☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 20-1579162 | |
(State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) | |
290 Congress Street Boston, Massachusetts | 02210 | |
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Exchange on Which Registered | ||
Common Stock, par value $0.001 per share | BCOV | The NASDAQ Global Market |
Large accelerated filer | ☐ | Accelerated filer | ☒ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
Emerging growth company | ☐ |
Page | ||||||
Item 1. | 5 | |||||
Item 1A. | 15 | |||||
Item 1B. | ||||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
Item 5. | ||||||
Item 6. | ||||||
Item 7. | ||||||
Item 7A. | ||||||
Item 8. | ||||||
Item 9. | ||||||
Item 9A. | ||||||
Item 9B. | ||||||
Item 9C. | 61 | |||||
Item 10. | ||||||
Item 11. | ||||||
Item 12. | ||||||
Item 13. | ||||||
Item 14. | ||||||
Item 15. | ||||||
Item 16. | ||||||
Item 1. | Business |
our customers with enhancements to our products. Delivering cloud-based solutions allows us to serve additional customers with little incremental expense and to deploy innovations and best practices quickly and efficiently to our existing customers. |
Item 1A. | Risk Factors |
Item 1B. | Unresolved Staff Comments |
Item 2. | Properties |
Item 3. | Legal Proceedings |
Item 4. | Mine Safety Disclosures |
Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
1/1/2016 | 12/31/2016 | 12/31/2017 | 12/31/2018 | 12/31/2019 | 12/31/2020 | 1/1/2017 | 12/31/2017 | 12/31/2018 | 12/31/2019 | 12/31/2020 | 12/31/2021 | |||||||||||||||||||||||||||||||||||||
Brightcove Inc. | 100.0 | 103.5 | 91.3 | 90.5 | 111.7 | 296.8 | 100.0 | 88.2 | 87.5 | 108.0 | 228.6 | 127.0 | ||||||||||||||||||||||||||||||||||||
NASDAQ Composite Index | 100.0 | 113.7 | 145.8 | 140.1 | 189.5 | 257.4 | 100.0 | 128.2 | 123.3 | 166.7 | 239.4 | 290.6 | ||||||||||||||||||||||||||||||||||||
NASDAQ Computer & Data Processing Index | 100.0 | 119.3 | 165.5 | 159.4 | 239.7 | 338.3 | 100.0 | 138.8 | 133.7 | 200.9 | 301.4 | 415.5 |
Item 6. | Selected Consolidated Financial Data |
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Customers (at period end) | ||||||||||||||||
Premium | 2,227 | 2,279 | ||||||||||||||
Volume | 1,051 | 1,257 | 908 | 1,051 | ||||||||||||
Premium | 2,279 | 2,338 | ||||||||||||||
Total customers (at period end) | 3,330 | 3,595 | 3,135 | 3,330 | ||||||||||||
Net revenue retention rate | 97 | % | 95 | % | ||||||||||||
Recurring dollar retention rate | 89 | % | 89 | % | 90 | % | 89 | % | ||||||||
Average annual subscription revenue per premium customer, excluding Starter edition customers (in thousands) | $ | 89.5 | $ | 82.4 | $ | 94.1 | $ | 89.5 | ||||||||
Average annual subscription revenue per premium customer for Starter edition customers only (in thousands) | $ | 4.7 | $ | 4.6 | $ | 5.1 | $ | 4.7 | ||||||||
Total backlog, excluding professional services engagements (in millions) | $ | 148.0 | $ | 128.9 | $ | 156.2 | $ | 148.0 | ||||||||
Total backlog to be recognized over next 12 months, excluding professional services engagements (in millions) | $ | 114.7 | $ | 100.6 | $ | 121.2 | $ | 114.7 |
calculate our net revenue retention rate on a quarterly basis. For annual periods, we report net revenue retention rate as the average of the net revenue retention rate for all fiscal quarters included in the period. By dividing the retained recurring revenue by the base recurring revenue, we measure our success in retaining and growing installed revenue from the specific cohort of customers we served at the beginning of the period. The recurring dollar retention rate focuses on contracts up for renewal in a given quarter and only captures expansion/upsells at time of renewal, and is more susceptible to swings than the net revenue retention rate. Accordingly, and as previously disclosed, we plan to continue to report the net revenue retention rate and discontinue reporting recurring dollar retention rate after this Annual Report on Form 10-K for the year ended December 31, 2021. |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||
(in thousands, except share and per share data) | (in thousands, except share and per share data) | |||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||
Subscription and support revenue | $ | 187,341 | $ | 173,818 | $ | 150,941 | $ | 198,929 | $ | 187,341 | $ | 173,818 | ||||||||||||
Professional services and other revenue | 10,012 | 10,637 | 13,892 | 12,164 | 10,012 | 10,637 | ||||||||||||||||||
Total revenue | 197,353 | 184,455 | 164,833 | 211,093 | 197,353 | 184,455 | ||||||||||||||||||
Cost of revenue: | ||||||||||||||||||||||||
Cost of subscription and support revenue | 67,124 | 67,064 | 53,311 | 62,773 | 67,124 | 67,064 | ||||||||||||||||||
Cost of professional services and other revenue | 8,973 | 8,405 | 13,313 | 10,255 | 8,973 | 8,405 | ||||||||||||||||||
Total cost of revenue | 76,097 | 75,469 | 66,624 | 73,028 | 76,097 | 75,469 | ||||||||||||||||||
Gross profit | 121,256 | 108,986 | 98,209 | 138,065 | 121,256 | 108,986 | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Research and development | 33,978 | 32,535 | 31,716 | 31,718 | 33,978 | 32,535 | ||||||||||||||||||
Sales and marketing | 59,812 | 60,375 | 55,775 | 71,177 | 59,812 | 60,375 | ||||||||||||||||||
General and administrative | 27,021 | 25,692 | 23,103 | 29,261 | 27,021 | 25,692 | ||||||||||||||||||
Merger-related | 5,768 | 11,447 | 716 | 300 | 5,768 | 11,447 | ||||||||||||||||||
Other (benefit) expense | (1,965 | ) | — | — | ||||||||||||||||||||
Total operating expenses | 126,579 | 130,049 | 111,310 | 130,491 | 126,579 | 130,049 | ||||||||||||||||||
Loss from operations | (5,323 | ) | (21,063 | ) | (13,101 | ) | ||||||||||||||||||
Income (loss) from operations | 7,574 | (5,323 | ) | (21,063 | )�� | |||||||||||||||||||
Other income (expense), net | 128 | (280 | ) | (326 | ) | (1,375 | ) | 128 | (280 | ) | ||||||||||||||
Loss before income taxes | (5,195 | ) | (21,343 | ) | (13,427 | ) | ||||||||||||||||||
Income (loss) before income taxes | 6,199 | (5,195 | ) | (21,343 | ) | |||||||||||||||||||
Provision for income taxes | 618 | 560 | 601 | 802 | 618 | 560 | ||||||||||||||||||
Net loss | $ | (5,813 | ) | $ | (21,903 | ) | $ | (14,028 | ) | |||||||||||||||
Net income (loss) | $ | 5,397 | $ | (5,813 | ) | $ | (21,903 | ) | ||||||||||||||||
Net loss per share - basic and diluted | $ | (0.15 | ) | $ | (0.58 | ) | $ | (0.39 | ) | |||||||||||||||
Net income (loss) per share | ||||||||||||||||||||||||
Basic | $ | 0.13 | $ | (0.15 | ) | $ | (0.58 | ) | ||||||||||||||||
Weighted-average number of common shares used in computing net loss per share - basic and diluted | 39,473 | 38,028 | 35,808 | |||||||||||||||||||||
Diluted | $ | 0.13 | $ | (0.15 | ) | $ | (0.58 | ) | ||||||||||||||||
Weighted-average number of common shares used in computing net income (loss) per share | ||||||||||||||||||||||||
Basic | 40,717 | 39,473 | 38,028 | |||||||||||||||||||||
Diluted | 42,200 | 39,473 | 38,028 | |||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||
Revenue by Product Line | Amount | Percentage of Revenue | Amount | Percentage of Revenue | Amount | % | Amount | Percentage of Revenue | Amount | Percentage of Revenue | Amount | % | ||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | (in thousands, except percentages) | |||||||||||||||||||||||||||||||||||||||||||||||
Premium | $ | 193,695 | 98 | % | $ | 180,624 | 98 | % | $ | 13,071 | 7 | % | $ | 208,183 | 99 | % | $ | 193,695 | 98 | % | $ | 14,488 | 7 | % | ||||||||||||||||||||||||
Volume | 3,658 | 2 | 3,831 | 2 | (173 | ) | (5 | ) | 2,910 | 1 | 3,658 | 2 | (748 | ) | (20 | ) | ||||||||||||||||||||||||||||||||
Total | $ | 197,353 | 100 | % | $ | 184,455 | 100 | % | $ | 12,898 | 7 | % | $ | 211,093 | 100 | % | $ | 197,353 | 100 | % | $ | 13,740 | 7 | % | ||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||
Revenue by Type | Amount | Percentage of Revenue | Amount | Percentage of Revenue | Amount | % | Amount | Percentage of Revenue | Amount | Percentage of Revenue | Amount | % | ||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | (in thousands, except percentages) | |||||||||||||||||||||||||||||||||||||||||||||||
Subscription and support | $ | 187,341 | 95 | % | $ | 173,818 | 94 | % | $ | 13,523 | 8 | % | $ | 198,929 | 94 | % | $ | 187,341 | 95 | % | $ | 11,588 | 6 | % | ||||||||||||||||||||||||
