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Quarterly Financial Information (Unaudited) | 12 Months Ended
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Dec. 31, 2017
Quarterly Financial Information (Unaudited) |
Quarterly Financial Information (Unaudited) | 16. Quarterly Financial Information (Unaudited) The following tables set forth certain unaudited quarterly financial data for 2017 and 2016. 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.
|  | Three Months Ended |
|  | March 31, 2017 |  | June 30, 2017 |  | September 30, 2017 |  | December 31, 2017 |
|  | (in thousands, except share and per share amounts) |
Revenue |  | $ | 64,829 |  | $ | 64,995 |  | $ | 70,250 |  | $ | 86,678 |
Costs and expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Curriculum and teaching |  |  | — |  |  | — |  |  | 1,792 |  |  | 4,817 |
Servicing and support |  |  | 10,925 |  |  | 13,458 |  |  | 12,939 |  |  | 13,445 |
Technology and content development |  |  | 9,205 |  |  | 11,140 |  |  | 12,735 |  |  | 12,846 |
Marketing and sales |  |  | 34,670 |  |  | 37,242 |  |  | 41,311 |  |  | 37,700 |
General and administrative |  |  | 13,664 |  |  | 13,930 |  |  | 17,227 |  |  | 17,844 |
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Total costs and expenses |  |  | 68,464 |  |  | 75,770 |  |  | 86,004 |  |  | 86,652 |
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Income (loss) from operations |  |  | (3,635 | ) |  | (10,775 | ) |  | (15,754 | ) |  | 26 |
Interest income |  |  | 196 |  |  | 53 |  |  | 18 |  |  | 104 |
Interest expense |  |  | — |  |  | (1 | ) |  | (36 | ) |  | (50 | )
Other income (expense), net |  |  | — |  |  | (1,031 | ) |  | 59 |  |  | 106 |
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Income (loss) before income taxes |  |  | (3,439 | ) |  | (11,754 | ) |  | (15,713 | ) |  | 186 |
Income tax benefit (expense) |  |  | — |  |  | — |  |  | 974 |  |  | 323 |
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Net income (loss) |  | $ | (3,439 | ) | $ | (11,754 | ) | $ | (14,739 | ) | $ | 509 |
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Net income (loss) per share, basic |  | $ | (0.07 | ) | $ | (0.25 | ) | $ | (0.30 | ) | $ | 0.01 |
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Net income (loss) per share, diluted |  | $ | (0.07 | ) | $ | (0.25 | ) | $ | (0.30 | ) | $ | 0.01 |
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Weighted-average shares used in computing net income (loss) per share, basic |  |  | 47,237,341 |  |  | 47,668,397 |  |  | 48,961,914 |  |  | 52,330,067 |
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Weighted-average shares used in computing net income (loss) per share, diluted |  |  | 47,237,341 |  |  | 47,668,397 |  |  | 48,961,914 |  |  | 56,593,108 |
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|  | Three Months Ended |
|  | March 31, 2016 |  | June 30, 2016 |  | September 30, 2016 |  | December 31, 2016 |
|  | (in thousands, except share and per share amounts) |
Revenue |  | $ | 47,444 |  | $ | 49,110 |  | $ | 51,960 |  | $ | 57,350 |
Costs and expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Servicing and support |  |  | 9,512 |  |  | 10,260 |  |  | 10,351 |  |  | 10,859 |
Technology and content development |  |  | 7,275 |  |  | 8,842 |  |  | 8,670 |  |  | 8,496 |
Marketing and sales |  |  | 23,656 |  |  | 27,483 |  |  | 28,165 |  |  | 27,306 |
General and administrative |  |  | 10,447 |  |  | 10,944 |  |  | 11,569 |  |  | 13,061 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total costs and expenses |  |  | 50,890 |  |  | 57,529 |  |  | 58,755 |  |  | 59,722 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loss from operations |  |  | (3,446 | ) |  | (8,419 | ) |  | (6,795 | ) |  | (2,372 | )
Interest income |  |  | 92 |  |  | 91 |  |  | 37 |  |  | 163 |
Interest expense |  |  | (26 | ) |  | (9 | ) |  | — |  |  | — |
Loss before income taxes |  |  | (3,380 | ) |  | (8,337 | ) |  | (6,758 | ) |  | (2,209 | )
Income tax benefit (expense) |  |  | — |  |  | — |  |  | — |  |  | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss |  | $ | (3,380 | ) | $ | (8,337 | ) | $ | (6,758 | ) | $ | (2,209 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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Net loss per share, basic and diluted |  | $ | (0.07 | ) | $ | (0.18 | ) | $ | (0.14 | ) | $ | (0.05 | )
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average shares used in computing net loss per share, basic and diluted |  |  | 45,953,082 |  |  | 46,494,464 |  |  | 46,903,628 |  |  | 47,075,167 |
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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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