Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 30, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | BCOV | |
Entity Registrant Name | BRIGHTCOVE INC | |
Entity Central Index Key | 1,313,275 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 35,354,206 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||||
Cash and cash equivalents | $ 26,419 | $ 26,132 | $ 29,168 | $ 36,813 |
Accounts receivable, net of allowance of $137 and $146 at March 31, 2018 and December 31, 2017, respectively | 27,408 | 25,236 | ||
Prepaid expenses | 5,274 | 3,991 | ||
Other current assets | 7,953 | 3,045 | ||
Total current assets | 67,054 | 58,404 | ||
Property and equipment, net | 10,083 | 9,143 | ||
Intangible assets, net | 7,562 | 8,236 | ||
Goodwill | 50,776 | 50,776 | ||
Deferred tax asset | 93 | 87 | ||
Other assets | 2,141 | 969 | ||
Total assets | 137,709 | 127,615 | ||
Current liabilities: | ||||
Accounts payable | 5,866 | 6,142 | ||
Accrued expenses | 14,480 | 13,621 | ||
Capital lease liability | 121 | 228 | ||
Equipment financing | 26 | |||
Deferred revenue | 43,200 | 39,370 | ||
Total current liabilities | 63,667 | 59,387 | ||
Deferred revenue, net of current portion | 148 | 244 | ||
Other liabilities | 1,134 | 1,228 | ||
Total liabilities | 64,949 | 60,859 | ||
Commitments and contingencies (Note 10) | ||||
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; 35,118,049 and 34,933,408 shares issued at March 31, 2018 and December 31, 2017, respectively | 35 | 35 | ||
Additional paid-in capital | 241,109 | 238,700 | ||
Treasury stock, at cost; 135,000 shares | (871) | (871) | ||
Accumulated other comprehensive loss | (562) | (809) | ||
Accumulated deficit | (166,951) | (170,299) | ||
Total stockholders' equity | 72,760 | 66,756 | ||
Total liabilities and stockholders' equity | $ 137,709 | $ 127,615 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 137 | $ 146 |
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 | 35,118,049 | 34,933,408 |
Treasury stock, shares | 135,000 | 135,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue: | ||
Subscription and support revenue | $ 37,867 | $ 34,242 |
Professional services and other revenue | 3,327 | 3,330 |
Total revenue | 41,194 | 37,572 |
Cost of revenue: | ||
Cost of subscription and support revenue | 13,456 | 12,154 |
Cost of professional services and other revenue | 3,755 | 3,064 |
Total cost of revenue | 17,211 | 15,218 |
Gross profit | 23,983 | 22,354 |
Operating expenses: | ||
Research and development | 7,775 | 8,194 |
Sales and marketing | 13,234 | 13,901 |
General and administrative | 5,390 | 5,391 |
Total operating expenses | 26,399 | 27,486 |
Loss from operations | (2,416) | (5,132) |
Other income, net | 271 | 138 |
Loss before income taxes | (2,145) | (4,994) |
Provision for income taxes | 112 | 79 |
Net loss | $ (2,257) | $ (5,073) |
Net loss per share - basic and diluted | $ (0.06) | $ (0.15) |
Weighted-average number of common shares used in computing net loss per share | 34,923,215 | 34,056,104 |
Cost of Subscription and Support Revenue [Member] | ||
Stock-based compensation included in above line items: | ||
Stock-based compensation | $ 114 | $ 102 |
Amortization of acquired intangible assets included in above line items: | ||
Amortization of acquired intangible assets | 508 | 508 |
Cost of Professional Services and Other Revenue [Member] | ||
Stock-based compensation included in above line items: | ||
Stock-based compensation | 40 | 60 |
Research and Development [Member] | ||
Stock-based compensation included in above line items: | ||
Stock-based compensation | 346 | 407 |
Amortization of acquired intangible assets included in above line items: | ||
Amortization of acquired intangible assets | 11 | |
Sales and Marketing [Member] | ||
Stock-based compensation included in above line items: | ||
Stock-based compensation | 665 | 746 |
Amortization of acquired intangible assets included in above line items: | ||
Amortization of acquired intangible assets | 166 | 193 |
General and Administrative [Member] | ||
Stock-based compensation included in above line items: | ||
Stock-based compensation | $ 503 | $ 475 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (2,257) | $ (5,073) |
Other comprehensive income: | ||
Foreign currency translation adjustments | 247 | 180 |
Comprehensive loss | $ (2,010) | $ (4,893) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating activities | ||
Net loss | $ (2,257) | $ (5,073) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 1,644 | 1,734 |
Stock-based compensation | 1,668 | 1,790 |
Provision for reserves on accounts receivable | 13 | 222 |
Changes in assets and liabilities: | ||
Accounts receivable | (2,038) | (1,011) |
Prepaid expenses and other current assets | (616) | (2,221) |
Other assets | (179) | 37 |
Accounts payable | (128) | 695 |
Accrued expenses | (80) | (3,870) |
Deferred revenue | 2,908 | 1,102 |
Net cash provided by (used in) operating activities | 935 | (6,595) |
Investing activities | ||
Purchases of property and equipment, net of returns | (538) | (378) |
Capitalized internal-use software costs | (1,001) | (603) |
Net cash used in investing activities | (1,539) | (981) |
Financing activities | ||
Proceeds from exercise of stock options | 683 | 79 |
Payments of withholding tax on RSU vesting | (6) | (118) |
Payments on equipment financing | (26) | (76) |
Payments under capital lease obligation | (107) | (174) |
Net cash provided by (used in) financing activities | 544 | (289) |
Effect of exchange rate changes on cash and cash equivalents | 347 | 220 |
Net increase (decrease) in cash and cash equivalents | 287 | (7,645) |
Cash and cash equivalents at beginning of period | 26,132 | 36,813 |
Cash and cash equivalents at end of period | $ 26,419 | $ 29,168 |
Business Description and Basis
Business Description and Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
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. At March 31, 2018, the Company had nine wholly-owned subsidiaries: Brightcove UK Ltd, Brightcove Singapore Pte. Ltd., Brightcove Korea, Brightcove Australia Pty Ltd, Brightcove Holdings, Inc., Brightcove Kabushiki Kaisha (Brightcove KK), Zencoder Inc. (Zencoder), Brightcove FZ-LLC, Basis of Presentation The accompanying interim condensed consolidated financial statements are unaudited. These condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and related notes, together with Management’s Discussion and Analysis of Financial Condition and Results of Operations, contained in the Company’s Annual Report on Form 10-K 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, other than the changes to revenue recognition as described in Note 2, 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, 2017 contained in the Company’s Annual Report on Form 10-K The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence for certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated as required. The Company has evaluated all subsequent events and determined that there are no material recognized or unrecognized subsequent events requiring disclosure, other than those disclosed in this Report on Form 10-Q. The accompanying condensed consolidated financial statements reflect the application of certain significant accounting policies as described below and elsewhere in these notes to the condensed consolidated financial statements. As of March 31, 2018, other than the changes to revenue recognition as described in Note 2, the Company’s significant accounting policies and estimates, which are detailed in the Company’s Annual Report on Form 10-K |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 2. 