Professional services and other | 10,012 | 5 | 10,637 | 6 | (625 | ) | (6 | ) | 12,164 | 6 | 10,012 | 5 | 2,152 | 21 | ||||||||||||||||||||||||||||||||||
Total | $ | 197,353 | 100 | % | $ | 184,455 | 100 | % | $ | 12,898 | 7 | % | $ | 211,093 | 100 | % | $ | 197,353 | 100 | % | $ | 13,740 | 7 | % | ||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||
Revenue by Geography | Amount | Percentage of Revenue | Amount | Percentage of Revenue | Amount | % | Amount | Percentage of Revenue | Amount | Percentage of Revenue | Amount | % | ||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | (in thousands, except percentages) | |||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | 107,686 | 55 | % | $ | 97,309 | 53 | % | $ | 10,377 | 11 | % | $ | 119,079 | 56 | % | $ | 107,686 | 55 | % | $ | 11,393 | 11 | % | ||||||||||||||||||||||||
Europe | 34,001 | 17 | 31,587 | 17 | 2,414 | 8 | 37,947 | 18 | 34,001 | 17 | 3,946 | 12 | ||||||||||||||||||||||||||||||||||||
Japan | 25,745 | 13 | 22,150 | 12 | 3,595 | 16 | 25,272 | 13 | 25,745 | 13 | (473 | ) | (2 | ) | ||||||||||||||||||||||||||||||||||
Asia Pacific | 28,984 | 15 | 32,391 | 17 | (3,407 | ) | (11 | ) | 28,261 | 13 | 28,984 | 15 | (723 | ) | (2 | ) | ||||||||||||||||||||||||||||||||
Other | 937 | — | 1,018 | 1 | (81 | ) | (8 | ) | 534 | — | 937 | — | (403 | ) | (43 | ) | ||||||||||||||||||||||||||||||||
International subtotal | 89,667 | 45 | 87,146 | 47 | 2,521 | 3 | 92,014 | 44 | 89,667 | 45 | 2,347 | 3 | ||||||||||||||||||||||||||||||||||||
Total | $ | 197,353 | 100 | % | $ | 184,455 | 100 | % | $ | 12,898 | 7 | % | $ | 211,093 | 100 | % | $ | 197,353 | 100 | % | $ | 13,740 | 7 | % | ||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||
Cost of Revenue | Amount | Percentage of Related Revenue | Amount | Percentage of Related Revenue | Amount | % | Amount | Percentage of Related Revenue | Amount | Percentage of Related Revenue | Amount | % | ||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | (in thousands, except percentages) | |||||||||||||||||||||||||||||||||||||||||||||||
Subscription and support | $ | 67,124 | 36 | % | $ | 67,064 | 39 | % | $ | 60 | 0 | % | $ | 62,773 | 32 | % | $ | 67,124 | 36 | % | $ | (4,351 | ) | (6 | )% | |||||||||||||||||||||||
Professional services and other | 8,973 | 90 | 8,405 | 79 | 568 | 7 | 10,255 | 84 | 8,973 | 90 | 1,282 | 14 | ||||||||||||||||||||||||||||||||||||
Total | $ | 76,097 | 39 | % | $ | 75,469 | 41 | % | $ | 628 | 1 | % | $ | 73,028 | 35 | % | $ | 76,097 | 39 | % | $ | (3,069 | ) | (4 | )% | |||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||
Gross Profit | Amount | Percentage of Related Revenue | Amount | Percentage of Related Revenue | Amount | % | Amount | Percentage of Related Revenue | Amount | Percentage of Related Revenue | Amount | % | ||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | (in thousands, except percentages) | |||||||||||||||||||||||||||||||||||||||||||||||
Subscription and support | $ | 120,217 | 64 | % | $ | 106,754 | 61 | % | $ | 13,463 | 13 | % | $ | 136,156 | 68 | % | $ | 120,217 | 64 | % | $ | 15,939 | 13 | % | ||||||||||||||||||||||||
Professional services and other | 1,039 | 10 | 2,232 | 21 | (1,193 | ) | (53 | ) | 1,909 | 16 | 1,039 | 10 | 870 | 84 | ||||||||||||||||||||||||||||||||||
Total | $ | 121,256 | 61 | % | $ | 108,986 | 59 | % | $ | 12,270 | 11 | % | $ | 138,065 | 65 | % | $ | 121,256 | 61 | % | $ | 16,809 | 14 | % | ||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||
Operating Expenses | Amount | Percentage of Revenue | Amount | Percentage of Revenue | Amount | % | Amount | Percentage of Revenue | Amount | Percentage of Revenue | Amount | % | ||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | (in thousands, except percentages) | |||||||||||||||||||||||||||||||||||||||||||||||
Research and development | $ | 33,978 | 17 | % | $ | 32,535 | 18 | % | $ | 1,443 | 4 | % | $ | 31,718 | 15 | % | $ | 33,978 | 17 | % | $ | (2,260 | ) | (7 | )% | |||||||||||||||||||||||
Sales and marketing | 59,812 | 30 | 60,375 | 33 | (563 | ) | (1 | ) | 71,177 | 34 | % | 59,812 | 30 | % | 11,365 | 19 | % | |||||||||||||||||||||||||||||||
General and administrative | 27,021 | 14 | 25,692 | 14 | 1,329 | 5 | 29,261 | 14 | % | 27,021 | 14 | % | 2,240 | 8 | % | |||||||||||||||||||||||||||||||||
Merger-related | 5,768 | 3 | 11,447 | 6 | (5,679 | ) | (50 | ) | 300 | — | 5,768 | 3 | % | (5,468 | ) | (95 | )% | |||||||||||||||||||||||||||||||
Other | (1,965 | ) | (1 | )% | — | — | (1,965 | ) | — | |||||||||||||||||||||||||||||||||||||||
Total | $ | 126,579 | 64 | % | $ | 130,049 | 71 | % | $ | (3,470 | ) | (3 | )% | $ | 130,491 | 62 | % | $ | 126,579 | 64 | % | $ | 3,912 | 3 | % | |||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
Condensed Consolidated Statements of Cash Flow Data | 2020 | 2019 | 2018 | 2021 | 2020 | 2019 | ||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Cash flows provided by operating activities | 21,312 | 2,708 | 2,550 | 19,563 | 21,312 | 2,708 | ||||||||||||||||||
Cash flows used in investing activities | (8,724 | ) | (12,618 | ) | (4,531 | ) | (10,842 | ) | (8,724 | ) | (12,618 | ) | ||||||||||||
Cash flows provided by financing activities | 1,585 | 3,177 | 5,250 | 702 | 1,585 | 3,177 |
Payment Due by Period | Payment Due by Period | |||||||||||||||||||||||
Total | Less than 1 Year | More than 1 Year | ||||||||||||||||||||||
(in thousands) | Total | Less than 1 Year | More than 1 Year | |||||||||||||||||||||
Operating lease obligations | $ | 9,844 | $ | 4,352 | $ | 5,492 | $ | 25,401 | $ | 2,425 | $ | 22,976 | ||||||||||||
Outstanding purchase obligations | 40,816 | 26,542 | 14,274 | 16,006 | 15,775 | 231 | ||||||||||||||||||
Total | $ | 50,660 | $ | 30,894 | $ | 19,766 | $ | 41,407 | $ | 18,200 | $ | 23,207 | ||||||||||||
ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Twelve Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||
Revenues generated in locations outside the United States | 50% | 51% | 47 | % | 50 | % | ||||||
Revenues in currencies other than the United States dollar (1) | 30% | 31% | 29 | % | 30 | % | ||||||
Expenses in currencies other than the United States dollar (1) | 15% | 16% | 17 | % | 15 | % |
(1) | Percentage of revenues and expenses denominated in foreign currency for the years ended December 31, |
Twelve Months Ended December 31, 2020 | Twelve Months Ended December 31, 2021 | |||||||||||||||
Revenues | Expenses | Revenues | Expenses | |||||||||||||
Euro | 8 | % | 1 | % | 8 | % | 1 | % | ||||||||
British pound | 6 | 6 | 6 | % | 5 | % | ||||||||||
Japanese Yen | 13 | 2 | 12 | % | 3 | % | ||||||||||
Other | 3 | 6 | 3 | % | 8 | % | ||||||||||
Total | 30 | % | 15 | % | 29 | % | 17 | % |
Twelve Months Ended December 31, 2019 | Twelve Months Ended December 31, 2020 | |||||||||||||||
Revenues | Expenses | Revenues | Expenses | |||||||||||||
Euro | 7 | % | 1 | % | 8 | % | 1 | % | ||||||||
British pound | 7 | 6 | 6 | % | 6 | % | ||||||||||
Japanese Yen | 12 | 3 | 13 | % | 2 | % | ||||||||||
Other | 5 | 6 | 3 | % | 6 | % | ||||||||||
Total | 31 | % | 16 | % | 30 | % | 15 | % |
Item 8. | Financial Statements and Supplementary Data |
Page No. | ||||
Report of Independent Registered Public Accounting Firm (PCAOB ID: 42) | F-1 | |||
F-3 | ||||
F-4 | ||||
F-5 | ||||
F-6 | ||||
F-7 | ||||
F-8 |
Revenue Recognition – Variable Consideration | ||
Description of the Matter | As described in Note 2 and Note 4 to the consolidated financial statements, the Company’s contracts contain transaction prices with variable amounts of consideration related to usage-based fees. The Company estimates the revenue pertaining to a customer’s usage that is expected to exceed the annual entitlement allowance, after consideration of any constraints, which is recognized ratably over the service period. |
Auditing the Company’s measurement of variable consideration is especially challenging and subjective because estimating customers usage involves assessing a large volume of contracts and subjective management assumptions related to estimated future usage. Changes in assumptions of estimated future usage can have a material effect on the amount of revenue recognized in the period. | ||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design, and tested the operating effectiveness of the Company’s internal controls over the assessment and recording of variable consideration including the Company’s evaluation of potential estimated future usage at the contract level including the impacts of any constraints. We identified and tested controls used for the accumulation of the actual usage to date as well as the assessment of the estimated forecasted usage and related impacts of any constraints. To test variable consideration, our audit procedures included, amongst others, testing the completeness and accuracy of the underlying data used in the Company’s calculation. This included, for a sample of contracts, agreeing the entitlement allowances to the underlying contracts and agreeing the actual usage to the underlying revenue systems. To |
