☒ | Quarterly 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 or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each 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 | ||||
4 | ||||
4 | ||||
4 | ||||
5 | ||||
6 | ||||
7 | ||||
8 | ||||
9 | ||||
15 | ||||
28 | ||||
30 | ||||
30 | ||||
30 | ||||
30 | ||||
31 | ||||
32 | ||||
ITEM 1. |
September 30, 2021 | December 31, 2020 | |||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||||
(in thousands, except share and per share data) | (in thousands, except share and per share data) | |||||||||||||||
Assets | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 35,152 | $ | 37,472 | $ | 45,285 | $ | 37,472 | ||||||||
Accounts receivable, net of allowance of $643 and $648 at March 31, 2021 and December 31, 2020, respectively | 30,594 | 29,305 | ||||||||||||||
Accounts receivable, net of allowance of $443 and $648 at September 30, 2021 and December 31, 2020, respectively | 28,138 | 29,305 | ||||||||||||||
Prepaid expenses | 8,696 | 5,760 | 8,965 | 5,760 | ||||||||||||
Other current assets | 13,972 | 12,978 | 11,411 | 12,978 | ||||||||||||
Total current assets | 88,414 | 85,515 | 93,799 | 85,515 | ||||||||||||
Property and equipment, net | 16,188 | 15,968 | 18,777 | 15,968 | ||||||||||||
Operating lease right-of-use | 7,722 | 8,699 | 5,668 | 8,699 | ||||||||||||
Intangible assets, net | 9,699 | 10,465 | 8,213 | 10,465 | ||||||||||||
Goodwill | 60,902 | 60,902 | 60,902 | 60,902 | ||||||||||||
Other assets | 6,143 | 5,254 | 6,491 | 5,254 | ||||||||||||
Total assets | $ | 189,068 | $ | 186,803 | $ | 193,850 | $ | 186,803 | ||||||||
Liabilities and stockholders’ equity | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 11,556 | $ | 10,456 | $ | 11,007 | $ | 10,456 | ||||||||
Accrued expenses | 21,119 | 25,397 | 21,082 | 25,397 | ||||||||||||
Operating lease liability | 3,615 | 4,346 | 2,176 | 4,346 | ||||||||||||
Deferred revenue | 58,889 | 58,741 | 61,739 | 58,741 | ||||||||||||
Total current liabilities | 95,179 | 98,940 | 96,004 | 98,940 | ||||||||||||
Operating lease liability, net of current portion | 4,625 | 5,498 | 3,734 | 5,498 | ||||||||||||
Other liabilities | 1,397 | 2,763 | 1,536 | 2,763 | ||||||||||||
Total liabilities | $ | 101,201 | 107,201 | $ | 101,274 | 107,201 | ||||||||||
Commitments and contingencies (Note 8 ) | 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— | 0— | 0— | ||||||||||||
Common stock, $0.001 par value; 100,000,000 shares authorized; 40,412,577 and 40,152,021 shares issued at March 31, 2021 and December 31, 2020, respectively | 40 | 40 | ||||||||||||||
Common stock, $0.001 par value; 100,000,000 shares authorized; 41,175,854 and 40,152,021 shares issued at September 30, 2021 and December 31, 2020, respectively | 41 | 40 | ||||||||||||||
Additional paid-in capital | 290,403 | 287,059 | 295,464 | 287,059 | ||||||||||||
Treasury stock, at cost; 135,000 shares | (871 | ) | (871 | ) | (871 | ) | (871 | ) | ||||||||
Accumulated other comprehensive loss | (397 | ) | (188 | ) | (600 | ) | (188 | ) | ||||||||
Accumulated deficit | (201,308 | ) | (206,438 | ) | (201,458 | ) | (206,438 | ) | ||||||||
Total stockholders’ equity | 87,867 | 79,602 | 92,576 | 79,602 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 189,068 | $ | 186,803 | $ | 193,850 | $ | 186,803 | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
Three Months Ended March 31, | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||
(in thousands, except share and per share data) | (in thousands, except share and per share data) | |||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||
Subscription and support revenue | $ | 50,839 | $ | 44,658 | $ | 49,226 | $ | 46,338 | $ | 148,667 | $ | 136,613 | ||||||||||||
Professional services and other revenue | 3,978 | 1,995 | 2,937 | 2,746 | 9,785 | 7,050 | ||||||||||||||||||
Total revenue | 54,817 | 46,653 | 52,163 | 49,084 | 158,452 | 143,663 | ||||||||||||||||||
Cost of revenue: | ||||||||||||||||||||||||
Cost of subscription and support revenue | 15,678 | 16,748 | 16,406 | 15,735 | 46,840 | 50,290 | ||||||||||||||||||
Cost of professional services and other revenue | 3,490 | 1,894 | 2,247 | 2,363 | 8,205 | 6,349 | ||||||||||||||||||
Total cost of revenue | 19,168 | 18,642 | 18,653 | 18,098 | 55,045 | 56,639 | ||||||||||||||||||
Gross profit | 35,649 | 28,011 | 33,510 | 30,986 | 103,407 | 87,024 | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Research and development | 8,284 | 8,853 | 7,902 | 8,215 | 24,041 | 26,199 | ||||||||||||||||||
