Form 10-Q

0001193125-17-335092.txt : 20171107 0001193125-17-335092.hdr.sgml : 20171107 20171107083127 ACCESSION NUMBER: 0001193125-17-335092 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 56 CONFORMED PERIOD OF REPORT: 20170930 FILED AS OF DATE: 20171107 DATE AS OF CHANGE: 20171107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Reis, Inc. CENTRAL INDEX KEY: 0001038222 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 133926898 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-12917 FILM NUMBER: 171181207 BUSINESS ADDRESS: STREET 1: 1185 AVENUE OF THE AMERICAS STREET 2: FLOOR 30 CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 2129211122 MAIL ADDRESS: STREET 1: 1185 AVENUE OF THE AMERICAS STREET 2: FLOOR 30 CITY: NEW YORK STATE: NY ZIP: 10036 FORMER COMPANY: FORMER CONFORMED NAME: WELLSFORD REAL PROPERTIES INC DATE OF NAME CHANGE: 19970423 10-Q 1 d472061d10q.htm FORM 10-Q Form 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2017

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number 001-12917

REIS, INC.

(Exact Name of Registrant as Specified in Its Charter)


Maryland		13-3926898
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

1185 Avenue of the Americas, New York, NY		10036
(Address of Principal Executive Offices)		(Zip Code)

(212) 921-1122

(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes ☑ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer ☐	Accelerated filer ☑	Non-accelerated filer ☐	Smaller reporting company ☐
	(Do not check if a smaller reporting company)

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑

The number of the Registrant’s shares of common stock outstanding was 11,468,276 as of October 25, 2017.

TABLE OF CONTENTS


		Page Number
PART I. FINANCIAL INFORMATION:

Item 1.	Financial Statements

	Consolidated Balance Sheets at September 30, 2017 (unaudited) and December 31, 2016		3
	Consolidated Statements of Operations (unaudited) For the Three and Nine Months Ended September 30, 2017 and 2016		4
	Consolidated Statement of Changes in Stockholders’ Equity (unaudited) For the Nine Months Ended September 30, 2017		5
	Consolidated Statements of Cash Flows (unaudited) For the Nine Months Ended September 30, 2017 and 2016		6
	Notes to Consolidated Financial Statements (unaudited)		7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		18
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		33
Item 4.	Controls and Procedures		33

PART II. OTHER INFORMATION:

Item 1.	Legal Proceedings		33
Item 1A.	Risk Factors		33
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		34
Item 3.	Defaults Upon Senior Securities		34
Item 4.	Mine Safety Disclosures		34
Item 5.	Other Information		34
Item 6.	Exhibits		34

Signatures			35

Part I. Financial Information

Item 1. Financial Statements.

REIS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS


	September 30, 2017		December 31, 2016
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	17,443,113	$	21,490,586
Accounts receivable, net		10,014,544		10,743,505
Prepaid and other assets		1,040,049		792,991

Total current assets		28,497,706		33,027,082
Furniture, fixtures and equipment, net of accumulated depreciation of $1,845,990 and $1,082,793, respectively		5,163,799		5,260,443
Intangible assets, net of accumulated amortization of $46,995,686 and $41,861,561, respectively		19,441,536		17,922,282
Deferred tax asset, net		17,662,768		16,814,737
Goodwill		54,824,648		54,824,648
Other assets		236,894		295,349

Total assets	$	125,827,351	$	128,144,541


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of debt	$	—	$	—
Accrued expenses and other liabilities		3,646,253		4,031,444
Deferred revenue		24,971,999		25,031,100

Total current liabilities		28,618,252		29,062,544
Other long-term liabilities		2,491,237		1,902,081

Total liabilities		31,109,489		30,964,625

Commitments and contingencies
Stockholders’ equity:
Common stock, $0.02 par value per share, 101,000,000 shares authorized, 11,476,776 and 11,272,150 shares issued and outstanding, respectively		229,536		225,443
Additional paid in capital		109,050,093		107,668,599
Retained earnings (deficit)		(14,561,767)		(10,714,126)

Total stockholders’ equity		94,717,862		97,179,916

Total liabilities and stockholders’ equity	$	125,827,351	$	128,144,541

See Notes to Consolidated Financial Statements

REIS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2017		2016		2017		2016
Revenue:
Subscription revenue	$	11,954,591	$	11,261,831	$	34,963,042	$	34,059,230
Other revenue		137,178		275,344		963,901		1,916,367

Total revenue		12,091,769		11,537,175		35,926,943		35,975,597
Cost of sales		2,944,607		2,925,212		9,527,037		7,881,536

Gross profit		9,147,162		8,611,963		26,399,906		28,094,061

Operating expenses:
Sales and marketing		3,189,695		2,890,739		9,622,811		8,583,395
Product development		1,194,925		1,001,072		3,467,223		3,021,726
General and administrative expenses		3,987,280		3,933,992		11,820,321		11,555,444

Total operating expenses		8,371,900		7,825,803		24,910,355		23,160,565

Other income (expenses):
Interest and other income		979		5,214		2,681		19,380
Interest expense		(32,511)		(28,709)		(97,117)		(78,250)

Total other income (expenses)		(31,532)		(23,495)		(94,436)		(58,870)

Income before income taxes		743,730		762,665		1,395,115		4,874,626
Income tax expense		286,000		297,000		5,000		1,864,000

Net income	$	457,730	$	465,665	$	1,390,115	$	3,010,626


Net income per common share:
Basic	$	0.04	$	0.04	$	0.12	$	0.27

Diluted	$	0.04	$	0.04	$	0.12	$	0.26


Weighted average number of common shares outstanding:
Basic		11,499,832		11,320,904		11,487,280		11,308,833

Diluted		11,774,684		11,764,210		11,758,368		11,745,499


Dividends declared per common share	$	0.17	$	0.17	$	0.51	$	0.51

See Notes to Consolidated Financial Statements

REIS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2017

(Unaudited)


							Retained		Total
	Common Shares				Paid in		Earnings		Stockholders’
	Shares		Amount		Capital		(Deficit)		Equity

Balance, December 31, 2016		11,272,150	$	225,443	$	107,668,599	$	(10,714,126)	$	97,179,916
Cumulative effect change in accounting principle (as described in Note 2)		—		—		(27,830)		673,861		646,031

Balance, January 1, 2017		11,272,150		225,443		107,640,769		(10,040,265)		97,825,947

Shares issued for vested employee restricted stock units		88,543		1,771		(1,771)		—		—
Shares issued for option exercises		285,000		5,700		2,929,300		—		2,935,000
Stock based compensation, net		—		—		1,656,282		—		1,656,282
Dividends		—		—		—		(5,911,617)		(5,911,617)
Stock repurchases		(168,917)		(3,378)		(3,174,487)		—		(3,177,865)
Net income		—		—		—		1,390,115		1,390,115

Balance, September 30, 2017		11,476,776	$	229,536	$	109,050,093	$	(14,561,767)	$	94,717,862

See Notes to Consolidated Financial Statements

REIS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	For the Nine Months Ended September 30,
	2017		2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	1,390,115	$	3,010,626
Adjustments to reconcile to net cash provided by operating activities:
Deferred tax (benefit) provision		(202,000)		1,604,000
Depreciation		763,197		415,812
Amortization of intangible assets		5,134,125		4,310,343
Stock based compensation charges		1,656,282		1,579,725
Changes in assets and liabilities:
Accounts receivable, net		728,961		6,623,910
Prepaid and other assets		(188,603)		(432,056)
Accrued expenses and other liabilities		550,295		(1,480,046)
Deferred revenue		(59,101)		(3,197,347)

Net cash provided by operating activities		9,773,271		12,434,967


CASH FLOWS FROM INVESTING ACTIVITIES:
Website and database development costs		(6,653,379)		(6,567,863)
Furniture, fixtures and equipment additions		(1,012,883)		(2,466,432)
Proceeds from sale of furniture, fixtures and equipment		—		2,091

Net cash (used in) investing activities		(7,666,262)		(9,032,204)


CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends		(5,911,617)		(5,813,374)
Proceeds from option exercises		2,935,000		153,000
Payments for option cancellations and restricted stock units		—		(701,159)
Payment of financing costs		—		(180,552)
Stock repurchases		(3,177,865)		(357,991)

Net cash (used in) financing activities		(6,154,482)		(6,900,076)

Net (decrease) in cash and cash equivalents		(4,047,473)		(3,497,313)
Cash and cash equivalents, beginning of period		21,490,586		28,657,956

Cash and cash equivalents, end of period	$	17,443,113	$	25,160,643


SUPPLEMENTAL INFORMATION:
Cash paid during the period for interest	$	37,917	$	29,722

Cash paid during the period for income taxes	$	202,484	$	635,692


SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrual for furniture, fixtures and equipment additions	$	(346,330)	$	38,766

Disposal of fully depreciated furniture, fixtures and equipment			$	64,039

Shares issued for vested employee restricted stock units	$	1,771	$	1,048

Shares issued for option exercises	$	5,700

See Notes to Consolidated Financial Statements

REIS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.	*Organization and Business*

Reis, Inc. is a Maryland corporation. When we refer to “Reis” or the “Company,” we are referring to Reis, Inc. and its consolidated subsidiaries. The Company provides commercial real estate market information and analytical tools to real estate professionals, through its Reis Services subsidiary. For disclosure and financial reporting purposes, this business is referred to as Reis Services.

Reis Services

Reis Services, including its predecessors, was founded in 1980. Reis maintains a proprietary database containing detailed information on commercial properties in metropolitan markets and neighborhoods throughout the U.S. The database contains information on apartment, office, retail, warehouse/distribution, flex/research & development, self storage, seniors housing, student housing and affordable housing properties, and is used by real estate investors, lenders and other professionals to make informed buying, selling and financing decisions. In addition, Reis data is used by debt and equity investors to assess, quantify and manage the risks of default and loss associated with individual mortgages, properties, portfolios and real estate backed securities. Reis currently provides its information services to many of the nation’s leading lending institutions, equity investors, brokers and appraisers.

The Company’s product portfolio features: Reis SE, its flagship delivery platform aimed at larger and mid-sized enterprises; ReisReports, aimed at prosumers and smaller enterprises; and Reis Portfolio CRE and other portfolio support products and services, aimed primarily at risk managers and credit administrators at banks and non-bank lending institutions. It is through these products that Reis provides online access to a proprietary database of commercial real estate information and analytical tools designed to facilitate debt and equity transactions as well as ongoing asset and portfolio evaluations. Depending on the product or level of entitlement, users have access to market trends and forecasts at metropolitan and neighborhood levels throughout the U.S. and/or detailed building-specific information such as rents, vacancy rates, lease terms, property sales, new construction listings and property valuation estimates. Reis’s products are designed to meet the demand for timely and accurate information to support the decision making of property owners, developers, builders, banks and non-bank lenders, equity investors and service providers. These real estate professionals require access to timely information on both the performance and pricing of assets, including detailed data on market transactions, supply, absorption, rents and sale prices. This information is critical to all aspects of valuing assets and financing their acquisition, development and construction.

2.	*Summary of Significant Accounting Policies*

Basis of Presentation

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its majority-owned and controlled subsidiaries. Investments in entities where the Company does not have a controlling interest are accounted for under the equity method of accounting. These investments were initially recorded at cost and were subsequently adjusted for the Company’s proportionate share of the investment’s income (loss) and additional contributions or distributions. All inter-company accounts and transactions among the Company and its subsidiaries have been eliminated in consolidation.

Quarterly Reporting

The accompanying consolidated financial statements and notes of the Company have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared under Generally Accepted Accounting Principles in the United States (“GAAP”) have been condensed or omitted pursuant to such rules. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s balance sheets, statements of operations, statement of changes in stockholders’ equity and statements of cash flows have been included and are of a normal and recurring nature. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2016, as filed with the SEC on March 9, 2017. The consolidated statements of operations for the three and nine months ended September 30, 2017 and 2016 and the consolidated statements of cash flows for the nine months ended September 30, 2017 and 2016 are not necessarily indicative of full year results.

REIS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) (continued)

Summary of Significant Accounting Policies (continued)

Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

From time to time, the Company has been, is or may in the future be a defendant in various legal actions arising in the normal course of business. The Company records a provision for a liability when it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. The outcome of any litigation is uncertain; it is possible that a judgment in any legal actions to which the Company is a party, or which are proposed or threatened, will have a material adverse effect on the consolidated financial statements. See Note 10.

New Accounting Pronouncements

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets. Under ASU 2014-09, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. ASU 2014-09 is effective for annual periods beginning after December 15, 2017.

The Company has substantially completed its preliminary assessment of potential changes from adopting the new standard, which included a detailed review of contractual terms for all of its significant revenue streams. The Company currently recognizes subscription revenue ratably over the subscription period. Under the updated standard, subscriptions represent a series of performance obligations that are delivered over time, primarily on a stand-ready basis. As a result, the Company believes that its subscription revenue meets the criteria for revenue recognition over time and will continue to be recognized ratably under ASU 2014-09.

Additionally, the Company’s evaluation considers the impact of the new standard on accounting for certain incremental costs associated with obtaining contracts with customers, such as commissions. The new standard requires these costs to be capitalized and amortized over the estimated life of the asset. Currently, these costs are expensed as incurred. The Company expects to record an asset and a cumulative effect adjustment to retained earnings upon adoption of the new revenue standard in the beginning of 2018 as a result of capitalizing commissions, including the incremental commission costs associated with acquiring a new customer. The amortization periods associated with such incremental costs have not yet been determined by the Company. In addition, the Company is assessing the impact of the new standard on its policies and procedures, internal controls and systems to support recognition and disclosure under the new standard. The Company will utilize the modified retrospective method when it adopts the new standard on January 1, 2018. The Company is continuing to evaluate the impact of the new standard and an estimate of the impact to the consolidated financial statements cannot be made at this time.

In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact the pending adoption of ASU 2016-02 will have on its consolidated financial statements and disclosures.

In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (“ASU 2016-09”). Under ASU 2016-09, entities will be required to recognize the income tax effects of awards in the income statement when the awards vest or are settled. The guidance on employers’ accounting for (1) an employee’s use of shares to satisfy the employer’s statutory income tax withholding obligation and (2) forfeitures is also changing. For public business entities, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those years. The Company adopted ASU 2016-09 as of

REIS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) (continued)

Summary of Significant Accounting Policies (continued)

January 1, 2017, which included (1) recording an additional deferred tax asset on the consolidated balance sheet of approximately $657,000 and (2) the recording of a cumulative effect change in stockholders’ equity related to the prior treatment of estimated forfeitures of $28,000 as the Company has elected to record forfeitures in the period in which they occur. The cumulative effect change in accounting principle is reflected on the consolidated statement of changes in stockholders’ equity to reconcile from the previously reported December 31, 2016 balances to the recast amounts after giving effect to ASU 2016-09. Other than the items identified, the adoption of ASU 2016-09 did not have a material impact on the Company’s consolidated financial statements and disclosures.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 clarifies how cash receipts and cash payments in certain transactions are presented in the statement of cash flows. ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2016-15 will have on its consolidated financial statements and disclosures.

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash, a Consensus of the FASB Emerging Issues Task Force (“ASU 2016-18”). ASU 2016-18 intends to address the diversity in practice that exists in the classification and presentation of changes in restricted cash on the statement of cash flows. The amendments require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted. The Company does not expect the adoption of ASU 2016-18 to have a material impact on its consolidated financial statements and disclosures.

In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-01 provides criteria to determine when an integrated set of assets and activities (a “set”) is not a business and narrows the definition of the term output so that it is consistent with the description of outputs in Topic 606. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017 and early adoption is only permitted for transactions that have not been reported in financial statements that have been issued or made available for issuance. The Company does not expect the adoption of ASU 2017-01 to have a material impact on its consolidated financial statements and disclosures.

In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 removes Step 2 from the goodwill impairment test. Under ASU 2017-04, if a reporting unit’s carrying amount exceeds its fair value, an impairment charge will be recorded based on the difference, with the impairment charge limited to the amount of goodwill allocated to the reporting unit. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019, and early adoption is permitted on or after January 1, 2017. The Company early adopted ASU 2017-04 during the quarter ended September 30, 2017 and will perform the annual goodwill impairment analysis as of October 1, 2017 in accordance with the new pronouncement. The adoption of ASU 2017-04 did not have a material impact on the Company’s consolidated financial statements and disclosures.

Reclassification

Amounts in certain accounts, as presented in the consolidated statements of operations and condensed operating data in Note 3 have been reclassified to conform to the current period presentation. In particular, the Company has changed its presentation of revenue to include two categories: subscription revenue and other revenue.

REIS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) (continued)

3.	*Segment Information*

The Company is organized into separately managed segments as follows: the Reis Services segment and the Other segment. The following tables present condensed balance sheet and operating data for these segments:


(amounts in thousands)
Condensed Balance Sheet Data September 30, 2017	Reis Services		Other (A)		Consolidated
Assets
Current assets:
Cash and cash equivalents	$	16,570	$	873	$	17,443
Accounts receivable, net		10,015		—		10,015
Prepaid and other assets		762		278		1,040

Total current assets		27,347		1,151		28,498
Furniture, fixtures and equipment, net		5,163		—		5,163
Intangible assets, net		19,442		—		19,442
Deferred tax asset, net		285		17,378		17,663
Goodwill		57,203		(2,378)		54,825
Other assets		236		—		236

Total assets	$	109,676	$	16,151	$	125,827

Liabilities and stockholders’ equity
Current liabilities:
Current portion of debt	$	—	$	—	$	—
Accrued expenses and other liabilities		3,183		463		3,646
Deferred revenue		24,972		—		24,972

Total current liabilities		28,155		463		28,618
Other long-term liabilities		2,491		—		2,491
Deferred tax liability, net		34,862		(34,862)		—

Total liabilities		65,508		(34,399)		31,109
Total stockholders’ equity		44,168		50,550		94,718

Total liabilities and stockholders’ equity	$	109,676	$	16,151	$	125,827


Condensed Balance Sheet Data December 31, 2016	Reis Services		Other (A)		Consolidated
Assets
Current assets:
Cash and cash equivalents	$	19,903	$	1,588	$	21,491
Accounts receivable, net		10,744		—		10,744
Prepaid and other assets		622		170		792

Total current assets		31,269		1,758		33,027
Furniture, fixtures and equipment, net		5,260		—		5,260
Intangible assets, net		17,922		—		17,922
Deferred tax asset, net		285		16,530		16,815
Goodwill		57,203		(2,378)		54,825
Other assets		295		—		295

Total assets	$	112,234	$	15,910	$	128,144

Liabilities and stockholders’ equity
Current liabilities:
Current portion of debt	$	—	$	—	$	—
Accrued expenses and other liabilities		3,724		307		4,031
Deferred revenue		25,031		—		25,031

Total current liabilities		28,755		307		29,062
Other long-term liabilities		1,902		—		1,902
Deferred tax liability, net		32,909		(32,909)		—

Total liabilities		63,566		(32,602)		30,964
Total stockholders’ equity		48,668		48,512		97,180

Total liabilities and stockholders’ equity	$	112,234	$	15,910	$	128,144

(A) Includes cash, other assets and liabilities not specifically attributable to or allocable to the Reis Services segment.

REIS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) (continued)

Segment Information (continued)

(amounts in thousands)


Condensed Operating Data for the Three Months Ended September 30, 2017	Reis Services		Other (A)		Consolidated
Revenue:
Subscription revenue	$	11,955	$	—	$	11,955
Other revenue		137		—		137

Total revenue		12,092		—		12,092
Cost of sales		2,945		—		2,945

Gross profit		9,147		—		9,147
Operating expenses:
Sales and marketing		3,190		—		3,190
Product development		1,194		—		1,194
General and administrative expenses		2,789		1,198		3,987

Total operating expenses		7,173		1,198		8,371
Other income (expenses):
Interest and other income		—		—		—
Interest expense		(32)		—		(32)

Total other income (expenses)		(32)		—		(32)

Income (loss) before income taxes	$	1,942	$	(1,198)	$	744


Condensed Operating Data for the Three Months Ended September 30, 2016	Reis Services		Other (A)		Consolidated
Revenue:
Subscription revenue	$	11,262	$	—	$	11,262
Other revenue		276		—		276

Total revenue		11,538		—		11,538
Cost of sales		2,926		—		2,926

Gross profit		8,612		—		8,612
Operating expenses:
Sales and marketing		2,890		—		2,890
Product development		1,001		—		1,001
General and administrative expenses		3,005		929		3,934

Total operating expenses		6,896		929		7,825
Other income (expenses):
Interest and other income		5		—		5
Interest expense		(29)		—		(29)

Total other income (expenses)		(24)		—		(24)

Income (loss) before income taxes	$	1,692	$	(929)	$	763

(A) Includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the Reis Services segment.

REIS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) (continued)

Segment Information (continued)

(amounts in thousands)


Condensed Operating Data for the Nine Months Ended September 30, 2017	Reis Services		Other (A)		Consolidated
Revenue:
Subscription revenue	$	34,963	$	—	$	34,963
Other revenue		964		—		964

Total revenue		35,927		—		35,927
Cost of sales		9,527		—		9,527

Gross profit		26,400		—		26,400
Operating expenses:
Sales and marketing		9,623		—		9,623
Product development		3,467		—		3,467
General and administrative expenses		8,401		3,419		11,820

Total operating expenses		21,491		3,419		24,910
Other income (expenses):
Interest and other income		1		1		2
Interest expense		(97)		—		(97)

Total other income (expenses)		(96)		1		(95)

Income (loss) before income taxes	$	4,813	$	(3,418)	$	1,395


Condensed Operating Data for the Nine Months Ended September 30, 2016	Reis Services		Other (A)		Consolidated
Revenue:
Subscription revenue	$	34,060	$	—	$	34,060
Other revenue		1,916		—		1,916

Total revenue		35,976		—		35,976
Cost of sales of subscription revenue		7,882		—		7,882

Gross profit		28,094		—		28,094
Operating expenses:
Sales and marketing		8,583		—		8,583
Product development		3,022		—		3,022
General and administrative expenses		8,336		3,219		11,555

Total operating expenses		19,941		3,219		23,160
Other income (expenses):
Interest and other income		19		—		19
Interest expense		(78)		—		(78)

Total other income (expenses)		(59)		—		(59)

Income (loss) before income taxes	$	8,094	$	(3,219)	$	4,875

(A)

Includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the Reis Services segment.

