Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 19, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | BCOV | |
Entity Registrant Name | BRIGHTCOVE INC. | |
Entity Central Index Key | 0001313275 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 37,839,906 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 28,948 | $ 29,306 |
Accounts receivable, net of allowance of $219 and $190 at March 31, 2019 and December 31, 2018, respectively | 25,188 | 23,264 |
Prepaid expenses | 5,865 | 4,866 |
Other current assets | 7,068 | 7,070 |
Total current assets | 67,069 | 64,506 |
Property and equipment, net | 9,557 | 9,703 |
Operating lease right-of-use asset | 18,073 | |
Intangible assets, net | 5,504 | 5,919 |
Goodwill | 50,776 | 50,776 |
Other assets | 2,360 | 2,452 |
Total assets | 153,339 | 133,356 |
Current liabilities: | ||
Accounts payable | 7,839 | 7,712 |
Accrued expenses | 14,515 | 13,982 |
Operating lease liability | 6,285 | |
Deferred revenue | 43,654 | 39,846 |
Total current liabilities | 72,293 | 61,540 |
Operating lease liability, net of current portion | 12,983 | |
Other liabilities | 289 | 1,202 |
Total liabilities | 85,565 | 62,742 |
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; 36,908,051 and 36,752,469 shares issued at March 31, 2019 and December 31, 2018, respectively | 37 | 37 |
Additional paid-in capital | 253,244 | 251,122 |
Treasury stock, at cost; 135,000 shares | (871) | (871) |
Accumulated other comprehensive loss | (931) | (952) |
Accumulated deficit | (183,705) | (178,722) |
Total stockholders' equity | 67,774 | 70,614 |
Total liabilities and stockholders' equity | $ 153,339 | $ 133,356 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 219 | $ 190 |
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 | 36,908,051 | 36,752,469 |
Treasury stock, shares | 135,000 | 135,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue: | ||
Revenue | $ 41,836 | $ 41,194 |
Cost of revenue: | ||
Cost of revenue | 16,746 | 17,211 |
Gross profit | 25,090 | 23,983 |
Operating expenses: | ||
Research and development | 7,394 | 7,775 |
Sales and marketing | 14,256 | 13,234 |
General and administrative | 5,261 | 5,390 |
Merger-related | 2,932 | |
Total operating expenses | 29,843 | 26,399 |
Loss from operations | (4,753) | (2,416) |
Other (loss) income, net | (55) | 271 |
Loss before income taxes | (4,808) | (2,145) |
Provision for income taxes | 175 | 112 |
Net loss | $ (4,983) | $ (2,257) |
Net loss per share - basic and diluted | $ (0.14) | $ (0.06) |
Weighted-average number of common shares used in computing net loss per share | 36,677,046 | 34,923,215 |
Subscription and Support Revenue [Member] | ||
Revenue: | ||
Revenue | $ 38,877 | $ 37,867 |
Cost of revenue: | ||
Cost of revenue | 14,170 | 13,456 |
Professional Services and Other Revenue [Member] | ||
Revenue: | ||
Revenue | 2,959 | 3,327 |
Cost of revenue: | ||
Cost of revenue | $ 2,576 | $ 3,755 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (4,983) | $ (2,257) |
Other comprehensive income: | ||
Foreign currency translation adjustments | 21 | 247 |
Comprehensive loss | $ (4,962) | $ (2,010) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] |
Beginning Balance at Jan. 01, 2018 | $ 66,756 | $ 35 | $ 238,700 | $ (871) | $ (809) | $ (170,299) |
Beginning Balance, shares at Jan. 01, 2018 | 34,933,408 | |||||
Treasury shares, beginning Balance at Jan. 01, 2018 | (135,000) | |||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units | 677 | 677 | ||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, shares | 184,641 | |||||
Stock-based compensation expense | 1,732 | 1,732 | ||||
Foreign currency translation adjustment | 247 | 247 | ||||
Net loss | (2,257) | (2,257) | ||||
Ending Balance at Mar. 31, 2018 | 72,760 | $ 35 | 241,109 | $ (871) | (562) | (166,951) |
Ending Balance, shares at Mar. 31, 2018 | 35,118,049 | |||||
Treasury stock, Ending Balance at Mar. 31, 2018 | (135,000) | |||||
Impact of adoption of ASU 2014-09 as of January 1, 2018 | 5,605 | 5,605 | ||||
Beginning Balance at Dec. 31, 2018 | $ 70,614 | $ 37 | 251,122 | $ (871) | (952) | (178,722) |
Beginning Balance, shares at Dec. 31, 2018 | 36,752,469 | |||||
Treasury shares, beginning Balance at Dec. 31, 2018 | (135,000) | (135,000) | ||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units | $ 625 | 625 | ||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, shares | 155,582 | |||||
Stock-based compensation expense | 1,497 | 1,497 | ||||
Foreign currency translation adjustment | 21 | 21 | ||||
Net loss | (4,983) | (4,983) | ||||
Ending Balance at Mar. 31, 2019 | $ 67,774 | $ 37 | $ 253,244 | $ (871) | $ (931) | $ (183,705) |
Ending Balance, shares at Mar. 31, 2019 | 36,908,051 | |||||