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 In May 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers catch-up adjustment Revenue Recognition a cumulative catch-up adjustment 1) Identify the contract with a customer 2) Identify the performance obligations in the contract 3) Determine the transaction price 4) Allocate the transaction price to performance obligations in the contract 5) Recognize revenue when or as the Company satisfies a performance obligation The Company satisfies performance obligations as discussed in further detail below. Revenue is recognized at the time the related performance obligation is satisfied by transferring a promised service to a customer. Disaggregation of Revenue The Company classifies its customers by including them in either premium or volume offerings. For premium offerings, the Company organizes its go-to-market approach The following table summarizes revenue from contracts with customers by business unit for the three months ended March 31, 2018. Revenue by Business Unit Media $ 22,972 Digital Marketing / Enterprise 16,980 Volume 1,242 Total 41,194 Subscription and Support The Company’s subscription arrangements provide customers the right to access its hosted software applications. Customers do not have the right to take possession of the Company’s software during the hosting arrangement. Contracts for premium customers generally have a term of one year and are non-cancellable. These Under ASC 605, if usage exceeded the annual allowance level for a particular customer arrangement, the associated revenue was recognized in the period that the additional usage occurred. Under ASC 606, when the transaction price includes a variable amount of consideration, an entity is required to estimate the consideration that is expected to be received for a particular customer arrangement. The Company evaluates variable consideration for usage-based fees at contract inception and re-evaluates quarterly Contracts with customers that are month-to-month arrangements pay-as-you-go pay-as-you-go Professional Services and Other Revenue Professional services and other revenue consist of services such as implementation, software customizations and project management for customers who subscribe to our premium editions. These arrangements are priced either on a fixed fee basis with a portion due upon contract signing and the remainder due when the related services have been completed, or on a time and materials basis. Professional services and other revenue sold on a stand-alone basis are recognized as the services are performed, subject to any refund or other obligation. Contracts with Multiple Performance Obligations The Company periodically enters into multiple-element service arrangements that include platform subscription fees, support fees, and, in certain cases, other professional services. These contracts include multiple promises that the Company evaluates to determine if the promises are separate performance obligations. Performance obligations are identified based on services to be transferred to a customer that are both capable of being distinct and are distinct within the context of the contract. Once the Company determines the performance obligations, the Company determines the transaction price, which includes estimating the amount of variable consideration to be included in the transaction price, if any. The Company then allocates the transaction price to each performance obligation in the contract based on a relative stand-alone selling price method. The transaction price post allocation is recognized as revenue as the related performance obligation is satisfied. Costs to Obtain a Contract Commissions are paid to internal sales representatives as compensation for obtaining contracts. Under the new guidance, the Company capitalizes commissions that are incremental, as a result of costs incurred to obtain a customer contract, if those costs are not within the scope of another topic within the accounting literature and meet the specified criteria. Assets recognized for costs to obtain a contract are amortized over the period of performance for the underlying customer contracts. The commission expense on contracts with new customers was previously recorded over the respective contract term. Under the new guidance, the commission expense on contracts with new customers will be recorded over the average life of a customer given the commission amount associated with sales to new customers is not commensurate with the commission amount associated with the contract renewal for those same customers. The commission amount associated with the renewal of a contract in addition to any commission amount related to incremental sales was previously recorded as expense in the quarter the commission was earned; however, under ASC 606 these commission amounts are recorded as expense over the term of the renewed contract. These assets are periodically assessed for impairment. Financial Statement Impact of Adoption ASC 606 The cumulative effect of applying the new guidance to all contracts with customers that were not completed as of January 1, 2018 was recorded as an adjustment to accumulated deficit as of the adoption date. As a result of applying the modified retrospective method to adopt the new revenue guidance, the following adjustments were made on the condensed consolidated balance sheet as of January 1, 2018. As Reported Adjustments Adjusted December 31, Subscription Costs to January 1, Assets Current assets: Cash and cash equivalents $ 26,132 $ 26,132 Accounts receivable, net 25,236 926 26,162 Prepaid expenses 3,991 3,991 Other current assets 3,045 1,861 3,384 8,290 Total current assets 58,404 2,787 3,384 64,575 Property and equipment, net 9,143 9,143 Intangible assets, net 8,236 8,236 Goodwill 50,776 50,776 Deferred tax asset 87 87 Other assets 969 978 1,947 Total assets $ 127,615 $ 2,787 $ 4,362 $ 134,764 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 6,142 $ 6,142 Accrued expenses 13,621 13,621 Capital lease liability 228 228 Equipment financing 26 26 Deferred revenue 39,370 1,429 40,799 Total current liabilities 59,387 1,429 — 60,816 Deferred revenue, net of current portion 244 115 359 Other liabilities 1,228 1,228 Total liabilities 60,859 1,544 — 62,403 Commitments and contingencies Stockholders’ equity: Undesignated preferred stock — — Common stock 35 35 Additional paid-in 238,700 238,700 Treasury stock (871 ) (871 ) Accumulated other comprehensive loss (809 ) (809 ) Accumulated deficit (170,299 ) 1,243 4,362 (164,694 ) Total stockholders’ equity 66,756 1,243 4,362 72,361 Total liabilities and stockholders’ equity $ 127,615 $ 2,787 $ 4,362 $ 134,764 Subscription and Support Under ASC 606, the Company estimates the variable consideration to be received and recognizes those amounts, subject to constraint, as the Company satisfies its performance obligation. In conjunction with the January 1, 2018 adoption of ASC 606, the Company reduced accumulated deficit by $1,243 reflecting the recognition of revenue primarily relating to variable consideration, for contracts that still require performance by the entity at the date of adoption. Costs to Obtain a Contract Under the new guidance, the commission expense on contracts with new customers will be recorded over the average life of a customer given the commission amount associated with sales to new customers is not commensurate with the commission amount associated with the contract renewal for those same customers. The commission amount associated with the renewal of a contract in addition to any related incremental sale is recorded as expense over the term of the renewed contract. The net impact of these changes resulted in a $4,362 reduction to accumulated deficit for contracts that still require performance by the Company at the date of adoption. Income Taxes The adoption of ASC 606 primarily resulted in an acceleration of revenue and the reduction of expense as of December 31, 2017, which in turn generated additional deferred tax liabilities that ultimately reduced the Company’s net deferred tax asset position. As the Company fully reserves its net deferred tax assets in the jurisdictions impacted by the adoption of ASC 606, this impact was offset by a corresponding reduction to the valuation allowance. Impact of New Revenue Guidance on Financial Statement Line Items The following tables compare the reported condensed consolidated balance sheet, statement of operations and cash flows, as of and for the three months ended March 31, 2018, to the pro-forma As of March 31, 2018 Balance Sheet As reported Pro forma as if the Assets Current assets: Cash and cash equivalents $ 26,419 $ 26,419 Accounts receivable, net 27,408 26,180 Prepaid expenses 5,274 5,274 Other current assets 7,953 2,854 Total current assets 67,054 60,727 Property and equipment, net 10,083 10,083 Intangible assets, net 7,562 7,562 Goodwill 50,776 50,776 Deferred tax asset 93 93 Other assets 2,141 1,043 Total assets $ 137,709 $ 130,284 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 5,866 $ 5,866 Accrued expenses 14,480 14,480 Capital lease liability 121 121 Deferred revenue 43,200 41,613 Total current liabilities 63,667 62,080 Deferred revenue, net of current portion 148 148 Other liabilities 1,134 1,134 Total liabilities 64,949 63,362 Commitments and contingencies Stockholders’ equity: Undesignated preferred stock — — Common stock 35 35 Additional paid-in 241,109 241,109 Treasury stock (871 ) (871 ) Accumulated other comprehensive loss (562 ) (562 ) Accumulated deficit (166,951 ) (172,789 ) Total stockholders’ equity 72,760 66,922 Total liabilities and stockholders’ equity $ 137,709 $ 130,284 Total reported assets were $7,425 greater than the pro-forma Total reported