Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 27, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | BRIGHTCOVE INC | |
Entity Central Index Key | 0001313275 | |
Current Fiscal Year End Date | --12-31 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Trading Symbol | BCOV | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Address Line One | 281 Summer Street | |
Entity Address, Postal Zip Code | 02210 | |
City Area Code | 888 | |
Local Phone Number | 882-1880 | |
Entity Tax Identification Number | 20-1579162 | |
Entity File Number | 001-35429 | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 42,857,371 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 12,478 | $ 31,894 |
Accounts receivable, net of allowance of $343 and $294 at March 31, 2023 and December 31, 2022, respectively | 40,623 | 26,004 |
Prepaid expenses | 9,786 | 8,700 |
Other current assets | 11,513 | 10,722 |
Total current assets | 74,400 | 77,320 |
Property and equipment, net | 42,155 | 39,677 |
Operating lease right-of-use asset | 18,025 | 18,671 |
Intangible assets, net | 9,261 | 10,279 |
Goodwill | 74,859 | 74,859 |
Other assets | 6,750 | 7,007 |
Total assets | 225,450 | 227,813 |
Current liabilities: | ||
Accounts payable | 13,014 | 11,326 |
Accrued expenses | 21,692 | 26,877 |
Operating lease liability | 4,218 | 4,157 |
Deferred revenue | 71,537 | 61,597 |
Total current liabilities | 110,461 | 103,957 |
Operating lease liability, net of current portion | 19,740 | 20,528 |
Other liabilities | 959 | 981 |
Total liabilities | 131,160 | 125,466 |
Commitments and contingencies (Note 8) | ||
Stockholders' equity: | ||
Undesignated preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued | ||
Common stock, $0.001 par value; 100,000,000 shares authorized; 42,992,371 and 42,449,677 shares issued at March 31, 2023 and December 31, 2022, respectively | 43 | 42 |
Additional paid-in capital | 318,293 | 314,825 |
Treasury stock, at cost; 135,000 shares | (871) | (871) |
Accumulated other comprehensive loss | (1,405) | (1,593) |
Accumulated deficit | (221,770) | (210,056) |
Total stockholders' equity | 94,290 | 102,347 |
Total liabilities and stockholders' equity | $ 225,450 | $ 227,813 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 343 | $ 294 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 42,992,371 | 42,449,677 |
Treasury stock, shares | 135,000 | 135,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue: | ||
Revenue | $ 49,063 | $ 53,379 |
Cost of revenue: | ||
Cost of revenue | 20,267 | 18,980 |
Gross profit | 28,796 | 34,399 |
Operating expenses: | ||
Research and development | 9,866 | 8,237 |
Sales and marketing | 19,465 | 18,288 |
General and administrative | 10,064 | 8,089 |
Merger-related | 145 | 594 |
Other expense | 0 | 1,149 |
Total operating expenses | 39,540 | 36,357 |
Loss from operations | (10,744) | (1,958) |
Other expense, net | (543) | (387) |
Loss before income taxes | (11,287) | (2,345) |
Provision (benefit) for income taxes | 427 | (708) |
Net loss | $ (11,714) | $ (1,637) |
Net loss per share-basic and diluted | ||
Basic | $ (0.28) | $ (0.04) |
Diluted | $ (0.28) | $ (0.04) |
Weighted-average shares-basic and diluted | ||
Basic | 42,528 | 41,436 |
Diluted | 42,528 | 41,436 |
Subscription and Support Revenue [Member] | ||
Revenue: | ||
Revenue | $ 47,102 | $ 51,601 |
Cost of revenue: | ||
Cost of revenue | 18,265 | 16,982 |
Professional Services and Other Revenue [Member] | ||
Revenue: | ||
Revenue | 1,961 | 1,778 |
Cost of revenue: | ||
Cost of revenue | $ 2,002 | $ 1,998 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (11,714) | $ (1,637) |
Other comprehensive income: | ||
Foreign currency translation adjustments | 188 | (243) |
Comprehensive loss | $ (11,526) | $ (1,880) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning Balance at Dec. 31, 2021 | $ 41 | $ (871) | $ 298,793 | $ (201,041) | $ (662) | |
Beginning Balance, shares at Dec. 31, 2021 | 41,384,643 | |||||
Treasury shares, beginning Balance at Dec. 31, 2021 | (135,000) | |||||
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, net of tax | 100 | |||||
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, net of tax, shares | 300,520 | |||||
Common stock issued upon acquisition | $ 1 | 1,986 | ||||
Stock-based compensation expense | 3,627 | |||||
Foreign currency translation adjustment | $ (243) | (243) | ||||
Net loss | (1,637) | |||||
Ending Balance at Mar. 31, 2022 | 100,094 | $ 42 | $ (871) | 304,506 | (202,678) | (905) |
Ending Balance, shares at Mar. 31, 2022 | 41,685,163 | |||||
Treasury stock, Ending Balance at Mar. 31, 2022 | (135,000) | |||||
Beginning Balance at Dec. 31, 2022 | $ 102,347 | $ 42 | $ (871) | 314,825 | (210,056) | (1,593) |
Beginning Balance, shares at Dec. 31, 2022 | 42,449,677 | |||||
Treasury shares, beginning Balance at Dec. 31, 2022 | (135,000) | (135,000) | ||||
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, net of tax | $ 1 | (226) | ||||
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, net of tax, shares | 542,694 | |||||
Stock-based compensation expense | 3,694 | |||||
Foreign currency translation adjustment | $ 188 | 188 | ||||
Net loss | (11,714) | |||||
Ending Balance at Mar. 31, 2023 | $ 94,290 | $ 43 | $ (871) | $ 318,293 | $ (221,770) | $ (1,405) |
Ending Balance, shares at Mar. 31, 2023 | 42,992,371 | |||||
Treasury stock, Ending Balance at Mar. 31, 2023 | (135,000) | (135,000) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities | ||
Net loss | $ (11,714) | $ (1,637) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 3,949 | 2,061 |
Stock-based compensation | 3,543 | 3,479 |
