Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 18, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | BRIGHTCOVE INC | |
Entity Central Index Key | 0001313275 | |
Current Fiscal Year End Date | --12-31 | |
Trading Symbol | BCOV | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 38,800,842 | |
Entity Incorporation, State or Country Code | DE | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity Address, State or Province | MA |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 22,649 | $ 29,306 |
Accounts receivable, net of allowance of $447 and $190 at September 30, 2019 and December 31, 2018, respectively | 31,485 | 23,264 |
Prepaid expenses | 5,687 | 4,866 |
Other current assets | 6,755 | 7,070 |
Total current assets | 66,576 | 64,506 |
Property and equipment, net | 11,142 | 9,703 |
Operating lease right-of-use asset | 15,419 | |
Intangible assets, net | 14,967 | 5,919 |
Goodwill | 61,010 | 50,776 |
Other assets | 3,005 | 2,452 |
Total assets | 172,119 | 133,356 |
Current liabilities: | ||
Accounts payable | 11,171 | 7,712 |
Accrued expenses | 18,829 | 13,982 |
Operating lease liability | 5,954 | |
Deferred revenue | 49,286 | 39,846 |
Total current liabilities | 85,240 | 61,540 |
Operating lease liability, net of current portion | 10,467 | |
Other liabilities | 890 | 1,202 |
Total liabilities | 96,597 | 62,742 |
Commitments and contingencies (Note 11) | ||
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; 38,922,488 and 36,752,469 shares issued at September 30, 2019 and December 31, 2018, respectively | 39 | 37 |
Additional paid-in capital | 271,293 | 251,122 |
Treasury stock, at cost; 135,000 shares | (871) | (871) |
Accumulated other comprehensive loss | (1,026) | (952) |
Accumulated deficit | (193,913) | (178,722) |
Total stockholders' equity | 75,522 | 70,614 |
Total liabilities and stockholders' equity | $ 172,119 | $ 133,356 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 447 | $ 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 | 38,922,488 | 36,752,469 |
Treasury stock, shares | 135,000 | 135,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue: | ||||
Revenue | $ 47,434 | $ 41,121 | $ 136,852 | $ 123,969 |
Cost of revenue: | ||||
Cost of revenue | 18,314 | 16,318 | 56,669 | 50,147 |
Gross profit | 29,120 | 24,803 | 80,183 | 73,822 |
Operating expenses: | ||||
Research and development | 8,127 | 8,314 | 23,150 | 23,832 |
Sales and marketing | 14,567 | 14,009 | 45,650 | 42,508 |
General and administrative | 6,245 | 5,621 | 17,485 | 18,056 |
Merger-related | 2,539 | 8,091 | ||
Total operating expenses | 31,478 | 27,944 | 94,376 | 84,396 |
Loss from operations | (2,358) | (3,141) | (14,193) | (10,574) |
Other expense, net | (441) | (217) | (477) | (427) |
Loss before income taxes | (2,799) | (3,358) | (14,670) | (11,001) |
Provision for income taxes | 171 | 144 | 521 | 410 |
Net loss | $ (2,970) | $ (3,502) | $ (15,191) | $ (11,411) |
Net loss per share - basic and diluted | $ (0.08) | $ (0.10) | $ (0.40) | $ (0.32) |
Weighted-average number of common shares used in computing net loss per share | 38,564,314 | 36,212,246 | 37,738,739 | 35,564,311 |
Subscription and Support Revenue [Member] | ||||
Revenue: | ||||
Revenue | $ 45,424 | $ 37,442 | $ 129,192 | $ 113,176 |
Cost of revenue: | ||||
Cost of revenue | 16,686 | 13,142 | 50,237 | 39,723 |
Professional Services and Other Revenue [Member] | ||||
Revenue: | ||||
Revenue | 2,010 | 3,679 | 7,660 | 10,793 |
Cost of revenue: | ||||
Cost of revenue | $ 1,628 | $ 3,176 | $ 6,432 | $ 10,424 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (2,970) | $ (3,502) | $ (15,191) | $ (11,411) |
Other comprehensive income: | ||||
Foreign currency translation adjustments | (134) | (116) | (74) | (189) |
Comprehensive loss | $ (3,104) | $ (3,618) | $ (15,265) | $ (11,600) |
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 Dec. 31, 2017 | $ 35 | $ 238,700 | $ (871) | $ (809) | $ (170,299) | |
Beginning Balance, shares at Dec. 31, 2017 | 34,933,408 | |||||
Treasury shares, beginning Balance at Dec. 31, 2017 | (135,000) | |||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units | $ 2 | 5,439 | ||||
IIssuance of common stock upon exercise of stock options and pursuant to restricted stock units, shares | 1,670,092 | |||||
Withholding tax on restricted stock units vesting | (142) | |||||
Stock-based compensation expense | 5,179 | |||||
Impact of adoption of ASU 2014-09 as of January 1, 2018 at Dec. 31, 2017 | 5,605 | |||||
Foreign currency translation adjustment | $ (189) | (189) | ||||
Net loss | (11,411) | |||||
Ending Balance at Sep. 30, 2018 | 71,239 | $ 37 | 249,176 | $ (871) | (998) | (176,105) |
Ending Balance, shares at Sep. 30, 2018 | 36,603,500 | |||||
Treasury stock, Ending Balance at Sep. 30, 2018 | (135,000) | |||||
Beginning Balance at Jun. 30, 2018 | $ 36 | 246,417 | $ (871) | (882) | (172,603) | |
Beginning Balance, shares at Jun. 30, 2018 | 36,052,891 | |||||
Treasury shares, beginning Balance at Jun. 30, 2018 | (135,000) | |||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units | $ 1 | 1,219 | ||||
IIssuance of common stock upon exercise of stock options and pursuant to restricted stock units, shares | 550,609 | |||||
Withholding tax on restricted stock units vesting | (29) | |||||
Stock-based compensation expense | 1,569 | |||||
Foreign currency translation adjustment | (116) | (116) | ||||
Net loss | (3,502) | |||||
Ending Balance at Sep. 30, 2018 | 71,239 | $ 37 | 249,176 | $ (871) | (998) | (176,105) |
Ending Balance, shares at Sep. 30, 2018 | 36,603,500 | |||||
Treasury stock, Ending Balance at Sep. 30, 2018 | (135,000) | |||||
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 | $ 1 | 3,215 | ||||
IIssuance of common stock upon exercise of stock options and pursuant to restricted stock units, shares | 883,173 | |||||
Withholding tax on restricted stock units vesting | (32) | |||||