Reis Services

See Note 1 for a description of Reis Services’s business and products at September 30, 2017.

The Company’s largest individual customer accounted for 4.0% and 6.9% of total revenue for the nine months ended September 30, 2017 and 2016, respectively.

REIS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) (continued)

Segment Information (continued)

The following table presents the accounts receivable balances at September 30, 2017 and December 31, 2016:


	September 30, 2017		December 31, 2016
Accounts receivable	$	10,258,000	$	10,862,000
Allowance for doubtful accounts		(243,000)		(118,000)

Accounts receivable, net	$	10,015,000	$	10,744,000

Twenty-three subscribers accounted for an aggregate of approximately 68.5% of accounts receivable at September 30, 2017, with the largest representing 18.7%. Through November 3, 2017, the Company received payments of approximately $4,478,000, or 43.7%, against the September 30, 2017 accounts receivable balance.

At September 30, 2017, the largest individual subscriber accounted for 9.6% of deferred revenue.

4.	*Intangible Assets*

The amount of identified intangible assets, including the respective amounts of accumulated amortization, are as follows:


	September 30, 2017		December 31, 2016
Database	$	32,286,000	$	28,146,000
Accumulated amortization		(22,714,000)		(19,974,000)

Database, net		9,572,000		8,172,000

Customer relationships		14,100,000		14,100,000
Accumulated amortization		(9,953,000)		(9,263,000)

Customer relationships, net		4,147,000		4,837,000

Website		20,051,000		17,538,000
Accumulated amortization		(14,328,000)		(12,624,000)

Website, net		5,723,000		4,914,000

Intangibles, net	$	19,442,000	$	17,923,000

The Company capitalized approximately $1,363,000 and $1,338,000 during the three months ended September 30, 2017 and 2016, respectively, and approximately $4,140,000 and $4,059,000 during the nine months ended September 30, 2017 and 2016, respectively, to the database intangible asset. The Company capitalized approximately $762,000 and $768,000 during the three months ended September 30, 2017 and 2016, respectively, and $2,513,000 and $2,158,000 during the nine months ended September 30, 2017 and 2016, respectively, to the website intangible asset.

Amortization expense for intangible assets aggregated approximately $1,765,000 and $5,134,000 for the three and nine months ended September 30, 2017, of which approximately $951,000 and $2,740,000 related to the database, which is charged to cost of sales, approximately $228,000 and $690,000 related to customer relationships, which is charged to sales and marketing expense and approximately $586,000 and $1,704,000 related to website development, which is charged to product development expense, all in the Reis Services segment. Amortization expense for intangible assets aggregated approximately $1,498,000 and $4,310,000 for the three and nine months ended September 30, 2016, of which approximately $761,000 and $2,031,000 related to the database, approximately $233,000 and $702,000 related to customer relationships, approximately $475,000 and $1,397,000 related to website development, and approximately $29,000 and $180,000 related to the value ascribed to the below market terms of a then existing office lease.

5.	*Debt*

The Company had no debt outstanding at September 30, 2017 and December 31, 2016.

In October 2012, Reis Services, as borrower, and the Company, as guarantor, entered into a loan and security agreement with Capital One, National Association, as lender (“Capital One”), for a $10,000,000 revolving credit facility (the “2012 Revolver”). The 2012 Revolver had a three-year term scheduled to expire on October 16, 2015; however, the expiration date was extended to January 31, 2016. In January 2016, Reis Services and Capital One executed an amended and restated loan and security agreement

REIS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) (continued)

Debt (continued)

for a $20,000,000 revolving credit facility with terms substantially similar to the 2012 Revolver (as amended, the “2016 Revolver,” and collectively with the 2012 Revolver, the “Revolver”). The 2016 Revolver expires on January 28, 2019. Any borrowings on the Revolver bear interest at a rate of LIBOR + 2.00% per annum (for LIBOR loans) or the greater of 1.00% or the bank’s prime rate minus 0.50% per annum (for base rate loans). Capital One charges an unused facility fee of 0.25% per annum. The Revolver is secured by a security interest in substantially all of the tangible and intangible assets of Reis Services, all copyrights of the Company and a pledge by the Company of its membership interests in Reis Services. The Revolver also contains customary affirmative and negative covenants, including minimum financial covenants, as defined in the amended and restated revolving loan credit agreement; all of the covenants were met at September 30, 2017 and December 31, 2016. No borrowings were made on the Revolver during the three and nine months ended September 30, 2017 and during the year ended December 31, 2016.

6.	*Income Taxes*

The components of income tax expense (benefit) are as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2017		2016		2017		2016
Current Federal alternative minimum tax (“AMT”) (benefit) expense	$	(8,000)	$	8,000	$	27,000	$	149,000
Current state and local tax (benefit) expense		(8,000)		(49,000)		180,000		111,000
Deferred Federal tax expense (benefit) (A)		256,000		245,000		(114,000)		1,490,000
Deferred state and local tax expense (benefit)		46,000		93,000		(88,000)		114,000

Income tax expense (B)	$	286,000	$	297,000	$	5,000	$	1,864,000

(A) Includes an AMT deferred expense (benefit) of $8,000 and $(8,000) in the three months ended September 30, 2017 and 2016, respectively, and $(27,000) and $(149,000) in the nine months ended September 30, 2017 and 2016, respectively. (B) The income tax expense in the nine months ended September 30, 2017 reflects the impact from the recognition of a windfall tax benefit on stock options exercised in the nine months ended September 30, 2017.

Due to the amount of its NOL and credit carryforwards, the Company does not anticipate paying Federal income taxes for a number of years. The Company expects, in the future, that it will be subject to cash payments for Federal AMT, state and local taxes where the Company has established nexus and there are no available NOLs, and for a portion of its state and local income taxes for New York State and New York City due to laws enacted in March 2014 and April 2015, respectively, which limit the amount of existing NOLs which could be used each year.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The net deferred tax asset was approximately $17,663,000 and $16,815,000 at September 30, 2017 and December 31, 2016, respectively. The significant portion of the deferred tax items relates to deferred tax assets including NOL carryforwards, Federal AMT credit carryforwards and stock based compensation, with the remainder of the deferred tax items relating to liabilities resulting from the intangible assets recorded at the time of the May 2007 merger.

The Company had Federal NOL carryforwards aggregating approximately $38,679,000 at December 31, 2016, as well as significant state and local NOL carryforwards. Approximately $5,961,000 of these Federal NOLs are subject to an annual Internal Revenue Code Section 382 limitation of $2,779,000, whereas the remaining balance of approximately $32,718,000 is not subject to the limitation. The enactment of a 2014 New York State law and a 2015 New York City law limit the amount of existing NOLs which could be used each year in those jurisdictions; however, all such NOLs are expected to be fully utilized in the future.

7.	*Stockholders’ Equity*

On August 30, 2016, the Company’s Board of Directors (the “Board”) authorized a repurchase program of shares of the Company’s common stock up to an aggregate of $5,000,000. Purchases under the program may be made from time to time in the open market or through privately negotiated transactions. Depending on market conditions, financial developments and other

REIS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) (continued)

Stockholders’ Equity (continued)

factors, these purchases may be commenced or suspended at any time, or from time to time, without prior notice and may be expanded without prior notice. The Company may make purchases pursuant to a trading plan under Securities Exchange Act Rule 10b5-1, permitting open market purchases of common stock during blackout periods.

During the three and nine months ended September 30, 2017, the Company purchased an aggregate of 35,709 and 168,917 shares of common stock, respectively, for approximately $641,000 and $3,178,000, or an average price of $17.95 and $18.81 per share, respectively. From the inception of the share repurchase program in August 2016 through September 30, 2017, the Company purchased an aggregate of 223,093 shares of common stock for approximately $4,322,000 or an average price of $19.37 per share. During both the three and nine months ended September 30, 2016, the Company purchased an aggregate of 18,127 shares of common stock for approximately $358,000.

The Company declared and paid a quarterly cash dividend of $0.17 per common share for the first, second and third quarters of 2017 and 2016. Dividend payments aggregated approximately $1,974,000 and $5,912,000 for the three and nine months ended September 30, 2017, respectively, and $1,937,000 and $5,813,000 in the three and nine months ended September 30, 2016, respectively.

8.	*Stock Plans and Other Incentives*

The Company has adopted certain incentive plans for the purpose of attracting and retaining the Company’s directors, officers and employees by having the ability to issue options, restricted stock units (“RSUs”), or stock awards. Awards granted under the Company’s incentive plans expire ten years from the date of grant and vest over periods ranging generally from three to five years for employees.

Option Awards

The following table presents option activity and other plan data for the nine months ended September 30, 2017 and 2016:


	For the Nine Months Ended September 30,
	2017				2016
	Options		Weighted- Average Exercise Price		Options		Weighted- Average Exercise Price
Outstanding at beginning of period		530,000	$	9.64		547,500	$	9.61
Granted		—	$	—		—	$	—
Exercised		(285,000)	$	(10.30)		(17,500)	$	(8.74)
Forfeited/cancelled/expired		—	$	—		—	$	—

Outstanding at end of period		245,000	$	8.88		530,000	$	9.64

Options exercisable at end of period		237,000	$	8.56		518,000	$	9.44

RSU Awards

The following table presents the changes in RSUs outstanding for the nine months ended September 30, 2017 and 2016:


	For the Nine Months Ended September 30,
	2017		2016
Outstanding at beginning of period		281,320		254,041
Granted		136,727		123,023
Common stock delivered (A) (B)		(88,543)		(85,181)
Forfeited		(7,993)		(4,451)

Outstanding at end of period		321,511		287,432

Intrinsic value (C)	$	5,787,198	$	5,880,859



(A) In the 2017 period, all of the vested RSUs were issued as shares. (B) The 2016 period includes 32,760 shares which were used to settle minimum employee withholding tax obligations for 29 employees of approximately $701,000 in 2016. A net of 52,421 shares of common stock were delivered in 2016.

(C) For purposes of this calculation, the Company’s closing stock prices were $18.00 and $20.46 per share on September 30, 2017 and 2016, respectively.

REIS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) (continued)

Stock Plans and Other Incentives (continued)

In the nine months ended September 30, 2017, an aggregate of 131,630 RSUs were granted to employees, which RSUs vest one-third a year over three years and had a grant date fair value of $18.67 per RSU. In the nine months ended September 30, 2016, an aggregate of 118,724 RSUs were granted to employees, which RSUs vest one-third a year over three years and had a weighted average grant date fair value of $20.22 per RSU. In each case, the grant date fair value was determined based on the closing stock price of the Company’s common stock on the applicable date of grant and considers the impact of dividend payments. The awards granted to employees in 2017 and 2016 are treated as equity awards and the grant date fair value is charged to compensation expense at the corporate level on a straight-line basis over the vesting periods. Dividends are not paid or accrued on unvested employee RSUs.

During the nine months ended September 30, 2017 and 2016, an aggregate of 5,097 RSUs and 4,299 RSUs, respectively, were granted to non-employee directors (with an average grant date fair value of $20.29 and $24.05 per RSU, respectively) related to the equity component of their compensation. In each case, the grant date fair value was determined as of the last trading day of the quarter for which the RSUs were being received as compensation. The RSUs are immediately vested, but are not deliverable to the non-employee directors until six months after termination of their service as a director. Dividends are paid on RSUs granted to non-employee directors.

Option and RSU Expense Information

The Company recorded non-cash compensation expense of approximately $546,000 and $524,000, respectively, including $34,500 in each period related to non-employee director equity compensation, for the three months ended September 30, 2017 and 2016, respectively, related to all stock options and RSUs accounted for as equity awards, as a component of general and administrative expenses in the statements of operations. For the nine months ended September 30, 2017 and 2016, the Company recorded non-cash compensation expense of approximately $1,656,000 and $1,580,000, respectively, including $103,500 in each period related to non-employee director equity compensation.

9.	*Earnings Per Common Share*

Basic earnings per common share is computed based upon the weighted average number of common shares outstanding during the period. Diluted earnings per common share is based upon the increased number of common shares that would be outstanding assuming the exercise of dilutive common share options and the consideration of restricted stock awards. The following table details the computation of earnings per common share, basic and diluted:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2017		2016		2017		2016
Numerator:
Net income for basic calculation	$	457,730	$	465,665	$	1,390,115	$	3,010,626
Adjustments to net income for the impact of dilutive securities		—		—		—		—

Net income for dilution calculation	$	457,730	$	465,665	$	1,390,115	$	3,010,626


Denominator:
Weighted average common shares – basic		11,499,832		11,320,904		11,487,280		11,308,833
Effect of dilutive securities:
RSUs		146,152		150,070		117,609		130,191
Stock options		128,700		293,236		153,479		306,475

Weighted average common shares – diluted		11,774,684		11,764,210		11,758,368		11,745,499


Net income per common share:
Basic	$	0.04	$	0.04	$	0.12	$	0.27

Diluted	$	0.04	$	0.04	$	0.12	$	0.26

Potentially dilutive securities include all stock based awards. For the three and nine months ended September 30, 2017 and 2016, certain equity awards were antidilutive.

REIS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) (continued)

10.

Commitments and Contingencies

The Company is not a party to any litigation that could reasonably be foreseen to be material to the Company.

11.

Fair Value of Financial Instruments

At September 30, 2017 and December 31, 2016, the Company’s financial instruments included receivables, payables, accrued expenses, other liabilities and debt. The fair values of these financial instruments were not materially different from their recorded values at September 30, 2017 and December 31, 2016. The Company had no debt outstanding at September 30, 2017 and December 31, 2016. See Note 5 for additional information about the Company’s debt.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this quarterly report on Form 10-Q.

Organization and Business

Reis Services

Product Overview

Proprietary Databases

Reis develops and maintains three highly curated, proprietary databases which include information on (1) property performance, (2) new construction and (3) sales transactions. The significant characteristics of the Reis databases include:

•

Breadth - coverage of nine property types, including apartment, office, retail, warehouse/distribution, flex/research & development, self storage, seniors housing, student housing and affordable housing properties;

•

Geography - national coverage of up to 275 of the largest U.S. metropolitan CRE markets, approximately 7,700 discrete market areas and segments with submarket boundaries proprietary to Reis;

•

Depth - captures critical information such as occupancies, rents, rent discounts, tenant improvement allowances, lease terms, expenses, buyer, seller, purchase price, capitalization rate, financing details and other key factors;

•

History - up to 37 years of data through multiple cycles of economic/market peaks and troughs; and

•

Frequency - market and submarket reports available quarterly, monthly, or for certain apartment reports, daily, and sales comparables and new construction information updated on daily and weekly schedules.

The following table lists the number of metropolitan markets for each of the nine types of commercial real estate covered by Reis in the property performance database:


	September 30,		December 31,
	2017		2016
Apartment		275		275
Office		190		190
Retail		190		190
Warehouse/distribution		47		47
Flex/research & development		47		47
Self storage		50		50
Seniors housing		110		110
Student housing		200		200
Affordable housing		110		45

Reis’s long-standing relationships with thousands of data sources, including building owners, property managers and agents, represent a unique and highly valuable asset that benefits from decades of investment. The Company is recognized by the industry and the business and trade press as the premier source of objective, timely and granular market information, a reputation attributable to two key factors: (1) Reis is viewed as independent as it does not compete as a broker in the listings space; and (2) Reis information is used by owners and managers in the underwriting, due diligence and marketing of properties, mortgages and real estate backed securities at both the single asset and portfolio levels.

Property Performance Dababase

Reis is continually expanding its property level databases and market coverage by geography and property type. In August 2016, Reis introduced coverage on its ninth property type, affordable housing, with information on 176 counties in 45 metropolitan areas and in February 2017, expanded coverage of this property type to include information on 256 counties in 110 metropolitan areas. During 2017, Reis has been enhancing its property comparables reports in all sectors consistent with many of the enhancements made in March 2016 to its apartment property comparables reports and in June 2016 to its office property comparables reports. These enhancements include licensed photographs, sector-specific details, contact information, effective rent at the property level, sales transaction history, and numerous illustrative charts and graphs, all to fortify Reis’s position as the preferred source for comparables information among all real estate professionals involved in buying, selling, leasing, or managing real estate assets. During April 2017, Reis enhanced its Market Analytics module, a tool that empowers portfolio managers and C-level executives to look for market opportunities based on Reis’s forecasts at the market and submarket levels.

Reis’s core property performance database contains information on competitive, income-producing properties in the U.S. apartment, office, retail, warehouse/distribution, flex/research & development, self storage, seniors housing, student housing and affordable housing sectors. On an ongoing basis, Reis surveys and receives data downloads from building owners, leasing agents and managers which include key building performance statistics including, among others: occupancy rates; rents; rent discounts and other concessions; tenant improvement allowances; lease terms; and operating expenses. In addition, Reis processes multiple data sources on commercial real estate, including: public filings databases; tax assessor records; deed transfers; planning boards; and numerous local, regional and national publications and commercial real estate websites. Reis screens and assembles large volumes of data into integrated supply and demand trends on a monthly basis at the neighborhood (submarket) and metropolitan market levels. All collected data are subjected to a rigorous quality assurance and validation process developed over many years. At the property level, surveyors compare the data collected in the current period with data previously collected on that property and similar properties. If any unusual changes in rents and vacancies are identified, follow-up procedures are performed for verification or clarification of the results. All aggregate market data at the market and submarket levels are also subjected to comprehensive quality controls.

New Construction Database

In addition to its core property database, Reis develops and maintains a new construction database that identifies and monitors projects that are being added to our covered markets. Detailed tracking of the supply side of the commercial real estate market is critical to projecting performance changes at the market and submarket levels. This database is updated weekly and reports relevant information such as project size, property type, location, status, and estimated completion dates for projects that are planned, proposed or under construction.

Sales Transactions Database

In September 2016, Reis expanded its commercial real estate sales transactions database to include virtually all U.S. markets and property types, regardless of geography or sector. The new offering appeals to mortgage and property originators and underwriters, brokers and appraisers, and more broadly to real estate professionals seeking the most comprehensive database of CRE transactions to source deals, search for related business, or conduct due diligence. Reis’s sales transactions database includes key structural data points, including but not limited to address, land use code, parcel number, and lot size, in addition to key transactional data points, such as buyer and seller name, sale price, sale date, deed reference, and financing details when available, as well as other desirable datapoints and licensed photographs. In the third quarter of 2017, the Company added land transactions to this database which includes history across virtually all U.S. counties for land transactions as well as other information such as parcel boundaries and taxes.

Products and Services

Reis has invested in a robust technology infrastructure to disseminate a number of market information products to meet the demands of a wide variety of commercial real estate professionals, from large financial institutions seeking an integrated commercial real estate portfolio management platform, to a single access user seeking local market intelligence. Reis is committed to consistently upgrading and expanding its product offering to reach new markets and new types of consumers of commercial real estate information.

Reis SE

Reis SE (or sometimes referred to as “Reis Subscriber Edition”), available at www.reis.com, is the Company’s flagship product, designed to assist in market research, due diligence and support of commercial real estate transactions, including loan originations, underwriting, acquisitions, risk assessment (such as loan loss reserves and impairment analyses), portfolio monitoring, asset management and appraisal. Reports are retrievable by street address, property type (apartment, office, retail, warehouse/distribution, flex/research & development, self storage, seniors housing, student housing and affordable housing) or on the market/submarket level and are available as full color, presentation quality documents or in spreadsheet formats.

Key features of Reis SE include:

•

Market Reports - Reis provides updated trends and forecasts of rent, vacancy, and inventory for apartment, office, retail, warehouse/distribution, flex/research & development, self storage, seniors housing, student housing and affordable housing property types in up to 275 metropolitan areas and approximately 7,700 discrete market areas and segments.

•

Rent Comparables - Based on a user specified area, Reis supplies property level performance data such as rents and vacancies, as well as comparable group summary statistics, including concessions, operating expenses and lease terms.

•

Sales Comparables - Reis maintains a sales transactions database including virtually all U.S. markets and property types. The database captures key information on each transaction, such as buyer, seller, purchase price, capitalization rate and financing details, where available.

•

Construction Comparables - Reis monitors new projects from the planning stages to opening day to stabilization, capturing the anticipated effect of new competitive inventory on local supply and demand dynamics.

•

Single Property Valuation - Designed to help clients quantify the value and risk associated with their commercial real estate holdings, the valuation module utilizes three valuation methods – discounted cash flow, direct capitalization and sales price per square foot – supported by comparable transactions in the local market.

•

Executive Briefings - Comprehensive summaries that take the form of an analyst’s write-up for hundreds of metropolitan areas, thousands of submarkets, and tens of thousands of individual properties. What a real estate analyst could take days preparing, Reis can generate in seconds.

•

“First Glance” Reports - Quarterly narrative reports provide an early assessment of the apartment, office, retail and industrial sectors across the U.S. and commentary on new construction activity.

•

Quarterly Briefings - Two conference calls each quarter attended by hundreds of Reis subscribers, plus members of the media, during which Reis economists provide an overview of the latest high-level findings and forecasts for the commercial real estate space and capital markets.

•

Real Estate News and Commentary - The Reis “Observer” and news stories selected by Reis analysts from among hundreds of sources to provide news relevant to a particular market and property type.

•

Email Alerts - Customizable email alerts that let users receive proactive updates on markets of interest.

Access to Reis SE is by secure password and can be customized to accommodate the geographic coverage, property type and analytical needs of subscribers. For example, the product can be tailored to provide access to all or only selected markets, property types and report combinations.

ReisReports

ReisReports is a product tailored to meet the needs of smaller enterprises and individuals, professional investors, brokers and appraisers, available at www.ReisReports.com. Although providing subscribers with less content and a more limited number of reports, ReisReports utilizes the same proprietary database that supports Reis SE. ReisReports is available on a monthly or annual subscription basis at affordable price points.

The addressable subscriber market for ReisReports includes hundreds of thousands of prosumers and small enterprises. To expand the total user base of ReisReports, the Company markets through various traditional and online media channels to CRE professionals active in individual metropolitan areas.