liabilities were $1,587 greater than the pro-forma The following summarizes the significant changes on the Company’s condensed consolidated statement of operations for the three months ended March 31, 2018 as a result of the adoption of ASC 606 on January 1, 2018 compared to if the Company had continued to recognize revenues under ASC 605. As of March 31, 2018 Statement of Operations As reported Pro forma as Revenue: Subscription and support revenue $ 37,867 $ 37,913 Professional services and other revenue 3,327 3,327 Total revenue 41,194 41,240 Cost of revenue: (1) (2) Cost of subscription and support revenue 13,456 13,456 Cost of professional services and other revenue 3,755 3,755 Total cost of revenue 17,211 17,211 Gross profit 23,983 24,029 Operating expenses: (1) (2) Research and development 7,775 7,775 Sales and marketing 13,234 13,513 General and administrative 5,390 5,390 Total operating expenses 26,399 26,678 Loss from operations (2,416 ) (2,649 ) Other income (expense), net 271 271 Loss before income taxes (2,145 ) (2,378 ) Provision for income taxes 112 112 Net loss $ (2,257 ) $ (2,490 ) Net loss per share—basic and diluted $ (0.06 ) $ (0.07 ) Weighted-average number of common shares used in computing net loss per share 34,923,215 34,923,215 The primary difference in subscription and support revenue relates to the impacts of applying the variable consideration guidance under ASC 606. Under the previous guidance, subscription and support revenue would have been approximately $46 higher as revenue for usage based fees, for contracts with annual entitlement allowances, was recognized in the month of such usage. Under ASC 606, usage based fees, for contracts with annual entitlement allowances, are recognized as revenue over the term of the underlying arrangement. Sales and marketing expense, under the previous guidance, would have increased by approximately $279 due to a portion of the commission payments being recorded immediately to expense at the time a liability was recorded. In addition, certain commission amounts that were amortized to expense over the underlying term of the arrangement are now amortized over the average customer life under ASC 606. The net impact of accounting for revenue under the new guidance increased net loss per share by $0.01 per basic and diluted share. As of March 31, 2018 Statement of Cash Flows As reported Pro forma as if the Operating activities Net loss $ (2,257 ) $ (2,490 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 1,644 1,644 Stock-based compensation 1,668 1,668 Provision for reserves on accounts receivable 13 13 Changes in assets and liabilities: Accounts receivable (2,038 ) (811 ) Prepaid expenses and other current assets (616 ) (761 ) Other assets (179 ) (59 ) Accounts payable (128 ) (128 ) Accrued expenses (80 ) (80 ) Deferred revenue 2,908 1,939 Net cash provided by operating activities $ 935 $ 935 The adoption of ASC 606 had no impact on the Company’s cash flows from operations. The aforementioned impacts resulted in offsetting shifts in cash flows between net loss and various working capital balances. The following summarizes the opening and closing balances of receivables, contract assets and contract liabilities from contracts with customers. Accounts Contract Assets Deferred Deferred (non-current) Total Deferred Balance at January 1, 2018 $ 26,162 $ 3,124 $ 40,799 $ 359 $ 41,158 Balance at March 31, 2018 27,408 2,607 43,200 148 43,348 Revenue recognized during the three months ended March 31, 2018 from amounts included in deferred revenue at the beginning of the period was approximately $19.8 million. During the three months ended March 31, 2018, the Company did not recognize revenue from performance obligations satisfied or partially satisfied in previous periods. The assets recognized for costs to obtain a contract were $5.7 million and $5.4 million as of March 31, 2018 and January 1, 2018, respectively. Amortization expense recognized during the three months ended March 31, 2018 related to costs to obtain a contract was $1.8 million. Transaction Price Allocated to Future Performance Obligations ASC 606 requires that the Company disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied as March 31, 2018. ASC 606 provides certain practical expedients that limit the requirement to disclose the aggregate amount of transaction price allocated to unsatisfied performance obligations. Subscription and Support Revenue As of March 31, 2018, the total aggregate transaction price allocated to the unsatisfied performance obligations for subscription and support contracts was approximately $109.9 million, of which approximately $86.6 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 the end of 2020. The Company applied the practical expedient to not disclose the amount of transaction price allocated to unsatisfied performance obligations for variable consideration that the Company is able to allocate to one or more of the performance obligations in its contracts. Professional Services The Company applied the practical expedient to not disclose the amount of transaction price allocated to unsatisfied performance obligations when the performance obligation is part of a contract that has an original expected duration of one year or less. The Company does not have material future obligations associated with professional services that extend beyond one year. |
Concentration of Credit Risk
Concentration of Credit Risk | 3 Months Ended |
Mar. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | 3. Concentration of Credit Risk The Company has no significant off-balance sheet At March 31, 2018 and December 31, 2017, no individual customer accounted for 10% or more of accounts receivable, net. For the three months ended March 31, 2018 and 2017, no individual customer accounted for 10% or more of total revenue. |
Concentration of Other Risks
Concentration of Other Risks | 3 Months Ended |
Mar. 31, 2018 | |
Text Block [Abstract] | |
Concentration of Other Risks | 4. Concentration of Other Risks The Company is dependent on certain content delivery network providers who provide digital media delivery functionality enabling the Company’s on-demand application ultimate end-users. The |
Cash and Cash Equivalents
Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 5. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Management determines the appropriate classification of investments at the time of purchase, and re-evaluates Cash and cash equivalents primarily consist of cash on deposit with banks and amounts held in interest-bearing money market accounts. Cash equivalents are carried at cost, which approximates their fair market value. Cash and cash equivalents as of March 31, 2018 consist of the following: March 31, 2018 Description Contracted Maturity Amortized Cost Fair Market Value Balance Per Balance Sheet Cash Demand $ 18,234 $ 18,234 $ 18,234 Money market funds Demand 8,185 8,185 8,185 Total cash and cash equivalents $ 26,419 $ 26,419 $ 26,419 Cash and cash equivalents as of December 31, 2017 consist of the following: December 31, 2017 Description Contracted Maturity Amortized Cost Fair Market Value Balance Per Balance Sheet Cash Demand $ 17,972 $ 17,972 $ 17,972 Money market funds Demand 8,160 8,160 8,160 Total cash and cash equivalents $ 26,132 $ 26,132 $ 26,132 |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 6. Net Loss per Share The following potentially dilutive common stock equivalent shares have been excluded from the computation of weighted-average shares outstanding as their effect would have been anti-dilutive (in thousands): Three Months Ended March 31, 2018 2017 Options outstanding 3,766 4,178 Restricted stock units outstanding 2,200 1,864 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 7. Fair Value of Financial Instruments The following tables set forth the Company’s financial instruments carried at fair value using the lowest level of input as of March 31, 2018 and December 31, 2017: March 31, 2018 Quoted Prices in Active Markets for Identical Items (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Money market funds $ 8,185 $ — $ — $ 8,185 Total assets $ 8,185 $ — $ — $ 8,185 December 31, 2017 Quoted Prices in Active Markets for Identical Items (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Money market funds $ 8,160 $ — $ — $ 8,160 Total assets $ 8,160 $ — $ — $ 8,160 |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | 8. Stock-based Compensation The fair value of stock options granted was estimated at the date of grant using the following weighted-average assumptions: Three Months Ended March 31, 2018 2017 Expected life in years 6.3 6.2 Risk-free interest rate 2.51 % 2.24 % Volatility 41 % 43 % Dividend yield — — Weighted-average fair value of stock options granted $ 3.10 $ 3.69 The Company recorded stock-based compensation expense of $1,668 and $1,790 for the three months ended March 31, 2018 and 2017, respectively. As of March 31, 2018, there was $16,031 of unrecognized stock-based compensation expense related to stock-based awards that is expected to be recognized over a weighted-average period of 2.00 years. The following is a summary of the status of the Company’s stock options as of March 31, 2018 and the stock option activity during the three months ended March 31, 2018. Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value (1) Outstanding at December 31, 2017 3,924,313 $ 7.33 Granted 43,000 7.02 Exercised (111,927 ) 6.11 $ 111 Canceled (192,431 ) 8.43 Outstanding at March 31, 2018 3,662,955 $ 7.31 6.26 $ 3,335 Exercisable at March 31, 2018 2,378,051 $ 7.31 5.23 $ 2,789 (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, 2018 of $6.95 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 during the three months ended March 31, 2018: Shares Weighted Average Grant Date Fair Value Unvested by December 31, 2017 2,218,704 $ 7.44 Granted 88,500 7.01 Vested and issued (72,714 ) 7.33 Canceled (130,611 ) 7.36 Unvested by March 31, 2018 2,103,879 $ 7.43 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes For the three months ended March 31, 2018 and 2017, the Company recorded income tax expense of $112 and $79, respectively. The income tax expense relates principally to the Company’s foreign operations. The Company has evaluated the positive and negative evidence bearing upon the realizability of its U.S. net deferred tax assets. As required by the provisions of Accounting Standards Codification (“ASC”) 740, Income Taxes more-likely-than-not On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted in the United States. The Act reduces the U.S. federal corporate tax rate from 34% to 21%, requires companies to pay a one-time transition As of March 31, 2018, the Company had not yet completed its accounting for all of the tax effects of the enactment of the Act; however, the Company has made a reasonable estimate of the effects on its existing deferred tax balances and the one-time transition No additional U.S. income taxes or foreign withholding taxes have been provided for any additional outside basis differences inherent in the Company’s foreign entities as these amounts continue to be indefinitely reinvested in foreign operations based on management’s current intentions. Determining the amount of unrecognized deferred tax liability related to any remaining undistributed foreign earnings not subject to the transition tax and additional outside basis difference in these entities (i.e., basis difference in excess of that subject to the one-time transition |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. 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. On May 22, 2017, a lawsuit was filed against Brightcove and two individuals by Ooyala, Inc. (“Ooyala”) and Ooyala Mexico S. de R.L. de C.V. (“Ooyala Mexico”). The lawsuit, which was filed in the United States District Court for the District of Massachusetts, concerns allegations that the two individuals, who are former employees of Ooyala Mexico, misappropriated customer information and other trade secrets and used that information in working for Brightcove. The complaint was amended on June 1, 2017 to remove claims against the two former employees of Ooyala Mexico. The remaining claims against Brightcove are for violation of the Defend Trade Secrets Act of 2016 (18 U.S.C. §1836), violation of the Massachusetts trade secret statute (M.G.L. c. 93, §42), violation of Massachusetts Chapter 93A (M.G.L. c. 93A, §11), and tortious interference with advantageous business relationships. Ooyala and Ooyala Mexico also filed a motion for preliminary injunction (amended at the same time the complaint was amended), seeking to enjoin Brightcove from using any of the allegedly misappropriated information or communicating with customers whose information was allegedly taken, and seeking the return of any information that was taken. On June 16, 2017, Brightcove filed an opposition to the motion for preliminary injunction, and also moved to dismiss the lawsuit. Brightcove’s motion to dismiss was denied on September 6, 2017. The court has not ruled on Ooyala’s motion for preliminary injunction. The court set a schedule for discovery and motion practice. The Company cannot yet determine whether it is probable that a loss will be incurred in connection with this complaint, nor can the Company reasonably estimate the potential loss, if any. On October 26, 2017, Realtime Adaptive Streaming LLC filed a complaint against Brightcove and Brightcove’s subsidiary Brightcove Holdings Inc. (collectively, in this paragraph, “Brightcove”) in the United States District Court for the District of Delaware. The complaint alleges that Brightcove infringed five patents related to file compression technology. The complaint seeks monetary damages and injunctive relief. On December 1, 2017, Realtime filed an amended complaint, adding two additional patents to its claims. Brightcove filed a motion to dismiss on January 26, 2018. Realtime filed an opposition to the motion to dismiss on February 9, 2018 and Brightcove filed a reply on February 16, 2018. A ruling on the motion to dismiss has not yet been issued by the court. The Company cannot yet determine whether it is probable that a loss will be incurred in connection with this complaint, nor can the Company reasonably estimate the potential loss, if any. 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 claim 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, 2018, 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, 2018 | |
Debt Disclosure [Abstract] | |
Debt | 11. Debt On November 19, 2015, the Company entered into an amended and restated loan and security agreement with a lender (the “Loan Agreement”) providing for up to a $20.0 million asset-based line of credit (the “Line of Credit”). Under the Line of Credit, the Company can borrow up to $20.0 million. Borrowings under the Line of Credit are secured by substantially all of the Company’s assets, excluding intellectual property. Outstanding amounts under the Line of Credit accrue interest at a rate equal to the prime rate or the LIBOR rate plus 2.5%. 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 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | 12. Segment Information Geographic Data Total revenue from customers by geographic area, based on the location of the customer, was as follows: Three Months Ended March 31, 2018 2017 Revenue: North America $ 22,678 $ 23,399 Europe 6,313 5,967 Japan 5,387 3,769 Asia Pacific 6,711 4,221 Other 105 216 Total revenue $ 41,194 $ 37,572 North America is comprised of revenue from the United States, Canada and Mexico. Revenue from customers located in the United States was $21,254 and $22,028 during the three months ended March 31, 2018 and 2017, respectively. Other than the United States and Japan, no other country contributed more than 10% of the Company’s total revenue during the three months ended March 31, 2018 and 2017. As of March 31, 2018 and December 31, 2017, property and equipment at locations outside the U.S. was not material. |
Recently Issued and Adopted Acc
Recently Issued and Adopted Accounting Standards | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued and Adopted Accounting Standards | 13. Recently Issued and Adopted Accounting Standards In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), Amendments to the FASB Accounting Standards Codification In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments, In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In May 2017 the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted in the United States. The Act reduces the U.S. federal corporate tax rate from 34% to 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and creates new taxes on certain foreign sourced earnings. In December 2017, the SEC issued guidance under SAB No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act Income Taxes In addition to the reduction in the federal corporate tax rate and the one-time transition tax, which the Company has accounted for with provisional estimates at March 31, 2018, the Company continues to analyze the provisions of tax reform that become effective for the Company in 2018 including the provisions related to Global Intangible Low Taxed Income, Foreign Derived Intangible Income, Base Erosion Anti-Abuse Tax, as well as other provisions which would limit the deductibility of future expenses. |