Issuance of common stock upon acquisition | $ 1 | 12,249 | ||||
Issuance of common stock upon acquisition (shares) | 1,286,846 | |||||
Stock-based compensation expense | 4,739 | |||||
Impact of adoption of ASU 2014-09 as of January 1, 2018 at Dec. 31, 2018 | 0 | |||||
Foreign currency translation adjustment | $ (74) | (74) | ||||
Net loss | (15,191) | |||||
Ending Balance at Sep. 30, 2019 | $ 75,522 | $ 39 | 271,293 | $ (871) | (1,026) | (193,913) |
Ending Balance, shares at Sep. 30, 2019 | 38,922,488 | |||||
Treasury stock, Ending Balance at Sep. 30, 2019 | 135,000 | (135,000) | ||||
Beginning Balance at Jun. 30, 2019 | $ 38 | 264,765 | $ (871) | (892) | (190,943) | |
Beginning Balance, shares at Jun. 30, 2019 | 38,219,843 | |||||
Treasury shares, beginning Balance at Jun. 30, 2019 | (135,000) | |||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units | $ 1 | 1,372 | ||||
IIssuance of common stock upon exercise of stock options and pursuant to restricted stock units, shares | 472,562 | |||||
Withholding tax on restricted stock units vesting | (32) | |||||
Issuance of common stock upon acquisition | $ 0 | 3,383 | ||||
Issuance of common stock upon acquisition (shares) | 230,083 | |||||
Stock-based compensation expense | 1,805 | |||||
Impact of adoption of ASU 2014-09 as of January 1, 2018 at Jun. 30, 2019 | 0 | |||||
Foreign currency translation adjustment | $ (134) | (134) | ||||
Net loss | (2,970) | |||||
Ending Balance at Sep. 30, 2019 | $ 75,522 | $ 39 | $ 271,293 | $ (871) | $ (1,026) | $ (193,913) |
Ending Balance, shares at Sep. 30, 2019 | 38,922,488 | |||||
Treasury stock, Ending Balance at Sep. 30, 2019 | 135,000 | (135,000) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating activities | ||
Net loss | $ (15,191) | $ (11,411) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 6,150 | 5,164 |
Stock-based compensation | 4,504 | 5,022 |
Provision for reserves on accounts receivable | 559 | 99 |
Changes in assets and liabilities: | ||
Accounts receivable | (5,477) | 1,998 |
Prepaid expenses and other current assets | 642 | (118) |
Other assets | (503) | (355) |
Accounts payable | 2,635 | (1,262) |
Accrued expenses | 4,510 | 1,964 |
Operating leases | (261) | |
Deferred revenue | 3,061 | (1,335) |
Net cash provided by (used in) operating activities | 629 | (234) |
Investing activities | ||
Cash paid for acquisition, net of cash acquired | (5,402) | |
Purchases of property and equipment | (600) | (1,322) |
Capitalized internal-use software costs | (4,264) | (2,527) |
Net cash used in investing activities | (10,266) | (3,849) |
Financing activities | ||
Proceeds from exercise of stock options | 3,215 | 5,440 |
Other financing activities | (208) | (428) |
Net cash provided by financing activities | 3,007 | 5,012 |
Effect of exchange rate changes on cash and cash equivalents | (27) | (206) |
Net (decrease) increase in cash and cash equivalents | (6,657) | 723 |
Cash and cash equivalents at beginning of period | 29,306 | 26,132 |
Cash and cash equivalents at end of period | 22,649 | $ 26,855 |
Supplemental disclosure of cash flow information | ||
Cash paid for operating lease liabilities | 1,829 | |
Supplemental disclosure of non-cash investing activities | ||
Fair value of shares issued for acquisition of a business | $ 12,250 |
Business Description and Basis
Business Description and Basis of Presentation | 9 Months Ended |
Sep. 30, 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. 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 14, 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 footnote 14 Standards Update (“ASU”) 2016-02, Leases (Topic 842), Amendments to the FASB Accounting Standards Codification the accounting for 10-K |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Business Combination Disclosure | 2. Business Combinations Ooyala 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 “Ooyala 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 $2.6 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 Ooyala Acquisition was accounted for using the purchase method of accounting in accordance with Accounting Standards Codification 805 — Business Combinations The process for estimating the fair values of identifiable intangible assets and certain tangible assets requires the use of significant estimates and assumptions, including estimating future cash flows and developing appropriate discount rates. Definitive allocations are being performed and finalized based on certain valuations and other studies performed by the Company with the services of valuation pro fessionals During the three and nine months ended September 30, 2019, the Company incurred $2.0 million and $7.6 million, respectively, of merger-related costs related to the Ooyala Acquisition. The excess of the purchase price over the estimated amounts of net assets as of the effective date of the acquisition was allocated to goodwill in accordance with the accounting guidance. The factors contributing to the recognition of the amount of goodwill are based on several strategic and synergistic benefits that are expected to be realized from the Ooyala Acquisition. These benefits include the acquired workforce and with the Company’s direct sales force and larger channel coverage, the Company anticipates significant cross-selling opportunities. The goodwill is expected to be deductible for tax purposes. The total purchase price for Ooyala has been allocated as follows: Accounts receivable $ 2,904 Other tangible assets 620 Identifiable intangible assets 9,765 Goodwill 4,762 Deferred revenue (6,425 ) Other liabilities (196 ) Total estimated purchase price $ 11,430 The following are the identifiable intangible assets acquired and their respective useful lives, as determined based on preliminary valuations: Amount Useful Customer relationships $ 9,127 7 Developed technology 638 1 Total $ 9,765 