
|
|
4,061 |
|
|
|
1,613 |
|
|
Income (loss) from operations |
|
|
3,193 |
|
|
|
75 |
|
|
|
(9,650 |
) |
|
|
1,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
90 |
|
|
|
14 |
|
|
|
246 |
|
|
|
31 |
|
|
Other (expense) income |
|
|
(85 |
) |
|
|
62 |
|
|
|
307 |
|
|
|
107 |
|
|
Interest expense |
|
|
(1,332 |
) |
|
|
(2 |
) |
|
|
(3,906 |
) |
|
|
(3 |
) |
|
Total other (expense) income |
|
|
(1,327 |
) |
|
|
74 |
|
|
|
(3,353 |
) |
|
|
135 |
|
|
Income (loss) before income taxes |
|
|
1,866 |
|
|
|
149 |
|
|
|
(13,003 |
) |
|
|
1,789 |
|
|
Income taxes |
|
|
221 |
|
|
|
145 |
|
|
|
312 |
|
|
|
745 |
|
|
Net income (loss) |
|
|
1,645 |
|
|
|
4 |
|
|
|
(13,315 |
) |
|
|
1,044 |
|
|
Less: Net income (loss) attributable to the noncontrolling interests |
|
|
54 |
|
|
|
37 |
|
|
|
175 |
|
|
|
105 |
|
|
Net income (loss) attributable to ORBCOMM Inc. |
|
$ |
1,591 |
|
|
$ |
(33 |
) |
|
$ |
(13,490 |
) |
|
$ |
939 |
|
|
Net income (loss) attributable to ORBCOMM Inc. common stockholders |
|
$ |
1,582 |
|
|
$ |
(33 |
) |
|
$ |
(13,517 |
) |
|
$ |
920 |
|
|
Per share information-basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to ORBCOMM Inc. common stockholders |
|
$ |
0.02 |
|
|
$ |
(0.00 |
) |
|
$ |
(0.19 |
) |
|
$ |
0.02 |
|
|
Per share information-diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to ORBCOMM Inc. common stockholders |
|
$ |
0.02 |
|
|
$ |
(0.00 |
) |
|
$ |
(0.19 |
) |
|
$ |
0.02 |
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
70,460 |
|
|
|
55,247 |
|
|
|
70,376 |
|
|
|
54,561 |
|
|
Diluted |
|
|
71,918 |
|
|
|
55,247 |
|
|
|
70,376 |
|
|
|
56,275 |
|
See notes to condensed consolidated financial statements.
4
ORBCOMM Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(In thousands)
(Unaudited)
|
|
|
Quarters Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
||||
|
Net income (loss) |
|
$ |
1,645 |
|
|
$ |
4 |
|
|
$ |
(13,315 |
) |
|
$ |
1,044 |
|
|
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
186 |
|
|
|
(367 |
) |
|
|
(358 |
) |
|
|
(425 |
) |
|
Other comprehensive income (loss) |
|
|
186 |
|
|
|
(367 |
) |
|
|
(358 |
) |
|
|
(425 |
) |
|
Comprehensive income (loss) |
|
|
1,831 |
|
|
|
(363 |
) |
|
|
(13,673 |
) |
|
|
619 |
|
|
Less: Comprehensive (income) loss attributable to noncontrolling interests |
|
|
(50 |
) |
|
|
(93 |
) |
|
|
(225 |
) |
|
|
(168 |
) |
|
Comprehensive income (loss) attributable to ORBCOMM Inc. |
|
$ |
1,781 |
|
|
$ |
(456 |
) |
|
$ |
(13,898 |
) |
|
$ |
451 |
|
See notes to condensed consolidated financial statements.
