Brightcove (BCOV) 10-Q 28 Apr 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 22, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	BRIGHTCOVE INC
Entity Central Index Key	0001313275
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Trading Symbol	BCOV
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Address Line One	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		40,348,891

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 35,152	$ 37,472
Accounts receivable, net of allowance of $643 and $904 at March 31, 2021 and December 31, 2020, respectively	30,594	29,305
Prepaid expenses	8,696	5,760
Other current assets	13,972	12,978
Total current assets	88,414	85,515
Property and equipment, net	16,188	15,968
Operating lease right-of-use asset	7,722	8,699
Intangible assets, net	9,699	10,465
Goodwill	60,902	60,902
Other assets	6,143	5,254
Total assets	189,068	186,803
Current liabilities:
Accounts payable	11,556	10,456
Accrued expenses	21,119	25,397
Operating lease liability	3,615	4,346
Deferred revenue	58,889	58,741
Total current liabilities	95,179	98,940
Operating lease liability, net of current portion	4,625	5,498
Other liabilities	1,397	2,763
Total liabilities	101,201	107,201
Commitments and contingencies (Note 8)
Stockholders' equity:
Undesignated preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued
Common stock, $0.001 par value; 100,000,000 shares authorized; 40,412,577 and 40,152,021 shares issued at March 31, 2021 and December 31, 2020, respectively	40	40
Additional paid-in capital	290,403	287,059
Treasury stock, at cost; 135,000 shares	(871)	(871)
Accumulated other comprehensive loss	(397)	(188)
Accumulated deficit	(201,308)	(206,438)
Total stockholders' equity	87,867	79,602
Total liabilities and stockholders' equity	$ 189,068	$ 186,803

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for accounts receivable	$ 643	$ 648
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	40,412,577	40,152,021
Treasury stock, shares	135,000	135,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue:
Revenue	$ 54,817	$ 46,653
Cost of revenue:
Cost of revenue	19,168	18,642
Gross profit	35,649	28,011
Operating expenses:
Research and development	8,284	8,853
Sales and marketing	16,149	14,174
General and administrative	7,059	6,532
Merger-related		5,509
Other (benefit) expense	(1,965)
Total operating expenses	29,527	35,068
Income (loss) from operations	6,122	(7,057)
Other expense, net	(735)	(468)
Income (loss) before income taxes	5,387	(7,525)
Provision for income taxes	257	328
Net income (loss)	$ 5,130	$ (7,853)
Net income (loss) per share—basic and diluted
Basic	$ 0.13	$ (0.20)
Diluted	$ 0.12	$ (0.20)
Weighted-average shares—basic and diluted
Basic	40,154,035	38,981,140
Diluted	42,480,121	38,981,140
Subscription and Support Revenue [Member]
Revenue:
Revenue	$ 50,839	$ 44,658
Cost of revenue:
Cost of revenue	15,678	16,748
Professional Services and Other Revenue [Member]
Revenue:
Revenue	3,978	1,995
Cost of revenue:
Cost of revenue	$ 3,490	$ 1,894

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 5,130	$ (7,853)
Other comprehensive income:
Foreign currency translation adjustments	(209)	(459)
Comprehensive income (loss)	$ 4,921	$ (8,312)