December 31, | December 31, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
(in thousands, except share and per share data) | (in thousands, except share and per share data) | |||||||||||||||
Assets | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 37,472 | $ | 22,759 | $ | 45,739 | $ | 37,472 | ||||||||
Accounts receivable, net of allowance of $648 and $904 at December 31, 2020 and December 31, 2019, respectively | 29,305 | 31,181 | ||||||||||||||
Accounts receivable, net of allowance of $353 and $648 at December 31, 2021 and December 31, 2020, respectively | 29,866 | 29,305 | ||||||||||||||
Prepaid expenses | 5,760 | 5,171 | 7,792 | 5,760 | ||||||||||||
Other current assets | 12,978 | 6,713 | 10,833 | 12,978 | ||||||||||||
Total current assets | 85,515 | 65,824 | 94,230 | 85,515 | ||||||||||||
Property and equipment, net | 15,968 | 12,086 | 20,514 | 15,968 | ||||||||||||
Operating lease right-of-use | 8,699 | 16,912 | 24,891 | 8,699 | ||||||||||||
Intangible assets, net | 10,465 | 13,875 | 9,276 | 10,465 | ||||||||||||
Goodwill | 60,902 | 60,902 | 60,902 | 60,902 | ||||||||||||
Other assets | 5,254 | 3,268 | 6,655 | 5,254 | ||||||||||||
Total assets | $ | 186,803 | $ | 172,867 | $ | 216,468 | $ | 186,803 | ||||||||
Liabilities and stockholders’ equity | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 10,456 | $ | 9,917 | $ | 11,039 | $ | 10,456 | ||||||||
Accrued expenses | 25,397 | 20,925 | 20,925 | 25,397 | ||||||||||||
Operating lease liability | 4,346 | 6,174 | 2,600 | 4,346 | ||||||||||||
Deferred revenue | 58,741 | 49,260 | 62,057 | 58,741 | ||||||||||||
Total current liabilities | 98,940 | 86,276 | 96,621 | 98,940 | ||||||||||||
Operating lease liability, net of current portion | 5,498 | 11,701 | 22,801 | 5,498 | ||||||||||||
Other liabilities | 2,763 | 767 | 786 | 2,763 | ||||||||||||
Total liabilities | 107,201 | 98,744 | 120,208 | 107,201 | ||||||||||||
Commitments and contingencies (Note 7) | 0 | 0 | ||||||||||||||
Commitments and contingencies (Note 8 ) | 0 | 0 | ||||||||||||||
Stockholders’ equity: | ||||||||||||||||
Undesignated preferred stock, $0.001 par value; 5,000,000 shares authorized; 0 shares issued | 0— | 0— | ||||||||||||||
Common stock, $0.001 par value; 100,000,000 shares authorized; 40,152,021 and 39,042,787 shares issued at December 31, 2020 and 2019, respectively | 40 | 39 | ||||||||||||||
Undesignated preferred stock, $0.001 par value; 5,000,000 shares authorized; 0shares issued | 0— | 0— | ||||||||||||||
Common stock, $0.001 par value; 100,000,000 shares authorized; 41,384,643 and 40,152,021 shares issued at December 31, 2021 and 2020, respectively | 41 | 40 | ||||||||||||||
Additional paid-in capital | 287,059 | 276,365 | 298,793 | 287,059 | ||||||||||||
Treasury stock, at cost; 135,000 shares | (871 | ) | (871 | ) | (871 | ) | (871 | ) | ||||||||
Accumulated other comprehensive loss | (188 | ) | (785 | ) | (662 | ) | (188 | ) | ||||||||
Accumulated deficit | (206,438 | ) | (200,625 | ) | (201,041 | ) | (206,438 | ) | ||||||||
Total stockholders’ equity | 79,602 | 74,123 | 96,260 | 79,602 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 186,803 | $ | 172,867 | $ | 216,468 | $ | 186,803 | ||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||
(in thousands, except per share data) | (in thousands, except per share data) | |||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||
Subscription and support revenue | $ | 187,341 | $ | 173,818 | $ | 150,941 | $ | 198,929 | $ | 187,341 | $ | 173,818 | ||||||||||||
Professional services and other revenue | $ | 10,012 | 10,637 | 13,892 | $ | 12,164 | $ | 10,012 | 10,637 | |||||||||||||||
Total revenue | 197,353 | 184,455 | 164,833 | 211,093 | 197,353 | 184,455 | ||||||||||||||||||
Cost of revenue: | ||||||||||||||||||||||||
Cost of subscription and support revenue | 67,124 | 67,064 | 53,311 | 62,773 | 67,124 | 67,064 | ||||||||||||||||||
Cost of professional services and other revenue | 8,973 | 8,405 | 13,313 | 10,255 | 8,973 | 8,405 | ||||||||||||||||||
Total cost of revenue | 76,097 | 75,469 | 66,624 | 73,028 | 76,097 | 75,469 | ||||||||||||||||||
Gross profit | 121,256 | 108,986 | 98,209 | 138,065 | 121,256 | 108,986 | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Research and development | 33,978 | 32,535 | 31,716 | 31,718 | 33,978 | 32,535 | ||||||||||||||||||
Sales and marketing | 59,812 | 60,375 | 55,775 | 71,177 | 59,812 | 60,375 | ||||||||||||||||||
General and administrative | 27,021 | 25,692 | 23,103 | 29,261 | 27,021 | 25,692 | ||||||||||||||||||
Merger-related | 5,768 | 11,447 | 716 | 300 | 5,768 | 11,447 | ||||||||||||||||||
Other (benefit) expense | (1,965 | ) | 0 | 0 | ||||||||||||||||||||
Total operating expenses | 126,579 | 130,049 | 111,310 | 130,491 | 126,579 | 130,049 | ||||||||||||||||||
Loss from operations | (5,323 | ) | (21,063 | ) | (13,101 | ) | ||||||||||||||||||
Income ( l oss) from operations | 7,574 | (5,323 | ) | (21,063 | ) | |||||||||||||||||||
Other (expense) income, net | ||||||||||||||||||||||||
Interest income | 5 | 28 | 143 | |||||||||||||||||||||
Interest expense | 0 | (205 | ) | (7 | ) | |||||||||||||||||||
Other (expense) income, net | 128 | (280 | ) | (326 | ) | (1,380 | ) | 305 | (416 | ) | ||||||||||||||
Loss before income taxes | (5,195 | ) | (21,343 | ) | (13,427 | ) | ||||||||||||||||||
Total other (expense) income, net | (1,375 | ) | 128 | (280 | ) | |||||||||||||||||||
Income (loss) before income taxes | 6,199 | (5,195 | ) | (21,343 | ) | |||||||||||||||||||
Provision for income taxes | 618 | 560 | 601 | 802 | 618 | 560 | ||||||||||||||||||
Net loss | $ | (5,813 | ) | $ | (21,903 | ) | $ | (14,028 | ) | |||||||||||||||
Net i ncome (loss) | $ | 5,397 | $ | (5,813 | ) | $ | (21,903 | ) | ||||||||||||||||
Net loss per share — basic and diluted | $ | (0.15 | ) | $ | (0.58 | ) | $ | (0.39 | ) | |||||||||||||||
Net income | ||||||||||||||||||||||||
Basic | $ | 0.13 | $ | (0.15 | ) | $ | (0.58 | ) | ||||||||||||||||
Weighted-average number of common shares used in computing net loss per share — basic and diluted | 39,473 | 38,028 | 35,808 | |||||||||||||||||||||
Diluted | $ | 0.13 | $ | (0.15 | ) | $ | (0.58 | ) | ||||||||||||||||
Weighted-average number of common shares used in computing net income (loss) per share | ||||||||||||||||||||||||
Basic | 40,717 | 39,473 | 38,028 | |||||||||||||||||||||
Diluted | 42,200 | 39,473 | 38,028 | |||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Net loss | $ | (5,813 | ) | $ | (21,903 | ) | $ | (14,028 | ) | |||||||||||||||
Net Income (loss) | $ | 5,397 | $ | (5,813 | ) | $ | (21,903 | ) | ||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||
Foreign currency translation adjustments | 597 | 167 | (143 | ) | (474 | ) | 597 | 167 | ||||||||||||||||
Comprehensive loss | $ | (5,216 | ) | $ | (21,736 | ) | $ | (14,171 | ) | |||||||||||||||
Comprehensive Income (loss) | $ | 4,923 | $ | (5,216 | ) | $ | (21,736 | ) | ||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||
(in thousands, except share data) | (in thousands, except share data) | |||||||||||||||||||||||
Shares of common stock issued | ||||||||||||||||||||||||
Balance, beginning of period | 39,042,787 | 36,752,469 | 34,933,408 | 40,152,021 | 39,042,787 | 36,752,469 | ||||||||||||||||||
Common stock issued upon acquisition | — | 1,286,846 | — | — | 0 | 1,286,846 | ||||||||||||||||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units | 1,109,234 | 1,003,472 | 1,819,061 | 1,232,622 | 1,109,234 | 1,003,472 | ||||||||||||||||||
Balance, end of period | 40,152,021 | 39,042,787 | 36,752,469 | 41,384,643 | 40,152,021 | 39,042,787 | ||||||||||||||||||
Shares of treasury stock | ||||||||||||||||||||||||
Balance, beginning of period | (135,000 | ) | (135,000 | ) | (135,000 | ) | (135,000 | ) | (135,000 | ) | (135,000 | ) | ||||||||||||