The preliminary fair value of the intangible assets has been estimated using the income approach in which the after-tax The estimated amortization expense for 2019 and for each of the five succeeding years and thereafter is as follows: Year Ending December 31, Amount 2019 $ 1,456 2020 1,463 2021 1,304 2022 1,304 2023 1,304 2024 and thereafter 2,934 Total $ 9,765 Pro Forma Financial Information The unaudited financial information in the table below summarizes the combined results of operations of the Company and Ooyala, on a pro forma basis, as though the Company had acquired Ooyala at the beginning of the periods presented. The pro forma information for all periods presented also includes the effects of business combination accounting resulting from the acquisition. Three Months Nine Months Ended 2018 2019 2018 Total revenue $ 48,736 $ 144,467 $ 146,814 Net loss (4,215 ) (13,904 ) (12,151 ) Earnings per share - (0.11 ) (0.37 ) (0.33 ) Revenue from the Ooyala Acquisition for the three and nine months ended September 30, 2019 was $5.9 million and $12.1 million, respectively. Net income from the Ooyala Acquisition for the three and nine months ended September 30, 2019 was $1.1 million and $1.4 million, respectively. Other Business Combinations On August 1, 2019, pursuant to a Share Purchase Agreement (the “SPA”), the Company completed its acquisition of a company and its subsidiary (the “August Acquisition”) in exchange for common stock of the Company and cash. Consideration was comprised of: (a) , which 40,603 were held ba ck inaccuracies in the sellers’ representations and warranties, covenants and agreements , (b) approximately $3.3 million in cash, of which $488 was held back to secure payment of any claims of indemnification for breaches or inaccuracies in the Sellers’ representations and warranties, covenants and agreements, and (c) approximately $1 million in cash for cash acquired as part of the transaction . The August Acquisition was accounted for using the purchase method of accounting in accordance with Accounting Standards Codification 805 — Business Combinations statements. Additionally, the Company is in the process of evaluating the accounting of the deferred consideration for the amounts held back for security against indemnification, as well as standard representations and warranties made by the seller . During the three and nine months ended September 30, 2019, the Company incurred $500 of merger-related costs related to the August Acquisition. The excess of the purchase price over the estimated amounts of net assets as of the effective date of the acquisition was allocated to goodwill in accordance with the accounting guidance. The factors contributing to the recognition of the amount of goodwill are based on several strategic and synergistic benefits that are expected to be realized from the August Acquisition. These benefits include the acquired workforce and opportunities to expand the Company’s offerings in target market segments . The goodwill is expected to be no n- The total purchase price for the August Acquisition has been allocated as follows: Cash $ 981 Accounts receivable 393 Other tangible assets 210 Identifiable intangible assets 1,525 Goodwill 5,472 Accounts payable (177 ) Deferred revenue (138 ) Accrued expenses (322 ) Deferred tax liability (264 ) Total estimated purchase price $ 7,680 The following are the identifiable intangible assets acquired and their respective useful lives, as determined based on preliminary valuations: Amount Useful Life Developed technology $ 232 4 Customer relationships 1,293 4 Total $ 1,525 The preliminary fair value of the intangible assets has been estimated using the income approach in which the after-tax The estimated remaining amortization expense for 2019 and for each of the five succeeding years and thereafter is as follows: Year Ending December 31, Amount 2019 $ 160 2020 381 2021 381 2022 381 2023 222 2024 and thereafter — Total $ 1,525 Pro forma results of operations for the August Acquisition have not been presented because the effect of the acquisition is not material to the Company’s consolidated financial results. Revenue and earnings attributable to acquired operations since the date of the acquisition are included in the Company’s consolidated statements of operations The changes in the carrying amount of goodwill for the nine months ended September 30, 2019 were as follows: Balance as of January 1, 2019 $ 50,776 Goodwill from acquisitions 10,234 Balance as of September 30, 2019 $ 61,010 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 3. Revenue from Contracts with Customers The Company primarily derives revenue from the sale of its online video platform, which enables its customers to publish and distribute video to Internet-connected devices quickly, easily and in a cost-effective and high-quality manner. Revenue is derived from three primary sources: (1) the subscription to its technology and related support; (2) hosting, bandwidth and encoding services; and (3) professional services, which include initiation, set-up and The following summarizes the opening and closing balances of receivables, contract assets and contract liabilities from contracts with customers. Accounts net Contract Deferred Deferred (non-current) Total Balance at December 31, 2018 $ 23,264 $ 1,640 $ 39,846 $ 146 $ 39,992 Balance at September 30, 2019 31,485 1,786 49,286 428 49,714 Revenue recognized during the three and nine months ended September 30, 2019 from amounts included in deferred revenue at the beginning of the period was approximately $6.4 million and $37.6 million, respectively. During the three and nine months ended September 30, 2019, the Company did not recognize a material amount of revenue from performance obligations satisfied or partially satisfied in previous periods . The assets recognized for costs to obtain a contract were $5.7 million as of September 30, 2019 and $ 5.9 Transaction Price Allocated to Future Performance Obligations As of September 30, 2019, the total aggregate transaction price allocated to the unsatisfied performance obligations for subscription and support contracts was approximately $125.7 million, of which approximately $100.6 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 December 2022 |
