Annual report pursuant to Section 13 and 15(d)

Revenue Recognition (Tables)

v3.19.3
Revenue Recognition (Tables)
12 Months Ended
Dec. 31, 2018
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table presents our revenues disaggregated by major revenue source. Sales and usage-based taxes are excluded from revenues.
 
Year Ended December 31,
 
2018
 
2017
 
2016
 
(in thousands)
On demand
 
 
 
 
 
Property management
$
186,975

 
$
167,002

 
$
152,890

Resident services
350,457

 
272,176

 
218,097

Leasing and marketing
166,361

 
123,804

 
116,505

Asset optimization
129,916

 
79,640

 
55,039

Total on demand revenue
833,709


642,622


542,531

 
 
 
 
 
 
Professional and other
35,771

 
28,341

 
25,597

Total revenue
$
869,480


$
670,963


$
568,128

Schedule of New Accounting Pronouncements and Changes in Accounting Principles
The cumulative effects of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of the new revenue standard were as follows:
 
Balance at
December 31, 2017
 
Adjustments due
to ASU 2014-09
 
Balance at
January 1, 2018
 
(in thousands)
Assets
 
 
 
 
 
Accounts receivable, less allowances
$
124,505

 
$
(7,925
)
 
$
116,580

Other current assets
$
6,622

 
$
2,771

 
$
9,393

Deferred tax assets, net
$
44,887

 
$
(780
)
 
$
44,107

Other assets
$
11,010

 
$
4,459

 
$
15,469

Liabilities
 
 
 
 
 
Current portion of deferred revenue
$
116,622

 
$
(3,696
)
 
$
112,926

Stockholders’ Equity
 
 
 
 
 
Accumulated deficit
$
(75,046
)
 
$
2,221

 
$
(72,825
)
The effects of those adjustments to the Consolidated Statements of Cash Flows have been summarized in the table below:
 
 
Originally Reported
 
Effect of Change
 
As Adjusted
 
 
(in thousands)
Statement of Cash Flows for the year ended December 31, 2017
 
 
 
 
 
 
Net cash provided by operating activities
 
$
137,327

 
$
2,936

 
$
140,263

Net cash used in investing activities
 
$
(709,274
)
 
$
9,412

 
$
(699,862
)
Cash, cash equivalents and restricted cash at end of period
 
$
69,343

 
$
96,002

 
$
165,345

 
 
 
 
 
 
 
Statement of Cash Flows for the year ended December 31, 2016
 
 
 
 
 
 
Net cash provided by operating activities
 
$
136,216

 
$
(6,767
)
 
$
129,449

Net cash used in investing activities
 
$
(145,141
)
 
$
4,960

 
$
(140,181
)
Cash, cash equivalents and restricted cash at end of period
 
$
104,886

 
$
83,654

 
$
188,540

The following tables summarize the effects of the adoption of ASU 2014-09 on selected line items within our Consolidated Statements of Operations and Balance Sheets:
 
Year Ended December 31, 2018
 
As reported
 
Balances without adoption of ASU 2014-09
 
Effect of Change
on Net Income
Higher/(Lower)
 
(in thousands)
Revenue
 
 
 
 
 
On demand
$
833,709

 
$
835,465

 
$
(1,756
)
Professional and other
35,771

 
32,886

 
2,885

Total revenue
$
869,480

 
$
868,351

 
$
1,129

Operating expenses
 
 
 
 
 
Sales and marketing
$
166,607

 
$
174,578

 
$
7,971

 
 
 
 
 
 
Net income before income taxes
$
34,300

 
$
25,200

 
$
9,100

Income tax expense (benefit)
(425
)
 
(2,608
)
 
(2,183
)
Net income
$
34,725

 
$
27,808

 
$
6,917

 
Balances at December 31, 2018 - as reported
 
Balances at December 31, 2018 without adoption of ASU 2014-09
 
Effect of Change
Higher/(Lower)
 
(in thousands)
Assets
 
 
 
 
 
Accounts receivable, less allowances
$
123,596

 
$
130,742

 
$
(7,146
)
Other current assets
$
15,185

 
$
8,198

 
$
6,987

Other assets
$
20,393

 
$
12,114

 
$
8,279

Liabilities
 
 
 
 
 
Current portion of deferred revenue
$
120,704

 
$
125,078

 
$
(4,374
)
Deferred revenue
$
4,902

 
$
4,902

 
$