Sales and marketing | 16,149 | 14,174 | 18,451 | 14,813 | 52,730 | 42,370 | ||||||||||||||||||
General and administrative | 7,059 | 6,532 | 7,345 | 6,694 | 21,822 | 19,633 | ||||||||||||||||||
Merger-related | — | 5,509 | 45 | 0 | 300 | 5,768 | ||||||||||||||||||
Other (benefit) expense | (1,965 | ) | — | — | — | (1,965 | ) | — | ||||||||||||||||
Total operating expenses | 29,527 | 35,068 | 33,743 | 29,722 | 96,928 | 93,970 | ||||||||||||||||||
Income (loss) from operations | 6,122 | (7,057 | ) | |||||||||||||||||||||
Other expense, net | (735 | ) | (468 | ) | ||||||||||||||||||||
(Loss) income from operations | (233 | ) | 1,264 | 6,479 | (6,946 | ) | ||||||||||||||||||
Other (expense) income, net | (319 | ) | 204 | (937 | ) | (291 | ) | |||||||||||||||||
Income (loss) before income taxes | 5,387 | (7,525 | ) | |||||||||||||||||||||
(Loss) income before income taxes | (552 | ) | 1,468 | 5,542 | (7,237 | ) | ||||||||||||||||||
Provision for income taxes | 257 | 328 | 468 | 154 | 562 | 597 | ||||||||||||||||||
Net income (loss) | $ | 5,130 | $ | (7,853 | ) | |||||||||||||||||||
Net income (loss) per share—basic and diluted | ||||||||||||||||||||||||
Net (loss) income | $ | (1,020 | ) | $ | 1,314 | $ | 4,980 | $ | (7,834 | ) | ||||||||||||||
Net (loss) income per share—basic and diluted | ||||||||||||||||||||||||
Basic | $ | 0.13 | $ | (0.20 | ) | $ | (0.02 | ) | $ | 0.03 | $ | 0.12 | $ | (0.20 | ) | |||||||||
Diluted | $ | 0.12 | $ | (0.20 | ) | $ | (0.02 | ) | $ | 0.03 | $ | 0.12 | $ | (0.20 | ) | |||||||||
Weighted-average shares—basic and diluted | ||||||||||||||||||||||||
Basic | 40,154,035 | 38,981,140 | 40,934,689 | 39,682,337 | 40,570,817 | 39,319,703 | ||||||||||||||||||
Diluted | 42,480,121 | 38,981,140 | 40,934,689 | 40,645,982 | 42,237,438 | 39,319,703 |
Three Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Net income (loss) | $ | 5,130 | $ | (7,853 | ) | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Net (loss) income | $ | (1,020 | ) | $ | 1,314 | $ | 4,980 | $ | (7,834 | ) | ||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||
Foreign currency translation adjustments | (209 | ) | (459 | ) | (238 | ) | 345 | (412 | ) | 44 | ||||||||||||||
Comprehensive income (loss) | $ | 4,921 | $ | (8,312 | ) | |||||||||||||||||||
Comprehensive (loss) income | $ | (1,258 | ) | $ | 1,659 | $ | 4,568 | $ | (7,790 | ) | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
Three Months Ended March 31, | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||
(in thousands, except share data) | (in thousands, except share data) | |||||||||||||||||||||||
Shares of common stock issued | ||||||||||||||||||||||||
Balance, beginning of period | 40,152,021 | 39,042,787 | 40,946,572 | 39,543,991 | 40,152,021 | 39,042,787 | ||||||||||||||||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units | 260,556 | 63,066 | 229,282 | 387,256 | 1,023,833 | 888,460 | ||||||||||||||||||
Balance, end of period | 40,412,577 | 39,105,853 | 41,175,854 | 39,931,247 | 41,175,854 | 39,931,247 | ||||||||||||||||||
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 | $ | 40 | $ | 39 | $ | 41 | $ | 39 | $ | 41 | $ | 39 | ||||||||||||
Issuance of common stock upon exercise of stock options | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units | 0 | — | 0 | 1 | 0 | 1 | ||||||||||||||||||
Balance, end of period | $ | 40 | $ | 39 | $ | 41 | $ | 40 | $ | 41 | $ | 40 | ||||||||||||
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 | $ | 287,059 | $ | 276,365 | $ | 292,775 | $ | 281,255 | $ | 287,059 | $ | 276,365 | ||||||||||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, net of tax | 1,008 | 36 | 194 | 794 | 825 | 792 | ||||||||||||||||||
Stock-based compensation expense | 2,336 | 2,713 | 2,495 | 2,072 | 7,580 | 6,964 | ||||||||||||||||||
Balance, end of period | $ | 290,403 | $ | 279,114 | $ | 295,464 | $ | 284,121 | $ | 295,464 | $ | 284,121 | ||||||||||||
Accumulated deficit | ||||||||||||||||||||||||
Balance, beginning of period | $ | (206,438 | ) | $ | (200,625 | ) | $ | (200,438 | ) | $ | (209,773 | ) | $ | (206,438 | ) | $ | (200,625 | ) | ||||||
Net income (loss) | 5,130 | (7,853 | ) | (1,020 | ) | 1,314 | 4,980 | (7,834 | ) | |||||||||||||||
Balance, end of period | $ | (201,308 | ) | $ | (208,478 | ) | $ | (201,458 | ) | $ | (208,459 | ) | $ | (201,458 | ) | $ | (208,459 | ) | ||||||
Accumulated other comprehensive loss | ||||||||||||||||||||||||
Balance, beginning of period | $ | (188 | ) | $ | (785 | ) | $ | (362 | ) | $ | (1,086 | ) | $ | (188 | ) | $ | (785 | ) | ||||||
