MaxPoint Interactive, Inc. - 10-K filing on 2016-03-10

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Stock Repurchase Program On March 4, 2016, the Company’s board of directors authorized a stock repurchase program under which the Company is authorized to repurchase up to $4.0 million of its outstanding common stock. The Company’s stock repurchase program does not obligate it to acquire any specific number of shares. Revolving Line of Credit Amendment On March 8, 2016, the Company amended its Amended New Loan and Security Agreement, as described in Note 6. The second amendment to the Amended New Loan and Security Agreement (the "Second Amended New Loan and Security Agreement") changed the following terms and conditions to the Amended New Loan and Security Agreement and Amended New Revolving Line of Credit (the "Second Amended New Revolving Line of Credit") by: (1) extending the maturity date to June 11, 2017; (2) removing the $5.0 million minimum cash and availability requirement (defined as cash held at the lender plus the unused credit line availability amount); and (3) changing the applicable interest rate on outstanding amounts under the Second Amended New Revolving Line of Credit to a floating rate per annum equal to the prime referenced rate plus a potential applicable margin ranging from 0.00% to 1.50%. In addition, with this amendment, the Company is required to comply with certain financial covenants, including the following: Adjusted EBITDA. The Company is required to maintain specified quarterly Adjusted EBITDA, which is defined for this purpose, with respect to any trailing twelve month period, as an amount equal to the sum of net income, plus (a) interest expense, plus (b) to the extent deducted in the calculation of net income, depreciation expense and amortization expense, plus (c) income tax expense, plus or minus (d) change in deferred revenue, less, (e) capitalized software development expenses, plus (f) any non-cash items such as stock-compensation expense (and other mutually agreed upon non-cash items), plus one-time non-recurring charges subject to the lenders approval. This covenant is to be tested on a quarterly basis beginning June 30, 2016. Adjusted Quick Ratio. The Company is required to maintain at all times a 1.10 monthly minimum Adjusted Quick Ratio, which is defined as the ratio of cash held at the lender and cash equivalents plus net accounts receivables to current liabilities (including all debt outstanding under the Second Amended New Revolving Line of Credit) minus the current portion of deferred revenue. This covenant is to be tested on a monthly basis. There were no modifications to any other significant terms with the Second Amended New Loan and Security Agreement.