Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 20, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | BRIGHTCOVE INC | |
Entity Central Index Key | 0001313275 | |
Current Fiscal Year End Date | --12-31 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Trading Symbol | BCOV | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Address Line One | 290 Congress Street | |
Entity Address, Postal Zip Code | 02210 | |
City Area Code | 888 | |
Local Phone Number | 882-1880 | |
Entity Tax Identification Number | 20-1579162 | |
Entity File Number | 001-35429 | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 39,414,408 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 27,753 | $ 22,759 |
Accounts receivable, net of allowance of $651 and $904 at June 30, 2020 and December 31, 2019, respectively | 26,794 | 31,181 |
Prepaid expenses | 8,986 | 5,171 |
Other current assets | 8,340 | 6,713 |
Total current assets | 71,873 | 65,824 |
Property and equipment, net | 14,726 | 12,086 |
Operating lease right-of-use asset | 13,340 | 16,912 |
Intangible assets, net | 12,090 | 13,875 |
Goodwill | 60,902 | 60,902 |
Other assets | 3,524 | 3,268 |
Total assets | 176,455 | 172,867 |
Current liabilities: | ||
Accounts payable | 11,283 | 9,917 |
Accrued expenses | 20,556 | 20,925 |
Operating lease liability | 5,687 | 6,174 |
Deferred revenue | 54,647 | 49,260 |
Total current liabilities | 92,173 | 86,276 |
Operating lease liability, net of current portion | 8,618 | 11,701 |
Debt | 5,000 | |
Other liabilities | 1,100 | 767 |
Total liabilities | 106,891 | 98,744 |
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; 39,543,991 and 39,042,787 shares issued at June 30, 2020 and December 31, 2019, respectively | 39 | 39 |
Additional paid-in capital | 281,255 | 276,365 |
Treasury stock, at cost; 135,000 shares | (871) | (871) |
Accumulated other comprehensive loss | (1,086) | (785) |
Accumulated deficit | (209,773) | (200,625) |
Total stockholders' equity | 69,564 | 74,123 |
Total liabilities and stockholders' equity | $ 176,455 | $ 172,867 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 651 | $ 904 |
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 | 39,543,991 | 39,042,787 |
Treasury stock, shares | 135,000 | 135,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue: | ||||
Revenue | $ 47,926 | $ 47,582 | $ 94,579 | $ 89,418 |
Cost of revenue: | ||||
Cost of revenue | 19,899 | 21,609 | 38,541 | 38,355 |
Gross profit | 28,027 | 25,973 | 56,038 | 51,063 |
Operating expenses: | ||||
Research and development | 9,131 | 7,629 | 17,984 | 15,023 |
Sales and marketing | 13,383 | 16,827 | 27,557 | 31,083 |
General and administrative | 6,407 | 5,979 | 12,939 | 11,240 |
Merger-related | 259 | 2,620 | 5,768 | 5,552 |
Total operating expenses | 29,180 | 33,055 | 64,248 | 62,898 |
Loss from operations | (1,153) | (7,082) | (8,210) | (11,835) |
Other (expense) income, net | (27) | 19 | (495) | (36) |
Loss before income taxes | (1,180) | (7,063) | (8,705) | (11,871) |
Provision for income taxes | 115 | 175 | 443 | 350 |
Net loss | $ (1,295) | $ (7,238) | $ (9,148) | $ (12,221) |
Net loss per share - basic and diluted | $ (0.03) | $ (0.19) | $ (0.23) | $ (0.33) |
Weighted-average number of common shares used in computing net loss per share | 39,291,649 | 37,966,207 | 39,136,394 | 37,322,646 |
Subscription and Support Revenue [Member] | ||||
Revenue: | ||||
Revenue | $ 45,617 | $ 44,891 | $ 90,275 | $ 83,768 |
Cost of revenue: | ||||
Cost of revenue | 17,807 | 19,381 | 34,555 | 33,551 |
Professional Services and Other Revenue [Member] | ||||
Revenue: | ||||
Revenue | 2,309 | 2,691 | 4,304 | 5,650 |
Cost of revenue: | ||||
Cost of revenue | $ 2,092 | $ 2,228 | $ 3,986 | $ 4,804 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (1,295) | $ (7,238) | $ (9,148) | $ (12,221) |
Other comprehensive income: | ||||
Foreign currency translation adjustments | 158 | 39 | (301) | 60 |
Comprehensive loss | $ (1,137) | $ (7,199) | $ (9,449) | $ (12,161) |
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, 2018 | $ 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) | |||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units | 1,843 | |||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, shares | 410,611 | |||||
Stock-based compensation expense | 2,935 | |||||