Foreign currency translation adjustment | (209 | ) | (459 | ) | (238 | ) | 345 | (412 | ) | 44 | ||||||||||||||
Balance, end of period | $ | (397 | ) | $ | (1,244 | ) | $ | (600 | ) | $ | (741 | ) | $ | (600 | ) | $ | (741 | ) | ||||||
Total stockholders’ equity | $ | 87,867 | $ | 68,560 | $ | 92,576 | $ | 74,090 | $ | 92,576 | $ | 74,090 | ||||||||||||
Nine Months Ended September 30, | ||||||||||||||||
Three Months Ended March 31, | 2021 | 2020 | ||||||||||||||
2021 | 2020 | |||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Operating activities | ||||||||||||||||
Net income (loss) | $ | 5,130 | $ | (7,853 | ) | $ | 4,980 | $ | (7,834 | ) | ||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||||||||||||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||||||
Depreciation and amortization | 2,163 | 2,408 | 6,284 | 6,497 | ||||||||||||
Stock-based compensation | 2,292 | 2,618 | 7,234 | 6,724 | ||||||||||||
Provision for reserves on accounts receivable | 71 | 275 | 246 | 461 | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Accounts receivable | (1,585 | ) | 3,607 | 710 | (1,433 | ) | ||||||||||
Prepaid expenses and other current assets | (1,390 | ) | (1,843 | ) | (914 | ) | (6,414 | ) | ||||||||
Other assets | (919 | ) | 195 | (1,273 | ) | (1,247 | ) | |||||||||
Accounts payable | (425 | ) | 2,364 | 79 | 104 | |||||||||||
Accrued expenses | (5,797 | ) | (2,264 | ) | (4,402 | ) | 3,410 | |||||||||
Operating leases | (626 | ) | (34 | ) | (903 | ) | (13 | ) | ||||||||
Deferred revenue | 482 | 2,968 | 2,707 | 8,667 | ||||||||||||
Net cash (used in) provided by operating activities | (604 | ) | 2,441 | |||||||||||||
Net cash provided by operating activities | 14,748 | 8,922 | ||||||||||||||
Investing activities | ||||||||||||||||
Purchases of property and equipment | (468 | ) | (720 | ) | (1,625 | ) | (2,163 | ) | ||||||||
Capitalized internal-use software costs | (1,054 | ) | (1,973 | ) | (4,657 | ) | (5,108 | ) | ||||||||
Net cash used in investing activities | (1,522 | ) | (2,693 | ) | (6,282 | ) | (7,271 | ) | ||||||||
Financing activities | ||||||||||||||||
Proceeds from exercise of stock options | 1,095 | 36 | 2,200 | 1,207 | ||||||||||||
Deferred acquisition payments | (475 | ) | — | (475 | ) | — | ||||||||||
Proceeds from debt | 0 | 10,000 | — | 10,000 | ||||||||||||
Debt paydown | — | (5,000 | ) | |||||||||||||
Other financing activities | (87 | ) | (26 | ) | (1,375 | ) | (448 | ) | ||||||||
Net cash provided by financing activities | 533 | 10,010 | 350 | 5,759 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (727 | ) | (428 | ) | (1,003 | ) | 163 | |||||||||
Net (decrease) increase in cash and cash equivalents | (2,320 | ) | 9,330 | |||||||||||||
Net increase in cash and cash equivalents | 7,813 | 7,573 | ||||||||||||||
Cash and cash equivalents at beginning of period | 37,472 | 22,759 | 37,472 | 22,759 | ||||||||||||
Cash and cash equivalents at end of period | $ | 35,152 | $ | 32,089 | $ | 45,285 | $ | 30,332 | ||||||||
Supplemental disclosure of cash flow information | ||||||||||||||||
Cash paid for operating lease liabilities | $ | 1,226 | $ | 1,824 | $ | 3,505 | $ | 5,087 | ||||||||
Cash paid for income taxes | $ | 681 | $ | 993 | ||||||||||||
Allowance for Credit Losses | Allowance for Credit Losses | |||||||
(in thousands) | (in thousands) | |||||||
Balance as of December 31, 2020 | $ | 648 | $ | 648 | ||||
Current provision for credit losses | 46 | 303 | ||||||
Write-offs against allowance | (51 | ) | (451 | ) | ||||
Recoveries | 0— | (57 | ) | |||||
Balance as of March 31, 2021 | $ | 643 | ||||||
Balance as of September 30, 2021 | $ | 443 | ||||||
Accounts Receivable, net | Contract Assets (current) | Deferred Revenue (current) | Deferred Revenue (non- current) | Total Deferred Revenue | Accounts Receivable, | Contract (current) | Deferred Revenue (current) | Deferred Revenue (non- current) | Total Deferred Revenue | |||||||||||||||||||||||||||||||
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 March 31, 2021 | 30,594 | 2,002 | 58,889 | 711 | 59,600 | |||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | 28,138 | 2,311 | 61,739 | 50 | 61,789 |
March 31, 2021 | ||||||||||||
Description | Contracted Maturity | Cost | Fair Market Value | |||||||||
Cash | Demand | $ | 35,111 | $ | 35,111 | |||||||
Money market funds | Demand | 41 | 41 | |||||||||
Total cash and cash equivalents | $ | 35,152 | $ | 35,152 | ||||||||
September 30, 2021 | ||||||||||||
Description | Contracted Maturity | Cost | Fair Market Value | |||||||||