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, 2019		$ 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)
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units			36
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, shares		63,066
Stock-based compensation expense			2,713
Foreign currency translation adjustment	$ (459)				(459)
Net income (loss)						(7,853)
Ending Balance at Mar. 31, 2020	68,560	$ 39	279,114	$ (871)	(1,244)	(208,478)
Ending Balance, shares at Mar. 31, 2020		39,105,853
Treasury stock, Ending Balance at Mar. 31, 2020				(135,000)
Beginning Balance at Dec. 31, 2020	$ 79,602	$ 40	287,059	$ (871)	(188)	(206,438)
Beginning Balance, shares at Dec. 31, 2020		40,152,021
Treasury shares, beginning Balance at Dec. 31, 2020	(135,000)			(135,000)
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units		$ 0	1,008
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, shares		260,556
Stock-based compensation expense			2,336
Foreign currency translation adjustment	$ (209)				(209)
Net income (loss)						5,130
Ending Balance at Mar. 31, 2021	$ 87,867	$ 40	$ 290,403	$ (871)	$ (397)	$ (201,308)
Ending Balance, shares at Mar. 31, 2021		40,412,577
Treasury stock, Ending Balance at Mar. 31, 2021	(135,000)			(135,000)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net income (loss)	$ 5,130	$ (7,853)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	2,163	2,408
Stock-based compensation	2,292	2,618
Provision for reserves on accounts receivable	71	275
Changes in assets and liabilities:
Accounts receivable	(1,585)	3,607
Prepaid expenses and other current assets	(1,390)	(1,843)
Other assets	(919)	195
Accounts payable	(425)	2,364
Accrued expenses	(5,797)	(2,264)
Operating leases	(626)	(34)
Deferred revenue	482	2,968
Net cash (used in) provided by operating activities	(604)	2,441
Investing activities
Purchases of property and equipment	(468)	(720)
Capitalized internal-use software costs	(1,054)	(1,973)
Net cash used in investing activities	(1,522)	(2,693)
Financing activities
Proceeds from exercise of stock options	1,095	36
Deferred acquisition payments	(475)
Proceeds from debt	0	10,000
Other financing activities	(87)	(26)
Net cash provided by financing activities	533	10,010
Effect of exchange rate changes on cash and cash equivalents	(727)	(428)
Net (decrease) increase in cash and cash equivalents	(2,320)	9,330
Cash and cash equivalents at beginning of period	37,472	22,759
Cash and cash equivalents at end of period	35,152	32,089
Supplemental disclosure of cash flow information
Cash paid for operating lease liabilities	$ 1,226	$ 1,824

Business Description and Basis

Business Description and Basis of Presentation	3 Months Ended
	Mar. 31, 2021
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, 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, 2020 contained in the Company’s Annual Report on Form 10-K

Quarterly Update to Significant

Quarterly Update to Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Quarterly Update to Significant Accounting Policies	2. Quarterly Update to Significant Accounting Policies Allowance for Doubtful Accounts The following details the changes in the Company’s reserve allowance for estimated credit losses for accounts receivable for the period: Allowance for Credit Losses (in thousands) Balance as of December 31, 2020 $ 648 Current provision for credit losses 46 Write-offs against allowance (51 ) Recoveries — Balance as of March 31, 2021 $ 643 Estimated credit losses for unbilled trade accounts receivable were not material. Other (Benefit) Expense Other (benefit) expense, reflects other operating costs (or benefits) that do not directly relate to research and development, sales and marketing, general and administrative, and merger related. On March 27, 2020, in response to the COVID-19 pandemic, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act which was amended by the Consolidated Appropriations Act in December of 2020 (the “CARES Act”). The CARES Act provides numerous tax provisions and other stimulus measures, including the creation of certain refundable employee retention credits. In the first quarter of 2021, the Company recognized a benefit of $1,965 from the CARES Act related to employee retention credits. The Company recognizes such government relief when it is reasonably assured that it qualifies for the relief, the underlying expense has been incurred and it is probable that the Company will receive it. Credits associated with government relief are recognized in profit or loss on a systematic basis over the periods in which the Company recognizes as expense the related costs for which the relief is intended to compensate. Recently Issued and Adopted Accounting Pronouncements ASU 2019-12—Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” ASU 2019-12 amends ASC 740 to simplify the accounting for income taxes by removing certain exceptions for investments, intraperiod allocations and interim calculations, and adding guidance to reduce complexity in the accounting standard under the FASB’s simplification initiative. Upon adoption, the amendments in ASU 2019-12 are applied on a prospective basis to all periods presented. The Company adopted the new guidance under ASU 2019-12 in the first quarter of 2021 with no material impact.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	3. Revenue from Contracts with Customers The Company primarily derives revenue from the sale of its online video platform, which enables its customers to publish and distribute video to Internet-connected devices quickly, easily and in a cost-effective and high-quality manner. Revenue is derived from three primary sources: (1) the subscription to its technology and related support; (2) hosting, bandwidth and encoding services; and (3) professional services, which include initiation, set-up and customization The following summarizes the opening and closing balances of receivables, contract assets and contract liabilities from contracts with customers. Accounts Contract Assets Deferred Revenue Deferred Total Deferred Balance at December 31, 2020 $ 29,305 $ 2,078 $ 58,741 $ 811 $ 59,552 Balance at March 31, 2021 30,594 2,002 58,889 711 59,600 Revenue recognized during the three months ended March 31, 2021 from amounts included in deferred revenue at the beginning of the period The assets recognized for costs to obtain a contract were $12.9 million as of March 31, 2021 and $13.3 million as of December 31, 2020. Amortization expense recognized during the three months ended March 31, 2021 and 2020 related to costs to obtain a contract was $3.1 million and $1.6 million, respectively. Transaction Price Allocated to Future Performance Obligations As of March 31, 2021, the total aggregate transaction price allocated to the unsatisfied performance obligations for subscription and support contracts was approximately $147.6 million, of which approximately $117.1 million is expected to be recognized over the next 12 months. The Company expects to recognize substantially all of the remaining unsatisfied performance obligations by December 2024.