Balance, end of period | (135,000 | ) | (135,000 | ) | (135,000 | ) | (135,000 | ) | (135,000 | ) | (135,000 | ) | ||||||||||||
Par value of common stock issued | ||||||||||||||||||||||||
Balance, beginning of period | $ | 39 | $ | 37 | $ | 35 | $ | 40 | $ | 39 | $ | 37 | ||||||||||||
Common stock issued upon acquisition | — | 1 | — | 0 | 1 | |||||||||||||||||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units | 1 | 1 | 2 | 1 | 1 | 1 | ||||||||||||||||||
Balance, end of period | $ | 40 | $ | 39 | $ | 37 | $ | 41 | $ | 40 | $ | 39 | ||||||||||||
Value of treasury stock | ||||||||||||||||||||||||
Balance, beginning of period | $ | (871 | ) | $ | (871 | ) | $ | (871 | ) | $ | (871 | ) | $ | (871 | ) | $ | (871 | ) | ||||||
Balance, end of period | $ | (871 | ) | $ | (871 | ) | $ | (871 | ) | $ | (871 | ) | $ | (871 | ) | $ | (871 | ) | ||||||
Additional paid-in capital | ||||||||||||||||||||||||
Balance, beginning of period | $ | 276,365 | $ | 251,122 | $ | 238,700 | $ | 287,059 | $ | 276,365 | $ | 251,122 | ||||||||||||
Common stock issued upon acquisition | — | 12,248 | — | — | 0 | 12,248 | ||||||||||||||||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units | 1,617 | 3,413 | 5,585 | |||||||||||||||||||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, net of tax | 1,175 | 1,617 | 3,413 | |||||||||||||||||||||
Stock-based compensation expense | 9,077 | 9,582 | 6,837 | 10,559 | 9,077 | 9,582 | ||||||||||||||||||
Impact of adoption of ASU 2016-09 as of January 1, 2017 | 0— | — | — | |||||||||||||||||||||
Balance, end of period | $ | 287,059 | $ | 276,365 | $ | 251,122 | $ | 298,793 | $ | 287,059 | $ | 276,365 | ||||||||||||
Accumulated deficit | ||||||||||||||||||||||||
Balance, beginning of period | $ | (200,625 | ) | $ | (178,722 | ) | $ | (170,299 | ) | $ | (206,438 | ) | $ | (200,625 | ) | $ | (178,722 | ) | ||||||
Net loss | (5,813 | ) | (21,903 | ) | (14,028 | ) | ||||||||||||||||||
Impact of adoption of ASU 2014-09 as of January 1, 2018 | — | — | 5,605 | |||||||||||||||||||||
Net Income (loss) | 5,397 | (5,813 | ) | (21,903 | ) | |||||||||||||||||||
Balance, end of period | $ | (206,438 | ) | $ | (200,625 | ) | $ | (178,722 | ) | $ | (201,041 | ) | $ | (206,438 | ) | $ | (200,625 | ) | ||||||
Accumulated other comprehensive loss | ||||||||||||||||||||||||
Balance, beginning of period | $ | (785 | ) | $ | (952 | ) | $ | (809 | ) | $ | (188 | ) | $ | (785 | ) | $ | (952 | ) | ||||||
Foreign currency translation adjustment | 597 | 167 | (143 | ) | (474 | ) | 597 | 167 | ||||||||||||||||
Balance, end of period | $ | (188 | ) | $ | (785 | ) | $ | (952 | ) | $ | (662 | ) | $ | (188 | ) | $ | (785 | ) | ||||||
Total stockholders’ equity | $ | 79,602 | $ | 74,123 | $ | 70,614 | $ | 96,260 | $ | 79,602 | $ | 74,123 | ||||||||||||
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
(in thousands) | ||||||||||||
Operating activities | ||||||||||||
Net income (loss) | $ | 5,397 | $ | (5,813 | ) | $ | (21,903 | ) | ||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 8,322 | 8,695 | 8,422 | |||||||||
Stock-based compensation | 9,968 | 8,785 | 9,259 | |||||||||
Provision for reserves on accounts receivable | 159 | 648 | 1,137 | |||||||||
Changes in assets and liabilities: | ||||||||||||
Accounts receivable | (846 | ) | 1,358 | (5,537 | ) | |||||||
Prepaid expenses and other current assets | 1,281 | (6,918 | ) | 1,213 | ||||||||
Other assets | (1,437 | ) | (1,937 | ) | (758 | ) | ||||||
Accounts payable | (683 | ) | 1,014 | 1,682 | ||||||||
Accrued expenses | (5,209 | ) | 5,600 | 6,749 | ||||||||
Operating leases | (634 | ) | 182 | (302 | ) | |||||||
Deferred revenue | 3,245 | 9,698 | 2,746 | |||||||||
Net cash provided by operating activities | 19,563 | 21,312 | 2,708 | |||||||||
Investing activities | ||||||||||||
Cash paid for acquisition, net of cash acquired | (2,000 | ) | 0 | (5,339 | ) | |||||||
Purchases of property and equipment | (2,205 | ) | (2,362 | ) | (1,047 | ) | ||||||
Capitalized internal-use software costs | (6,637 | ) | (6,362 | ) | (6,232 | ) | ||||||
Net cash used in investing activities | (10,842 | ) | (8,724 | ) | (12,618 | ) | ||||||
Financing activities | ||||||||||||
Proceeds from exercise of stock options | 2,846 | 2,216 | 3,473 | |||||||||
Deferred acquisitions payments | (475 | ) | 0 | 0 | ||||||||
Proceeds from debt | 0 | 10,000 | 0 | |||||||||
Payments on debt | 0 | (10,000 | ) | 0 | ||||||||
Other financing activities | (1,669 | ) | (631 | ) | (296 | ) | ||||||
Net cash provided by financing activities | 702 | 1,585 | 3,177 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (1,156 | ) | 540 | 186 | ||||||||
Net increase in cash and cash equivalents | 8,267 | 14,713 | (6,547 | ) | ||||||||
Cash and cash equivalents at beginning of period | 37,472 | 22,759 | 29,306 | |||||||||
Cash and cash equivalents at end of period | $ | 45,739 | $ | 37,472 | $ | 22,759 | ||||||
Supplemental disclosure of cash flow information | ||||||||||||
Cash paid for operating lease liabilities | $ | 4,277 | $ | 6,326 | $ | 7,382 | ||||||
Cash paid for income taxes | $ | 737 | $ | 1,190 | $ | 555 | ||||||
Cash paid for interest | 0 | $ | 205 | $ | 6 | |||||||
Supplemental disclosure of non-cash operating activities | ||||||||||||
Capitalization of stock-based compensation related to internal use software | $ | 593 | $ | 267 | $ | 322 | ||||||
Supplemental disclosure of non-cash investing and financing activities | ||||||||||||
Unpaid internal-use software costs | $ | 446 | $ | 49 | $ | 20 | ||||||
Fair value of shares issued for acquisition of a business | $ | 0 | $ | 0 | $ | 12,250 | ||||||
Unpaid purchases of property and equipment | $ | 25 | $ | 160 | $ | 138 | ||||||
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
(in thousands) | ||||||||||||
Operating activities | ||||||||||||
Net loss | $ | (5,813 | ) | $ | (21,903 | ) | $ | (14,028 | ) | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 8,695 | 8,422 | 6,796 | |||||||||
Stock-based compensation | 8,785 | 9,259 | 6,649 | |||||||||
Provision for reserves on accounts receivable | 648 | 1,137 | 199 | |||||||||
Changes in assets and liabilities: | ||||||||||||
Accounts receivable | 1,358 | (5,537 | ) | 2,791 | ||||||||
Prepaid expenses and other current assets | (6,918 | ) | 1,213 | 294 | ||||||||
Other assets | (1,937 | ) | (758 | ) | (418 | ) | ||||||
Accounts payable | 1,014 | 1,682 | 1,197 | |||||||||
Accrued expenses | 5,600 | 6,749 | 326 | |||||||||
Operating leases | 182 | (302 | ) | — | ||||||||
Deferred revenue | 9,698 | 2,746 | (1,256 | ) | ||||||||
Net cash provided by operating activities | 21,312 | 2,708 | 2,550 | |||||||||
Investing activities | ||||||||||||
Cash paid for acquisition, net of cash acquired | — | (5,339 | ) | — | ||||||||
Purchases of property and equipment, net of returns (Note 2) | (2,362 | ) | (1,047 | ) | (1,538 | ) | ||||||
Capitalized internal-use software costs | (6,362 | ) | (6,232 | ) | (2,993 | ) | ||||||
Net cash used in investing activities | (8,724 | ) | (12,618 | ) | (4,531 | ) | ||||||
Financing activities | ||||||||||||
Proceeds from exercise of stock options | 2,216 | 3,473 | 5,757 | |||||||||
Proceeds from debt | 10,000 | 0 | 0 | |||||||||
Payments on debt | (10,000 | ) | 0 | 0 | ||||||||
Other financing activities | (631 | ) | (296 | ) | (507 | ) | ||||||
Net cash provided by financing activities | 1,585 | 3,177 | 5,250 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 540 | 186 | (95 | ) | ||||||||
Net increase (decrease) in cash and cash equivalents | 14,713 | (6,547 | ) | 3,174 | ||||||||
Cash and cash equivalents at beginning of period | 22,759 | 29,306 | 26,132 | |||||||||
Cash and cash equivalents at end of period | $ | 37,472 | $ | 22,759 | $ | 29,306 | ||||||
Supplemental disclosure of cash flow information | ||||||||||||
Cash paid for operating lease liabilities | $ | 6,326 | $ | 7,382 | $ | — | ||||||
Cash paid for income taxes | $ | 1,190 | $ | 555 | $ | 384 | ||||||
Cash paid for interest | $ | 205 | $ | 6 | $ | 8 | ||||||
Supplemental disclosure of non-cash operating activities | ||||||||||||
Capitalization of stock-based compensation related to internal use software | $ | 267 | $ | 322 | $ | 188 | ||||||
Supplemental disclosure of non-cash investing and financing activities | ||||||||||||
Unpaid internal-use software costs | $ | 49 | $ | 20 | $ | — | ||||||
