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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2015	Feb. 19, 2016	Jun. 30, 2015
Document and Entity Information
Entity Registrant Name	Shutterstock, Inc.
Entity Central Index Key	0001549346
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1,174,210,761
Entity Common Stock, Shares Outstanding		35,283,219
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 241,304	$ 233,453
Short-term investments	47,078	54,844
Credit card receivables	2,811	2,451
Accounts receivable, net	25,653	15,251
Prepaid expenses and other current assets	11,713	12,141
Deferred tax assets, net	7,116	5,390
Total current assets	335,675	323,530
Property and equipment, net	32,094	26,744
Intangible assets, net	29,781	4,934
Goodwill	50,934	10,186
Deferred tax assets, net	18,691	16,484
Other assets	1,946	1,899
Total assets	469,121	383,777
Current liabilities:
Accounts payable	6,816	5,334
Accrued expenses	30,696	24,982
Contributor royalties payable	17,822	11,933
Income taxes payable	953	91
Deferred revenue	98,239	75,789
Other liabilities	6,258	2,198
Total current liabilities	160,784	120,327
Deferred tax liability, net	3,778	0
Other non-current liabilities	15,994	12,017
Total liabilities	180,556	132,344
Commitments and contingencies	0	0
Stockholders' equity:
Common stock, $0.01 par value; 200,000 shares authorized; 36,146 and 35,603 shares issued and 35,686 and 35,603 shares outstanding as of December 31, 2015 and December 31, 2014, respectively	361	356
Additional paid-in capital	213,851	174,821
Treasury stock, at cost; 460 shares as of December 31, 2015	(15,635)	0
Accumulated other comprehensive loss	(6,449)	(629)
Retained earnings	96,437	76,885
Total stockholders' equity	288,565	251,433
Total liabilities and stockholders' equity	$ 469,121	$ 383,777

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	36,146,000	35,603,000
Common stock, shares outstanding (in shares)	35,686,000	35,603,000
Treasury stock, shares (in shares)	460,000	0

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Revenue	$ 116,002	$ 107,260	$ 104,365	$ 97,522	$ 91,226	$ 83,730	$ 80,238	$ 72,777	$ 425,149	$ 327,971	$ 235,515
Operating expenses:
Cost of revenue	47,944	44,512	42,545	39,525	35,603	33,260	32,047	29,112	174,526	130,022	90,627
Sales and marketing	26,709	27,393	27,429	25,105	21,235	21,122	20,492	19,276	106,636	82,125	56,738
Product development	9,622	10,827	10,189	10,684	11,379	9,870	9,275	7,777	41,322	38,301	21,764
General and administrative	16,698	16,441	14,536	13,972	10,671	10,265	10,013	7,538	61,647	38,487	23,068
Total operating expenses	100,973	99,173	94,699	89,286	78,888	74,517	71,827	63,703	384,131	288,935	192,197
Operating profit (loss)	15,029	8,087	9,666	8,236	12,338	9,213	8,411	9,074	41,018	39,036	43,318
Other (expense) income, net	(3,360)	(767)	(57)	(2,562)	(532)	(373)	0	46	(6,746)	(859)	57
Income before income taxes	11,669	7,320	9,609	5,674	11,806	8,840	8,411	9,120	34,272	38,177	43,375
Provision for income taxes	4,800	3,217	4,272	2,431	4,773	3,562	3,550	4,203	14,720	16,088	16,896
Net income	6,869	4,103	5,337	3,243	7,033	5,278	4,861	4,917	19,552	22,089	26,479
Less:
Undistributed earnings to participating stockholder	0	0	0	2	12	9	10	11	2	42	80
Net income available to common stockholders	$ 6,869	$ 4,103	$ 5,337	$ 3,241	$ 7,021	$ 5,269	$ 4,851	$ 4,906	$ 19,550	$ 22,047	$ 26,399
Net income per common share available to common stockholders:
Basic (in dollars per share)	$ 0.19	$ 0.11	$ 0.15	$ 0.09	$ 0.20	$ 0.15	$ 0.14	$ 0.14	$ 0.54	$ 0.63	$ 0.78
Diluted (in dollars per share)	$ 0.19	$ 0.11	$ 0.15	$ 0.09	$ 0.20	$ 0.15	$ 0.14	$ 0.14	$ 0.54	$ 0.61	$ 0.77
Weighted average common shares outstanding:
Basic (in shares)	35,975	36,040	35,864	35,635	35,452	35,304	35,149	35,027	35,880	35,235	33,878
Diluted (in shares)	36,468	36,270	36,340	36,193	36,001	35,931	35,875	35,839	36,319	35,913	34,426

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income	$ 19,552	$ 22,089	$ 26,479
Foreign currency translation (loss) gain	(5,861)	(670)	3
Unrealized gain on investments	41	32	6
Other comprehensive (loss) income	(5,820)	(638)	9
Comprehensive income	$ 13,732	$ 21,451	$ 26,488

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY/MEMBERS' DEFICIT - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit/Retained Earnings
Balance at Dec. 31, 2012	$ 76,934	$ 335		$ 48,282	$ 0	$ 28,317
Balance (in shares) at Dec. 31, 2012		33,513
Increase (Decrease) in Stockholders' Equity
Equity-based compensation	6,208			6,208
Offering costs in connection with initial public offering	(20)			(20)
Issuance of common stock in connection with the initial public/secondary offering, net of issuance costs of $4,052 and $11,085 during 2013 and 2012 respectively	64,948	$ 12		64,936
Issuance of stock		1,150
Issuance of common stock in connection with employee stock option exercises and RSU vesting	4,787	$ 3		4,784
Issuance of common stock in connection with employee stock option exercises (in shares)		313
Issuance of common stock in connection with employee stock purchase plan	1,913	$ 1		1,912
Issuance of common stock in connection with employee stock purchase plan (in shares)		95
Tax benefit from employee stock option exercises and RSU vesting	1,341			1,341
Foreign currency translation	3				3
Unrealized gain (loss) on investments, net	6				6
Net income	26,479					26,479
Balance at Dec. 31, 2013	182,599	$ 351		127,443	9	54,796
Balance (in shares) at Dec. 31, 2013		35,071
Increase (Decrease) in Stockholders' Equity
Equity-based compensation	22,440			22,440
Issuance of common stock in connection with employee stock option exercises and RSU vesting	9,682	$ 5		9,677
Issuance of common stock in connection with employee stock option exercises (in shares)		494
Issuance of common stock in connection with employee stock purchase plan	2,124			2,124
Issuance of common stock in connection with employee stock purchase plan (in shares)		38
Tax benefit from employee stock option exercises and RSU vesting	13,137			13,137
Foreign currency translation	(670)				(670)
Unrealized gain (loss) on investments, net	32				32
Net income	22,089					22,089
Balance at Dec. 31, 2014	251,433	$ 356		174,821	(629)	76,885
Balance (in shares) at Dec. 31, 2014		35,603
Increase (Decrease) in Stockholders' Equity
Equity-based compensation	28,280			28,280
Issuance of common stock in connection with employee stock option exercises and RSU vesting	7,202	$ 5		7,197
Issuance of common stock in connection with employee stock option exercises (in shares)		532
Issuance of common stock in connection with employee stock purchase plan	1,868			1,868
Issuance of common stock in connection with employee stock purchase plan (in shares)		46
Tax benefit from employee stock option exercises and RSU vesting	1,685			1,685
Foreign currency translation	(5,861)				(5,861)
Unrealized gain (loss) on investments, net	41				41
Net income	19,552					19,552
Retirement of restricted shares (in shares)		(35)
Repurchase of Treasury Shares (in shares)			460
Repurchase of Treasury Shares	(15,635)		$ (15,635)
Balance at Dec. 31, 2015	$ 288,565	$ 361	$ (15,635)	$ 213,851	$ (6,449)	$ 96,437
Balance (in shares) at Dec. 31, 2015		36,146	460

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY/MEMBERS' DEFICIT (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($)
Statement of Stockholders' Equity [Abstract]
Issuance of common stock in connection with the initial public/secondary offering, issuance costs	$ 4,052

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 19,552	$ 22,089	$ 26,479
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14,841	7,917	3,870
Write-off of property and equipment	0	367	0
Deferred taxes	(4,840)	(4,897)	15,848
Non-cash equity-based compensation	28,860	23,768	6,208
Change in fair value of contingent consideration	4,770	200	0
Excess tax benefit from the exercise of stock options	(1,685)	(13,137)	(1,341)
Bad debt reserve	3,175	565	519
Chargeback and sales refund reserves	(222)	235	355
Amortization of deferred financing fees	0	0	125
Changes in operating assets and liabilities:
Credit card receivables	(392)	(408)	(710)
Accounts receivable	(10,680)	(9,741)	(4,862)
Prepaid expenses and other current and non-current assets	3,366	20,490	(16,857)
Accounts payable and other current and non-current liabilities	2,244	9,961	10,377
Contributor royalties payable	2,904	2,753	2,196
Income taxes payable	862	91	0
Deferred revenue	22,576	22,606	14,166
Net cash provided by operating activities	85,331	82,859	56,373
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(14,003)	(17,950)	(14,068)
Purchase of investments	(270,546)	(300,350)	(115,019)
Sale and maturities of investments	278,351	299,967	60,595
Acquisitions of businesses, net of cash acquired	(62,379)	(10,056)	0
Acquisition of digital content	(2,981)	(721)	0
Security deposit (payment)/receipt	(288)	97	(1,594)
Net cash used in investing activities	(71,846)	(29,013)	(70,086)
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from issuance of common stock in follow-on offering	0	0	65,895
Proceeds from exercise of stock options	7,197	9,682	4,787
Proceeds from issuance of common stock under Employee Stock Purchase Plan	1,868	2,124	1,913
Excess tax benefit from the exercise of stock options	1,685	13,137	1,341
Repurchase of treasury shares	(14,811)	0	0
Payment of term loan	0	0	(6,000)
Payment of offering fees	0	0	(967)
Net cash (used in) provided by financing activities	(4,061)	24,943	66,969
Effect of foreign exchange rate changes on cash	(1,573)	(691)	3
Net increase in cash and cash equivalents	7,851	78,098	53,259
Cash and cash equivalents—Beginning	233,453	155,355	102,096
Cash and cash equivalents—Ending	241,304	233,453	155,355
Cash paid for:
Cash paid for income taxes	14,481	254	14,194
Cash paid for interest	$ 0	$ 0	$ 34

Summary of Operations and Significant Accounting Policies

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Summary of Operations and Significant Accounting Policies

Summary of Operations

Shutterstock, Inc. (the "Company" or "Shutterstock") operates a global marketplace and is a leading provider of high quality creative content including: (a) digital imagery, which consists of licensed photographs, vectors, illustrations and video clips that customers use in their visual communications, such as websites, digital and print marketing materials, corporate communications, books, publications and video content; and (b) commercial music, which consists of high-quality music tracks and sound effects, and is often used to complement digital imagery. The Company licenses creative content to its customers. Contributors upload their creative content to the Company's websites in exchange for royalty payments based on customer download activity. The Company also offers digital asset management services through its cloud-based digital asset management platform. This service provides tools for customers to better manage creative content and brand management assets.The Company is headquartered in New York City with offices in Amsterdam, Berlin, Chicago, Dallas, Denver, London, Los Angeles, Montreal, Paris, San Francisco and Silicon Valley.

Principles of Consolidation and Basis of Presentation

The consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") and include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Certain immaterial changes in presentation have been made to conform the prior period presentation to current period reporting.

Follow-On Offering

On September 25, 2013, the Company completed a follow-on offering of 5,290,000 shares of its common stock, which included 690,000 shares of common stock sold by the Company and certain stockholders as a result of the underwriters' exercise of their option to purchase additional shares, at a price of $60.00 per share. The Company sold 1,150,000 shares of common stock in the offering and the selling stockholders sold 4,140,000 shares of common stock in the offering. The aggregate offering price for shares sold by the Company in the offering resulted in net proceeds to the Company of $65.9 million after deducting underwriting discounts and commissions, and before deducting total expenses incurred in connection with the offering of approximately $0.9 million.

Acquisition Activity in 2015

Rex Features (Holdings) Limited

On January 19, 2015, the Company acquired all of the shares of Rex Features (Holdings) Limited (“Rex Features”) pursuant to a stock purchase agreement. The transaction was accounted for using the acquisition method and, accordingly, the results of the acquired business have been included in the Company’s results of operations from the acquisition date.

Rex Features is a photographic press agency in Europe that offers media companies and advertisers images and videos, including a live feed of edited celebrity, entertainment, sports and news images and videos, along with access to a multi-decade archive of iconic images. The Company believes with Rex Features’ editorial expertise and Shutterstock’s technical capabilities and position in the marketplace, that this acquisition will strengthen its strategic position and bring a comprehensive offering to market across both editorial and commercial content.

The fair value of consideration transferred in this business combination was allocated to the intangible and tangible assets acquired and liabilities assumed at the acquisition date, with the remaining unallocated amount recorded as goodwill.

The total purchase price consisted of a cash payment of $32.7 million subject to certain working capital adjustments. The aggregate purchase price was allocated to the assets acquired and liabilities assumed as follows (in thousands):



Assets:
Cash	$	1,525
Accounts receivables	2,908
Other assets	356
Fixed assets	92
Intangible Assets:
Customer relationships	13,768
Trade name	4,993
Developed technology	3,026
Photo library	484
Goodwill	14,918
Total assets acquired	$	42,070
Liabilities:
Accounts payable	$	(253	)
Contributor payable	(2,249		)
Accrued expenses	(2,387		)
Deferred tax liability	(4,454		)
Total liabilities assumed	$	(9,343	)
Total	$	32,727

The identifiable intangible assets have a weighted average life of approximately eight years and are being amortized on a straight-line basis. The fair value of the customer relationships was determined using a variation of the income approach known as the multiple-period excess earnings method. The fair value of the trade name was determined using the relief-from-royalty method. The fair values of the developed technology and photo library were both determined using the replacement cost method. The goodwill arising from the transaction is primarily attributable to expected operational synergies and is not deductible for income tax purposes. As a result of the acquisition, the Company recorded approximately $0.1 million and $0.4 million of professional fees in the years ended December 31, 2015 and 2014, respectively. The professional fees are included in general and administrative expense.

Arbour Interactive Inc.

On January 22, 2015, the Company acquired substantially all of the assets and certain liabilities of Arbour Interactive Inc. (“PremiumBeat”) pursuant to an asset purchase agreement. The transaction was accounted for using the acquisition method and, accordingly, the results of the acquired business have been included in the Company’s results of operations from the acquisition date.

PremiumBeat is a leading provider of exclusive, high-quality music and sound effects for use in videos, films, television, applications, games, and other creative projects. PremiumBeat works with composers to offer a high-quality library of exclusive music primarily to businesses, including advertising and media agencies, as well as Fortune 500 companies. The Company plans to continue to operate the acquired assets under the PremiumBeat brand but also intends to combine PremiumBeat with the existing Shutterstock music business in order to leverage PremiumBeat’s experience in the music market.

The total purchase price of $35.4 million consisted of a cash payment of $31.7 million and $3.7 million in contingent consideration based on certain performance criteria of post-acquisition revenue related to the Company’s music business. The fair value of the contingent consideration was determined using a Monte Carlo model with subsequent changes in the fair value expensed in earnings. The Company is obligated to pay a cash payment of up to $10.0 million in early 2017 contingent upon the achievement of the performance criteria. As of December 31, 2015, the Company's contingent consideration balance is $7.1 million and is included in other non-current liabilities.

The aggregate purchase price was allocated to the assets acquired and liabilities assumed as follows (in thousands):



Assets:
Other assets	$	963
Fixed assets	205
Intangible Assets:
Customer relationships	3,000
Trade name	1,400
Music catalog	584
Developed technology	178
Goodwill	29,849
Deferred tax asset	229
Total assets acquired	$	36,408
Liabilities:
Contributor payable	$	(896	)
Accrued expenses	(44		)
Deferred revenue	(23		)
Total liabilities assumed	$	(963	)
Total	$	35,445

The identifiable intangible assets have a weighted average life of approximately six years and are being amortized on a straight-line basis. The fair value of the customer relationships was determined using a variation of the income approach known as the multiple-period excess earnings method. The fair value of the trade name was determined using the relief-from-royalty method. The fair values of the music catalog and developed technology were both determined using the replacement cost method. The goodwill arising from the transaction is primarily attributable to expected operational synergies and is deductible for income tax purposes. As a result of the acquisition, the Company recorded approximately $0.2 million and $0.4 million of professional fees in the years ended December 31, 2015 and 2014, respectively. The professional fees are included in general and administrative expense.

Unaudited Pro Forma Consolidated Financial Information

The following unaudited pro forma consolidated financial information reflects the results of operations of the Company for the years ended December 31, 2015 and 2014, as if the Rex Features and PremiumBeat acquisitions completed during fiscal 2015 had closed on January 1, 2014, after giving effect to certain purchase accounting adjustments. These pro forma results are not necessarily indicative of what the Company’s operating results would have been had the acquisitions actually taken place at the beginning of the period (in thousands):



	Year Ended December 31,
	2015		2014
Revenue	$	426,420	$	353,636
Net income	$	19,558	$	21,285

Acquisition Activity in 2014

Virtual Moment, LLC

On March 14, 2014, the Company acquired certain assets and certain liabilities of Virtual Moment, LLC (dba WebDAM) ("WebDAM") pursuant to an asset purchase arrangement. The transaction was accounted for using the acquisition method and, accordingly, the results of the acquired business have been included in the Company's results of operations from the acquisition date.