Cash | Demand | $ | 45,244 | $ | 45,244 | |||||||
Money market funds | Demand | 41 | 41 | |||||||||
Total cash and cash equivalents | $ | 45,285 | $ | 45,285 | ||||||||
December 31, 2020 | ||||||||||||
Description | Contracted Maturity | 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 | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Net (loss) income | $ | (1,020 | ) | $ | 1,314 | $ | 4,980 | $ | (7,834 | ) | ||||||
Weighted average shares used in computing basic earnings per share | 40,934,689 | 39,682,337 | 40,570,817 | 39,319,703 | ||||||||||||
Effect of weighted average dilutive stock-based awards | 0 | 963,645 | 1,666,621 | 0 | ||||||||||||
Weighted average shares used in computing diluted earnings per share | 40,934,689 | 40,645,982 | 42,237,438 | 39,319,703 | ||||||||||||
Net (loss) income per share—basic and diluted | ||||||||||||||||
Basic | $ | (0.02 | ) | $ | 0.03 | $ | 0.12 | $ | (0.20 | ) | ||||||
Diluted | $ | (0.02 | ) | $ | 0.03 | $ | 0.12 | $ | (0.20 | ) |
Three Months Ended March 31, | ||||
2021 | ||||
Net income (in thousands) | $ | 5,130 | ||
Weighted average shares used in computing basic earnings per share | 40,154,035 | |||
Effect of weighted average dilutive stock-based awards | 2,326,086 | |||
Weighted average shares used in computing diluted earnings per share | 42,480,121 | |||
Net income per share—basic and diluted | ||||
Basic | $ | 0.13 | ||
Diluted | $ | 0.12 |
Three Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||
(shares in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Options outstanding | 34,150 | 2,487,153 | 1,803 | 1,570 | 147 | 2,234 | ||||||||||||||||||
Restricted stock units outstanding | 67,751 | 3,726,412 | 3,185 | 155 | 56 | 3,264 |
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Weighted-average fair value of options granted during the period | $ | 10.55 | $ | 3.37 | ||||
Risk-free interest rate | 1.00 | % | 1.20 | % | ||||
Expected volatility | 47 | % | 44 | % | ||||
Expected life (in years) | 6.3 | 6.2 | ||||||
Expected dividend yield | 0 | 0 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Weighted-average fair value of options granted during the period | $ | 6.29 | $ | 4.86 | $ | 7.51 | $ | 4.01 | ||||||||
Risk-free interest rate | 1.14 | % | 0.33 | % | 1.16 | % | 0.76 | % | ||||||||
Expected volatility | 48 | % | 47 | % | 48 | % | 46 | % | ||||||||
Expected life (in years) | 6.2 | 5.9 | 6.2 | 6.1 | ||||||||||||
Expected dividend yield | 0 | 0 | 0 | 0 |
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Stock-based compensation: | ||||||||
Cost of subscription and support revenue | $ | 157 | $ | 190 | ||||
Cost of professional services and other revenue | 68 | 80 | ||||||
Research and development | 322 | 440 | ||||||
Sales and marketing | 737 | 911 | ||||||
General and administrative | 1,008 | 997 | ||||||
$ | 2,292 | $ | 2,618 | |||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Stock-based compensation: | ||||||||||||||||
Cost of subscription and support revenue | $ | 157 | $ | 139 | $ | 501 | $ | 452 | ||||||||
Cost of professional services and other revenue | 113 | 63 | 299 | 233 | ||||||||||||
Research and development | 408 | 142 | 1,261 | 839 | ||||||||||||
Sales and marketing | 583 | 768 | 2,082 | 2,440 | ||||||||||||
General and administrative | 1,072 | 896 | 3,091 | 2,760 | ||||||||||||
$ | 2,333 | $ | 2,008 | $ | 7,234 | $ | 6,724 | |||||||||
Number of Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (In Years) | Aggregate Intrinsic Value (1) | Number of Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (In Years) | Aggregate Intrinsic Value (1) | |||||||||||||||||||||||||
Outstanding at December 31, 2020 | 2,110,486 | $ | 9.19 | 2,110,486 | $ | 9.19 | ||||||||||||||||||||||||||
Granted | 20,150 | 22.90 | 92,905 | 16.05 | ||||||||||||||||||||||||||||
Exercised | (121,537 | ) | 9.01 | $ | 1,495 | (254,502 | ) | 8.65 | $ | 2,724 | ||||||||||||||||||||||
Canceled | (29,126 | ) | 9.87 | (145,930 | ) | 10.17 | ||||||||||||||||||||||||||
Outstanding at March 31, 2021 | 1,979,973 | $ | 9.35 | 6.38 | $ | 21,385 | ||||||||||||||||||||||||||
Outstanding at September 30, 2021 | 1,802,959 | $ | 9.56 | 5.94 | $ | 4,177 | ||||||||||||||||||||||||||
Exercisable at March 31, 2021 | 1,182,978 | $ | 8.73 | 5.40 | $ | 13,479 | ||||||||||||||||||||||||||
Exercisable at September 30, 2021 | 1,313,116 | $ | 8.96 | 5.23 | $ | 3,522 | ||||||||||||||||||||||||||
(1) | The aggregate intrinsic value was calculated based on the positive difference between the fair value of the Company’s common stock on |