Fair value of shares issued for acquisition of a business | $ | — | $ | 12,250 | $ | — | ||||||
Estimated Useful Life (in Years) | ||
Computer equipment | 3 | |
Software | 3 - 6 | |
Furniture and fixtures | 5 | |
Leasehold improvements | Shorter of lease term or the estimated useful life |
1) | Identify the contract with a customer |
2) | Identify the performance obligations in the contract |
3) | Determine the transaction price |
4) | Allocate the transaction price to performance obligations in the contract |
5) | Recognize revenue when or as the Company satisfies a performance obligation |
Balance at Beginning of Period | Provision | Write-offs | Balance at End of Period | Balance at Beginning of Period | Provision | Write-offs | Balance at End of Period | |||||||||||||||||||||||||
Year ended December 31, 2021 | $ | 648 | $ | 159 | $ | (454 | ) | $ | 353 | |||||||||||||||||||||||
Year ended December 31, 2020 | $ | 904 | $ | 648 | $ | (904 | ) | $ | 648 | 904 | 648 | (904 | ) | 648 | ||||||||||||||||||
Year ended December 31, 2019 | 190 | 1,137 | (423 | ) | 904 | 190 | 1,137 | (423 | ) | 904 | ||||||||||||||||||||||
Year ended December 31, 2018 | 146 | 199 | (155 | ) | 190 |
Year Ended December 31, | ||||||||||||
(in thousands, except per share data) | 2021 | 2020 | 2019 | |||||||||
Net income (loss) | $ | 5,397 | $ | (5,813 | ) | $ | (21,903 | ) | ||||
Weighted average shares used in computing basic earnings per share | 40,717 | 39,473 | 38,028 | |||||||||
Effect of weighted average dilutive stock-based awards | 1,483 | 0 | 0 | |||||||||
Weighted average shares used in computing diluted earnings per share | 42,200 | 39,473 | 38,028 | |||||||||
Net income (loss) per share—basic and diluted | ||||||||||||
Basic | $ | 0.13 | $ | (0.15 | ) | $ | (0.58 | ) | ||||
Diluted | $ | 0.13 | $ | (0.15 | ) | $ | (0.58 | ) |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||
Options outstanding | 2,110 | 2,479 | 2,738 | 1,681 | 2,110 | 2,479 | ||||||||||||||||||
Restricted stock units outstanding | 3,588 | 3,626 | 3,034 | 3,937 | 3,588 | 3,626 |
Accounts receivable | $ | 3,175 | ||
Other tangible assets | $ | 811 | ||
Identifiable intangible assets | $ | 9,636 | ||
Goodwill | $ | 4,585 | ||
Deferred revenue | $ | (6,633 | ) | |
Other liabilities | $ | (196 | ) | |
Total estimated purchase price | $ | 11,378 | ||
Amount | Useful Life | |||||||
Customer relationships | $ | 8,998 | 7 | |||||
Developed technology | 638 | 1 | ||||||
Total | $ | 9,636 | ||||||
Cash | $ | 981 | ||
Accounts receivable | $ | 393 | ||
Other tangible assets | $ | 210 | ||
Identifiable intangible assets | $ | 1,525 | ||
Goodwill | $ | 5,541 | ||
Accounts payable | $ | (177 | ) | |
Deferred revenue | $ | (138 | ) | |
Accrued expenses | $ | (322 | ) | |
Deferred tax liability | $ | (333 | ) | |
Total estimated purchase price | $ | 7,680 | ||
Amount | Useful Life | |||||||
Developed technology | $ | 1,293 | 4 | |||||
Customer relationships | 232 | 4 | ||||||
Total | $ | 1,525 | ||||||
December 31, 2021 | ||||||||||||
Description | Contracted Maturity | Amortized Cost | Fair Market Value | |||||||||
Cash | Demand | $ | 45,698 | $ | 45,698 | |||||||
Money market funds | Demand | 41 | 41 | |||||||||
Total cash and cash equivalents | $ | 45,739 | $ | 45,739 | ||||||||
December 31, 2020 | ||||||||||||
Description | Contracted Maturity | Amortized Cost | Fair Market Value | |||||||||
Cash | Demand | $ | 37,431 | $ | 37,431 | |||||||
Money market funds | Demand | 41 | 41 | |||||||||
Total cash and cash equivalents | $ | 37,472 | $ | 37,472 | ||||||||
December 31, 2019 | ||||||||||||
Description | Contracted Maturity | Amortized Cost | Fair Market Value | |||||||||
Cash | Demand | $ | 22,718 | $ | 22,718 | |||||||
Money market funds | Demand | 41 | 41 | |||||||||
Total cash and cash equivalents | $ | 22,759 | $ | 22,759 | ||||||||
December 31, 2020 | ||||||||||||
Description | Contracted Maturity | Amortized Cost | Fair Market Value | |||||||||
Cash | Demand | $ | 37,431 | $ | 37,431 | |||||||
Money market funds | Demand | 41 | 41 | |||||||||
Total cash and cash equivalents | $ | 37,472 | $ | 37,472 | ||||||||
December 31, | December 31, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Computer equipment | $ | 13,561 | $ | 14,807 | $ | 13,827 | $ | 13,561 | ||||||||
Software | 34,739 | 27,882 | 43,598 | 34,739 | ||||||||||||
Furniture and fixtures | 3,196 | 2,965 | 3,163 | 3,196 | ||||||||||||
Leasehold improvements | 2,439 | 1,821 | 2,710 | 2,439 | ||||||||||||
53,935 | 47,475 | 63,298 | 53,935 | |||||||||||||
Less accumulated depreciation and amortization | 37,967 | 35,389 | 42,784 | 37,967 | ||||||||||||
$ | 15,968 | $ | 12,086 | $ | 20,514 | $ | 15,968 | |||||||||
Accounts Receivable, net | Contract Assets (current) | Deferred Revenue (current) | Deferred Revenue (non - current) | Total Deferred Revenue | Accounts Receivable, net | Contract Assets (current) | Deferred Revenue (current) | Deferred Revenue (non-current) | Total Deferred Revenue | |||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 29,866 | 2,375 | 62,057 | 114 | 62,171 | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 29,305 | 2,078 | 58,741 | 811 | 59,552 | 29,305 | 2,078 | 58,741 | 811 | 59,552 | ||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 31,181 | $ | 1,871 | $ | 49,260 | $ | 299 | $ | 49,559 | 31,181 | 1,871 | 49,260 | 299 | 49,559 | |||||||||||||||||||||||||
Balance at December 31, 2018 | 23,264 | 1,640 | 39,846 | 146 | 39,992 |
Description | Weighted Average Estimated Useful Life (in years) | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | ||||||||||||
Developed technology | 7 | $ | 18,038 | $ | 15,636 | $ | 2,402 | |||||||||
Customer relationships | 9 | 15,487 | 8,613 | 6,874 | ||||||||||||
Non-compete agreements | 3 | 1,912 | 1,912 | — | ||||||||||||
Tradename | 3 | 368 | 368 | — | ||||||||||||
Total | $ | 35,805 | $ | 26,529 | $ | 9,276 | ||||||||||
Description | Weighted Average Estimated Useful Life (in years) | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | ||||||||||||
Developed technology | 7 | $ | 16,154 | $ | 14,215 | $ | 1,939 | |||||||||
Customer relationships | 9 | 15,487 | 6,961 | 8,526 | ||||||||||||
Non-compete agreements | 3 | 1,912 | 1,912 | — | ||||||||||||
Tradename | 3 | 368 | 368 | — | ||||||||||||
Total | $ | 33,921 | $ | 23,456 | $ | 10,465 | ||||||||||
Description | Weighted Average Estimated Useful Life (in years) | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | |||||||||||
Developed technology | 7 | $ | 16,154 | $ | 12,714 | $ | 3,440 | ||||||||
Customer relationships | 9 | 15,487 | 5,052 | 10,435 | |||||||||||
Non-compete agreements | 3 | 1,912 | 1,912 | — | |||||||||||
Tradename | 3 | 368 | 368 | — | |||||||||||
Total | $ | 33,921 | $ | 20,046 | $ | 13,875 | |||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||
Cost of subscription and support revenue | $ | 1,501 | $ | 1,621 | $ | 1,651 | $ | 1,420 | $ | 1,501 | $ | 1,621 | ||||||||||||
Sales and marketing | 1,909 | 1,584 | 666 | 1,652 | 1,909 | 1,584 | ||||||||||||||||||
$ | 3,410 | $ | 3,205 | $ | 2,317 | $ | 3,072 | $ | 3,410 | $ | 3,205 | |||||||||||||
Year Ending December 31, | Amount | Amount | ||||||
2021 | $ | 2,993 | ||||||
2022 | 2,037 | $ | 2,508 | |||||
2023 | 1,793 | 2,264 | ||||||
2024 | 1,571 | 2,041 | ||||||
2025 | 1,571 | 1,963 | ||||||
2026 and thereafter | 500 | |||||||
2026 | 500 | |||||||
2027 and thereafter | 0 | |||||||
Total | $ | 10,465 | $ | 9,276 | ||||
Year Ending December 31, | Operating Lease Commitments | Operating Lease Commitments | ||||||
2021 | $ | 4,640 | ||||||
2022 | 2,309 | $ | 3,223 | |||||
2023 | 1,692 | 4,481 | ||||||
2024 | 1,561 | 4,328 | ||||||
2025 | 294 | 2,879 | ||||||
2026 and thereafter | 0— | |||||||
2026 | 2,637 | |||||||
2027 and thereafter | 16,211 | |||||||
Total operating lease commitments | 10,496 | 33,759 | ||||||
Less imputed interest | (652 | ) | (8,358 | ) | ||||
Total lease liabilities | $ | 9,844 | $ | 25,401 | ||||
Year Ending December 31, | Operating Sublease | |||
2021 | $ | 365 | ||
2022 | 729 | |||
2023 | 776 | |||
2024 | 732 | |||
Total operating sublease cash inflows | $ | 2,602 |
Year Ending December 31, | Operating Sublease | |||
2022 | $ | 985 | ||
2023 | 1,048 | |||
2024 | 989 | |||
2025 | 0 | |||
Total operating sublease cash inflows | $ | 3,022 |
December 31, | ||||
Common stock options outstanding | ||||
Restricted stock unit awards outstanding | ||||