WebDAM sells digital asset management software services through its cloud-based platform to marketing and creative enterprise organizations. WebDAM's products help organizations manage, search, distribute and collaborate on creative digital files in order to grow its brands and reach new audiences. WebDAM's offerings are particularly attractive to large enterprises, which make up a significant portion of its client base. The Company believes that this acquisition will strengthen its strategic position with its enterprise customers as well as broaden its product offerings and services to larger companies.

The fair value of consideration transferred in this business combination was allocated to the intangible assets acquired and liabilities assumed at the acquisition date, with the remaining unallocated amount recorded as goodwill.

The total purchase price of approximately $12.4 million consists of an initial cash payment of approximately $10.0 million and approximately $2.4 million in contingent consideration based on certain performance criteria of post-acquisition revenue. The fair value of the contingent consideration was determined using a Monte-Carlo simulation approach. The aggregate purchase price was allocated to the assets acquired and liabilities assumed as follows (in thousands):



Intangible assets:
Trade name	$	500
Customer relationships	2,800
Developed technology	600
Goodwill	8,763
Other assets acquired	836
Total liabilities assumed	(1,083		)
Total	$	12,416

The identifiable intangible assets have a weighted average life of approximately seven years and are being amortized on a straight-line basis which approximates the pattern of use. The fair value of the customer relationships was determined using a variation of the income approach known as excess earnings method. The fair values of the trade name and developed technology were both determined using the relief-from-royalty method. The goodwill arising from the transaction is primarily attributable to expected operational synergies and is deductible for income tax purposes. Related to of the acquisition, the Company recorded approximately $0.3 million of professional fees for the year ended December 31, 2014 which is included in general and administrative expense.

The contingent consideration is required to be paid no later than July 2016 and is based on post-acquisition revenue from February 2015 through January 2016. The minimum payment is $1.0 million with escalating payments based on achievement of various revenue amounts. As of December 31, 2015, the Company's contingent consideration balance is $4.0 million, which represents the full amount of the contingency, and is included in other current liabilities.

Pro forma results of operations have not been presented because the effect of this business combination was not material to the Company's consolidated results of operations.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company's management to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the period. The Company evaluates its significant estimates on an ongoing basis, including, but not limited to allowance for doubtful accounts, contingent consideration, sales refund reserve, goodwill, intangibles, non-cash equity-based compensation, income tax provision and for certain non-income tax accruals. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.

Concentration of Credit and Contributor Risk

At certain times, the Company's cash balances with any one financial institution may exceed Federal Deposit Insurance Corporation insurance limits and cash held in non-U.S. banks may be significant. The Company believes it mitigates its risk by depositing its cash balances with financial institutions of high quality.

The Company's customers and contributors are located worldwide. The majority of the Company's customers purchase products by making electronic payments at the time of a transaction. The Company's credit risk is limited to its enterprise customers and further mitigated due to the Company's large number of diversified customers. The Company's credit review for certain new customers involves consideration of the customers' financial information, the location of the customer, and other factors to assess the customers ability to pay. The Company also performs ongoing financial condition evaluations for its existing customers. No single customer accounted for or exceeded 10% of revenue for the years ended December 31, 2015, 2014 or 2013. As of December 31, 2015 and 2014, no single customer accounted for or exceeded 10% of credit card receivable or 10% of accounts receivable.

No single contributor accounted for or exceeded 10% of contributor royalties for the years ended December 31, 2015, 2014 and 2013.

Fair Value Measurements

The Company records its financial assets and liabilities at fair value. The accounting standard for fair value provides a framework for measuring fair value, and defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date. The accounting standard establishes a three-tier hierarchy as follows: Level 1—quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2—inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and Level 3—unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing.

Cash and Cash Equivalents

The Company considers all highly liquid securities with original maturities of three months or less when acquired to be cash equivalents. Cash primarily consists of balances in checking, savings and money market accounts, which are recorded at cost and approximate fair value.

Short-Term Investments

Short-term investments consist of commercial paper and are classified as available-for-sale securities. As these securities mature in 90 days or less and are available to support current operations, the Company has classified all available-for-sale securities as short-term. Available-for-sale securities are carried at fair value with unrealized gains and losses reported as a component of other accumulated comprehensive (loss)/income in stockholders' equity and in the consolidated statements of comprehensive income, while realized gains and losses, and other-than-temporary impairments, if any, are reported as a component of net income. For the periods presented, realized and unrealized gains and losses on investments were not material. An impairment charge, if any, is recorded in the consolidated statements of operations for declines in fair value below the cost of an individual investment that are deemed to be other than temporary. The Company assesses whether a decline in value is temporary based on the length of time that the fair market value has been below cost, the severity of the decline, as well as the intent and ability to hold, or plans to sell, the investment. No impairment of value of our short-term investments was considered to be other-than-temporary as of December 31, 2015 and 2014.

Restricted Cash

The Company's restricted cash relates to amounts held by the Company's bank to collateralize letters of credit which are pledged as security deposits for leased office locations. As of December 31, 2015 and 2014, the Company had $1.8 million of restricted cash recorded in other assets that relates to the lease for its corporate headquarters in New York City. As of December 31, 2014, the Company also had $0.2 million of restricted cash recorded in prepaid expenses and other current assets that related to a leased office location that was released by the landlord during the year ended December 31, 2015. The carrying value of restricted cash approximates fair value.

Credit Card Receivables

The Company's credit card receivables represent amounts due from third party credit card processors. Such amounts generally convert to cash within three to five days with minimal risk of default.

Accounts Receivable and Allowance for Doubtful Accounts

The Company's accounts receivable consist of customer obligations due under normal trade terms, carried at their face value less an allowance for doubtful accounts, if required. The Company determines its allowance for doubtful accounts based on an evaluation of the aging of its accounts receivable and on a customer-by-customer basis where appropriate. The Company's reserve analysis contemplates the Company's historical loss rate on receivables, specific customer situations and the economic environments in which the Company operates. The following table presents the changes in the Company's allowance for doubtful accounts (in thousands):



	Year Ended December 31,
	2015			2014			2013
Balance, beginning of period	$	1,031		$	625		$	249
Add: bad debt expense	3,175			565			519
Less: write-offs, net of recoveries and other adjustments	(438		)	(159		)	(143		)
Balance, end of period	$	3,768		$	1,031		$	625

Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization is calculated using the straight-line method over the estimated useful lives of the related assets. The useful lives are as follows:



Equipment	3 years
Furniture and fixtures	7 years
Software	3 years
Leasehold improvements	Shorter of expected useful life or lease term

Capitalized Internal Use Software

The Company capitalizes the qualifying costs of computer software developed for internal use, which are incurred during the application development stage, and amortizes them over the software's estimated useful life. Costs incurred in the preliminary and post-implementation stages of the Company's products are expensed as incurred. The amounts capitalized include employee's payroll and payroll-related costs directly associated with the development activities as well as external direct costs of services used in developing internal-use software. The Company's policy is to amortize capitalized costs using the straight-line method over the estimated useful life, which is currently three years, beginning when the software is substantially complete and ready for its intended use.

For the years ended December 31, 2015, 2014 and 2013, the Company capitalized $3.3 million, $1.0 million and $0.2 million, respectively, which is included in total capitalized software costs included in property and equipment. Amortization expense related to capitalized internal use software for the years ended December 31, 2015, 2014 and 2013 was $0.6 million, $0.3 million and $0.2 million, respectively, which is included in general and administrative expense. As of December 31, 2015 and 2014, the Company has internal use software of $3.9 million and $0.6 million, respectively, net of accumulated depreciation which is included in property and equipment, net.

Impairment of Long-Lived Assets

Long-lived assets, inclusive of definite useful life intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying value of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying value of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying value of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying value or the fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet. There were no impairment charges in 2015, 2014 or 2013.

Goodwill and Intangible Assets

Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but instead tested for impairment at least annually on October 1 of each fiscal year or more frequently if events occur or circumstances exist that indicate that the fair value of a reporting unit may be below its carrying value. Goodwill has been allocated to the Company's reporting units, for the purposes of preparing our impairment analyses, based on a specific identification basis. Since inception through December 31, 2015, the Company did not have any goodwill or indefinite lived intangible asset impairment.

Revenue Recognition

The majority of the Company's revenue, net of chargebacks and refunds, is generated from the license of digital content through subscription or usage based plans. The Company's three primary plans are: subscription plans, On Demand plans, and credit pack plans. The Company recognizes revenue when all of the following basic criteria are met: there is persuasive evidence of an arrangement, performance or delivery of services has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. The Company considers persuasive evidence of an arrangement to be an electronic order form or a signed contract, which contains the fixed pricing terms. Performance or delivery is considered to have occurred upon the ratable passage of time for subscription plans, the download of digital content or the expiration of a contract period for which there are unused downloads or credits. Collectability is reasonably assured since the majority of the Company's customers purchase products by making electronic payments at the time of a transaction with a credit card. The Company establishes a chargeback allowance and sales refund reserve allowance based on factors surrounding historical credit card chargeback trends, historical sales refund trends and other economic information. As of December 31, 2015 and 2014, the Company has recorded an allowance for chargebacks and sales refunds of $0.7 million and $0.7 million, respectively, which is included in other liabilities. Any cash received in advance of revenue recognition is recorded as deferred revenue.

Subscription plans range in length from thirty days to one year. Subscription plan revenues are recognized on a straight-line basis using a daily convention method over the plan term. Revenue from subscription plans with monthly limits is recognized on a per usage basis or when the right to download expires. On Demand plans are typically for a one year term and permit the customer to download up to a fixed amount of digital content. On Demand revenues are recognized at the time the customer downloads the digital content on a per unit basis. Revenue related to unused digital content, if any, is recognized in full at the end of the plan term assuming no further Company obligation remains. Credit pack plans are generally for a one year term and enable the customer to purchase a fixed number of credits which can then be utilized to pay for downloaded digital content. The number of credits utilized for each download depends on the digital content size and format. Credit pack revenue is recognized based on customer usage on a per credit basis as digital content is downloaded. Revenue related to unused credits, if any, is recognized in full at the end of the plan term assuming no further Company obligation remains. Most plans automatically renew at the end of the plan term unless the customer elects not to renew. The Company recognizes revenue from its three types of plans on a gross basis in accordance with the authoritative guidance on principal-agent considerations as the Company is the primary obligor in the arrangement, has control in establishing the product's price, performs a detailed review of the digital content before accepting it to its collection to ensure it is of high quality before it may be purchased by the customers, can reject contributor's images in its sole discretion, and has credit risk.

Customers typically pay in advance (or upon commencement of the term) via credit card, wire or check. Fees paid or invoiced in advance are deferred and recognized as described above. Customers that do not pay in advance are invoiced and are required to make payment under standard credit terms. The Company does not generally offer refunds or the right of return to customers. There are situations in which a customer may receive a refund but the determination is made on a case-by-case basis.

The Company licenses digital content to customers through third party resellers. The Company contracts with third party resellers around the world to access markets where the Company does not have a significant presence. Third party resellers sell the Company's products directly to end-user customers and remit a fixed amount to the Company based on the type of plan sold. The terms of the reseller program indicate that the third party reseller is the primary obligor to the end-user customer and bears the risks and rewards as principal in the transaction. In assessing whether the Company's revenue should be reported on a gross or net basis with respect to our reseller program, the Company follows the authoritative guidance in ASC 605-45, "Principal Agent Considerations." The Company recognizes revenue net of reseller commission in accordance with the type of plan sold, consistent with the plan descriptions above. The Company generally does not offer refunds or the right of return to resellers.

The Company also generates revenue related to WebDAM from licensing its hosted software services through its cloud-based platform and related implementation, on-boarding and professional services. The Company enters into multiple element revenue arrangements in which a customer purchases a combination of hosted software, implementation, on-boarding and optional value added professional services. The Company recognizes revenue for the hosted services monthly provided that there is persuasive evidence of an arrangement, the service has been delivered, the fees are fixed and determinable, and collection is reasonably assured. ASC 605-25 establishes a selling price hierarchy for determining the selling price of a deliverable in multiple-element arrangements, which is based on: (a) vendor-specific objective evidence; (b) third-party evidence; or (c) best estimated selling price. The hosted software services are recognized ratably over the contractual period as this service is on-going over the hosting period which is generally a one-year term. The Company recognizes any setup or implementation revenue ratably over the longer of the contractual term or the estimated customer relationship period which is currently three years. Any value added on-boarding and professional services are recognized upon completion.

Cost of Revenue

The Company's cost of revenue includes contributor royalties, credit card processing fees, content reviewer expenses, hosting and bandwidth expenses, content personnel salaries, non-cash equity-based compensation, amortization of content and technology intangible assets, and depreciation of network equipment, which are the direct costs related to providing content and service to customers. Additionally, the Company includes an allocation of overhead costs primarily related to payroll, insurance, and facilities expenses based on headcount.

Contributor Royalties and Internal Sales Commissions

The Company expenses contributor royalties in the period a customer download occurs and includes the corresponding contributor royalties in cost of revenue. Contributor royalties are generally paid weekly or monthly. The Company advances certain contributor royalties which are initially deferred and expensed based on the contractual royalty rate at the time of customer download or when the Company determines future recovery is not probable. For the years ended December 31, 2015, 2014 and 2013, the Company deferred $3.9 million, $1.6 million and $3.4 million, respectively, in royalty advances and amortized $2.7 million, $3.1 million and $0.5 million, respectively, in royalty advance expense which is included in cost of revenue. As of December 31, 2015 and 2014, the Company has deferred contributor royalties of $3.2 million and $2.0 million, respectively, which is included in prepaid expenses and other current assets.

Internal sales commissions are generally paid in the month following collection or invoicing of the commissioned receivable. Internal sales commission expense is included in sales and marketing expense. Internal sales commissions are deferred and recognized over the expected future revenue stream which is generally up to 12 months. For the years ended December 31, 2015, 2014 and 2013, the Company deferred $5.5 million, $3.0 million and $2.0 million, respectively, and amortized $4.5 million, $2.7 million and $2.1 million, respectively, in internal sales commission expense which is included in sales and marketing expense. As of December 31, 2015 and 2014, the Company has deferred internal sales commission of $1.7 million and $0.8 million, respectively, which is included in prepaid expenses and other current assets.

Product Development

The Company expenses product development costs as incurred, except for costs that are capitalized for certain internal software development projects. Product development costs are primarily comprised of development personnel salaries, non-cash equity-based compensation, equipment costs as well as allocated occupancy costs and related overhead.

Advertising Costs

The Company expenses the cost of advertising and promoting its products as incurred. Such costs totaled $53.0 million, $43.7 million and $34.1 million for the years ended December 31, 2015, 2014 and 2013, respectively, which are included in sales and marketing expense.

Deferred Rent

The Company records rent expense on a straight-line basis over the term of the related lease. The difference between the rent expense recognized and the actual payments made in accordance with the lease agreement is recognized as a deferred rent liability on the Company's balance sheet. As of December 31, 2015, the Company had deferred rent of $8.0 million, of which $0.7 million is included in other liabilities and $7.3 million is included in other non-current liabilities. As of December 31, 2014, the Company had deferred rent of $8.0 million, of which $0.7 million is included in other liabilities and $7.3 million is included in other non-current liabilities.

Equity-Based Compensation

The Company measures and recognizes non-cash equity-based compensation expense for all stock-based awards granted to employees based on estimated fair values. The value portion of the award that is ultimately expected to vest is recognized as expense over the requisite service period. For awards with a change of control condition, an evaluation is made at the grant date and future periods as to the likelihood of the condition being met. Compensation expense is adjusted in future periods for subsequent changes in the expected outcome of the change of control conditions until the vesting date. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Compensation expense related to awards with a market condition is recognized ratably over the requisite service period regardless of the achievement of the market condition.

The Company uses the Black Scholes option pricing model, the closing price of the Company's common stock on the date of grant, and the Monte Carlo simulation model, if the award has a market condition, to determine the fair value of stock options and restricted stock units ("RSUs"), respectively, granted pursuant to the Value Appreciation Rights Plan ("VAR Plan"), or the 2012 Omnibus Equity Incentive Plan (the "2012 Plan") and stock purchased pursuant to the 2012 Employee Stock Purchase Plan ("2012 ESPP"), which are discussed further in Note 10, Equity-Based Compensation.

