Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 21, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
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 | 41,090,876 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 45,285 | $ 37,472 |
Accounts receivable, net of allowance of $443 and $648 at September 30, 2021 and December 31, 2020, respectively | 28,138 | 29,305 |
Prepaid expenses | 8,965 | 5,760 |
Other current assets | 11,411 | 12,978 |
Total current assets | 93,799 | 85,515 |
Property and equipment, net | 18,777 | 15,968 |
Operating lease right-of-use asset | 5,668 | 8,699 |
Intangible assets, net | 8,213 | 10,465 |
Goodwill | 60,902 | 60,902 |
Other assets | 6,491 | 5,254 |
Total assets | 193,850 | 186,803 |
Current liabilities: | ||
Accounts payable | 11,007 | 10,456 |
Accrued expenses | 21,082 | 25,397 |
Operating lease liability | 2,176 | 4,346 |
Deferred revenue | 61,739 | 58,741 |
Total current liabilities | 96,004 | 98,940 |
Operating lease liability, net of current portion | 3,734 | 5,498 |
Other liabilities | 1,536 | 2,763 |
Total liabilities | 101,274 | 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; 41,175,854 and 40,152,021 shares issued at September 30, 2021 and December 31, 2020, respectively | 41 | 40 |
Additional paid-in capital | 295,464 | 287,059 |
Treasury stock, at cost; 135,000 shares | (871) | (871) |
Accumulated other comprehensive loss | (600) | (188) |
Accumulated deficit | (201,458) | (206,438) |
Total stockholders' equity | 92,576 | 79,602 |
Total liabilities and stockholders' equity | $ 193,850 | $ 186,803 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 443 | $ 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 | 41,175,854 | 40,152,021 |
Treasury stock, shares | 135,000 | 135,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue: | ||||
Revenue | $ 52,163 | $ 49,084 | $ 158,452 | $ 143,663 |
Cost of revenue: | ||||
Cost of revenue | 18,653 | 18,098 | 55,045 | 56,639 |
Gross profit | 33,510 | 30,986 | 103,407 | 87,024 |
Operating expenses: | ||||
Research and development | 7,902 | 8,215 | 24,041 | 26,199 |
Sales and marketing | 18,451 | 14,813 | 52,730 | 42,370 |
General and administrative | 7,345 | 6,694 | 21,822 | 19,633 |
Merger-related | 45 | 0 | 300 | 5,768 |
Other (benefit) expense | (1,965) | |||
Total operating expenses | 33,743 | 29,722 | 96,928 | 93,970 |
(Loss) income from operations | (233) | 1,264 | 6,479 | (6,946) |
Other (expense) income, net | (319) | 204 | (937) | (291) |
(Loss) income before income taxes | (552) | 1,468 | 5,542 | (7,237) |
Provision for income taxes | 468 | 154 | 562 | 597 |
Net (loss) income | $ (1,020) | $ 1,314 | $ 4,980 | $ (7,834) |
Net (loss) income per share—basic and diluted | ||||
Basic | $ (0.02) | $ 0.03 | $ 0.12 | $ (0.20) |
Diluted | $ (0.02) | $ 0.03 | $ 0.12 | $ (0.20) |
Weighted-average shares—basic and diluted | ||||
Basic | 40,934,689 | 39,682,337 | 40,570,817 | 39,319,703 |
Diluted | 40,934,689 | 40,645,982 | 42,237,438 | 39,319,703 |
Subscription and Support Revenue [Member] | ||||
Revenue: | ||||
Revenue | $ 49,226 | $ 46,338 | $ 148,667 | $ 136,613 |
Cost of revenue: | ||||
Cost of revenue | 16,406 | 15,735 | 46,840 | 50,290 |
Professional Services and Other Revenue [Member] | ||||
Revenue: | ||||
Revenue | 2,937 | 2,746 | 9,785 | 7,050 |
Cost of revenue: | ||||
Cost of revenue | $ 2,247 | $ 2,363 | $ 8,205 | $ 6,349 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (1,020) | $ 1,314 | $ 4,980 | $ (7,834) |
Other comprehensive income: | ||||
Foreign currency translation adjustments | (238) | 345 | (412) | 44 |
Comprehensive (loss) income | $ (1,258) | $ 1,659 | $ 4,568 | $ (7,790) |
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 | $ 0 | |||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units | $ 1 | 792 | ||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, shares | 888,460 | |||||
Stock-based compensation expense | 6,964 | |||||
Foreign currency translation adjustment | $ 44 | 44 | ||||
Net income (loss) | (7,834) | |||||
Ending Balance at Sep. 30, 2020 | 74,090 | $ 40 | 284,121 | $ (871) | (741) | (208,459) |
Ending Balance, shares at Sep. 30, 2020 | 39,931,247 | |||||
Treasury stock, Ending Balance at Sep. 30, 2020 | (135,000) | |||||
Beginning Balance at Jun. 30, 2020 | $ 39 | 281,255 | $ (871) | (1,086) | (209,773) | |
Beginning Balance, shares at Jun. 30, 2020 | 39,543,991 | |||||
Treasury shares, beginning Balance at Jun. 30, 2020 | (135,000) | |||||
Issuance of common stock upon exercise of stock options | $ 0 | |||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units | $ 1 | 794 | ||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, shares | 387,256 | |||||
Stock-based compensation expense | 2,072 | |||||
Foreign currency translation adjustment | 345 | 345 | ||||
Net income (loss) | 1,314 | |||||
Ending Balance at Sep. 30, 2020 | 74,090 | $ 40 | 284,121 | $ (871) | (741) | (208,459) |
Ending Balance, shares at Sep. 30, 2020 | 39,931,247 | |||||
Treasury stock, Ending Balance at Sep. 30, 2020 | (135,000) | |||||
