| Quarterly Financial Information ( Unaudited ) |
14. Quarterly Financial Information (Unaudited—see accompanying accountants' report)
The following tables set forth certain unaudited quarterly financial data for 2015 and 2014. This unaudited information has been prepared on the same basis as the audited information included elsewhere in this Annual Report and includes all adjustments necessary to present fairly the information set forth therein. The operating results are not necessarily indicative of results for any future period.
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|
|
Three Months Ended
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|
|
|
|
March 31,
2015
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June 30,
2015
|
|
September 30,
2015
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|
December 31,
2015
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|
|
|
|
(in thousands, except share and per share amounts)
|
|
|
Revenue
|
|
$
|
34,612
|
|
$
|
35,238
|
|
$
|
37,092
|
|
$
|
43,252
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Servicing and support
|
|
|
7,550
|
|
|
7,903
|
|
|
7,845
|
|
|
8,749
|
|
|
Technology and content development
|
|
|
6,134
|
|
|
6,466
|
|
|
7,082
|
|
|
7,529
|
|
|
Program marketing and sales
|
|
|
19,587
|
|
|
21,526
|
|
|
21,567
|
|
|
20,231
|
|
|
General and administrative
|
|
|
6,711
|
|
|
8,871
|
|
|
8,477
|
|
|
10,064
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and expenses
|
|
|
39,982
|
|
|
44,766
|
|
|
44,971
|
|
|
46,573
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
(5,370
|
)
|
|
(9,528
|
)
|
|
(7,879
|
)
|
|
(3,321
|
)
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(126
|
)
|
|
(126
|
)
|
|
(127
|
)
|
|
(173
|
)
|
|
Interest income
|
|
|
28
|
|
|
24
|
|
|
21
|
|
|
94
|
|
|
Other
|
|
|
—
|
|
|
—
|
|
|
(250
|
)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other income (expense)
|
|
|
(98
|
)
|
|
(102
|
)
|
|
(356
|
)
|
|
(79
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
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|
$
|
(5,468
|
)
|
$
|
(9,630
|
)
|
$
|
(8,235
|
)
|
$
|
(3,400
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Basic and diluted
|
|
$
|
(0.13
|
)
|
$
|
(0.23
|
)
|
$
|
(0.20
|
)
|
$
|
(0.07
|
)
|
|
Weighted-average shares used in computing net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
40,978,741
|
|
|
41,362,476
|
|
|
41,645,894
|
|
|
45,651,475
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
2014
|
|
June 30,
2014
|
|
September 30,
2014
|
|
December 31,
2014
|
|
|
|
|
(in thousands, except share and per share amounts)
|
|
|
Revenue
|
|
$
|
26,332
|
|
$
|
24,744
|
|
$
|
28,407
|
|
$
|
30,756
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Servicing and support
|
|
|
6,248
|
|
|
7,000
|
|
|
6,598
|
|
|
7,012
|
|
|
Technology and content development
|
|
|
5,674
|
|
|
5,818
|
|
|
5,726
|
|
|
5,403
|
|
|
Program marketing and sales
|
|
|
15,241
|
|
|
16,710
|
|
|
16,971
|
|
|
16,296
|
|
|
General and administrative
|
|
|
5,436
|
|
|
5,708
|
|
|
6,303
|
|
|
5,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and expenses
|
|
|
32,599
|
|
|
35,236
|
|
|
35,598
|
|
|
34,684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
(6,267
|
)
|
|
(10,492
|
)
|
|
(7,191
|
)
|
|
(3,928
|
)
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(784
|
)
|
|
(134
|
)
|
|
(176
|
)
|
|
(119
|
)
|
|
Interest income
|
|
|
1
|
|
|
31
|
|
|
30
|
|
|
30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other income (expense)
|
|
|
(783
|
)
|
|
(103
|
)
|
|
(146
|
)
|
|
(89
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(7,050
|
)
|
$
|
(10,595
|
)
|
$
|
(7,337
|
)
|
$
|
(4,017
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
$
|
(0.92
|
)
|
$
|
(0.27
|
)
|
$
|
(0.18
|
)
|
$
|
(0.10
|
)
|
|
Weighted-average shares used in computing net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
7,698,709
|
|
|
39,304,884
|
|
|
40,269,937
|
|
|
40,577,087
|
|
|