Business Description and Basi20
Business Description and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
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. At March 31, 2018, the Company had nine wholly-owned subsidiaries: Brightcove UK Ltd, Brightcove Singapore Pte. Ltd., Brightcove Korea, Brightcove Australia Pty Ltd, Brightcove Holdings, Inc., Brightcove Kabushiki Kaisha (Brightcove KK), Zencoder Inc. (Zencoder), Brightcove FZ-LLC, |
Basis of Presentation | Basis of Presentation The accompanying interim condensed consolidated financial statements are unaudited. These condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and related notes, together with Management’s Discussion and Analysis of Financial Condition and Results of Operations, contained in the Company’s Annual Report on Form 10-K 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, other than the changes to revenue recognition as described in Note 2, 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, 2017 contained in the Company’s Annual Report on Form 10-K The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence for certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated as required. The Company has evaluated all subsequent events and determined that there are no material recognized or unrecognized subsequent events requiring disclosure, other than those disclosed in this Report on Form 10-Q. The accompanying condensed consolidated financial statements reflect the application of certain significant accounting policies as described below and elsewhere in these notes to the condensed consolidated financial statements. As of March 31, 2018, other than the changes to revenue recognition as described in Note 2, the Company’s significant accounting policies and estimates, which are detailed in the Company’s Annual Report on Form 10-K |
Recently Issued and Adopted Accounting Standards | In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), Amendments to the FASB Accounting Standards Codification In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments, In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In May 2017 the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted in the United States. The Act reduces the U.S. federal corporate tax rate from 34% to 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and creates new taxes on certain foreign sourced earnings. In December 2017, the SEC issued guidance under SAB No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act Income Taxes In addition to the reduction in the federal corporate tax rate and the one-time transition tax, which the Company has accounted for with provisional estimates at March 31, 2018, the Company continues to analyze the provisions of tax reform that become effective for the Company in 2018 including the provisions related to Global Intangible Low Taxed Income, Foreign Derived Intangible Income, Base Erosion Anti-Abuse Tax, as well as other provisions which would limit the deductibility of future expenses. |
Accounting Standards Update 2014-09 [Member] | |
Revenue from Contracts with Customers | In May 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers catch-up adjustment Revenue Recognition a cumulative catch-up adjustment 1) Identify the contract with a customer 2) Identify the performance obligations in the contract 3) Determine the transaction price 4) Allocate the transaction price to performance obligations in the contract 5) Recognize revenue when or as the Company satisfies a performance obligation |
Revenue from Contracts with C21
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Summary of Revenue from Contracts with Customers by Business Unit | The following table summarizes revenue from contracts with customers by business unit for the three months ended March 31, 2018. Revenue by Business Unit Media $ 22,972 Digital Marketing / Enterprise 16,980 Volume 1,242 Total 41,194 |
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. Accounts Contract Assets Deferred Deferred (non-current) Total Deferred Balance at January 1, 2018 $ 26,162 $ 3,124 $ 40,799 $ 359 $ 41,158 Balance at March 31, 2018 27,408 2,607 43,200 148 43,348 |
Statements Of Operations [Member] | |
Schedule of Changes in Condensed Consolidated Financial Statement | The following summarizes the significant changes on the Company’s condensed consolidated statement of operations for the three months ended March 31, 2018 as a result of the adoption of ASC 606 on January 1, 2018 compared to if the Company had continued to recognize revenues under ASC 605. As of March 31, 2018 Statement of Operations As reported Pro forma as Revenue: Subscription and support revenue $ 37,867 $ 37,913 Professional services and other revenue 3,327 3,327 Total revenue 41,194 41,240 Cost of revenue: (1) (2) Cost of subscription and support revenue 13,456 13,456 Cost of professional services and other revenue 3,755 3,755 Total cost of revenue 17,211 17,211 Gross profit 23,983 24,029 Operating expenses: (1) (2) Research and development 7,775 7,775 Sales and marketing 13,234 13,513 General and administrative 5,390 5,390 Total operating expenses 26,399 26,678 Loss from operations (2,416 ) (2,649 ) Other income (expense), net 271 271 Loss before income taxes (2,145 ) (2,378 ) Provision for income taxes 112 112 Net loss $ (2,257 ) $ (2,490 ) Net loss per share—basic and diluted $ (0.06 ) $ (0.07 ) Weighted-average number of common shares used in computing net loss per share 34,923,215 34,923,215 |
Balance Sheet [Member] | |
Schedule of Changes in Condensed Consolidated Financial Statement | As a result of applying the modified retrospective method to adopt the new revenue guidance, the following adjustments were made on the condensed consolidated balance sheet as of January 1, 2018. As Reported Adjustments Adjusted December 31, Subscription Costs to January 1, Assets Current assets: Cash and cash equivalents $ 26,132 $ 26,132 Accounts receivable, net 25,236 926 26,162 Prepaid expenses 3,991 3,991 Other current assets 3,045 1,861 3,384 8,290 Total current assets 58,404 2,787 3,384 64,575 Property and equipment, net 9,143 9,143 Intangible assets, net 8,236 8,236 Goodwill 50,776 50,776 Deferred tax asset 87 87 Other assets 969 978 1,947 Total assets $ 127,615 $ 2,787 $ 4,362 $ 134,764 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 6,142 $ 6,142 Accrued expenses 13,621 13,621 Capital lease liability 228 228 Equipment financing 26 26 Deferred revenue 39,370 1,429 40,799 Total current liabilities 59,387 1,429 — 60,816 Deferred revenue, net of current portion 244 115 359 Other liabilities 1,228 1,228 Total liabilities 60,859 1,544 — 62,403 Commitments and contingencies Stockholders’ equity: Undesignated preferred stock — — Common stock 35 35 Additional paid-in 238,700 238,700 Treasury stock (871 ) (871 ) Accumulated other comprehensive loss (809 ) (809 ) Accumulated deficit (170,299 ) 1,243 4,362 (164,694 ) Total stockholders’ equity 66,756 1,243 4,362 72,361 Total liabilities and stockholders’ equity $ 127,615 $ 2,787 $ 4,362 $ 134,764 The following tables compare the reported condensed consolidated balance sheet, statement of operations and cash flows, as of and for the three months ended March 31, 2018, to the pro-forma As of March 31, 2018 Balance Sheet As reported Pro forma as if the Assets Current assets: Cash and cash equivalents $ 26,419 $ 26,419 Accounts receivable, net 27,408 26,180 Prepaid expenses 5,274 5,274 Other current assets 7,953 2,854 Total current assets 67,054 60,727 Property and equipment, net 10,083 10,083 Intangible assets, net 7,562 7,562 Goodwill 50,776 50,776 Deferred tax asset 93 93 Other assets 2,141 1,043 Total assets $ 137,709 $ 130,284 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 5,866 $ 5,866 Accrued expenses 14,480 14,480 Capital lease liability 121 121 Deferred revenue 43,200 41,613 Total current liabilities 63,667 62,080 Deferred revenue, net of current portion 148 148 Other liabilities 1,134 1,134 Total liabilities 64,949 63,362 Commitments and contingencies Stockholders’ equity: Undesignated preferred stock — — Common stock 35 35 Additional paid-in 241,109 241,109 Treasury stock (871 ) (871 ) Accumulated other comprehensive loss (562 ) (562 ) Accumulated deficit (166,951 ) (172,789 ) Total stockholders’ equity 72,760 66,922 Total liabilities and stockholders’ equity $ 137,709 $ 130,284 |
Cash Flow Statement [Member] | |