Provision for reserves on accounts receivable | 67 | 106 |
Changes in assets and liabilities: | ||
Accounts receivable | (14,713) | (3,802) |
Prepaid expenses and other current assets | (986) | (1,550) |
Other assets | 314 | 54 |
Accounts payable | 956 | 347 |
Accrued expenses | (3,999) | (1,980) |
Operating leases | (81) | 705 |
Deferred revenue | 10,032 | 1,527 |
Net cash used in operating activities | (12,632) | (690) |
Investing activities | ||
Cash paid for acquisition, net of cash acquired | 0 | (13,176) |
Purchases of property and equipment | (952) | (1,884) |
Capitalized internal-use software costs | (3,930) | (2,882) |
Net cash used in investing activities | (4,882) | (17,942) |
Financing activities | ||
Proceeds from exercise of stock options | 0 | 100 |
Deferred acquisition payments | (1,700) | 0 |
Other financing activities | (225) | 0 |
Net cash (used in) provided by financing activities | (1,925) | 100 |
Effect of exchange rate changes on cash and cash equivalents | 23 | (502) |
Net decrease in cash and cash equivalents | (19,416) | (19,034) |
Cash and cash equivalents at beginning of period | 31,894 | 45,739 |
Cash and cash equivalents at end of period | 12,478 | 26,705 |
Supplemental disclosure of cash flow information | ||
Cash paid for operating lease liabilities | 874 | 796 |
Cash paid for income taxes | $ 505 | $ 216 |
Business Description and Basis
Business Description and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description and Basis of Presentation | 1. Business Description and Basis of Presentation Business Description Brightcove Inc. (the “Company”) is a leading global provider of cloud services for video which enable its customers to publish and distribute video to Internet-connected devices quickly, easily and in a cost-effective and high-quality manner. The Company is headquartered in Boston, Massachusetts and was incorporated in the state of Delaware on August 24, 2004. Basis of Presentation The accompanying interim condensed consolidated financial statements are unaudited. These unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the unaudited condensed consolidated financial statements and notes have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2022 contained in the Company’s Annual Report on Form 10-K and include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and results of operations for the three months ended March 31, 2023 and 2022 . These interim periods are not necessarily indicative of the results to be expected for any other interim period or the full year. |
Quarterly Update to Significant
Quarterly Update to Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Quarterly Update to Significant Accounting Policies | 2. Quarterly Update to Significant Accounting Policies Allowance for Doubtful Accounts The following details the changes in the Company’s reserve allowance for estimated credit losses for accounts receivable for the period: Allowance for Credit Losses (in thousands) Balance as of December 31, 2022 $ 294 Current provision for credit losses 67 Write-offs against allowance ( 18 ) Balance as of March 31, 2023 $ 343 Estimated credit losses for unbilled trade accounts receivable were not material. Other Expense . Other expense, reflects other operating costs that do not directly relate to research and development, sales and marketing, general and administrative, and merger related. The Company did not incur expenses of this nature during the quarter ended March 31, 2023. On March 28, 2022, the Chief Executive Officer (“CEO”) of the Company retired. Pursuant to a Transition Agreement that was entered into by the CEO and the Company in October 2021, the Company recorded $ 1.1 million of expense reflecting both wages and stock compensation in the first quarter of 2022. Recently Issued and Adopted Accounting Pronouncements In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-01, Leases (Topic 842): Common Control Arrangements , which amends Accounting Standards Codification ("ASC") 842 with respect to arrangements between related parties under common control. The guidance is effective for interim and annual periods beginning after December 25, 2023, with early adoption permitted. The Company does not expect the impact of the adoption of this standard on the Company’s consolidated financial statements to be material. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 3. Revenue from Contracts with Customers The Company primarily derives revenue from the sale of its online video platform, which enables its customers to publish and distribute video to Internet-connected devices quickly, easily and in a cost-effective and high-quality manner. Revenue is derived from three primary sources: (1) the subscription to its technology and related support; (2) hosting, bandwidth and encoding services; and (3) professional services, which include initiation, set-up and customization services. The following summarizes the opening and closing balances of receivables, contract assets and contract liabilities from contracts with customers. (in thousands) Accounts Receivable, net Contract Assets (current) Deferred Revenue (current) Deferred Revenue (non-current) Total Deferred Revenue Balance at December 31, 2022 $ 26,004 $ 1,786 $ 61,597 $ 360 $ 61,957 Balance at March 31, 2023 40,623 1,788 71,537 393 71,930 Revenue recognized for the three months ended March 31, 2023 from amounts included in deferred revenue at the beginning of the period was approximately $ 30.5 million. Reve nue recognized for the three months ended March 31, 2022 from amounts included in deferred revenue at the beginning of the period was approximately $ 32.8 million. During