Treasury stock, Ending Balance at Mar. 31, 2019 | 135,000 | 135,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating activities | ||
Net loss | $ (4,983) | $ (2,257) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 1,713 | 1,644 |
Stock-based compensation | 1,424 | 1,668 |
Provision for reserves on accounts receivable | 70 | 13 |
Changes in assets and liabilities: | ||
Accounts receivable | (2,033) | (2,038) |
Prepaid expenses and other current assets | (803) | (616) |
Other assets | 92 | (179) |
Accounts payable | 715 | (128) |
Accrued expenses | 353 | (80) |
Operating leases | (68) | |
Deferred revenue | 3,783 | 2,908 |
Net cash provided by operating activities | 263 | 935 |
Investing activities | ||
Purchases of property and equipment | (244) | (538) |
Capitalized internal-use software costs | (946) | (1,001) |
Net cash used in investing activities | (1,190) | (1,539) |
Financing activities | ||
Proceeds from exercise of stock options | 625 | 683 |
Other financing activities | (58) | (139) |
Net cash provided by financing activities | 567 | 544 |
Effect of exchange rate changes on cash and cash equivalents | 2 | 347 |
Net (decrease) increase in cash and cash equivalents | (358) | 287 |
Cash and cash equivalents at beginning of period | 29,306 | 26,132 |
Cash and cash equivalents at end of period | 28,948 | $ 26,419 |
Supplemental disclosure of cash flow information | ||
Cash paid for operating lease liabilities | $ 1,904 |
Business Description and Basis
Business Description and Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019, the Company had twelve 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, Cacti 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 accounting for leases as described in Note 13, 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, 2018 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 described in Management’s Discussion and Analysis, the Company implemented a significant accounting policy upon the adoption of Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), Amendments to the FASB Accounting Standards Codification 10-K |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2019 | |
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 The following summarizes the opening and closing balances of receivables, contract assets and contract liabilities from contracts with customers. Accounts Contract Assets Deferred Revenue Deferred (non- current) Total Balance at December 31, 2018 $ 23,264 $ 1,640 $ 39,846 $ 146 $ 39,992 Balance at March 31, 2019 25,188 2,148 43,654 85 43,739 Revenue recognized during the three months ended March 31, 2019 from amounts included in deferred revenue at the beginning of the period was approximately $19.6 million. During the three months ended March 31, 2019, 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 $5.4 million and $5.9 million as of March 31, 2019 and December 31, 2018, respectively. Amortization expense recognized during each of the three months ended March 31, 2019 and 2018 related to costs to obtain a contract was $1.8 million. Transaction Price Allocated to Future Performance Obligations As of March 31, 2019, the total aggregate transaction price allocated to the unsatisfied performance obligations for subscription and support contracts was approximately $107.7 million, of which approximately $92.1million is expected to be recognized over the next 12 months. The Company expects to recognize substantially all of the remaining unsatisfied performance obligations by March 2022. |
Concentration of Credit Risk
Concentration of Credit Risk | 3 Months Ended |
Mar. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | 3. Concentration of Credit Risk The Company has no significant off-balance sheet At March 31, 2019 and December 31, 2018, no individual customer accounted for 10% or more of accounts receivable, net. For the three months ended March 31, 2019 and 2018, no individual customer accounted for 10% or more of total revenue. |
Concentration of Other Risks
Concentration of Other Risks | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 | |