Shares available for issuance under all stock-based compensation plans | ||||
Total shares of authorized common stock reserved for future issuance | ||||
The Brightcove Inc. 2012 RSU Inducement Plan (the RSU Plan). The number of shares reserved and available for issuance under the 2012 Plan automatically increases each January 1, beginning in 2013, by 4% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31 or such lesser number of shares as determined by the Company’s compensation committee subject to an overall overhang limit of 30%. This number is subject to adjustment in the event of a stock split, stock dividend or other change in the Company’s capitalization. |
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Cost of subscription and support revenue | $ | 627 | $ | 592 | $ | 683 | ||||||
Cost of professional services and other revenue | 401 | 314 | 289 | |||||||||
Research and development | 1,677 | 1,078 | 1,444 | |||||||||
Sales and marketing | 2,957 | 3,139 | 2,713 | |||||||||
General and administrative | 4,306 | 3,662 | 4,130 | |||||||||
$ | 9,968 | $ | 8,785 | $ | 9,259 | |||||||
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Cost of subscription and support revenue | $ | 592 | $ | 683 | $ | 481 | ||||||
Cost of professional services and other revenue | 314 | 289 | 242 | |||||||||
Research and development | 1,078 | 1,444 | 1,281 | |||||||||
Sales and marketing | 3,139 | 2,713 | 2,377 | |||||||||
General and administrative | 3,662 | 4,130 | 2,268 | |||||||||
$8,785 | $9,259 | $6,649 | ||||||||||
Number of Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (In Years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding at December 31, 2017 | 3,924,313 | $ | 7.33 | |||||||||||||
Granted | 1,234,184 | 8.99 | ||||||||||||||
Exercised | (1,173,288 | ) | 4.91 | $ | 4,897 | |||||||||||
Cancelled | (1,247,554 | ) | 8.54 | |||||||||||||
Outstanding at December 31, 2018 | 2,737,655 | $ | 8.57 | 6.84 | $ | 678 | ||||||||||
Exercisable at December 31, 2018 | 1,413,875 | $ | 8.36 | 4.83 | $ | 545 | ||||||||||
Number of Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (In Years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding at December 31, 2018 | 2,737,655 | $ | 8.57 | |||||||||||||
Granted | 770,038 | 9.89 | ||||||||||||||
Exercised | (466,110 | ) | 7.45 | $ | 1,286 | |||||||||||
Cancelled | (562,160 | ) | 9.57 | |||||||||||||
Outstanding at December 31, 2019 | 2,479,423 | $ | 8.96 | 7.24 | $ | 1,558 | ||||||||||
Granted | 178,584 | 10.60 | ||||||||||||||
Exercised | (272,692 | ) | 8.13 | $ | 1,041 | |||||||||||
Cancelled | (274,829 | ) | 9.13 | |||||||||||||
Outstanding at December 31, 2020 | 2,110,486 | $ | 9.19 | |||||||||||||
Granted | 114,973 | 14.88 | ||||||||||||||
Exercised | (333,190 | ) | 8.53 | $ | 2,999 | |||||||||||
Cancelled | (210,792 | ) | 10.26 | |||||||||||||
Outstanding at December 31, 2021 | 1,681,477 | $ | 9.59 | 5.93 | $ | 1,938 | ||||||||||
Exercisable at December 31, 2021 | 1,230,837 | $ | 9.06 | 5.27 | $ | 1,747 | ||||||||||
Number of Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (In Years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding at December 31, 2018 | 2,737,655 | $ | 8.57 | |||||||||||||
Granted | 770,038 | 9.89 | ||||||||||||||
Exercised | (466,110 | ) | 7.45 | $ | 1,286 | |||||||||||
Cancelled | (562,160 | ) | 9.57 | |||||||||||||
Outstanding at December 31, 2019 | 2,479,423 | $ | 8.96 | 7.24 | $ | 1,558 | ||||||||||
Exercisable at December 31, 2019 | 1,117,747 | $ | 8.32 | 5.37 | $ | 1,291 | ||||||||||
Number of Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (In Years) | Aggregate Intrinsic Value (1) | |||||||||||||
Outstanding at December 31, 2019 | 2,479,423 | $ | 8.96 | |||||||||||||
Granted | 178,584 | 10.60 | ||||||||||||||
Exercised | (272,692 | ) | 8.13 | $ | 1,041 | |||||||||||
Cancelled | (274,829 | ) | 9.13 | |||||||||||||
Outstanding at December 31, 2020 | 2,110,486 | $ | 9.19 | 6.56 | $ | 19,439 | ||||||||||
Exercisable at December 31, 2020 | 1,258,311 | $ | 8.75 | 5.53 | $ | 12,138 | ||||||||||
(1) | The aggregate intrinsic value was calculated based on the positive difference between the estimated fair value of the Company’s common stock on December 31, 2021, December 31, 2020, and December 31, 2019 of $10.22, $18.40, and $8.69 per share, respectively, or the date of exercise, as appropriate, and the exercise price of the underlying options. |
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Weighted-average fair value of options granted during the year | $ | 6.98 | $ | 4.72 | $ | 4.49 | ||||||
Risk-free interest rate | 1.22% | 0.72% | 2.25% | |||||||||
Expected volatility | 48% | 46% | 44% | |||||||||
Expected life (in years) | 6.2 | 6.2 | 6.2 | |||||||||
Expected dividend yield | 0— | 0— | 0— |
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Weighted-average fair value of options granted during the year | $ | 4.72 | $ | 4.49 | $ | 4.11 | ||||||
Risk-free interest rate | 0.72% | 2.25% | 2.88% | |||||||||
Expected volatility | 46% | 44% | 43% | |||||||||
Expected life (in years) | 6.2 | 6.2 | 6.2 | |||||||||
Expected dividend yield | 0— | 0— | 0— |
S-RSU Shares | Weighted Average Grant Date Fair Value | P-RSU Shares | Weighted Average Grant Date Fair Value | Total RSU Shares | Weighted Average Grant Date Fair Value | S-RSU Shares | Weighted Average Grant Date Fair Value | P-RSU Shares | Weighted Average Grant Date Fair Value | Total RSU Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||||||||||||||||
Unvested by December 31, 2017 | 2,218,704 | $ | 7.44 | — | $ | — | 2,218,704 | $ | 7.44 | |||||||||||||||||||||||||||||||||||||||
Unvested by December 31, 2018 | 1,864,582 | $ | 9.03 | 1,169,000 | $ | 9.03 | 3,033,582 | $ | 8.07 | |||||||||||||||||||||||||||||||||||||||
Granted | 1,049,036 | 8.36 | 1,169,000 | 8.18 | 2,218,036 | 8.43 | 1,391,072 | 10.37 | 641,000 | 8.91 | 2,032,072 | 10.59 | ||||||||||||||||||||||||||||||||||||
Vested and issued | (645,773 | ) | 7.33 | — | — | (645,773 | ) | 7.33 | (537,362 | ) | 7.91 | — | — | (537,362 | ) | 7.91 | ||||||||||||||||||||||||||||||||
Cancelled | (757,385 | ) | 7.44 | — | — | (757,385 | ) | 7.44 | (734,928 | ) | 6.97 | (167,000 | ) | 1.48 | (901,928 | ) | 8.45 | |||||||||||||||||||||||||||||||
Unvested by December 31, 2018 | 1,864,582 | $ | 9.03 | 1,169,000 | $ | 9.03 | 3,033,582 | $ | 8.07 | |||||||||||||||||||||||||||||||||||||||
Unvested by December 31, 2019 | 1,983,364 | $ | 9.03 | 1,643,000 | $ | 9.03 | 3,626,364 | $ | 9.03 | |||||||||||||||||||||||||||||||||||||||
S-RSU Shares | Weighted Average Grant Date Fair Value | P-RSU Shares | Weighted Average Grant Date Fair Value | Total RSU Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||||
Unvested by December 31, 2019 | 1,983,364 | $ | 9.03 | 1,643,000 | $ | 9.03 | 3,626,364 | $ | 9.03 | |||||||||||||||
Granted | 1,139,209 | 10.74 | 386,551 | 15.78 | 1,525,760 | 12.02 | ||||||||||||||||||
Vested and issued | (611,428 | ) | 9.23 | (219,605 | ) | 8.81 | (831,033 | ) | 9.10 | |||||||||||||||
Cancelled | (510,729 | ) | 9.00 | (222,145 | ) | 7.65 | (732,874 | ) | 8.64 | |||||||||||||||
Unvested by December 31, 2020 | 2,000,416 | $ | 10.30 | 1,587,801 | $ | 10.40 | 3,588,217 | $ | 10.35 | |||||||||||||||
S-RSU Shares | Weighted Average Grant Date Fair Value | P-RSU Shares | Weighted Average Grant Date Fair Value | Total RSU Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||||
Unvested by December 31, 2020 | 2,000,416 | $ | 10.30 | 1,587,801 | $ | 10.40 | 3,588,217 | $ | 10.35 | |||||||||||||||
Granted | 2,269,341 | 12.24 | 64,011 | 12.65 | 2,333,352 | 12.25 | ||||||||||||||||||
Vested and issued | (680,769 | ) | 9.85 | (181,910 | ) | 8.74 | (862,679 | ) | 9.62 | |||||||||||||||
Cancelled | (673,268 | ) | 11.67 | (448,730 | ) | 9.59 | (1,121,998 | ) | 10.84 | |||||||||||||||
Unvested by December 31, 2021 | 2,915,720 | $ | 11.66 | 1,021,172 | $ | 11.04 | 3,936,892 | $ | 11.50 | |||||||||||||||
S-RSU Shares | Weighted Average Grant Date Fair Value | P-RSU Shares | Weighted Average Grant Date Fair Value | Total RSU Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||||
Unvested by December 31, 2018 | 1,864,582 | $ | 9.03 | 1,169,000 | $ | 9.03 | 3,033,582 | $ | 8.07 | |||||||||||||||
Granted | 1,391,072 | 10.37 | 641,000 | 8.91 | 2,032,072 | 10.59 | ||||||||||||||||||
Vested and issued | (537,362 | ) | 7.91 | — | — | (537,362 | ) | 7.91 | ||||||||||||||||