5
ORBCOMM Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
|
|
Nine Months Ended September 30, |
|
|||||
|
|
2015 |
|
|
2014 |
|
||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net (loss) income |
$ |
(13,315 |
) |
|
$ |
1,044 |
|
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Change in allowance for doubtful accounts |
|
167 |
|
|
|
350 |
|
|
Change in the fair value of acquisition-related contingent consideration |
|
(674 |
) |
|
|
(579 |
) |
|
Amortization of the fair value adjustment related to warranty liabilities acquired through acquisitions |
|
(12 |
) |
|
|
(156 |
) |
|
Amortization of deferred financing fees |
|
348 |
|
|
|
— |
|
|
Depreciation and amortization |
|
19,426 |
|
|
|
6,470 |
|
|
Impairment loss - satellite network |
|
12,748 |
|
|
|
— |
|
|
Stock-based compensation |
|
3,214 |
|
|
|
2,627 |
|
|
Foreign exchange gains |
|
(419 |
) |
|
|
(192 |
) |
|
Increase in fair value of indemnification assets |
|
— |
|
|
|
(126 |
) |
|
Loss on settlement agreement in connection with the indemnification assets |
|
— |
|
|
|
97 |
|
|
Deferred income taxes |
|
62 |
|
|
|
333 |
|
|
Other |
|
— |
|
|
|
201 |
|
|
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
3,408 |
|
|
|
(73 |
) |
|
Inventories |
|
(4,275 |
) |
|
|
(5,576 |
) |
|
Prepaid expenses and other assets |
|
(470 |
) |
|
|
(716 |
) |
|
Accounts payable and accrued liabilities |
|
(8,730 |
) |
|
|
1,178 |
|
|
Deferred revenue |
|
(118 |
) |
|
|
614 |
|
|
Other liabilities |
|
(175 |
) |
|
|
388 |
|
|
Net cash provided by operating activities |
|
11,185 |
|
|
|
5,884 |
|
|
Cash flows from investing activities, net of acquisitions: |
|
|
|
|
|
|
|
|
Acquisition of businesses, net of cash acquired |
|
(133,078 |
) |
|
|
(28,883 |
) |
|
Capital expenditures |
|
(32,106 |
) |
|
|
(41,892 |
) |
|
Cash released from escrow for acquisition |
|
123,000 |
|
|
|
— |
|
|
Proceeds received from settlement agreement in connection with the indemnification assets |
|
— |
|
|
|
691 |
|
|
Proceeds from warranty claim on acquired inventory |
|
— |
|
|
|
167 |
|
|
Net cash used in investing activities |
|
(42,184 |
) |
|
|
(69,917 |
) |
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
Proceeds received from issuance of common stock in connection with public offering, net of underwriters' discounts and commissions and offering costs |
|
— |
|
|
|
36,607 |
|
|
Proceeds received from issuance of long-term debt |
|
10,000 |
|
|
|
— |
|
|
Cash paid for debt issuance costs |
|
(842 |
) |
|
|
— |
|
|
Proceeds received from exercise of stock options |
|
244 |
|
|
|
62 |
|
|
Payment of deferred purchase consideration |
|
(1,106 |
) |
|
|
(25 |
) |
|
Principal payment of revolving credit facility |
|
(10,000 |
) |
|
|
— |
|
|
Principal payments of capital leases |
|
(72 |
) |
|
|
(135 |
) |
|
Net cash (used in) provided by financing activities |
|
(1,776 |
) |
|
|
36,509 |
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
(300 |
) |
|
|
(276 |
) |
|
Net decrease in cash and cash equivalents |
|
(33,075 |
) |
|
|
(27,800 |
) |
|
Beginning of period |
|
91,565 |
|
|
|
68,354 |
|
|
End of period |
$ |
58,490 |
|
|
$ |
40,554 |
|
|
Supplemental disclosures of cash flow information: |
|
|
|
|
|
|
|
|
Cash paid for |
|
|
|
|
|
|
|
|
Interest |
$ |
6,747 |
|
|
$ |
3,206 |
|
|
Income taxes |
$ |
584 |
|
|
$ |
237 |
|
|
Supplemental schedule of noncash investing and financing activities |
|
|
|
|
|
|
|
|
Noncash investing and financing activities: |
|
|
|
|
|
|
|
|
Capital expenditures incurred not yet paid |
$ |
2,030 |
|
|
$ |
6,372 |
|
|
Stock-based compensation included in capital expenditures |
$ |
130 |
|
|
$ |
227 |
|
|
Series A convertible preferred stock dividend paid in kind |
$ |
27 |
|
|
$ |
19 |
|
|
Issuance of common stock as consideration for acquisition of Euroscan |
$ |
— |
|
|
$ |
2,243 |
|
|
Common stock issued as payment for MPUs |
$ |
358 |
|
|
$ |
213 |
|
|
Acquisition-related contingent consideration |
$ |
542 |
|
|
$ |
4,809 |
|
|
Unpaid debt issuance costs included in accrued liabilities |
$ |
— |
|
|
$ |
1,524 |
|
See notes to condensed consolidated financial statements.