the three months ended March 31, 2023, the Company did not recognize a material amount of revenue from performance obligations satisfied or partially satisfied in previous periods. The assets recognized for costs to obtain a contract were $ 12.9 million as of March 31, 2023 and $ 12.4 million as of December 31, 2022 and are recorded in other current assets and other assets. Amortization expense recognized for the three months ended March 31, 2023 related to costs to obtain a contract was $ 2.5 million and is included in operating expenses for the respective period. Amortization expense recognized for the three months ended March 31, 2022 related to costs to obtain a contract was $ 2.5 million and is included in operating expenses for the respective period. Transaction Price Allocated to Future Performance Obligations As of March 31, 2023, the total aggregate transaction price allocated to the unsatisfied performance obligations for subscription and support contracts was approximately $ 181.3 million, of which approximately $ 129.3 million is expected to be recognized over the next 12 months. The Company expects to recognize substantially all of the remaining unsatisfied performance obligations by December 2024 . |
Cash and Cash Equivalents
Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 4. Cash and Cash Equivalents Cash and cash equivalents as of March 31, 2023 consist of the following: March 31, 2023 Description Contracted Cost Fair Market (in thousands) Cash Demand $ 12,436 $ 12,436 Money market funds Demand 42 42 Total cash and cash equivalents $ 12,478 $ 12,478 Cash and cash equivalents as of December 31, 2022 consist of the following: December 31, 2022 Description Contracted Cost Fair Market (in thousands) Cash Demand $ 31,852 $ 31,852 Money market funds Demand 42 42 Total cash and cash equivalents $ 31,894 $ 31,894 |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 5. Net Loss per Share The Company calculates basic and diluted net loss per common share by dividing the net loss by the number of common shares outstanding during the period. The Company has excluded other potentially dilutive shares, which include outstanding common stock options and unvested restricted stock units, from the number of common shares outstanding as their inclusion in the computation for all periods would be anti-dilutive due to net losses incurred. The following outstanding common shares have been excluded from the computation of dilutive net loss per share as of the periods indicated: Three Months Ended March 31, (shares in thousands) 2023 2022 Options outstanding 2,979 1,607 Restricted stock units outstanding 6,036 4,589 |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | 6. Stock-based Compensation In 2022, the Company adopted the 2022 Inducement Plan (“2022 Plan”). The 2022 Plan provides for the grant of “employment inducement awards” within the meaning of NASDAQ Listing Rule 5635(c)(4). In connection with the commencement of his employment, the Company granted 800,000 restricted stock units to the CEO under the 2022 Plan, of which 300,000 are subject solely to service-based vesting conditions (the “RSUs”) and 500,000 are subject to both market-based and service-based vesting conditions (the “PSUs”). The RSUs vest in equal annual installments over three years following March 28, 2022. For restricted stock units with market-based performance conditions, the cost of the awards is recognized as the requisite service is rendered by the employee, regardless of when, if ever, the market-based performance conditions are satisfied. The Monte-Carlo simulation model is used to estimate fair value of market-based performance restricted stock units. The Monte-Carlo simulation model calculates multiple potential outcomes for an award and establishes a fair value based on the most likely outcome. Key assumptions for the Monte-Carlo simulation model include the risk-free rate, expected volatility, expected dividends and the correlation coefficient. On March 20, 2023, the Company granted 1,563,688 premium-priced options to some of its employees under its 2021 Stock Incentive Plan. The options have a strike price of $ 7.00 and vest in equal installments over three years following March 10, 2023. The binomial lattice model is used to estimate the fair value of the premium-priced options. The binomial lattice model calculates multiple potential outcomes for option exercises and establishes a fair value based on the most likely outcome. Key assumptions for the binomial lattice model include share price, volatility, the early exercise multiple, risk-free rate, expected dividends, and number of time steps. The weighted-average assumptions utilized to determine the weighted-average fair value of options are presented in the following table: Three Months Ended March 31, 2023 2022 Weighted-average fair value of options granted during the period $ 1.75 $ — Risk-free interest rate 3.4 - 4.8 % — Expected volatility 47.9 - 55.5 % — Expected dividend yield — — As of March 31, 2023, there was $ 39.8 million of unrecognized stock-based compensation expense related to stock-based awards that is expected to be recognized over a weighted-average period of 2.77 years. The following table summarizes stock-based compensation expense as included in the consolidated statement of operations for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 (in thousands) Stock-based compensation: Cost of subscription and support revenue $ 138 $ 109 Cost of professional services and other revenue 100 119 Research and development 688 722 Sales and marketing 1,169 943 General and administrative 1,448 1,337 