Cancelled | (734,928 | ) | 6.97 | (167,000 | ) | 1.48 | (901,928 | ) | 8.45 | |||||||||||||||
Unvested by December 31, 2019 | 1,983,364 | $ | 9.03 | 1,643,000 | $ | 9.03 | 3,626,364 | $ | 9.03 | |||||||||||||||
S-RSU Shares | Weighted Average Grant Date Fair Value | P-RSU Shares | Weighted Average Grant Date Fair Value | Total RSU Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||||
Unvested by December 31, 2019 | 1,983,364 | $ | 9.03 | 1,643,000 | $ | 9.03 | 3,626,364 | $ | 9.03 | |||||||||||||||
Granted | 1,139,209 | 10.74 | 386,551 | 15.78 | 1,525,760 | 12.02 | ||||||||||||||||||
Vested and issued | (616,937 | ) | 9.23 | (219,605 | ) | 8.81 | (836,542 | ) | 9.10 | |||||||||||||||
Cancelled | (510,729 | ) | 9.00 | (222,145 | ) | 7.65 | (732,874 | ) | 8.64 | |||||||||||||||
Unvested by December 31, 2020 | 1,994,907 | $ | 10.30 | 1,587,801 | $ | 10.40 | 3,582,708 | $ | 10.35 | |||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||
Domestic | $ | (7,489 | ) | $ | (23,388 | ) | $ | (15,026 | ) | $ | 4,136 | $ | (7,489 | ) | $ | (23,388 | ) | |||||||
Foreign | 2,294 | 2,045 | 1,599 | 2,063 | 2,294 | 2,045 | ||||||||||||||||||
Total | $ | (5,195 | ) | $ | (21,343 | ) | $ | (13,427 | ) | $ | 6,199 | $ | (5,195 | ) | $ | (21,343 | ) | |||||||
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Current provision: | ||||||||||||
Federal | $ | 0— | $ | — | $ | — | ||||||
State | 8 | 18 | 19 | |||||||||
Foreign | 815 | 626 | 464 | |||||||||
Total current | 823 | 644 | 483 | |||||||||
Deferred (benefit): | ||||||||||||
Federal | (5 | ) | 7 | — | ||||||||
State | (5 | ) | 8 | — | ||||||||
Foreign | (195 | ) | (99 | ) | 118 | |||||||
Total deferred | (205 | ) | (84 | ) | 118 | |||||||
Total provision | $ | 618 | $ | 560 | $ | 601 | ||||||
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Current provision: | ||||||||||||
Federal | $ | 0 | $ | 0 | $ | 0 | ||||||
State | 7 | 8 | 18 | |||||||||
Foreign | 801 | 815 | 626 | |||||||||
Total current | 808 | 823 | 644 | |||||||||
Deferred (benefit): | ||||||||||||
Federal | 1 | (5 | ) | 7 | ||||||||
State | 2 | (5 | ) | 8 | ||||||||
Foreign | (9 | ) | (195 | ) | (99 | ) | ||||||
Total deferred | (6 | ) | (205 | ) | (84 | ) | ||||||
Total provision | $ | 802 | $ | 618 | $ | 560 | ||||||
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Tax at statutory rates | 21 | % | 21 | % | 21 | % | ||||||
State income taxes | (3.4 | %) | 9 | % | 4.2 | % | ||||||
Change in tax rate | 0.2 | % | 3.9 | % | 0.1 | % | ||||||
Permanent differences | (4.4 | %) | (11.6 | %) | (5 | %) | ||||||
Foreign rate differential | 2.6 | % | (3.4 | %) | (0.7 | %) | ||||||
Research and development credits | (7.6 | %) | 13.7 | % | 4.4 | % | ||||||
Change in valuation allowance | 3.4 | % | (44.2 | %) | (26.8 | %) | ||||||
Other, net | 1.1 | % | (0.2 | %) | 0.2 | % | ||||||
Effective tax rate | 12.9 | % | (11.8 | %) | (2.6 | %) | ||||||
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Tax at statutory rates | (21.0 | )% | (21.0 | )% | (21.0 | )% | ||||||
State income taxes | (9.0 | ) | (4.2 | ) | (5.5 | ) | ||||||
Change in tax rate | (3.9 | ) | (0.1 | ) | — | |||||||
Permanent differences | 11.6 | 5.0 | 7.0 | |||||||||
Foreign rate differential | 3.4 | 0.7 | 1.4 | |||||||||
Research and development credits | (13.7 | ) | (4.4 | ) | (6.1 | ) | ||||||
Change in valuation allowance | 44.2 | 26.8 | 29.2 | |||||||||
Other, net | 0.2 | (0.2 | ) | (0.5 | ) | |||||||
Effective tax rate | 11.8 | % | 2.6 | % | 4.5 | % | ||||||
As of December 31, | As of December 31, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Deferred tax assets: | ||||||||||||||||
Net operating loss carry-forwards | $ | 46,865 | $ | 43,886 | $ | 47,228 | $ | 46,865 | ||||||||
Tax credit carry-forwards | 12,647 | 11,602 | 13,392 | 12,647 | ||||||||||||
Stock-based compensation | 1,231 | 1,364 | 1,400 | 1,231 | ||||||||||||
Fixed Assets | 203 | 213 | 286 | 203 | ||||||||||||
Account receivable reserves | 304 | 420 | 235 | 304 | ||||||||||||
Accrued compensation | 2,086 | 1,026 | 1,648 | 2,086 | ||||||||||||
Lease Liability | 2,254 | 4,005 | 6,136 | 2,254 | ||||||||||||
Capitalized start-up costs | 0 | 46 | ||||||||||||||
Other temporary differences | 1,458 | 1,479 | 1,167 | 1,458 | ||||||||||||
Total deferred tax assets | 67,048 | 64,041 | 71,492 | 67,048 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||||
Other deferred tax liabilities | (3,137 | ) | (1,422 | ) | (2,889 | ) | (3,137 | ) | ||||||||
ROU Asset | (2,044 | ) | (3,951 | ) | (6,033 | ) | (2,044 | ) | ||||||||
Intangible assets | (3,218 | ) | (3,435 | ) | (3,720 | ) | (3,218 | ) | ||||||||
Total deferred tax liabilities | (8,399 | ) | (8,808 | ) | (12,642 | ) | (8,399 | ) | ||||||||
Valuation allowance | (58,718 | ) | (55,507 | ) | (58,912 | ) | (58,718 | ) | ||||||||
Net deferred tax asset (liability) | $ | (69 | ) | $ | (274 | ) | $ | (62 | ) | $ | (69 | ) | ||||
December 31, | December 31, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Accrued payroll and related benefits | $ | 10,260 | $ | 7,195 | $ | 8,536 | $ | 10,260 | ||||||||
Accrued sales and other taxes | 3,722 | 2,323 | 2,950 | 3,722 | ||||||||||||
Accrued professional fees and outside contractors | 2,901 | 3,638 | 2,233 | 2,901 | ||||||||||||
Accrued content delivery | 3,822 | 3,821 | 4,190 | 3,822 | ||||||||||||
Accrued other liabilities | 4,692 | 3,948 | 3,016 | 4,692 | ||||||||||||
Total | $ | 25,397 | $ | 20,925 | $ | 20,925 | $ | 25,397 | ||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||
Revenue: | ||||||||||||||||||||||||
North America | $ | 107,686 | $ | 97,309 | $ | 88,778 | $ | 119,079 | $ | 107,686 | $ | 97,309 | ||||||||||||
Europe | 34,001 | 31,587 | 27,754 | 37,947 | 34,001 | 31,587 | ||||||||||||||||||
Japan | 25,745 | 22,150 | 21,960 | 25,272 | 25,745 | 22,150 | ||||||||||||||||||
Asia Pacific | 28,984 | 32,391 | 25,766 | 28,261 | 28,984 | 32,391 | ||||||||||||||||||
Other | 937 | 1,018 | 575 | 534 | 937 | 1,018 | ||||||||||||||||||
Total revenue | $ | 197,353 | $ | 184,455 | $ | 164,833 | $ | 211,093 | $ | 197,353 | $ | 184,455 | ||||||||||||
For the three months ended: | ||||||||||||||||||||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |||||||||||||||||||||||||
Revenue | $ | 53,690 | $ | 49,084 | $ | 47,926 | $ | 46,653 | $ | 47,603 | $ | 47,434 | $ | 47,582 | $ | 41,836 | ||||||||||||||||
Gross profit | 34,232 | 30,986 | 28,027 | 28,011 | 28,803 | 29,120 | 25,973 | 25,090 | ||||||||||||||||||||||||
Income (loss) from operations | 1,623 | 1,264 | (1,153 | ) | (7,057 | ) | (6,870 | ) | (2,358 | ) | (7,082 | ) | (4,753 | ) | ||||||||||||||||||
Net income (loss) | 2,021 | 1,314 | (1,295 | ) | (7,853 | ) | (6,712 | ) | (2,970 | ) | (7,238 | ) | (4,983 | ) | ||||||||||||||||||
Basic net income (loss) per share | 0.05 | 0.03 | (0.03 | ) | (0.20 | ) | (0.17 | ) | (0.08 | ) | (0.19 | ) | (0.14 | ) | ||||||||||||||||||
Diluted net income (loss) per share | 0.05 | 0.03 | (0.03 | ) | (0.20 | ) | (0.17 | ) | (0.08 | ) | (0.19 | ) | (0.14 | ) |
On February 1, 2022, the Company acquired 100% of the outstanding shares of Wicket Labs, Inc., a provider of subscriber and content insights, in exchange for common stock of the Company and cash (the “Acquisition”). At the closing, the Company issued 212,507 unregistered shares of common stock of the Company valued at $2.0 million and paid approximately $13.2 million in cash. Pursuant to the Merger Agreement (“the Agreement”), approximately $1.8 million of the cash consideration was held back to secure payment of any claims of indemnification for breaches or inaccuracies in the Sellers’ representations and warranties, covenants and agreements. The acquisition will be consolidated with the Company beginning on the closing date of the acquisition. |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
Item 9B. | Other Information |
Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections |
Item 10. | Directors, Executive Officers, and Corporate Governance |
Item 11. | Executive Compensation |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
Item 13. | Certain Relationships and Related Transactions and Director Independence |
Item 14. | Principal Accountant Fees and Services |
Item 15. | Exhibits, Financial Statements and Schedules |
(1) | Filed as Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “Commission”) on July 26, 2012. |
(2) | Filed as Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed with the Commission on January 6, 2014. |
