|
Provision for Income Taxes (Tables)
|
12 Months Ended |
|
Dec. 31, 2014
|
| Income Tax Disclosure [Abstract] |
|
| Schedule of loss before income taxes by jurisdiction |
Loss before provision for income taxes by jurisdiction consists of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended
January 31, |
|
Eleven months ended
December 31, |
|
Twelve months ended
December 31, |
|
2013 |
|
2013 |
|
2014 |
|
(in thousands) |
Jurisdiction |
|
|
|
|
|
Domestic |
$ |
(39,891 |
) |
|
$ |
(24,005 |
) |
|
$ |
(24,230 |
) |
Foreign |
1,748 |
|
|
(2,918 |
) |
|
(5,592 |
) |
Loss before provision for income taxes |
$ |
(38,143 |
) |
|
$ |
(26,923 |
) |
|
$ |
(29,822 |
) |
|
| Schedule of provision for income tax expense |
The provision for income taxes consists of the following:
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|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended
January 31, |
|
Eleven months ended
December 31, |
|
Twelve months ended
December 31, |
|
2013 |
|
2013 |
|
2014 |
|
|
|
(in thousands) |
|
|
Current |
|
|
|
|
|
Federal |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
State and local |
(4 |
) |
|
7 |
|
|
353 |
|
International |
9 |
|
|
87 |
|
|
231 |
|
Total current income tax expense |
$ |
5 |
|
|
$ |
94 |
|
|
$ |
584 |
|
Deferred |
|
|
|
|
|
Federal |
(10,098 |
) |
|
(10,166 |
) |
|
(9,996 |
) |
State and local |
(1,573 |
) |
|
(2,027 |
) |
|
(6,238 |
) |
Valuation allowance |
11,671 |
|
|
12,193 |
|
|
16,234 |
|
Total deferred income tax expense |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Total provision for income taxes |
$ |
5 |
|
|
$ |
94 |
|
|
$ |
584 |
|
|
| Schedule of reconciliation of the statutory federal rate and effective tax rate |
The following table presents a reconciliation of the statutory federal rate and our effective tax rate:
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|
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|
|
|
Twelve months ended
January 31, |
|
Eleven months ended
December 31, |
|
Twelve months ended
December 31, |
|
2013 |
|
2013 |
|
2014 |
U.S. federal taxes at statutory rate |
34 |
% |
|
34 |
% |
|
34 |
% |
State taxes, net of federal benefit |
— |
|
|
— |
|
|
(1 |
) |
Permanent differences |
(2 |
) |
|
5 |
|
|
4 |
|
Foreign rate differential |
(2 |
) |
|
(4 |
) |
|
(7 |
) |
Federal and state credits, net of reserve |
2 |
|
|
8 |
|
|
11 |
|
Change in valuation allowance |
(30 |
) |
|
(46 |
) |
|
(55 |
) |
Change in rate |
(2 |
) |
|
— |
|
|
6 |
|
Deferred adjustments |
— |
|
|
3 |
|
|
6 |
|
Effective tax rate |
— |
% |
|
— |
% |
|
(2 |
)% |
|
| Schedule of major components of deferred tax assets and liabilities |
The major components of deferred tax assets and liabilities consist of the following:
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|
|
|
|
|
|
|
|
|
As of December 31, |
|
2013 |
|
2014 |
|
(in thousands) |
Deferred tax assets |
|
|
|
Net operating loss carryforwards |
$ |
34,525 |
|
|
$ |
27,487 |
|
Tax credit carryforwards |
5,745 |
|
|
10,839 |
|
Allowances and other |
7,037 |
|
|
13,832 |
|
Stock options |
10,159 |
|
|
24,215 |
|
Depreciation and amortization |
323 |
|
|
255 |
|
Total deferred tax assets |
$ |
57,789 |
|
|
$ |
76,628 |
|
Deferred tax liabilities |
|
|
|
Depreciation and amortization |
(41 |
) |
|
(2,645 |
) |
Total deferred tax liabilities |
$ |
(41 |
) |
|
$ |
(2,645 |
) |
Valuation allowance |
(57,748 |
) |
|
(73,983 |
) |
Net deferred tax assets |
$ |
— |
|
|
$ |
— |
|
|
| Schedule of reconciliation of beginning and ending amounts of unrecognized tax benefits |
A reconciliation of the beginning and ending amounts of unrecognized tax benefits (excluding interest and penalties) is as follows:
|
|
|
|
|
|
|
|
|
|
Eleven months ended
December 31, |
|
Twelve months ended
December 31, |
|
2013 |
|
2014 |
|
(in thousands) |
Beginning balance |
$ |
2,633 |
|
|
$ |
5,220 |
|
Increases related to tax positions taken during a prior year |
108 |
|
|
1,161 |
|
Decreases related to tax positions taken during a prior year |
— |
|
|
(1,924 |
) |
Increases related to tax positions taken during the current year |
2,479 |
|
|
1,336 |
|
Ending balance |
$ |
5,220 |
|
|
$ |
5,793 |
|
|