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 such 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, 2019 consist of the following: March 31, 2019 Description Contracted Maturity Amortized Cost Fair Market Value Balance Per Balance Sheet Cash Demand $ 28,804 $ 28,804 $ 28,804 Money market funds Demand 144 144 144 Total cash and cash equivalents $ 28,948 $ 28,948 $ 28,948 Cash and cash equivalents as of December 31, 2018 consist of the following: December 31, 2018 Description Contracted Maturity Amortized Cost Fair Market Value Balance Per Balance Sheet Cash Demand $ 21,007 $ 21,007 $ 21,007 Money market funds Demand 8,299 8,299 8,299 Total cash and cash equivalents $ 29,306 $ 29,306 $ 29,306 |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 6. Net Loss per Share The Company calculates basic and diluted net loss per common share by dividing the net loss by the weighted-average number of common shares outstanding during the period. The Company has excluded other potentially dilutive shares, which include warrants to purchase common stock and outstanding common stock options and unvested restricted stock units, from the weighted-average 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 March 31, 2019 and 2018. Three Months Ended March 31, 2019 2018 Options outstanding 2,641 3,766 Restricted stock units outstanding 3,039 2,200 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 and December 31, 2018: March 31, 2019 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 $ 144 $ — $ — $ 144 Total assets $ 144 $ — $ — $ 144 December 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 $ 8,299 $ — $ — $ 8,299 Total assets $ 8,299 $ — $ — $ 8,299 |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | 8. Stock-based Compensation The weighted-average fair value of options granted during the three months ended March 31, 2019 and 2018 was $3.82 and $3.10 per share, respectively. The weighted-average assumptions utilized to determine such values are presented in the following table: Three Months Ended March 31, 2019 2018 Expected life in years 6.3 6.3 Risk-free interest rate 2.55 % 2.51 % Volatility 43 % 41 % Dividend yield — — The Company recorded stock-based compensation expense of $1,424 and $1,668 for the three months ended March 31, 2019 and 2018, respectively. As of March 31, 2019, there was $15,009 of unrecognized stock-based compensation expense related to stock-based awards that is expected to be recognized over a weighted-average period of 2.72 years. The following table summarizes stock-based compensation expense as included in the consolidated statement of operations for the three months ended March 31, 2019 and 2018: Three Months Ended March 31, 2019 2018 Stock-based compensation included in above line items: Cost of subscription and support revenue $ 119 $ 114 Cost of professional services and other revenue 84 40 Research and development 263 346 Sales and marketing 458 665 General and administrative 500 503 $ 1,424 $ 1,668 The following is a summary of the stock option activity during the three months ended March 31, 2019. Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value (1) Outstanding at December 31, 2018 2,737,655 $ 8.57 Granted 130,000 8.37 Exercised (98,195 ) 6.37 $ 177 Canceled (270,242 ) 9.75 Outstanding at March 31, 2019 2,499,218 $ 8.52 7.16 $ 1,809 Exercisable at March 31, 2019 1,182,990 $ 8.15 5.22 $ 1,303 (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, 2019 of $8.41 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, 2019: Shares Weighted Average Grant Date Fair Value Unvested by December 31, 2018 3,033,582 $ 8.07 Granted 302,250 8.37 Vested and issued (56,637 ) 7.19 Canceled (204,681 ) 7.83 Unvested by March 31, 2019 3,074,514 $ 8.13 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes For the three months ended March 31, 2019 and 2018, the Company recorded income tax expense of $175 and $112, respectively. 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, 2019 and December 31, 2018, as 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. The Company maintains net deferred tax liabilities for temporary differences related to its foreign subsidiaries. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Legal Matters On January 30, 2019, Uniloc 2017 LLC filed a complaint against the Company and its subsidiary, Brightcove Holdings, Inc. in the United States District Court for the District of Delaware. The complaint alleges that Brightcove infringed four patents and seeks monetary damages and other relief. The Company filed an answer to the complaint on March 25, 2019 and Uniloc filed an amended complaint on April 9, 2019. The Company filed an answer to the amended complaint on April 23, 2019. 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. 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, 2019, 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, 2019 | |
Debt Disclosure [Abstract] | |