Other expense - 249 $ 3,543 $ 3,479 The following is a summary of the stock option activity during the three months ended March 31, 2023. Number of Weighted-Average Weighted-Average (In Years) Aggregate Outstanding at December 31, 2022 1,419,767 $ 9.39 3.55 $ 4.00 Granted 1,563,688 7 Exercised — — — Canceled ( 4,707 ) 11.15 Outstanding at March 31, 2023 2,978,748 $ 8.13 6.79 — Exercisable at March 31, 2023 1,299,755 $ 9.13 2.91 $ — (1) The aggregate intrinsic value was calculated based on the positive difference between the fair value of the Company’s common stock on March 31, 2023 of $ 4.45 per share, or the date of exercise, as appropriate, and the exercise price of the underlying options. The following table summarizes the restricted stock unit activity for our service-based awards (“S-RSU”) and our performance-based awards (“P-RSU”) during the three months ended March 31, 2023: S-RSU Shares Weighted Grant Fair Value P-RSU Shares Weighted Grant Fair Value Total RSU Shares Weighted Grant Fair Value Unvested at December 31, 2022 4,538,349 $ 8.19 672,858 $ 8.62 5,211,207 $ 6.66 Granted 2,249,151 4.69 — — 2,249,151 4.69 Vested and issued ( 548,368 ) 7.66 — — ( 548,368 ) 7.66 Canceled ( 203,631 ) 8.49 ( 155,688 ) 10.14 ( 359,319 ) 9.21 Unvested at March 31, 2023 6,035,501 $ 6.92 517,170 $ 8.45 6,552,671 $ 7.04 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes The income tax expense relates principally to the Company’s foreign operations. The Company is required to compute income tax expense in each jurisdiction in which it operates. This process requires the Company to project its current tax liability and estimate its deferred tax assets and liabilities, including net operating loss (“NOL”) and tax credit carry-forwards. In assessing the ability to realize the net deferred tax assets, management considers whether it is more likely than not that some portion or all of the net deferred tax assets will not be realized. The Company has provided a valuation allowance against its remaining U.S. net deferred tax assets as of March 31, 2023 and December 31, 2022, based upon the level of historical U.S. losses and future projections over the period in which the net deferred tax assets are deductible, at this time, management believes it is more likely than not that the Company will not realize the benefits of these deductible differences. During the three months ended March 31, 2022, the Company recorded a benefit of $ 1.0 million in the U.S. for the release of a portion of the Company’s valuation allowance. This release of the valuation allowance is related to the acquisition of Wicket Labs, Inc. ( “Wicket Acquisition” ), completed in February 2022, and the creation of deferred tax liabilities in purchase accounting that serve as a source of income for the Company’s pre-existing deferred tax assets. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Legal Matters The Company, from time to time, is party to litigation arising in the ordinary course of business. Management does not believe that the outcome of these claims will have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Company based on the status of proceedings at this time. Guarantees and Indemnification Obligations The Company typically enters into indemnification agreements in the ordinary course of business. Pursuant to these agreements, the Company indemnifies and agrees to reimburse the indemnified party for losses and costs incurred by the indemnified party, generally the Company’s customers, in connection with patent, copyright, trade secret, or other intellectual property or personal right infringement claims by third parties with respect to the Company’s technology. The term of these indemnification agreements is generally perpetual after execution of the agreement. Based on when customers first subscribe for the Company’s service, the maximum potential amount of future payments the Company could be required to make under certain of these indemnification agreements is unlimited, however, more recently the Company has typically limited the maximum potential value of such potential future payments in relation to the value of the contract. Based on historical experience and information known as of March 31, 2023, the Company has not incurred any costs for the above guarantees and indemnities. The Company has received requests for indemnification from customers in connection with patent infringement suits brought against the customer by a third party. To date, the Company has not agreed that the requested indemnification is required by the Company’s contract with any such customer. In certain circumstances, the Company warrants that its products and services will perform in all material respects in accordance with its standard published specification documentation in effect at the time of delivery of the licensed products and services to the customer for the warranty period of the product or service. To date, the Company has not incurred significant expense under its warranties and, as a result, the Company believes the estimated fair value of these agreements is immaterial. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 9. Debt On December 28, 2020 , the Company entered into an amended and restated loan and security agreement with a lender (the “Loan Agreement”) providing for up to a $ 30.0 million asset-based line of credit (the “Line of Credit”). Borrowings under the Line of Credit are secured by substantially all of the Company’s assets, excluding its intellectual property. Outstanding amounts under the Line of Credit accrue interest at a rate as follows: (i) for prime rate advances, the greater of (A) the prime rate and (B) 4 %, and (ii) for LIBOR advances, the greater of (A) the LIBOR rate plus 225 basis points and (B) 4 %. Under the Loan Agreement, the Company must comply with certain financial covenants, including maintaining a minimum asset coverage ratio. If the outstanding principal during any month is at least $ 15.0 million, the Company must also maintain a minimum net income threshold based on non-GAAP operating measures. Failure to comply with these covenants, or the occurrence of an event of default, could permit the lenders under the Line of Credit to declare all amounts borrowed under the Line of Credit, together with accrued interest and fees, to be immediately due and payable. The Line of Credit agreement will expire on December 28, 2023 . The Company was in compliance with all applicable covenants under the Line of Credit as of March 31, 2023 and there were no borrowings outstanding as of March 31, 2023. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | 10. Segment Information Geographic Data Total revenue from unaffiliated customers by geographic area, based on the location of the customer, was as follows: Three Months Ended March 31, 2023 2022 Revenue: North America $ 29,101 $ 29,461 Europe 8,187 9,105 Japan 5,196 7,261 Asia Pacific 6,494 7,436 Other 85 116 Total revenue $ 49,063 $ 53,379 North America is comprised of revenue from the United States, Canada and Mexico. Revenue from customers located in the United States was $ 26.9 million and $ 27.7 million for the three months ended March 31, 2023 and 2022, respectively. Other than the United States and Japan, no other country contributed more than 10 % of the Company's total revenue for the three months ended March 31, 2023 and March 31, 2022. |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | 11. Restructuring D uring the three months ended March 31, 2023, the Company took an action to restructure certain parts of the Company with the intent of aligning skills with the Company’s strategy and facilitating cost efficiencies and savings. As a result certain headcount reductions were necessary. The Company has incurred approximately $ 0.4 million in restructuring charges in the three months ended March 31, 2023. The restructuring charges reflect post-employment benefits, and the Company does not expect to incur any additional restructuring charges related to this action. As of March 31, 2023, the restructuring charges are reflected in the Condensed Consolidated Statements of Operations as follows: $ 0.2 million - General and Administrative; $ 0.1 million – Research and Development; and $ 0.1 million – Sales and Marketing. The Company paid the entire amount by March 31, 2023. On April 28, 2023, the Company authorized a restructuring that is designed to reduce operating costs, improve operating margins and focus on key growth and strategic priorities (the "Plan"). The Plan includes a reduction of the Company's current workforce by approximately 10 %. The Company estimates it will incur between $ 2.0 million and $ 2.2 million in restructuring charges in the three months ended June 30, 2023 in connection with the Plan. The restructuring charges will primarily reflect post-employment benefits and will be reflected in the Condensed Consolidated Statements of Operations . The Company expects to pay the amounts due as a result of the Plan by September 30, 2023, with the majority expected to be made before June 30, 2023. |
Business Description and Basi_2
Business Description and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description | Business Description Brightcove Inc. (the “Company”) is a leading global provider of cloud services for video which enable its customers to publish and distribute video to Internet-connected devices quickly, easily and in a cost-effective and high-quality manner. The Company is headquartered in Boston, Massachusetts and was incorporated in the state of Delaware on August 24, 2004. |
Basis of Presentation | Basis of Presentation The accompanying interim condensed consolidated financial statements are unaudited. These unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the unaudited condensed consolidated financial statements and notes have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2022 contained in the Company’s Annual Report on Form 10-K and include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and results of operations for the three months ended March 31, 2023 and 2022 . These interim periods are not necessarily indicative of the results to be expected for any other interim period or the full year. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The following details the changes in the Company’s reserve allowance for estimated credit losses for accounts receivable for the period: Allowance for Credit Losses (in thousands) Balance as of December 31, 2022 $ 294 Current provision for credit losses 67 Write-offs against allowance ( 18 ) Balance as of March 31, 2023 $ 343 Estimated credit losses for unbilled trade accounts receivable were not material. |