(3) | Filed as Exhibit 3.2 to Amendment No. 5 to the Registrant’s Registration Statement on Form S-1 filed with the Commission on February 6, 2012. |
(4) | Filed as Exhibit 3.3 to Amendment No. 5 to the Registrant’s Registration Statement on Form S-1 filed with the Commission on February 6, 2012. |
(5) | Filed as Exhibit 4.1 to Amendment No. 5 to the Registrant’s Registration Statement on Form S-1 filed with the Commission on February 6, 2012. |
(6) | Filed as Exhibit 4.2 to the Registrant’s Registration Statement on Form S-1 filed with the Commission on August 24, 2011. |
(7) | Filed as Exhibit 4.4 to the Registrant’s Registration Statement on Form S-1 filed with the Commission on August 24, 2011. |
(8) | Filed as Exhibit 4.4 to the Registrant’s Registration Statement on Form S-8 filed with the Commission on August 14, 2012. |
(9) | Filed as Exhibit 4.5 to the Registrant’s Registration Statement on Form S-8 filed with the Commission on August 14, 2012. |
(10) | Filed as Exhibit 4.4 to Registrant’s Registration Statement on Form S-8 filed with the Commission on May 1, 2018. |
(11) | Filed as Exhibit 4.5 to Registrant’s Registration Statement on Form S-8 filed with the Commission on May 1, 2018. |
(12) | Filed as Exhibit 4.6 to Registrant’s Registration Statement on Form S-8 filed with the Commission on May 1, 2018. |
(13) | Filed as Exhibit 4.9 to Registrant’s Annual Report on Form 10-K filed with the Commission on February 27, 2020. |
(14) | Filed as Exhibit 10.1 to Amendment No. 5 to the Registrant’s Registration Statement on Form S-1 filed with the Commission on February 6, 2012. |
(15) | Filed as Exhibit 10.2 to the Registrant’s Registration Statement on Form S-1 filed with the Commission on August 24, 2011. |
(16) | Filed as Exhibit 10.3 to Amendment No. 5 to the Registrant’s Registration Statement on Form S-1 filed with the Commission on February 6, 2012. |
(17) | Filed as Exhibit 10.4 to Amendment No. 5 to the Registrant’s Registration Statement on Form S-1 filed with the Commission on February 6, 2012. |
(18) | Filed as Exhibit 10.5 to Amendment No. 5 to the Registrant’s Registration Statement on Form S-1 filed with the Commission on February 6, 2012. |
(19) | Filed as Exhibit 10.6 to the Registrant’s Registration Statement on Form S-1 filed with the Commission on August 24, 2011. |
(20) | Filed as Exhibit 10.7 to the Registrant’s Registration Statement on Form S-1 filed with the Commission on August 24, 2011. |
(21) | Filed as Exhibit 10.8 to the Registrant’s Registration Statement on Form S-1 filed with the Commission on August 24, 2011. |
(22) | Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the Commission on April 30, 2013. |
(23) | Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the Commission on October 7, 2014. |
(24) | Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the Commission on November 20, 2015. |
(25) | Filed as Exhibit 10.9 to the Registrant’s Registration Statement on Form S-1 filed with the Commission on August 24, 2011. |
(26) | Filed as Exhibit 10.10 to the Registrant’s Registration Statement on Form S-1 filed with the Commission on August 24, 2011. |
(27) | Filed as Exhibit 10.11 to the Registrant’s Registration Statement on Form S-1 filed with the Commission on August 24, 2011. |
(28) | Filed as Exhibit 10.13 to the Registrant’s Registration Statement on Form S-1 filed with the Commission on August 24, 2011. |
(29) | Filed as Exhibit 10.14 to the Registrant’s Annual Report on Form 10-K filed with the Commission on March 5, 2013. |
(30) | Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the Commission on July 25, 2013. |
(31) | Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed with the Commission on November 3, 2014. |
(32) | Filed as Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q filed with the Commission on November 3, 2014. |
(33) | Filed as Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q filed with the Commission on November 3, 2014. |
(34) | Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the Commission on November 10, 2014. |
(35) | Filed as Exhibit 10.14 to Amendment No. 5 to the Registrant’s Registration Statement on Form S-1 filed with the Commission on February 6, 2012. |
(36) | Filed as Exhibit 10.15 to Amendment No. 5 to the Registrant’s Registration Statement on Form S-1 filed with the Commission on February 6, 2012. |
(37) | Filed as Exhibit 10.16 to Amendment No. 5 to the Registrant’s Registration Statement on Form S-1 filed with the Commission on February 6, 2012. |
(38) | Filed as Exhibit 10.17 to Amendment No. 5 to the Registrant’s Registration Statement on Form S-1 filed with the Commission on February 6, 2012. |
(39) | Filed as Exhibit 10.18 to Amendment No. 5 to the Registrant’s Registration Statement on Form S-1 filed with the Commission on February 6, 2012. |
(40) | Filed as Exhibit 10.19 to Amendment No. 5 to the Registrant’s Registration Statement on Form S-1 filed with the Commission on February 6, 2012. |
(41) | Filed as Exhibit 99.2 to the Registrant’s Current Report on Form 8-K filed with the Commission on July 26, 2017. |
(42) | Filed as Exhibit 99.3 to the Registrant’s Current Report on Form 8-K filed with the Commission on July 26, 2017. |
(43) | Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed with the Commission on October 26, 2017. |
(44) | Filed as Exhibit 99.1 to the Registrant’s Current Report on Form 8-K filed with the Commission on April 11, 2018. |
(45) | Filed as Exhibit 99.2 to the Registrant’s Current Report on Form 8-K filed with the Commission on April 11, 2018. |
(46) | Filed as Exhibit 99.5 to Registrant’s Current Report on Form 8-K filed with the Commission on April 11, 2018. |
(47) | Filed as Exhibit 99.1 to the Registrant’s Current Report on Form 8-K filed with the Commission on May 4, 2018. |
(48) | Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the Commission on December 14, 2018. |
(49) | Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed with the Commission on April 24, 2019. |
(50) | Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the Commission on December 29, 2020. |
(51) | Filed as Exhibit 99.1 to Registrant’s Registration Statement on Form S-8 filed with the Securities and Exchange Commission on May 17, 2021. |
(52) | Filed as Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q filed with the Commission on July 28, 2021. |
(53) | Filed as Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q filed with the Commission on July 28, 2021. |
(54) | Filed as Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q filed with the Commission on July 28, 2021. |
(55) | Filed as Exhibit 10.5 to the Registrant’s Quarterly Report on Form 10-Q filed with the Commission on July 28, 2021. |
(56) | Filed as Exhibit 10.6 to the Registrant’s Quarterly Report on Form 10-Q filed with the Commission on July 28, 2021. |
(57) | Filed as Exhibit 10.7 to the Registrant’s Quarterly Report on Form 10-Q filed with the Commission on July 28, 2021. |
(58) | Filed as Exhibit 10.8 to the Registrant’s Quarterly Report on Form 10-Q filed with the Commission on July 28, 2021. |
(59) | Filed as Exhibit 99.1 to the Registrant’s Current Report on Form 8-K filed with the Commission on February 9, 2022. |
* | Incorporated herein by reference. |
** | Filed herewith. |
† | Indicates a management contract or any compensatory plan, contract or arrangement. |
+ | Portions of this exhibit (indicated by asterisks) have been omitted in accordance with the rules of the Securities and Exchange Commission. |
Item 16. | Form 10-K Summary |
BRIGHTCOVE INC. | ||
By: | /s/ Jeff Ray | |
Jeff Ray | ||
Chief Executive Officer |
Name | Title | Date | ||
/s/ Jeff Ray Jeff Ray | Chief Executive Officer (Principal Executive Officer) | February | ||
/s/ Robert Noreck Robert Noreck | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | February | ||
/s/ Deborah Besemer Deborah Besemer | Chairperson of the Board of Directors | February | ||
/s/ Kristin Frank Kristin Frank | Director | February | ||
/s/ Gary Haroian Gary Haroian | Director | February | ||
/s/ Diane Hessan Diane Hessan | Director | February | ||
/s/ Scott Kurnit Scott Kurnit | Director | February | ||
/s/ Tsedal Neeley Tsedal Neeley | Director | February | ||
/s/ Ritcha Ranjan Ritcha Ranjan | Director | February | ||
/s/ Thomas E. Wheeler Thomas E. Wheeler | Director | February |