The determination of the grant date fair value using an option-pricing model and simulation model requires judgment as well as assumptions regarding a number of other complex and subjective variables. These variables include the Company's fair value of the common ownership interest pre-IPO, the Company's closing market price at the grant date post-IPO, the expected unit price volatility over the expected term of the awards, awards' exercise and cancellation behaviors, risk-free interest rates, and expected dividends, which are estimated as follows:

•

Fair Value of Common Stock/Membership Unit. Prior to completion of the IPO, the Company's fair value of common ownership interest was estimated internally and approved by the Board of Managers ("BOM") because the Company was not publicly traded. The Company's intention upon granting VAR Plan awards was for the granted award to have exercisable price per unit that was not less than the per unit fair value of the Company's common equity on the date of grant. The valuations of the Company's common equity unit were prepared in accordance with the American Institute of Certified Public Accountants Statement on Standards for Valuation Services 1: Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset. The assumptions used in the valuation model were based on future expectations combined with the Company's judgment. In the absence of a public trading market, the Company exercised significant judgment and considered numerous objective and subjective factors to determine the fair value of the common equity unit as of the date of each VAR Plan award grant. Some but not all of these factors included operating and financial performance, current business conditions and projections, the hiring of key personnel, the Company's history and introduction of new functionality and services, the Company's stage of development, the likelihood of achieving a liquidity event for the common ownership interests, any adjustment necessary to recognize a lack of marketability for the common ownership interests, the market performance of comparable publicly traded companies, and U.S. and global capital market conditions. The Company also obtained independent third party valuations on a periodic basis. After October 11, 2012, the date the Company's common stock began trading on the NYSE, the grant date fair value for stock-based awards is based on the closing price of the Company's common stock on the NYSE on the date of grant and fair value for all other purposes related to stock-based awards shall be the closing price of the Company's common stock on the NYSE on the relevant date.


•	Expected Term. The expected term is estimated using the simplified method allowed under Securities and Exchange Commission ("SEC") guidance. In certain cases for market based awards, the Company's expected term is based on a combination of historical data and estimates of the period of time the award will be outstanding.

•

Volatility. As the Company did not have a trading history for its common ownership interest pre-IPO or a significant range of its common stock post-IPO, the expected price volatility for the common ownership interest and common stock was estimated by taking the average historic price volatility for industry peers based on daily price observations over a period equivalent to the expected term of the VAR Plan awards and stock options granted post-IPO. Industry peers consisted of several public companies similar in size, stage of life cycle and financial leverage. The Company did not rely on implied volatilities of traded options in the industry peers' common stock because the volume of activity was relatively low. The Company applied this process using the same or similar public companies until the fourth quarter of 2014, at which time the Company determined it had a sufficient amount of historical information regarding the volatility of its own common stock.


•	Risk-free Interest Rate. The risk-free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected term of each award group.


•	Dividend Yield. Before the Reorganization, the Company historically paid cash dividends or distributions to its members. Following the Reorganization, the Company has not paid cash distributions to its stockholders and it does not intend to do so for the foreseeable future. As a result, the Company used an expected dividend yield of zero.

If any of the assumptions used in the Black-Scholes pricing model or Monte Carlo simulation model changes significantly, the fair value for future awards may differ materially compared with the awards granted previously. The awards granted pursuant to the VAR Plan or the 2012 Plan, and stock purchased pursuant to the 2012 ESPP are subject to a time-based vesting requirement and for certain award grants are also based on a market condition. The majority of stock option awards granted under the 2012 Plan vest over four years while the majority of the restricted stock units granted under the 2012 Plan vest over three years. The 2012 ESPP provides for purchase periods approximately every six months and a participant must be employed on the purchase date to participate. The VAR Plan awards had a condition that a change of control (as defined in the VAR Plan) must occur for a payment to trigger with respect to the VAR Plan awards. In connection with the Company's Reorganization, all of the VAR Plan awards were exchanged for options to purchase shares of common stock of Shutterstock, Inc. As a result of the completion of the IPO in October 2012, the Company began recording equity-based compensation expense using the accelerated attribution method, net of forfeitures, based on the grant date fair value of the VAR Plan awards that were exchanged for options to purchase shares of common stock of Shutterstock, Inc. as part of the Company's Reorganization.

Income Taxes

The Company's income tax expense includes U.S. (federal and state) and foreign income taxes. Except as required under U.S. tax laws, the Company does not provide for U.S. taxes on its undistributed earnings of foreign subsidiaries that have not been previously taxed since the Company intends to invest such undistributed earnings indefinitely outside of the U.S. If the Company's intention changes or if these funds are needed for U.S. operations, the Company would be required to accrue or pay U.S. taxes on some or all of these undistributed earnings and the Company's effective tax rate would be adversely affected.

Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax basis and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered.

The Company accounts for unrecognized tax benefits using a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes may be due. The Company records an income tax liability, if any, for the difference between the benefit recognized and measured and the tax position taken or expected to be taken on the Company's tax returns. To the extent that the assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. The reserves are adjusted in light of changing facts and circumstances, such as the outcome of a tax audit or lapses in statutes of limitations. Any reserve for uncertain tax provisions and related penalties and interest is included in the income tax provision.

The Company assessed the realizability of deferred tax assets and determined that based on the available evidence, including a history of taxable income and estimates of future taxable income, it is more likely than not that the deferred tax assets will be realized. The Company will continue to evaluate its ability to realize deferred tax assets on a quarterly basis. Significant management judgment is required in determining the provision for income taxes and deferred tax assets and liabilities. In the event that actual results differ from these estimates, the Company will adjust these estimates in future periods which may result in a change in the effective tax rate in a future period.

Other Taxes

The Company is subject to compliance requirements for certain non-income taxes, including value added taxes, sales taxes and royalty withholding taxes. Amounts charged to customers or paid on behalf of customers related to sales taxes, value-added taxes and other non-income taxes are classified net of revenue. Where appropriate, the Company has made accruals for these taxes, which are reflected in the Company's consolidated financial statements. These accruals are subject to statute of limitations requirements and review by governmental authorities.

Treasury Stock

The Company accounts for treasury stock under the cost method and is included as a component of stockholders' equity. Treasury stock held by the Company may be reissued in the future. The Company’s policy is to account for these shares as a reduction of Treasury stock on a first-in, first-out basis.

Net Income Per Share

Basic net income per share is computed by dividing the net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. The Company applies the two-class method for calculating and presenting income per share. Under the two-class method, net income is allocated between shares of common stock and other participating securities, if any, based on their contractual participating rights to share in the earnings as if all of the earnings for the period have been distributed. Participating securities are defined as securities that participate in dividends with common stock according to a pre-determined formula or a contractual obligation to share in the income of the entity. Any potential issuance of common shares, including those that are contingent and do not participate in dividends, are excluded from weighted average number of common shares outstanding. Undistributed net income (loss) for a given period is apportioned to participating stockholders based on the weighted average number of shares for each class of securities outstanding during the applicable period as a percentage of the combined weighted average number of these securities outstanding during the period. Income available to common stockholders is computed by deducting dividends paid to preferred stockholders, accretion to redemption value on preferred members shares, less income allocated to participating securities including unvested shares for the restricted award holder since these unvested shares have participating rights.

Diluted net income per share is computed by dividing the net income attributable to common stockholders by the weighted average common shares outstanding and all potential common shares, if they are dilutive.

A reconciliation of assumed exercised shares used in calculating basic and diluted net income per common share available to common stockholders follows (in thousands):



	Year Ended December 31,
	2015	2014	2013
Basic	35,880	35,235	33,878
Stock options and employee stock purchase plan shares	345	586	509
Unvested restricted stock awards	94	92	39
Diluted	36,319	35,913	34,426

Potentially dilutive shares included in the calculation	1,624	2,106	1,788
Anti-dilutive shares excluded from the calculation	1,064	520	193

Segment Reporting

For the year ended December 31, 2015, the Company has identified eight operating segments and has aggregated them into one primary reportable business segment based on the aggregation criteria within the authoritative guidance on segment reporting. The Company considered the similarity of the product sold, the distribution processes involved, targeted customers and economic characteristics among the operating segments in its aggregation criteria evaluation. Operating segments are defined as components of an enterprise for which separate financial information is available and is evaluated regularly by the Company's chief operating decision maker ("CODM"), or decision-making group, in deciding how to allocate resources and in assessing performance. The non-reportable segments classified in the Other Category include several business units, none of which meet the quantitative or qualitative thresholds for separate segment reporting. The Other Category currently includes the Company's digital asset management and on-line learning video business units.

The following table summarizes segment information for the years ended December 31, 2015 and 2014 (in thousands):



	Year Ended December 31,
	2015			2014
Content Segment:
Segment revenue	$	417,310		$	324,533
Segment operating expenses	234,484			172,026
Segment operating profit	182,826			152,507
Other Category:
Other revenue	7,839			3,438
Other operating expenses	12,370			7,675
Other operating loss	(4,531		)	(4,237		)
Segment and Other Category:
Segment and other revenue	425,149			327,971
Segment and other operating expenses	246,854			179,701
Segment and other operating profit	178,295			148,270
Less: Unallocated corporate expenses⁽¹⁾	(137,277		)	(109,234		)
Income from operations	41,018			39,036


(1)	Unallocated corporate expenses primarily relate to shared operational support functions such as sales, marketing, public relations, product development and engineering support not allocated to specific operating segments and general and administrative functions of human resources, legal, finance and information technology.

Asset information on a segment basis is not disclosed as this information is not separately identified or internally reported to the Company's CODM.

Prior to the year ended December 31, 2014, the Company had identified three operating segments and aggregated them into one reportable segment based on the aggregation criteria within the authoritative guidance on segment reporting. There was no financial information classified as Other Category as these business units were not yet in existence or were inconsequential.

The following represents our geographic revenue based on customer location (in thousands):



	Year Ended December 31,
	2015		2014		2013
North America	$	166,225	$	121,896	$	84,754
Europe	144,103		115,245		84,644
Rest of the world	114,821		90,830		66,117
Total revenue	$	425,149	$	327,971	$	235,515

Included in North America is the United States which comprises 34%, 33%, and 32% of total revenue for years ended December 31, 2015, 2014, and 2013, respectively. The United Kingdom accounts for 11% of total revenue for the year ended December 31, 2015 and less than 10% of total revenue for all other years presented. No other country accounts for more than 10% of the Company's revenue in any period.

The Company’s long-lived tangible assets were located as follows (in thousands):



	December 31,
	2015		2014
North America	$	31,699	$	26,651
Europe	395		93
Total assets	$	32,094	$	26,744

Foreign Currency Transactions

The Company has established foreign subsidiaries in various countries around the world and as a result the financial statements of these foreign subsidiaries are reported in the applicable foreign currencies (functional currencies). For those entities where the functional currency is the local currency, adjustments resulting from translating the financial statements into U.S. dollars are recorded as a component of accumulated other comprehensive income (loss) in stockholders' equity. Monetary assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenue and expenses are translated at the average exchange rates during the period. Equity transactions are translated using historical exchange rates. Foreign currency transaction gains and losses are included in other income (expense), net in the consolidated statements of operations.

Comprehensive (Loss)/Income

Comprehensive (loss)/income includes certain changes in stockholders' equity that are excluded from net income such as foreign currency translation adjustments and unrealized gains or losses on marketable securities.

Recently Issued Accounting Standard Updates

In May 2014, the Financial Accounting Standards Board ("FASB") issued new accounting guidance related to revenue recognition (“ASU 2014-09”). This new standard will replace all current GAAP guidance on this topic and will eliminate all industry-specific guidance. The new revenue recognition standard provides a unified model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. On July 9, 2015, the FASB approved the deferral of the effective date of ASU 2014-09 by one year. As a result, ASU 2014-09 will be effective for the Company’s fiscal year beginning January 1, 2018. The Company may choose to adopt the standard as of the original effective date for annual reporting periods beginning after December 15, 2016; if it does so, the Company is required to apply the standard beginning in the first interim period within the year of adoption. The Company is evaluating the impact, if any, of adopting this new accounting standard on its financial statements.

In June 2014, the FASB issued new guidance related to stock compensation. The new standard requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 and can be applied either prospectively or retrospectively to all awards outstanding as of the beginning of the earliest annual period presented as an adjustment to opening retained earnings. Early adoption is permitted. The Company is evaluating the impact, if any, of adopting this new accounting standard on its financial statements.

In November 2015, the FASB issued new guidance related to income taxes. The new standard requires that all deferred tax assets and liabilities, and any related valuation allowance, be classified as non-current on the balance sheet. The classification change for all deferred taxes as non-current simplifies entities’ processes as it eliminates the need to separately identify the net current and net non-current deferred tax asset or liability in each jurisdiction and allocate valuation allowances, if any. The guidance is effective for fiscal years beginning after December 15, 2016, although early adoption is permitted and can be applied either prospectively or retrospectively to all periods presented. The Company is evaluating the impact of adopting this new accounting standard on its financial statements.

Short-Term Investments and Fair Value Measurements

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Short-Term Investments and Fair Value Measurements

Short-term investments are summarized as follows (in thousands):



	As of December 31,
	2015			2014
Commercial Paper:
Amortized Cost	$	47,084		$	54,848
Unrealized gains	—			—
Unrealized losses	(6		)	(4		)
Total short-term investments measured at fair value	$	47,078		$	54,844

The following tables present the Company's fair value hierarchy for its assets and liabilities (in thousands):



	As of December 31, 2015
	Aggregate Fair Value		Level 1		Level 2		Level 3
Assets:
Money market accounts	$	89,153	$	89,153	$	—	$	—
Commercial paper	47,078		—		47,078		—
Total assets measured at fair value	$	136,231	$	89,153	$	47,078	$	—
Liabilities:
Acquisition related contingent consideration	$	11,075	$	—	$	—	$	11,075
Total liabilities measured at fair value	$	11,075	$	—	$	—	$	11,075



	As of December 31, 2014
	Aggregate Fair Value		Level 1		Level 2		Level 3
Assets:
Money market accounts	$	81,244	$	81,244	$	—	$	—
Commercial paper	54,844		—		54,844		—
Total assets measured at fair value	$	136,088	$	81,244	$	54,844	$	—
Liabilities:
Acquisition related contingent consideration	$	2,560	$	—	$	—	$	2,560
Total liabilities measured at fair value	$	2,560	$	—	$	—	$	2,560

The Company's investments classified as level 2 are priced using quoted market prices for identical assets which are subject to infrequent transactions. In addition to cash held in banks, cash equivalents consist of balances in money market accounts which are classified as a level 1 measurement based on quoted prices in active markets for identical assets that the reporting entity can access at the measurement date. The Company reassesses the fair value of contingent consideration to be settled in cash related to the WebDAM and PremiumBeat acquisitions using the Black-Scholes model until the settlement amount of the cash flow determinable. These contingencies are considered level 3 measurements. Significant assumptions used in the measuring the fair value include probabilities of achieving certain revenue milestones based on the Company's expectations, and a discount rate which is based on an unobservable input that is supported by little or no market activity. As the result of a change in the time value of money, the Company recorded a change in the fair value of the contingent consideration in the amount of $4.8 million and $0.2 million during the year ended December 31, 2015 and 2014, respectively, which is included in other (expense) income, net.

The changes in the fair value of contingent consideration through December 31, 2015 are as follows (in thousands):



	Consolidated		WebDAM⁽¹⁾		PremiumBeat⁽²⁾
Balance at January 1, 2014	$	—	$	—	$	—
Acquisition-related contingent consideration	2,360		2,360		—
Changes in fair value	200		200		—
Balance at December 31, 2014	2,560		2,560		—
Acquisition-related contingent consideration	3,745		—		3,745
Changes in fair value	4,770		1,440		3,330
Balance at December 31, 2015	$	11,075	$	4,000	$	7,075

______________________________________________________________________________


(1)	Included as a component of accrued expenses and other current liabilities as of December 31, 2015 and other long-term liabilities as of December 31, 2014.


(2)	Included as a component of other long-term liabilities as of December 31, 2015.

Cash, accounts receivable, restricted cash, accounts payable, accrued expenses and deferred revenue carrying amounts approximate fair value because of the short-term maturity of these instruments. The Company's non-financial assets, which include property and equipment, intangible assets and goodwill, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur, or if an annual impairment test is required and the Company is required to evaluate the non-financial asset for impairment, a resulting asset impairment would require that the non-financial asset be recorded at the fair value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The Company's goodwill balance is attributable to its Bigstock, WebDAM, Music and Editorial reporting units and is tested for impairment at least annually on October 1 or upon a triggering event. Bigstock, Music and Editorial are included in the Company's Content Business reporting segment while WebDAM is included in the non-reportable Other Category. The following table summarizes the changes in the Company's goodwill balance by reportable and non-reportable segments for the periods ended December 31, 2015 and 2014 (in thousands):



	Content Business			Other Category		Consolidated
Balance as of December 31, 2014	$	1,423		$	8,763	$	10,186
Acquired goodwill	44,767			—		44,767
Foreign currency translation adjustment	(4,019		)	—		(4,019		)
Balance as of December 31, 2015	$	42,171		$	8,763	$	50,934

Intangible assets, all of which are subject to amortization, consist of the following as of December 31, 2015 and 2014 (in thousands):



	As of December 31, 2015
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Life (Years)
Customer relationships	$	19,523	$	(3,089	)	$	16,434	9
Trade name	7,111		(1,188		)	5,923		7
Developed technology	3,734		(1,129		)	2,605		4
Contributor content	5,138		(567		)	4,571		9
Patents	193		(40		)	153		17
Domain name	120		(25		)	95		14
Total	$	35,819	$	(6,038	)	$	29,781



	As of December 31, 2014
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Life (Years)
Customer relationships	$	3,400	$	(921	)	$	2,479	6
Trade name	900		(230		)	670		9
Developed technology	600		(68		)	532		7
Contributor content⁽¹⁾	450		(159		)	291		15
Patents	193		(30		)	163		17
Domain name	97		(19		)	78		14
Total	$	5,640	$	(1,427	)	$	4,213

_______________________________________________________________________________


(1)	During the year ended December 31, 2014, the Company acquired certain non-exclusive licensing rights to distribute certain digital content in perpetuity in the amount of $0.7 million, which the Company placed into service during the year ended December 31, 2015 and therefore is excluded from the table.