Foreign currency translation adjustment | $ 60 | 60 | ||||
Net loss | (12,221) | |||||
Ending Balance at Jun. 30, 2019 | 72,097 | $ 38 | 264,765 | $ (871) | (892) | (190,943) |
Ending Balance, shares at Jun. 30, 2019 | 38,219,843 | |||||
Treasury stock, Ending Balance at Jun. 30, 2019 | (135,000) | |||||
Beginning Balance at Mar. 31, 2019 | $ 37 | 253,244 | $ (871) | (931) | (183,705) | |
Beginning Balance, shares at Mar. 31, 2019 | 36,908,051 | |||||
Treasury shares, beginning Balance at Mar. 31, 2019 | (135,000) | |||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units | 1,218 | |||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, shares | 255,029 | |||||
Issuance of common stock upon acquisition | $ 1 | 8,865 | ||||
Stock-based compensation expense | 1,438 | |||||
Foreign currency translation adjustment | 39 | 39 | ||||
Net loss | (7,238) | |||||
Ending Balance at Jun. 30, 2019 | 72,097 | $ 38 | 264,765 | $ (871) | (892) | (190,943) |
Ending Balance, shares at Jun. 30, 2019 | 38,219,843 | |||||
Treasury stock, Ending Balance at Jun. 30, 2019 | (135,000) | |||||
Beginning Balance at Dec. 31, 2019 | $ 74,123 | $ 39 | 276,365 | $ (871) | (785) | (200,625) |
Beginning Balance, shares at Dec. 31, 2019 | 39,042,787 | |||||
Treasury shares, beginning Balance at Dec. 31, 2019 | (135,000) | (135,000) | ||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units | 394 | |||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, shares | 501,204 | |||||
Withholding tax on restricted stock units vesting | (396) | |||||
Issuance of common stock upon acquisition | $ 1 | 8,865 | ||||
Issuance of common stock upon acquisition (shares) | 1,056,763 | |||||
Stock-based compensation expense | 4,892 | |||||
Foreign currency translation adjustment | $ (301) | (301) | ||||
Net loss | (9,148) | |||||
Ending Balance at Jun. 30, 2020 | $ 69,564 | $ 39 | 281,255 | $ (871) | (1,086) | (209,773) |
Ending Balance, shares at Jun. 30, 2020 | 39,543,991 | |||||
Treasury stock, Ending Balance at Jun. 30, 2020 | (135,000) | (135,000) | ||||
Beginning Balance at Mar. 31, 2020 | $ 39 | 279,114 | $ (871) | (1,244) | (208,478) | |
Beginning Balance, shares at Mar. 31, 2020 | 39,105,853 | |||||
Treasury shares, beginning Balance at Mar. 31, 2020 | (135,000) | |||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units | $ 0 | 358 | ||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, shares | 438,138 | |||||
Withholding tax on restricted stock units vesting | (396) | |||||
Issuance of common stock upon acquisition (shares) | 1,056,763 | |||||
Stock-based compensation expense | 2,179 | |||||
Foreign currency translation adjustment | $ 158 | 158 | ||||
Net loss | (1,295) | |||||
Ending Balance at Jun. 30, 2020 | $ 69,564 | $ 39 | $ 281,255 | $ (871) | $ (1,086) | $ (209,773) |
Ending Balance, shares at Jun. 30, 2020 | 39,543,991 | |||||
Treasury stock, Ending Balance at Jun. 30, 2020 | (135,000) | (135,000) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating activities | ||
Net loss | $ (9,148) | $ (12,221) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 4,357 | 3,934 |
Stock-based compensation | 4,716 | 2,783 |
Provision for reserves on accounts receivable | 401 | 253 |
Changes in assets and liabilities: | ||
Accounts receivable | 4,055 | (7,688) |
Prepaid expenses and other current assets | (5,357) | (1,892) |
Other assets | (300) | (435) |
Accounts payable | 2,038 | 58 |
Accrued expenses | (577) | 7,924 |
Operating leases | 3 | (162) |
Deferred revenue | 5,112 | 3,565 |
Net cash provided by (used in) operating activities | 5,300 | (3,881) |
Investing activities | ||
Purchases of property and equipment | (1,197) | (401) |
Cash paid for acquisition, net of cash acquired | (3,300) | |
Capitalized internal-use software costs | (3,839) | (2,372) |
Net cash used in investing activities | (5,036) | (6,073) |
Financing activities | ||
Proceeds from exercise of stock options | 394 | 1,843 |
Proceeds from debt | 10,000 | |
Debt paydown | (5,000) | |
Other financing activities | (429) | (117) |
Net cash provided by financing activities | 4,965 | 1,726 |
Effect of exchange rate changes on cash and cash equivalents | (235) | 131 |
Net increase (decrease) in cash and cash equivalents | 4,994 | (8,097) |
Cash and cash equivalents at beginning of period | 22,759 | 29,306 |
Cash and cash equivalents at end of period | 27,753 | 21,209 |