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 at December 31, 2020 | 2,000,416 | $ | 10.40 | 1,587,801 | $ | 10.30 | 3,588,217 | $ | 10.35 | 2,000,416 | $ | 10.40 | 1,587,801 | $ | 10.30 | 3,588,217 | $ | 10.35 | ||||||||||||||||||||||||||||||
Granted | 67,750 | 22.90 | — | — | 67,750 | 22.90 | 1,039,266 | 14.44 | 64,011 | 12.65 | 1,103,277 | 14.33 | ||||||||||||||||||||||||||||||||||||
Vested and issued | (98,416 | ) | 8.02 | — | — | (98,416 | ) | 8.02 | (546,818 | ) | 9.11 | (181,910 | ) | 8.74 | (728,728 | ) | 9.01 | |||||||||||||||||||||||||||||||
Canceled | (105,421 | ) | 9.97 | — | — | (105,421 | ) | 9.97 | (411,567 | ) | 11.38 | (365,909 | ) | 9.50 | (777,476 | ) | 10.49 | |||||||||||||||||||||||||||||||
Unvested at March 31, 2021 | 1,864,329 | $ | 11.00 | 1,587,801 | $ | 10.30 | 3,452,130 | $ | 10.68 | |||||||||||||||||||||||||||||||||||||||
Unvested at September 30, 2021 | 2,081,297 | $ | 12.56 | 1,103,993 | $ | 10.97 | 3,185,290 | $ | 12.00 | |||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Revenue: | ||||||||
North America | $ | 30,386 | $ | 24,999 | ||||
Europe | 8,923 | 8,461 | ||||||
Japan | 7,708 | 6,102 | ||||||
Asia Pacific | 7,659 | 6,870 | ||||||
Other | 141 | 221 | ||||||
Total revenue | $ | 54,817 | $ | 46,653 | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenue: | ||||||||||||||||
North America | $ | 29,420 | $ | 27,515 | $ | 89,204 | $ | 78,553 | ||||||||
Europe | 9,689 | 8,435 | 28,159 | 25,323 | ||||||||||||
Japan | 6,185 | 5,688 | 19,263 | 17,344 | ||||||||||||
Asia Pacific | 6,746 | 7,211 | 21,421 | 21,795 | ||||||||||||
Other | 123 | 235 | 405 | 648 | ||||||||||||
Total revenue | $ | 52,163 | $ | 49,084 | $ | 158,452 | $ | 143,663 | ||||||||
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Three Months Ended March 31, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Customers (at period end) | ||||||||||||||||
Premium | 2,273 | 2,293 | 2,265 | 2,267 | ||||||||||||
Volume | 1,039 | 1,205 | 940 | 1,114 | ||||||||||||
Total customers (at period end) | 3,312 | 3,498 | 3,205 | 3,381 | ||||||||||||
Net revenue retention rate | 97.1 | % | 93.8 | % | ||||||||||||
Recurring dollar retention rate | 85 | % | 88 | % | 88 | % | 88 | % | ||||||||
Average annual subscription revenue per premium customer, excluding Starter edition customers (in thousands) | $ | 97.0 | $ | 84.6 | $ | 93.9 | $ | 87.3 | ||||||||
Average annual subscription revenue per premium customer for Starter edition customers only (in thousands) | $ | 4.3 | $ | 4.5 | $ | 4.6 | $ | 4.5 | ||||||||
Total backlog, excluding professional services engagements (in millions) | $ | 147.6 | $ | 125.5 | $ | 148.6 | $ | 144.2 | ||||||||
Total backlog to be recognized over next 12 months, excluding professional services engagements (in millions) | $ | 117.1 | $ | 100.5 | $ | 115.0 | $ | 109.6 |
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
(in thousands, except share and per share data) | ||||||||
Revenue: | ||||||||
Subscription and support revenue | $ | 50,839 | $ | 44,658 | ||||
Professional services and other revenue | 3,978 | 1,995 | ||||||
Total revenue | 54,817 | 46,653 | ||||||
Cost of revenue: | ||||||||
Cost of subscription and support revenue | 15,678 | 16,748 | ||||||
Cost of professional services and other revenue | 3,490 | 1,894 | ||||||
Total cost of revenue | 19,168 | 18,642 | ||||||
Gross profit | 35,649 | 28,011 | ||||||
Operating expenses: | ||||||||
Research and development | 8,284 | 8,853 | ||||||
Sales and marketing | 16,149 | 14,174 | ||||||
General and administrative | 7,059 | 6,532 | ||||||
Merger-related | — | 5,509 | ||||||
Other (benefit) expense | (1,965 | ) | — | |||||
Total operating expenses | 29,527 | 35,068 | ||||||
Income (loss) from operations | 6,122 | (7,057 | ) | |||||
Other expense, net | (735 | ) | (468 | ) | ||||
Income (loss) before income taxes | 5,387 | (7,525 | ) | |||||
Provision for income taxes | 257 | 328 | ||||||
Net income (loss) | $ | 5,130 | $ | (7,853 | ) | |||
Net income (loss) per share—basic and diluted | ||||||||
Basic | $ | 0.13 | $ | (0.20 | ) | |||
Diluted | $ | 0.12 | $ | (0.20 | ) | |||
Weighted-average shares—basic and diluted | ||||||||
Basic | 40,154,035 | 38,981,140 | ||||||
Diluted | 42,480,121 | 38,981,140 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||
Revenue: | ||||||||||||||||
Subscription and support revenue | $ | 49,226 | $ | 46,338 | $ | 148,667 | $ | 136,613 | ||||||||