Reis Portfolio CRE and Other Portfolio Support Products and Services

Reis Portfolio CRE enables clients to quickly and thoroughly assess portfolio risks and opportunities by integrating client loan and property information with Reis property and submarket data which is processed through a credit model. The solution is delivered in a web-based, visually engaging interface. Reis Portfolio CRE is targeted to both debt and equity capital providers active in U.S. commercial real estate and, specifically, to banks with significant CRE loan exposure.

As a loan-level analysis and surveillance platform, Reis Portfolio CRE enables property valuation, credit analysis, stress testing, benchmarking and portfolio pricing. In addition to providing credit default metrics such as expected losses and probabilities of default at the loan and portfolio levels, outputs include forecasted collateral operating incomes and values under multiple economic scenarios. These features allow clients to integrate internal data to create customizable scenario forecasts to meet regulatory stress testing requirements, set loan loss reserves and monitor their collateral.

The Reis Portfolio CRE platform is intended for both large and small lending institutions, Commercial Mortgage Backed Security, or CMBS, investors and equity investors, among others. Reis Portfolio CRE has been designed in a modular fashion that allows banks of varying asset sizes to select the applications and price points most appropriate to the scale of their CRE portfolios.

The Company has been able to assist financial institutions in the evaluation of their CRE loan portfolios through other means besides Reis Portfolio CRE, including custom data deliverables and providing data clean-up, advisory and other consulting services. Reis stands ready to assist all client and non-client financial services firms and other real estate professionals however they need information or services.

Data Redistribution / Marketing Alliances

The Company has established data redistribution agreements with information service providers as part of a strategy designed to raise brand awareness and generate sales leads for Reis’s information and services. Over time, third party users may enter into agreements with Reis directly in order to gain access to the full suite of reports and analytical modules. The Company’s data redistribution agreements are typically multi-year contracts in length, do not afford access to Reis’s proprietary database and provide limited views of Reis’s market data. Reis has also established marketing alliances to promote ReisReports to its alliance partners’ members through discounts, email outreach, website advertising and newsletter ads.

Application Program Interface (“API”)

During the second quarter of 2017, Reis completed development of an Application Program Interface, commonly referred to as an API. The API is a system that allows firms to gain access to Reis data elements directly into internal systems without going through Reis SE. For Reis, the strategic importance of the API is threefold. First, the opportunity to deliver Reis data directly into an institution’s internal systems appeals to the contract signers and executives responsible for maximizing the productivity of originators, underwriters, or analysts, replacing the need to manually re-key data onto internal forms. Second, the API integrates Reis data into clients’ processes to increase adoption and heighten the probability of longer-term contractual relationships. Finally, Reis’s API is responsive to many of the challenges and opportunities stimulated by FinTech and related technologies, as well as heightened regulatory scrutiny.

Cost of Service

Reis’s data is made available in six ways, with price points that are reflective of the level of content being made available:

•

annual and multi-year subscriptions to Reis SE ranging in price from $1,000 to in excess of $1,000,000, depending upon the subscriber’s line of business and the combination of markets, property types and reports subscribed to; renewals for Reis SE are negotiated in advance of the expiration of an existing contract based on factors such as a subscriber’s historical and projected report consumption;

•

annual and multi-year subscriptions to Reis Portfolio CRE typically ranging in price from the low tens of thousands of dollars into the hundreds of thousands of dollars;

•

capped Reis SE subscriptions typically ranging in price from $1,000 to $25,000, allowing clients to download a fixed retail value of reports over a period of up to twelve months;

•

subscriptions to ReisReports, which are charged to a credit card, having a retail price in the low hundreds of dollars per month, depending on the level of service subscribed to (monthly or annual pricing options are available);

•

custom data deliverables ranging in price from $1,000 for a specific data element to hundreds of thousands or millions of dollars for custom data deliveries, portfolio valuation and credit analysis; and

•

individual reports, which can be purchased with a credit card, having retail prices up to $999 per report, are available to anyone who visits Reis’s retail website or contacts Reis via telephone, fax or email; however, certain reports are only available with an annual subscription or capped subscription account.

Reis’s revenue model is based primarily on annual subscriptions that are paid in accordance with contractual billing terms. Reis recognizes revenue from its subscription contracts on a ratable basis; for example, one-twelfth of the value of a one-year contract is recognized monthly. In the case of custom data deliverables, revenue is recognized upon completion and delivery to the customers, provided that no significant Company obligations remain.

Other Reis Services Information

For additional information on the Reis Services business, refer to the Company’s annual report on Form 10-K for the year ended December 31, 2016, which was filed with the Securities and Exchange Commission on March 9, 2017.

Additional Segment Financial Information

See Note 3 to the Company’s consolidated financial statements, included in this filing, for additional information regarding the Company’s segments.

Selected Significant Accounting Policies

For a description of our selected significant accounting policies and estimates, see our annual report on Form 10-K for the year ended December 31, 2016.

Critical Business Metrics

Management considers certain metrics in evaluating its consolidated results and the performance of the Reis Services segment. These metrics are revenue, revenue growth, EBITDA (which is earnings (net income) before interest, taxes, depreciation and amortization), EBITDA growth, EBITDA margin, Adjusted EBITDA (which is earnings before interest, taxes, depreciation, amortization and stock based compensation), Adjusted EBITDA growth and Adjusted EBITDA margin. Other important metrics that management considers include the cash flow generation as well as the visibility into future performance as supported by our deferred revenue and other related metrics discussed in this Item 2.

Following is a presentation of revenue, EBITDA and EBITDA margin for the Reis Services segment and revenue, EBITDA, Adjusted EBITDA and the related margins on a consolidated basis (see below for a reconciliation of net income to EBITDA and Adjusted EBITDA for both the Reis Services segment and on a consolidated basis for each of the periods presented here).


(amounts in thousands, excluding percentages)
	For the Three Months Ended September 30,				Increase/		Percentage Increase/
	2017		2016		(Decrease)		(Decrease)

Reis Services segment:
Total revenue	$	12,092	$	11,538	$	554		4.8%
EBITDA	$	4,016	$	3,363	$	653		19.4%
EBITDA margin		33.2%		29.1%
Consolidated:
Total revenue	$	12,092	$	11,538	$	554		4.8%
EBITDA	$	2,818	$	2,435	$	383		15.7%
EBITDA margin		23.3%		21.1%
Adjusted EBITDA	$	3,364	$	2,959	$	405		13.7%
Adjusted EBITDA margin		27.8%		25.6%

	For the Nine Months Ended September 30,				Increase/		Percentage Increase/
	2017		2016		(Decrease)		(Decrease)

Reis Services segment:
Total revenue	$	35,927	$	35,976	$	(49)		(0.1)%
EBITDA	$	10,806	$	12,872	$	(2,066)		(16.1)%
EBITDA margin		30.1%		35.8%
Consolidated:
Total revenue	$	35,927	$	35,976	$	(49)		(0.1)%
EBITDA	$	7,387	$	9,659	$	(2,272)		(23.5)%
EBITDA margin		20.6%		26.8%
Adjusted EBITDA	$	9,043	$	11,239	$	(2,196)		(19.5)%
Adjusted EBITDA margin		25.2%		31.2%

2017 Revenue Performance

Total revenue increased by approximately $554,000, or 4.8%, from the third quarter of 2016 to the third quarter of 2017. Total revenue decreased by approximately $(49,000), or (0.1)%, in the nine months ended September 30, 2017 from the comparable 2016 period.

In order to provide insight into 2017 and 2016 relative performance, we have disaggregated total revenue into two components: “Subscription” and “Other.” Other revenue specifically includes revenue related to contracts for one-time custom data deliverables and one-time fees for settlements of previous unauthorized usage of Reis data. The following tables present subscription revenue, other revenue and total revenue for the three and nine months ended September 30, 2017 and 2016.


(amounts in thousands, excluding percentages)
	For the Three Months Ended September 30,
	2017				2016				Variance
	$		% of Total		$		% of Total		$		%

Subscription revenue	$	11,955		98.9%	$	11,262		97.6%	$	693		6.2%
Other revenue (A)		137		1.1%		276		2.4%		(139)		(50.4)%

Total revenue	$	12,092		100.0%	$	11,538		100.0%	$	554		4.8%


	For the Nine Months Ended September 30,
	2017				2016				Variance
	$		% of Total		$		% of Total		$		%

Subscription revenue	$	34,963		97.3%	$	34,060		94.7%	$	903		2.7%
Other revenue (A)		964		2.7%		1,916		5.3%		(952)		(49.7)%

Total revenue	$	35,927		100.0%	$	35,976		100.0%	$	(49)		(0.1)%

(A) Other revenue includes non-subscription revenue comprised of (1) non-subscription custom data deliverables and (2) one-time settlements.

Subscription Revenue

Subscription revenue increased by approximately $693,000, or 6.2%, in the three months ended September 30, 2017 and by $903,000, or 2.7%, in the nine months ended September 30, 2017 over the comparable 2016 periods. The two factors that have led to our modest subscription revenue growth in the first nine months of fiscal 2017, and our accelerating growth in the third quarter include: (1) improvement in our trailing twelve-month (“TTM”) renewal rates; and (2) new business.

Renewal Rates — The Company’s TTM base renewal rate (renewal rate, excluding price increases) was 86.5% and the renewal rate, including price increases, was 92.0% for the TTM ended September 30, 2017, an improvement over the prior TTM periods dating back to March 31, 2016. For comparison purposes, the TTM renewal rates (1) as of December 31, 2016, were a base renewal rate of 81.6% and a renewal rate, including price increases, of 85.7%, and (2) as of September 30, 2016 were a base renewal rate of 81.7% and a renewal rate, including price increases, of 85.2%. During 2016, TTM renewal rates were negatively impacted by the cancellation of contracts, primarily in the second quarter of 2016, associated with Reis’s intellectual property (“IP”) compliance initiatives, from subscribers that exited the CRE business, and in selected cases, in response to our aggressive repricing on contract expirations. As the Company has worked to improve customer retention, poorer performing quarterly renewal rates have been replaced with higher rates in the first nine months of 2017, resulting in the aforementioned TTM renewal rate improvements. Management expects further renewal rate improvement for the remainder of 2017 and into 2018.

New Business — Reis experienced healthy growth in new business bookings in 2017 over 2016. Revenue in the third quarter of 2017 continued to be positively impacted by sales that were directly tied to recent product improvements including sales of affordable housing within our existing customer base, and wins associated with our expanded sales transaction database with investment sales brokers, property tax appeal firms and tax assessors.

Other Revenue

The Company’s other revenue includes non-subscription revenue comprised of (1) non-subscription custom data deliverables and (2) one-time settlements.

Custom Data Deliverables — The Company recognized significant revenue in the first quarter of 2016 from a custom data deliverable for one of our existing Reis SE subscribers. The revenue recorded reflected the portion of the custom data files that was delivered in February 2016, positively impacting results for the nine months ended September 30, 2016. Revenue related to this deliverable aggregated $1,200,000 in 2016 (all in the first quarter of 2016).

In 2016 and through September 30, 2017, Reis has sold custom data files, but structured as a subscription agreement with periodic quarterly updates in order to record revenue ratably, consistent with how the Company recognizes revenue for Reis SE. As we move forward in the remainder of 2017, management hopes to be able to identify additional opportunities to sell custom data files in this manner.

Intellectual Property Settlements — Reis continues to successfully resolve cases in which our intellectual property rights have been violated. The discovery of the instances of unauthorized usage creates opportunities for Reis’s compliance team to engage in productive conversations with firms regarding ongoing access to Reis data in accordance with the terms and conditions of a subscription agreement. Reis has developed a programmatic approach to promptly resolving cases of unauthorized usage and is devoting significant client services and account management resources to increase the renewal rates of IP infringement related accounts to levels typical of all other Reis subscribers. As a result of these compliance procedures, the Company has been able to generate revenue through either one-time settlement payments or by signing up the non-complying firm or individual to an annual or multi-year Reis SE subscription.

Revenue from one-time settlement payments aggregated $137,000 and $276,000 in the three months ended September 30, 2017 and 2016, respectively, and $964,000 and $716,000 in the nine months ended September 30, 2017 and 2016, respectively. Although identified instances of non-compliance remains steady, the frequency and dollar amount of one-time settlements can fluctuate each quarter. As our compliance team continues to identify instances of unauthorized access, the period of unauthorized usage is typically shorter and report consumption is not as significant as cases that were settled in 2014 and 2015. Management believes that compliance resolutions will yield a continuing and significant volume of subscription contracts and recurring revenue for the foreseeable future.

Other Items Affecting Revenue

In order to increase the predictability of fees from our subscribers and Reis’s own revenue and cash flow, we have made a concerted effort to encourage multi-year contracts when appropriate, with terms of two or three years, and in some cases, four years. At December 31, 2016, approximately 38% of our subscribers were in multi-year contracts. For multi-year contracts, the average life of multi-year contracts signed in each of the last three years was approximately 2.2 years. There are significant benefits, on a selective basis, of multi-year contracts, including locking in recurring subscription revenue for longer periods, thereby improving our renewal rates and increasing the predictability of future revenues. Operationally, multi-year contracts free up account management resources to focus on subscribers requiring a higher level of attention and upselling opportunities across our account base. Finally, multi-year deals insulate us from competitive pressures and increase the likelihood that Reis data and analytics will become embedded in the work flow of our clients.

In accordance with GAAP, our revenue recognition policy is to record revenue ratably over the life of a subscriber contract. Therefore any increases in the price of the subscription after the first year of a multi-year contract are considered in the total amount being straight-lined over the contract term. If a multi-year contract includes pricing steps on and after the first anniversary, there will be increasing cash flow from the contract, but no growth in revenue during the subsequent years under that contract. There has been, and in the future can be, resulting variability in our growth rates from having such a significant segment of our subscriber base under multi-year agreements.

Deferred Revenue and Aggregate Revenue Under Contract

Two balance-sheet based metrics management utilizes are deferred revenue and Aggregate Revenue Under Contract. Analyzing these amounts can provide additional insight into Reis Services’s future financial performance. Deferred revenue, which is a GAAP basis accounting concept and is reported by the Company on the consolidated balance sheet, represents revenue from annual or longer term contracts for which we have billed and/or received payments from our subscribers related to services we will be providing over the remaining contract period. Aggregate Revenue Under Contract is the sum of deferred revenue and future revenue under non-cancellable contracts for which we do not yet have the contractual right to bill and excludes any future revenues expected to be derived from subscribers currently being billed on a monthly basis.

Deferred revenue will be recognized as revenue ratably over the remaining life of a contract for subscriptions, or in the case of future custom reports or projects, will be recognized as revenue upon completion and delivery to the customer, provided no significant Company obligations remain. At any given date, both deferred revenue and Aggregate Revenue Under Contract can be either positively or negatively influenced by: (1) the timing and dollar value of contracts signed and billed; (2) the quantity and timing of contracts that are multi-year; and (3) the impact of recording revenue ratably over the life of a multi-year contract, which moderates the effect of price increases after the first year. The following table reconciles deferred revenue to Aggregate Revenue Under Contract at September 30, 2017 and 2016, respectively. A comparison of these balances at September 30 of each year is more meaningful than a comparison to the December 31, 2016 balances, as a greater percentage of renewals occur in the fourth quarter of each year.


	September 30,
	2017		2016
Deferred revenue (GAAP basis)	$	24,972,000	$	22,094,000
Amounts under non-cancellable contracts for which the Company does not yet have the contractual right to bill at the period end (A)		27,443,000		24,349,000

Aggregate Revenue Under Contract	$	52,415,000	$	46,443,000

(A) Amounts are billable subsequent to September 30 of each year and represent (i) non-cancellable contracts for subscribers with multi-year subscriptions where the future years are not yet billable, or (ii) subscribers with non-cancellable annual subscriptions with interim billing terms.

Included in Aggregate Revenue Under Contract at September 30, 2017 was approximately $34,510,000 related to amounts under contract for the forward twelve-month period through September 30, 2018. The remainder reflects amounts under contract beyond September 30, 2018. The forward twelve-month Aggregate Revenue Under Contract amount is approximately 72.7% of total revenue on a trailing twelve-month basis at September 30, 2017 of approximately $47,481,000. For comparison purposes, at September 30, 2016, the forward twelve-month Aggregate Revenue Under Contract was $31,684,000 and approximately 63.1% of total revenue.

2017 Reis Services EBITDA, Consolidated Adjusted EBITDA and Net Income Performance

Reis Services EBITDA for the three and nine months ended September 30, 2017 was $4,016,000 and $10,806,000, respectively, an increase of $653,000, or 19.4%, from the three months ended September 30, 2016 amount and a decrease of $(2,066,000), or (16.1)%, from the nine months ended September 30, 2016 amount. The increase in the Reis Services EBITDA for the three months ended September 30, 2017 was primarily derived from the $554,000 revenue increase in the quarter and a decrease in operating expenses for the Reis Services segment of $99,000, or 1.2%. The Reis Services EBITDA margins were 33.2% and 30.1% for the three and nine months ended September 30, 2017, respectively, as compared to the reported Reis Services EBITDA margins of 29.1% and 35.8% in the 2016 comparable periods. Margin improvement in the third quarter 2017 was the combination of the 4.8% revenue increase and the 1.2% operating expense reduction. The Reis Services EBITDA and related margin for the nine months ended September 30, 2016 was positively impacted by the $1,200,000 custom data deliverable as described above. See “— Results of Operations” for a discussion of the variances for specific operating expenses.

Consolidated Adjusted EBITDA for the three months ended September 30, 2017 was $3,364,000, an increase of $405,000, or 13.7%, from the three months ended September 30, 2016 amount, and for the nine months ended September 30, 2017 was $9,043,000, a decrease of $(2,196,000), or (19.5)%, from the nine months ended September 30, 2016 amount. The changes in consolidated Adjusted EBITDA reflect the revenue and Reis Services EBITDA changes discussed above. The consolidated Adjusted EBITDA margins were 27.8% and 25.2% for the three and nine months ended September 30, 2017, respectively, as compared to the reported consolidated Adjusted EBITDA margins of 25.6% and 31.2% in the 2016 comparable periods.

Net income for the three months ended September 30, 2017 was $458,000, a decrease of $(8,000), or (1.7)%, from the third quarter 2016 reported net income of $466,000. This decrease reflects operating expense increases of $172,000, the effects of increased amortization expense in 2017 in connection with database and website investments of $267,000, increased depreciation expense from the build out and furnishing of our new corporate headquarters which was completed in October 2016 of $126,000 and increased other expenses of $8,000, offset by the decrease in the consolidated tax provision of $11,000 and the $554,000 increase in revenue.

Net income for the nine months ended September 30, 2017 was $1,390,000, a decrease of $(1,621,000) or (53.8)%, from the third quarter 2016 reported net income of $3,011,000. This decrease reflects the revenue decrease of $(49,000), operating expense increases of $2,224,000, the effects of increased amortization expense in 2017 in connection with database and website investments of $824,000, increased depreciation expense from the build out and furnishing of our new corporate headquarters which was completed in October 2016 of $347,000 and increased other expenses of $36,000, offset by the decrease in the consolidated tax provision of $1,859,000 due to the recognition of a windfall tax benefit on stock options exercised in the nine months ended September 30, 2017.

During 2016, Reis expanded its sales and marketing and operations departments. These initiatives have contributed significantly to the overall increase in Reis Services operating expenses of 11.0% for fiscal 2016 and the 15.0% rise in the 2016 fourth quarter. Year-to-date in 2017, expense growth was a more modest 8.7% growth rate, and declined by 1.2% in the third quarter, as increased capacity in operations and sales is appropriate to meet our current business objectives. Regarding capital investment, the pace of our database and website enhancements accelerated in 2016 and has remained flat in 2017. Management believes that the investments it has made in 2016, and is continuing to make in 2017, will further the competitive differentiation and advantages between Reis and other U.S.

commercial real estate market information providers in terms of available content, analytics, narrative reports and the method of delivery.

Reconciliations of Net Income to EBITDA and Adjusted EBITDA

We define EBITDA as earnings (net income) before interest, taxes, depreciation and amortization. We define Adjusted EBITDA as earnings before interest, taxes, depreciation, amortization and stock based compensation. Although EBITDA and Adjusted EBITDA are not measures of performance calculated in accordance with GAAP, senior management uses EBITDA and Adjusted EBITDA to measure operational and management performance. Management believes that EBITDA and Adjusted EBITDA are appropriate supplemental financial measures to be considered in addition to the reported GAAP basis financial information which may assist investors in evaluating and understanding: (1) the performance of the Reis Services segment, the primary business of the Company and (2) the Company’s consolidated results, from year to year or period to period, as applicable. Further, these measures provide the reader with the ability to understand our operational performance while isolating non-cash charges, such as depreciation and amortization expenses, as well as other non-operating items, such as interest income, interest expense and income taxes and, in the case of Adjusted EBITDA, isolates non-cash charges for stock based compensation. Management also believes that disclosing EBITDA and Adjusted EBITDA will provide better comparability to other companies in the information services sector. However, because EBITDA and Adjusted EBITDA are not calculated in accordance with GAAP, they may not necessarily be comparable to similarly titled measures employed by other companies. EBITDA and Adjusted EBITDA are presented both for the Reis Services segment and on a consolidated basis. We believe that these metrics, for Reis Services, provide the reader with valuable information for evaluating the financial performance of the core Reis Services business, excluding public company costs, and for making assessments about the intrinsic value of that stand-alone business to a potential acquirer. Management primarily monitors and measures its performance, and is compensated, based on the results of the Reis Services segment. EBITDA and Adjusted EBITDA, on a consolidated basis, allow the reader to make assessments about the current trading value of the Company’s common stock, including expenses related to operating as a public company. However, investors should not consider these measures in isolation or as substitutes for net income (loss), operating income, or any other measure for determining operating performance that is calculated in accordance with GAAP. Reconciliations of EBITDA and Adjusted EBITDA to the most comparable GAAP financial measure, net income, follow for each identified period on a segment basis (including the Reis Services segment), as well as on a consolidated basis:


(amounts in thousands)

Reconciliation of Net Income to EBITDA and Adjusted EBITDA for the Three Months Ended September 30, 2017	By Segment
	Reis Services		Other (A)		Consolidated

Net income					$	458
Income tax expense						286

Income (loss) before income taxes	$	1,942	$	(1,198)		744
Add back:
Depreciation and amortization expense		2,042		—		2,042
Interest expense (income), net		32		—		32

EBITDA		4,016		(1,198)		2,818
Add back:
Stock based compensation expense, net		—		546		546

Adjusted EBITDA	$	4,016	$	(652)	$	3,364



See footnotes on next page.