Cash and Cash Equivalents

Cash and Cash Equivalents	3 Months Ended
	Mar. 31, 2021
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents	4. Cash and Cash Equivalents Cash and cash equivalents as of March 31, 2021 consist of the following: March 31, 2021 Description Contracted Maturity Cost Fair Market Value Cash Demand $ 35,111 $ 35,111 Money market funds Demand 41 41 Total cash and cash equivalents $ 35,152 $ 35,152 Cash and cash equivalents as of December 31, 2020 consist of the following: December 31, 2020 Description Contracted Maturity Cost Fair Market Value Cash Demand $ 37,431 $ 37,431 Money market funds Demand 41 41 Total cash and cash equivalents $ 37,472 $ 37,472

Earnings (Loss) per Share

Earnings (Loss) per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings (Loss) per Share	5. Earnings (Loss) per Share The Company calculates basic and diluted earnings (loss) per common share by dividing the earnings (loss) amount by the number of common shares outstanding during the period. The calculation of diluted earnings (loss) per common share includes the effects of the assumed exercise of any outstanding stock options and the assumed vesting of shares of r The following table set forth the computations of basic and diluted earnings per share: Three Months Ended March 31, 2021 Net income (in thousands) $ 5,130 Weighted average shares used in computing basic earnings per share 40,154,035 Effect of weighted average dilutive stock-based awards 2,326,086 Weighted average shares used in computing diluted earnings per share 42,480,121 Net income per share—basic and diluted Basic $ 0.13 Diluted $ 0.12 The following outstanding common shares have been excluded from the computation of dilutive earnings (loss) per share as of March 31, 2021 and 2020, because such securities are anti-dilutive: Three Months Ended March 31, 2021 2020 Options outstanding 34,150 2,487,153 Restricted stock units outstanding 67,751 3,726,412

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2021
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation	6. Stock-based Compensation The weighted-average assumptions utilized to determine the weighted-average fair value of options are presented in the following table: Three Months Ended March 31, 2021 2020 Weighted-average fair value of options granted during the period $ 10.55 $ 3.37 Risk-free interest rate 1.00 % 1.20 % Expected volatility 47 % 44 % Expected life (in years) 6.3 6.2 Expected dividend yield — — As of March 31, 2021, there wa s $ million of unrecognized stock-based compensation expense related to stock-based awards that is expected to be recognized over a weighted-average period of years. Three Months Ended March 31, 2021 2020 Stock-based compensation: Cost of subscription and support revenue $ 157 $ 190 Cost of professional services and other revenue 68 80 Research and development 322 440 Sales and marketing 737 911 General and administrative 1,008 997 $ 2,292 $ 2,618 The following is a summary of the stock option activity during the three months ended March 31, 2021. Number of Shares Weighted-Average Weighted-Average Aggregate Intrinsic Value (1) Outstanding at December 31, 2020 2,110,486 $ 9.19 Granted 20,150 22.90 Exercised (121,537 ) 9.01 $ 1,495 Canceled (29,126 ) 9.87 Outstanding at March 31, 2021 1,979,973 $ 9.35 6.38 $ 21,385 Exercisable at March 31, 2021 1,182,978 $ 8.73 5.40 $ 13,479 (1) The aggregate intrinsic value was calculated based on the positive difference between the fair value of the Company’s common stock on March 31, 2021 of $20.12 per share, or the date of exercise, as appropriate, and the exercise price of the underlying options. The following table summarizes the restricted stock unit activity for our service-based awards (“S-RSU”) (“P-RSU”) S-RSU Weighted Average Grant Date Fair Value P-RSU Weighted Average Grant Date Fair Value Total RSU Weighted Average Grant Date Fair Value Unvested at December 31, 2020 2,000,416 $ 10.40 1,587,801 $ 10.30 3,588,217 $ 10.35 Granted 67,750 22.90 — — 67,750 22.90 Vested and issued (98,416 ) 8.02 — — (98,416 ) 8.02 Canceled (105,421 ) 9.97 — — (105,421 ) 9.97 Unvested at March 31, 2021 1,864,329 $ 11.00 1,587,801 $ 10.30 3,452,130 $ 10.68