Concentration of Credit Risk
Concentration of Credit Risk | 9 Months Ended |
Sep. 30, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | 4. Concentration of Credit Risk The Company has no significant off-balance sheet At September 30, 2019 and December 31, 2018, no individual customer accounted for 10 10 |
Concentration of Other Risks
Concentration of Other Risks | 9 Months Ended |
Sep. 30, 2019 | |
Text Block [Abstract] | |
Concentration of Other Risks | 5. 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 | 9 Months Ended |
Sep. 30, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 6. 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 September 30, 2019 consist of the following: September 30, 2019 Description Contracted Maturity Cost Fair Market Value Balance Per Balance Sheet Cash Demand $ 22,608 $ 22,608 $ 22,608 Money market funds Demand 41 41 41 Total cash and cash equivalents $ 22,649 $ 22,649 $ 22,649 Cash and cash equivalents as of December 31, 2018 consist of the following: December 31, 2018 Description Contracted Maturity 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 | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 7. Net Loss per Share The Company calculates basic and diluted net loss per common share by dividing the net loss by the number of common shares outstanding during the period. The Company has excluded other potentially dilutive shares, which include warrants to purchase common stock and outstanding common stock options and unvested restricted stock units, from the number of common shares outstanding as their inclusion in the computation for all periods would be anti-dilutive due to net losses incurred. The following outstanding common shares have been excluded from the computation of dilutive net loss per share as of September 30, 2019 and 2018 (in thousands). Three Months Ended Nine Months Ended 2019 2018 2019 2018 Options outstanding 2,522 3,079 2,522 3,079 Restricted stock units outstanding 3,244 2,477 3,244 2,477 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 8. 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 September 30, 2019 and December 31, 2018: September 30, 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 $ 41 $ — $ — $ 41 Total assets $ 41 $ — $ — $ 41 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 | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | 9. Stock-based Compensation The weighted-average fair value of options granted during the three months ended September 30, 2019 and 2018 was $5.21 and $3.89 per share, respectively. The weighted-average fair value of options granted during the nine months ended September 30, 2019 and 2018 was $4.54 and $4.16 per share, respectively. The weighted-average assumptions utilized to determine such values are presented in the following table: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Expected life in years 6.2 6.3 6.2 6.2 Risk-free interest rate 1.85 % 2.92 % 2.30 % 2.88 % Volatility 44 % 42 % 44 % 43 % Dividend yield — — — — The Company recorded stock-based compensation expense of $1.7 million million million million million The following table summarizes stock-based compensation expense as included in the consolidated statement of operations for the three and nine months ended September 30, 2019 and 2018: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Stock-based compensation : Cost of subscription and support revenue $ 127 $ 140 $ 341 $ 373 Cost of professional services and other revenue 71 69 223 155 Research and development 323 283 855 932 Sales and marketing 602 437 1,411 1,885 General and administrative 598 593 1,674 1,677 $ 1,721 $ 1,522 $ 4,504 $ 5,022 The following is a summary of the stock option activity during the nine months ended September 30, 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 692,038 10.00 Exercised (427,429 ) 7.52 $ 1,155 Canceled (479,918 ) 9.42 Outstanding at September 30, 2019 2,522,346 $ 8.98 7.34 $ 4,224 Exercisable at September 30, 2019 1,113,395 $ 8.36 5.40 $ 2,622 (1) The aggregate intrinsic value was calculated based on the positive difference between the fair value of the Company’s common stock on September 30, 2019 of $ 10.48 The following table summarizes the restricted stock unit activity during the nine months ended September 30, 2019: Shares Weighted Average Grant Date Fair Value Unvested at 3,033,582 $ 8.07 Granted 1,388,172 11.03 Vested and issued (455,744 ) 8.03 Canceled (721,827 ) 8.08 Unvested at 3,244,183 $ 9.07 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes For the three months ended September 30, 2019 and 2018, the Company recorded income tax expense of $171 and $144, respectively. For the nine months ended September 30, 2019 and 2018, the Company recorded income tax expense of $521 and $410, 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 September 30, 2019 and December 31, 2018, 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 | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Legal Matters On January 30, 2019, Uniloc 2017 LLC (“Uniloc”) 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 the Company infringed four patents and seeks monetary damages and other relief. The Company answered 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. On or about June 24, 2019, Dynamic Data Technologies, LLC (“DDT”) 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 the Company infringed patents owned by DDT and seeks monetary damages and other relief. The Company filed a mo t dismiss and that motion is pending r eview by the cou rt 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 September 30, 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 | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | 12. 