(amounts in thousands)

Reconciliation of Net Income to EBITDA and Adjusted EBITDA for the Three Months Ended September 30, 2016	By Segment
	Reis Services		Other (A)		Consolidated
Net income					$	466
Income tax expense						297

Income (loss) before income taxes	$	1,692	$	(929)		763
Add back:
Depreciation and amortization expense		1,647		1		1,648
Interest expense, net		24		—		24

EBITDA		3,363		(928)		2,435
Add back:
Stock based compensation expense		—		524		524

Adjusted EBITDA	$	3,363	$	(404)	$	2,959


Reconciliation of Net Income to EBITDA and Adjusted EBITDA for the Nine Months Ended September 30, 2017	By Segment
	Reis Services		Other (A)		Consolidated
Net income					$	1,390
Income tax expense						5

Income (loss) before income taxes	$	4,813	$	(3,418)		1,395
Add back:
Depreciation and amortization expense		5,897		—		5,897
Interest expense (income), net		96		(1)		95

EBITDA		10,806		(3,419)		7,387
Add back:
Stock based compensation expense, net		—		1,656		1,656

Adjusted EBITDA	$	10,806	$	(1,763)	$	9,043


Reconciliation of Net Income to EBITDA and Adjusted EBITDA for the Nine Months Ended September 30, 2016	By Segment
	Reis Services		Other (A)		Consolidated
Net income					$	3,011
Income tax expense						1,864

Income (loss) before income taxes	$	8,094	$	(3,219)		4,875
Add back:
Depreciation and amortization expense		4,719		6		4,725
Interest expense, net		59		—		59

EBITDA		12,872		(3,213)		9,659
Add back:
Stock based compensation expense		—		1,580		1,580

Adjusted EBITDA	$	12,872	$	(1,633)	$	11,239



(A) Includes interest and other income, depreciation expense and general and administrative expenses (including public company related costs) that are not associated with the Reis Services segment.

Results of Operations

Comparison of the Results of Operations for the Three Months Ended September 30, 2017 and 2016

Total revenue and related cost of sales were approximately $12,092,000 and $2,945,000, respectively, for the three months ended September 30, 2017, which resulted in a gross profit for the Reis Services segment of approximately $9,147,000. Amortization expense included in cost of sales (for the database intangible asset) was approximately $951,000 during this period. Total revenue and related cost of sales were approximately $11,538,000 and $2,926,000, respectively, for the three months ended September 30, 2016, which resulted in a gross profit for the Reis Services segment of approximately $8,612,000. Amortization expense included in cost of sales was approximately $761,000 during this period. See “— Critical Business Metrics of the Reis Services Business” for a discussion of the variances and trends in revenue and EBITDA of the Reis Services segment. The increase in cost of sales of $19,000 resulted from a $190,000 increase in amortization expense for database costs (from product enhancements such as affordable housing

and the expansion of data included in our sales comparable offerings), offset by lower employment related costs in the 2017 period of approximately $171,000.

Sales and marketing expenses were approximately $3,190,000 and $2,890,000 for the three months ended September 30, 2017 and 2016, respectively, and solely represented costs of the Reis Services segment. Amortization expense included in sales and marketing expenses (for the customer relationships intangible asset) was approximately $228,000 and $233,000 during the three months ended September 30, 2017 and 2016, respectively. The increase in sales and marketing expenses between the two periods of approximately $300,000 resulted from greater employment related costs in the 2017 period, including costs associated with new hires in sales management, sales enablement and marketing.

Product development expenses were approximately $1,194,000 and $1,001,000 for the three months ended September 30, 2017 and 2016, respectively, and solely represented costs of the Reis Services segment. Amortization expense included in product development expenses (for the website intangible asset) was approximately $586,000 and $475,000 during the three months ended September 30, 2017 and 2016, respectively. Product development costs increased $193,000, primarily due to increased amortization expense for the website intangible asset of $111,000 and greater employment related costs in the 2017 period.

General and administrative expenses of approximately $3,987,000 for the three months ended September 30, 2017 included current period expenses of approximately $3,164,000, depreciation expense of approximately $277,000 for furniture, fixtures and equipment, and approximately $546,000 of net non-cash compensation expense. The net non-cash compensation expense was comprised of equity awards for employees and directors. General and administrative expenses of approximately $3,934,000 for the three months ended September 30, 2016 included current period expenses of approximately $3,230,000, approximately $180,000 for the lease value intangible asset amortization (which fully amortized in 2016) and furniture, fixtures and equipment depreciation, and approximately $524,000 of net non-cash compensation expense. Excluding the non-cash expenses, the net decrease in general and administrative expenses of $(66,000) was primarily the result of higher occupancy costs in the 2016 period due to double rent incurred in the 2016 period, substantially offset by greater employment related costs in the 2017 period. The increase in depreciation expense of $97,000 in the third quarter of 2017 over the corresponding 2016 period is a result of the build out and furnishing of our new corporate headquarters which was completed in October 2016.

Interest expense of $32,000 and $29,000 for the three months ended September 30, 2017 and 2016, respectively, was comprised of unused facility fees and deferred financing cost amortization on the Company’s revolving credit facility, which we refer to as the Revolver. There was no outstanding balance on the Revolver during the three months ended September 30, 2017 or 2016.

Income tax expense of $286,000 during the three months ended September 30, 2017 reflected deferred Federal tax expense of $256,000, deferred state and local tax expense of $46,000, current Federal AMT (benefit) of $(8,000), and current state and local tax (benefit) of $(8,000). Income tax expense of $297,000 during the three months ended September 30, 2016 reflected current Federal AMT expense of $8,000, deferred state and local tax expense of $93,000 and deferred Federal tax expense of $245,000, offset by a current state and local tax (benefit) of $(49,000).

Comparison of the Results of Operations for the Nine Months Ended September 30, 2017 and 2016

Total revenue and related cost of sales were approximately $35,927,000 and $9,527,000, respectively, for the nine months ended September 30, 2017, which resulted in a gross profit for the Reis Services segment of approximately $26,400,000. Amortization expense included in cost of sales (for the database intangible asset) was approximately $2,740,000 during this period. Total revenue and related cost of sales were approximately $35,976,000 and $7,882,000, respectively, for the nine months ended September 30, 2016, which resulted in a gross profit for the Reis Services segment of approximately $28,094,000. Amortization expense included in cost of sales was approximately $2,031,000 during this period. See “— Critical Business Metrics of the Reis Services Business” for a discussion of the variances and trends in revenue and EBITDA of the Reis Services segment. The increase in cost of sales of $1,645,000 resulted from greater employment related costs, specifically from hiring during 2016 and early 2017 of $936,000 and a $709,000 increase in amortization expense for database costs (from product enhancements such as affordable housing and the expansion of data included in our sales comparable offerings).

Sales and marketing expenses were approximately $9,623,000 and $8,583,000 for the nine months ended September 30, 2017 and 2016, respectively, and solely represented costs of the Reis Services segment. Amortization expense included in sales and marketing expenses (for the customer relationships intangible asset) was approximately $690,000 and $702,000 during the nine months ended September 30, 2017 and 2016, respectively. The increase in sales and marketing expenses between the two periods of approximately

$1,040,000 resulted from greater employment related costs in the 2017 period, including costs associated with new hires in sales management, sales enablement and marketing.

Product development expenses were approximately $3,467,000 and $3,022,000 for the nine months ended September 30, 2017 and 2016, respectively, and solely represented costs of the Reis Services segment. Amortization expense included in product development expenses (for the website intangible asset) was approximately $1,704,000 and $1,397,000 during the nine months ended September 30, 2017 and 2016, respectively. Product development costs increased $445,000, primarily due to increased amortization expense for the website intangible asset of $307,000 and greater employment related costs in the 2017 period.

General and administrative expenses of approximately $11,820,000 for the nine months ended September 30, 2017 included current period expenses of approximately $9,401,000, depreciation expense of approximately $763,000 for furniture, fixtures and equipment, and approximately $1,656,000 of net non-cash compensation expense. The net non-cash compensation expense was comprised of equity awards for employees and directors. General and administrative expenses of approximately $11,555,000 for the nine months ended September 30, 2016 included current period expenses of approximately $9,379,000, approximately $596,000 for the lease value intangible asset amortization (which fully amortized in 2016) and furniture, fixtures and equipment depreciation, and approximately $1,580,000 of net non-cash compensation expense. Excluding the non-cash expenses, the net increase in general and administrative expenses was $22,000 due to greater employment related costs in 2017, offset by reduced legal fees and lower net occupancy costs. The increase in depreciation expense of $167,000 in the third quarter of 2017 over the corresponding 2016 period is a result of the build out and furnishing of our new corporate headquarters which was completed in October 2016.

Interest expense of $97,000 and $78,000 for the nine months ended September 30, 2017 and 2016, respectively, was comprised of unused facility fees and deferred financing cost amortization on the Company’s revolving credit facility, which we refer to as the Revolver. There was no outstanding balance on the Revolver during the nine months ended September 30, 2017 or 2016.

Income tax expense of $5,000 during the nine months ended September 30, 2017 reflected current Federal AMT expense of $27,000, current state and local tax expense of $180,000, deferred Federal tax (benefit) of $(114,000), and deferred state and local tax (benefit) of $(88,000). The income tax expense in the nine months ended September 30, 2017 reflects the impact from the recognition of a windfall tax benefit on stock options exercised in the period. Income tax expense of $1,864,000 during the nine months ended September 30, 2016 reflected current Federal AMT expense of $149,000, current state and local tax expense of $111,000, deferred Federal tax expense of $1,490,000 and deferred state and local tax expense of $114,000.

Income Taxes

For more information regarding income taxes, see Note 6 to the Company’s consolidated financial statements included in this filing.

Liquidity and Capital Resources

The core Reis Services business has traditionally generated significant cash annually; and we expect it to continue to do so. Our consolidated cash and cash equivalents balance aggregated approximately $17,443,000 at September 30, 2017. The Company had cash flows provided by its operating activities of $9,773,000, and the Company received $2,935,000 in proceeds associated with the exercise of 285,000 options in the nine months ended September 30, 2017. The Company’s cash used in the nine months ended September 30, 2017 included: (1) making investments in its websites and databases of $6,653,000, (2) spending on tenant improvements and furniture, fixtures and equipment substantially associated with the new office spaces of approximately $1,013,000, (3) paying aggregate dividends of approximately $5,912,000 and (4) repurchasing 168,917 shares of the Company’s common stock for approximately $3,178,000 in the nine months ended September 30, 2017.

At September 30, 2017, the Company’s short-term and long-term liquidity requirements include: current operating and capitalizable costs, including accounts payable and other accrued expenses; near-term product development and enhancement of the website and databases either through building with Company resources or through acquisitions; operating leases; growth in operating expenses, including possible further increases in the number of Reis employees and additional resources devoted to our sales and marketing efforts; other costs, including public company expenses not included in the Reis Services segment; the resolution of open tax years with state and local tax authorities; payment of employee taxes on vested equity awards, for which the employee uses shares to settle his/her minimum withholding tax obligations with the Company; the use of cash for the payment of quarterly dividends; and repurchases of shares of Reis common stock (at September 30, 2017, approximately $680,000 remained available to be purchased under our current share purchase authorization). The Company expects to meet these short-term and long-term liquidity requirements

generally through the use of available cash and cash generated from subscription revenue of Reis Services and, if necessary or deemed prudent to do so, with borrowings under the Revolver, and/or proceeds from the sale of Reis stock.

The Company has a $20,000,000 revolving credit facility, which expires in January 2019. For additional information regarding the Revolver, see Note 5 to the Company’s consolidated financial statements included in this filing.

In June 2015, the Company’s shelf registration statement on Form S-3 was declared effective. The shelf registration statement permits the offering, issuance and sale of up to a maximum aggregate offering price of $75,000,000 of the Company’s stock from time to time for three years. Any determinations about the issuance of new common shares will be at the discretion of the Company’s Board and the use of proceeds, unless otherwise indicated, will be for general corporate purposes, which may include working capital, capital expenditures or acquisitions. Management will retain broad discretion in the allocation of the net proceeds. The Company has no immediate plans to issue shares under the shelf registration statement.

The Company has NOLs that it expects to utilize against future Federal, and certain state and local taxable income. The use of NOLs for New York State and New York City purposes will be subject to an annual limitation and, therefore, any taxable income in excess of the limitation will be subject to tax. Tax payments related to 2017 are expected to be for state and local taxes based on income, in excess of limitation amounts, Federal AMT, and tax on capital.

In the future, the Company may determine to use its cash to: (1) acquire or invest in other databases or information companies that have logical adjacencies or complementary products or services; (2) repurchase additional shares of Reis common stock; or (3) pay a special dividend, or increase its recurring quarterly dividend. There can be no assurance that the Company will use its cash for any of these purposes during 2017, or thereafter.

Issuer Purchases and Equity Securities

On August 30, 2016, the Company’s Board of Directors authorized a repurchase program of shares of the Company’s common stock up to an aggregate of $5,000,000. Purchases under the program may be made from time to time in the open market or through privately negotiated transactions. Depending on market conditions, financial developments and other factors, these purchases may be commenced or suspended at any time, or from time to time, without prior notice and may be expanded without prior notice. The Company may make purchases pursuant to a trading plan under Securities Exchange Act Rule 10b5-1, permitting open market purchases of common stock during blackout periods consistent with the Company’s “Policies for Transactions in Reis Stock and Insider Trading and Tipping.”

During the nine months ended September 30, 2017, the Company purchased an aggregate of 168,917 shares of common stock, at an average price of $18.81 per share, leaving approximately $680,000 at September 30, 2017 that may be used to purchase additional shares under the program. Cumulatively, the Company repurchased an aggregate of 223,093 shares of common stock, or approximately 1.97% of the common shares outstanding at the time of the Board’s initial authorization on August 30, 2016. No repurchases were made prior to August 30, 2016 during 2016.

Changes in Cash Flows

Cash flows for the nine months ended September 30, 2017 and 2016 are summarized as follows:


	For the Nine Months Ended September 30,
	2017		2016

Net cash provided by operating activities	$	9,773,271	$	12,434,967
Net cash (used in) investing activities		(7,666,262)		(9,032,204)
Net cash (used in) financing activities		(6,154,482)		(6,900,076)

Net (decrease) in cash and cash equivalents	$	(4,047,473)	$	(3,497,313)

Net cash provided by operating activities decreased $(2,662,000) from $12,435,000 provided in the 2016 period to $9,773,000 provided in the 2017 period. This decrease was primarily due to reduced revenue and EBITDA performance in the 2017 period, as well as the timing of collections for outstanding receivables.

Net cash used in investing activities decreased by $(1,366,000) from $9,032,000 used in the 2016 period to $7,666,000 used in the 2017 period. This change resulted from a $1,453,000 decrease in purchases of furniture, fixtures and equipment (as the 2016 period

included spending associated with the build out of new corporate and operations office space), offset by an $85,000 increase of cash used in the 2017 period as compared to the 2016 period for website and database development costs for continuing product development initiatives. The expectation for the remainder of 2017 is that cash used for website and database development will exceed amounts capitalized in 2016.

Net cash used in financing activities were approximately $6,155,000 and $6,900,000 in the 2017 and 2016 periods, respectively. The 2017 period includes approximately $5,912,000 for dividends declared and paid in the nine months ended September 30, 2017 and stock repurchases aggregating $3,178,000, offset by proceeds from the exercise of stock options by Reis employees aggregating $2,935,000. The 2016 period includes approximately $5,813,000 for dividends declared and paid in the nine months ended September 30, 2016, $701,000 used to settle minimum employee withholding tax obligations on vested RSUs, $181,000 of deferred financing costs related to the expansion and extension of the Revolver and $358,000 to repurchase shares of the Company’s common stock, offset by proceeds received from employees for option exercises of $153,000.

Cautionary Statement Regarding Forward-Looking Statements

This quarterly report on Form 10-Q contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to the Company’s or management’s outlook or expectations for earnings, revenues, expenses, margins, asset quality, or other future financial or business performance, strategies, prospects or expectations, or the impact of legal, regulatory or supervisory matters on our business, operations or performance. Specifically, forward-looking statements may include:

•

statements relating to future services and product development of the Reis Services segment;

•

statements relating to business prospects, potential acquisitions, sources and uses of cash, revenue, expenses, margins, net income (loss), cash flows, renewal rates, valuation of assets and liabilities and other business metrics of the Company and its businesses, including EBITDA (as defined herein), Adjusted EBITDA (as defined herein) and Aggregate Revenue Under Contract (as defined herein); and

•

statements preceded by, followed by or that include the words “estimate,” “plan,” “project,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “target” or similar expressions relating to future periods.

Forward-looking statements reflect management’s judgment based on currently available information and involve a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. With respect to these forward-looking statements, management has made certain assumptions. Future performance cannot be assured. Actual results may differ materially from those contemplated by the forward-looking statements. Some factors that could cause actual results to differ include:

•

lower than expected revenues and other performance measures such as net income, EBITDA and Adjusted EBITDA;

•

inability to retain and increase the Company’s subscriber base;

•

inability to execute properly on new products and services, or failure of subscribers to accept these products and services;

•

competition;

•

inability to attract and retain sales and senior management personnel;

•

inability to access adequate capital to fund operations and investments in our business;

•

difficulties in protecting the security, confidentiality, integrity and reliability of the Company’s data;

•

changes in accounting policies or practices;

•

legal and regulatory issues;

•

the results of pending, threatening or future litigation; and

•

the risk factors listed under “Item 1A. Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2016, which was filed with the Securities and Exchange Commission on March 9, 2017.

You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this quarterly report on Form 10-Q. Except as required by law, the Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements to reflect any events or circumstances after the date of this quarterly report on Form 10-Q or to reflect the occurrence of unanticipated events.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

The Company’s primary market risk exposure has been to changes in interest rates. This risk may be managed by limiting the Company’s financing exposures, to the extent possible, by purchasing interest rate caps when deemed appropriate.

At September 30, 2017 and December 31, 2016, the Company’s only potential exposure to interest rates was on variable rate based debt. This exposure has historically been minimized through the use of interest rate caps. During the three and nine months ended September 30, 2017 and throughout 2016, the Company did not have any interest rate caps. No debt was outstanding at September 30, 2017 and December 31, 2016. For more information about the Company’s debt, see Note 5 to the Company’s consolidated financial statements included in this filing.

Reis holds cash and cash equivalents at various regional and national banking institutions. Management monitors the institutions that hold our cash and cash equivalents. Management’s emphasis is primarily on safety of principal. Management, in its discretion, has diversified Reis’s cash and cash equivalents among banking institutions to potentially minimize exposure to any one of these entities. To date, we have experienced no loss or lack of access to our invested cash or cash equivalents; however, we can provide no assurances that access to invested cash and cash equivalents will not be impacted by adverse conditions in the financial markets.

Cash balances held at banking institutions with which we do business generally exceed the Federal Deposit Insurance Corporation insurance limits. While management monitors the cash balances in these bank accounts, such cash balances could be impacted if the underlying banks fail or could be subject to other adverse conditions in the financial markets.

Item 4. Controls and Procedures.

As of September 30, 2017, the Company carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures as of September 30, 2017 were designed at a reasonable assurance level and were effective to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported, within the time periods specified in the SEC rules and forms, and to ensure that such information is accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

There has been no change in the Company’s internal control over financial reporting during the quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

Part II. Other Information

Item 1. Legal Proceedings.

As disclosed in Note 10 to the Company’s consolidated financial statements included in this filing, the Company is not a party to any litigation that could reasonably be foreseen to be material to the Company, and the disclosure set forth in such Note 10 is incorporated herein by reference.

Item 1A. Risk Factors.

A wide range of risks may affect our business and financial results, now and in the future; however, we consider the risks described under “Item 1A. Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2016, which was filed with the SEC on March 9, 2017, to be the most significant. There may be other currently unknown or unpredictable economic, business,

competitive, governmental or other factors that could have material adverse effects on our business or future results. See “Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Cautionary Statement Regarding Forward-Looking Statements” for additional information.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Issuer Purchases of Equity Securities

During the third quarter of 2017, the Company repurchased the following common shares:


Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs
July 1, 2017 to July 31, 2017		500	$	20.80	$	500	$	1,309,000
August 1, 2017 to August 31, 2017		18,455	$	18.06	$	18,455	$	975,000
September 1, 2017 to September 30, 2017		16,754	$	17.74	$	16,754	$	678,000

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

None.

Item 6. Exhibits.

Exhibits filed with this Form 10-Q:


Exhibit No.		Description
31.1		Chief Executive Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Chief Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1		Chief Executive Officer and Chief Financial Officer Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101		Interactive Data Files, formatted in extensible Business Reporting Language (XBRL).

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


REIS, INC.

By:		/s/ Mark P. Cantaluppi
		Mark P. Cantaluppi
		Vice President, Chief Financial Officer

Date: November 7, 2017

EX-31.1 2 d472061dex311.htm EX-31.1 EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

17 CFR 240.13a-14(a),

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Lloyd Lynford, certify that:

I have reviewed this quarterly report on Form 10-Q of Reis, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 7, 2017


By:		/s/ Lloyd Lynford
		Lloyd Lynford
		Chief Executive Officer

EX-31.2 3 d472061dex312.htm EX-31.2 EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

17 CFR 240.13a-14(a),

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Mark P. Cantaluppi, certify that:

I have reviewed this quarterly report on Form 10-Q of Reis, Inc.;

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 7, 2017


By:		/s/ Mark P. Cantaluppi
		Mark P. Cantaluppi
		Chief Financial Officer

EX-32.1 4 d472061dex321.htm EX-32.1 EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report on Form 10-Q of Reis, Inc. (together with its consolidated subsidiaries, the “Company”) for the period ended September 30, 2017 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, Lloyd Lynford, Chief Executive Officer of the Company, and Mark P. Cantaluppi, Chief Financial Officer of the Company, each certify, to the best of our knowledge, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.