Debt | 11. Debt On December 14, 2018, 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”). Under the Line of Credit, the Company can borrow up to $30.0 million. 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 (the “LIBOR rate margin”) 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. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 12. 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, 2019 2018 Revenue: North America $ 21,813 $ 22,678 Europe 6,469 6,313 Japan 6,188 5,387 Asia Pacific 7,272 6,711 Other 94 105 Total revenue $ 41,836 $ 41,194 North America is comprised of revenue from the United States, Canada and Mexico. Revenue from customers located in the United States was $20,406 and $21,254 during the three months ended March 31, 2019 and 2018, 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, 2019 and 2018. As of March 31, 2019 and December 31, 2018, 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, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued and Adopted Accounting Standards | 13. Recently Issued and Adopted Accounting Standards Effective January 1, 2019, the Company adopted ASC 842, which replaced the existing guidance for leases using the transition method introduced by ASU 2018-11, Under ASC 842, a right-of-use right-of-use catch-up The new standard provided various practical expedients, which were assessed to determine the ultimate impact of the new standard upon adoption. The Company elected the package of practical expedients, which permits the Company to not reassess (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases and (3) any initial direct costs for any existing leases as of the effective date. The Company also elected the practical expedients to not apply the recognition requirements in the standard to a lease that at commencement date has a lease term of twelve months or less and does not contain a purchase option that it is reasonably certain to exercise and to not separate lease and related non-lease The Company leases its facilities under non-cancelable Right-of-use Right-of-use The Company’s operating lease expense was $1,907 and $2,003 for the three months ended March 31, 2019 and 2018, respectively. The weighted-average remaining non-cancelable The Company’s operating leases expire at various dates through 2024. The following shows the undiscounted cash flows for the remainder of 2019 and remaining years under operating leases at March 31, 2019: Year Ending December 31, Operating 2019 $ 5,268 2020 5,867 2021 5,145 2022 2,215 2023 1,131 2024 and thereafter 1,010 $ 20,636 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events On April 1, 2019, pursuant to an Asset Purchase and Sale Agreement (the “Purchase Agreement”), the Company completed its acquisition of the online video platform assets of Ooyala, Inc. and certain of its subsidiaries (“Ooyala”), a provider of cloud video technology, in exchange for common stock of the Company and cash (the “Acquisition”). At the closing, the Company issued 1,056,763 unregistered shares of common stock of the Company valued at $8.9 million and paid approximately $5.91 million in cash. Pursuant to the Purchase Agreement, approximately $2.65 million of the cash consideration was placed into an escrow account to secure payment of any claims of indemnification for breaches or inaccuracies in the Sellers’ representations and warranties, covenants and agreements. The acquisition will be accounted for as a purchase transaction, and as such the results of operations from the acquired assets will be consolidated with the Company beginning on the closing date of the acquisition. In connection with the Acquisition, the Company incurred $2.9 million of merger-related costs during the three months ended March 31, 2019. |
Business Description and Basi_2
Business Description and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
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. At March 31, 2019, the Company had twelve 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, Cacti |
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 accounting for leases as described in Note 13, 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, 2018 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 described in Management’s Discussion and Analysis, the Company implemented a significant accounting policy upon the adoption of Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), Amendments to the FASB Accounting Standards Codification 10-K |
Recently Issued and Adopted Accounting Standards | Effective January 1, 2019, the Company adopted ASC 842, which replaced the existing guidance for leases using the transition method introduced by ASU 2018-11, Under ASC 842, a right-of-use right-of-use catch-up The new standard provided various practical expedients, which were assessed to determine the ultimate impact of the new standard upon adoption. The Company elected the package of practical expedients, which permits the Company to not reassess (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases and (3) any initial direct costs for any existing leases as of the effective date. The Company also elected the practical expedients to not apply the recognition