Professional services and other revenue | 2,937 | 2,746 | 9,785 | 7,050 | ||||||||||||
Total revenue | 52,163 | 49,084 | 158,452 | 143,663 | ||||||||||||
Cost of revenue: | ||||||||||||||||
Cost of subscription and support revenue | 16,406 | 15,735 | 46,840 | 50,290 | ||||||||||||
Cost of professional services and other revenue | 2,247 | 2,363 | 8,205 | 6,349 | ||||||||||||
Total cost of revenue | 18,653 | 18,098 | 55,045 | 56,639 | ||||||||||||
Gross profit | 33,510 | 30,986 | 103,407 | 87,024 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 7,902 | 8,215 | 24,041 | 26,199 | ||||||||||||
Sales and marketing | 18,451 | 14,813 | 52,730 | 42,370 | ||||||||||||
General and administrative | 7,345 | 6,694 | 21,822 | 19,633 | ||||||||||||
Merger-related | 45 | — | 300 | 5,768 | ||||||||||||
Other (benefit) expense | — | — | (1,965 | ) | — | |||||||||||
Total operating expenses | 33,743 | 29,722 | 96,928 | 93,970 | ||||||||||||
(Loss) income from operations | (233 | ) | 1,264 | 6,479 | (6,946 | ) | ||||||||||
Other (expense) income, net | (319 | ) | 204 | (937 | ) | (291 | ) | |||||||||
(Loss) income before income taxes | (552 | ) | 1,468 | 5,542 | (7,237 | ) | ||||||||||
Provision for income taxes | 468 | 154 | 562 | 597 | ||||||||||||
Net (loss) income | $ | (1,020 | ) | $ | 1,314 | $ | 4,980 | $ | (7,834 | ) | ||||||
Net (loss) income per share—basic and diluted | ||||||||||||||||
Basic | $ | (0.02 | ) | $ | 0.03 | $ | 0.12 | $ | (0.20 | ) | ||||||
Diluted | $ | (0.02 | ) | $ | 0.03 | $ | 0.12 | $ | (0.20 | ) | ||||||
Weighted-average shares—basic and diluted | ||||||||||||||||
Basic | 40,934,689 | 39,682,337 | 40,570,817 | 39,319,703 | ||||||||||||
Diluted | 40,934,689 | 40,645,982 | 42,237,438 | 39,319,703 |
Three Months Ended March 31, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 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 | $ | 54,022 | 99 | % | $ | 45,787 | 98 | % | $ | 8,235 | 18 | % | $ | 51,466 | 99 | % | $ | 48,175 | 98 | % | $ | 3,291 | 7 | % | ||||||||||||||||||||||||
Volume | 795 | 1 | 866 | 2 | (71 | ) | (8 | ) | 697 | 1 | 909 | 2 | (212 | ) | (23 | ) | ||||||||||||||||||||||||||||||||
Total | $ | 54,817 | 100 | % | $ | 46,653 | 100 | % | $ | 8,164 | 18 | % | $ | 52,163 | 100 | % | $ | 49,084 | 100 | % | $ | 3,079 | 6 | % | ||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 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 | $ | 50,839 | 93 | % | $ | 44,658 | 96 | % | $ | 6,181 | 14 | % | $ | 49,226 | 94 | % | $ | 46,338 | 96 | % | $ | 2,888 | 6 | % | ||||||||||||||||||||||||
Professional services and other | 3,978 | 7 | 1,995 | 4 | 1,983 | 99 | 2,937 | 6 | 2,746 | 4 | 191 | 7 | ||||||||||||||||||||||||||||||||||||
Total | $ | 54,817 | 100 | % | $ | 46,653 | 100 | % | $ | 8,164 | 18 | % | $ | 52,163 | 100 | % | $ | 49,084 | 100 | % | $ | 3,079 | 6 | % | ||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 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 | $ | 30,386 | 56 | % | $ | 24,999 | 54 | % | $ | 5,387 | 22 | % | $ | 29,420 | 56 | % | $ | 27,515 | 56 | % | $ | 1,905 | 7 | % | ||||||||||||||||||||||||
Europe | 8,923 | 16 | 8,461 | 18 | 462 | 5 | 9,689 | 19 | 8,435 | 17 | 1,254 | 15 | ||||||||||||||||||||||||||||||||||||
Japan | 7,708 | 14 | 6,102 | 13 | 1,606 | 26 | 6,185 | 12 | 5,688 | 12 | 497 | 9 | ||||||||||||||||||||||||||||||||||||
Asia Pacific | 7,659 | 14 | 6,870 | 15 | 789 | 11 | 6,746 | 13 | 7,211 | 15 | (465 | ) | (6 | ) | ||||||||||||||||||||||||||||||||||
Other | 141 | — | 221 | — | (80 | ) | (36 | ) | 123 | — | 235 | — | (112 | ) | (48 | ) | ||||||||||||||||||||||||||||||||
International subtotal | 24,431 | 44 | 21,654 | 46 | 2,777 | 13 | 22,743 | 44 | 21,569 | 44 | 1,174 | 5 | ||||||||||||||||||||||||||||||||||||
Total | $ | 54,817 | 100 | % | $ | 46,653 | 100 | % | $ | 8,164 | 18 | % | $ | 52,163 | 100 | % | $ | 49,084 | 100 | % | $ | 3,079 | 6 | % | ||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 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 | $ | 15,678 | 31 | % | $ | 16,748 | 38 | % | $ | (1,070 | ) | (6 | )% | $ | 16,406 | 33 | % | $ | 15,735 | 34 | % | $ | 671 | 4 | % | |||||||||||||||||||||||
Professional services and other | 3,490 | 88 | 1,894 | 95 | 1,596 | 84 | 2,247 | 77 | 2,363 | 86 | (116 | ) | (5 | ) | ||||||||||||||||||||||||||||||||||
Total | $ | 19,168 | 35 | % | $ | 18,642 | 40 | % | $ | 526 | 3 | % | $ | 18,653 | 36 | % | $ | 18,098 | 37 | % | $ | 555 | 3 | % | ||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 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 | $ | 35,161 | 69 | % | $ | 27,910 | 62 | % | $ | 7,251 | 26 | % | $ | 32,820 | 67 | % | $ | 30,603 | 66 | % | $ | 2,217 | 7 | % | ||||||||||||||||||||||||