Amortization expense related to the intangible assets was $4.7 million, $0.6 million and $0.2 million for the years ended December 31, 2015, 2014 and 2013, respectively. The Company also determined that there was no indication of impairment for the intangible assets for all periods presented. Estimated amortization expense for the next five years is: $5.1 million in 2016, $5.1 million in 2017, $4.1 million in 2018, $3.8 million in 2019, $3.3 million in 2020 and $8.5 million thereafter.

The Company performed its annual goodwill assessment as October 1, 2015 and concluded that the fair value of its reporting units were greater than their carrying amounts, and therefore no adjustment to the carrying value of goodwill was necessary. The Company utilized a qualitative assessment on its Bigstock and Music reporting unit to determine whether a quantitative assessment was necessary and determined there were no indicators of potential impairment. For its WebDAM and Editorial reporting units, the Company performed a quantitative assessment utilizing the income and market approach. The assessments performed concluded that the fair value of both reporting units were in excess of their carrying values. The key assumption that impacts the quantitative assessment is the expected future cash flows. The Company's discounted cash flow analysis factors in assumptions on revenue and expense growth rates. These estimates are based on the Company's historical experience and projections of future activity, factoring in customer demand and a cost structure necessary to achieve related revenue. Additionally, the discounted cash flow analysis factors in expected amounts of working capital and weighted cost of capital. Changes to the Company's critical assumptions could have an effect on the estimated fair value of the WebDAM and Editorial reporting units. A hypothetical decrease of 10% in the expected annual cash flows, with all other assumptions unchanged, would have decreased the fair value of the reporting units by approximately 6%, but would not have resulted in the fair value being lower than the carrying amount.

There were no impairments of goodwill in any of the periods presented in the consolidated financial statements.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Property and Equipment

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment is summarized as follows (in thousands):



	December 31,
	2015			2014
Computer equipment and software	$	37,502		$	24,179
Furniture and fixtures	2,933			2,336
Leasehold improvements	14,471			13,954
Property and equipment	54,906			40,469
Less: accumulated depreciation	(22,812		)	(13,725		)
Property and equipment, net	$	32,094		$	26,744

Depreciation and amortization expense related to property and equipment amounted to $10.1 million, $7.4 million and $3.7 million, for the years ended December 31, 2015, 2014 and 2013, respectively. Depreciation and amortization expense is included in cost of revenue and general and administrative expense based on the nature of the asset. In connection with its move to its new headquarters, the Company recorded a loss on disposal of certain fixed assets in the amount of $0.4 million for the year ended December 31, 2014. There was no loss on disposal for the years ended December 31, 2015 and 2013.

Accrued Expenses

12 Months Ended

Dec. 31, 2015

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following (in thousands):



	December 31,
	2015		2014
Compensation	$	8,995	$	8,312
Non-income taxes	7,095		4,670
Royalty tax withholdings	6,439		5,987
Professional fees	902		1,708
Payroll tax withholdings	426		478
Marketing expenses	237		794
Other expenses	6,602		3,033
Total accrued expenses	$	30,696	$	24,982

Income Taxes

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

The Company's geographical breakdown of its income before income taxes is as follows (in thousands):



	Year Ended December 31,
	2015			2014		2013
Domestic	$	36,643		$	37,866	$	43,375
Foreign	(2,371		)	311		—
Income before income taxes	$	34,272		$	38,177	$	43,375

The following table summarizes the consolidated provision for income taxes (in thousands):



	Year Ended December 31,
	2015			2014			2013
Current:
Federal provision	$	16,551		$	19,362		$	949
State and local provision	1,683			1,502			98
Foreign provision	1,326			121			—
Deferred:
Federal benefit	(3,311		)	(5,406		)	14,885
State and local provision provision	33			509			964
Foreign benefit	(1,562		)	—			—
Provision for income taxes	$	14,720		$	16,088		$	16,896

The provision for income taxes differs from statutory income tax rate as follows:



	Year Ended December 31,
	2015		2014		2013
U.S. income tax at federal statutory rate	35.0	%	35.0	%	35.0	%
State and local taxes, net of federal benefit	3.7		4.2		2.3
Foreign rate differential	1.2		(0.1	)	—
Non-deductible equity-based compensation	2.7		1.9		1.3
Non-deductible other	0.4		1.1		0.4
Total provision for income taxes	43.0	%	42.1	%	39.0	%

The tax effect of the Company's temporary differences that give rise to deferred tax assets and liabilities are presented below (in thousands):



	Year Ended December 31,
	2015			2014
Deferred tax assets:
Non-cash equity-based compensation	$	10,407		$	8,284
Intangible amortization	9,627			11,283
Non-income tax accruals	3,416			2,679
Deferred rent	2,908			2,918
Other liabilities	5,249			2,056
Deferred tax assets	31,607			27,220
Deferred tax liabilities:
Depreciation and amortization	(9,573		)	(5,346		)
Net deferred tax assets	$	22,034		$	21,874

As of December 31, 2015, the Company had approximately $4.5 million of undistributed earnings attributable to its foreign subsidiaries. It is the Company's practice and intention to indefinitely reinvest the earnings of its foreign subsidiaries in those operations. The Company has not provided deferred U.S. income taxes or foreign withholding taxes on temporary differences resulting from the earnings indefinitely reinvested outside the U.S. It is currently not practicable to calculate the associated unrecognized deferred tax liability.

The following table summarizes changes to the Company's unrecognized tax benefits as follows (in thousands):



	Year Ended December 31,
	2015			2014		2013
Balance of unrecognized tax benefits at January 1	$	1,500		$	1,500	$	805
Gross additions for tax positions for prior years	280			—		1,056
Gross additions for tax positions for current year	57			—		8
Gross reductions for tax positions of prior years	—			—		(369		)
Gross expirations	(358		)	—		—
Balance of unrecognized tax benefits at December 31	$	1,479		$	1,500	$	1,500

During the years ended December 31, 2015, 2014 and 2013, the Company recorded reserves for uncertain tax benefits in the amount of $0.3 million, $0 and $1.1 million, respectively, a portion of which was established through purchase accounting. The Company recognized a tax benefit in the amount of $0.4 million during the year ended December 31, 2015 related to the release of a prior year uncertain tax position due to a lapse in the statute of limitations. To the extent the remaining unrecognized tax benefits are ultimately recognized, the Company's effective tax rate may be impacted in future periods in the amount of $1.3 million. The liability for unrecognized tax benefits is included in other non-current liabilities.

The Company and its subsidiaries file income tax returns in the U.S. and various foreign jurisdictions. The Company completed a U.S .Federal income tax audit for year ended December 31, 2012. The settlement resulted in no change to the filed tax return. The Company is no longer subject to U.S. federal or state and local tax examinations by tax authorities for years before 2009. The Company anticipates that the total unrecognized tax benefits will decrease by $1.1 million in the next fiscal year.

The Company recognizes interest expense and tax penalties related to unrecognized tax benefits as a component of income tax expense in the consolidated statements of operations. The Company's accrual for interest and penalties related to unrecognized tax benefits and its recognized tax benefits associated with the release of prior years' uncertain tax positions due to lapses in the statutes of limitations have not been material for the years ended December 31, 2015, 2014 and 2013.

Term Loan Facility	12 Months Ended
Term Loan Facility	Dec. 31, 2015
Short-term Debt [Abstract]
Term Loan Facility	Term Loan Facility On September 21, 2012, the Company entered into a Loan and Security Agreement that provided for a $12.0 million term loan facility, which the Company refers to as the term loan facility. During the year ended December 31, 2013, the Company paid off the remaining outstanding balance of $6.0 million and terminated the loan facility. Subsequent to December 31, 2013, the Company has taken on no additional indebtedness.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

The Company leases facilities under agreements accounted for as operating leases. Rental expense for operating leases for the years ended December 31, 2015, 2014 and 2013 was approximately $4.8 million, $4.2 million and $3.0 million, respectively. Some leases have defined escalating rent provisions, which are expensed over the term of the related lease on a straight-line basis commencing with the date of possession. Any rent allowance or abatement is netted in this calculation. All leases require payment of real estate taxes and operating expense increases.

On March 21, 2013, the Company entered into an operating lease agreement to lease its new office facility in New York, New York. The Company took possession of the premises during the third quarter of 2013, and as a result, the lease commenced. The Company also entered into a letter of credit in the amount of $1.8 million as a security deposit for the leased facilities. The letter of credit was collateralized by $1.8 million of cash and as such, is deemed to be restricted cash and is included in other assets on the consolidated balance sheets as of December 31, 2015 and 2014. In January 2016, the lease was amended to, among other things, provide for the lease of additional office space and extend the term of the lease. As amended, the lease is scheduled to expire in 2029 and aggregate future minimum lease payments are approximately $86.6 million.

Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) as of December 31, 2015, including the effect of the January 2016 amendment to the Company's headquarters lease, are as follows (in thousands):



Year Ending December 31,	Operating Leases
2016	$	5,627
2017	6,087
2018	5,723
2019	5,887
2020	5,900
Thereafter	61,324
Total minimum lease payments	$	90,548

Capital Expenditures

As of December 31, 2015, the Company had committed to purchase approximately $1.2 million of data server equipment related to expansion of the existing business.

Other Obligations

As of December 31, 2015, the Company had other obligations of approximately $21.8 million, which consisted primarily of minimum royalty guarantees and unconditional purchase obligations related to contracts for infrastructure and other business services. As of December 31, 2015, the Company's other obligations are as follows (in thousands):



Year Ending December 31,	Other Obligations
2016	$	7,370
2017	5,118
2018	2,794
2019	3,000
2020	3,500
Thereafter	—
Total other obligations	21,782

Legal Matters

From time to time, the Company may become party to litigation in the ordinary course of business, including direct claims brought by or against the Company with respect to intellectual property, contracts, employment and other matters, as well as claims brought against the Company's customers for whom the Company has a contractual indemnification obligation. The Company assesses the likelihood of any adverse judgments or outcomes with respect to these matters and determines loss contingency assessments on a gross basis after assessing the probability of incurrence of a loss and whether a loss is reasonably estimable. In addition, the Company considers other relevant factors that could impact its ability to reasonably estimate a loss. A determination of the amount of reserves required, if any, for these contingencies is made after analyzing each matter. The Company reviews reserves, if any, at least quarterly and may change the amount of any such reserve in the future due to new developments or changes in strategy in handling these matters. Although the results of litigation and threats of litigation, investigations and claims cannot be predicted with certainty, the Company currently believes that the final outcome of these matters will not have a material adverse effect on its business, consolidated financial position, results of operations, or cash flows. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. The Company currently has no material active litigation matters and, as such, no material reserves related to litigation.

Indemnifications

In the ordinary course of business, the Company enters into contractual arrangements under which it agrees to provide indemnification of varying scope and terms to customers with respect to certain matters, including, but not limited to, losses arising out of the breach of Company's intellectual property warranties for damages to the customer directly attributable to the Company's breach. The Company is not responsible for any damages, costs, or losses to the extent such damages, costs or losses arise as a result of the modifications made by the customer, or the context in which an image is used. The standard maximum aggregate obligation and liability to any one customer for all claims is generally limited to ten thousand dollars. The Company offers certain of its customers greater levels of indemnification, including unlimited indemnification. As of December 31, 2015, the Company has recorded no liabilities related to indemnification obligations in accordance with the authoritative guidance for loss contingencies. Additionally, the Company believes that it has the appropriate insurance coverage in place to adequately cover such indemnification obligations, if necessary.

Employment Agreements and Indemnification Agreements

The Company has entered into employment arrangements and indemnification agreements with certain executive officers and with certain employees. The agreements specify various employment-related matters, including annual compensation, performance incentive bonuses, and severance benefits in the event of termination with or without cause.

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company has a 401(k) defined contribution plan ("401(k) Plan") and provides for annual discretionary employer matching contributions not to exceed 3% of employees' compensation per year. Matching contributions are fully vested and non-forfeitable at all times. The Company recorded employer matching contributions of $1.2 million, $0.9 million and $0.6 million for the years ended December 31, 2015, 2014 and 2013, respectively.

Equity-Based Compensation

12 Months Ended

Dec. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Equity-Based Compensation

quity-Based Compensation

The Company recognizes stock-based compensation expense for all share-based payment awards including employee stock options, restricted stock awards and RSUs granted under the 2012 Plan (and formerly under the VAR Plan) and sales of shares of common stock under the 2012 ESPP based on each award's fair value on the grant date.

The following table summarizes non-cash equity-based compensation expense, net of forfeitures, by line item included in the Company's statements of operations for the years ended December 31, 2015, 2014 and 2013 (in thousands):



	Year Ended December 31,
	2015		2014		2013
Cost of revenue	$	1,896	$	1,283	$	437
Sales and marketing	4,520		3,912		1,296
Product development	7,565		7,597		1,493
General and administrative	14,879		10,976		2,982
Total	$	28,860	$	23,768	$	6,208

The following table summarizes non-cash equity-based compensation expense, net of forfeitures, by award type included in the Company's accompanying consolidated statements of operations for the years ended December 31, 2015, 2014 and 2013 (in thousands):



	Year Ended December 31,
	2015		2014		2013
Stock Options	$	8,191	$	9,737	$	4,507
Restricted Stock Units	19,186		10,262		77
Restricted Stock	—		1,663		1,036
WebDAM⁽¹⁾	579		1,328		—
ESPP	904		778		588
Total	$	28,860	$	23,768	$	6,208

_____________________________________________


(1)	Represents expense related to a portion of the equity awards issued to former owners of WebDAM that are classified as a liability.

2012 Omnibus Equity Incentive Plan

On October 10, 2012, the Company's 2012 Plan became effective. The 2012 Plan provides for the grant of incentive stock options to Company employees, and for the grant of non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and performance shares to employees, directors and consultants. The maximum aggregate number of shares that may be issued under the 2012 Plan was initially 6,750,000 shares of common stock. The number of shares available for issuance under the 2012 Plan will be increased annually commencing January 1, 2013 by an amount equal to the lesser of 1,500,000 shares of common stock, 3% of the outstanding shares of common stock as of the last day of the immediately preceding fiscal year, or such other amount as determined by the Company's board of directors. Any awards issued under the 2012 Plan that are forfeited by the participant, will become available for future grant under the 2012 Plan. In connection with the Company's reorganization to a corporation, the VAR Plan awards were exchanged for options to purchase shares of common stock of Shutterstock, Inc. granted pursuant to the Company's 2012 Plan. The number of shares of common stock available under the 2012 Plan was automatically increased by approximately 1,068,000 and 1,052,000 shares, respectively, on January 1, 2015 and 2014, pursuant to the automatic increase provisions of the 2012 Plan.

Stock Option Awards

The following is a summary of stock option awards and weighted average exercise price per option:



	Plan Options		Weighted Average Exercise Price
Options outstanding at December 31, 2014	1,771,440		$	41.61
Options granted	271,250		30.43
Options exercised	(329,202	)	18.86
Options cancelled or expired	(173,489	)	48.00
Options outstanding at December 31, 2015	1,539,999		$	57.59
Options exercisable at December 31, 2015	624,051		$	26.22
Options vested and expected to vest at December 31, 2015	1,505,504		$	44.62

Intrinsic value of stock options is calculated as the market price of the Company's common stock multiplied by the number of stock options. The intrinsic value of the Company's stock options is as follows (in thousands):



	As of December 31,
	2015		2014
Stock Options Outstanding	$	8,400	$	48,700
Stock Options Exercisable	7,500		29,800
Stock Options Vested and Expected to Vest	$	8,400	$	50,600

The intrinsic value of stock options exercised for the years ended December 31, 2015, 2014 and 2013 was approximately $12.7 million and $30.5 million and $12.4 million, respectively.

The following weighted average assumptions were used in the fair value calculation for the years ended December 31, 2015, 2014 and 2013:



	Year Ended Year Ended December 31,
	2015			2014			2013
Expected term (in years)	6.5			6.3			6.3
Volatility	52		%	49		%	50		%
Risk-free interest rate	1.7		%	2.1% - 2.8%			1.0% - 2.3%
Dividend yield	—			—			—
Valuation Data:
Weighted average fair value per share granted	$	15.90		$	43.19		$	24.73

On April 24, 2014, the Company granted 500,000 stock options with a market-based condition to its Chief Executive Officer ("CEO"). The stock options have an exercise price of $80.94 per share and will not vest or become exercisable unless (i) the CEO remains continuously employed by the Company until the fifth anniversary of the date of grant and (ii) the average 90-day closing price of the Company's common stock equals or exceeds $161.88 per share for any 90 consecutive calendar days during the period commencing on the fifth anniversary of the date of grant and ending on the tenth anniversary of the date of grant, inclusive provided that the CEO remains continuously employed by the Company until the date of satisfaction of such condition. The derived requisite service period was determined to be six years based on a valuation technique. The total fair value of the grant is $21.6 million and is being recognized over the derived requisite service period. In the event that the market condition remains unsatisfied upon completion of the requisite service period, no charge will be reversed.