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 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 | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 13. 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 Nine Months Ended 2019 2018 2019 2018 Revenue: North America $ 24,904 $ 21,834 $ 72,425 $ 67,351 Europe 8,178 7,491 22,814 20,538 Japan 5,391 5,464 16,725 16,319 Asia Pacific 8,646 6,125 24,009 19,292 Other 315 207 879 469 Total revenue $ 47,434 $ 41,121 $ 136,852 $ 123,969 North America is comprised of revenue from the United States, Canada and Mexico. Revenue from customers located in the United States was $23,162 and $20,521 during the three months ended September 30, 2019 and 2018, respectively. Revenue from customers located in the United States was $67,534 and $63,345 during the nine months ended September 30, 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 and nine months ended September 30, 2019 and 2018. As of September 30, 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 | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued and Adopted Accounting Standards | 14. 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 $2 million million million million During the second quarter of 2019, the Company entered into a new lease in its Singapore location with a lease liability of $779. 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 September 30, 2019: Year Ending December 31, Operating 2019 $ 1,746 2020 6,072 2021 5,349 2022 2,262 2023 1,069 2024 and thereafter 954 $ 17,452 |
Restructuring
Restructuring | 9 Months Ended |
Sep. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | 15. Restructuring During the second quarter of 2019, the Company committed to an action to restructure certain parts of the Company with the intent of aligning skills with the Company’s strategy and facilitating cost efficiencies and savings. As a result , Condensed Consolidated Statements of Operations - amount s due |
Business Description and Basi_2
Business Description and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 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. |
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 14, 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 footnote 14 Standards Update (“ASU”) 2016-02, Leases (Topic 842), Amendments to the FASB Accounting Standards Codification the accounting for 10-K |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Business Acquisition [Line Items] | |
Schedule of Total Purchase Price | The total purchase price for Ooyala has been allocated as follows: Accounts receivable $ 2,904 Other tangible assets 620 Identifiable intangible assets 9,765 Goodwill 4,762 Deferred revenue (6,425 ) Other liabilities (196 ) Total estimated purchase price $ 11,430 |
Schedule of Identifiable Intangible Assets Acquired and Their respective Useful Lives | The following are the identifiable intangible assets acquired and their respective useful lives, as determined based on preliminary valuations: Amount Useful Customer relationships $ 9,127 7 Developed technology 638 1 Total $ 9,765 |
Schedule of Estimated Remaining Amortization Expense | The estimated amortization expense for 2019 and for each of the five succeeding years and thereafter is as follows: Year Ending December 31, Amount 2019 $ 1,456 2020 1,463 2021 1,304 2022 1,304 2023 1,304 2024 and thereafter 2,934 Total $ 9,765 |
Schedule of Pro Forma Financial Information | The pro forma information for all periods presented also includes the effects of business combination accounting resulting from the acquisition. Three Months Nine Months Ended September 30, 2018 2019 2018 Total revenue $ 48,736 $ 144,467 $ 146,814 Net loss (4,215 ) (13,904 ) (12,151 ) Earnings per share - (0.11 ) (0.37 ) (0.33 ) |
Schedule of Goodwill | The changes in the carrying amount of goodwill for the nine months ended September 30, 2019 were as follows: Balance as of January 1, 2019 $ 50,776 Goodwill from acquisitions 10,234 Balance as of September 30, 2019 $ 61,010 |
Other Business Combinations [Member] | |
Business Acquisition [Line Items] | |
Schedule of Total Purchase Price | The total purchase price for the August Acquisition has been allocated as follows: Cas h $ 981 Accounts receivabl e 393 Other tangible asset s 210 Identifiable intangible assets 1,525 Goodwill 5,472 Accounts payable (177 ) Deferred revenue (138 ) Accrued expenses (322 ) Deferred tax liability (264 ) Total estimated purchase price $ 7,680 |
Schedule of Identifiable Intangible Assets Acquired and Their respective Useful Lives | The following are the identifiable intangible assets acquired and their respective useful lives, as determined based on preliminary valuations: Amount Useful Life Developed technology $ 232 4 Customer relationships 1,293 4 Total $ 1,525 |