Professional services and other | 488 | 12 | 101 | 5 | 387 | 383 | % | 690 | 23 | 383 | 14 | 307 | 80 | % | ||||||||||||||||||||||||||||||||||
Total | $ | 35,649 | 65 | % | $ | 28,011 | 60 | % | $ | 7,638 | 27 | % | $ | 33,510 | 64 | % | $ | 30,986 | 63 | % | $ | 2,524 | 8 | % | ||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 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 | $ | 8,284 | 15 | % | $ | 8,853 | 19 | % | $ | (569 | ) | (6 | )% | $ | 7,902 | 15 | % | $ | 8,215 | 17 | % | $ | (313 | ) | (4 | )% | ||||||||||||||||||||||
Sales and marketing | 16,149 | 29 | 14,174 | 30 | 1,975 | 14 | 18,451 | 35 | 14,813 | 30 | 3,638 | 25 | ||||||||||||||||||||||||||||||||||||
General and administrative | 7,059 | 13 | 6,532 | 14 | 527 | 8 | 7,345 | 14 | 6,694 | 14 | 651 | 10 | ||||||||||||||||||||||||||||||||||||
Merger-related | — | — | 5,509 | 12 | (5,509 | ) | (100 | ) | 45 | — | — | — | 45 | N/A | ||||||||||||||||||||||||||||||||||
Other (benefit) expense | (1,965 | ) | (4 | ) | — | — | (1,965 | ) | N/A | |||||||||||||||||||||||||||||||||||||||
Total | $ | 29,527 | 54 | % | $ | 35,068 | 75 | % | $ | (5,541 | ) | (16 | )% | $ | 33,743 | 65 | % | $ | 29,722 | 61 | % | $ | 4,021 | 14 | % | |||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||||||
Revenue by Product Line | Amount | Percentage of Revenue | Amount | Percentage of Revenue | Amount | % | ||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||
Premium | $ | 156,182 | 99 | % | $ | 140,904 | 98 | % | $ | 15,278 | 11 | % | ||||||||||||
Volume | 2,270 | 1 | 2,759 | 2 | (489 | ) | (18 | ) | ||||||||||||||||
Total | $ | 158,452 | 100 | % | $ | 143,663 | 100 | % | $ | 14,789 | 10 | % | ||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||||||
Revenue by Type | Amount | Percentage of Revenue | Amount | Percentage of Revenue | Amount | % | ||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||
Subscription and support | $ | 148,667 | 94 | % | $ | 136,613 | 95 | % | $ | 12,054 | 9 | % | ||||||||||||
Professional services and other | 9,785 | 6 | 7,050 | 5 | 2,735 | 39 | ||||||||||||||||||
Total | $ | 158,452 | 100 | % | $ | 143,663 | 100 | % | $ | 14,789 | 10 | % | ||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||||||
Revenue by Geography | Amount | Percentage of Revenue | Amount | Percentage of Revenue | Amount | % | ||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||
North America | $ | 89,204 | 56 | % | $ | 78,553 | 55 | % | $ | 10,651 | 14 | % | ||||||||||||
Europe | 28,159 | 18 | 25,323 | 18 | 2,836 | 11 | ||||||||||||||||||
Japan | 19,263 | 12 | 17,344 | 12 | 1,919 | 11 | ||||||||||||||||||
Asia Pacific | 21,421 | 14 | 21,795 | 15 | (374 | ) | (2 | ) | ||||||||||||||||
Other | 405 | — | 648 | — | (243 | ) | (38 | ) | ||||||||||||||||
International subtotal | 69,248 | 44 | 65,110 | 45 | 4,138 | 6 | ||||||||||||||||||
Total | $ | 158,452 | 100 | % | $ | 143,663 | 100 | % | $ | 14,789 | 10 | % | ||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||||||
Cost of Revenue | Amount | Percentage of Related Revenue | Amount | Percentage of Related Revenue | Amount | % | ||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||
Subscription and support | $ | 46,840 | 32 | % | $ | 50,290 | 37 | % | $ | (3,450 | ) | (7 | )% | |||||||||||
Professional services and other | 8,205 | 84 | 6,349 | 90 | 1,856 | 29 | ||||||||||||||||||
Total | $ | 55,045 | 35 | % | $ | 56,639 | 39 | % | $ | (1,594 | ) | (3 | )% | |||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||||||
Gross Profit | Amount | Percentage of Related Revenue | Amount | Percentage of Related Revenue | Amount | % | ||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||
Subscription and support | $ | 101,827 | 68 | % | $ | 86,323 | 63 | % | $ | 15,504 | 18 | % | ||||||||||||
Professional services and other | 1,580 | 16 | 701 | 10 | 879 | 125 | ||||||||||||||||||
Total | $ | 103,407 | 65 | % | $ | 87,024 | 61 | % | $ | 16,383 | 19 | % | ||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||||||
Operating Expenses | Amount | Percentage of Revenue | Amount | Percentage of Revenue | Amount | % | ||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||
Research and development | $ | 24,041 | 15 | % | $ | 26,199 | 18 | % | $ | (2,158 | ) | (8 | )% | |||||||||||
Sales and marketing | 52,730 | 33 | 42,370 | 29 | 10,360 | 24 | ||||||||||||||||||