As of December 31, 2015, the total unrecognized compensation charge related to 2012 Plan non-vested options is approximately $22.5 million, which is expected to be recognized through fiscal year 2021.

Restricted Stock Awards

On August 17, 2010, the Company entered into a Profits Interest Agreement with an executive whereby the Company issued a membership interest in the Company's predecessor in consideration of future services to be rendered. The Profits Interest Grant was to vest over a six year period. Upon consummation of the Company's reorganization to a corporation, the vested portion of the profits interest was exchanged for shares of common stock of Shutterstock, Inc. and the unvested portion was exchanged for shares of restricted stock having the same vesting terms as the profits interest. An Amended and Restated Restricted Stock Agreement entered into by the Company with the executive governs the terms of the restricted stock received in exchange for the unvested portion of the profits interest. Pursuant to the terms of the Amended and Restated Restricted Stock Agreement, 50% of the then-outstanding shares of restricted stock held by the executive vested and were released from the Company's right to acquire such shares upon the effectiveness of the Company's Registration Statement on October 10, 2012.

Restricted Stock Units Awards

The following table presents a summary of the Company's RSUs activity for the year ended December 31, 2015:



	Plan RSUs		Weighted Average Fair Value
Non-vested balance at December 31, 2014	652,897		$	81.45
Units granted	973,364		51.77
Units vested	(203,240	)	77.96
Units cancelled or forfeited	(368,548	)	74.23
Non-vested balance at December 31, 2015	1,054,473		$	57.25

In connection with the WebDAM acquisition, in order to retain the services of certain former WebDAM employees, the Company granted non-vested RSUs that will vest over two years from the date of acquisition. As these equity awards are subject to post-acquisition employment, the Company accounts for them as compensation expense. A portion of these equity awards are accounted for as liability-classified awards, because the obligations are based on fixed monetary amounts that are known at the inception of the obligation, to be settled with a variable number of shares of the Company's common stock when the equity awards vest.

As of December 31, 2015, the total unrecognized compensation charge related to the restricted stock units is approximately $45.8 million, which is expected to be recognized through fiscal 2021.

Employee Stock Purchase Plan

On October 10, 2012, the Company's 2012 ESPP became effective. The 2012 ESPP provides participating employees with the option to purchase common stock through payroll deductions of up to 15% of eligible compensation and a maximum purchase of 1,000 shares during each offering period. The common stock is purchased at 85% of the lower of the fair market value of common stock on (1) the first trading day of the offering period, or (2) the last day of the offering period. The offering periods generally start on the first trading day on or after June 1 and December 1 of each year; however, the first such offering period commenced on October 10, 2012, the date the Company's Registration Statement was declared effective. An employee will not be granted rights to purchase common stock if an employee immediately after the grant would own stock possessing 5% or more of the total combined voting power or value of all classes of the Company's capital stock or holds rights to purchase stock under all of the Company's employee stock purchase plans that would accrue at a rate that exceeds $25,000 worth of stock for each calendar year. The Company has initially reserved 2,000,000 shares for issuance under the 2012 ESPP. The number of shares available for issuance under the 2012 ESPP provides for an annual increase commencing January 1, 2013 by an amount equal to the lesser of 1,000,000 shares of common stock, 3% of the outstanding shares of our common stock as of the last day of the immediately preceding fiscal year, or such other amount as determined by the Company's board of directors. As of December 31, 2015, approximately 179,000 shares have been issued under the 2012 ESPP. The number of shares of common stock available under the 2012 ESPP was automatically increased by 1,000,000 shares for each period on January 1, 2015 and 2014, pursuant to the automatic increase provisions of the 2012 ESPP.

The Company estimates the fair value of purchase rights under the 2012 ESPP using the Black-Scholes valuation model. The fair value of each purchase right under the 2012 ESPP was estimated on the date of grant using the Black-Scholes option valuation model and the straight-line attribution approach with the following weighted-average assumptions:



	Year Ended Year Ended December 31,
	2015		2014	2013
Expected term (in years)	0.50		0.50	0.50
Volatility	52	%	49% - 52%	49% - 50%
Risk-free interest rate	0.07% - 0.42%		0.08% - 0.60%	0.08% - 0.10%
Dividend yield	—		—	—

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2015
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Common Stock The holders of common stock are entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders. Subject to preferences that may be applicable to any outstanding preferred stock, holders of common stock are entitled to receive ratably such dividends as may be declared by the board of directors out of funds legally available for that purpose. In the event of liquidation, dissolution or winding up of the Company, the holders of common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to the prior distribution rights of any outstanding preferred stock. The common stock has no preemptive or conversion rights or other subscription rights. The outstanding shares of common stock are fully paid and non-assessable. Under the amended and restated certificate of incorporation, which became effective upon completion of the IPO, the Company's certificate of incorporation authorized 200,000,000 shares of $0.01 per share par value common stock. Preferred Stock Under the amended and restated certificate of incorporation, which became effective upon completion of the IPO, the Company's board of directors has the authority, without further action by the stockholders, to issue up to 5,000,000 shares of preferred stock, $0.01 par value, in one or more series. The board of directors also has the authority to designate the rights, preferences, privileges and restrictions of each such series, including dividend rights, dividend rates, conversion rights, voting rights, terms of redemption, redemption prices, liquidation preferences and the number of shares constituting any series. The issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control of Shutterstock without further action by the stockholders. The issuance of preferred stock with voting and conversion rights may also adversely affect the voting power of the holders of common stock. In certain circumstances, an issuance of preferred stock could have the effect of decreasing the market price of the common stock. As of December 31, 2015, the Company has not issued and has no plans to issue any shares of preferred stock. Treasury Stock In October 2015, the Company's Board of Directors approved a share repurchase program, pursuant to which the Company is authorized to purchase up to $100 million of its common stock. The Company expects to fund repurchases through a combination of cash on hand, cash generated by operations and future financing transactions, if needed. Accordingly, the share repurchase program is subject to the Company having available cash to fund repurchases. Under the share repurchase program, management is authorized to purchase shares from time to time through open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws and other legal requirements, and subject to market conditions and other factors. As of December 31, 2015, the Company has repurchased approximately 460,000 shares of its common stock under the share repurchase program at an average per-share cost of approximately $34.01, of which $0.8 million has not been paid and is included in accrued expenses as of December 31, 2015. As of December 31, 2015, the Company has $84.4 million remaining for purchases under the share repurchase program.

Other (Expense)/Income, net

12 Months Ended

Dec. 31, 2015

Other Nonoperating Income (Expense) [Abstract]

Other Nonoperating Income and Expense [Text Block]

Other (Expense)/Income, net

The following table presents a summary of the Company’s other (expense)/income activity included in the accompanying consolidated statements of operations (in thousands):



	Year Ended December 31,
	2015			2014			2013
Foreign currency loss	$	(2,003	)	$	(743	)	$	(26	)
Change in contingent consideration fair value	(4,770		)	(200		)	—
Interest income	27			84			83
Other (expense)/income, net	$	(6,746	)	$	(859	)	$	57

Related Parties	12 Months Ended
Related Parties	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Parties	Related Parties In connection with the follow-on offering in September 2013, Pixel Holdings Inc. ("Pixel Holdings"), an entity of which Jonathan Oringer, the Company's Founder, Chief Executive Officer and Chairman of the Board of Directors, was the sole stockholder, merged with and into the Company on September 18, 2013. In this merger, Mr. Oringer received an equivalent number of shares of common stock of the Company as the number that was previously owned by Pixel Holdings such that, following the merger, Mr. Oringer owns his interest in the Company directly rather than through Pixel Holdings. As a result of the merger, the Company assumed $0.2 million in liabilities primarily related to Pixel Holdings' normal operating activities. The Company paid these liabilities during the year ended December 31, 2013 and was fully indemnified by Mr. Oringer, as provided for in the merger agreement. The merger agreement also provided for certain customary representations and warranties.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

Unaudited Quarterly Financial Data

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Financial Data

The following table sets forth, for the periods indicated, the Company's financial information for the eight most recent quarters ended December 31, 2015. In the Company's opinion, this unaudited information has been prepared on a basis consistent with the annual consolidated financial statements and includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the unaudited information for the periods presented.



	Three Months Ended
	Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			Mar 31, 2015			Dec 31, 2014			Sep 30, 2014			Jun 30, 2014		Mar 31, 2014

	(in thousands, except per share data)
Revenue	$	116,002		$	107,260		$	104,365		$	97,522		$	91,226		$	83,730		$	80,238	$	72,777
Operating expenses⁽¹⁾:
Cost of revenue	47,944			44,512			42,545			39,525			35,603			33,260			32,047		29,112
Sales & marketing	26,709			27,393			27,429			25,105			21,235			21,122			20,492		19,276
Product development	9,622			10,827			10,189			10,684			11,379			9,870			9,275		7,777
General and administrative	16,698			16,441			14,536			13,972			10,671			10,265			10,013		7,538
Total operating expenses	100,973			99,173			94,699			89,286			78,888			74,517			71,827		63,703
Income from operations	15,029			8,087			9,666			8,236			12,338			9,213			8,411		9,074
Other (expense)/ income, net⁽²⁾	(3,360		)	(767		)	(57		)	(2,562		)	(532		)	(373		)	—		46
Income before income taxes	11,669			7,320			9,609			5,674			11,806			8,840			8,411		9,120
Provision for income tax	4,800			3,217			4,272			2,431			4,773			3,562			3,550		4,203
Net income	6,869			4,103			5,337			3,243			7,033			5,278			4,861		4,917
Less: Undistributed earnings to participating stockholder	—			—			—			2			12			9			10		11
Net income available to common stockholders	$	6,869		$	4,103		$	5,337		$	3,241		$	7,021		$	5,269		$	4,851	$	4,906
Net income per common share available to common stockholders:
Basic	$	0.19		$	0.11		$	0.15		$	0.09		$	0.20		$	0.15		$	0.14	$	0.14
Diluted	$	0.19		$	0.11		$	0.15		$	0.09		$	0.20		$	0.15		$	0.14	$	0.14
Weighted average common shares outstanding:
Basic	35,975			36,040			35,864			35,635			35,452			35,304			35,149		35,027
Diluted	36,468			36,270			36,340			36,193			36,001			35,931			35,875		35,839

____________________________________________________________________________


(1)	During the year ended December 31, 2014, the Company acquired certain non-exclusive licensing rights to distribute certain digital content in perpetuity in the amount of $0.7 million, which the Company placed into service during the year ended DecembeIncludes non-cash equity-based compensation of $28,860 and $23,768 for the years ended December 31, 2015 and 2014, respectively.


(2)	Includes changes in fair value of contingent consideration related to the WebDAM (2015 and 2014) and PremiumBeat (2015) acquisitions; transaction gains and losses primarily related to cash balances of subsidiaries denominated in a currency other than the subsidiaries' functional currencies; and interest income and expense, which is not material in any period presented.

Summary of Operations and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Principles of Consolidation and Basis of Presentation

Certain immaterial changes in presentation have been made to conform the prior period presentation to current period reporting.

Follow-On Offering

Treasury Stock

Follow-On Offering

Acquisition of Activity

Acquisition Activity in 2015

Rex Features (Holdings) Limited



Assets:
Cash	$	1,525
Accounts receivables	2,908
Other assets	356
Fixed assets	92
Intangible Assets:
Customer relationships	13,768
Trade name	4,993
Developed technology	3,026
Photo library	484
Goodwill	14,918
Total assets acquired	$	42,070
Liabilities:
Accounts payable	$	(253	)
Contributor payable	(2,249		)
Accrued expenses	(2,387		)
Deferred tax liability	(4,454		)
Total liabilities assumed	$	(9,343	)
Total	$	32,727

Arbour Interactive Inc.

The aggregate purchase price was allocated to the assets acquired and liabilities assumed as follows (in thousands):



Assets:
Other assets	$	963
Fixed assets	205
Intangible Assets:
Customer relationships	3,000
Trade name	1,400
Music catalog	584
Developed technology	178
Goodwill	29,849
Deferred tax asset	229
Total assets acquired	$	36,408
Liabilities:
Contributor payable	$	(896	)
Accrued expenses	(44		)
Deferred revenue	(23		)
Total liabilities assumed	$	(963	)
Total	$	35,445

Unaudited Pro Forma Consolidated Financial Information



	Year Ended December 31,
	2015		2014
Revenue	$	426,420	$	353,636
Net income	$	19,558	$	21,285

Acquisition Activity in 2014

Virtual Moment, LLC



Intangible assets:
Trade name	$	500
Customer relationships	2,800
Developed technology	600
Goodwill	8,763
Other assets acquired	836
Total liabilities assumed	(1,083		)
Total	$	12,416

Pro forma results of operations have not been presented because the effect of this business combination was not material to the Company's consolidated results of operations.

Use of Estimates

Concentration of Credit and Contributor Risk

Fair Value Measurements

Cash and Cash Equivalents

Short-Term Investments

Restricted Cash

Credit Card Receivables

The Company's credit card receivables represent amounts due from third party credit card processors. Such amounts generally convert to cash within three to five days with minimal risk of default.

Accounts Receivable and Allowance for Doubtful Accounts

Property and Equipment

Capitalized Internal Use Software

Impairment of Long-Lived Assets

Goodwill and Intangible Assets

Revenue Recognition

Cost of Revenue

Contributor Royalties and Internal Sales Commissions

Product Development

Advertising Costs

The Company expenses the cost of advertising and promoting its products as incurred.

Deferred Rent

Equity-Based Compensation

•


•	Expected Term. The expected term is estimated using the simplified method allowed under Securities and Exchange Commission ("SEC") guidance. In certain cases for market based awards, the Company's expected term is based on a combination of historical data and estimates of the period of time the award will be outstanding.

•


•	Risk-free Interest Rate. The risk-free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected term of each award group.


•	Dividend Yield. Before the Reorganization, the Company historically paid cash dividends or distributions to its members. Following the Reorganization, the Company has not paid cash distributions to its stockholders and it does not intend to do so for the foreseeable future. As a result, the Company used an expected dividend yield of zero.

Income Taxes

Other Taxes

Net Income Per Share

Segment Reporting

Foreign Currency Transactions

Comprehensive (Loss)/Income

Recently Issued Accounting Standard Updates

Summary of Operations and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Schedule of preliminary aggregate purchase price allocated to assets acquired and liabilities assumed

The aggregate purchase price was allocated to the assets acquired and liabilities assumed as follows (in thousands):



Assets:
Cash	$	1,525
Accounts receivables	2,908
Other assets	356
Fixed assets	92
Intangible Assets:
Customer relationships	13,768
Trade name	4,993
Developed technology	3,026
Photo library	484
Goodwill	14,918
Total assets acquired	$	42,070
Liabilities:
Accounts payable	$	(253	)
Contributor payable	(2,249		)
Accrued expenses	(2,387		)
Deferred tax liability	(4,454		)
Total liabilities assumed	$	(9,343	)
Total	$	32,727

The aggregate purchase price was allocated to the assets acquired and liabilities assumed as follows (in thousands):



Intangible assets:
Trade name	$	500
Customer relationships	2,800
Developed technology	600
Goodwill	8,763
Other assets acquired	836
Total liabilities assumed	(1,083		)
Total	$	12,416

The aggregate purchase price was allocated to the assets acquired and liabilities assumed as follows (in thousands):



Assets:
Other assets	$	963
Fixed assets	205
Intangible Assets:
Customer relationships	3,000
Trade name	1,400
Music catalog	584
Developed technology	178
Goodwill	29,849
Deferred tax asset	229
Total assets acquired	$	36,408
Liabilities:
Contributor payable	$	(896	)
Accrued expenses	(44		)
Deferred revenue	(23		)
Total liabilities assumed	$	(963	)
Total	$	35,445

Unaudited pro forma consolidated financial information



	Year Ended December 31,
	2015		2014
Revenue	$	426,420	$	353,636
Net income	$	19,558	$	21,285

Schedule of changes in the allowance for doubtful accounts

The following table presents the changes in the Company's allowance for doubtful accounts (in thousands):



	Year Ended December 31,
	2015			2014			2013
Balance, beginning of period	$	1,031		$	625		$	249
Add: bad debt expense	3,175			565			519
Less: write-offs, net of recoveries and other adjustments	(438		)	(159		)	(143		)
Balance, end of period	$	3,768		$	1,031		$	625

Schedule of useful lives of Property and Equipment

The useful lives are as follows:



Equipment	3 years
Furniture and fixtures	7 years
Software	3 years
Leasehold improvements	Shorter of expected useful life or lease term

Schedule of reconciliation of assumed exercised shares used in calculating basic and diluted net income (loss) share available to common stockholders/members

A reconciliation of assumed exercised shares used in calculating basic and diluted net income per common share available to common stockholders follows (in thousands):



	Year Ended December 31,
	2015	2014	2013
Basic	35,880	35,235	33,878
Stock options and employee stock purchase plan shares	345	586	509
Unvested restricted stock awards	94	92	39
Diluted	36,319	35,913	34,426

Potentially dilutive shares included in the calculation	1,624	2,106	1,788
Anti-dilutive shares excluded from the calculation	1,064	520	193

Schedule of summarizes of segment reporting

The following table summarizes segment information for the years ended December 31, 2015 and 2014 (in thousands):



	Year Ended December 31,
	2015			2014
Content Segment:
Segment revenue	$	417,310		$	324,533
Segment operating expenses	234,484			172,026
Segment operating profit	182,826			152,507
Other Category:
Other revenue	7,839			3,438
Other operating expenses	12,370			7,675
Other operating loss	(4,531		)	(4,237		)
Segment and Other Category:
Segment and other revenue	425,149			327,971
Segment and other operating expenses	246,854			179,701
Segment and other operating profit	178,295			148,270
Less: Unallocated corporate expenses⁽¹⁾	(137,277		)	(109,234		)
Income from operations	41,018			39,036


(1)	Unallocated corporate expenses primarily relate to shared operational support functions such as sales, marketing, public relations, product development and engineering support not allocated to specific operating segments and general and administrative functions of human resources, legal, finance and information technology.