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes The income tax expense relates principally to the Company’s foreign operations. The Company is required to compute income tax expense in each jurisdiction in which it operates. This process requires the Company to project its current tax liability and estimate its deferred tax assets and liabilities, including net operating loss (“NOL”) and tax credit carry-forwards. In assessing the ability to realize the net deferred tax assets, management considers whether it is more likely than not that some portion or all of the net deferred tax assets will not be realized. The Company has provided a valuation allowance against its remaining U.S. net deferred tax assets as of March 31, 2021 and December 31, 2020, 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	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Legal Matters The Company, from time to time, is party to litigation arising in the ordinary course of business. Management does not believe that the outcome of these claims will have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Company based on the status of proceedings at this time. Guarantees and Indemnification Obligations The Company typically enters into indemnification agreements in the ordinary course of business. Pursuant to these agreements, the Company indemnifies and agrees to reimburse the indemnified party for losses and costs incurred by the indemnified party, generally the Company’s customers, in connection with patent, copyright, trade secret, or other intellectual property or personal right infringement claims by third parties with respect to the Company’s technology. The term of these indemnification agreements is generally perpetual after execution of the agreement. Based on when customers first subscribe for the Company’s service, the maximum potential amount of future payments the Company could be required to make under certain of these indemnification agreements is unlimited, however, more recently the Company has typically limited the maximum potential value of such potential future payments in relation to the value of the contract. Based on historical experience and information known as of March 31, 2021, 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.

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	9. Debt On , the Company entered into an amended and restated loan and security agreement with a lender (the “Loan Agreement”) providing for up to a $ million asset-based line of credit (the “Line of Credit”). Borrowings under the Line of Credit are secured by substantially all of the Company’s assets, excluding its intellectual property. Outstanding amounts under the Line of Credit accrue interest at a rate as follows: (i) for prime rate advances, the greater of (A) the prime rate and (B) %, and (ii) for LIBOR advances, the greater of (A) the LIBOR rate plus basis points and (B) %. Under the Loan Agreement, the Company must comply with certain financial covenants, including maintaining a minimum asset coverage ratio. non-GAAP Failure to comply with these covenants, or the occurrence of an event of default, could permit the lenders under the Line of Credit to declare all amounts borrowed under the Line of Credit, together with accrued interest and fees, to be immediately due and payable. The Line of Credit agreement will expire on . The Company was in compliance with all covenants under the Line of Credit as of March 31, 2021 and there were borrowings outstanding as of March 31, 2021.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Information	10. Segment Information Geographic Data Total revenue from unaffiliated customers by geographic area, based on the location of the customer, was as follows: Three Months Ended March 31, 2021 2020 Revenue: North America $ 30,386 $ 24,999 Europe 8,923 8,461 Japan 7,708 6,102 Asia Pacific 7,659 6,870 Other 141 221 Total revenue $ 54,817 $ 46,653 North America is comprised of revenue from the United States, Canada and Mexico. Revenue from customers located in the United States was million and million As of March 31, 2021 and December 31, 2020, property and equipment at locations outside the U.S. was not material.

Business Description and Basi_2

Business Description and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2021
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, 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, 2020 contained in the Company’s Annual Report on Form 10-K
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The following details the changes in the Company’s reserve allowance for estimated credit losses for accounts receivable for the period: Allowance for Credit Losses (in thousands) Balance as of December 31, 2020 $ 648 Current provision for credit losses 46 Write-offs against allowance (51 ) Recoveries — Balance as of March 31, 2021 $ 643 Estimated credit losses for unbilled trade accounts receivable were not material.
Other (Benefit) Expense.	Other (Benefit) Expense Other (benefit) expense, reflects other operating costs (or benefits) that do not directly relate to research and development, sales and marketing, general and administrative, and merger related. On March 27, 2020, in response to the COVID-19 pandemic, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act which was amended by the Consolidated Appropriations Act in December of 2020 (the “CARES Act”). The CARES Act provides numerous tax provisions and other stimulus measures, including the creation of certain refundable employee retention credits. In the first quarter of 2021, the Company recognized a benefit of $1,965 from the CARES Act related to employee retention credits. The Company recognizes such government relief when it is reasonably assured that it qualifies for the relief, the underlying expense has been incurred and it is probable that the Company will receive it. Credits associated with government relief are recognized in profit or loss on a systematic basis over the periods in which the Company recognizes as expense the related costs for which the relief is intended to compensate.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements ASU 2019-12—Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” ASU 2019-12 amends ASC 740 to simplify the accounting for income taxes by removing certain exceptions for investments, intraperiod allocations and interim calculations, and adding guidance to reduce complexity in the accounting standard under the FASB’s simplification initiative. Upon adoption, the amendments in ASU 2019-12 are applied on a prospective basis to all periods presented. The Company adopted the new guidance under ASU 2019-12 in the first quarter of 2021 with no material impact.