Other Expense | Other Expense . Other expense, reflects other operating costs that do not directly relate to research and development, sales and marketing, general and administrative, and merger related. The Company did not incur expenses of this nature during the quarter ended March 31, 2023. On March 28, 2022, the Chief Executive Officer (“CEO”) of the Company retired. Pursuant to a Transition Agreement that was entered into by the CEO and the Company in October 2021, the Company recorded $ 1.1 million of expense reflecting both wages and stock compensation in the first quarter of 2022. |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued and Adopted Accounting Pronouncements In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-01, Leases (Topic 842): Common Control Arrangements , which amends Accounting Standards Codification ("ASC") 842 with respect to arrangements between related parties under common control. The guidance is effective for interim and annual periods beginning after December 25, 2023, with early adoption permitted. The Company does not expect the impact of the adoption of this standard on the Company’s consolidated financial statements to be material. |
Quarterly Update to Significa_2
Quarterly Update to Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Allowance for Doubtful Accounts | The following details the changes in the Company’s reserve allowance for estimated credit losses for accounts receivable for the period: Allowance for Credit Losses (in thousands) Balance as of December 31, 2022 $ 294 Current provision for credit losses 67 Write-offs against allowance ( 18 ) Balance as of March 31, 2023 $ 343 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Receivables, Contract Assets and Contract Liabilities from Contracts with Customers | The following summarizes the opening and closing balances of receivables, contract assets and contract liabilities from contracts with customers. (in thousands) Accounts Receivable, net Contract Assets (current) Deferred Revenue (current) Deferred Revenue (non-current) Total Deferred Revenue Balance at December 31, 2022 $ 26,004 $ 1,786 $ 61,597 $ 360 $ 61,957 Balance at March 31, 2023 40,623 1,788 71,537 393 71,930 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash and cash equivalents as of March 31, 2023 consist of the following: March 31, 2023 Description Contracted Cost Fair Market (in thousands) Cash Demand $ 12,436 $ 12,436 Money market funds Demand 42 42 Total cash and cash equivalents $ 12,478 $ 12,478 Cash and cash equivalents as of December 31, 2022 consist of the following: December 31, 2022 Description Contracted Cost Fair Market (in thousands) Cash Demand $ 31,852 $ 31,852 Money market funds Demand 42 42 Total cash and cash equivalents $ 31,894 $ 31,894 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Outstanding Common Shares Excluded from Computation of Dilutive Net Loss Per Share | The following outstanding common shares have been excluded from the computation of dilutive net loss per share as of the periods indicated: Three Months Ended March 31, (shares in thousands) 2023 2022 Options outstanding 2,979 1,607 Restricted stock units outstanding 6,036 4,589 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Weighted Average Assumptions Utilized | The weighted-average assumptions utilized to determine the weighted-average fair value of options are presented in the following table: Three Months Ended March 31, 2023 2022 Weighted-average fair value of options granted during the period $ 1.75 $ — Risk-free interest rate 3.4 - 4.8 % — Expected volatility 47.9 - 55.5 % — Expected dividend yield — — |
Summary of Stock-based Compensation Expense | The following table summarizes stock-based compensation expense as included in the consolidated statement of operations for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 (in thousands) Stock-based compensation: Cost of subscription and support revenue $ 138 $ 109 Cost of professional services and other revenue 100 119 Research and development 688 722 Sales and marketing 1,169 943 General and administrative 1,448 1,337 Other expense - 249 $ 3,543 $ 3,479 |
Summary of Stock Option Activity | The following is a summary of the stock option activity during the three months ended March 31, 2023. Number of Weighted-Average Weighted-Average (In Years) Aggregate Outstanding at December 31, 2022 1,419,767 $ 9.39 3.55 $ 4.00 Granted 1,563,688 7 Exercised — — — Canceled ( 4,707 ) 11.15 Outstanding at March 31, 2023 2,978,748 $ 8.13 6.79 — Exercisable at March 31, 2023 1,299,755 $ 9.13 2.91 $ — (1) The aggregate intrinsic value was calculated based on the positive difference between the fair value of the Company’s common stock on March 31, 2023 of $ 4.45 per share, or the date of exercise, as appropriate, and the exercise price of the underlying options. |
Restricted Stock Units Activity | The following table summarizes the restricted stock unit activity for our service-based awards (“S-RSU”) and our performance-based awards (“P-RSU”) during the three months ended March 31, 2023: S-RSU Shares Weighted Grant Fair Value P-RSU Shares Weighted Grant Fair Value Total RSU Shares Weighted Grant Fair Value Unvested at December 31, 2022 4,538,349 $ 8.19 672,858 $ 8.62 5,211,207 $ 6.66 Granted 2,249,151 4.69 — — 2,249,151 4.69 Vested and issued ( 548,368 ) 7.66 — — ( 548,368 ) 7.66 Canceled ( 203,631 ) 8.49 ( 155,688 ) 10.14 ( 359,319 ) 9.21 Unvested at March 31, 2023 6,035,501 $ 6.92 517,170 $ 8.45 6,552,671 $ 7.04 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Total Revenue to Unaffiliated Customers by Geographic Area, Based on Location of Customer | Total revenue from unaffiliated customers by geographic area, based on the location of the customer, was as follows: Three Months Ended March 31, 2023 2022 Revenue: North America $ 29,101 $ 29,461 Europe 8,187 9,105 Japan 5,196 7,261 Asia Pacific 6,494 7,436 Other 85 116 Total revenue $ 49,063 $ 53,379 |
Quarterly Update to Significa_3
Quarterly Update to Significant Accounting Policies - Schedule of Allowance for Doubtful Accounts (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Credit Loss [Abstract] | |
Balance as of December 31, 2022 | $ 294 |