Schedule of Changes in Condensed Consolidated Financial Statement | The net impact of accounting for revenue under the new guidance increased net loss per share by $0.01 per basic and diluted share. As of March 31, 2018 Statement of Cash Flows As reported Pro forma as if the Operating activities Net loss $ (2,257 ) $ (2,490 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 1,644 1,644 Stock-based compensation 1,668 1,668 Provision for reserves on accounts receivable 13 13 Changes in assets and liabilities: Accounts receivable (2,038 ) (811 ) Prepaid expenses and other current assets (616 ) (761 ) Other assets (179 ) (59 ) Accounts payable (128 ) (128 ) Accrued expenses (80 ) (80 ) Deferred revenue 2,908 1,939 Net cash provided by operating activities $ 935 $ 935 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash and cash equivalents as of March 31, 2018 consist of the following: March 31, 2018 Description Contracted Maturity Amortized Cost Fair Market Value Balance Per Balance Sheet Cash Demand $ 18,234 $ 18,234 $ 18,234 Money market funds Demand 8,185 8,185 8,185 Total cash and cash equivalents $ 26,419 $ 26,419 $ 26,419 Cash and cash equivalents as of December 31, 2017 consist of the following: December 31, 2017 Description Contracted Maturity Amortized Cost Fair Market Value Balance Per Balance Sheet Cash Demand $ 17,972 $ 17,972 $ 17,972 Money market funds Demand 8,160 8,160 8,160 Total cash and cash equivalents $ 26,132 $ 26,132 $ 26,132 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Potentially Dilutive Common Stock Equivalent Shares Excluded from Computation of Weighted-Average Shares Outstanding | The following potentially dilutive common stock equivalent shares have been excluded from the computation of weighted-average shares outstanding as their effect would have been anti-dilutive (in thousands): Three Months Ended March 31, 2018 2017 Options outstanding 3,766 4,178 Restricted stock units outstanding 2,200 1,864 |
Fair Value of Financial Instr24
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Company's Financial Instruments Carried at Fair Value Using Lowest Level of Input | The following tables set forth the Company’s financial instruments carried at fair value using the lowest level of input as of March 31, 2018 and December 31, 2017: March 31, 2018 Quoted Prices in Active Markets for Identical Items (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Money market funds $ 8,185 $ — $ — $ 8,185 Total assets $ 8,185 $ — $ — $ 8,185 December 31, 2017 Quoted Prices in Active Markets for Identical Items (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Money market funds $ 8,160 $ — $ — $ 8,160 Total assets $ 8,160 $ — $ — $ 8,160 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Weighted-Average Assumptions | The fair value of stock options granted was estimated at the date of grant using the following weighted-average assumptions: Three Months Ended March 31, 2018 2017 Expected life in years 6.3 6.2 Risk-free interest rate 2.51 % 2.24 % Volatility 41 % 43 % Dividend yield — — Weighted-average fair value of stock options granted $ 3.10 $ 3.69 |
Summary of Status of Company's Stock Option Activity | The following is a summary of the status of the Company’s stock options as of March 31, 2018 and the stock option activity during the three months ended March 31, 2018. Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value (1) Outstanding at December 31, 2017 3,924,313 $ 7.33 Granted 43,000 7.02 Exercised (111,927 ) 6.11 $ 111 Canceled (192,431 ) 8.43 Outstanding at March 31, 2018 3,662,955 $ 7.31 6.26 $ 3,335 Exercisable at March 31, 2018 2,378,051 $ 7.31 5.23 $ 2,789 (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, 2018 of $6.95 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 during the three months ended March 31, 2018: Shares Weighted Average Grant Date Fair Value Unvested by December 31, 2017 2,218,704 $ 7.44 Granted 88,500 7.01 Vested and issued (72,714 ) 7.33 Canceled (130,611 ) 7.36 Unvested by March 31, 2018 2,103,879 $ 7.43 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Total Revenue from Customers by Geographic Area, Based on Location of Customer | Total revenue from customers by geographic area, based on the location of the customer, was as follows: Three Months Ended March 31, 2018 2017 Revenue: North America $ 22,678 $ 23,399 Europe 6,313 5,967 Japan 5,387 3,769 Asia Pacific 6,711 4,221 Other 105 216 Total revenue $ 41,194 $ 37,572 |
Business Description and Basi27
Business Description and Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2018Subsidiaries | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of wholly-owned subsidiaries | 9 |
Revenue from Contracts with C28
Revenue from Contracts with Customers - Summary of Revenue from Contracts with Customers by Business Unit (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue by Business Unit | ||
Revenues | $ 41,194 | $ 37,572 |
Media [Member] | ||
Revenue by Business Unit | ||
Revenues | 22,972 | |
Digital Marketing / Enterprise [Member] | ||
Revenue by Business Unit | ||
Revenues | 16,980 | |
Volume [Member] | ||
Revenue by Business Unit | ||
Revenues | $ 1,242 |
Revenue from Contracts with C29
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) | Dec. 31, 2017 | Mar. 31, 2018 | Jan. 01, 2018 |
Total reported assets | $ 127,615,000 | $ 137,709,000 | |
Total reported liabilities | 60,859,000 | 64,949,000 | |
Deferred revenue recognized | $ 19,800,000 | 0 | |
Assets recognized to obtain a contract | 5,700,000 | $ 5,400,000 | |
Amortization expense recognized to obtain a contract | $ 1,800,000 | ||
Professional Services [Member] | Maximum [Member] | |||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year | ||
Subscription and Support Revenue [Member] | |||
Revenue, performance obligation, description of timing | 2,020 | ||
Unsatisfied performance obligations | $ 109,900,000 | ||
Subscription and Support Revenue [Member] | Next Twelve Months [Member] | |||
Unsatisfied performance obligations | $ 86,600,000 | ||
Accounting Standards Update 2014-09 [Member] | |||
Subscription term for premium customers | 1 year | ||
Total reported assets | $ 137,709,000 | 134,764,000 | |
Total reported liabilities | $ 64,949,000 | 62,403,000 | |
Net impact of accounting for revenue, basic and diluted | $ 0.01 | ||
Accounting Standards Update 2014-09 [Member] | Pro Forma [Member] | |||
Total reported assets | $ 130,284,000 | ||
Total reported liabilities | 63,362,000 | ||
Accounting Standards Update 2014-09 [Member] | Minimum [Member] | Pro Forma [Member] | |||
Total reported assets | 7,425,000 | ||
Total reported liabilities | 1,587,000 | ||
Accounting Standards Update 2014-09 [Member] | Accumulated Deficit [Member] | |||
Reduced accumulated deficit | $ (1,243,000) | ||
Accounting Standards Update 2014-09 [Member] | Sales and Marketing [Member] | |||
New accounting pronouncement or change in accounting principle, effect of change on operating results | 279,000 | ||
Accounting Standards Update 2014-09 [Member] | Subscription Arrangement [Member] | |||
New accounting pronouncement or change in accounting principle, effect of change on operating results | 46,000 | ||
Accounting Standards Update 2014-09 [Member] | Costs to Obtain Contract [Member] | |||
Reduced accumulated deficit | $ (4,362,000) |
Revenue from Contracts with C30
Revenue from Contracts with Customers - Schedule of Changes in Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | |||||
Cash and cash equivalents | $ 26,419 | $ 26,132 | $ 29,168 | $ 36,813 | |
Accounts receivable, net | 27,408 | 25,236 | |||
Prepaid expenses | 5,274 | 3,991 | |||
Other current assets | 7,953 | 3,045 | |||
Total current assets | 67,054 | 58,404 | |||
Property and equipment, net | 10,083 | 9,143 | |||
Intangible assets, net | 7,562 | 8,236 | |||
Goodwill | 50,776 | 50,776 | |||
Deferred tax asset | 93 | 87 | |||
Other assets | 2,141 | 969 | |||
Total assets | 137,709 | 127,615 | |||
Current liabilities: | |||||
Accounts payable | 5,866 | 6,142 | |||
Accrued expenses | 14,480 | 13,621 | |||
Capital lease liability | 121 | 228 | |||
Equipment financing | 26 | ||||
Deferred revenue | 43,200 | 39,370 | |||
Total current liabilities | 63,667 | 59,387 | |||
Deferred revenue, net of current portion | 148 | 244 | |||
Other liabilities | 1,134 | 1,228 | |||
Total liabilities | 64,949 | 60,859 | |||
Commitments and contingencies | |||||
Stockholders' equity: | |||||
Undesignated preferred stock | |||||
Common stock | 35 | 35 | |||
Additional paid-in capital | 241,109 | 238,700 | |||
Treasury stock | (871) | (871) | |||
Accumulated other comprehensive loss | (562) | (809) | |||
Accumulated deficit | (166,951) | (170,299) | |||
Total stockholders' equity | 72,760 | 66,756 | |||
Total liabilities and stockholders' equity | 137,709 | $ 127,615 | |||
Accounting Standards Update 2014-09 [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 26,419 | $ 26,132 | |||
Accounts receivable, net | 27,408 | 26,162 | |||