Beginning Balance at Dec. 31, 2020 | $ 79,602 | $ 41 | 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 | $ 0 | |||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units | $ 0 | 825 | ||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, shares | 1,023,833 | |||||
Stock-based compensation expense | 7,580 | |||||
Foreign currency translation adjustment | $ (412) | (412) | ||||
Net income (loss) | 4,980 | |||||
Ending Balance at Sep. 30, 2021 | $ 92,576 | $ 41 | 295,464 | $ (871) | (600) | (201,458) |
Ending Balance, shares at Sep. 30, 2021 | 41,175,854 | |||||
Treasury stock, Ending Balance at Sep. 30, 2021 | (135,000) | (135,000) | ||||
Beginning Balance at Jun. 30, 2021 | $ 41 | 292,775 | $ (871) | (362) | (200,438) | |
Beginning Balance, shares at Jun. 30, 2021 | 40,946,572 | |||||
Treasury shares, beginning Balance at Jun. 30, 2021 | (135,000) | |||||
Issuance of common stock upon exercise of stock options | $ 0 | |||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units | $ 0 | 194 | ||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, shares | 229,282 | |||||
Stock-based compensation expense | 2,495 | |||||
Foreign currency translation adjustment | $ (238) | (238) | ||||
Net income (loss) | (1,020) | |||||
Ending Balance at Sep. 30, 2021 | $ 92,576 | $ 41 | $ 295,464 | $ (871) | $ (600) | $ (201,458) |
Ending Balance, shares at Sep. 30, 2021 | 41,175,854 | |||||
Treasury stock, Ending Balance at Sep. 30, 2021 | (135,000) | (135,000) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities | ||
Net income (loss) | $ 4,980 | $ (7,834) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 6,284 | 6,497 |
Stock-based compensation | 7,234 | 6,724 |
Provision for reserves on accounts receivable | 246 | 461 |
Changes in assets and liabilities: | ||
Accounts receivable | 710 | (1,433) |
Prepaid expenses and other current assets | (914) | (6,414) |
Other assets | (1,273) | (1,247) |
Accounts payable | 79 | 104 |
Accrued expenses | (4,402) | 3,410 |
Operating leases | (903) | (13) |
Deferred revenue | 2,707 | 8,667 |
Net cash provided by operating activities | 14,748 | 8,922 |
Investing activities | ||
Purchases of property and equipment | (1,625) | (2,163) |
Capitalized internal-use software costs | (4,657) | (5,108) |
Net cash used in investing activities | (6,282) | (7,271) |
Financing activities | ||
Proceeds from exercise of stock options | 2,200 | 1,207 |
Deferred acquisition payments | (475) | |
Proceeds from debt | 10,000 | |
Debt paydown | (5,000) | |
Other financing activities | (1,375) | (448) |
Net cash provided by financing activities | 350 | 5,759 |
Effect of exchange rate changes on cash and cash equivalents | (1,003) | 163 |
Net increase in cash and cash equivalents | 7,813 | 7,573 |
Cash and cash equivalents at beginning of period | 37,472 | 22,759 |
Cash and cash equivalents at end of period | 45,285 | 30,332 |
Supplemental disclosure of cash flow information | ||
Cash paid for operating lease liabilities | 3,505 | 5,087 |
Cash paid for income taxes | $ 681 | $ 993 |
Business Description and Basis
Business Description and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description and Basis of Presentation | 1. Business Description and Basis 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 | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Quarterly Update to Significant Accounting Policies | 2. Quarterly Update to Significant Accounting Policies Stock-Based Compensation On March 25, 2021, the Board adopted, the Brightcove Inc. 2021 Stock Incentive Plan (the “2021 Plan”) which was approved by the shareholders on May 11, 2021. The maximum number of shares of stock reserved and available for issuance under the 2021 Plan is 6,200,000 shares. Any awards under the Plan and under the Company’s existing 2012 Stock Incentive Plan (the “2012 Plan”) and the Company’s Amended and Restated 2004 Stock Option and Incentive Plan that are forfeited, canceled or otherwise terminated (other than by exercise) will be added back to the shares of stock available for issuance under the 2021 Plan and may be issued as awards thereunder. The 2021 Plan is designed to enable the flexibility to grant equity awards to our officers, employees, non-employee 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 303 Write-offs against allowance (451 ) Recoveries (57 ) Balance as of September 30, 2021 $ 443 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 Recently Issued and Adopted Accounting Pronouncements ASU 2019-12—Income In December 2019, the FASB issued ASU 2019-12, 2019-12 2019-12 2019-12 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 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 Deferred Deferred Revenue (non- current) Total Deferred Balance at December 31, 2020 $ 29,305 $ 2,078 $ 58,741 $ 811 $ 59,552 Balance at September 30, 2021 28,138 2,311 61,739 50 61,789 Revenue recognized for the three and nine months ended September 30, 2021 from amounts included in deferred revenue at the beginning of the period was approximately $8.2 million and $54.9 million, respectively. During the three and nine months ended September 30, 2021, 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 $12.0 million as of September 30, 2021 and $13.3 million as of December 31, 2020. Amortization expense recognized for the three and nine months ended September 30, 2021 related to costs to obtain a contract was $3.3 million and $9.6 million, respectively. Amortization expense recognized for the three and nine months ended September 30, 2020 related to costs to obtain a contract was $2.0 million and $5.5 million, respectively. Transaction Price Allocated to Future Performance Obligations As of September 30, 2021, the total aggregate transaction price allocated to the unsatisfied performance obligations for subscription and support contracts was approximately $148.6 million, of which approximately $115.0 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 | 9 Months Ended |