Current provision for credit losses | 67 |
Write-offs against allowance | (18) |
Balance as of March 31, 2023 | $ 343 |
Quarterly Update to Significa_4
Quarterly Update to Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee retention credits benefits recognized | $ 0 | $ (1,149) |
Transition Agreement [Member] | Other Operating Income (Expense) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Wages and stock compensation | $ 1,100 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Summary of Receivables, Contract Assets and Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable, net | $ 40,623 | $ 26,004 |
Deferred Revenue (current) | 71,537 | 61,597 |
Accounting Standards Update 2014-09 [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable, net | 40,623 | 26,004 |
Contract Assets (current) | 1,788 | 1,786 |
Deferred Revenue (current) | 71,537 | 61,597 |
Deferred Revenue (non- current) | 393 | 360 |
Total Deferred Revenue | $ 71,930 | $ 61,957 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Revenue recognized | $ 30.5 | $ 32.8 | |
Assets recognized to obtain a contract | 12.9 | $ 12.4 | |
Amortization expense recognized to obtain a contract | 2.5 | $ 2.5 | |
Subscription and Support Revenue [Member] | |||
Unsatisfied performance obligations | $ 181.3 | ||
Revenue, performance obligation, description of timing | 2024 | ||
Subscription and Support Revenue [Member] | Next Twelve Months [Member] | |||
Unsatisfied performance obligations | $ 129.3 |
Cash and Cash Equivalents - Sch
Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investment Holdings [Line Items] | ||
Cost | $ 12,478 | $ 31,894 |
Fair Market Value | 12,478 | 31,894 |
Cash [Member] | ||
Investment Holdings [Line Items] | ||
Cost | 12,436 | 31,852 |
Fair Market Value | 12,436 | 31,852 |
Money Market Funds [Member] | ||
Investment Holdings [Line Items] | ||
Cost | 42 | 42 |
Fair Market Value | $ 42 | $ 42 |
Net Loss per Share - Outstandin
Net Loss per Share - Outstanding Common Shares Excluded from Computation of Dilutive Loss Per Share (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Options Outstanding [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive common shares excluded from the computation of weighted-average shares outstanding | 2,979 | 1,607 |
RSUs [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive common shares excluded from the computation of weighted-average shares outstanding | 6,036 | 4,589 |
Stock based Compensation - Addi
Stock based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 20, 2023 | Mar. 28, 2022 | Mar. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Unrecognized stock-based compensation expense | $ 39.8 | ||
Weighted average period | 2 years 9 months 7 days | ||
RSUs [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Awards, granted | 2,249,151 | ||
RSUs [Member] | Service Based Restricted Stock Units [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Awards, granted | 2,249,151 | ||
Stock Option [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Options granted | 1,563,688 | ||
Share based compensation arrangement by share based payment award options strike price | $ 7 | ||
2022 Inducement Plan [Member] | RSUs [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
2022 Inducement Plan [Member] | RSUs [Member] | Chief Executive Officer [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Awards, granted | 800,000 | ||
2022 Inducement Plan [Member] | RSUs [Member] | Service Based Restricted Stock Units [Member] | Chief Executive Officer [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Awards, granted | 300,000 | ||
2022 Inducement Plan [Member] | RSUs [Member] | Market-Based and Service-Based Performance Stock Units [Member] | Chief Executive Officer [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Awards, granted | 500,000 | ||
2021 Stock Incentive Plan [Member] | Stock Option [Member] | Premium Priced Options [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Options granted | 1,563,688 | ||
Vesting period | 3 years | ||
Share based compensation arrangement by share based payment award options strike price | $ 7 |
Stock Based Compensation - Weig
Stock Based Compensation - Weighted Average Assumptions Utilized (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Weighted-average fair value of options granted during the period | $ 1.75 | $ 0 |
Risk-free interest rate | 0% | |
Risk-free interest rate minimum | 3.40% | |
Risk-free interest rate maximum | 4.80% | |
Expected volatility | 0% | |
Expected volatility minimum | 47.90% | |
Expected volatility maximum | 55.50% | |
Expected dividend yield | 0% | 0% |
Stock Based Compensation - Summ
Stock Based Compensation - Summarizes Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | $ 3,543 | $ 3,479 |
Subscription and Support Revenue [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | 138 | 109 |
Professional Services and Other Revenue [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | 100 | 119 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | 688 | 722 |
Sales and Marketing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | 1,169 | 943 |
General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | 1,448 | 1,337 |
Other Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | $ 0 | $ 249 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Stock Option Activity (Detail) - Options Outstanding [Member] - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Shares, Outstanding Beginning Balance | 1,419,767 | ||
Shares, Granted | 1,563,688 | ||
Shares, Exercised | 0 | ||
Shares, Cancelled | (4,707) | ||
Shares, Outstanding Ending Balance | 2,978,748 | 1,419,767 | |