Supplemental disclosure of non-cash investing activities | ||
Fair value of shares issued for acquisition of a business | 8,866 | |
Supplemental disclosure of cash flow information | ||
Cash paid for operating lease liabilities | $ 3,561 | $ 3,718 |
Business Description and Basis
Business Description and Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
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. 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 credit losses 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, 2019 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. As described in Note 13, the Company implemented a significant accounting policy upon the adoption of Accounting Standards Update (“ASU”) 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 10-K |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2020 | |
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 The following summarizes the opening and closing balances of receivables, contract assets and contract liabilities from contracts with customers. Accounts Contract Assets Deferred Deferred (non-current) Total Deferred Balance at December 31, 2019 $ 31,181 $ 1,871 $ 49,260 $ 299 $ 49,559 Balance at June 30, 2020 26,794 2,017 54,647 92 54,739 Revenue recognized during the three and six months ended June 30, 2020 from amounts included in deferred revenue at the beginning of the period was approximately $13.7 million and $38.9 million, respectively. During the three and six months ended June 30, 2020, 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 $7.4 million as of June 30, 2020 and $5.9 million as of December 31, 2019. Amortization expense recognized during the three and six months ended June 30, 2020 related to costs to obtain a contract was $1.8 million and $3.4 million, respectively. Amortization expense recognized during the three and six months ended June 30, 2019 related to costs to obtain a contract was $1.8 million and $3.7 million, respecti v Transaction Price Allocated to Future Performance Obligations As of June 30, 2020, the total aggregate transaction price allocated to the unsatisfied performance obligations for subscription and support contracts was approximately $136.9 million, of which approximately $108.8 |
Concentration of Credit Risk
Concentration of Credit Risk | 6 Months Ended |
Jun. 30, 2020 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | 3. Concentration of Credit Risk The Company has no significant off-balance The Company maintains its cash and cash equivalents principally with accredited financial institutions of high credit standing. Although the Company deposits its cash with multiple financial institutions, its deposits, at times, may exceed federally insured limits. The Company generally has not experienced any material losses related to receivables from individual customers, or groups of customers. The Company does not require collateral. Due to these factors, no additional credit risk beyond amounts provided for collection losses is believed by management to be probable in the Company’s accounts receivable. Please see |
Concentration of Other Risks
Concentration of Other Risks | 6 Months Ended |
Jun. 30, 2020 | |
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 end-users. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2020 | |
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 , net of repayment s 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 June 30, 2020 consist of the following: June 30, 2020 Description Contracted Maturity Cost Fair Market Value Balance Per Balance Sheet Cash Demand $ 27,712 $ 27,712 $ 27,712 Money market funds Demand 41 41 41 Total cash and cash equivalents $ 27,753 $ 27,753 $ 27,753 Cash and cash equivalents as of December 31, 2019 consist of the following: December 31, 2019 Description Contracted Maturity Cost Fair Market Value Balance Per Balance Sheet Cash Demand $ 22,718 $ 22,718 $ 22,718 Money market funds Demand 41 41 41 Total cash and cash equivalents $ 22,759 $ 22,759 $ 22,759 |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jun. 30, 2020 | |
