United states securities and exchange commission

(in thousands)

 

		Year Ended December 31,
		2016				2015				2014
Operating Activities:
Net loss		$	(53,568	)		$	(52,978	)		$	(41,427	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property and equipment			3,981				2,672				1,760
Amortization of intangible assets			405				309				306
Amortization of deferred financing costs			46				54				61
Change in fair value of warrant liability			(62	)			653				2,575
Excess tax benefit for stock-based compensation			—				—				(872	)
Stock-based compensation			10,674				9,236				8,198
Other			92				193				200
Changes in assets and liabilities:
Accounts receivable, net			(8,837	)			(1,532	)			(4,335	)
Prepaid expenses and other assets			(818	)			(2,673	)			(2,296	)
Accounts payable and accrued liabilities			3,732				3,938				2,542
Deferred revenue			23,566				20,371				12,488
Deferred rent			(474	)			719				515
Other liabilities			(345	)			(313	)			(110	)
Net cash used in operating activities			(21,608	)			(19,351	)			(20,395	)
Investing Activities:
Purchases of property and equipment			(7,021	)			(6,696	)			(2,440	)
Purchases of intangible assets			(721	)			—				(6	)
Proceeds from disposal of property and equipment			63				64				37
Purchases of marketable securities			(28,752	)			(1,456	)			(1,155	)
Sale of marketable securities			—				—				10,402
Maturities of marketable securities			5,125				1,619				3,415
Acquisition of 12 Spokes			—				—				(250	)
Net cash (used in) provided by investing activities			(31,306	)			(6,469	)			10,003
Financing Activities:
IPO proceeds, net of offering costs paid of $3,261			—				72,032				—
Proceeds from issuance of redeemable convertible preferred stock, net of issuance    costs of $0, $0 and $103 in the years ended December 31, 2016,    2015 and 2014, respectively			—				—				39,897
Proceeds from exercise of redeemable convertible preferred    stock warrants			—				250				—
Proceeds from issuance of common stock from employee equity plans			7,009				349				751
Shares repurchased for tax withholdings on vesting of restricted stock			(27	)			—				—
Payments of line of credit financing costs			—				(32	)			(80	)
Repayment of capital lease obligations			—				(223	)			(271	)
Excess tax benefit for stock-based compensation			—				—				872
Net cash provided by financing activities			6,982				72,376				41,169
Net increase in cash and cash equivalents			(45,932	)			46,556				30,777
Cash and cash equivalents, beginning of period			90,471				43,915				13,138
Cash and cash equivalents, end of period		$	44,539			$	90,471			$	43,915
Supplemental cash flow disclosure:
Cash paid for taxes		$	163			$	67			$	11
Cash paid for interest		$	—			$	19			$	51
Non-cash investing and financing activities:
Conversion of redeemable convertible preferred stock to common stock		$	—			$	(93,770	)		$	—
Leasehold improvements		$	—			$	23			$	—
Issuance of common stock for exercise of common stock warrant		$	244			$	—			$	—
Capital expenditures incurred but not yet paid		$	174			$	138			$	33
Line of credit financing costs		$	—			$	—			$	58
Issuance of common stock for acquisition		$	—			$	—			$	104
Deemed dividends to investors		$	—			$	632			$	—
Vesting of common stock subject to repurchase		$	25			$	48			$	149