requirements in the standard to a lease that at commencement date has a lease term of twelve months or less and does not contain a purchase option that it is reasonably certain to exercise and to not separate lease and related non-lease The Company leases its facilities under non-cancelable Right-of-use Right-of-use The Company’s operating lease expense was $1,907 and $2,003 for the three months ended March 31, 2019 and 2018, respectively. The weighted-average remaining non-cancelable The Company’s operating leases expire at various dates through 2024. The following shows the undiscounted cash flows for the remainder of 2019 and remaining years under operating leases at March 31, 2019: Year Ending December 31, Operating 2019 $ 5,268 2020 5,867 2021 5,145 2022 2,215 2023 1,131 2024 and thereafter 1,010 $ 20,636 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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. Accounts Contract Assets Deferred Revenue Deferred (non- current) Total Balance at December 31, 2018 $ 23,264 $ 1,640 $ 39,846 $ 146 $ 39,992 Balance at March 31, 2019 25,188 2,148 43,654 85 43,739 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash and cash equivalents as of March 31, 2019 consist of the following: March 31, 2019 Description Contracted Maturity Amortized Cost Fair Market Value Balance Per Balance Sheet Cash Demand $ 28,804 $ 28,804 $ 28,804 Money market funds Demand 144 144 144 Total cash and cash equivalents $ 28,948 $ 28,948 $ 28,948 Cash and cash equivalents as of December 31, 2018 consist of the following: December 31, 2018 Description Contracted Maturity Amortized Cost Fair Market Value Balance Per Balance Sheet Cash Demand $ 21,007 $ 21,007 $ 21,007 Money market funds Demand 8,299 8,299 8,299 Total cash and cash equivalents $ 29,306 $ 29,306 $ 29,306 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Outstanding Common Shares Excluded from Computation of Dilutive Net Loss per Share | 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 March 31, 2019 and 2018. Three Months Ended March 31, 2019 2018 Options outstanding 2,641 3,766 Restricted stock units outstanding 3,039 2,200 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 and December 31, 2018: March 31, 2019 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 $ 144 $ — $ — $ 144 Total assets $ 144 $ — $ — $ 144 December 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 $ 8,299 $ — $ — $ 8,299 Total assets $ 8,299 $ — $ — $ 8,299 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Weighted Average Assumptions Utilized | The weighted-average assumptions utilized to determine such values are presented in the following table: Three Months Ended March 31, 2019 2018 Expected life in years 6.3 6.3 Risk-free interest rate 2.55 % 2.51 % Volatility 43 % 41 % 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, 2019 and 2018: Three Months Ended March 31, 2019 2018 Stock-based compensation included in above line items: Cost of subscription and support revenue $ 119 $ 114 Cost of professional services and other revenue 84 40 Research and development 263 346 Sales and marketing 458 665 General and administrative 500 503 $ 1,424 $ 1,668 |
Summary of Stock Option Activity | The following is a summary of the stock option activity during the three months ended March 31, 2019. Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value (1) Outstanding at December 31, 2018 2,737,655 $ 8.57 Granted 130,000 8.37 Exercised (98,195 ) 6.37 $ 177 Canceled (270,242 ) 9.75 Outstanding at March 31, 2019 2,499,218 $ 8.52 7.16 $ 1,809 Exercisable at March 31, 2019 1,182,990 $ 8.15 5.22 $ 1,303 (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, 2019 of $8.41 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, 2019: Shares Weighted Average Grant Date Fair Value Unvested by December 31, 2018 3,033,582 $ 8.07 Granted 302,250 8.37 Vested and issued (56,637 ) 7.19 Canceled (204,681 ) 7.83 Unvested by March 31, 2019 3,074,514 $ 8.13 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 2018 Revenue: North America $ 21,813 $ 22,678 Europe 6,469 6,313 Japan 6,188 5,387 Asia Pacific 7,272 6,711 Other 94 105 Total revenue $ 41,836 $ 41,194 |
Recently Issued and Adopted A_2
Recently Issued and Adopted Accounting Standards (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Maturity Analysis of Undiscounted Cash Flows of Operating Lease | The Company’s operating leases expire at various dates through 2024. The following shows the undiscounted cash flows for the remainder of 2019 and remaining years under operating leases at March 31, 2019: Year Ending December 31, Operating 2019 $ 5,268 2020 5,867 2021 5,145 2022 2,215 2023 1,131 2024 and thereafter 1,010 $ 20,636 |
Business Description and Basi_3