General and administrative | 21,822 | 14 | 19,633 | 14 | 2,189 | 11 | ||||||||||||||||||
Merger-related | 300 | 0 | 5,768 | 4 | (5,468 | ) | (95 | ) | ||||||||||||||||
Other (benefit) expense | (1,965 | ) | (1 | ) | — | — | (1,965 | ) | N/A | |||||||||||||||
Total | $ | 96,928 | 61 | % | $ | 93,970 | 65 | % | $ | 2,958 | 3 | % | ||||||||||||
Three Months Ended March 31, | Nine Months Ended September 30, | |||||||||||||||
Condensed Consolidated Statements of Cash Flow Data | 2021 | 2020 | 2021 | 2020 | ||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Cash flows (used in) provided by operating activities | $ | (604 | ) | $ | 2,441 | |||||||||||
Cash flows provided by operating activities | $ | 14,748 | $ | 8,922 | ||||||||||||
Cash flows used in investing activities | $ | (1,522 | ) | $ | (2,693 | ) | $ | (6,282 | ) | $ | (7,271 | ) | ||||
Cash flows provided by financing activities | $ | 533 | $ | 10,010 | $ | 350 | $ | 5,759 |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK (in thousands, except share and per share data, unless otherwise noted) |
Three Months Ended March 31, | Three Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenues generated in locations outside the United States | 48 | % | 51 | % | 47 | % | 48 | % | ||||||||
Revenues in currencies other than the United States dollar (1) | 29 | % | 31 | % | 29 | % | 29 | % | ||||||||
Expenses in currencies other than the United States dollar (1) | 17 | % | 16 | % | 18 | % | 17 | % |
Nine Months Ended September 30, | ||||||||
2021 | 2020 | |||||||
Revenues generated in locations outside the United States | 47 | % | 50 | % | ||||
Revenues in currencies other than the United States dollar (1) | 29 | % | 30 | % | ||||
Expenses in currencies other than the United States dollar (1) | 17 | % | 16 | % |
(1) | Percentage of revenues and expenses denominated in foreign currency for the three and nine months ended |
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
Revenues | Expenses | Revenues | Expenses | Revenues | Expenses | Revenues | Expenses | |||||||||||||||||||||||||
Euro | 7 | % | 0 | % | 8 | % | 1 | % | 8 | % | 2 | % | 8 | % | 1 | % | ||||||||||||||||
British pound | 6 | 6 | 6 | 6 | 6 | 5 | 6 | 6 | ||||||||||||||||||||||||
Japanese Yen | 14 | 3 | 13 | 2 | 12 | 3 | 12 | 3 | ||||||||||||||||||||||||
Other | 2 | 8 | 4 | 7 | 3 | 8 | 3 | 7 | ||||||||||||||||||||||||
Total | 29 | % | 17 | % | 31 | % | 16 | % | 29 | % | 18 | % | 29 | % | 17 | % |
Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | |||||||||||||||
Revenues | Expenses | Revenues | Expenses | |||||||||||||
Euro | 8 | % | 1 | % | 8 | % | 1 | % | ||||||||
British pound | 6 | 5 | 6 | 6 | ||||||||||||
Japanese Yen | 12 | 3 | 12 | 3 | ||||||||||||
Other | 3 | 8 | 4 | 6 | ||||||||||||
Total | 29 | % | 17 | % | 30 | % | 16 | % |
ITEM 4. | CONTROLS AND PROCEDURES |
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 1A. | RISK FACTORS |
ITEM 5. | OTHER INFORMATION |
ITEM 6. | EXHIBITS |
Exhibits | |||
3.1 (1) | Eleventh Amended and Restated Certificate of | ||
3.2 (2) | Amended and Restated By-Laws. | ||
4.1 (3) | Form of Common Stock certificate of the Registrant. | ||
31.1 | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
31.2 | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
32.1^ | Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of | ||
101.INS | Inline XBRL Instance Document. | ||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | ||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | ||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | ||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | ||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | ||
104* | Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*) |
(1) | Filed as Exhibit 3.2 to Amendment No. 5 to Registrant’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission on February 6, 2012, and incorporated herein by reference. |
(2) | Filed as Exhibit 3.3 to Amendment No. 5 to Registrant’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission on February 6, 2012, and incorporated herein by reference. |
(3) | Filed as Exhibit 4.1 to Amendment No. 5 to Registrant’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission on February 6, 2012, and incorporated herein by reference. |
^ | Furnished herewith. |
BRIGHTCOVE INC. | ||||||
(Registrant) | ||||||
Date: | By: | |||||
/s/ Jeff Ray | ||||||
Jeff Ray | ||||||
Chief Executive Officer | ||||||
( |
Date: | By: | ||||||||
/s/ Robert Noreck | |||||||||
Robert Noreck | |||||||||
Chief Financial Officer | |||||||||
( |