Convertible Instruments (Notes)

3 Months Ended

Dec. 31, 2013

Equity [Abstract]

Convertible Instruments

Convertible instruments

Prior to IPO, the Company had certain debt and equity securities outstanding that converted to common stock in connection with IPO in June 2013.

Convertible debentures

In 2011, the Company issued convertible debentures with detachable warrants (see Note 9). The convertible debentures had a stated interest rate of 8.0% per annum on the outstanding principal balance. The interest on the convertible debentures was payable in kind (“PIK”) and added to the unpaid principal in order to determine the number of shares of common stock to be issued upon conversion.

On December 31, 2012, certain holders of the convertible debentures elected to convert their debentures to common stock. The outstanding principal and PIK interest for these holders at December 31, 2012 was $12,392, which converted into 826 shares of common stock. The unamortized debt discount for these debentures was recorded as interest expense on the conversion date. Total interest expense recognized related to the convertible debentures was $1,934 for the three months ended December 31, 2012.

On June 12, 2013, in connection with the completion of the IPO, the outstanding principal of the convertible debentures of $5,865 and PIK interest of $778 automatically converted into 443 shares of the Company's common stock, based upon the IPO price of $15.00 per share. The unamortized debt discount for these debentures of $863 was recorded as interest expense on the conversion date.

Series A-1 and A-2 preferred stock

The outstanding shares of the Company's Series A-1 and A-2 preferred stock automatically converted into 5,336 shares of common stock at a conversion rate of 1:2.84 and the cumulative unpaid dividends were satisfied by the issuance of 412 additional shares of common stock through an adjustment to the conversion rate.

Submittal Exchange Class A preferred units

The former shareholders of Submittal Exchange received Class A preferred units of Submittal Exchange Holdings at acquisition, which were reflected as non-controlling interest in the condensed consolidated financial statements in the three months ended December 31, 2012. The Class A preferred units converted into 963 common shares on a 1:2 basis in connection with the IPO, at which time the non-controlling interest was eliminated.