Schedule of geographic revenue based on customer location

The following represents our geographic revenue based on customer location (in thousands):



	Year Ended December 31,
	2015		2014		2013
North America	$	166,225	$	121,896	$	84,754
Europe	144,103		115,245		84,644
Rest of the world	114,821		90,830		66,117
Total revenue	$	425,149	$	327,971	$	235,515

Short-Term Investments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Schedule of short-term investments

Short-term investments are summarized as follows (in thousands):



	As of December 31,
	2015			2014
Commercial Paper:
Amortized Cost	$	47,084		$	54,848
Unrealized gains	—			—
Unrealized losses	(6		)	(4		)
Total short-term investments measured at fair value	$	47,078		$	54,844

Schedule of fair value measurements

The following tables present the Company's fair value hierarchy for its assets and liabilities (in thousands):



	As of December 31, 2015
	Aggregate Fair Value		Level 1		Level 2		Level 3
Assets:
Money market accounts	$	89,153	$	89,153	$	—	$	—
Commercial paper	47,078		—		47,078		—
Total assets measured at fair value	$	136,231	$	89,153	$	47,078	$	—
Liabilities:
Acquisition related contingent consideration	$	11,075	$	—	$	—	$	11,075
Total liabilities measured at fair value	$	11,075	$	—	$	—	$	11,075



	As of December 31, 2014
	Aggregate Fair Value		Level 1		Level 2		Level 3
Assets:
Money market accounts	$	81,244	$	81,244	$	—	$	—
Commercial paper	54,844		—		54,844		—
Total assets measured at fair value	$	136,088	$	81,244	$	54,844	$	—
Liabilities:
Acquisition related contingent consideration	$	2,560	$	—	$	—	$	2,560
Total liabilities measured at fair value	$	2,560	$	—	$	—	$	2,560

Schedule of changes in fair value contingent consideration

The changes in the fair value of contingent consideration through December 31, 2015 are as follows (in thousands):



	Consolidated		WebDAM⁽¹⁾		PremiumBeat⁽²⁾
Balance at January 1, 2014	$	—	$	—	$	—
Acquisition-related contingent consideration	2,360		2,360		—
Changes in fair value	200		200		—
Balance at December 31, 2014	2,560		2,560		—
Acquisition-related contingent consideration	3,745		—		3,745
Changes in fair value	4,770		1,440		3,330
Balance at December 31, 2015	$	11,075	$	4,000	$	7,075

______________________________________________________________________________


(1)	Included as a component of accrued expenses and other current liabilities as of December 31, 2015 and other long-term liabilities as of December 31, 2014.


(2)	Included as a component of other long-term liabilities as of December 31, 2015.

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References + Details

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in goodwill

The following table summarizes the changes in the Company's goodwill balance by reportable and non-reportable segments for the periods ended December 31, 2015 and 2014 (in thousands):



	Content Business			Other Category		Consolidated
Balance as of December 31, 2014	$	1,423		$	8,763	$	10,186
Acquired goodwill	44,767			—		44,767
Foreign currency translation adjustment	(4,019		)	—		(4,019		)
Balance as of December 31, 2015	$	42,171		$	8,763	$	50,934

Schedule of intangible assets

Intangible assets, all of which are subject to amortization, consist of the following as of December 31, 2015 and 2014 (in thousands):



	As of December 31, 2015
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Life (Years)
Customer relationships	$	19,523	$	(3,089	)	$	16,434	9
Trade name	7,111		(1,188		)	5,923		7
Developed technology	3,734		(1,129		)	2,605		4
Contributor content	5,138		(567		)	4,571		9
Patents	193		(40		)	153		17
Domain name	120		(25		)	95		14
Total	$	35,819	$	(6,038	)	$	29,781



	As of December 31, 2014
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Life (Years)
Customer relationships	$	3,400	$	(921	)	$	2,479	6
Trade name	900		(230		)	670		9
Developed technology	600		(68		)	532		7
Contributor content⁽¹⁾	450		(159		)	291		15
Patents	193		(30		)	163		17
Domain name	97		(19		)	78		14
Total	$	5,640	$	(1,427	)	$	4,213

_______________________________________________________________________________


(1)	During the year ended December 31, 2014, the Company acquired certain non-exclusive licensing rights to distribute certain digital content in perpetuity in the amount of $0.7 million, which the Company placed into service during the year ended December 31, 2015 and therefore is excluded from the table.

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

Summary of property and equipment

Property and equipment is summarized as follows (in thousands):



	December 31,
	2015			2014
Computer equipment and software	$	37,502		$	24,179
Furniture and fixtures	2,933			2,336
Leasehold improvements	14,471			13,954
Property and equipment	54,906			40,469
Less: accumulated depreciation	(22,812		)	(13,725		)
Property and equipment, net	$	32,094		$	26,744

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2015

Payables and Accruals [Abstract]

Schedule of accrued expenses

Accrued expenses consisted of the following (in thousands):



	December 31,
	2015		2014
Compensation	$	8,995	$	8,312
Non-income taxes	7,095		4,670
Royalty tax withholdings	6,439		5,987
Professional fees	902		1,708
Payroll tax withholdings	426		478
Marketing expenses	237		794
Other expenses	6,602		3,033
Total accrued expenses	$	30,696	$	24,982

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of the Company's geographical breakdown of its income before income taxes

The Company's geographical breakdown of its income before income taxes is as follows (in thousands):



	Year Ended December 31,
	2015			2014		2013
Domestic	$	36,643		$	37,866	$	43,375
Foreign	(2,371		)	311		—
Income before income taxes	$	34,272		$	38,177	$	43,375

Summary of consolidated provision (benefit) for income taxes

The following table summarizes the consolidated provision for income taxes (in thousands):



	Year Ended December 31,
	2015			2014			2013
Current:
Federal provision	$	16,551		$	19,362		$	949
State and local provision	1,683			1,502			98
Foreign provision	1,326			121			—
Deferred:
Federal benefit	(3,311		)	(5,406		)	14,885
State and local provision provision	33			509			964
Foreign benefit	(1,562		)	—			—
Provision for income taxes	$	14,720		$	16,088		$	16,896

Schedule of provision for income taxes differs from statutory income tax rate

The provision for income taxes differs from statutory income tax rate as follows:



	Year Ended December 31,
	2015		2014		2013
U.S. income tax at federal statutory rate	35.0	%	35.0	%	35.0	%
State and local taxes, net of federal benefit	3.7		4.2		2.3
Foreign rate differential	1.2		(0.1	)	—
Non-deductible equity-based compensation	2.7		1.9		1.3
Non-deductible other	0.4		1.1		0.4
Total provision for income taxes	43.0	%	42.1	%	39.0	%

Schedule of the Company's tax effects of temporary differences and tax carryforwards that give rise to significant portions of the deferred tax assets

The tax effect of the Company's temporary differences that give rise to deferred tax assets and liabilities are presented below (in thousands):



	Year Ended December 31,
	2015			2014
Deferred tax assets:
Non-cash equity-based compensation	$	10,407		$	8,284
Intangible amortization	9,627			11,283
Non-income tax accruals	3,416			2,679
Deferred rent	2,908			2,918
Other liabilities	5,249			2,056
Deferred tax assets	31,607			27,220
Deferred tax liabilities:
Depreciation and amortization	(9,573		)	(5,346		)
Net deferred tax assets	$	22,034		$	21,874

Summary of changes to the Company's unrecognized tax benefits

The following table summarizes changes to the Company's unrecognized tax benefits as follows (in thousands):



	Year Ended December 31,
	2015			2014		2013
Balance of unrecognized tax benefits at January 1	$	1,500		$	1,500	$	805
Gross additions for tax positions for prior years	280			—		1,056
Gross additions for tax positions for current year	57			—		8
Gross reductions for tax positions of prior years	—			—		(369		)
Gross expirations	(358		)	—		—
Balance of unrecognized tax benefits at December 31	$	1,479		$	1,500	$	1,500

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum lease payments under non-cancelable operating leases



Year Ending December 31,	Operating Leases
2016	$	5,627
2017	6,087
2018	5,723
2019	5,887
2020	5,900
Thereafter	61,324
Total minimum lease payments	$	90,548

Other Obligation Maturity Schedule

As of December 31, 2015, the Company's other obligations are as follows (in thousands):



Year Ending December 31,	Other Obligations
2016	$	7,370
2017	5,118
2018	2,794
2019	3,000
2020	3,500
Thereafter	—
Total other obligations	21,782

Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of non-cash equity-based compensation expense included in the Company's statement of operations



	As of December 31,
	2015		2014
Stock Options Outstanding	$	8,400	$	48,700
Stock Options Exercisable	7,500		29,800
Stock Options Vested and Expected to Vest	$	8,400	$	50,600



	Year Ended December 31,
	2015		2014		2013
Cost of revenue	$	1,896	$	1,283	$	437
Sales and marketing	4,520		3,912		1,296
Product development	7,565		7,597		1,493
General and administrative	14,879		10,976		2,982
Total	$	28,860	$	23,768	$	6,208



	Year Ended December 31,
	2015		2014		2013
Stock Options	$	8,191	$	9,737	$	4,507
Restricted Stock Units	19,186		10,262		77
Restricted Stock	—		1,663		1,036
WebDAM⁽¹⁾	579		1,328		—
ESPP	904		778		588
Total	$	28,860	$	23,768	$	6,208

_____________________________________________


(1)	Represents expense related to a portion of the equity awards issued to former owners of WebDAM that are classified as a liability.

Schedule of weighted average assumptions used in the fair value calculation

The fair value of each purchase right under the 2012 ESPP was estimated on the date of grant using the Black-Scholes option valuation model and the straight-line attribution approach with the following weighted-average assumptions:



	Year Ended Year Ended December 31,
	2015		2014	2013
Expected term (in years)	0.50		0.50	0.50
Volatility	52	%	49% - 52%	49% - 50%
Risk-free interest rate	0.07% - 0.42%		0.08% - 0.60%	0.08% - 0.10%
Dividend yield	—		—	—

Schedule of restricted stock units ("RSUs") activity

The following table presents a summary of the Company's RSUs activity for the year ended December 31, 2015:



	Plan RSUs		Weighted Average Fair Value
Non-vested balance at December 31, 2014	652,897		$	81.45
Units granted	973,364		51.77
Units vested	(203,240	)	77.96
Units cancelled or forfeited	(368,548	)	74.23
Non-vested balance at December 31, 2015	1,054,473		$	57.25

VAR Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of stock options awards activity

The following is a summary of stock option awards and weighted average exercise price per option:



	Plan Options		Weighted Average Exercise Price
Options outstanding at December 31, 2014	1,771,440		$	41.61
Options granted	271,250		30.43
Options exercised	(329,202	)	18.86
Options cancelled or expired	(173,489	)	48.00
Options outstanding at December 31, 2015	1,539,999		$	57.59
Options exercisable at December 31, 2015	624,051		$	26.22
Options vested and expected to vest at December 31, 2015	1,505,504		$	44.62

Schedule of weighted average assumptions used in the fair value calculation

The following weighted average assumptions were used in the fair value calculation for the years ended December 31, 2015, 2014 and 2013:



	Year Ended Year Ended December 31,
	2015			2014			2013
Expected term (in years)	6.5			6.3			6.3
Volatility	52		%	49		%	50		%
Risk-free interest rate	1.7		%	2.1% - 2.8%			1.0% - 2.3%
Dividend yield	—			—			—
Valuation Data:
Weighted average fair value per share granted	$	15.90		$	43.19		$	24.73

Other (Expense)/Income, net (Tables)

12 Months Ended

Dec. 31, 2015

Other Nonoperating Income (Expense) [Abstract]

Schedule of Other Nonoperating Income (Expense) [Table Text Block]

The following table presents a summary of the Company’s other (expense)/income activity included in the accompanying consolidated statements of operations (in thousands):



	Year Ended December 31,
	2015			2014			2013
Foreign currency loss	$	(2,003	)	$	(743	)	$	(26	)
Change in contingent consideration fair value	(4,770		)	(200		)	—
Interest income	27			84			83
Other (expense)/income, net	$	(6,746	)	$	(859	)	$	57

Unaudited Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Schedule of company's financial information for the eight most recent quarters



	Three Months Ended
	Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			Mar 31, 2015			Dec 31, 2014			Sep 30, 2014			Jun 30, 2014		Mar 31, 2014

	(in thousands, except per share data)
Revenue	$	116,002		$	107,260		$	104,365		$	97,522		$	91,226		$	83,730		$	80,238	$	72,777
Operating expenses⁽¹⁾:
Cost of revenue	47,944			44,512			42,545			39,525			35,603			33,260			32,047		29,112
Sales & marketing	26,709			27,393			27,429			25,105			21,235			21,122			20,492		19,276
Product development	9,622			10,827			10,189			10,684			11,379			9,870			9,275		7,777
General and administrative	16,698			16,441			14,536			13,972			10,671			10,265			10,013		7,538
Total operating expenses	100,973			99,173			94,699			89,286			78,888			74,517			71,827		63,703
Income from operations	15,029			8,087			9,666			8,236			12,338			9,213			8,411		9,074
Other (expense)/ income, net⁽²⁾	(3,360		)	(767		)	(57		)	(2,562		)	(532		)	(373		)	—		46
Income before income taxes	11,669			7,320			9,609			5,674			11,806			8,840			8,411		9,120
Provision for income tax	4,800			3,217			4,272			2,431			4,773			3,562			3,550		4,203
Net income	6,869			4,103			5,337			3,243			7,033			5,278			4,861		4,917
Less: Undistributed earnings to participating stockholder	—			—			—			2			12			9			10		11
Net income available to common stockholders	$	6,869		$	4,103		$	5,337		$	3,241		$	7,021		$	5,269		$	4,851	$	4,906
Net income per common share available to common stockholders:
Basic	$	0.19		$	0.11		$	0.15		$	0.09		$	0.20		$	0.15		$	0.14	$	0.14
Diluted	$	0.19		$	0.11		$	0.15		$	0.09		$	0.20		$	0.15		$	0.14	$	0.14
Weighted average common shares outstanding:
Basic	35,975			36,040			35,864			35,635			35,452			35,304			35,149		35,027
Diluted	36,468			36,270			36,340			36,193			36,001			35,931			35,875		35,839

____________________________________________________________________________


(1)	During the year ended December 31, 2014, the Company acquired certain non-exclusive licensing rights to distribute certain digital content in perpetuity in the amount of $0.7 million, which the Company placed into service during the year ended DecembeIncludes non-cash equity-based compensation of $28,860 and $23,768 for the years ended December 31, 2015 and 2014, respectively.