6
ORBCOMM Inc.
Condensed Consolidated Statements of Changes in Equity
Nine months ended September 30, 2015 and 2014
(in thousands, except share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A convertible |
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Preferred stock |
|
|
Common stock |
|
|
paid-in |
|
|
comprehensive |
|
|
Accumulated |
|
|
Treasury stock |
|
|
Noncontrolling |
|
|
Total |
|
||||||||||||||||||||
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
capital |
|
|
income |
|
|
deficit |
|
|
Shares |
|
|
Amount |
|
|
interests |
|
|
equity |
|
|||||||||||
|
Balances, January 1, 2015 |
|
|
90,973 |
|
|
$ |
909 |
|
|
|
70,109,488 |
|
|
$ |
70 |
|
|
$ |
376,297 |
|
|
$ |
(583 |
) |
|
$ |
(68,137 |
) |
|
|
29,990 |
|
|
$ |
(96 |
) |
|
$ |
49 |
|
|
$ |
308,509 |
|
|
Vesting of restricted stock units |
|
|
— |
|
|
|
— |
|
|
|
227,382 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
3,221 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,222 |
|
|
Common stock issued as payment for MPUs |
|
|
— |
|
|
|
— |
|
|
|
54,801 |
|
|
|
— |
|
|
|
358 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
358 |
|
|
Series A convertible preferred stock dividend paid in kind |
|
|
2,734 |
|
|
|
27 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(27 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Exercise of SARs |
|
|
— |
|
|
|
— |
|
|
|
62,725 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Exercise of stock options |
|
|
— |
|
|
|
— |
|
|
|
50,000 |
|
|
|
— |
|
|
|
244 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
244 |
|
|
Net income (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13,490 |
) |
|
|
— |
|
|
|
— |
|
|
|
175 |
|
|
|
(13,315 |
) |
|
Foreign currency translation adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(408 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
50 |
|
|
|
(358 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances, September 30, 2015 |
|
|
93,707 |
|
|
$ |
936 |
|
|
|
70,504,396 |
|
|
$ |
71 |
|
|
$ |
380,120 |
|
|
$ |
(991 |
) |
|
$ |
(81,654 |
) |
|
|
29,990 |
|
|
$ |
(96 |
) |
|
$ |
274 |
|
|
$ |
298,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances, January 1, 2014 |
|
|
102,054 |
|
|
$ |
1,019 |
|
|
|
48,216,480 |
|
|
$ |
48 |
|
|
$ |
255,358 |
|
|
$ |
235 |
|
|
$ |
(63,416 |
) |
|
|
29,990 |
|
|
|
(96 |
) |
|
$ |
(200 |
) |
|
$ |
192,948 |
|
|
Vesting of restricted stock units |
|
|
— |
|
|
|
— |
|
|
|
279,538 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,580 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,580 |
|
|
Proceeds received from issuance of common stock in connection with public offering, net of underwriters' discounts and commissions and offering costs of $2,228 |
|
|
— |
|
|
|
— |
|
|
|
6,325,000 |
|
|
|
6 |
|
|
|
36,601 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
36,607 |
|
|
Common stock issued as payment for MPUs |
|
|
— |
|
|
|
— |
|
|
|
33,594 |
|
|
|
— |
|
||||||||||||||||||||||||||||