Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition (Tables)

v3.10.0.1
Revenue Recognition (Tables)
6 Months Ended
Jun. 30, 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.
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2018
 
2017
 
2018
 
2017
 
(in thousands)
On demand
 
 
 
 
 
 
 
Property management
$
46,523

 
$
41,405

 
$
91,842

 
$
81,746

Resident services
85,330

 
64,860

 
162,507

 
125,829

Leasing and marketing
42,841

 
29,325

 
82,257

 
57,140

Asset optimization
32,251

 
19,137

 
63,639

 
36,225

Total on demand revenue
206,945

 
154,727

 
400,245

 
300,940

 
 
 
 
 
 
 
 
Professional and other
9,307

 
6,579

 
17,308

 
13,285

Total revenue
$
216,252

 
$
161,306

 
$
417,553

 
$
314,225

Schedule of New Accounting Pronouncements and Changes in Accounting Principles
The effects of those adjustments to the Condensed 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 six months ended June 30, 2017
 
 
 
 
 
Net cash provided by operating activities
$
80,464

 
$
15,188

 
$
95,652

Net cash used in investing activities
(158,007
)
 
7,637

 
(150,370
)
Cash, cash equivalents and restricted cash at end of period
324,591

 
106,479

 
431,070

We adopted the requirements of the new revenue standard on January 1, 2018 using the modified retrospective method. We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings at the beginning of 2018. Comparative information from prior year periods has not been restated and continues to be reported under the accounting standards in effect for those periods. The cumulative effects of the changes made to our condensed 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 allowance for doubtful accounts
$
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
)
In accordance with the new revenue standard requirements, the following tables summarize the effects of this new standard on selected unaudited line items within our Condensed Consolidated Statements of Operations and Balance Sheet:
 
Three Months Ended June 30, 2018
 
Six Months Ended June 30, 2018
 
As reported
 
Balances without adoption of ASU 2014-09
 
Effect of Change
on Net Income
Higher/(Lower)
 
As reported
 
Balances without adoption of ASU 2014-09
 
Effect of Change
on Net Income
Higher/(Lower)
 
(in thousands)
Revenue
 
 
 
 
 
 
 
 
 
 
 
On demand
$
206,945

 
$
207,421

 
$
(476
)
 
$
400,245

 
$
400,876

 
$
(631
)
Professional and other
9,307

 
8,676

 
631

 
17,308

 
16,095

 
1,213

Total revenue
$
216,252

 
$
216,097

 
$
155

 
$
417,553

 
$
416,971

 
$
582

Operating expenses
 
 
 
 
 
 
 
 
 
 
 
Sales and marketing
$
54,488

 
$
56,785

 
$
2,297

 
$
104,729

 
$
108,886

 
$
4,157

 
 
 
 
 
 
 
 
 
 
 
 
Net income before income taxes
$
8,290

 
$
5,838

 
$
2,452

 
$
18,890

 
$
14,151

 
$
4,739

Income tax (benefit) expense
(189
)
 
(1,096
)
 
(907
)
 
(490
)
 
(2,243
)
 
(1,753
)
Net income
$
8,479

 
$
6,934

 
$
1,545

 
$
19,380

 
$
16,394

 
$
2,986

 
Balances at June 30, 2018 - as reported
 
Balances at June 30, 2018 without adoption of ASU 2014-09
 
Effect of Change
Higher/(Lower)
 
(in thousands)
Assets
 
 
 
 
 
Accounts receivable, less allowance for doubtful accounts
$
112,484

 
$
119,930

 
$
(7,446
)
Other current assets
15,812

 
11,085

 
4,727

Other assets
20,710

 
14,109

 
6,601

Liabilities
 
 
 
 
 
Current portion of deferred revenue
111,238

 
115,161

 
(3,923
)
Deferred revenue
5,181

 
5,181