(2)	Includes changes in fair value of contingent consideration related to the WebDAM (2015 and 2014) and PremiumBeat (2015) acquisitions; transaction gains and losses primarily related to cash balances of subsidiaries denominated in a currency other than the subsidiaries' functional currencies; and interest income and expense, which is not material in any period present

Summary of Operations and Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Sep. 25, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Initial Public Offering & Follow-On Offering
Net proceeds from issuance of common stock		$ 0	$ 0	$ 65,895
Follow-On Offering
Initial Public Offering & Follow-On Offering
Total shares in follow-on offering	5,290,000
Share price (in dollars per share)	$ 60.00
Common stock sold by the entity (in shares)	1,150,000
Common stock sold by shareholders (in shares)	4,140,000
Net proceeds from issuance of common stock	$ 65,900
Offering expenses	$ 900
Exercise Option
Initial Public Offering & Follow-On Offering
Total shares in follow-on offering	690,000

Summary of Operations and Significant Accounting Policies (Details 2) - USD ($) $ in Thousands				12 Months Ended
	Jan. 22, 2015	Jan. 19, 2015	Mar. 14, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Allocation of preliminary aggregate purchase price to assets acquired and liabilities assumed
Goodwill				$ 50,934	$ 10,186
Initial cash payment				62,379	10,056	$ 0
Rex Features
Acquisitions
Total purchase price		$ 32,700
Allocation of preliminary aggregate purchase price to assets acquired and liabilities assumed
Cash		1,525
Accounts receivables		2,908
Other assets		356
Fixed assets		92
Goodwill		14,918
Total assets acquired		42,070
Accounts payable		(253)
Contributor payable		(2,249)
Accrued expenses		(2,387)
Deferred tax liability		(4,454)
Total liabilities assumed		(9,343)
Total		$ 32,727
Weighted average life of identifiable intangible assets (in years)		8 years
Arbour Interactive Inc
Acquisitions
Total purchase price	$ 35,400
Allocation of preliminary aggregate purchase price to assets acquired and liabilities assumed
Other assets	963
Fixed assets	205
Goodwill	29,849
Deferred tax asset	229
Total assets acquired	36,408
Contributor payable	(896)
Accrued expenses	(44)
Deferred revenue	(23)
Total liabilities assumed	(963)
Total	$ 35,445
Weighted average life of identifiable intangible assets (in years)	6 years
Initial cash payment	$ 31,700
Contingent consideration	3,700
Cash payment up to amount for obligation to pay contingent consideration	10,000
Contingent consideration balance				7,100
Virtual Moment, LLC
Acquisitions
Total purchase price			$ 12,400
Allocation of preliminary aggregate purchase price to assets acquired and liabilities assumed
Other assets			836
Goodwill			8,763
Total liabilities assumed			(1,083)
Total			$ 12,416
Weighted average life of identifiable intangible assets (in years)			7 years
Initial cash payment			$ 10,000
Contingent consideration			2,400
Contingent consideration, minimum payment				1,000
Contingent consideration balance				4,000
Customer relationships \| Rex Features
Allocation of preliminary aggregate purchase price to assets acquired and liabilities assumed
Intangible Assets:		$ 13,768
Customer relationships \| Arbour Interactive Inc
Allocation of preliminary aggregate purchase price to assets acquired and liabilities assumed
Intangible Assets:	3,000
Customer relationships \| Virtual Moment, LLC
Allocation of preliminary aggregate purchase price to assets acquired and liabilities assumed
Intangible Assets:			2,800
Trade name \| Rex Features
Allocation of preliminary aggregate purchase price to assets acquired and liabilities assumed
Intangible Assets:		4,993
Trade name \| Arbour Interactive Inc
Allocation of preliminary aggregate purchase price to assets acquired and liabilities assumed
Intangible Assets:	1,400
Trade name \| Virtual Moment, LLC
Allocation of preliminary aggregate purchase price to assets acquired and liabilities assumed
Intangible Assets:			500
Music Catalog \| Arbour Interactive Inc
Allocation of preliminary aggregate purchase price to assets acquired and liabilities assumed
Intangible Assets:	584
Developed technology \| Rex Features
Allocation of preliminary aggregate purchase price to assets acquired and liabilities assumed
Intangible Assets:		3,026
Developed technology \| Arbour Interactive Inc
Allocation of preliminary aggregate purchase price to assets acquired and liabilities assumed
Intangible Assets:	$ 178
Developed technology \| Virtual Moment, LLC
Allocation of preliminary aggregate purchase price to assets acquired and liabilities assumed
Intangible Assets:			$ 600
Photo Library \| Rex Features
Allocation of preliminary aggregate purchase price to assets acquired and liabilities assumed
Intangible Assets:		$ 484
General and administrative \| Rex Features
Allocation of preliminary aggregate purchase price to assets acquired and liabilities assumed
Professional fees				100	400
General and administrative \| Arbour Interactive Inc
Allocation of preliminary aggregate purchase price to assets acquired and liabilities assumed
Professional fees				$ 200	400
General and administrative \| Virtual Moment, LLC
Allocation of preliminary aggregate purchase price to assets acquired and liabilities assumed
Professional fees					$ 300

Summary of Operations and Significant Accounting Policies (Details 3) - Acquisitions In 2015 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenue	$ 426,420	$ 353,636
Net income	$ 19,558	$ 21,285

Summary of Operations and Significant Accounting Policies (Details 4)	Dec. 31, 2015 customer	Dec. 31, 2014 customer	Dec. 31, 2013 customer
Total revenue \| Credit concentration risk
Concentration of Credit and Contributor Risk
Number of customers	0	0	0
Credit card receivables \| Credit concentration risk
Concentration of Credit and Contributor Risk
Number of customers	0	0	0
Accounts receivable \| Credit concentration risk
Concentration of Credit and Contributor Risk
Number of customers	0	0
Contributor royalties \| Contributor concentration risk
Concentration of Credit and Contributor Risk
Number of contributors	0	0	0

Summary of Operations and Significant Accounting Policies (Details 5) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restricted Cash
Restricted cash, current		$ 200
Credit Card Receivables
Period for conversion of credit card receivable to cash, minimum	3 days
Period for conversion of credit card receivable to cash, maximum	5 days
Allowance for doubtful accounts:
Balance, beginning of period	$ 1,031	625	$ 249
Add: bad debt expense	3,175	565	519
Less: write-offs, net of recoveries and other adjustments	(438)	(159)	(143)
Balance, end of period	3,768	1,031	$ 625
Other assets
Restricted Cash
Restricted cash, noncurrent	$ 1,800	$ 1,829

Summary of Operations and Significant Accounting Policies (Details 6)	12 Months Ended
	Dec. 31, 2015
Equipment
Property and Equipment
Useful lives	3 years
Furniture and fixtures
Property and Equipment
Useful lives	7 years
Software
Property and Equipment
Useful lives	3 years

Summary of Operations and Significant Accounting Policies (Details 7) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Product Development
Capitalized cost which is included in total capitalized software costs	$ 3,300,000	$ 1,000,000	$ 200,000
Capitalized Internal Use Software
Amortized capital software expense	600,000	300,000	200,000
Internal use software	3,900,000	600,000
Impairment of Long-Lived Assets
Impairment charges	$ 0	$ 0	$ 0

Summary of Operations and Significant Accounting Policies (Details 8) $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($) plan	Dec. 31, 2014 USD ($)
Revenue recognition
Number of subscription or usage based plans \| plan	3
Chargeback and sales refund allowances \| $	$ 0.7	$ 0.7
Period of revenue recognition for undelivered elements	1 year
Estimated customer relationship period	3 years
Subscription plans \| Minimum
Revenue recognition
Plan term	30 days
Subscription plans \| Maximum
Revenue recognition
Plan term	1 year
On Demand plans
Revenue recognition
Plan term	1 year
Credit-pack plans
Revenue recognition
Plan term	1 year

Summary of Operations and Significant Accounting Policies (Details 9) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Deferred Revenue Arrangement [Line Items]
Deferred royalty advances	$ 3.9	$ 1.6	$ 3.4
Amortization of advance royalty	$ 2.7	3.1	0.5
Maximum period over which internal sales commissions get deferred and recognized	12 months
Deferred internal sales commissions	$ 5.5	3.0	2.0
Amortized internal sales commission expense	4.5	2.7	$ 2.1
Prepaid expenses and other current assets
Deferred Revenue Arrangement [Line Items]
Deferred contributor royalties	3.2	2.0
Deferred internal sales commission	$ 1.7	$ 0.8

Summary of Operations and Significant Accounting Policies (Details 10) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Advertising Costs
Advertising costs	$ 53.0	$ 43.7	$ 34.1
Deferred Rent
Deferred rent balance	8.0	8.0
Deferred rent current balance	0.7	0.7
Deferred rent non-current balance	$ 7.3	$ 7.3

Summary of Operations and Significant Accounting Policies (Details 11)	12 Months Ended
	Dec. 31, 2015
2012 Plan \| Stock Option
Equity-Based Compensation
Vesting period (in years)	4 years
2012 Plan \| Restricted stock units
Equity-Based Compensation
Vesting period (in years)	3 years
2012 ESPP \| Employee stock
Equity-Based Compensation
Vesting period (in years)	6 months

Summary of Operations and Significant Accounting Policies (Details 12) - shares shares in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounting Policies [Abstract]
Basic (in shares)	35,975	36,040	35,864	35,635	35,452	35,304	35,149	35,027	35,880	35,235	33,878
Stock options and employee stock purchase plan shares (in shares)									345	586	509
Unvested restricted stock awards (in shares)									94	92	39
Diluted (in shares)	36,468	36,270	36,340	36,193	36,001	35,931	35,875	35,839	36,319	35,913	34,426
Number of shares to purchase, the effect of which is included in diluted net income available to common stockholders/members									1,624	2,106	1,788
Anti-dilutive shares excluded from diluted net income available to common stockholders/members									1,064	520	193

Summary of Operations and Significant Accounting Policies (Details 13) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2015 USD ($) segment	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Segment information
Number of operating segments \| segment									8
Number of reportable segments \| segment									1
Revenue	$ 116,002	$ 107,260	$ 104,365	$ 97,522	$ 91,226	$ 83,730	$ 80,238	$ 72,777	$ 425,149	$ 327,971	$ 235,515
Operating expenses	100,973	99,173	94,699	89,286	78,888	74,517	71,827	63,703	384,131	288,935	192,197
Operating profit (loss)	15,029	$ 8,087	$ 9,666	$ 8,236	12,338	$ 9,213	$ 8,411	$ 9,074	41,018	39,036	43,318
Long-lived tangible assets	32,094				26,744				32,094	26,744
North America
Segment information
Revenue									166,225	121,896	84,754
Long-lived tangible assets	31,699				26,651				31,699	26,651
Europe
Segment information
Revenue									144,103	115,245	84,644
Long-lived tangible assets	$ 395				$ 93				395	93
Rest of the world
Segment information
Revenue									$ 114,821	$ 90,830	$ 66,117
Total revenue \| Geographic concentration \| United States
Segment information
Concentration risk percentage									34.00%	33.00%	32.00%
Total revenue \| Geographic concentration \| United Kingdom
Segment information
Concentration risk percentage									11.00%	10.00%	10.00%
Operating Segments
Segment information
Revenue									$ 425,149	$ 327,971
Operating expenses									246,854	179,701
Operating profit (loss)									178,295	148,270
Corporate, Non-Segment
Segment information
Operating expenses									(137,277)	(109,234)
Content Business \| Operating Segments
Segment information
Revenue									417,310	324,533
Operating expenses									234,484	172,026
Operating profit (loss)									182,826	152,507
Other Category \| Operating Segments
Segment information
Revenue									7,839	3,438
Operating expenses									12,370	7,675
Operating profit (loss)									$ (4,531)	$ (4,237)

Short-Term Investments and Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Short term investments and fair value measurements
Total short-term investments measured at fair value	$ 47,078	$ 54,844
Commercial paper
Short term investments and fair value measurements
Amortized Cost	47,084	54,848
Unrealized gains	0	0
Unrealized losses	(6)	(4)
Total short-term investments measured at fair value	$ 47,078	$ 54,844

Short-Term Investments and Fair Value Measurements (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Contingent consideration
Change in fair value of contingent consideration	$ 4,770	$ 200	$ 0
Recurring Basis \| Aggregate Fair Value
Assets:
Total assets measured at fair value	136,231	136,088
Liabilities:
Total liabilities measured at fair value	11,075	2,560
Recurring Basis \| Aggregate Fair Value \| Acquisition related contingent consideration
Liabilities:
Total liabilities measured at fair value	11,075	2,560
Recurring Basis \| Aggregate Fair Value \| Money market accounts
Assets:
Total assets measured at fair value	89,153	81,244
Recurring Basis \| Aggregate Fair Value \| Commercial paper
Assets:
Total assets measured at fair value	47,078	54,844
Recurring Basis \| Level 1 \| Aggregate Fair Value
Assets:
Total assets measured at fair value	89,153	81,244
Liabilities:
Total liabilities measured at fair value	0	0
Recurring Basis \| Level 1 \| Aggregate Fair Value \| Acquisition related contingent consideration
Liabilities:
Total liabilities measured at fair value	0	0
Recurring Basis \| Level 1 \| Aggregate Fair Value \| Money market accounts
Assets:
Total assets measured at fair value	89,153	81,244
Recurring Basis \| Level 2 \| Aggregate Fair Value
Assets:
Total assets measured at fair value	47,078	54,844
Liabilities:
Total liabilities measured at fair value	0	0
Recurring Basis \| Level 2 \| Aggregate Fair Value \| Acquisition related contingent consideration
Liabilities:
Total liabilities measured at fair value	0	0
Recurring Basis \| Level 2 \| Aggregate Fair Value \| Commercial paper
Assets:
Total assets measured at fair value	47,078	54,844
Recurring Basis \| Level 3 \| Aggregate Fair Value
Assets:
Total assets measured at fair value	0	0
Liabilities:
Total liabilities measured at fair value	11,075	2,560
Recurring Basis \| Level 3 \| Aggregate Fair Value \| Acquisition related contingent consideration
Liabilities:
Total liabilities measured at fair value	11,075	2,560
Recurring Basis \| Other Nonoperating Income (Expense) \| Aggregate Fair Value
Contingent consideration
Change in fair value of contingent consideration	$ 4,800	$ 200

Short-Term Investments and Fair Value Measurements (Details 3) - Level 3 - Acquisition related contingent consideration - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 2,560	$ 0
Acquisition-related contingent consideration	3,745	2,360
Changes in fair value	4,770	200
Ending Balance	11,075	2,560
WebDAM
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	2,560	0
Acquisition-related contingent consideration	0	2,360
Changes in fair value	1,440	200
Ending Balance	4,000	2,560
PremiumBeat
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0	0
Acquisition-related contingent consideration	3,745	0
Changes in fair value	3,330	0
Ending Balance	$ 7,075	$ 0

Goodwill and Intangible Assets (Details) $ in Thousands	12 Months Ended
Goodwill and Intangible Assets (Details) $ in Thousands	Dec. 31, 2015 USD ($)
Changes in goodwill
December 31, 2014	$ 10,186
Acquired goodwill	44,767
Foreign currency translation adjustment	(4,019)
December 31, 2015	50,934
Content Business
Changes in goodwill
December 31, 2014	1,423
Acquired goodwill	44,767
Foreign currency translation adjustment	(4,019)
December 31, 2015	42,171
Other Category
Changes in goodwill
December 31, 2014	8,763
Acquired goodwill	0
Foreign currency translation adjustment	0
December 31, 2015	$ 8,763

Goodwill and Intangible Assets (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Amortizing intangible assets:
Gross Carrying Amount	$ 35,819	$ 5,640
Accumulated Amortization	(6,038)	(1,427)
Net Carrying Amount	29,781	4,934
Net Carrying Amount, excluding perpetuity		4,213
Customer relationships
Amortizing intangible assets:
Gross Carrying Amount	19,523	3,400
Accumulated Amortization	(3,089)	(921)
Net Carrying Amount	$ 16,434
Net Carrying Amount, excluding perpetuity		$ 2,479
Customer relationships \| Weighted Average Life (Years)
Amortizing intangible assets:
Weighted Average Life (Years)	9 years	6 years
Trade name
Amortizing intangible assets:
Gross Carrying Amount	$ 7,111	$ 900
Accumulated Amortization	(1,188)	(230)
Net Carrying Amount	$ 5,923
Net Carrying Amount, excluding perpetuity		$ 670
Trade name \| Weighted Average Life (Years)
Amortizing intangible assets:
Weighted Average Life (Years)	7 years	9 years
Developed technology
Amortizing intangible assets:
Gross Carrying Amount	$ 3,734	$ 600
Accumulated Amortization	(1,129)	(68)
Net Carrying Amount	$ 2,605
Net Carrying Amount, excluding perpetuity		$ 532
Developed technology \| Weighted Average Life (Years)
Amortizing intangible assets:
Weighted Average Life (Years)	4 years	7 years
Contributor content
Amortizing intangible assets:
Gross Carrying Amount	$ 5,138	$ 450
Accumulated Amortization	(567)	(159)
Net Carrying Amount	$ 4,571
Net Carrying Amount, excluding perpetuity		$ 291
Contributor content \| Weighted Average Life (Years)
Amortizing intangible assets:
Weighted Average Life (Years)	9 years	15 years
Patents
Amortizing intangible assets:
Gross Carrying Amount	$ 193	$ 193
Accumulated Amortization	(40)	(30)
Net Carrying Amount	$ 153
Net Carrying Amount, excluding perpetuity		$ 163
Patents \| Weighted Average Life (Years)
Amortizing intangible assets:
Weighted Average Life (Years)	17 years	17 years
Domain name
Amortizing intangible assets:
Gross Carrying Amount	$ 120	$ 97
Accumulated Amortization	(25)	(19)
Net Carrying Amount	$ 95
Net Carrying Amount, excluding perpetuity		$ 78
Domain name \| Weighted Average Life (Years)
Amortizing intangible assets:
Weighted Average Life (Years)	14 years	14 years
Digital Content
Amortizing intangible assets:
Perpetuity		$ 700