Business Description and Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2019Subsidiaries | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of wholly-owned subsidiaries | 12 |
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, 2019 | Dec. 31, 2018 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Accounts receivable, net | $ 25,188 | $ 23,264 |
Deferred Revenue (current) | 43,654 | 39,846 |
Accounting Standards Update 2014-09 [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Accounts receivable, net | 25,188 | 23,264 |
Contract Assets (current) | 2,148 | 1,640 |
Deferred Revenue (current) | 43,654 | 39,846 |
Deferred Revenue (non- current) | 85 | 146 |
Total Deferred Revenue | $ 43,739 | $ 39,992 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) | Dec. 31, 2018 | Mar. 31, 2019 | Dec. 31, 2018 |
Deferred revenue recognized | $ 19,600,000 | $ 0 | |
Assets recognized to obtain a contract | $ 5,900,000 | 5,400,000 | $ 5,900,000 |
Amortization expense recognized to obtain a contract | $ 1,800,000 | $ 1,800,000 | |
Subscription and Support Revenue [Member] | |||
Revenue, performance obligation, description of timing | 2022 | ||
Unsatisfied performance obligations | $ 107,700,000 | ||
Subscription and Support Revenue [Member] | Next Twelve Months [Member] | |||
Unsatisfied performance obligations | $ 92,100,000 |
Concentration of Credit Risk -
Concentration of Credit Risk - Additional Information (Detail) - Customer | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Risks and Uncertainties [Abstract] | |||
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% | |
Number of customers accounted for more than 10% of net accounts receivable | 0 | 0 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Detail) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
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, 2019 | Dec. 31, 2018 |
Investment Holdings [Line Items] | ||
Amortized Cost | $ 28,948 | $ 29,306 |
Fair Market Value | 28,948 | 29,306 |
Balance Per Balance Sheet | 28,948 | 29,306 |
Cash [Member] | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 28,804 | 21,007 |
Fair Market Value | 28,804 | 21,007 |
Balance Per Balance Sheet | 28,804 | 21,007 |
Money Market Funds [Member] | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 144 | 8,299 |
Fair Market Value | 144 | 8,299 |
Balance Per Balance Sheet | $ 144 | $ 8,299 |
Net Loss per Share - Outstandin
Net Loss per Share - Outstanding Common Shares Excluded from Computation of Dilutive Net Loss per Share (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
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 | 2,641 | 3,766 |
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 | 3,039 | 2,200 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Company's Financial Instruments Carried at Fair Value Using Lowest Level of Input (Detail) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | $ 144 | $ 8,299,000 |
Total assets | 144 | 8,299,000 |
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 | 144 | 8,299,000 |
Total assets | $ 144 | $ 8,299,000 |
Stock based Compensation - Addi
Stock based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Weighted-average fair value of options granted | $ 3.82 | $ 3.10 |
Stock based compensation expense | $ 1,424 | $ 1,668 |
Unrecognized stock-based compensation expense | $ 15,009 | |
Weighted average period | 2 years 8 months 19 days |
Stock Based Compensation - Weig
Stock Based Compensation - Weighted Average Assumptions Utilized (Detail) - Stock Compensation Plan [Member] | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life in years | 6 years 3 months 18 days | 6 years 3 months 18 days |
Risk-free interest rate | 2.55% | 2.51% |
Volatility | 43.00% | 41.00% |
Dividend yield | 0.00% | 0.00% |
Stock Based Compensation - Summ
Stock Based Compensation - Summarizes Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | $ 1,424 | $ 1,668 |
Subscription and Support Revenue [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | 119 | 114 |
Professional Services and Other Revenue [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | 84 | 40 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | 263 | 346 |
Sales and Marketing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | 458 | 665 |
General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | $ 500 | $ 503 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Stock Option Activity (Detail) - Options Outstanding [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Outstanding at December 31, 2018 | shares | 2,737,655 |
Shares, Granted | shares | 130,000 |
Shares, Exercised | shares | (98,195) |
Shares, Cancelled | shares | (270,242) |
Shares, Outstanding at March 31, 2019 | shares | 2,499,218 |