Quarterly Update to Significa_2

Quarterly Update to Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Schedule of Allowance for Doubtful Accounts	The following details the changes in the Company’s reserve allowance for estimated credit losses for accounts receivable for the period: Allowance for Credit Losses (in thousands) Balance as of December 31, 2020 $ 648 Current provision for credit losses 46 Write-offs against allowance (51 ) Recoveries — Balance as of March 31, 2021 $ 643

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Summary of Receivables, Contract Assets and Contract Liabilities from Contracts with Customers	The following summarizes the opening and closing balances of receivables, contract assets and contract liabilities from contracts with customers. Accounts Contract Assets Deferred Revenue Deferred Total Deferred Balance at December 31, 2020 $ 29,305 $ 2,078 $ 58,741 $ 811 $ 59,552 Balance at March 31, 2021 30,594 2,002 58,889 711 59,600

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	3 Months Ended
	Mar. 31, 2021
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	Cash and cash equivalents as of March 31, 2021 consist of the following: March 31, 2021 Description Contracted Maturity Cost Fair Market Value Cash Demand $ 35,111 $ 35,111 Money market funds Demand 41 41 Total cash and cash equivalents $ 35,152 $ 35,152 Cash and cash equivalents as of December 31, 2020 consist of the following: December 31, 2020 Description Contracted Maturity Cost Fair Market Value Cash Demand $ 37,431 $ 37,431 Money market funds Demand 41 41 Total cash and cash equivalents $ 37,472 $ 37,472

Earnings (Loss) per Share (Tabl

Earnings (Loss) per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Computations of Basic and Diluted Earnings Per Share	The following table set forth the computations of basic and diluted earnings per share: Three Months Ended March 31, 2021 Net income (in thousands) $ 5,130 Weighted average shares used in computing basic earnings per share 40,154,035 Effect of weighted average dilutive stock-based awards 2,326,086 Weighted average shares used in computing diluted earnings per share 42,480,121 Net income per share—basic and diluted Basic $ 0.13 Diluted $ 0.12
Outstanding Common Shares Excluded from Computation of Dilutive Earnings (Loss) per Share	The following outstanding common shares have been excluded from the computation of dilutive earnings (loss) per share as of March 31, 2021 and 2020, because such securities are anti-dilutive: Three Months Ended March 31, 2021 2020 Options outstanding 34,150 2,487,153 Restricted stock units outstanding 67,751 3,726,412

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Weighted Average Assumptions Utilized	The weighted-average assumptions utilized to determine the weighted-average fair value of options are presented in the following table: Three Months Ended March 31, 2021 2020 Weighted-average fair value of options granted during the period $ 10.55 $ 3.37 Risk-free interest rate 1.00 % 1.20 % Expected volatility 47 % 44 % Expected life (in years) 6.3 6.2 Expected dividend yield — —
Summary of Stock-based Compensation Expense	The following table summarizes stock-based compensation expense as included in the consolidated statement of operations for the three months ended March 31, 2021 and 2020 Three Months Ended March 31, 2021 2020 Stock-based compensation: Cost of subscription and support revenue $ 157 $ 190 Cost of professional services and other revenue 68 80 Research and development 322 440 Sales and marketing 737 911 General and administrative 1,008 997 $ 2,292 $ 2,618
Summary of Stock Option Activity	The following is a summary of the stock option activity during the three months ended March 31, 2021. Number of Shares Weighted-Average Weighted-Average Aggregate Intrinsic Value (1) Outstanding at December 31, 2020 2,110,486 $ 9.19 Granted 20,150 22.90 Exercised (121,537 ) 9.01 $ 1,495 Canceled (29,126 ) 9.87 Outstanding at March 31, 2021 1,979,973 $ 9.35 6.38 $ 21,385 Exercisable at March 31, 2021 1,182,978 $ 8.73 5.40 $ 13,479 (1) The aggregate intrinsic value was calculated based on the positive difference between the fair value of the Company’s common stock on March 31, 2021 of $20.12 per share, or the date of exercise, as appropriate, and the exercise price of the underlying options.
Restricted Stock Units Activity	The following table summarizes the restricted stock unit activity for our service-based awards (“S-RSU”) (“P-RSU”) S-RSU Weighted Average Grant Date Fair Value P-RSU Weighted Average Grant Date Fair Value Total RSU Weighted Average Grant Date Fair Value Unvested at December 31, 2020 2,000,416 $ 10.40 1,587,801 $ 10.30 3,588,217 $ 10.35 Granted 67,750 22.90 — — 67,750 22.90 Vested and issued (98,416 ) 8.02 — — (98,416 ) 8.02 Canceled (105,421 ) 9.97 — — (105,421 ) 9.97 Unvested at March 31, 2021 1,864,329 $ 11.00 1,587,801 $ 10.30 3,452,130 $ 10.68

