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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2018
Schedule of Cash, Cash Equivalents and Short Term Investments

At September 30, 2018, cash, cash equivalents and short term investments consisted of the following:

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Cash

 

$

23,948

 

 

$

0

 

 

$

0

 

 

$

23,948

 

Money market funds

 

 

5,227

 

 

 

0

 

 

 

0

 

 

 

5,227

 

Treasury bills

 

 

8,983

 

 

 

0

 

 

 

0

 

 

 

8,983

 

Government and agency securities

 

 

47,697

 

 

 

175

 

 

 

(515

)

 

 

47,357

 

Corporate debt securities

 

 

7,067

 

 

 

23

 

 

 

(53

)

 

 

7,037

 

 

 

$

92,922

 

 

$

198

 

 

$

(568

)

 

$

92,552

 

 

At December 31, 2017, cash, cash equivalents and short term investments consisted of the following:

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Cash

 

$

24,454

 

 

$

0

 

 

$

0

 

 

$

24,454

 

Money market funds

 

 

200

 

 

 

0

 

 

 

0

 

 

 

200

 

Government and agency securities

 

 

42,220

 

 

 

135

 

 

 

(355

)

 

 

42,000

 

Corporate debt securities

 

 

5,577

 

 

 

28

 

 

 

(37

)

 

 

5,568

 

 

 

$

72,451

 

 

$

163

 

 

$

(392

)

 

$

72,222

 

 
Schedule Disaggregated by Source of Revenue

In the following table, revenue is disaggregated by the source of revenue:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Direct

 

$

146,778

 

 

$

147,020

 

 

$

519,617

 

 

$

522,690

 

Retail

 

 

8,323

 

 

 

8,363

 

 

 

27,411

 

 

 

28,964

 

QVC

 

 

4,065

 

 

 

2,651

 

 

 

14,189

 

 

 

13,762

 

Other

 

 

89

 

 

 

115

 

 

 

279

 

 

 

304

 

 

 

$

159,255

 

 

$

158,149

 

 

$

561,496

 

 

$

565,720

 

 
Schedule of Information about Receivables, Contract Assets and Contract Liabilities from Contracts with Customers

The following table provides information about receivables, contract assets and contract liabilities from contracts with customers:

 

 

 

September 30, 2018

 

 

January 1, 2018

 

 

 

 

 

 

 

As Adjusted

 

Receivables

 

$

19,125

 

 

$

17,871

 

Contract assets

 

$

260

 

 

$

279

 

Contract liabilities

 

$

9,287

 

 

$

6,654

 

 
Summary of Significant Changes in Contract Liabilities (Deferred Revenue) Balance

Significant changes in the contract liabilities (deferred revenue) balance during the period is as follows:

 

 

 

 

 

Nine Months Ended

September 30, 2018

 

Revenue recognized that was included in the contract liability (def.

   revenue) balance at beginning of period

 

$

(4,995

)

Increases due to cash received for prepaid gift cards sold or unshipped

   food, excluding amounts recognized as revenue

 

$

7,628

 

 
Schedule of Estimated Revenue from Prepaid Gift Cards Expected to be Recognized in Future Related to Performance Obligations

 

The following table includes estimated revenue from the prepaid gift cards expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period:

 

Remaining 2018

 

$

5,559

 

2019

 

 

1,561

 

2020

 

 

59

 

 

 

$

7,179

 

 
Schedule of Financial Assets Measured at Fair Value

The following table summarizes the Company’s financial assets measured at fair value at September 30, 2018:

 

 

 

Total Fair Value

 

 

Quoted Prices in

Active Markets for

Identical Assets

(Level 1)

 

Money market funds

 

$

5,227

 

 

$

5,227

 

Treasury bills

 

 

8,983

 

 

 

8,983

 

Government and agency securities

 

 

47,357

 

 

 

47,357

 

Corporate debt securities

 

 

7,037

 

 

 

7,037

 

Total assets

 

$

68,604

 

 

$

68,604

 

 

The following table summarizes the Company’s financial assets measured at fair value at December 31, 2017:

 

 

 

Total Fair Value

 

 

Quoted Prices in

Active Markets for

Identical Assets

(Level 1)

 

Money market funds

 

$

200

 

 

$

200

 

Government and agency securities

 

 

42,000

 

 

 

42,000

 

Corporate debt securities

 

 

5,568

 

 

 

5,568

 

Total assets

 

$

47,768

 

 

$

47,768

 

 
Schedule of Earnings Per Share

The following table sets forth the computation of basic and diluted EPS:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Net income

 

$

15,994

 

 

$

15,027

 

 

$

44,933

 

 

$

46,946

 

Net income allocated to unvested restricted stock

 

 

(125

)

 

 

(119

)

 

 

(361

)

 

 

(404

)

Net income allocated to common shares

 

$

15,869

 

 

$

14,908

 

 

$

44,572

 

 

$

46,542

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

29,208

 

 

 

29,799

 

 

 

29,466

 

 

 

29,685

 

Effect of dilutive securities

 

 

365

 

 

 

500

 

 

 

331

 

 

 

479

 

Diluted

 

 

29,573

 

 

 

30,299

 

 

 

29,797

 

 

 

30,164

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income per common share

 

$

0.54

 

 

$

0.50

 

 

$

1.51

 

 

$

1.57

 

Diluted income per common share

 

$

0.54

 

 

$

0.49

 

 

$

1.50

 

 

$

1.54

 

 
ASC 606 [Member]  
Summary of Impact of Adopting ASC 606 on Consolidated Financials

 

The following table summarizes the impacts of adopting ASC 606 on the Company’s consolidated financials for 2018:

 

 

 

Three Months Ended September 30, 2018

 

 

Nine Months Ended September 30, 2018

 

 

 

As

Reported

 

 

Adjustments

 

 

Amounts without

Adoption of ASC 606

 

 

As

Reported

 

 

Adjustments

 

 

Amounts without

Adoption of ASC 606

 

Statements of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

159,255

 

 

$

111

 

 

$

159,144

 

 

$

561,496

 

 

$

319

 

 

$

561,177

 

Income tax expense

 

$

4,592

 

 

$

25

 

 

$

4,567

 

 

$

11,738

 

 

$

72

 

 

$

11,666

 

Net income

 

$

15,994

 

 

$

86

 

 

$

15,908

 

 

$

44,933

 

 

$

247

 

 

$

44,686

 

 

 

 

September 30, 2018

 

 

 

As

Reported

 

 

Adjustments

 

 

Amounts without

Adoption of ASC 606

 

Balance Sheet

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Prepaid income taxes

 

$

693

 

 

$

404

 

 

$

1,097

 

Prepaid expenses and other current assets

 

$

8,237

 

 

$

(181

)

 

$

8,056

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Deferred revenue

 

$

9,287

 

 

$

(1,676

)

 

$

10,963

 

Other accrued expenses and current liabilities

 

$

5,883

 

 

$

71

 

 

$

5,812

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Retained earnings

 

$

106,436

 

 

$

1,382

 

 

$

105,054

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2018

 

 

 

As

Reported

 

 

Adjustments

 

 

Amounts without

Adoption of ASC 606

 

Statement of Cash Flows

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

44,933

 

 

$

247

 

 

$

44,686

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Prepaid expenses and other assets

 

$

3,602

 

 

$

(51

)

 

$

3,653

 

Deferred revenue

 

$

2,633

 

 

$

(339

)

 

$

2,972

 

Income taxes

 

$

5,794

 

 

$

72

 

 

$

5,722

 

Other accrued expenses and liabilities

 

$

(811

)

 

$

71

 

 

$

(882

)