Shares, Exercisable | 1,299,755 | ||
Weighted-Average Exercise Price, Outstanding Beginning Balance | $ 9.39 | ||
Weighted-Average Exercise Price, Granted | 7 | ||
Weighted-Average Exercise Price, Exercised | 0 | ||
Weighted-Average Exercise Price, Cancelled | 11.15 | ||
Weighted-Average Exercise Price, Outstanding Ending Balance | 8.13 | $ 9.39 | |
Weighted-Average Exercise Price, Exercisable | $ 9.13 | ||
Weighted-Average Remaining Contractual Term, Outstanding | 6 years 9 months 14 days | 3 years 6 months 18 days | |
Weighted-Average Remaining Contractual Term, Exercisable | 2 years 10 months 28 days | ||
Aggregate Intrinsic Value, Outstanding | [1] | $ 4,000 | |
Aggregate Intrinsic Value, Exercised | [1] | 0 | |
Aggregate Intrinsic Value, Outstanding | [1] | 0 | $ 4,000 |
Aggregate Intrinsic Value, Exercisable | [1] | $ 0 | |
[1] The aggregate intrinsic value was calculated based on the positive difference between the fair value of the Company’s common stock on March 31, 2023 of $ 4.45 per share, or the date of exercise, as appropriate, and the exercise price of the underlying options. |
Stock Based Compensation - Su_3
Stock Based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail) | Mar. 31, 2023 $ / shares |
Options Outstanding [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Aggregate Intrinsic Value, Estimated per share fair value of common stock | $ 4.45 |
Stock Based Compensation - Su_4
Stock Based Compensation - Summary of RSU Activity (Detail) - RSUs [Member] | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Unvested Shares, Beginning Balance | shares | 5,211,207 |
Granted | shares | 2,249,151 |
Vested and issued | shares | (548,368) |
Cancelled | shares | (359,319) |
Unvested Shares, Ending Balance | shares | 6,552,671 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 6.66 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 4.69 |
Weighted Average Grant Date Fair Value, Vested and issued | $ / shares | 7.66 |
Weighted Average Grant Date Fair Value, Cancelled | $ / shares | 9.21 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 7.04 |
Service Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Unvested Shares, Beginning Balance | shares | 4,538,349 |
Granted | shares | 2,249,151 |
Vested and issued | shares | (548,368) |
Cancelled | shares | (203,631) |
Unvested Shares, Ending Balance | shares | 6,035,501 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 8.19 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 4.69 |
Weighted Average Grant Date Fair Value, Vested and issued | $ / shares | 7.66 |
Weighted Average Grant Date Fair Value, Cancelled | $ / shares | 8.49 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 6.92 |
Performance Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Unvested Shares, Beginning Balance | shares | 672,858 |
Cancelled | shares | (155,688) |
Unvested Shares, Ending Balance | shares | 517,170 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 8.62 |
Weighted Average Grant Date Fair Value, Cancelled | $ / shares | 10.14 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 8.45 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Income Taxes [Line Items] | |
Increase in valuation allowance | $ 1 |
Debt - Additional Information (
Debt - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | |
Debt instrument term | If the outstanding principal during any month is at least $15.0 million, the Company must also maintain a minimum net income threshold based on non-GAAP operating measures. |
Line of Credit maturity date | Dec. 28, 2023 |
Secured Line of Credit [Member] | |
Debt Instrument [Line Items] | |
Line of credit, agreement start date | Dec. 28, 2020 |
Line of credit maximum borrowing capacity | $ 30,000,000 |
Percentage points added to prime rate or LIBOR | 4% |
Borrowings outstanding | $ 0 |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Minimum outstanding principal threshold limit | $ 15,000,000 |
Minimum [Member] | Secured Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Percentage points added to prime rate or LIBOR | 225% |
Segment Information - Total Rev
Segment Information - Total Revenue to Unaffiliated Customers by Geographic Area, Based on Location of Customer (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | $ 49,063 | $ 53,379 |
North America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 29,101 | 29,461 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 8,187 | 9,105 |
Japan [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 5,196 | 7,261 |
Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 6,494 | 7,436 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | $ 85 | $ 116 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues from customers | $ 49,063 | $ 53,379 |
Revenue percentage from other country to the company's total revenue | 10% | 10% |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues from customers | $ 26,900 | $ 27,700 |
Restructuring - Additional Info
Restructuring - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jun. 30, 2023 | Mar. 31, 2023 | Apr. 28, 2023 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 0.4 | ||
Subsequent Event [Member] | Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Percentage of reduction in workforce | 10% | ||
Forecast [Member] | Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 2.2 | ||
Estimates cost | $ 2 | ||
General and Administrative [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0.2 | ||
Research and Development [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0.1 | ||
Sales and Marketing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 0.1 |