		/s/ Lloyd Lynford
		Lloyd Lynford Chief Executive Officer Reis, Inc.

		/s/ Mark P. Cantaluppi
		Mark P. Cantaluppi Chief Financial Officer Reis, Inc.

November 7, 2017

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of this Report.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="4%" align="left">9.</td> <td valign="top" align="left"> Earnings Per Common Share </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 62px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal" align="justify">Basic earnings per common share is computed based upon the weighted average number of common shares outstanding during the period. Diluted earnings per common share is based upon the increased number of common shares that would be outstanding assuming the exercise of dilutive common share options and the consideration of restricted stock awards. The following table details the computation of earnings per common share, basic and diluted: <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal">   <table style="FONT-SIZE: 8.5pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="54%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" nowrap="nowrap" align="center"> For the Three Months Ended September 30,</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" nowrap="nowrap" align="center"> For the Nine Months Ended September 30,</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">2017</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">2017</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">2016</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Numerator: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Net income for basic calculation </td> <td valign="bottom">  </td> <td valign="bottom">  $</td> <td valign="bottom" align="right">457,730  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">  $</td> <td valign="bottom" align="right">465,665  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">  $</td> <td valign="bottom" align="right">1,390,115  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">  $</td> <td valign="bottom" align="right">3,010,626  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Adjustments to net income for the impact of dilutive securities </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Net income for dilution calculation </td> <td valign="bottom">  </td> <td valign="bottom">  $</td> <td valign="bottom" align="right">457,730  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">  $</td> <td valign="bottom" align="right">465,665  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">  $</td> <td valign="bottom" align="right">1,390,115  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">  $</td> <td valign="bottom" align="right">3,010,626  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Denominator: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Weighted average common shares – basic </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,499,832  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,320,904  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,487,280  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,308,833  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Effect of dilutive securities: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> RSUs </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">146,152  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">150,070  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">117,609  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">130,191  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Stock options </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">128,700  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">293,236  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">153,479  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">306,475  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Weighted average common shares – diluted </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,774,684  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,764,210  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,758,368  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,745,499  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net income per common share: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Basic </td> <td valign="bottom">  </td> <td valign="bottom">  $</td> <td valign="bottom" align="right">0.04  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">  $</td> <td valign="bottom" align="right">0.04  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">  $</td> <td valign="bottom" align="right">0.12  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">  $</td> <td valign="bottom" align="right">0.27  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8.5pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Diluted </td> <td valign="bottom">  </td> <td valign="bottom">  $</td> <td valign="bottom" align="right">0.04  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">  $</td> <td valign="bottom" align="right">0.04  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">  $</td> <td valign="bottom" align="right">0.12  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">  $</td> <td valign="bottom" align="right">0.26  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 62px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal" align="justify">Potentially dilutive securities include all stock based awards. For the three and nine months ended September 30, 2017 and 2016, certain equity awards were antidilutive. </div>

5911617

Q3 2017 10-Q

0.12

2017-09-30

0.12

Reis, Inc.

0001038222 Accelerated Filer

26399906

11820321

1395115

202484

-59101

-728961

550295

117609

5000

188603

97117

2681

37917

1390115

-7666262

-6154482

24910355

9773271

1390115

<div> New Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets. Under ASU 2014-09, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. ASU 2014-09 is effective for annual periods beginning after December 15, 2017. The Company has substantially completed its preliminary assessment of potential changes from adopting the new standard, which included a detailed review of contractual terms for all of its significant revenue streams. The Company currently recognizes subscription revenue ratably over the subscription period. Under the updated standard, subscriptions represent a series of performance obligations that are delivered over time, primarily on a stand-ready basis. As a result, the Company believes that its subscription revenue meets the criteria for revenue recognition over time and will continue to be recognized ratably under ASU 2014-09. Additionally, the Company’s evaluation considers the impact of the new standard on accounting for certain incremental costs associated with obtaining contracts with customers, such as commissions. The new standard requires these costs to be capitalized and amortized over the estimated life of the asset. Currently, these costs are expensed as incurred. The Company expects to record an asset and a cumulative effect adjustment to retained earnings upon adoption of the new revenue standard in the beginning of 2018 as a result of capitalizing commissions, including the incremental commission costs associated with acquiring a new customer. The amortization periods associated with such incremental costs have not yet been determined by the Company. In addition, the Company is assessing the impact of the new standard on its policies and procedures, internal controls and systems to support recognition and disclosure under the new standard. The Company will utilize the modified retrospective method when it adopts the new standard on January 1, 2018. The Company is continuing to evaluate the impact of the new standard and an estimate of the impact to the consolidated financial statements cannot be made at this time. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact the pending adoption of ASU 2016-02 will have on its consolidated financial statements and disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (“ASU 2016-09”). Under ASU 2016-09, entities will be required to recognize the income tax effects of awards in the income statement when the awards vest or are settled. The guidance on employers’ accounting for (1) an employee’s use of shares to satisfy the employer’s statutory income tax withholding obligation and (2) forfeitures is also changing. For public business entities, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those years. The Company adopted ASU 2016-09 as of   January 1, 2017, which included (1) recording an additional deferred tax asset on the consolidated balance sheet of approximately $657,000 and (2) the recording of a cumulative effect change in stockholders’ equity related to the prior treatment of estimated forfeitures of $28,000 as the Company has elected to record forfeitures in the period in which they occur. The cumulative effect change in accounting principle is reflected on the consolidated statement of changes in stockholders’ equity to reconcile from the previously reported December 31, 2016 balances to the recast amounts after giving effect to ASU 2016-09. Other than the items identified, the adoption of ASU 2016-09 did not have a material impact on the Company’s consolidated financial statements and disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 clarifies how cash receipts and cash payments in certain transactions are presented in the statement of cash flows. ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2016-15 will have on its consolidated financial statements and disclosures. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash, a Consensus of the FASB Emerging Issues Task Force (“ASU 2016-18”). ASU 2016-18 intends to address the diversity in practice that exists in the classification and presentation of changes in restricted cash on the statement of cash flows. The amendments require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted. The Company does not expect the adoption of ASU 2016-18 to have a material impact on its consolidated financial statements and disclosures. In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-01 provides criteria to determine when an integrated set of assets and activities (a “set”) is not a business and narrows the definition of the term output so that it is consistent with the description of outputs in Topic 606. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017 and early adoption is only permitted for transactions that have not been reported in financial statements that have been issued or made available for issuance. The Company does not expect the adoption of ASU 2017-01 to have a material impact on its consolidated financial statements and disclosures. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 removes Step 2 from the goodwill impairment test. Under ASU 2017-04, if a reporting unit’s carrying amount exceeds its fair value, an impairment charge will be recorded based on the difference, with the impairment charge limited to the amount of goodwill allocated to the reporting unit. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019, and early adoption is permitted on or after January 1, 2017. The Company early adopted ASU 2017-04 during the quarter ended September 30, 2017 and will perform the annual goodwill impairment analysis as of October 1, 2017 in accordance with the new pronouncement. The adoption of ASU 2017-04 did not have a material impact on the Company’s consolidated financial statements and disclosures </div>

-94436

963901

5911617

6653379

3177865

1012883

2935000

3467223

35926943

<div> The following table presents the accounts receivable balances at September 30, 2017 and December 31, 2016:   <table style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="62%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">September 30, 2017</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">December 31, 2016</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Accounts receivable </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">10,258,000  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">10,862,000  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Allowance for doubtful accounts </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(243,000) </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(118,000) </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Accounts receivable, net </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">         10,015,000  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">         10,744,000  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> </table> </div>

<div> The amount of identified intangible assets, including the respective amounts of accumulated amortization, are as follows:   <table style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="62%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">September 30, 2017</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">December 31, 2016</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Database </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">32,286,000  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">28,146,000  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Accumulated amortization </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(22,714,000) </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(19,974,000) </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Database, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9,572,000  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,172,000  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Customer relationships </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14,100,000  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14,100,000  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Accumulated amortization </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(9,953,000) </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(9,263,000) </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Customer relationships, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,147,000  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,837,000  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Website </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,051,000  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17,538,000  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Accumulated amortization </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(14,328,000) </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(12,624,000) </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Website, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,723,000  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,914,000  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Intangibles, net </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">         19,442,000  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">         17,923,000  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> </table> </div>

<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 62px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal" align="justify">The following tables present condensed balance sheet and operating data for these segments: <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal">   <table style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="55%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="bottom">(amounts in thousands)</td> <td valign="bottom">  </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap" align="center"> Condensed Balance Sheet Data September 30, 2017 </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Reis Services</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Other (A)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Assets </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Current assets: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Cash and cash equivalents </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 16,570    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 873     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 17,443    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Accounts receivable, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 10,015    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 10,015    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Prepaid and other assets </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">762    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 278     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,040    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Total current assets </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 27,347    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,151     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 28,498    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Furniture, fixtures and equipment, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 5,163    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 5,163    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Intangible assets, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 19,442    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 19,442    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Deferred tax asset, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">285    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 17,378     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 17,663    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Goodwill </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 57,203    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> (2,378)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 54,825    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Other assets </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">236    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">236    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Total assets </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 109,676    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 16,151    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 125,827    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Liabilities and stockholders’ equity </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Current liabilities: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Current portion of debt </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Accrued expenses and other liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,183    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 463     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,646    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Deferred revenue </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 24,972    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 24,972    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Total current liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 28,155    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 463     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 28,618    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Other long-term liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 2,491    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 2,491    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Deferred tax liability, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 34,862    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> (34,862)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 65,508    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> (34,399)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 31,109    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Total stockholders’ equity </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 44,168    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 50,550     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 94,718    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total liabilities and stockholders’ equity </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     109,676    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     16,151     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     125,827    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal">   <table style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="55%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap" align="center"> Condensed Balance Sheet Data December 31, 2016 </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Reis Services</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Other (A)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Assets </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Current assets: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Cash and cash equivalents </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 19,903    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 1,588     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 21,491    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Accounts receivable, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 10,744    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 10,744    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Prepaid and other assets </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">622    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 170     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">792    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Total current assets </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 31,269    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,758     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 33,027    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Furniture, fixtures and equipment, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 5,260    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 5,260    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Intangible assets, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 17,922    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 17,922    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Deferred tax asset, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">285    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 16,530     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 16,815    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Goodwill </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 57,203    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> (2,378)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 54,825    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Other assets </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">295    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">295    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Total assets </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 112,234    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 15,910     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 128,144    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Liabilities and stockholders’ equity </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Current liabilities: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Current portion of debt </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Accrued expenses and other liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,724    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 307     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 4,031    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Deferred revenue </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 25,031    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 25,031    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Total current liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 28,755    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 307     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 29,062    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Other long-term liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,902    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,902    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Deferred tax liability, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 32,909    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> (32,909)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 63,566    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> (32,602)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 30,964    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Total stockholders’ equity </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 48,668    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 48,512     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 97,180    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total liabilities and stockholders’ equity </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     112,234    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     15,910     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     128,144    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top" colspan="12">   (A)   Includes cash, other assets and liabilities not specifically attributable to or allocable to the Reis Services segment. </td> <td valign="top">      </td> </tr> </table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="100%"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="bottom"> (amounts in thousands) </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal">   <table style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="58%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap" align="center"> Condensed Operating Data for the Three Months Ended September 30, 2017 </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Reis Services</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Other (A)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Revenue: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Subscription revenue </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 11,955     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 11,955     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Other revenue </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 137     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 137     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Total revenue </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 12,092     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 12,092     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Cost of sales </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 2,945     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 2,945     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Gross profit </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 9,147     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 9,147     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Operating expenses: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Sales and marketing </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,190     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,190     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Product development </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,194     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,194     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> General and administrative expenses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 2,789     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,198     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,987     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total operating expenses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 7,173     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,198     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 8,371     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Other income (expenses): </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Interest and other income </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Interest expense </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(32)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(32)    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total other income (expenses) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(32)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(32)    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Income (loss) before income taxes </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     1,942     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     (1,198)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     744     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal">   <table style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="57%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap" align="center"> Condensed Operating Data for the Three Months Ended September 30, 2016 </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Reis Services</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Other (A)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Revenue: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Subscription revenue </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 11,262     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 11,262     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Other revenue </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 276     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 276     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Total revenue </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 11,538     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 11,538     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Cost of sales </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 2,926     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 2,926     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Gross profit </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 8,612     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 8,612     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Operating expenses: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Sales and marketing </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 2,890     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 2,890     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Product development </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,001     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,001     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> General and administrative expenses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,005     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 929     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,934     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total operating expenses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 6,896     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 929     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 7,825     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Other income (expenses): </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Interest and other income </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 5     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 5     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Interest expense </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(29)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(29)    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total other income (expenses) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(24)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(24)    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Income (loss) before income taxes </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     1,692     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     (929)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     763     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top" colspan="12">   (A)   Includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the Reis Services segment. </td> <td valign="top">      </td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal">   <table style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="100%"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="bottom"> (amounts in thousands) </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal">   <table style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="57%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap" align="center"> Condensed Operating Data for the Nine Months Ended September 30, 2017 </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Reis Services</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Other (A)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Revenue: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Subscription revenue </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 34,963     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 34,963     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Other revenue </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 964     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 964     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Total revenue </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 35,927     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 35,927     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Cost of sales </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 9,527     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 9,527     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Gross profit </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 26,400     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 26,400     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Operating expenses: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Sales and marketing </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 9,623     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 9,623     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Product development </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,467     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,467     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> General and administrative expenses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 8,401     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,419     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 11,820     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total operating expenses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 21,491     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,419     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 24,910     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Other income (expenses): </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Interest and other income </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 2     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Interest expense </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(97)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(97)    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total other income (expenses) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(96)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(95)    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Income (loss) before income taxes </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     4,813     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     (3,418)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     1,395     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal">   <table style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="57%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap" align="center"> Condensed Operating Data for the Nine Months Ended September 30, 2016 </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Reis Services</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Other (A)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Revenue: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Subscription revenue </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 34,060     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 34,060     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Other revenue </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,916     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,916     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Total revenue </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 35,976     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 35,976     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Cost of sales of subscription revenue </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 7,882     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 7,882     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Gross profit </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 28,094     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 28,094     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Operating expenses: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Sales and marketing </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 8,583     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 8,583     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Product development </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,022     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,022     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> General and administrative expenses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 8,336     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,219     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 11,555     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total operating expenses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 19,941     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,219     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 23,160     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Other income (expenses): </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Interest and other income </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 19     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 19     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Interest expense </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(78)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(78)    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total other income (expenses) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(59)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(59)    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Income (loss) before income taxes </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     8,094     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     (3,219)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     4,875     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> <p style="MARGIN-BOTTOM: 2pt; FONT-SIZE: medium; FONT-FAMILY: "Times New Roman"; WIDTH: 689px; WHITE-SPACE: normal; WORD-SPACING: 0px; BORDER-BOTTOM: rgb(0,0,0) 1px solid; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 62px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; LINE-HEIGHT: 8pt; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal">   <table style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td width="4%"> </td> <td valign="top" width="3%" align="left">(A)</td> <td valign="top" align="left"> Includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the Reis Services segment. </td> </tr> </table> </div>

<div> The following table presents option activity and other plan data for the nine months ended September 30, 2017 and 2016:   <table style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="80%" align="center" border="0"> <tr> <td width="60%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="14" align="center">For the Nine Months Ended September 30,</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center">2017</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center">2016</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">       Options      </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">    Weighted-     Average Exercise Price</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">       Options      </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">    Weighted-     Average Exercise Price</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Outstanding at beginning of period </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">530,000  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">9.64  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">547,500  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">9.61  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Granted </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Exercised </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(285,000) </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(10.30) </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(17,500) </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(8.74) </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Forfeited/cancelled/expired </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Outstanding at end of period </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">245,000  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">         8.88  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">530,000  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">         9.64  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Options exercisable at end of period </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">237,000  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">8.56  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">518,000  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">9.44  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> </table> </div>

1656282

P10Y

10.30

9622811

<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top" width="4%" align="left">3.</td> <td valign="top" align="left"> Segment Information </td> </tr> </table> The Company is organized into separately managed segments as follows: the Reis Services segment and the Other segment. The following tables present condensed balance sheet and operating data for these segments:   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="55%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom">(amounts in thousands)</td> <td valign="bottom">  </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap" align="center"> Condensed Balance Sheet Data September 30, 2017 </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Reis Services</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Other (A)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Assets </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Current assets: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Cash and cash equivalents </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 16,570    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 873     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 17,443    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Accounts receivable, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 10,015    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 10,015    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Prepaid and other assets </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">762    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 278     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,040    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Total current assets </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 27,347    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,151     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 28,498    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Furniture, fixtures and equipment, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 5,163    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 5,163    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Intangible assets, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 19,442    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 19,442    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Deferred tax asset, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">285    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 17,378     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 17,663    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Goodwill </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 57,203    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> (2,378)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 54,825    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Other assets </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">236    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">236    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Total assets </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 109,676    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 16,151    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 125,827    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Liabilities and stockholders’ equity </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Current liabilities: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Current portion of debt </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Accrued expenses and other liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,183    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 463     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,646    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Deferred revenue </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 24,972    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 24,972    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Total current liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 28,155    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 463     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 28,618    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Other long-term liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 2,491    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 2,491    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Deferred tax liability, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 34,862    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> (34,862)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 65,508    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> (34,399)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 31,109    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Total stockholders’ equity </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 44,168    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 50,550     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 94,718    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total liabilities and stockholders’ equity </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     109,676    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     16,151     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     125,827    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="55%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap" align="center"> Condensed Balance Sheet Data December 31, 2016 </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Reis Services</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Other (A)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Assets </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Current assets: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Cash and cash equivalents </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 19,903    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 1,588     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 21,491    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Accounts receivable, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 10,744    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 10,744    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Prepaid and other assets </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">622    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 170     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">792    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Total current assets </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 31,269    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,758     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 33,027    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Furniture, fixtures and equipment, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 5,260    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 5,260    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Intangible assets, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 17,922    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 17,922    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Deferred tax asset, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">285    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 16,530     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 16,815    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Goodwill </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 57,203    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> (2,378)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 54,825    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Other assets </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">295    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">295    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Total assets </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 112,234    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 15,910     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 128,144    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Liabilities and stockholders’ equity </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Current liabilities: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Current portion of debt </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Accrued expenses and other liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,724    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 307     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 4,031    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Deferred revenue </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 25,031    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 25,031    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Total current liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 28,755    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 307     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 29,062    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Other long-term liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,902    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,902    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Deferred tax liability, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 32,909    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> (32,909)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 63,566    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> (32,602)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 30,964    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Total stockholders’ equity </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 48,668    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 48,512     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 97,180    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total liabilities and stockholders’ equity </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     112,234    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     15,910     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     128,144    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top" colspan="12">   (A)   Includes cash, other assets and liabilities not specifically attributable to or allocable to the Reis Services segment. </td> <td valign="top">      </td> </tr> </table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="100%"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> (amounts in thousands) </td> </tr> </table>   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="58%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap" align="center"> Condensed Operating Data for the Three Months Ended September 30, 2017 </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Reis Services</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Other (A)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Revenue: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Subscription revenue </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 11,955     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 11,955     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Other revenue </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 137     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 137     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Total revenue </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 12,092     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 12,092     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Cost of sales </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 2,945     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 2,945     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Gross profit </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 9,147     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 9,147     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Operating expenses: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Sales and marketing </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,190     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,190     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Product development </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,194     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,194     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> General and administrative expenses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 2,789     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,198     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,987     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total operating expenses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 7,173     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,198     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 8,371     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Other income (expenses): </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Interest and other income </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Interest expense </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(32)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(32)    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total other income (expenses) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(32)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(32)    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Income (loss) before income taxes </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     1,942     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     (1,198)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     744     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="57%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap" align="center"> Condensed Operating Data for the Three Months Ended September 30, 2016 </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Reis Services</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Other (A)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Revenue: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Subscription revenue </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 11,262     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 11,262     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Other revenue </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 276     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 276     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Total revenue </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 11,538     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 11,538     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Cost of sales </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 2,926     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 2,926     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Gross profit </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 8,612     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 8,612     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Operating expenses: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Sales and marketing </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 2,890     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 2,890     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Product development </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,001     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,001     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> General and administrative expenses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,005     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 929     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,934     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total operating expenses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 6,896     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 929     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 7,825     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Other income (expenses): </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Interest and other income </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 5     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 5     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Interest expense </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(29)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(29)    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total other income (expenses) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(24)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(24)    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Income (loss) before income taxes </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     1,692     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     (929)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     763     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top" colspan="12">   (A)   Includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the Reis Services segment. </td> <td valign="top">      </td> </tr> </table>   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="100%"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> (amounts in thousands) </td> </tr> </table>   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="57%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap" align="center"> Condensed Operating Data for the Nine Months Ended September 30, 2017 </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Reis Services</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Other (A)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Revenue: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Subscription revenue </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 34,963     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 34,963     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Other revenue </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 964     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 964     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Total revenue </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 35,927     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 35,927     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Cost of sales </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 9,527     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 9,527     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Gross profit </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 26,400     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 26,400     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Operating expenses: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Sales and marketing </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 9,623     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 9,623     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Product development </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,467     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,467     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> General and administrative expenses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 8,401     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,419     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 11,820     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total operating expenses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 21,491     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,419     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 24,910     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Other income (expenses): </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Interest and other income </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 2     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Interest expense </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(97)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(97)    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total other income (expenses) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(96)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(95)    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Income (loss) before income taxes </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     4,813     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     (3,418)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     1,395     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="57%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap" align="center"> Condensed Operating Data for the Nine Months Ended September 30, 2016 </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Reis Services</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Other (A)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Revenue: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Subscription revenue </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 34,060     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> $</td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 34,060     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Other revenue </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,916     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,916     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Total revenue </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 35,976     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 35,976     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Cost of sales of subscription revenue </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 7,882     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 7,882     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Gross profit </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 28,094     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 28,094     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Operating expenses: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Sales and marketing </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 8,583     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 8,583     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Product development </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,022     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,022     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> General and administrative expenses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 8,336     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,219     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 11,555     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total operating expenses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 19,941     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,219     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 23,160     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Other income (expenses): </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Interest and other income </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 19     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 19     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Interest expense </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(78)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(78)    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total other income (expenses) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(59)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(59)    </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Income (loss) before income taxes </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     8,094     </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     (3,219)    </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">                     4,875     </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td width="4%"> </td> <td valign="top" width="3%" align="left">(A)</td> <td valign="top" align="left"> Includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the Reis Services segment. </td> </tr> </table> Reis Services See Note 1 for a description of Reis Services’s business and products at September 30, 2017. The Company’s largest individual customer accounted for 4.0% and 6.9% of total revenue for the nine months ended September 30, 2017 and 2016, respectively. The following table presents the accounts receivable balances at September 30, 2017 and December 31, 2016:   <table style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="62%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">September 30, 2017</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">December 31, 2016</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Accounts receivable </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">10,258,000  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">10,862,000  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Allowance for doubtful accounts </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(243,000) </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(118,000) </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Accounts receivable, net </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">         10,015,000  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">         10,744,000  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> Twenty-three subscribers accounted for an aggregate of approximately 68.5% of accounts receivable at September 30, 2017, with the largest representing 18.7%. Through November 3, 2017, the Company received payments of approximately $4,478,000, or 43.7%, against the September 30, 2017 accounts receivable balance. At September 30, 2017, the largest individual subscriber accounted for 9.6% of deferred revenue. </div>