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 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 June 30, 2020 and 2019. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Options outstanding 2,372 2,624 2,372 2,624 Restricted stock units outstanding 3,580 3,187 3,580 3,187 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 7. Fair Value of Financial Instruments The Company’s financial instruments carried at fair value were less than $0.1 million as of June 30, 2020 and December 31, 2019 . |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 and 2019 was $3.76 and $4.53 per share, respectively. The weighted-average fair value of options granted during the six months ended June 30, 2020 and 2019 was $3.48 and $4.36 per share, respectively. The weighted-average assumptions utilized to determine such values are presented in the following table: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Expected life in years 6.3 6.1 6.2 6.2 Risk-free interest rate 0.62 % 2.38 % 1.03 % 2.42 % Volatility 48 % 44 % 46 % 44 % Dividend yield — — — — As of June 30, 2020, there was $20.7 million of unrecognized stock-based compensation expense related to stock-based awards that is expected to be recognized over a weighted-average period of 2.08 years. The following table summarizes stock-based compensation expense as included in the consolidated statement of operations for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Stock-based compensation: Cost of subscription and support revenue $ 123 $ 95 $ 313 $ 214 Cost of professional services and other revenue 90 68 170 152 Research and development 257 269 697 532 Sales and marketing 761 351 1,672 809 General and administrative 867 576 1,864 1,076 $ 2,098 $ 1,359 $ 4,716 $ 2,783 The following is a summary of the stock option activity during the six months ended June 30, 2020. Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value (1) Outstanding at December 31, 2019 2,479,423 $ 8.96 Granted 79,920 7.76 Exercised (61,096 ) 6.48 $ 108 Canceled (126,007 ) 9.00 Outstanding at June 30, 2020 2,372,240 $ 8.99 6.81 $ 852 Exercisable at June 30, 2020 1,368,007 $ 8.70 5.67 $ 740 (1) The aggregate intrinsic value was calculated based on the positive difference between the fair value of the Company’s common stock on June 30, 2020 of $7.88 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 six months ended June 30, 2020: Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2019 3,626,364 $ 9.03 Granted 746,295 7.95 Vested and issued (438,484 ) 8.92 Canceled (353,932 ) 8.52 Unvested at June 30, 2020 3,580,243 $ 8.81 The aggregate fair value of vested and issued RSUs for the six months ended June 30, 2020 was $4.2 million. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes For the three months ended June 30, 2020 and 2019, the Company recorded income tax expense of $115 and $175, respectively. For the six months ended June 30, 2020 and 2019, the Company recorded income tax expense of $443 and $350, 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 June 30, 2020 and December 31, 2019, 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. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Legal Matters The Company, from time to time, is party to litigation arising in the ordinary course of business. Management does not believe that the outcome of these claims will have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Company based on the status of proceedings at this time. 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 June 30, 2020, 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 | 6 Months Ended |
Jun. 30, 2020 | |
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 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 In March 2020, the Company borrowed $10.0 million on the Line of Credit in anticipation of any operating cash needs in light of COVID-19. In June 2020 the Company re . The effective interest rate for the amounts borrowed on the Line of Credit was % for the six months ended June 30, 2020. The Line of Credit matures in December 2021 . The fair value of these borrowings, net of amounts paid, |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenue: North America $ 26,039 $ 25,708 $ 51,038 $ 47,521 Europe 8,427 8,167 16,888 14,636 Japan 5,554 5,146 11,656 11,334 Asia Pacific 7,714 8,091 14,584 15,363 Other 192 470 413 564 Total revenue $ 47,926 $ 47,582 $ 94,579 $ 89,418 North America is comprised of revenue from the United States, Canada and Mexico. Revenue from customers located in the United States was $23,992 and $23,966 during the three months ended June 30, 2020 and 2019, respectively. Revenue from customers located in the United States was $46,962 and $44,372 during the six months ended June 30, 2020 and 2019, 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 six months ended June 30, 2020 and 2019. As of June 30, 2020 and December 31, 2019, property and equipment at locations outside the U.S. was not material. |