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Total Revenue to Unaffiliated Customers by Geographic Area, Based on Location of Customer	Total revenue from unaffiliated customers by geographic area, based on the location of the customer, was as follows: Three Months Ended March 31, 2021 2020 Revenue: North America $ 30,386 $ 24,999 Europe 8,923 8,461 Japan 7,708 6,102 Asia Pacific 7,659 6,870 Other 141 221 Total revenue $ 54,817 $ 46,653

Quarterly Update to Significa_3

Quarterly Update to Significant Accounting Policies - Schedule of Allowance for Doubtful Accounts (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Allowance for Credit Losses
Balance as of December 31, 2020	$ 648
Current provision for credit losses	46
Write-offs against allowance	(51)
Recoveries
Balance as of March 31, 2021	$ 643

Quarterly Update to Significa_4

Quarterly Update to Significant Accounting Policies - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Accounting Policies [Abstract]
Employee retention credits benefits recognized	$ 1,965

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Summary of Receivables, Contract Assets and Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts receivable, net	$ 30,594	$ 29,305
Deferred Revenue (current)	58,889	58,741
Accounting Standards Update 2014-09 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts receivable, net	30,594	29,305
Contract Assets (current)	2,002	2,078
Deferred Revenue (current)	58,889	58,741
Deferred Revenue (non- current)	711	811
Total Deferred Revenue	$ 59,600	$ 59,552

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Deferred revenue recognized	$ 31.2
Assets recognized to obtain a contract	12.9		$ 13.3
Amortization expense recognized to obtain a contract	$ 3.1	$ 1.6
Subscription and Support Revenue [Member]
Revenue, performance obligation, description of timing	2024
Unsatisfied performance obligations	$ 147.6
Subscription and Support Revenue [Member] | Next Twelve Months [Member]
Unsatisfied performance obligations	$ 117.1

Cash and Cash Equivalents - Sch

Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investment Holdings [Line Items]
Cost	$ 35,152	$ 37,472
Fair Market Value	35,152	37,472
Cash [Member]
Investment Holdings [Line Items]
Cost	35,111	37,431
Fair Market Value	35,111	37,431
Money Market Funds [Member]
Investment Holdings [Line Items]
Cost	41	41
Fair Market Value	$ 41	$ 41

Earnings (Loss) per Share - Sch

Earnings (Loss) per Share - Schedule of Computations of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule Of Earnings Per Share Basic And Diluted [Abstract]
Net income	$ 5,130	$ (7,853)
Weighted average shares used in computing basic earnings per share	40,154,035	38,981,140
Effect of weighted average dilutive stock-based awards	2,326,086
Weighted average shares used in computing diluted earnings per share	42,480,121	38,981,140
Net income per share—basic and diluted
Basic	$ 0.13	$ (0.20)
Diluted	$ 0.12	$ (0.20)

Earnings (Loss) per Share - Out

Earnings (Loss) per Share - Outstanding Common Shares Excluded from Computation of Dilutive Earnings (Loss) per Share (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
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	34,150	2,487,153
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	67,751	3,726,412

Stock based Compensation - Addi

Stock based Compensation - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 19.1
Weighted average period	1 year 11 months 23 days