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Disclosure - Fair Value of Financial Instruments - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink EX-101.CAL 7 reis-20170930_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 8 reis-20170930_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 9 reis-20170930_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Accounting Policies [Abstract] Accounting Policies [Abstract] Accounting Standards Update 2016-09 [Member] ASU 2016-09 [Member] Accounts Receivable, Gross, Current Accounts receivable Accounts Receivable, Net, Current Accounts receivable, net Accounts receivable, net Accrued Liabilities, Current Accrued expenses and other liabilities Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Accumulated depreciation of furniture, fixtures and equipment Additional Paid in Capital, Common Stock Additional paid in capital Additional Paid-in Capital [Member] Paid in Capital Adjustments for New Accounting Pronouncements [Axis] Adjustments for New Accounting Pronouncements [Axis] Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition Stock based compensation, net Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile to net cash provided by operating activities: Allowance for Doubtful Accounts Receivable, Current Allowance for doubtful accounts Amendment Flag Amendment Flag Amortization of Intangible Assets Amortization expense for intangible assets Amortization of intangible assets Assets Total assets Total assets Assets [Abstract] Assets Assets, Current Total current assets Total current assets Assets, Current [Abstract] Current assets: Award Type [Axis] Award Type [Axis] Base rate loans interest rate. Base Rate Loans Interest Rate Spread Percentage Base rate Base Rate [Member] Base Rate Loans [Member] Basis of Accounting, Policy [Policy Text Block] Quarterly Reporting Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents, end of period Cash and cash equivalents, beginning of period Cash and cash equivalents Cash and Cash Equivalents, Period Increase (Decrease) Net decrease in cash and cash equivalents Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: Commitments and Contingencies Commitments and contingencies Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Text Block] Commitments and Contingencies Common Stock, Dividends, Per Share, Cash Paid Dividends paid, per share Common Stock, Dividends, Per Share, Declared Dividends declared per common share Dividends declared, per share Common Stock [Member] Common Shares Common Stock, Par or Stated Value Per Share Common stock, par value Common Stock, Shares Authorized Common stock, shares authorized Common Stock, Shares, Issued Common stock, shares issued Common Stock, Shares, Outstanding Common stock, shares outstanding Common Stock, Value, Issued Common stock, $0.02 par value per share, 101,000,000 shares authorized, 11,476,776 and 11,272,150 shares issued and outstanding, respectively Consolidation, Policy [Policy Text Block] Principles of Consolidation Component of an entity that provides financial and operational oversight and administrative support for other segments and other segments not separately reported due to size or nature of business activities. Includes intersegment elimination and reconciling items. Corporate And Inter Segment Eliminations [Member] Other [Member] Cost of Goods Sold, Subscription Cost of sales Credit Facility [Axis] Credit Facility [Axis] Credit Facility [Domain] Credit Facility [Domain] Cumulative Effect of New Accounting Principle in Period of Adoption Cumulative effect change in accounting principle (as described in Note 2) Cumulative effect change in stockholders' equity Current Federal Tax Expense (Benefit) Current Federal alternative minimum tax ("AMT") (benefit) expense Current Fiscal Year End Date Current Fiscal Year End Date Current State and Local Tax Expense (Benefit) Current state and local tax (benefit) expense Customer Relationships [Member] Customer Relationships [Member] Database Rights [Member] Database [Member] Debt Disclosure [Abstract] Debt Disclosure [Abstract] Debt Disclosure [Text Block] Debt Debt Instrument, Basis Spread on Variable Rate Spread on variable rate Long-term Debt, Gross Debt outstanding Debt Instrument [Line Items] Debt Instrument [Line Items] Schedule of Long-term Debt Instruments [Table] Schedule of Long-term Debt Instruments [Table] Amount of Federal AMT tax expense (benefit) during the period. Deferred Federal Alternative Minimum Tax Expense (Benefit) Deferred Federal AMT expense (benefit) Deferred Federal Income Tax Expense (Benefit) Deferred Federal tax expense (benefit) Deferred Income Tax Expense (Benefit) Deferred tax (benefit) provision Deferred Revenue, Current Deferred revenue Deferred State and Local Income Tax Expense (Benefit) Deferred state and local tax expense (benefit) Deferred Tax Assets, Net Net deferred tax asset Deferred Tax Assets, Net of Valuation Allowance, Noncurrent Deferred tax asset, net Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration Federal NOLs not subject to an annual limitation Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration Federal NOLs subject to an annual limitation Deferred Tax Liabilities, Net Deferred tax liability, net Depreciation Depreciation Dilutive Securities, Effect on Basic Earnings Per Share Adjustments to net income for the impact of dilutive securities Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Stock Plans and Other Incentives Disposal of fully depreciated furniture, fixtures and equipment. Disposal Of Fully Depreciated Furniture Fixtures And Equipment Disposal of fully depreciated furniture, fixtures and equipment Dividends, Common Stock, Cash Dividend payments, amount Dividends Document and Entity Information [Abstract] Document And Entity Information [Abstract] Document And Entity Information [Abstract] Document Fiscal Period Focus Document Fiscal Period Focus Document Fiscal Year Focus Document Fiscal Year Focus Document Period End Date Document Period End Date Document Type Document Type Earnings Per Share [Abstract] Net income per common share: Earnings Per Share, Basic Basic Earnings Per Share, Diluted Diluted Earnings Per Share [Text Block] Earnings Per Common Share Employees. Employees [Member] Employees [Member] Entity Central Index Key Entity Central Index Key Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Entity Filer Category Entity Filer Category Entity Registrant Name Entity Registrant Name Entity wide deferred revenue customer. Entity Wide Deferred Revenue Customer Percentage Percentage of deferred revenue by major subscriber Percentage of revenue generated from a single external customer. Entity Wide Revenue Customer Percentage Percentage of Reis Service's revenue by major customer Equity [Abstract] Equity [Abstract] Equity Component [Domain] Equity Component [Domain] Extended Expiration [Member] Extended Expiration [Member] Extended Expiration [Member] Fair Value Disclosures [Abstract] Fair Value Disclosures [Abstract] Fair Value Disclosures [Text Block] Fair Value of Financial Instruments Finite-Lived Intangible Assets, Accumulated Amortization Accumulated amortization of intangible assets Accumulated amortization Finite-Lived Intangible Assets by Major Class [Axis] Finite-Lived Intangible Assets by Major Class [Axis] Finite-Lived Intangible Assets, Cost Incurred to Renew or Extend Amount capitalized to intangible asset Finite-Lived Intangible Assets, Gross Intangible assets, gross Finite-Lived Intangible Assets [Line Items] Finite-Lived Intangible Assets [Line Items] Finite-Lived Intangible Assets, Major Class Name [Domain] Finite-Lived Intangible Assets, Major Class Name [Domain] Finite-Lived Intangible Assets, Net Intangible assets, net Intangible assets, net Intangible assets, net of accumulated amortization of $46,995,686 and $41,861,561, respectively General and Administrative Expense General and administrative expenses Goodwill Goodwill Goodwill and Intangible Assets Disclosure [Abstract] Goodwill and Intangible Assets Disclosure [Abstract] Gross Profit Gross profit Gross profit Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Income (loss) before income taxes Income before income taxes Income Statement [Abstract] Income Statement [Abstract] Income Tax Disclosure [Abstract] Income Tax Disclosure [Abstract] Income Tax Disclosure [Text Block] Income Taxes Income Taxes Paid, Net Cash paid during the period for income taxes Income Tax Expense (Benefit) Income tax expense Income tax expense Increase (Decrease) in Accounts Receivable Accounts receivable, net Increase (decrease) in the accrual for furniture, fixtures and equipment additions Increase Decrease In Accrual For Furniture Fixtures And Equipment Additions Accrual for furniture, fixtures and equipment additions Increase (Decrease) in Accrued Liabilities Accrued expenses and other liabilities Increase (Decrease) in Deferred Revenue Deferred revenue Increase (Decrease) in Operating Capital [Abstract] Changes in assets and liabilities: Increase (Decrease) in Prepaid Expense and Other Assets Prepaid and other assets Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements RSUs Incremental common shares attributable to stock options. Incremental Common Shares Attributable To Stock Options Stock options Intangible Assets Disclosure [Text Block] Intangible Assets Interest and Other Income Interest and other income Interest Expense Interest expense Interest Paid Cash paid during the period for interest Internet Domain Names [Member] Website [Member] Leases, Acquired-in-Place, Market Adjustment [Member] Acquired Below Market Lease [Member] Liabilities Total liabilities Liabilities and Equity Total liabilities and stockholders' equity Total liabilities and stockholders' equity Liabilities and Equity [Abstract] LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities, Current Total current liabilities Total current liabilities Liabilities, Current [Abstract] Current liabilities: Line of Credit Facility, Expiration Date Date of expiry Line of Credit Facility, Expiration Period Expiry period of revolver Line of Credit Facility, Interest Rate Description Revolving credit facility, interest rate description Line of Credit Facility, Maximum Amount Outstanding During Period Borrowings under revolver Line of Credit Facility, Maximum Borrowing Capacity Amount of revolving credit facility Line of Credit Facility, Unused Capacity, Commitment Fee Percentage Unused credit facility fee Loans Payable to Bank, Current Current portion of debt London Interbank Offered Rate (LIBOR) [Member] LIBOR Loans [Member] Maximum [Member] Maximum [Member] Minimum [Member] Minimum [Member] Nature of Operations [Text Block] Organization and Business Net Cash Provided by (Used in) Financing Activities Net cash (used in) financing activities Net Cash Provided by (Used in) Financing Activities [Abstract] CASH FLOWS FROM FINANCING ACTIVITIES: Net Cash Provided by (Used in) Investing Activities Net cash (used in) investing activities Net Cash Provided by (Used in) Investing Activities [Abstract] CASH FLOWS FROM INVESTING ACTIVITIES: Net Cash Provided by (Used in) Operating Activities Net cash provided by operating activities Net Cash Provided by (Used in) Operating Activities [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Net Income (Loss) Attributable to Parent Net income Net income Net income for basic calculation Net Income (Loss) Attributable to Parent [Abstract] Numerator: Net Income (Loss) Attributable to Parent, Diluted Net income for dilution calculation Net operating loss annual limitation. Net Operating Loss Annual Limitation Federal NOLs annual limitation New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification Additional non-current deferred tax asset amount New Accounting Pronouncements, Policy [Policy Text Block] New Accounting Pronouncements Non-employee directors. Non Employee Directors [Member] Non-Employee Directors [Member] Nonoperating Income (Expense) Total other income (expenses) Total other income (expenses) Nonoperating Income (Expense) [Abstract] Other income (expenses): Number of employees withholding tax obligations. Number Of Employees Withholding Tax Obligations Number of employees withholding tax obligations Number of months after the termination of service, RSUs delivered to non-employee directors. Number of Period after Termination of Service RSUs Delivered to Non Employee Directors Number of months after the termination of service, RSUs delivered to non-employee directors Number of subscribers contributing largest share among account receivable. Number Of Subscriber Contributing Largest Share Among Account Receivable Number of subscribers contributing largest share among accounts receivable Operating Expenses Total operating expenses Total operating expenses Operating Expenses [Abstract] Operating expenses: Operating Loss Carryforwards Aggregate Federal NOL carryforwards Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization, Consolidation and Presentation of Financial Statements [Abstract] Other Assets Other assets Other Income Other revenue Other Liabilities Other long-term liabilities Payments for option cancellations and restricted stock units. Payments For Option Cancellations And Restricted Stock Units Payments for option cancellations and restricted stock units Payments for Repurchase of Common Stock Stock repurchases Payments of Ordinary Dividends, Common Stock Dividends Payments of Financing Costs Payment of financing costs Payments Related to Tax Withholding for Share-based Compensation Employee withholding tax obligations approximate amount Payments to Acquire Intangible Assets Website and database development costs Payments to Acquire Property, Plant, and Equipment Furniture, fixtures and equipment additions Percentage of accounts receivable from a single external customer. Percentage Of Accounts Receivable From Single External Customer Percentage of Reis Service's accounts receivable by major subscriber Percentage of subscribers contributing largest share among account receivable. Percentage Of Subscriber Contributing Largest Share Among Account Receivable Aggregate percentage of subscribers contributing largest share among accounts receivable Percentage of trade receivables collected. Percentage Of Trade Receivables Collected Percentage collected from trade accounts receivable Prepaid Expense and Other Assets, Current Prepaid and other assets Reclassification, Policy [Policy Text Block] Reclassification Proceeds from Sale of Property, Plant, and Equipment Proceeds from sale of furniture, fixtures and equipment Proceeds from Stock Options Exercised Proceeds from option exercises Property, Plant and Equipment, Net Furniture, fixtures and equipment, net Furniture, fixtures and equipment, net of accumulated depreciation of $1,845,990 and $1,082,793, respectively Range [Axis] Range [Axis] Range [Domain] Range [Domain] Reis services segment. Reis Services [Member] Reis Services [Member] Research and Development Expense Product development Restricted Stock, Shares Issued Net of Shares for Tax Withholdings Common stock delivered, net Restricted Stock Units (RSUs) [Member] RSU [Member] Retained Earnings (Accumulated Deficit) Retained earnings (deficit) Retained Earnings [Member] Retained Earnings (Deficit) Revenues Total revenue Total revenue Revenues [Abstract] Revenue: Revolving Credit Facility [Member] Revolver [Member] Scenario, Unspecified [Domain] Scenario, Unspecified [Domain] Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] Accounts Receivable Balances Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] Components of Income Tax Expense (Benefit) Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Details of Computation of Earnings per Common Share, Basic and Diluted Schedule of Finite-Lived Intangible Assets [Table] Schedule of Finite-Lived Intangible Assets [Table] Schedule of Finite-Lived Intangible Assets [Table Text Block] Summary of Identified Intangible Assets EX-101.PRE 10 reis-20170930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 11 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2017	Oct. 25, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q3
Trading Symbol	REIS
Entity Registrant Name	Reis, Inc.
Entity Central Index Key	0001038222
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		11,468,276

XML 12 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 17,443,113	$ 21,490,586
Accounts receivable, net	10,014,544	10,743,505
Prepaid and other assets	1,040,049	792,991
Total current assets	28,497,706	33,027,082
Furniture, fixtures and equipment, net of accumulated depreciation of $1,845,990 and $1,082,793, respectively	5,163,799	5,260,443
Intangible assets, net of accumulated amortization of $46,995,686 and $41,861,561, respectively	19,441,536	17,922,282
Deferred tax asset, net	17,662,768	16,814,737
Goodwill	54,824,648	54,824,648
Other assets	236,894	295,349
Total assets	125,827,351	128,144,541
Current liabilities:
Current portion of debt	0	0
Accrued expenses and other liabilities	3,646,253	4,031,444
Deferred revenue	24,971,999	25,031,100
Total current liabilities	28,618,252	29,062,544
Other long-term liabilities	2,491,237	1,902,081
Total liabilities	31,109,489	30,964,625
Commitments and contingencies
Stockholders' equity:
Common stock, $0.02 par value per share, 101,000,000 shares authorized, 11,476,776 and 11,272,150 shares issued and outstanding, respectively	229,536	225,443
Additional paid in capital	109,050,093	107,668,599
Retained earnings (deficit)	(14,561,767)	(10,714,126)
Total stockholders' equity	94,717,862	97,179,916
Total liabilities and stockholders' equity	$ 125,827,351	$ 128,144,541

XML 13 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Accumulated depreciation of furniture, fixtures and equipment	$ 1,845,990	$ 1,082,793
Accumulated amortization of intangible assets	$ 46,995,686	$ 41,861,561
Common stock, par value	$ 0.02	$ 0.02
Common stock, shares authorized	101,000,000	101,000,000
Common stock, shares issued	11,476,776	11,272,150
Common stock, shares outstanding	11,476,776	11,272,150

XML 14 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Operations - USD ($)	3 Months Ended						9 Months Ended
Consolidated Statements of Operations - USD ($)	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenue:
Subscription revenue	$ 11,954,591			$ 11,261,831			$ 34,963,042	$ 34,059,230
Other revenue	137,178			275,344			963,901	1,916,367
Total revenue	12,091,769			11,537,175			35,926,943	35,975,597
Cost of sales	2,944,607			2,925,212			9,527,037	7,881,536
Gross profit	9,147,162			8,611,963			26,399,906	28,094,061
Operating expenses:
Sales and marketing	3,189,695			2,890,739			9,622,811	8,583,395
Product development	1,194,925			1,001,072			3,467,223	3,021,726
General and administrative expenses	3,987,280			3,933,992			11,820,321	11,555,444
Total operating expenses	8,371,900			7,825,803			24,910,355	23,160,565
Other income (expenses):
Interest and other income	979			5,214			2,681	19,380
Interest expense	(32,511)			(28,709)			(97,117)	(78,250)
Total other income (expenses)	(31,532)			(23,495)			(94,436)	(58,870)
Income before income taxes	743,730			762,665			1,395,115	4,874,626
Income tax expense	286,000			297,000			5,000	1,864,000
Net income	$ 457,730			$ 465,665			$ 1,390,115	$ 3,010,626
Net income per common share:
Basic	$ 0.04			$ 0.04			$ 0.12	$ 0.27
Diluted	$ 0.04			$ 0.04			$ 0.12	$ 0.26
Weighted average number of common shares outstanding:
Basic	11,499,832			11,320,904			11,487,280	11,308,833
Diluted	11,774,684			11,764,210			11,758,368	11,745,499
Dividends declared per common share	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.51	$ 0.51

XML 15 R5.htm IDEA: XBRL DOCUMENT

Consolidated Statement of Changes in Stockholders' Equity - 9 months ended Sep. 30, 2017 - USD ($)	Total	Common Shares	Paid in Capital	Retained Earnings (Deficit)
Balance at Dec. 31, 2016	$ 97,179,916	$ 225,443	$ 107,668,599	$ (10,714,126)
Balance, shares at Dec. 31, 2016		11,272,150
Cumulative effect change in accounting principle (as described in Note 2) at Dec. 31, 2016	646,031		(27,830)	673,861
Adjusted balance at Dec. 31, 2016	97,825,947	$ 225,443	107,640,769	(10,040,265)
Shares issued for vested employee restricted stock units		$ 1,771	(1,771)
Shares issued for vested employee restricted stock units, shares		88,543
Shares issued for option exercises	$ 2,935,000	$ 5,700	2,929,300
Shares issued for option exercises, shares	285,000	285,000
Stock based compensation, net	$ 1,656,282		1,656,282
Dividends	(5,911,617)			(5,911,617)
Stock repurchases	$ (3,177,865)	$ (3,378)	(3,174,487)
Stock repurchases, shares	(168,917)	(168,917)
Net income	$ 1,390,115			1,390,115
Balance at Sep. 30, 2017	$ 94,717,862	$ 229,536	$ 109,050,093	$ (14,561,767)
Balance, shares at Sep. 30, 2017		11,476,776

XML 16 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2017	Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,390,115	$ 3,010,626
Adjustments to reconcile to net cash provided by operating activities:
Deferred tax (benefit) provision	(202,000)	1,604,000
Depreciation	763,197	415,812
Amortization of intangible assets	5,134,125	4,310,343
Stock based compensation charges	1,656,282	1,579,725
Changes in assets and liabilities:
Accounts receivable, net	728,961	6,623,910
Prepaid and other assets	(188,603)	(432,056)
Accrued expenses and other liabilities	550,295	(1,480,046)
Deferred revenue	(59,101)	(3,197,347)
Net cash provided by operating activities	9,773,271	12,434,967
CASH FLOWS FROM INVESTING ACTIVITIES:
Website and database development costs	(6,653,379)	(6,567,863)
Furniture, fixtures and equipment additions	(1,012,883)	(2,466,432)
Proceeds from sale of furniture, fixtures and equipment		2,091
Net cash (used in) investing activities	(7,666,262)	(9,032,204)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends	(5,911,617)	(5,813,374)
Proceeds from option exercises	2,935,000	153,000
Payments for option cancellations and restricted stock units		(701,159)
Payment of financing costs		(180,552)
Stock repurchases	(3,177,865)	(357,991)
Net cash (used in) financing activities	(6,154,482)	(6,900,076)
Net decrease in cash and cash equivalents	(4,047,473)	(3,497,313)
Cash and cash equivalents, beginning of period	21,490,586	28,657,956
Cash and cash equivalents, end of period	17,443,113	25,160,643
SUPPLEMENTAL INFORMATION:
Cash paid during the period for interest	37,917	29,722
Cash paid during the period for income taxes	202,484	635,692
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrual for furniture, fixtures and equipment additions	(346,330)	38,766
Disposal of fully depreciated furniture, fixtures and equipment		64,039
Shares issued for vested employee restricted stock units	1,771	$ 1,048
Shares issued for option exercises	$ 5,700

XML 17 R7.htm IDEA: XBRL DOCUMENT

Organization and Business

9 Months Ended

Sep. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Business

1.	*Organization and Business*

Reis Services

XML 18 R8.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2017

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2.	*Summary of Significant Accounting Policies*

Basis of Presentation

Principles of Consolidation

Quarterly Reporting

Estimates

New Accounting Pronouncements

Reclassification

XML 19 R9.htm IDEA: XBRL DOCUMENT

Segment Information

9 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

Segment Information

3.	*Segment Information*


(amounts in thousands)
Condensed Balance Sheet Data September 30, 2017	Reis Services		Other (A)		Consolidated
Assets
Current assets:
Cash and cash equivalents	$	16,570	$	873	$	17,443
Accounts receivable, net		10,015		—		10,015
Prepaid and other assets		762		278		1,040

Total current assets		27,347		1,151		28,498
Furniture, fixtures and equipment, net		5,163		—		5,163
Intangible assets, net		19,442		—		19,442
Deferred tax asset, net		285		17,378		17,663
Goodwill		57,203		(2,378)		54,825
Other assets		236		—		236

Total assets	$	109,676	$	16,151	$	125,827

Liabilities and stockholders’ equity
Current liabilities:
Current portion of debt	$	—	$	—	$	—
Accrued expenses and other liabilities		3,183		463		3,646
Deferred revenue		24,972		—		24,972

Total current liabilities		28,155		463		28,618
Other long-term liabilities		2,491		—		2,491
Deferred tax liability, net		34,862		(34,862)		—

Total liabilities		65,508		(34,399)		31,109
Total stockholders’ equity		44,168		50,550		94,718

Total liabilities and stockholders’ equity	$	109,676	$	16,151	$	125,827


Condensed Balance Sheet Data December 31, 2016	Reis Services		Other (A)		Consolidated
Assets
Current assets:
Cash and cash equivalents	$	19,903	$	1,588	$	21,491
Accounts receivable, net		10,744		—		10,744
Prepaid and other assets		622		170		792

Total current assets		31,269		1,758		33,027
Furniture, fixtures and equipment, net		5,260		—		5,260
Intangible assets, net		17,922		—		17,922
Deferred tax asset, net		285		16,530		16,815
Goodwill		57,203		(2,378)		54,825
Other assets		295		—		295

Total assets	$	112,234	$	15,910	$	128,144

Liabilities and stockholders’ equity
Current liabilities:
Current portion of debt	$	—	$	—	$	—
Accrued expenses and other liabilities		3,724		307		4,031
Deferred revenue		25,031		—		25,031

Total current liabilities		28,755		307		29,062
Other long-term liabilities		1,902		—		1,902
Deferred tax liability, net		32,909		(32,909)		—

Total liabilities		63,566		(32,602)		30,964
Total stockholders’ equity		48,668		48,512		97,180

Total liabilities and stockholders’ equity	$	112,234	$	15,910	$	128,144

(A) Includes cash, other assets and liabilities not specifically attributable to or allocable to the Reis Services segment.