Schedule of Estimated Remaining Amortization Expense | The estimated remaining amortization expense for 2019 and for each of the five succeeding years and thereafter is as follows: Year Ending December 31, Amount 2019 $ 160 2020 381 2021 381 2022 381 2023 222 2024 and thereafter — Total $ 1,525 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 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 net Contract Deferred Deferred (non-current) Total Balance at December 31, 2018 $ 23,264 $ 1,640 $ 39,846 $ 146 $ 39,992 Balance at September 30, 2019 31,485 1,786 49,286 428 49,714 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash and cash equivalents as of September 30, 2019 consist of the following: September 30, 2019 Description Contracted Maturity Cost Fair Market Value Balance Per Balance Sheet Cash Demand $ 22,608 $ 22,608 $ 22,608 Money market funds Demand 41 41 41 Total cash and cash equivalents $ 22,649 $ 22,649 $ 22,649 Cash and cash equivalents as of December 31, 2018 consist of the following: December 31, 2018 Description Contracted Maturity 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) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Outstanding Common Shares Excluded from Computation of Dilutive Net Loss per Share | The following outstanding common shares have been excluded from the computation of dilutive net loss per share as of September 30, 2019 and 2018 (in thousands). Three Months Ended Nine Months Ended 2019 2018 2019 2018 Options outstanding 2,522 3,079 2,522 3,079 Restricted stock units outstanding 3,244 2,477 3,244 2,477 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2019 and December 31, 2018: September 30, 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 $ 41 $ — $ — $ 41 Total assets $ 41 $ — $ — $ 41 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) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended 2019 2018 2019 2018 Expected life in years 6.2 6.3 6.2 6.2 Risk-free interest rate 1.85 % 2.92 % 2.30 % 2.88 % Volatility 44 % 42 % 44 % 43 % 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 and nine months ended September 30, 2019 and 2018: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Stock-based compensation : Cost of subscription and support revenue $ 127 $ 140 $ 341 $ 373 Cost of professional services and other revenue 71 69 223 155 Research and development 323 283 855 932 Sales and marketing 602 437 1,411 1,885 General and administrative 598 593 1,674 1,677 $ 1,721 $ 1,522 $ 4,504 $ 5,022 |
Summary of Stock Option Activity | The following is a summary of the stock option activity during the nine months ended September 30, 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 692,038 10.00 Exercised (427,429 ) 7.52 $ 1,155 Canceled (479,918 ) 9.42 Outstanding at September 30, 2019 2,522,346 $ 8.98 7.34 $ 4,224 Exercisable at September 30, 2019 1,113,395 $ 8.36 5.40 $ 2,622 (1) The aggregate intrinsic value was calculated based on the positive difference between the fair value of the Company’s common stock on September 30, 2019 of $ 10.48 |
Restricted Stock Units Activity | The following table summarizes the restricted stock unit activity during the nine months ended September 30, 2019: Shares Weighted Average Grant Date Fair Value Unvested at 3,033,582 $ 8.07 Granted 1,388,172 11.03 Vested and issued (455,744 ) 8.03 Canceled (721,827 ) 8.08 Unvested at 3,244,183 $ 9.07 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended 2019 2018 2019 2018 Revenue: North America $ 24,904 $ 21,834 $ 72,425 $ 67,351 Europe 8,178 7,491 22,814 20,538 Japan 5,391 5,464 16,725 16,319 Asia Pacific 8,646 6,125 24,009 19,292 Other 315 207 879 469 Total revenue $ 47,434 $ 41,121 $ 136,852 $ 123,969 |
Recently Issued and Adopted A_2
Recently Issued and Adopted Accounting Standards (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2019: Year Ending December 31, Operating 2019 $ 1,746 2020 6,072 2021 5,349 2022 2,262 2023 1,069 2024 and thereafter 954 $ 17,452 |
Business Description and Basi_3
Business Description and Basis of Presentation - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2019Subsidiaries | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of wholly-owned subsidiaries | 14 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 01, 2019 | Apr. 01, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Subsequent Event [Line Items] | ||||||
Business Combination Pro Forma Revenue | $ 48,736 | $ 144,467 | $ 146,814 | |||
Net income loss | $ (4,215) | (13,904) | $ (12,151) | |||
Ooyala [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Business Combination Pro Forma Revenue | $ 5,900 | 12,100 | ||||
Net income loss | 1,100 | 1,400 | ||||
Ooyala [Member] | Asset Purchase and Sale Agreement [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 | 2,600 | |||||
Cash consideration, escrow amount | $ 2,650 | |||||
Merger related costs | $ 2,000 | 7,600 | ||||
Other Business Combination [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Merger related costs | $ 500,000 | |||||
Other Business Combination [Member] | Share Purchase Agreement [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Unregistered shares of common stock | 270,686 | |||||
Unregistered shares of common stock, value | $ 3,400 | |||||
Business acquisition, cash paid | 3,300 | |||||
Cash consideration, escrow amount | $ 488 | |||||
Unregistered shares of common stock ,escrow account | 40,603 | |||||
Business acquisition, cash paid for cash acquired | $ 1,000 |
Business Combinations - Schedul
Business Combinations - Schedule of Total Purchase Price (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||
Goodwill | $ 61,010 | $ 50,776 |
Other Business Combination [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 981 | |
Accounts receivable | 393 | |
Other tangible assets | 210 | |
Identifiable intangible assets | 1,525 | |
Goodwill | 5,472 | |
Accounts payable | (177) | |
Deferred revenue | (138) | |
Accrued expenses | (322) | |
Deferred tax liability | (264) | |
Total estimated purchase price | 7,680 | |
Ooyala, Inc [Member] | ||
Business Acquisition [Line Items] | ||
Accounts receivable | 2,904 | |
Other tangible assets | 620 | |
Identifiable intangible assets | 9,765 | |
Goodwill | 4,762 | |
Deferred revenue | (6,425) | |
Other liabilites | (196) | |
Total estimated purchase price | $ 11,430 |
Business Combinations - Sched_2
Business Combinations - Schedule of Identifiable Intangible Assets Acquired and Their respective Useful Lives (Details 1) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Ooyala Inc [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 9,765 |
Other Business Combination [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,525 |