Prepaid expenses | 5,274 | 3,991 | |||
Other current assets | 7,953 | 8,290 | |||
Total current assets | 67,054 | 64,575 | |||
Property and equipment, net | 10,083 | 9,143 | |||
Intangible assets, net | 7,562 | 8,236 | |||
Goodwill | 50,776 | 50,776 | |||
Deferred tax asset | 93 | 87 | |||
Other assets | 2,141 | 1,947 | |||
Total assets | 137,709 | 134,764 | |||
Current liabilities: | |||||
Accounts payable | 5,866 | 6,142 | |||
Accrued expenses | 14,480 | 13,621 | |||
Capital lease liability | 121 | 228 | |||
Equipment financing | 26 | ||||
Deferred revenue | 43,200 | 40,799 | |||
Total current liabilities | 63,667 | 60,816 | |||
Deferred revenue, net of current portion | 148 | 359 | |||
Other liabilities | 1,134 | 1,228 | |||
Total liabilities | 64,949 | 62,403 | |||
Commitments and contingencies | |||||
Stockholders' equity: | |||||
Undesignated preferred stock | |||||
Common stock | 35 | 35 | |||
Additional paid-in capital | 241,109 | 238,700 | |||
Treasury stock | (871) | (871) | |||
Accumulated other comprehensive loss | (562) | (809) | |||
Accumulated deficit | (166,951) | (164,694) | |||
Total stockholders' equity | 72,760 | 72,361 | |||
Total liabilities and stockholders' equity | 137,709 | 134,764 | |||
Accounting Standards Update 2014-09 [Member] | Scenario, Previously Reported [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 26,132 | ||||
Accounts receivable, net | 25,236 | ||||
Prepaid expenses | 3,991 | ||||
Other current assets | 3,045 | ||||
Total current assets | 58,404 | ||||
Property and equipment, net | 9,143 | ||||
Intangible assets, net | 8,236 | ||||
Goodwill | 50,776 | ||||
Deferred tax asset | 87 | ||||
Other assets | 969 | ||||
Total assets | 127,615 | ||||
Current liabilities: | |||||
Accounts payable | 6,142 | ||||
Accrued expenses | 13,621 | ||||
Capital lease liability | 228 | ||||
Equipment financing | 26 | ||||
Deferred revenue | 39,370 | ||||
Total current liabilities | 59,387 | ||||
Deferred revenue, net of current portion | 244 | ||||
Other liabilities | 1,228 | ||||
Total liabilities | 60,859 | ||||
Commitments and contingencies | |||||
Stockholders' equity: | |||||
Undesignated preferred stock | |||||
Common stock | 35 | ||||
Additional paid-in capital | 238,700 | ||||
Treasury stock | (871) | ||||
Accumulated other comprehensive loss | (809) | ||||
Accumulated deficit | (170,299) | ||||
Total stockholders' equity | 66,756 | ||||
Total liabilities and stockholders' equity | 127,615 | ||||
Accounting Standards Update 2014-09 [Member] | Restatement Adjustment [Member] | Subscription Arrangement [Member] | |||||
Current assets: | |||||
Accounts receivable, net | 926 | ||||
Other current assets | 1,861 | ||||
Total current assets | 2,787 | ||||
Total assets | 2,787 | ||||
Current liabilities: | |||||
Deferred revenue | 1,429 | ||||
Total current liabilities | 1,429 | ||||
Deferred revenue, net of current portion | 115 | ||||
Total liabilities | 1,544 | ||||
Commitments and contingencies | |||||
Stockholders' equity: | |||||
Undesignated preferred stock | |||||
Accumulated deficit | 1,243 | ||||
Total stockholders' equity | 1,243 | ||||
Total liabilities and stockholders' equity | 2,787 | ||||
Accounting Standards Update 2014-09 [Member] | Restatement Adjustment [Member] | Costs to Obtain Contract [Member] | |||||
Current assets: | |||||
Other current assets | 3,384 | ||||
Total current assets | 3,384 | ||||
Other assets | 978 | ||||
Total assets | 4,362 | ||||
Current liabilities: | |||||
Commitments and contingencies | |||||
Stockholders' equity: | |||||
Undesignated preferred stock | |||||
Accumulated deficit | 4,362 | ||||
Total stockholders' equity | 4,362 | ||||
Total liabilities and stockholders' equity | $ 4,362 | ||||
Accounting Standards Update 2014-09 [Member] | Pro Forma [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 26,419 | ||||
Accounts receivable, net | 26,180 | ||||
Prepaid expenses | 5,274 | ||||
Other current assets | 2,854 | ||||
Total current assets | 60,727 | ||||
Property and equipment, net | 10,083 | ||||
Intangible assets, net | 7,562 | ||||
Goodwill | 50,776 | ||||
Deferred tax asset | 93 | ||||
Other assets | 1,043 | ||||
Total assets | 130,284 | ||||
Current liabilities: | |||||
Accounts payable | 5,866 | ||||
Accrued expenses | 14,480 | ||||
Capital lease liability | 121 | ||||
Deferred revenue | 41,613 | ||||
Total current liabilities | 62,080 | ||||
Deferred revenue, net of current portion | 148 | ||||
Other liabilities | 1,134 | ||||
Total liabilities | 63,362 | ||||
Commitments and contingencies | |||||
Stockholders' equity: | |||||
Undesignated preferred stock | |||||
Common stock | 35 | ||||
Additional paid-in capital | 241,109 | ||||
Treasury stock | (871) | ||||
Accumulated other comprehensive loss | (562) | ||||
Accumulated deficit | (172,789) | ||||
Total stockholders' equity | 66,922 | ||||
Total liabilities and stockholders' equity | $ 130,284 |
Revenue from Contracts with C31
Revenue from Contracts with Customers - Schedule of Changes in Condensed Consolidated Statement of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue: | ||
Subscription and support revenue | $ 37,867 | $ 34,242 |
Professional services and other revenue | 3,327 | 3,330 |
Total revenue | 41,194 | 37,572 |
Cost of revenue: | ||
Cost of subscription and support revenue | 13,456 | 12,154 |
Cost of professional services and other revenue | 3,755 | 3,064 |
Total cost of revenue | 17,211 | 15,218 |
Gross profit | 23,983 | 22,354 |
Operating expenses: | ||
Research and development | 7,775 | 8,194 |
Sales and marketing | 13,234 | 13,901 |
General and administrative | 5,390 | 5,391 |
Total operating expenses | 26,399 | 27,486 |
Loss from operations | (2,416) | (5,132) |
Other income (expense), net | 271 | 138 |
Loss before income taxes | (2,145) | (4,994) |
Provision for income taxes | 112 | 79 |
Net loss | $ (2,257) | $ (5,073) |
Net loss per share - basic and diluted | $ (0.06) | $ (0.15) |
Weighted-average number of common shares used in computing net loss per share | 34,923,215 | 34,056,104 |
Accounting Standards Update 2014-09 [Member] | ||
Revenue: | ||
Subscription and support revenue | $ 37,867 | |
Professional services and other revenue | 3,327 | |
Total revenue | 41,194 | |
Cost of revenue: | ||
Cost of subscription and support revenue | 13,456 | |
Cost of professional services and other revenue | 3,755 | |
Total cost of revenue | 17,211 | |
Gross profit | 23,983 | |
Operating expenses: | ||
Research and development | 7,775 | |
Sales and marketing | 13,234 | |
General and administrative | 5,390 | |
Total operating expenses | 26,399 | |
Loss from operations | (2,416) | |
Other income (expense), net | 271 | |
Loss before income taxes | (2,145) | |
Provision for income taxes | 112 | |
Net loss | $ (2,257) | |
Net loss per share - basic and diluted | $ (0.06) | |
Weighted-average number of common shares used in computing net loss per share | 34,923,215 | |
Accounting Standards Update 2014-09 [Member] | Pro Forma [Member] | ||
Revenue: | ||
Subscription and support revenue | $ 37,913 | |
Professional services and other revenue | 3,327 | |
Total revenue | 41,240 | |
Cost of revenue: | ||
Cost of subscription and support revenue | 13,456 | |
Cost of professional services and other revenue | 3,755 | |
Total cost of revenue | 17,211 | |
Gross profit | 24,029 | |
Operating expenses: | ||
Research and development | 7,775 | |
Sales and marketing | 13,513 | |
General and administrative | 5,390 | |
Total operating expenses | 26,678 | |
Loss from operations | (2,649) | |
Other income (expense), net | 271 | |
Loss before income taxes | (2,378) | |
Provision for income taxes | 112 | |
Net loss | $ (2,490) | |
Net loss per share - basic and diluted | $ (0.07) | |
Weighted-average number of common shares used in computing net loss per share | 34,923,215 |
Revenue from Contracts with C32
Revenue from Contracts with Customers - Schedule of Changes in Condensed Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating activities | ||
Net loss | $ (2,257) | $ (5,073) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 1,644 | 1,734 |
Stock-based compensation | 1,668 | 1,790 |
Provision for reserves on accounts receivable | 13 | 222 |
Changes in assets and liabilities: | ||
Accounts receivable | (2,038) | (1,011) |
Prepaid expenses and other current assets | (616) | (2,221) |
Other assets | (179) | 37 |
Accounts payable | (128) | 695 |
Accrued expenses | (80) | (3,870) |
Deferred revenue | 2,908 | 1,102 |
Net cash provided by operating activities | 935 | $ (6,595) |
Accounting Standards Update 2014-09 [Member] | ||
Operating activities | ||
Net loss | (2,257) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 1,644 | |