Recently Issued and Adopted Acc
Recently Issued and Adopted Accounting Standards | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued and Adopted Accounting Standards | 13. Recently Issued and Adopted Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, 2016-13. Under ASC 326, the Company changed its policy for assessing credit losses to include consideration of a broader range of information to estimate credit losses over the life of its financial assets. As of June 30, 2020, the financial assets of the Company within the scope of the assessment comprised trade accounts receivable (“AR”) and unbilled trade accounts receivable. Unbilled trade accounts receivable (“UAR”) is reflected in Other Current Assets on the Company’s Condensed Consolidated Balance Sheets and was $2.0 million as of June 30, 2020 and December 31, 2019. The Company uses the aging method to estimate its expected credit losses on AR and UAR. In order to estimate expected credit losses, the Company assessed recent historical experience, current economic conditions and any reasonable and supportable forecasts to identify risk characteristics that are shared within the financial asset. These risk characteristics are then used to bifurcate the aging method into risk pools. Historical credit loss for each risk pool is then applied to the current period aging as presented in the identified risk pools to determine the needed reserve allowance. In the absence of current economic conditions and/or forecasts that may affect future credit losses, the Company has determined that recent historical experience provides the best basis for estimating credit losses. As of June 30, 2020, the Company estimates the life of its AR as 5 0 0 The information obtained from assessing historical experience, current economic conditions and reasonable and supportable forecasts were used to identify risk characteristics that can affect future credit loss experience. The historical analysis yielded one material risk factor, the geographical location of the customer. Specifically, historical experience showed that AR that was due from customers in the Asia Pacific region had experienced more credit losses than the other geographic areas listed in Note The Company’s assessment of current economic conditions and reasonable and supportable forecasts included an assessment of customer industries affected by COVID-19. COVID-19, COVID-19. COVID-19 The following details the changes in the Company’s reserve allowance for estimated credit losses for AR for the period: Allowance for Credit Losses (in thousands) Balance as of December 31, 2019 $ 904 Current provision for credit losses 310 Write-offs against allowance (563 ) Recoveries — Balance as of June 30, 2020 $ 651 Estimated credit losses for UAR were not material. Estimating credit losses based on risk characteristics requires significant judgment by the Company. Significant judgments include, but are not limited to: assessing current economic conditions and the extent to which they would be relevant to the existing characteristics of the company’s financial assets, the estimated life of financial assets, and the level of reliance on historical experience in light of economic conditions. The Company will have to continually review and update, when necessary, its historical risk characteristics that are meaningful to estimating credit losses, any new risk characteristics that arise in the natural course of business, and the estimated life of its financial assets. |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | 14. Restructuring During the first half of 2020, 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, certain headcount reductions were necessary. The Company incurred approximately $1.1 million million Condensed Consolidated Statements of Operations million – Research and Development; $130 thou s - thousand– Cost of subscription and support: and $ thousand– Sales and Marketing. As of June 30, 2020 the Company had accrued $ thousand related to this action, which is expected to be paid in the next three to four months. |