Customer Relationships [Member] | Ooyala Inc [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 9,127 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years |
Customer Relationships [Member] | Other Business Combination [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1,293 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years |
Developed Technology Rights [Member] | Ooyala Inc [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 638 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year |
Developed Technology Rights [Member] | Other Business Combination [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 232 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years |
Business Combinations - Sched_3
Business Combinations - Schedule of Estimated Remaining Amortization Expense (Details 2) $ in Thousands | Sep. 30, 2019USD ($) |
Ooyala Inc [Member] | |
2019 | $ 1,456 |
2020 | 1,463 |
2021 | 1,304 |
2022 | 1,304 |
2023 | 1,304 |
2024 and thereafter | 2,934 |
Total | 9,765 |
Other Business Combination [Member] | |
2019 | 160 |
2020 | 381 |
2021 | 381 |
2022 | 381 |
2023 | 222 |
Total | $ 1,525 |
Business Combinations - Sched_4
Business Combinations - Schedule of Pro Forma Financial Information (Details 3) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Business Combinations [Abstract] | |||
Total revenue | $ 48,736 | $ 144,467 | $ 146,814 |
Net loss | $ (4,215) | $ (13,904) | $ (12,151) |
Earnings per share - basic and diluted | $ (0.11) | $ (0.37) | $ (0.33) |
Business Combinations - Sched_5
Business Combinations - Schedule of Goodwill (Details 4) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Business Combinations [Abstract] | |
Beginning balance | $ 50,776 |
Goodwill from acquisitions | 10,234 |
Ending balance | $ 61,010 |
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 | Sep. 30, 2019 | Dec. 31, 2018 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Accounts receivable, net | $ 31,485 | $ 23,264 |
Deferred Revenue (current) | 49,286 | 39,846 |
Accounting Standards Update 2014-09 [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Accounts receivable, net | 31,485 | 23,264 |
Contract Assets (current) | 1,786 | 1,640 |
Deferred Revenue (current) | 49,286 | 39,846 |
Deferred Revenue (non- current) | 428 | 146 |
Total Deferred Revenue | $ 49,714 | $ 39,992 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Deferred revenue recognized | $ 6.4 | $ 37.6 | |||
Assets recognized to obtain a contract | 5.7 | 5.7 | $ 5.9 | ||
Amortization expense recognized to obtain a contract | $ 1.8 | $ 1.9 | $ 5.5 | $ 5.7 | |
Subscription and Support Revenue [Member] | |||||
Revenue, performance obligation, description of timing | 2022 | 2022 | |||
Unsatisfied performance obligations | $ 125.7 | $ 125.7 | |||
Subscription and Support Revenue [Member] | Next Twelve Months [Member] | |||||
Unsatisfied performance obligations | $ 100.6 | $ 100.6 |
Concentration of Credit Risk -
Concentration of Credit Risk - Additional Information (Detail) - Customer | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Risks and Uncertainties [Abstract] | |||||
Number of customers accounted for more than 10% of total revenue | 0 | 0 | 0 | ||
Threshold percentage of total revenues required for major customer classification | 10.00% | 10.00% | 10.00% | 10.00% | |
Number of customers accounted for more than 10% of net accounts receivable | 0 | 0 | 0 | 0 | |
Threshold percentage of accounts receivable required for major customer classification | 10.00% | 10.00% | 10.00% |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Detail) - USD ($) | Sep. 30, 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 | Sep. 30, 2019 | Dec. 31, 2018 |
Investment Holdings [Line Items] | ||
Cost | $ 22,649 | $ 29,306 |
Fair Market Value | 22,649 | 29,306 |
Balance Per Balance Sheet | 22,649 | 29,306 |
Cash [Member] | ||
Investment Holdings [Line Items] | ||
Cost | 22,608 | 21,007 |
Fair Market Value | 22,608 | 21,007 |
Balance Per Balance Sheet | 22,608 | 21,007 |
Money Market Funds [Member] | ||
Investment Holdings [Line Items] | ||
Cost | 41 | 8,299 |
Fair Market Value | 41 | 8,299 |
Balance Per Balance Sheet | $ 41 | $ 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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 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 | 2,522 | 3,079 | 2,522 | 3,079 |
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 | 3,244 | 2,477 | 3,244 | 2,477 |
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 ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | $ 41 | $ 8,299 |
Total assets | 41 | 8,299 |
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 | 41 | 8,299 |
Total assets | $ 41 | $ 8,299 |
Stock based Compensation - Addi
Stock based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Weighted-average fair value of options granted | $ 5.21 | $ 3.89 | $ 4.54 | $ 4.16 |
Stock based compensation expense | $ 1,721 | $ 1,522 | $ 4,504 | $ 5,022 |
Unrecognized stock-based compensation expense | $ 21,000 | $ 21,000 | ||
Weighted average period | 2 years 9 months 3 days |
Stock Based Compensation - Weig
Stock Based Compensation - Weighted Average Assumptions Utilized (Detail) - Stock Compensation Plan [Member] | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life in years | 6 years 2 months 12 days | 6 years 3 months 18 days | 6 years 2 months 12 days | 6 years 2 months 12 days |
Risk-free interest rate | 1.85% | 2.92% | 2.30% | 2.88% |
Volatility | 44.00% | 42.00% | 44.00% | 43.00% |
Stock Based Compensation - Summ
Stock Based Compensation - Summarizes Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | $ 1,721 | $ 1,522 | $ 4,504 | $ 5,022 |
Subscription and Support Revenue [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | 127 | 140 | 341 | 373 |