Stock-based compensation | 1,668 | |
Provision for reserves on accounts receivable | 13 | |
Changes in assets and liabilities: | ||
Accounts receivable | (2,038) | |
Prepaid expenses and other current assets | (616) | |
Other assets | (179) | |
Accounts payable | (128) | |
Accrued expenses | (80) | |
Deferred revenue | 2,908 | |
Net cash provided by operating activities | 935 | |
Accounting Standards Update 2014-09 [Member] | Pro Forma [Member] | ||
Operating activities | ||
Net loss | (2,490) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 1,644 | |
Stock-based compensation | 1,668 | |
Provision for reserves on accounts receivable | 13 | |
Changes in assets and liabilities: | ||
Accounts receivable | (811) | |
Prepaid expenses and other current assets | (761) | |
Other assets | (59) | |
Accounts payable | (128) | |
Accrued expenses | (80) | |
Deferred revenue | 1,939 | |
Net cash provided by operating activities | $ 935 |
Revenue from Contracts with C33
Revenue from Contracts with Customers - Summary of Receivables, Contract Assets and Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accounts receivable, net | $ 27,408 | $ 25,236 | |
Deferred Revenue (current) | 43,200 | 39,370 | |
Deferred Revenue (non- current) | 148 | $ 244 | |
Accounting Standards Update 2014-09 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accounts receivable, net | 27,408 | $ 26,162 | |
Contract Assets (current) | 2,607 | 3,124 | |
Deferred Revenue (current) | 43,200 | 40,799 | |
Deferred Revenue (non- current) | 148 | 359 | |
Total Deferred Revenue | $ 43,348 | $ 41,158 |
Concentration of Credit Risk -
Concentration of Credit Risk - Additional Information (Detail) - Customer | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Risks and Uncertainties [Abstract] | |||
Number of customers accounted for more than 10% of accounts receivable, net | 0 | 0 | |
Number of customers accounted for more than 10% of total revenue | 0 | 0 | |
Threshold percentage of total revenues required for major customer classification | 10.00% | 10.00% |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Detail) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Cash and Cash Equivalents [Abstract] | ||
Short-term investments | $ 0 | $ 0 |
Long-term investments | $ 0 | $ 0 |
Cash and Cash Equivalents - Sch
Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Investment Holdings [Line Items] | ||
Amortized Cost | $ 26,419 | $ 26,132 |
Fair Market Value | 26,419 | 26,132 |
Balance Per Balance Sheet | 26,419 | 26,132 |
Cash [Member] | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 18,234 | 17,972 |
Fair Market Value | 18,234 | 17,972 |
Balance Per Balance Sheet | 18,234 | 17,972 |
Money Market Funds [Member] | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 8,185 | 8,160 |
Fair Market Value | 8,185 | 8,160 |
Balance Per Balance Sheet | $ 8,185 | $ 8,160 |
Net Loss per Share - Potentiall
Net Loss per Share - Potentially Dilutive Common Stock Equivalent Shares Excluded from Computation of Weighted-Average Shares Outstanding (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
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 | 3,766 | 4,178 |
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 | 2,200 | 1,864 |
Fair Value of Financial Instr38
Fair Value of Financial Instruments - Company's Financial Instruments Carried at Fair Value Using Lowest Level of Input (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | $ 8,185 | $ 8,160 |
Total assets | 8,185 | 8,160 |
Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 8,185 | 8,160 |
Total assets | $ 8,185 | $ 8,160 |
Stock-based Compensation - Weig
Stock-based Compensation - Weighted Average Assumptions (Detail) - Stock Compensation Plan [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life in years | 6 years 3 months 19 days | 6 years 2 months 12 days |
Risk-free interest rate | 2.51% | 2.24% |
Volatility | 41.00% | 43.00% |
Dividend yield | 0.00% | 0.00% |
Weighted-average fair value of stock options granted | $ 3.10 | $ 3.69 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Stock based compensation expense | $ 1,668 | $ 1,790 |
Unrecognized stock-based compensation expense | $ 16,031 | |
Weighted average period | 2 years |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Stock Option Activity (Detail) - Options Outstanding [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Outstanding at December 31, 2017 | shares | 3,924,313 |
Shares, Granted | shares | 43,000 |
Shares, Exercised | shares | (111,927) |
Shares, Canceled | shares | (192,431) |
Shares, Outstanding at March 31, 2018 | shares | 3,662,955 |
Shares, Exercisable at March 31, 2018 | shares | 2,378,051 |
Weighted-Average Exercise Price, Outstanding at December 31, 2017 | $ / shares | $ 7.33 |
Weighted-Average Exercise Price, Granted | $ / shares | 7.02 |
Weighted-Average Exercise Price, Exercised | $ / shares | 6.11 |
Weighted-Average Exercise Price, Canceled | $ / shares | 8.43 |
Weighted-Average Exercise Price, Outstanding at March 31, 2018 | $ / shares | 7.31 |
Weighted-Average Exercise Price, Exercisable at March 31, 2018 | $ / shares | $ 7.31 |
Weighted-Average Remaining Contractual Term, Outstanding at March 31, 2018 | 6 years 3 months 4 days |
Weighted-Average Remaining Contractual Term, Exercisable at March 31, 2018 | 5 years 2 months 23 days |
Aggregate Intrinsic Value, Exercised | $ | $ 111 |
Aggregate Intrinsic Value, Outstanding at March 31, 2018 | $ | 3,335 |
Aggregate Intrinsic Value, Exercisable at March 31, 2018 | $ | $ 2,789 |
Stock-based Compensation - Su42
Stock-based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail) | Mar. 31, 2018$ / 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 | $ 6.95 |
Stock-based Compensation - Rest
Stock-based Compensation - Restricted Stock Units Activity (Detail) - RSUs [Member] | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Unvested Shares, Beginning Balance | shares | 2,218,704 |
Granted | shares | 88,500 |
Vested and issued | shares | (72,714) |
Canceled | shares | (130,611) |
Unvested Shares, Ending Balance | shares | 2,103,879 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 7.44 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 7.01 |
Weighted Average Grant Date Fair Value, Vested and issued | $ / shares | 7.33 |
Weighted Average Grant Date Fair Value, Canceled | $ / shares | 7.36 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 7.43 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Income Taxes [Line Items] | |||
Income tax expense | $ 112,000 | $ 79,000 | |
Federal corporate tax rate | 21.00% | 34.00% | |
Japan [Member] | |||
Income Taxes [Line Items] | |||
Valuation allowance | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Dec. 01, 2017Patents | Oct. 26, 2017Patents | Mar. 31, 2018USD ($) |
Commitment And Contingencies [Line Items] | |||
Cost for Guarantees and indemnities | $ | $ 0 | ||
Realtime Adaptive Streaming LLC [Member] | |||
Commitment And Contingencies [Line Items] | |||
Complaint filed against patents allegedly infringed | Patents | 2 | 5 |
Debt - Additional Information (
Debt - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2018USD ($) | |
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. |
Debt amount outstanding | $ 0 |
Secured Line of Credit [Member] | |
Debt Instrument [Line Items] | |
Line of credit, agreement start date | Nov. 19, 2015 |
Line of credit maximum borrowing capacity | $ 20,000,000 |
Percentage points added to prime rate or LIBOR | 2.50% |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Minimum outstanding principal threshold limit | $ 15,000,000 |
Segment Information - Total Rev
Segment Information - Total Revenue from Customers by Geographic Area, Based on Location of Customer (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | $ 41,194 | $ 37,572 |
North America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 22,678 | 23,399 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 6,313 | 5,967 |
Japan [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 5,387 | 3,769 |
Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 6,711 | 4,221 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | $ 105 | $ 216 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues from customers | $ 41,194 | $ 37,572 |
Revenue percentage from other country to the company's total revenue | 10.00% | 10.00% |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues from customers | $ 21,254 | $ 22,028 |
Recently Issued and Adopted A49
Recently Issued and Adopted Accounting Standards - Additional Information (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Accounting Changes and Error Corrections [Abstract] | ||
Federal corporate tax rate | 21.00% | 34.00% |