Stock Based Compensation - Weig

Stock Based Compensation - Weighted Average Assumptions Utilized (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value of options granted during the period	$ 10.55	$ 3.37
Risk-free interest rate	1.00%	1.20%
Expected Volatility	47.00%	44.00%
Expected life in years	6 years 3 months 18 days	6 years 2 months 12 days
Expected Dividend yield	0.00%	0.00%

Stock Based Compensation - Summ

Stock Based Compensation - Summarizes Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	$ 2,292	$ 2,618
Subscription and Support Revenue [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	157	190
Professional Services and Other Revenue [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	68	80
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	322	440
Sales and Marketing [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	737	911
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	$ 1,008	$ 997

Stock Based Compensation - Su_2

Stock Based Compensation - Summary of Stock Option Activity (Detail) - Options Outstanding [Member] $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Outstanding at December 31, 2020 | shares	2,110,486
Shares, Granted | shares	20,150
Shares, Exercised | shares	(121,537)
Shares, Cancelled | shares	(29,126)
Shares, Outstanding at March 31, 2021 | shares	1,979,973
Shares, Exercisable at March 31, 2021 | shares	1,182,978
Weighted-Average Exercise Price, Outstanding at December 31, 2020 | $ / shares	$ 9.19
Weighted-Average Exercise Price, Granted | $ / shares	22.90
Weighted-Average Exercise Price, Exercised | $ / shares	9.01
Weighted-Average Exercise Price, Cancelled | $ / shares	9.87
Weighted-Average Exercise Price, Outstanding at March 31, 2021 | $ / shares	9.35
Weighted-Average Exercise Price, Exercisable at March 31, 2021 | $ / shares	$ 8.73
Weighted-Average Remaining Contractual Term, Outstanding at March 31, 2021	6 years 4 months 17 days
Weighted-Average Remaining Contractual Term, Exercisable at March 31, 2021	5 years 4 months 24 days
Aggregate Intrinsic Value, Exercised | $	$ 1,495
Aggregate Intrinsic Value, Outstanding at March 31, 2021 | $	21,385
Aggregate Intrinsic Value, Exercisable at March 31, 2021 | $	$ 13,479

Stock Based Compensation - Su_3

Stock Based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail)	Mar. 31, 2021$ / 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	$ 20.12

Stock Based Compensation - Su_4

Stock Based Compensation - Summary of RSU Activity (Detail) - RSUs [Member]	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Unvested Shares, Beginning Balance | shares	3,588,217
Granted | shares	67,750
Vested and issued | shares	(98,416)
Cancelled | shares	(105,421)
Unvested Shares, Ending Balance | shares	3,452,130
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 10.35
Weighted Average Grant Date Fair Value, Granted | $ / shares	22.90
Weighted Average Grant Date Fair Value, Vested and issued | $ / shares	8.02
Weighted Average Grant Date Fair Value, Cancelled | $ / shares	9.97
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 10.68
Service Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Unvested Shares, Beginning Balance | shares	2,000,416
Granted | shares	67,750
Vested and issued | shares	(98,416)
Cancelled | shares	(105,421)
Unvested Shares, Ending Balance | shares	1,864,329
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 10.40
Weighted Average Grant Date Fair Value, Granted | $ / shares	22.90
Weighted Average Grant Date Fair Value, Vested and issued | $ / shares	8.02
Weighted Average Grant Date Fair Value, Cancelled | $ / shares	9.97
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 11
Performance Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Unvested Shares, Beginning Balance | shares	1,587,801
Unvested Shares, Ending Balance | shares	1,587,801
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 10.30
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 10.30

Debt - Additional Information (

Debt - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
Debt instrument term	If the outstanding principal during any month is at least $15.0 million, the Company must also maintain a minimum net income threshold based on non-GAAP operating measures.
Line of Credit maturity date	Dec. 28, 2023
Secured Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit, agreement start date	Dec. 28, 2020
Line of credit maximum borrowing capacity	$ 30
Percentage points added to prime rate or LIBOR	4.00%
Borrowings outstanding	$ 0
Minimum [Member]
Debt Instrument [Line Items]
Minimum outstanding principal threshold limit	$ 15
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
	Mar. 31, 2021	Mar. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 54,817	$ 46,653
North America [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	30,386	24,999
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	8,923	8,461
Japan [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	7,708	6,102
Asia Pacific [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	7,659	6,870
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 141	$ 221

Segment Information - Additiona

Segment Information - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues from customers	$ 54,817	$ 46,653
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	$ 28,500	$ 23,000