Professional Services and Other Revenue [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | 71 | 69 | 223 | 155 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | 323 | 283 | 855 | 932 |
Sales and Marketing [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | 602 | 437 | 1,411 | 1,885 |
General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | $ 598 | $ 593 | $ 1,674 | $ 1,677 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Stock Option Activity (Detail) - Options Outstanding [Member] $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 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 | 692,038 |
Shares, Exercised | shares | (427,429) |
Shares, Cancelled | shares | (479,918) |
Shares, Outstanding at September 30, 2019 | shares | 2,522,346 |
Shares, Exercisable at September 30, 2019 | shares | 1,113,395 |
Weighted-Average Exercise Price, Outstanding at December 31, 2018 | $ / shares | $ 8.57 |
Weighted-Average Exercise Price, Granted | $ / shares | 10 |
Weighted-Average Exercise Price, Exercised | $ / shares | 7.52 |
Weighted-Average Exercise Price, Cancelled | $ / shares | 9.42 |
Weighted-Average Exercise Price, Outstanding at September 30, 2019 | $ / shares | 8.98 |
Weighted-Average Exercise Price, Exercisable at September 30, 2019 | $ / shares | $ 8.36 |
Weighted-Average Remaining Contractual Term, Outstanding at September 30, 2019 | 7 years 4 months 2 days |
Weighted-Average Remaining Contractual Term, Exercisable at September 30, 2019 | 5 years 4 months 24 days |
Aggregate Intrinsic Value, Exercised | $ | $ 1,155 |
Aggregate Intrinsic Value, Outstanding at September 30, 2019 | $ | 4,224 |
Aggregate Intrinsic Value, Exercisable at September 30, 2019 | $ | $ 2,622 |
Stock Based Compensation - Su_3
Stock Based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail) | Sep. 30, 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 | $ 10.48 |
Stock Based Compensation - Su_4
Stock Based Compensation - Summary of RSU Activity (Detail) - RSUs [Member] | 9 Months Ended |
Sep. 30, 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 | 1,388,172 |
Vested and issued | shares | (455,744) |
Cancelled | shares | (721,827) |
Unvested Shares, Ending Balance | shares | 3,244,183 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 8.07 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 11.03 |
Weighted Average Grant Date Fair Value, Vested and issued | $ / shares | 8.03 |
Weighted Average Grant Date Fair Value, Cancelled | $ / shares | 8.08 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 9.07 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 171 | $ 144 | $ 521 | $ 410 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2019USD ($)Patents | |
Commitment And Contingencies [Line Items] | |
Complaint filed against patents allegedly infringed | Patents | 4 |
Cost for Guarantees and indemnities | $ | $ 0 |
Debt - Additional Information (
Debt - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 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. |
Borrowings outstanding | $ 0 |
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 |
Percentage points added to prime rate or LIBOR | 4.00% |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Minimum outstanding principal threshold limit | $ 15,000,000 |
Minimum [Member] | Secured Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Percentage points added to prime rate or LIBOR | 225.00% |
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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 47,434 | $ 41,121 | $ 136,852 | $ 123,969 |
North America [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 24,904 | 21,834 | 72,425 | 67,351 |
Europe [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 8,178 | 7,491 | 22,814 | 20,538 |
Japan [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 5,391 | 5,464 | 16,725 | 16,319 |
Asia Pacific [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 8,646 | 6,125 | 24,009 | 19,292 |
Other [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 315 | $ 207 | $ 879 | $ 469 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues from customers | $ 47,434 | $ 41,121 | $ 136,852 | $ 123,969 |
Revenue percentage from other country to the company's total revenue | 10.00% | 10.00% | 10.00% | 10.00% |
United States [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues from customers | $ 23,162 | $ 20,521 | $ 67,534 | $ 63,345 |
Recently Issued and Adopted A_3
Recently Issued and Adopted Accounting Standards - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Jan. 01, 2019 | |
Accounting Policies [Line Items] | ||||||
Operating lease expense | $ 2,000 | $ 1,900 | $ 5,800 | $ 5,900 | ||
Weighted-average remaining non-cancelable lease term | 3 years | 3 years | ||||
Weighted-average discount rate | 4.00% | 4.00% | ||||
Right-of-use assets | $ 15,419 | $ 15,419 | ||||
SINGAPORE | ||||||
Accounting Policies [Line Items] | ||||||
Lease liabilities | $ 779 | |||||
Accounting Standards Update 2016-02 [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Reversed deferred rent liability | $ 1,300 | |||||
Right-of-use assets | 19,600 | |||||
Lease liabilities | $ 20,900 |
Recently Issued and Adopted A_4
Recently Issued and Adopted Accounting Standards - Undiscounted Cash Flows Under Operating Leases (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Accounting Changes and Error Corrections [Abstract] | |
2019 | $ 1,746 |
2020 | 6,072 |
2021 | 5,349 |
2022 | 2,262 |
2023 | 1,069 |
2024 and thereafter | 954 |
Total | $ 17,452 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | $ 752 |
Cost Of Subscription And Support Revenue [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | 186 |
Cost Of Professional Services And Other Revenue [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | 107 |
Sales And Marketing [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | 421 |
Research And Development [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | $ 38 |