Business Description and Basi_2
Business Description and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
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. |
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 credit losses 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, 2019 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. As described in Note 13, the Company implemented a significant accounting policy upon the adoption of Accounting Standards Update (“ASU”) 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 10-K |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 Deferred (non-current) Total Deferred Balance at December 31, 2019 $ 31,181 $ 1,871 $ 49,260 $ 299 $ 49,559 Balance at June 30, 2020 26,794 2,017 54,647 92 54,739 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash and cash equivalents as of June 30, 2020 consist of the following: June 30, 2020 Description Contracted Maturity Cost Fair Market Value Balance Per Balance Sheet Cash Demand $ 27,712 $ 27,712 $ 27,712 Money market funds Demand 41 41 41 Total cash and cash equivalents $ 27,753 $ 27,753 $ 27,753 Cash and cash equivalents as of December 31, 2019 consist of the following: December 31, 2019 Description Contracted Maturity Cost Fair Market Value Balance Per Balance Sheet Cash Demand $ 22,718 $ 22,718 $ 22,718 Money market funds Demand 41 41 41 Total cash and cash equivalents $ 22,759 $ 22,759 $ 22,759 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 and 2019. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Options outstanding 2,372 2,624 2,372 2,624 Restricted stock units outstanding 3,580 3,187 3,580 3,187 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Weighted Average Assumptions Utilized | The weighted-average fair value of options granted during the three months ended June 30, 2020 and 2019 was $3.76 and $4.53 per share, respectively. The weighted-average fair value of options granted during the six months ended June 30, 2020 and 2019 was $3.48 and $4.36 per share, respectively. The weighted-average assumptions utilized to determine such values are presented in the following table: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Expected life in years 6.3 6.1 6.2 6.2 Risk-free interest rate 0.62 % 2.38 % 1.03 % 2.42 % Volatility 48 % 44 % 46 % 44 % 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 six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Stock-based compensation: Cost of subscription and support revenue $ 123 $ 95 $ 313 $ 214 Cost of professional services and other revenue 90 68 170 152 Research and development 257 269 697 532 Sales and marketing 761 351 1,672 809 General and administrative 867 576 1,864 1,076 $ 2,098 $ 1,359 $ 4,716 $ 2,783 |
Summary of Stock Option Activity | The following is a summary of the stock option activity during the six months ended June 30, 2020. Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value (1) Outstanding at December 31, 2019 2,479,423 $ 8.96 Granted 79,920 7.76 Exercised (61,096 ) 6.48 $ 108 Canceled (126,007 ) 9.00 Outstanding at June 30, 2020 2,372,240 $ 8.99 6.81 $ 852 Exercisable at June 30, 2020 1,368,007 $ 8.70 5.67 $ 740 (1) The aggregate intrinsic value was calculated based on the positive difference between the fair value of the Company’s common stock on June 30, 2020 of $7.88 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 six months ended June 30, 2020: Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2019 3,626,364 $ 9.03 Granted 746,295 7.95 Vested and issued (438,484 ) 8.92 Canceled (353,932 ) 8.52 Unvested at June 30, 2020 3,580,243 $ 8.81 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenue: North America $ 26,039 $ 25,708 $ 51,038 $ 47,521 Europe 8,427 8,167 16,888 14,636 Japan 5,554 5,146 11,656 11,334 Asia Pacific 7,714 8,091 14,584 15,363 Other 192 470 413 564 Total revenue $ 47,926 $ 47,582 $ 94,579 $ 89,418 |
Recently Issued and Adopted A_2