(amounts in thousands)


Condensed Operating Data for the Three Months Ended September 30, 2017	Reis Services		Other (A)		Consolidated
Revenue:
Subscription revenue	$	11,955	$	—	$	11,955
Other revenue		137		—		137

Total revenue		12,092		—		12,092
Cost of sales		2,945		—		2,945

Gross profit		9,147		—		9,147
Operating expenses:
Sales and marketing		3,190		—		3,190
Product development		1,194		—		1,194
General and administrative expenses		2,789		1,198		3,987

Total operating expenses		7,173		1,198		8,371
Other income (expenses):
Interest and other income		—		—		—
Interest expense		(32)		—		(32)

Total other income (expenses)		(32)		—		(32)

Income (loss) before income taxes	$	1,942	$	(1,198)	$	744


Condensed Operating Data for the Three Months Ended September 30, 2016	Reis Services		Other (A)		Consolidated
Revenue:
Subscription revenue	$	11,262	$	—	$	11,262
Other revenue		276		—		276

Total revenue		11,538		—		11,538
Cost of sales		2,926		—		2,926

Gross profit		8,612		—		8,612
Operating expenses:
Sales and marketing		2,890		—		2,890
Product development		1,001		—		1,001
General and administrative expenses		3,005		929		3,934

Total operating expenses		6,896		929		7,825
Other income (expenses):
Interest and other income		5		—		5
Interest expense		(29)		—		(29)

Total other income (expenses)		(24)		—		(24)

Income (loss) before income taxes	$	1,692	$	(929)	$	763

(A) Includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the Reis Services segment.

(amounts in thousands)


Condensed Operating Data for the Nine Months Ended September 30, 2017	Reis Services		Other (A)		Consolidated
Revenue:
Subscription revenue	$	34,963	$	—	$	34,963
Other revenue		964		—		964

Total revenue		35,927		—		35,927
Cost of sales		9,527		—		9,527

Gross profit		26,400		—		26,400
Operating expenses:
Sales and marketing		9,623		—		9,623
Product development		3,467		—		3,467
General and administrative expenses		8,401		3,419		11,820

Total operating expenses		21,491		3,419		24,910
Other income (expenses):
Interest and other income		1		1		2
Interest expense		(97)		—		(97)

Total other income (expenses)		(96)		1		(95)

Income (loss) before income taxes	$	4,813	$	(3,418)	$	1,395


Condensed Operating Data for the Nine Months Ended September 30, 2016	Reis Services		Other (A)		Consolidated
Revenue:
Subscription revenue	$	34,060	$	—	$	34,060
Other revenue		1,916		—		1,916

Total revenue		35,976		—		35,976
Cost of sales of subscription revenue		7,882		—		7,882

Gross profit		28,094		—		28,094
Operating expenses:
Sales and marketing		8,583		—		8,583
Product development		3,022		—		3,022
General and administrative expenses		8,336		3,219		11,555

Total operating expenses		19,941		3,219		23,160
Other income (expenses):
Interest and other income		19		—		19
Interest expense		(78)		—		(78)

Total other income (expenses)		(59)		—		(59)

Income (loss) before income taxes	$	8,094	$	(3,219)	$	4,875

(A)

Includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the Reis Services segment.

Reis Services

See Note 1 for a description of Reis Services’s business and products at September 30, 2017.

The Company’s largest individual customer accounted for 4.0% and 6.9% of total revenue for the nine months ended September 30, 2017 and 2016, respectively.

The following table presents the accounts receivable balances at September 30, 2017 and December 31, 2016:


	September 30, 2017		December 31, 2016
Accounts receivable	$	10,258,000	$	10,862,000
Allowance for doubtful accounts		(243,000)		(118,000)

Accounts receivable, net	$	10,015,000	$	10,744,000

At September 30, 2017, the largest individual subscriber accounted for 9.6% of deferred revenue.

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Intangible Assets

9 Months Ended

Sep. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

4.	*Intangible Assets*

The amount of identified intangible assets, including the respective amounts of accumulated amortization, are as follows:


	September 30, 2017		December 31, 2016
Database	$	32,286,000	$	28,146,000
Accumulated amortization		(22,714,000)		(19,974,000)

Database, net		9,572,000		8,172,000

Customer relationships		14,100,000		14,100,000
Accumulated amortization		(9,953,000)		(9,263,000)

Customer relationships, net		4,147,000		4,837,000

Website		20,051,000		17,538,000
Accumulated amortization		(14,328,000)		(12,624,000)

Website, net		5,723,000		4,914,000

Intangibles, net	$	19,442,000	$	17,923,000

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Debt

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Debt

5.	*Debt*

The Company had no debt outstanding at September 30, 2017 and December 31, 2016.

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Income Taxes

9 Months Ended

Sep. 30, 2017

Income Tax Disclosure [Abstract]

Income Taxes

6.	*Income Taxes*

The components of income tax expense (benefit) are as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2017		2016		2017		2016
Current Federal alternative minimum tax (“AMT”) (benefit) expense	$	(8,000)	$	8,000	$	27,000	$	149,000
Current state and local tax (benefit) expense		(8,000)		(49,000)		180,000		111,000
Deferred Federal tax expense (benefit) (A)		256,000		245,000		(114,000)		1,490,000
Deferred state and local tax expense (benefit)		46,000		93,000		(88,000)		114,000

Income tax expense (B)	$	286,000	$	297,000	$	5,000	$	1,864,000

(A) Includes an AMT deferred expense (benefit) of $8,000 and $(8,000) in the three months ended September 30, 2017 and 2016, respectively, and $(27,000) and $(149,000) in the nine months ended September 30, 2017 and 2016, respectively. (B) The income tax expense in the nine months ended September 30, 2017 reflects the impact from the recognition of a windfall tax benefit on stock options exercised in the nine months ended September 30, 2017.

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Stockholders' Equity

9 Months Ended

Sep. 30, 2017

Equity [Abstract]

Stockholders' Equity

7.	*Stockholders’ Equity*

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Stock Plans and Other Incentives

9 Months Ended

Sep. 30, 2017

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

Stock Plans and Other Incentives

8.	*Stock Plans and Other Incentives*

Option Awards

The following table presents option activity and other plan data for the nine months ended September 30, 2017 and 2016:


	For the Nine Months Ended September 30,
	2017				2016
	Options		Weighted- Average Exercise Price		Options		Weighted- Average Exercise Price
Outstanding at beginning of period		530,000	$	9.64		547,500	$	9.61
Granted		—	$	—		—	$	—
Exercised		(285,000)	$	(10.30)		(17,500)	$	(8.74)
Forfeited/cancelled/expired		—	$	—		—	$	—

Outstanding at end of period		245,000	$	8.88		530,000	$	9.64

Options exercisable at end of period		237,000	$	8.56		518,000	$	9.44

RSU Awards

The following table presents the changes in RSUs outstanding for the nine months ended September 30, 2017 and 2016:


	For the Nine Months Ended September 30,
	2017		2016
Outstanding at beginning of period		281,320		254,041
Granted		136,727		123,023
Common stock delivered (A) (B)		(88,543)		(85,181)
Forfeited		(7,993)		(4,451)

Outstanding at end of period		321,511		287,432

Intrinsic value (C)	$	5,787,198	$	5,880,859



(A) In the 2017 period, all of the vested RSUs were issued as shares. (B) The 2016 period includes 32,760 shares which were used to settle minimum employee withholding tax obligations for 29 employees of approximately $701,000 in 2016. A net of 52,421 shares of common stock were delivered in 2016.

(C) For purposes of this calculation, the Company’s closing stock prices were $18.00 and $20.46 per share on September 30, 2017 and 2016, respectively.

Option and RSU Expense Information

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Earnings Per Common Share

9 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

Earnings Per Common Share

9.	*Earnings Per Common Share*


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2017		2016		2017		2016
Numerator:
Net income for basic calculation	$	457,730	$	465,665	$	1,390,115	$	3,010,626
Adjustments to net income for the impact of dilutive securities		—		—		—		—

Net income for dilution calculation	$	457,730	$	465,665	$	1,390,115	$	3,010,626


Denominator:
Weighted average common shares – basic		11,499,832		11,320,904		11,487,280		11,308,833
Effect of dilutive securities:
RSUs		146,152		150,070		117,609		130,191
Stock options		128,700		293,236		153,479		306,475

Weighted average common shares – diluted		11,774,684		11,764,210		11,758,368		11,745,499


Net income per common share:
Basic	$	0.04	$	0.04	$	0.12	$	0.27

Diluted	$	0.04	$	0.04	$	0.12	$	0.26

Potentially dilutive securities include all stock based awards. For the three and nine months ended September 30, 2017 and 2016, certain equity awards were antidilutive.

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10.

Commitments and Contingencies

The Company is not a party to any litigation that could reasonably be foreseen to be material to the Company.

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Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

11.

Fair Value of Financial Instruments

- 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

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Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2017
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its majority-owned and controlled subsidiaries. Investments in entities where the Company does not have a controlling interest are accounted for under the equity method of accounting. These investments were initially recorded at cost and were subsequently adjusted for the Company’s proportionate share of the investment’s income (loss) and additional contributions or distributions. All inter-company accounts and transactions among the Company and its subsidiaries have been eliminated in consolidation.
Quarterly Reporting	Quarterly Reporting The accompanying consolidated financial statements and notes of the Company have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared under Generally Accepted Accounting Principles in the United States (“GAAP”) have been condensed or omitted pursuant to such rules. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s balance sheets, statements of operations, statement of changes in stockholders’ equity and statements of cash flows have been included and are of a normal and recurring nature. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2016, as filed with the SEC on March 9, 2017. The consolidated statements of operations for the three and nine months ended September 30, 2017 and 2016 and the consolidated statements of cash flows for the nine months ended September 30, 2017 and 2016 are not necessarily indicative of full year results.
Estimates	Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. From time to time, the Company has been, is or may in the future be a defendant in various legal actions arising in the normal course of business. The Company records a provision for a liability when it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. The outcome of any litigation is uncertain; it is possible that a judgment in any legal actions to which the Company is a party, or which are proposed or threatened, will have a material adverse effect on the consolidated financial statements. See Note 10.
New Accounting Pronouncements	New Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets. Under ASU 2014-09, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. ASU 2014-09 is effective for annual periods beginning after December 15, 2017. The Company has substantially completed its preliminary assessment of potential changes from adopting the new standard, which included a detailed review of contractual terms for all of its significant revenue streams. The Company currently recognizes subscription revenue ratably over the subscription period. Under the updated standard, subscriptions represent a series of performance obligations that are delivered over time, primarily on a stand-ready basis. As a result, the Company believes that its subscription revenue meets the criteria for revenue recognition over time and will continue to be recognized ratably under ASU 2014-09. Additionally, the Company’s evaluation considers the impact of the new standard on accounting for certain incremental costs associated with obtaining contracts with customers, such as commissions. The new standard requires these costs to be capitalized and amortized over the estimated life of the asset. Currently, these costs are expensed as incurred. The Company expects to record an asset and a cumulative effect adjustment to retained earnings upon adoption of the new revenue standard in the beginning of 2018 as a result of capitalizing commissions, including the incremental commission costs associated with acquiring a new customer. The amortization periods associated with such incremental costs have not yet been determined by the Company. In addition, the Company is assessing the impact of the new standard on its policies and procedures, internal controls and systems to support recognition and disclosure under the new standard. The Company will utilize the modified retrospective method when it adopts the new standard on January 1, 2018. The Company is continuing to evaluate the impact of the new standard and an estimate of the impact to the consolidated financial statements cannot be made at this time. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact the pending adoption of ASU 2016-02 will have on its consolidated financial statements and disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (“ASU 2016-09”). Under ASU 2016-09, entities will be required to recognize the income tax effects of awards in the income statement when the awards vest or are settled. The guidance on employers’ accounting for (1) an employee’s use of shares to satisfy the employer’s statutory income tax withholding obligation and (2) forfeitures is also changing. For public business entities, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those years. The Company adopted ASU 2016-09 as of January 1, 2017, which included (1) recording an additional deferred tax asset on the consolidated balance sheet of approximately $657,000 and (2) the recording of a cumulative effect change in stockholders’ equity related to the prior treatment of estimated forfeitures of $28,000 as the Company has elected to record forfeitures in the period in which they occur. The cumulative effect change in accounting principle is reflected on the consolidated statement of changes in stockholders’ equity to reconcile from the previously reported December 31, 2016 balances to the recast amounts after giving effect to ASU 2016-09. Other than the items identified, the adoption of ASU 2016-09 did not have a material impact on the Company’s consolidated financial statements and disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 clarifies how cash receipts and cash payments in certain transactions are presented in the statement of cash flows. ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2016-15 will have on its consolidated financial statements and disclosures. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash, a Consensus of the FASB Emerging Issues Task Force (“ASU 2016-18”). ASU 2016-18 intends to address the diversity in practice that exists in the classification and presentation of changes in restricted cash on the statement of cash flows. The amendments require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted. The Company does not expect the adoption of ASU 2016-18 to have a material impact on its consolidated financial statements and disclosures. In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-01 provides criteria to determine when an integrated set of assets and activities (a “set”) is not a business and narrows the definition of the term output so that it is consistent with the description of outputs in Topic 606. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017 and early adoption is only permitted for transactions that have not been reported in financial statements that have been issued or made available for issuance. The Company does not expect the adoption of ASU 2017-01 to have a material impact on its consolidated financial statements and disclosures. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 removes Step 2 from the goodwill impairment test. Under ASU 2017-04, if a reporting unit’s carrying amount exceeds its fair value, an impairment charge will be recorded based on the difference, with the impairment charge limited to the amount of goodwill allocated to the reporting unit. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019, and early adoption is permitted on or after January 1, 2017. The Company early adopted ASU 2017-04 during the quarter ended September 30, 2017 and will perform the annual goodwill impairment analysis as of October 1, 2017 in accordance with the new pronouncement. The adoption of ASU 2017-04 did not have a material impact on the Company’s consolidated financial statements and disclosures
Reclassification	Reclassification Amounts in certain accounts, as presented in the consolidated statements of operations and condensed operating data in Note 3 have been reclassified to conform to the current period presentation. In particular, the Company has changed its presentation of revenue to include two categories: subscription revenue and other revenue.

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Segment Information (Tables)

9 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

Condensed Balance Sheet and Operating Data for Segments

The following tables present condensed balance sheet and operating data for these segments:


(amounts in thousands)
Condensed Balance Sheet Data September 30, 2017	Reis Services		Other (A)		Consolidated
Assets
Current assets:
Cash and cash equivalents	$	16,570	$	873	$	17,443
Accounts receivable, net		10,015		—		10,015
Prepaid and other assets		762		278		1,040

Total current assets		27,347		1,151		28,498
Furniture, fixtures and equipment, net		5,163		—		5,163
Intangible assets, net		19,442		—		19,442
Deferred tax asset, net		285		17,378		17,663
Goodwill		57,203		(2,378)		54,825
Other assets		236		—		236

Total assets	$	109,676	$	16,151	$	125,827

Liabilities and stockholders’ equity
Current liabilities:
Current portion of debt	$	—	$	—	$	—
Accrued expenses and other liabilities		3,183		463		3,646
Deferred revenue		24,972		—		24,972

Total current liabilities		28,155		463		28,618
Other long-term liabilities		2,491		—		2,491
Deferred tax liability, net		34,862		(34,862)		—

Total liabilities		65,508		(34,399)		31,109
Total stockholders’ equity		44,168		50,550		94,718

Total liabilities and stockholders’ equity	$	109,676	$	16,151	$	125,827


Condensed Balance Sheet Data December 31, 2016	Reis Services		Other (A)		Consolidated
Assets
Current assets:
Cash and cash equivalents	$	19,903	$	1,588	$	21,491
Accounts receivable, net		10,744		—		10,744
Prepaid and other assets		622		170		792

Total current assets		31,269		1,758		33,027
Furniture, fixtures and equipment, net		5,260		—		5,260
Intangible assets, net		17,922		—		17,922
Deferred tax asset, net		285		16,530		16,815
Goodwill		57,203		(2,378)		54,825
Other assets		295		—		295

Total assets	$	112,234	$	15,910	$	128,144

Liabilities and stockholders’ equity
Current liabilities:
Current portion of debt	$	—	$	—	$	—
Accrued expenses and other liabilities		3,724		307		4,031
Deferred revenue		25,031		—		25,031

Total current liabilities		28,755		307		29,062
Other long-term liabilities		1,902		—		1,902
Deferred tax liability, net		32,909		(32,909)		—

Total liabilities		63,566		(32,602)		30,964
Total stockholders’ equity		48,668		48,512		97,180

Total liabilities and stockholders’ equity	$	112,234	$	15,910	$	128,144

(A) Includes cash, other assets and liabilities not specifically attributable to or allocable to the Reis Services segment.

(amounts in thousands)


Condensed Operating Data for the Three Months Ended September 30, 2017	Reis Services		Other (A)		Consolidated
Revenue:
Subscription revenue	$	11,955	$	—	$	11,955
Other revenue		137		—		137

Total revenue		12,092		—		12,092
Cost of sales		2,945		—		2,945

Gross profit		9,147		—		9,147
Operating expenses:
Sales and marketing		3,190		—		3,190
Product development		1,194		—		1,194
General and administrative expenses		2,789		1,198		3,987

Total operating expenses		7,173		1,198		8,371
Other income (expenses):
Interest and other income		—		—		—
Interest expense		(32)		—		(32)

Total other income (expenses)		(32)		—		(32)

Income (loss) before income taxes	$	1,942	$	(1,198)	$	744


Condensed Operating Data for the Three Months Ended September 30, 2016	Reis Services		Other (A)		Consolidated
Revenue:
Subscription revenue	$	11,262	$	—	$	11,262
Other revenue		276		—		276

Total revenue		11,538		—		11,538
Cost of sales		2,926		—		2,926

Gross profit		8,612		—		8,612
Operating expenses:
Sales and marketing		2,890		—		2,890
Product development		1,001		—		1,001
General and administrative expenses		3,005		929		3,934

Total operating expenses		6,896		929		7,825
Other income (expenses):
Interest and other income		5		—		5
Interest expense		(29)		—		(29)

Total other income (expenses)		(24)		—		(24)

Income (loss) before income taxes	$	1,692	$	(929)	$	763

(A) Includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the Reis Services segment.