Goodwill and Intangible Assets (Details 3) - USD ($)	12 Months Ended
Goodwill and Intangible Assets (Details 3) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Goodwill and Intangible Assets
Amortization expense	$ 4,700,000	$ 600,000	$ 200,000
Hypothetical increase (as a percent)	10.00%
Decrease in fair value (as a percent)	6.00%
Impairments of goodwill	$ 0	$ 0	$ 0
Estimated amortization expense
2016	5,100,000
2017	5,100,000
2018	4,100,000
2019	3,800,000
2020	3,300,000
Thereafter	$ 8,500,000

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property and Equipment
Property and equipment	$ 54,906	$ 40,469
Less: accumulated depreciation	(22,812)	(13,725)
Property and equipment, net	32,094	26,744
Depreciation and amortization expense	10,100	7,400	$ 3,700
Loss on disposal	0	367	$ 0
Computer equipment and software
Property and Equipment
Property and equipment	37,502	24,179
Furniture and fixtures
Property and Equipment
Property and equipment	2,933	2,336
Leasehold improvements
Property and Equipment
Property and equipment	$ 14,471	$ 13,954

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Compensation	$ 8,995	$ 8,312
Non-income taxes	7,095	4,670
Royalty tax withholdings	6,439	5,987
Professional fees	902	1,708
Payroll tax withholdings	426	478
Marketing expenses	237	794
Other expenses	6,602	3,033
Total accrued expenses	$ 30,696	$ 24,982

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Geographical breakdown of income before income taxes
Domestic									$ 36,643	$ 37,866	$ 43,375
Foreign									(2,371)	311	0
Income before income taxes	$ 11,669	$ 7,320	$ 9,609	$ 5,674	$ 11,806	$ 8,840	$ 8,411	$ 9,120	34,272	38,177	43,375
Current:
Federal provision									16,551	19,362	949
State and local provision									1,683	1,502	98
Foreign provision									1,326	121	0
Deferred:
Federal benefit									(3,311)	(5,406)	14,885
State and local provision provision									33	509	964
Foreign benefit									(1,562)	0	0
Provision for income taxes									$ 14,720	$ 16,088	$ 16,896
Provision for income taxes differs from statutory income tax rate
U.S. income tax at federal statutory rate									35.00%	35.00%	35.00%
State and local taxes, net of federal benefit									3.70%	4.20%	2.30%
Foreign rate differential									1.20%	(0.10%)	0.00%
Non-deductible equity-based compensation									2.70%	1.90%	1.30%
Non-deductible other									0.40%	1.10%	0.40%
Total provision for income taxes									43.00%	42.10%	39.00%
Deferred tax assets:
Non-cash equity-based compensation	10,407				8,284				$ 10,407	$ 8,284
Intangible amortization	9,627				11,283				9,627	11,283
Non-income tax accruals	3,416				2,679				3,416	2,679
Deferred rent	2,908				2,918				2,908	2,918
Other liabilities	5,249				2,056				5,249	2,056
Deferred tax assets	31,607				27,220				31,607	27,220
Deferred tax liabilities:
Depreciation and amortization	(9,573)				(5,346)				(9,573)	(5,346)
Net deferred tax assets	22,034				21,874				22,034	21,874
Undistributed earnings attributable to foreign subsidiaries	4,500								4,500
Reconciliation of unrecognized tax benefits
Balance at the beginning of the period				$ 1,500				$ 1,500	1,500	1,500	$ 805
Gross additions for tax positions for prior years									280	0	1,056
Gross additions for tax positions for current year									57	0	8
Gross reductions for tax positions of prior years									0	0	(369)
Gross expirations									(358)	0	0
Balance at the end of the period	1,479				$ 1,500				1,479	1,500	1,500
Reserves for uncertain tax benefits									300	$ 0	$ 1,100
Impact on effective tax rate on recognition of unrecognized tax benefits	1,300								1,300
Decrease in unrecognized tax benefits	$ 1,100								$ 1,100

Term Loan Facility (Details) - USD ($)	12 Months Ended
Term Loan Facility (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Sep. 21, 2012
Term Loan Facility
Payment of term loan facility	$ 0	$ 0	$ 6,000,000
Term Loan
Term Loan Facility
Amount borrowed				$ 12,000,000
Payment of term loan facility			$ 6,000,000

Commitments and Contingencies (Details) - USD ($)	12 Months Ended
Commitments and Contingencies (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jan. 31, 2016	Mar. 21, 2013
Operating leases
Rental expense inclusive of operating leases	$ 4,800,000	$ 4,200,000	$ 3,000,000
Letter of credit as a security deposit for the leased facilities					$ 1,829,000
Future minimum lease payments under non-cancelable operating leases
2016	5,627,000
2017	6,087,000
2018	5,723,000
2019	5,887,000
2020	5,900,000
Thereafter	61,324,000
Total minimum lease payments	90,548,000
Other assets
Operating leases
Letter of credit collateralized as restricted cash	$ 1,800,000	$ 1,829,000
Subsequent Event
Future minimum lease payments under non-cancelable operating leases
Total minimum lease payments				$ 86,600,000

Commitments and Contingencies (Details 2)	12 Months Ended
Commitments and Contingencies (Details 2)	Dec. 31, 2015 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Data server equipment committed to purchase	$ 1,200,000
Maturity of unconditional purchase obligations
2016	7,370,000
2017	5,118,000
2018	2,794,000
2019	3,000,000
2020	3,500,000
Thereafter	0
Unconditional purchase obligations	21,782,000
Indemnifications
Standard maximum aggregate obligation and liability to any one customer for all claims	10,000
Indemnification obligation	$ 0

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]
Annual discretionary employer matching contributions (as a percent)	3.00%
Employer matching contributions	$ 1.2	$ 0.9	$ 0.6

Equity-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Non-cash equity-based compensation expense related to the 2012 Plan and 2012 ESPP
Total	$ 28,860	$ 23,768	$ 6,208
Cost of revenue
Non-cash equity-based compensation expense related to the 2012 Plan and 2012 ESPP
Total	1,896	1,283	437
Sales and marketing
Non-cash equity-based compensation expense related to the 2012 Plan and 2012 ESPP
Total	4,520	3,912	1,296
Product development
Non-cash equity-based compensation expense related to the 2012 Plan and 2012 ESPP
Total	7,565	7,597	1,493
General and administrative
Non-cash equity-based compensation expense related to the 2012 Plan and 2012 ESPP
Total	14,879	10,976	2,982
Stock Option
Non-cash equity-based compensation expense related to the 2012 Plan and 2012 ESPP
Total	8,191	9,737	4,507
Restricted stock units
Non-cash equity-based compensation expense related to the 2012 Plan and 2012 ESPP
Total	19,186	10,262	77
Restricted stock
Non-cash equity-based compensation expense related to the 2012 Plan and 2012 ESPP
Total	0	1,663	1,036
Virtual Moment, LLC \| Restricted stock units
Non-cash equity-based compensation expense related to the 2012 Plan and 2012 ESPP
Total	579	1,328	0
2012 ESPP \| Employee stock
Non-cash equity-based compensation expense related to the 2012 Plan and 2012 ESPP
ESPP	$ 904	$ 778	$ 588

Equity-Based Compensation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash equity-based compensation	$ 28,860	$ 23,768	$ 6,208
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash equity-based compensation	8,191	9,737	4,507
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash equity-based compensation	19,186	10,262	77
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash equity-based compensation	0	1,663	1,036
2012 ESPP \| Employee stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP	904	778	588
Virtual Moment, LLC \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash equity-based compensation	$ 579	$ 1,328	$ 0

Equity-Based Compensation (Details 3) - VAR Plan	12 Months Ended
Equity-Based Compensation (Details 3) - VAR Plan	Dec. 31, 2015 $ / shares shares
Plan Options
Options vested and expected to vest at the end of the period (in shares) \| shares	1,505,504
Weighted Average Exercise Price
Options vested and expected to vest at the end of the period (in dollars per shares) \| $ / shares	$ 44.62
Stock Option
Plan Options
Options outstanding at the beginning of the period (in shares) \| shares	1,771,440
Options granted (in shares) \| shares	271,250
Options exercised (n shares) \| shares	(329,202)
Options cancelled or forfeited (in shares) \| shares	(173,489)
Options outstanding at the end of the period (in shares) \| shares	1,539,999
Vested and exercisable at the end of the period (in shares) \| shares	624,051
Weighted Average Exercise Price
Options outstanding at the beginning of the period (in dollars per unit) \| $ / shares	$ 41.61
Options granted (in dollars per share) \| $ / shares	30.43
Options exercised (in dollars per share) \| $ / shares	18.86
Options cancelled or forfeited (in dollars per share) \| $ / shares	48.00
Options outstanding at the end of the period (in dollars per unit) \| $ / shares	57.59
Vested and exercisable at the end of the period (in dollars per share) \| $ / shares	$ 26.22

Equity-Based Compensation (Details 4) - Stock Option - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of total stock options and notional units outstanding	$ 8,400	$ 48,700
Intrinsic value of total stock options vested and exercisable	7,500	29,800
Intrinsic value of total stock options vested and expected to vest	$ 8,400	$ 50,600

Equity-Based Compensation (Details 5) - $ / shares	12 Months Ended
Equity-Based Compensation (Details 5) - $ / shares	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
VAR Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)		6 years 4 months	6 years 4 months
Dividend yield		0.00%	0.00%
Weighted average fair value per share granted (in dollars per share)		$ 43.19	$ 24.73
VAR Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)			6 years 3 months 18 days
VAR Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)			10 years
VAR Plan \| Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 6 months
Volatility (as a percent)	52.00%	49.00%	50.00%
Risk-free interest rate (as a percent)	1.70%
Dividend yield	0.00%
Weighted average fair value per share granted (in dollars per share)	$ 15.90
VAR Plan \| Stock Option \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate (as a percent)		2.10%	1.00%
VAR Plan \| Stock Option \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate (as a percent)		2.80%	2.30%
2012 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 months	6 months	6 months
Volatility (as a percent)	52.10%
Dividend yield	0.00%	0.00%	0.00%
2012 ESPP \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility (as a percent)		49.00%	49.00%
Risk-free interest rate (as a percent)	0.07%	0.08%	0.08%
2012 ESPP \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility (as a percent)		52.00%	50.00%
Risk-free interest rate (as a percent)	0.42%	0.60%	0.10%

Equity-Based Compensation (Details 6) - Restricted stock units	12 Months Ended
	Dec. 31, 2015 $ / shares shares
Plan Options
Non-vested balance at the beginning of the period (in shares) \| shares	652,897
Units granted (in shares) \| shares	973,364
Units vested (in shares) \| shares	(203,240)
Units cancelled or forfeited (in shares) \| shares	(368,548)
Non-vested balance at the end of the period (in shares) \| shares	1,054,473
Weighted Average Fair Value
Non-vested balance at the beginning of the period (in dollars per share) \| $ / shares	$ 81.45
Units granted (in dollars per share) \| $ / shares	51.77
Units vested (in dollars per share) \| $ / shares	77.96
Units cancelled or forfeited (in dollars per share) \| $ / shares	74.23
Non-vested balance at the end of the period (in dollars per share) \| $ / shares	$ 57.25

Equity-Based Compensation (Details 7) - USD ($)						12 Months Ended
Equity-Based Compensation (Details 7) - USD ($)	Jan. 01, 2015	Apr. 24, 2014	Jan. 01, 2014	Oct. 10, 2012	Aug. 17, 2010	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Executive
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Profit interest grant vesting period (in years)					6 years
Stock Option \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)		500,000
Options granted (in dollars per share)		$ 80.94
Closing price of the common stock (in dollars per share)		$ 161.88
Consideration period for awards granted		90 days
Service period for amortization of awards		6 years
Total fair value of the grant		$ 21,600,000
Restricted stock \| Executive
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of outstanding shares					50.00%
2012 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares/notional units available for issuance				6,750,000
Annual increase in shares available for issuance				1,500,000
Annual increase in the shares available for issuance as a percentage of common stock outstanding as of the last day of immediately preceding fiscal year				3.00%
2012 Plan \| Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Automatic increase (in shares)	1,068,000		1,052,000
Unrecognized compensation charge						$ 22,500,000
Vesting period (in years)						4 years
2012 Plan \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)						3 years
Unrecognized compensation charge						$ 45,800,000
VAR Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of total stock options exercised						$ 12,700,000	$ 30,500,000	$ 12,400,000
VAR Plan \| Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)						271,250
Options granted (in dollars per share)						$ 30.43
2012 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares/notional units available for issuance				2,000,000
Annual increase in shares available for issuance				1,000,000
Annual increase in the shares available for issuance as a percentage of common stock outstanding as of the last day of immediately preceding fiscal year				3.00%
Automatic increase (in shares)	1,000,000		1,000,000
Maximum percentage of eligible compensation considered for payroll deduction to purchase the common stock				15.00%
Maximum purchase of shares by participating employees during each offering period				1,000
Percentage of lower of fair market value of common stock				85.00%
Number of shares issued under ESPP						179,000
2012 ESPP \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of combined voting power of an employee considered for not granting rights to purchase stock				5.00%
Minimum worth of stock for each calendar year considered for not granting rights to purchase stock				$ 25,000
Virtual Moment, LLC \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)						2 years

Stockholders' Equity (Details)	12 Months Ended
Stockholders' Equity (Details)	Dec. 31, 2015 USD ($) Vote $ / shares shares	Oct. 31, 2015 USD ($)	Dec. 31, 2014 $ / shares shares
Common Stock
Number of votes for each share \| Vote	1
Number of authorized shares of common stock (in shares)	200,000,000		200,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01		$ 0.01
Preferred Stock
Preferred stock, authorized shares			5,000,000
Preferred stock, par value (in dollars per share) \| $ / shares			$ 0.01
Treasury Stock
Number of shares acquired	460,000		0
Common Stock
Treasury Stock
Authorized repurchase amount \| $		$ 100,000,000
Number of shares acquired	460,000
Average per-share cost (in dollars per share) \| $ / shares	$ 34.01
Accrued expense of shares repurchased and not yet paid \| $	$ 800,000
Remaining amount for repurchase \| $	$ 84,400,000

Other (Expense)/Income, net (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Other Nonoperating Income (Expense) [Abstract]
Foreign currency (loss) gain									$ (2,003)	$ (743)	$ (26)
Change in contingent consideration fair value									(4,770)	(200)	0
Interest income									27	84	83
Other (expense)/income, net	$ (3,360)	$ (767)	$ (57)	$ (2,562)	$ (532)	$ (373)	$ 0	$ 46	$ (6,746)	$ (859)	$ 57

Related Parties (Details) $ in Millions	Sep. 18, 2013 USD ($)
Pixel Holdings Inc.
Related parties
Assumed liability related to related party transaction	$ 0.2

Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 116,002	$ 107,260	$ 104,365	$ 97,522	$ 91,226	$ 83,730	$ 80,238	$ 72,777	$ 425,149	$ 327,971	$ 235,515
Operating expenses:
Cost of revenue	47,944	44,512	42,545	39,525	35,603	33,260	32,047	29,112	174,526	130,022	90,627
Sales & marketing	26,709	27,393	27,429	25,105	21,235	21,122	20,492	19,276	106,636	82,125	56,738
Product development	9,622	10,827	10,189	10,684	11,379	9,870	9,275	7,777	41,322	38,301	21,764
General and administrative	16,698	16,441	14,536	13,972	10,671	10,265	10,013	7,538	61,647	38,487	23,068
Total operating expenses	100,973	99,173	94,699	89,286	78,888	74,517	71,827	63,703	384,131	288,935	192,197
Operating profit (loss)	15,029	8,087	9,666	8,236	12,338	9,213	8,411	9,074	41,018	39,036	43,318
Other (expense) income, net	(3,360)	(767)	(57)	(2,562)	(532)	(373)	0	46	(6,746)	(859)	57
Income before income taxes	11,669	7,320	9,609	5,674	11,806	8,840	8,411	9,120	34,272	38,177	43,375
Provision for income tax	4,800	3,217	4,272	2,431	4,773	3,562	3,550	4,203	14,720	16,088	16,896
Net income	6,869	4,103	5,337	3,243	7,033	5,278	4,861	4,917	19,552	22,089	26,479
Undistributed earnings to participating stockholder	0	0	0	2	12	9	10	11	2	42	80
Net income available to common stockholders	$ 6,869	$ 4,103	$ 5,337	$ 3,241	$ 7,021	$ 5,269	$ 4,851	$ 4,906	$ 19,550	$ 22,047	$ 26,399
Net income per common share available to common stockholders:
Basic (in dollars per share)	$ 0.19	$ 0.11	$ 0.15	$ 0.09	$ 0.20	$ 0.15	$ 0.14	$ 0.14	$ 0.54	$ 0.63	$ 0.78
Diluted (in dollars per share)	$ 0.19	$ 0.11	$ 0.15	$ 0.09	$ 0.20	$ 0.15	$ 0.14	$ 0.14	$ 0.54	$ 0.61	$ 0.77
Weighted average common shares outstanding:
Basic (in shares)	35,975	36,040	35,864	35,635	35,452	35,304	35,149	35,027	35,880	35,235	33,878
Diluted (in shares)	36,468	36,270	36,340	36,193	36,001	35,931	35,875	35,839	36,319	35,913	34,426
Share-based Compensation									$ 28,860	$ 23,768	$ 6,208