Recently Issued and Adopted Accounting Standards (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Allowance for Doubtful Accounts | The following details the changes in the Company’s reserve allowance for estimated credit losses for AR for the period: Allowance for Credit Losses (in thousands) Balance as of December 31, 2019 $ 904 Current provision for credit losses 310 Write-offs against allowance (563 ) Recoveries — Balance as of June 30, 2020 $ 651 |
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 | Jun. 30, 2020 | Dec. 31, 2019 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Accounts receivable, net | $ 26,794 | $ 31,181 |
Deferred Revenue (current) | 54,647 | 49,260 |
Accounting Standards Update 2014-09 [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Accounts receivable, net | 26,794 | 31,181 |
Contract Assets (current) | 2,017 | 1,871 |
Deferred Revenue (current) | 54,647 | 49,260 |
Deferred Revenue (non- current) | 92 | 299 |
Total Deferred Revenue | $ 54,739 | $ 49,559 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Deferred revenue recognized | $ 13.7 | $ 38.9 | |||
Assets recognized to obtain a contract | 7.4 | 7.4 | $ 5.9 | ||
Amortization expense recognized to obtain a contract | 1.8 | $ 1.8 | 3.4 | $ 3.7 | |
Subscription and Support Revenue [Member] | |||||
Unsatisfied performance obligations | 136.9 | 136.9 | |||
Subscription and Support Revenue [Member] | Next Twelve Months [Member] | |||||
Unsatisfied performance obligations | $ 108.8 | $ 108.8 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | ||
Short-term investments | $ 0 | $ 0 |
Long-term investments | 0 | $ 0 |
Proceeds from existing line of credit | $ 5,000 |
Cash and Cash Equivalents - Sch
Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Investment Holdings [Line Items] | ||
Cost | $ 27,753 | $ 22,759 |
Fair Market Value | 27,753 | 22,759 |
Balance Per Balance Sheet | 27,753 | 22,759 |
Cash [Member] | ||
Investment Holdings [Line Items] | ||
Cost | 27,712 | 22,718 |
Fair Market Value | 27,712 | 22,718 |
Balance Per Balance Sheet | 27,712 | 22,718 |
Money Market Funds [Member] | ||
Investment Holdings [Line Items] | ||
Cost | 41 | 41 |
Fair Market Value | 41 | 41 |
Balance Per Balance Sheet | $ 41 | $ 41 |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
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 | 2,372 | 2,624 | 2,372 | 2,624 |
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 | 3,580 | 3,187 | 3,580 | 3,187 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments - Additonal Information (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments carried at fair value | $ 0.1 | $ 0.1 |
Stock based Compensation - Addi
Stock based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average fair value of options granted | $ 3.76 | $ 4.53 | $ 3.48 | $ 4.36 |
Unrecognized stock-based compensation expense | $ 20.7 | $ 20.7 | ||
Weighted average period | 2 years 29 days | |||
RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate fair value of vested and issued RSUs | $ 4.2 |
Stock Based Compensation - Weig
Stock Based Compensation - Weighted Average Assumptions Utilized (Detail) - Stock Compensation Plan [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life in years | 6 years 3 months 18 days | 6 years 1 month 6 days | 6 years 2 months 12 days | 6 years 2 months 12 days |
Risk-free interest rate | 0.62% | 2.38% | 1.03% | 2.42% |
Volatility | 48.00% | 44.00% | 46.00% | 44.00% |
Stock Based Compensation - Summ
Stock Based Compensation - Summarizes Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | $ 2,098 | $ 1,359 | $ 4,716 | $ 2,783 |
Subscription and Support Revenue [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | 123 | 95 | 313 | 214 |
Professional Services and Other Revenue [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | 90 | 68 | 170 | 152 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | 257 | 269 | 697 | 532 |
Sales and Marketing [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | 761 | 351 | 1,672 | 809 |
General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | $ 867 | $ 576 | $ 1,864 | $ 1,076 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Stock Option Activity (Detail) - Options Outstanding [Member] $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Outstanding at December 31, 2019 | shares | 2,479,423 |
Shares, Granted | shares | 79,920 |
Shares, Exercised | shares | (61,096) |
Shares, Cancelled | shares | (126,007) |
Shares, Outstanding at March 31, 2020 | shares | 2,372,240 |