(amounts in thousands)


Condensed Operating Data for the Nine Months Ended September 30, 2017	Reis Services		Other (A)		Consolidated
Revenue:
Subscription revenue	$	34,963	$	—	$	34,963
Other revenue		964		—		964

Total revenue		35,927		—		35,927
Cost of sales		9,527		—		9,527

Gross profit		26,400		—		26,400
Operating expenses:
Sales and marketing		9,623		—		9,623
Product development		3,467		—		3,467
General and administrative expenses		8,401		3,419		11,820

Total operating expenses		21,491		3,419		24,910
Other income (expenses):
Interest and other income		1		1		2
Interest expense		(97)		—		(97)

Total other income (expenses)		(96)		1		(95)

Income (loss) before income taxes	$	4,813	$	(3,418)	$	1,395


Condensed Operating Data for the Nine Months Ended September 30, 2016	Reis Services		Other (A)		Consolidated
Revenue:
Subscription revenue	$	34,060	$	—	$	34,060
Other revenue		1,916		—		1,916

Total revenue		35,976		—		35,976
Cost of sales of subscription revenue		7,882		—		7,882

Gross profit		28,094		—		28,094
Operating expenses:
Sales and marketing		8,583		—		8,583
Product development		3,022		—		3,022
General and administrative expenses		8,336		3,219		11,555

Total operating expenses		19,941		3,219		23,160
Other income (expenses):
Interest and other income		19		—		19
Interest expense		(78)		—		(78)

Total other income (expenses)		(59)		—		(59)

Income (loss) before income taxes	$	8,094	$	(3,219)	$	4,875

(A)

Includes interest and other income, depreciation expense and general and administrative expenses that have not been allocated to the Reis Services segment.

Accounts Receivable Balances

The following table presents the accounts receivable balances at September 30, 2017 and December 31, 2016:


	September 30, 2017		December 31, 2016
Accounts receivable	$	10,258,000	$	10,862,000
Allowance for doubtful accounts		(243,000)		(118,000)

Accounts receivable, net	$	10,015,000	$	10,744,000

XML 30 R20.htm IDEA: XBRL DOCUMENT

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Identified Intangible Assets

The amount of identified intangible assets, including the respective amounts of accumulated amortization, are as follows:


	September 30, 2017		December 31, 2016
Database	$	32,286,000	$	28,146,000
Accumulated amortization		(22,714,000)		(19,974,000)

Database, net		9,572,000		8,172,000

Customer relationships		14,100,000		14,100,000
Accumulated amortization		(9,953,000)		(9,263,000)

Customer relationships, net		4,147,000		4,837,000

Website		20,051,000		17,538,000
Accumulated amortization		(14,328,000)		(12,624,000)

Website, net		5,723,000		4,914,000

Intangibles, net	$	19,442,000	$	17,923,000

XML 31 R21.htm IDEA: XBRL DOCUMENT

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2017

Income Tax Disclosure [Abstract]

Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) are as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2017		2016		2017		2016
Current Federal alternative minimum tax (“AMT”) (benefit) expense	$	(8,000)	$	8,000	$	27,000	$	149,000
Current state and local tax (benefit) expense		(8,000)		(49,000)		180,000		111,000
Deferred Federal tax expense (benefit) (A)		256,000		245,000		(114,000)		1,490,000
Deferred state and local tax expense (benefit)		46,000		93,000		(88,000)		114,000

Income tax expense (B)	$	286,000	$	297,000	$	5,000	$	1,864,000

(A) Includes an AMT deferred expense (benefit) of $8,000 and $(8,000) in the three months ended September 30, 2017 and 2016, respectively, and $(27,000) and $(149,000) in the nine months ended September 30, 2017 and 2016, respectively. (B) The income tax expense in the nine months ended September 30, 2017 reflects the impact from the recognition of a windfall tax benefit on stock options exercised in the nine months ended September 30, 2017.

XML 32 R22.htm IDEA: XBRL DOCUMENT

Stock Plans and Other Incentives (Tables)

9 Months Ended

Sep. 30, 2017

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

Option Activity and Other Plan Data

The following table presents option activity and other plan data for the nine months ended September 30, 2017 and 2016:


	For the Nine Months Ended September 30,
	2017				2016
	Options		Weighted- Average Exercise Price		Options		Weighted- Average Exercise Price
Outstanding at beginning of period		530,000	$	9.64		547,500	$	9.61
Granted		—	$	—		—	$	—
Exercised		(285,000)	$	(10.30)		(17,500)	$	(8.74)
Forfeited/cancelled/expired		—	$	—		—	$	—

Outstanding at end of period		245,000	$	8.88		530,000	$	9.64

Options exercisable at end of period		237,000	$	8.56		518,000	$	9.44

Changes in RSUs

The following table presents the changes in RSUs outstanding for the nine months ended September 30, 2017 and 2016:


	For the Nine Months Ended September 30,
	2017		2016
Outstanding at beginning of period		281,320		254,041
Granted		136,727		123,023
Common stock delivered (A) (B)		(88,543)		(85,181)
Forfeited		(7,993)		(4,451)

Outstanding at end of period		321,511		287,432

Intrinsic value (C)	$	5,787,198	$	5,880,859



(A) In the 2017 period, all of the vested RSUs were issued as shares. (B) The 2016 period includes 32,760 shares which were used to settle minimum employee withholding tax obligations for 29 employees of approximately $701,000 in 2016. A net of 52,421 shares of common stock were delivered in 2016.

(C) For purposes of this calculation, the Company’s closing stock prices were $18.00 and $20.46 per share on September 30, 2017 and 2016, respectively.

XML 33 R23.htm IDEA: XBRL DOCUMENT

Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

Details of Computation of Earnings per Common Share, Basic and Diluted

The following table details the computation of earnings per common share, basic and diluted:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2017		2016		2017		2016
Numerator:
Net income for basic calculation	$	457,730	$	465,665	$	1,390,115	$	3,010,626
Adjustments to net income for the impact of dilutive securities		—		—		—		—

Net income for dilution calculation	$	457,730	$	465,665	$	1,390,115	$	3,010,626


Denominator:
Weighted average common shares – basic		11,499,832		11,320,904		11,487,280		11,308,833
Effect of dilutive securities:
RSUs		146,152		150,070		117,609		130,191
Stock options		128,700		293,236		153,479		306,475

Weighted average common shares – diluted		11,774,684		11,764,210		11,758,368		11,745,499


Net income per common share:
Basic	$	0.04	$	0.04	$	0.12	$	0.27

Diluted	$	0.04	$	0.04	$	0.12	$	0.26

XML 34 R24.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Cumulative effect change in stockholders' equity	$ 646,031
ASU 2016-09 [Member]
Summary Of Significant Accounting Policies [Line Items]
Additional non-current deferred tax asset amount	657,000
Cumulative effect change in stockholders' equity	$ 28,000

XML 35 R25.htm IDEA: XBRL DOCUMENT

Segment Information - Condensed Balance Sheet Data for Segments (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 17,443,113	$ 21,490,586	$ 25,160,643	$ 28,657,956
Accounts receivable, net	10,014,544	10,743,505
Prepaid and other assets	1,040,049	792,991
Total current assets	28,497,706	33,027,082
Furniture, fixtures and equipment, net	5,163,799	5,260,443
Intangible assets, net	19,441,536	17,922,282
Deferred tax asset, net	17,662,768	16,814,737
Goodwill	54,824,648	54,824,648
Other assets	236,894	295,349
Total assets	125,827,351	128,144,541
Current liabilities:
Current portion of debt	0	0
Accrued expenses and other liabilities	3,646,253	4,031,444
Deferred revenue	24,971,999	25,031,100
Total current liabilities	28,618,252	29,062,544
Other long-term liabilities	2,491,237	1,902,081
Deferred tax liability, net	0	0
Total liabilities	31,109,489	30,964,625
Total stockholders' equity	94,717,862	97,179,916
Total liabilities and stockholders' equity	125,827,351	128,144,541
Reis Services [Member]
Current assets:
Cash and cash equivalents	16,570,000	19,903,000
Accounts receivable, net	10,015,000	10,744,000
Prepaid and other assets	762,000	622,000
Total current assets	27,347,000	31,269,000
Furniture, fixtures and equipment, net	5,163,000	5,260,000
Intangible assets, net	19,442,000	17,922,000
Deferred tax asset, net	285,000	285,000
Goodwill	57,203,000	57,203,000
Other assets	236,000	295,000
Total assets	109,676,000	112,234,000
Current liabilities:
Current portion of debt	0	0
Accrued expenses and other liabilities	3,183,000	3,724,000
Deferred revenue	24,972,000	25,031,000
Total current liabilities	28,155,000	28,755,000
Other long-term liabilities	2,491,000	1,902,000
Deferred tax liability, net	34,862,000	32,909,000
Total liabilities	65,508,000	63,566,000
Total stockholders' equity	44,168,000	48,668,000
Total liabilities and stockholders' equity	109,676,000	112,234,000
Other [Member]
Current assets:
Cash and cash equivalents	873,000	1,588,000
Accounts receivable, net	0	0
Prepaid and other assets	278,000	170,000
Total current assets	1,151,000	1,758,000
Furniture, fixtures and equipment, net	0	0
Intangible assets, net	0	0
Deferred tax asset, net	17,378,000	16,530,000
Goodwill	(2,378,000)	(2,378,000)
Other assets	0	0
Total assets	16,151,000	15,910,000
Current liabilities:
Current portion of debt	0	0
Accrued expenses and other liabilities	463,000	307,000
Deferred revenue	0	0
Total current liabilities	463,000	307,000
Other long-term liabilities	0	0
Deferred tax liability, net	(34,862,000)	(32,909,000)
Total liabilities	(34,399,000)	(32,602,000)
Total stockholders' equity	50,550,000	48,512,000
Total liabilities and stockholders' equity	$ 16,151,000	$ 15,910,000

XML 36 R26.htm IDEA: XBRL DOCUMENT

Segment Information - Condensed Operating Data for Segments (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenue:
Subscription revenue	$ 11,954,591	$ 11,261,831	$ 34,963,042	$ 34,059,230
Other revenue	137,178	275,344	963,901	1,916,367
Total revenue	12,091,769	11,537,175	35,926,943	35,975,597
Cost of sales	2,944,607	2,925,212	9,527,037	7,881,536
Gross profit	9,147,162	8,611,963	26,399,906	28,094,061
Operating expenses:
Sales and marketing	3,189,695	2,890,739	9,622,811	8,583,395
Product development	1,194,925	1,001,072	3,467,223	3,021,726
General and administrative expenses	3,987,280	3,933,992	11,820,321	11,555,444
Total operating expenses	8,371,900	7,825,803	24,910,355	23,160,565
Other income (expenses):
Interest and other income	979	5,214	2,681	19,380
Interest expense	(32,511)	(28,709)	(97,117)	(78,250)
Total other income (expenses)	(31,532)	(23,495)	(94,436)	(58,870)
Income (loss) before income taxes	743,730	762,665	1,395,115	4,874,626
Reis Services [Member]
Revenue:
Subscription revenue	11,955,000	11,262,000	34,963,000	34,060,000
Other revenue	137,000	276,000	964,000	1,916,000
Total revenue	12,092,000	11,538,000	35,927,000	35,976,000
Cost of sales	2,945,000	2,926,000	9,527,000	7,882,000
Gross profit	9,147,000	8,612,000	26,400,000	28,094,000
Operating expenses:
Sales and marketing	3,190,000	2,890,000	9,623,000	8,583,000
Product development	1,194,000	1,001,000	3,467,000	3,022,000
General and administrative expenses	2,789,000	3,005,000	8,401,000	8,336,000
Total operating expenses	7,173,000	6,896,000	21,491,000	19,941,000
Other income (expenses):
Interest and other income	0	5,000	1,000	19,000
Interest expense	(32,000)	(29,000)	(97,000)	(78,000)
Total other income (expenses)	(32,000)	(24,000)	(96,000)	(59,000)
Income (loss) before income taxes	1,942,000	1,692,000	4,813,000	8,094,000
Other [Member]
Revenue:
Subscription revenue	0	0	0	0
Other revenue	0	0	0	0
Total revenue	0	0	0	0
Cost of sales	0	0	0	0
Gross profit	0	0	0	0
Operating expenses:
Sales and marketing	0	0	0	0
Product development	0	0	0	0
General and administrative expenses	1,198,000	929,000	3,419,000	3,219,000
Total operating expenses	1,198,000	929,000	3,419,000	3,219,000
Other income (expenses):
Interest and other income	0	0	1,000	0
Interest expense	0	0	0	0
Total other income (expenses)	0	0	1,000	0
Income (loss) before income taxes	$ (1,198,000)	$ (929,000)	$ (3,418,000)	$ (3,219,000)

XML 37 R27.htm IDEA: XBRL DOCUMENT

Segment Information - Additional Information (Detail)	1 Months Ended	9 Months Ended
Segment Information - Additional Information (Detail)	Nov. 03, 2017 USD ($)	Sep. 30, 2017 Subscriber	Sep. 30, 2016
Subsequent Event [Member]
Segment Reporting Information [Line Items]
Payments received against accounts receivable \| $	$ 4,478,000
Percentage collected from trade accounts receivable	43.70%
Reis Services [Member]
Segment Reporting Information [Line Items]
Percentage of Reis Service's revenue by major customer		4.00%	6.90%
Number of subscribers contributing largest share among accounts receivable \| Subscriber		23
Aggregate percentage of subscribers contributing largest share among accounts receivable		68.50%
Percentage of Reis Service's accounts receivable by major subscriber		18.70%
Percentage of deferred revenue by major subscriber		9.60%

XML 38 R28.htm IDEA: XBRL DOCUMENT

Segment Information - Accounts Receivable Balances (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Accounts receivable, net	$ 10,014,544	$ 10,743,505
Reis Services [Member]
Segment Reporting Information [Line Items]
Accounts receivable	10,258,000	10,862,000
Allowance for doubtful accounts	(243,000)	(118,000)
Accounts receivable, net	$ 10,015,000	$ 10,744,000

XML 39 R29.htm IDEA: XBRL DOCUMENT

Intangible Assets - Summary of Identified Intangible Assets (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (46,995,686)	$ (41,861,561)
Intangible assets, net	19,441,536	17,922,282
Database [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	32,286,000	28,146,000
Accumulated amortization	(22,714,000)	(19,974,000)
Intangible assets, net	9,572,000	8,172,000
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	14,100,000	14,100,000
Accumulated amortization	(9,953,000)	(9,263,000)
Intangible assets, net	4,147,000	4,837,000
Website [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	20,051,000	17,538,000
Accumulated amortization	(14,328,000)	(12,624,000)
Intangible assets, net	$ 5,723,000	$ 4,914,000

XML 40 R30.htm IDEA: XBRL DOCUMENT

Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Finite-Lived Intangible Assets [Line Items]
Amortization expense for intangible assets	$ 1,765,000	$ 1,498,000	$ 5,134,125	$ 4,310,343
Database [Member]
Finite-Lived Intangible Assets [Line Items]
Amount capitalized to intangible asset	1,363,000	1,338,000	4,140,000	4,059,000
Amortization expense for intangible assets	951,000	761,000	2,740,000	2,031,000
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense for intangible assets	228,000	233,000	690,000	702,000
Website [Member]
Finite-Lived Intangible Assets [Line Items]
Amount capitalized to intangible asset	762,000	768,000	2,513,000	2,158,000
Amortization expense for intangible assets	$ 586,000	475,000	$ 1,704,000	1,397,000
Acquired Below Market Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense for intangible assets		$ 29,000		$ 180,000

XML 41 R31.htm IDEA: XBRL DOCUMENT

Debt - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
Debt - Additional Information (Detail) - USD ($)	Sep. 30, 2017	Sep. 30, 2017	Dec. 31, 2016	Jan. 28, 2016	Oct. 31, 2012
Debt Instrument [Line Items]
Debt outstanding	$ 0	$ 0	$ 0
Revolver [Member]
Debt Instrument [Line Items]
Revolving credit facility, interest rate description		LIBOR + 2.00% per annum (for LIBOR loans) or the greater of 1.00% or the bank's prime rate minus 0.50% per annum (for base rate loans)
Unused credit facility fee		0.25%
Borrowings under revolver	$ 0	$ 0	$ 0
Revolver [Member] \| LIBOR Loans [Member]
Debt Instrument [Line Items]
Revolving credit facility, interest rate description		LIBOR + 2.00% per annum (for LIBOR loans)
Spread on variable rate		2.00%
Revolver [Member] \| Base Rate Loans [Member]
Debt Instrument [Line Items]
Revolving credit facility, interest rate description		The greater of 1.00% or the bank's prime rate minus 0.50% per annum (for base rate loans)
Base rate		1.00%
Spread on variable rate		(0.50%)
2012 Revolver [Member]
Debt Instrument [Line Items]
Amount of revolving credit facility					$ 10,000,000
Expiry period of revolver		3 years
Date of expiry		Oct. 16, 2015
2012 Revolver [Member] \| Extended Expiration [Member]
Debt Instrument [Line Items]
Date of expiry		Jan. 31, 2016
2016 Revolver [Member]
Debt Instrument [Line Items]
Amount of revolving credit facility				$ 20,000,000
Date of expiry		Jan. 28, 2019

XML 42 R32.htm IDEA: XBRL DOCUMENT

Income Taxes - Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Current Federal alternative minimum tax ("AMT") (benefit) expense	$ (8)	$ 8	$ 27	$ 149
Current state and local tax (benefit) expense	(8)	(49)	180	111
Deferred Federal tax expense (benefit)	256	245	(114)	1,490
Deferred state and local tax expense (benefit)	46	93	(88)	114
Income tax expense	$ 286	$ 297	$ 5	$ 1,864

XML 43 R33.htm IDEA: XBRL DOCUMENT

Income Taxes - Components of Income Tax Expense (Benefit) (Parenthetical) (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Deferred Federal AMT expense (benefit)	$ 8,000	$ (8,000)	$ (27,000)	$ (149,000)

XML 44 R34.htm IDEA: XBRL DOCUMENT

Income Taxes - Additional Information (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Net deferred tax asset	$ 17,663,000	$ 16,815,000
Aggregate Federal NOL carryforwards		38,679,000
Federal NOLs subject to an annual limitation		5,961,000
Federal NOLs not subject to an annual limitation		32,718,000
Federal NOLs annual limitation		$ 2,779,000

XML 45 R35.htm IDEA: XBRL DOCUMENT

Stockholders' Equity - Additional Information (Detail) - USD ($)	3 Months Ended						9 Months Ended		13 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Aug. 30, 2016
Equity [Abstract]
Common stock repurchase authorized										$ 5,000,000
Repurchase of common stock, shares	35,709			18,127			168,917	18,127	223,093
Repurchase of common stock, value	$ 641,000			$ 358,000			$ 3,177,865	$ 358,000	$ 4,322,000
Common stock repurchase, average price per share	$ 17.95						$ 18.81		$ 19.37
Dividends declared, per share	0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.51	$ 0.51
Dividends paid, per share	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17
Dividend payments, amount	$ 1,974,000			$ 1,937,000			$ 5,911,617	$ 5,813,000

XML 46 R36.htm IDEA: XBRL DOCUMENT

Stock Plans and Other Incentives - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period of the awards granted under the company's incentive plans			10 years
Non-cash compensation expense	$ 546,000	$ 524,000	$ 1,656,282	$ 1,579,725
RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted			136,727	123,023
Vesting rights			RSUs vest one-third a year over three years
RSU [Member] \| Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted			131,630	118,724
Weighted average grant date fair value			$ 18.67	$ 20.22
RSU [Member] \| Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted			5,097	4,299
Weighted average grant date fair value			$ 20.29	$ 24.05
Number of months after the termination of service, RSUs delivered to non-employee directors			6 months
Non-cash compensation expense	$ 34,500	$ 34,500	$ 103,500	$ 103,500
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for incentive plans			3 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for incentive plans			5 years

XML 47 R37.htm IDEA: XBRL DOCUMENT

Stock Plans and Other Incentives - Option Activity and Other Plan Data (Detail) - $ / shares	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Outstanding at beginning of period, Options	530,000	547,500
Granted, Options	0	0
Exercised, Options	(285,000)	(17,500)
Forfeited/cancelled/expired, Options	0	0
Outstanding at end of period, Options	245,000	530,000
Options exercisable at end of period, Options	237,000	518,000
Outstanding at beginning of period, Weighted-Average Exercise Price	$ 9.64	$ 9.61
Granted, Weighted-Average Exercise Price	0	0
Exercised, Weighted-Average Exercise Price	(10.30)	(8.74)
Forfeited/cancelled/expired, Weighted-Average Exercise Price	0	0
Outstanding at end of period, Weighted-Average Exercise Price	8.88	9.64
Options exercisable at end of period, Weighted-Average Exercise Price	$ 8.56	$ 9.44

XML 48 R38.htm IDEA: XBRL DOCUMENT

Stock Plans and Other Incentives - Changes in RSUs (Detail) - RSU [Member] - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of period	281,320	254,041
Granted	136,727	123,023
Common stock delivered	(88,543)	(85,181)
Forfeited	(7,993)	(4,451)
Outstanding at end of period	321,511	287,432
Intrinsic value	$ 5,787,198	$ 5,880,859

XML 49 R39.htm IDEA: XBRL DOCUMENT

Stock Plans and Other Incentives - Changes in RSUs (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2016 USD ($) Employee shares	Sep. 30, 2017 $ / shares	Sep. 30, 2016 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing stock price \| $ / shares		$ 18.00	$ 20.46
RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock used to settle minimum employee withholding tax obligations	32,760
Number of employees withholding tax obligations \| Employee	29
Employee withholding tax obligations approximate amount \| $	$ 701,000
Common stock delivered, net	52,421

XML 50 R40.htm IDEA: XBRL DOCUMENT

Earnings Per Common Share - Details of Computation of Earnings per Common Share, Basic and Diluted (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Numerator:
Net income for basic calculation	$ 457,730	$ 465,665	$ 1,390,115	$ 3,010,626
Adjustments to net income for the impact of dilutive securities	0	0	0	0
Net income for dilution calculation	$ 457,730	$ 465,665	$ 1,390,115	$ 3,010,626
Denominator:
Weighted average common shares - basic	11,499,832	11,320,904	11,487,280	11,308,833
Effect of dilutive securities:
RSUs	146,152	150,070	117,609	130,191
Stock options	128,700	293,236	153,479	306,475
Weighted average common shares - diluted	11,774,684	11,764,210	11,758,368	11,745,499
Basic	$ 0.04	$ 0.04	$ 0.12	$ 0.27
Diluted	$ 0.04	$ 0.04	$ 0.12	$ 0.26

XML 51 R41.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Debt outstanding	$ 0	$ 0

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