Shares, Exercisable at March 31, 2019 | shares | 1,182,990 |
Weighted-Average Exercise Price, Outstanding at December 31, 2018 | $ / shares | $ 8.57 |
Weighted-Average Exercise Price, Granted | $ / shares | 8.37 |
Weighted-Average Exercise Price, Exercised | $ / shares | 6.37 |
Weighted-Average Exercise Price, Cancelled | $ / shares | 9.75 |
Weighted-Average Exercise Price, Outstanding at March 31, 2019 | $ / shares | 8.52 |
Weighted-Average Exercise Price, Exercisable at March 31, 2019 | $ / shares | $ 8.15 |
Weighted-Average Remaining Contractual Term, Outstanding at March 31, 2019 | 7 years 1 month 28 days |
Weighted-Average Remaining Contractual Term, Exercisable at March 31, 2019 | 5 years 2 months 19 days |
Aggregate Intrinsic Value, Exercised | $ | $ 177 |
Aggregate Intrinsic Value, Outstanding at March 31, 2019 | $ | 1,809 |
Aggregate Intrinsic Value, Exercisable at March 31, 2019 | $ | $ 1,303 |
Stock Based Compensation - Su_3
Stock Based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail) | Mar. 31, 2019$ / 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 | $ 8.41 |
Stock Based Compensation - Su_4
Stock Based Compensation - Summary of RSU Activity (Detail) - RSUs [Member] | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Unvested Shares, Beginning Balance | shares | 3,033,582 |
Granted | shares | 302,250 |
Vested and issued | shares | (56,637) |
Cancelled | shares | (204,681) |
Unvested Shares, Ending Balance | shares | 3,074,514 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 8.07 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 8.37 |
Weighted Average Grant Date Fair Value, Vested and issued | $ / shares | 7.19 |
Weighted Average Grant Date Fair Value, Cancelled | $ / shares | 7.83 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 8.13 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 175 | $ 112 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Jan. 30, 2019Patents | Dec. 31, 2018USD ($) |
Commitment And Contingencies [Line Items] | ||
Cost for Guarantees and indemnities | $ | $ 0 | |
Uniloc 2017 LLC [Member] | ||
Commitment And Contingencies [Line Items] | ||
Complaint filed against patents allegedly infringed | Patents | 4 |
Debt - Additional Information (
Debt - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2019USD ($) | |
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. |
Secured Line of Credit [Member] | |
Debt Instrument [Line Items] | |
Line of credit, agreement start date | Dec. 14, 2018 |
Line of credit maximum borrowing capacity | $ 30,000,000 |
Percentage points added to prime rate or LIBOR | 4.00% |
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 | 2.25% |
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, 2019 | Mar. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | $ 41,836 | $ 41,194 |
North America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 21,813 | 22,678 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 6,469 | 6,313 |
Japan [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 6,188 | 5,387 |
Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 7,272 | 6,711 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | $ 94 | $ 105 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues from customers | $ 41,836 | $ 41,194 |
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 | $ 20,406 | $ 21,254 |
Recently Issued and Adopted A_3
Recently Issued and Adopted Accounting Standards - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 01, 2019 | |
Accounting Policies [Line Items] | |||
Operating lease expense | $ 1,907 | $ 2,003 | |
Weighted-average remaining non-cancelable lease term | 3 years | ||
Weighted-average discount rate | 4.00% | ||
Accounting Standards Update 2016-02 [Member] | |||
Accounting Policies [Line Items] | |||
Right-of-use assets | $ 19,600 | ||
Lease liabilities | 20,900 | ||
Reversed deferred rent liability | $ 1,300 |
Recently Issued and Adopted A_4
Recently Issued and Adopted Accounting Standards - Undiscounted Cash Flows Under Operating Leases (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Accounting Changes and Error Corrections [Abstract] | |
2019 | $ 5,268 |
2020 | 5,867 |
2021 | 5,145 |
2022 | 2,215 |
2023 | 1,131 |
2024 and thereafter | 1,010 |
Total | $ 20,636 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Ooyala [Member] - Asset Purchase and Sale Agreement [Member] - USD ($) $ in Thousands | Apr. 01, 2019 | Mar. 31, 2019 |
Subsequent Event [Line Items] | ||
Merger related costs | $ 2,900 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Unregistered shares of common stock | 1,056,763 | |
Unregistered shares of common stock, value | $ 8,900 | |
Business acquisition, cash paid | 5,910 | |
Cash consideration, escrow amount | $ 2,650 |