Shares, Exercisable at March 31, 2020 | shares | 1,368,007 |
Weighted-Average Exercise Price, Outstanding at December 31, 2019 | $ / shares | $ 8.96 |
Weighted-Average Exercise Price, Granted | $ / shares | 7.76 |
Weighted-Average Exercise Price, Exercised | $ / shares | 6.48 |
Weighted-Average Exercise Price, Cancelled | $ / shares | 9 |
Weighted-Average Exercise Price, Outstanding at March 31, 2020 | $ / shares | 8.99 |
Weighted-Average Exercise Price, Exercisable at March 31, 2020 | $ / shares | $ 8.70 |
Weighted-Average Remaining Contractual Term, Outstanding at March 31, 2020 | 6 years 9 months 21 days |
Weighted-Average Remaining Contractual Term, Exercisable at March 31, 2020 | 5 years 8 months 1 day |
Aggregate Intrinsic Value, Exercised | $ | $ 108 |
Aggregate Intrinsic Value, Outstanding at March 31, 2020 | $ | 852 |
Aggregate Intrinsic Value, Exercisable at March 31, 2020 | $ | $ 740 |
Stock Based Compensation - Su_3
Stock Based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail) | Jun. 30, 2020$ / 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 | $ 7.88 |
Stock Based Compensation - Su_4
Stock Based Compensation - Summary of RSU Activity (Detail) - RSUs [Member] | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Unvested Shares, Beginning Balance | shares | 3,626,364 |
Granted | shares | 746,295 |
Vested and issued | shares | (438,484) |
Cancelled | shares | (353,932) |
Unvested Shares, Ending Balance | shares | 3,580,243 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 9.03 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 7.95 |
Weighted Average Grant Date Fair Value, Vested and issued | $ / shares | 8.92 |
Weighted Average Grant Date Fair Value, Cancelled | $ / shares | 8.52 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 8.81 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 115 | $ 175 | $ 443 | $ 350 |
Debt - Additional Information (
Debt - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2020USD ($) | |
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. |
Long-term Line of Credit | $ 10,000,000 |
Effective interest rate | 4.00% |
Line of Credit maturity date | Dec. 1, 2021 |
Repayments of long term line of credit | $ 5,000,000 |
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% |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 47,926 | $ 47,582 | $ 94,579 | $ 89,418 |
North America [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 26,039 | 25,708 | 51,038 | 47,521 |
Europe [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 8,427 | 8,167 | 16,888 | 14,636 |
Japan [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 5,554 | 5,146 | 11,656 | 11,334 |
Asia Pacific [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 7,714 | 8,091 | 14,584 | 15,363 |
Other [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 192 | $ 470 | $ 413 | $ 564 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues from customers | $ 47,926 | $ 47,582 | $ 94,579 | $ 89,418 |
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 | $ 23,992 | $ 23,966 | $ 46,962 | $ 44,372 |
Recently Issued and Adopted A_3
Recently Issued and Adopted Accounting Standards - Schedule of Allowance for Doubtful Accounts (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Accounting Changes and Error Corrections [Abstract] | |
Balance as of December 31, 2019 | $ 904 |
Current provision for credit losses | 310 |
Write-offs against allowance | (563) |
Recoveries | 0 |
Balance as of June 30, 2020 | $ 651 |
Recently Issued and Adopted A_4
Recently Issued and Adopted Accounting Standards - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accounting Policies [Line Items] | ||
Provision for credit losses | $ 310 | |
Accounting Standards Update 2016-02 [Member] | ||
Accounting Policies [Line Items] | ||
Reversed deferred rent liability | 2,000 | $ 2,000 |
Provision for credit losses | $ 200 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | $ 1,100 | $ 1,300 |
Accured Restructure Liability | $ 831 | 831 |
Cost Of Subscription And Support Revenue [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 51 | |
Sales And Marketing [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 23 | |
Research And Development [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 1,100 | |
General and Administrative [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | $ 130 |