Sep. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 4. Cash and Cash Equivalents Cash and cash equivalents as of September 30, 2021 consist of the September 30, 2021 Description Contracted Maturity Cost Fair Market Value Cash Demand $ 45,244 $ 45,244 Money market funds Demand 41 41 Total cash and cash equivalents $ 45,285 $ 45,285 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 |
(Loss) Earnings per Share
(Loss) Earnings per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
(Loss) Earnings per Share | 5. (Loss) Earnings per Share The Company calculates basic and diluted The following table set forth the computations of basic and diluted (loss) earnings per share: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Net (loss) income $ (1,020 ) $ 1,314 $ 4,980 $ (7,834 ) Weighted average shares used in computing basic earnings per share 40,934,689 39,682,337 40,570,817 39,319,703 Effect of weighted average dilutive stock-based awards — 963,645 1,666,621 — Weighted average shares used in computing diluted earnings per share 40,934,689 40,645,982 42,237,438 39,319,703 Net (loss) income per share—basic and diluted Basic $ (0.02 ) $ 0.03 $ 0.12 $ (0.20 ) Diluted $ (0.02 ) $ 0.03 $ 0.12 $ (0.20 ) The following outstanding common shares have been excluded from the computation of dilutive (loss) earnings per share as of the periods indicated because such securities are anti-dilutive: Three Months Ended Nine Months Ended (shares in thousands) 2021 2020 2021 2020 Options outstanding 1,803 1,570 147 2,234 Restricted stock units outstanding 3,185 155 56 3,264 |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 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 Nine Months Ended 2021 2020 2021 2020 Weighted-average fair value of options granted during the period $ 6.29 $ 4.86 $ 7.51 $ 4.01 Risk-free interest rate 1.14 % 0.33 % 1.16 % 0.76 % Expected volatility 48 % 47 % 48 % 46 % Expected life (in years) 6.2 5.9 6.2 6.1 Expected dividend yield — — — — As of September 30, 2021, there was $23.6 million of unrecognized stock-based compensation expense related to stock-based awards that is expected to be recognized over a weighted-average period of 2.28 years. The following table summarizes stock-based compensation expense as included in the consolidated statement of operations for the three months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Stock-based compensation: Cost of subscription and support revenue $ 157 $ 139 $ 501 $ 452 Cost of professional services and other revenue 113 63 299 233 Research and development 408 142 1,261 839 Sales and marketing 583 768 2,082 2,440 General and administrative 1,072 896 3,091 2,760 $ 2,333 $ 2,008 $ 7,234 $ 6,724 The following is a summary of the stock option activity during the nine months ended September 30, 2021. Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value (1) Outstanding at December 31, 2020 2,110,486 $ 9.19 Granted 92,905 16.05 Exercised (254,502 ) 8.65 $ 2,724 Canceled (145,930 ) 10.17 Outstanding at September 30, 2021 1,802,959 $ 9.56 5.94 $ 4,177 Exercisable at September 30, 2021 1,313,116 $ 8.96 5.23 $ 3,522 (1) The aggregate intrinsic value was calculated based on the positive difference between the fair value of the Company’s common stock on September 30, 2021 of $11.54 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 1,039,266 14.44 64,011 12.65 1,103,277 14.33 Vested and issued (546,818 ) 9.11 (181,910 ) 8.74 (728,728 ) 9.01 Canceled (411,567 ) 11.38 (365,909 ) 9.50 (777,476 ) 10.49 Unvested at September 30, 2021 2,081,297 $ 12.56 1,103,993 $ 10.97 3,185,290 $ 12.00 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 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 September 30, 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 | 9 Months Ended |
Sep. 30, 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 September 30, 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. In certain circumstances, the Company warrants that its products and services will perform in all material respects in accordance with its standard published specification documentation in effect at the time of delivery of the licensed products and services to the customer for the warranty period of the product or service. To date, the Company has not incurred significant expense under its warranties and, as a result, the Company believes the estimated fair value of these agreements is immaterial. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 9. Debt On December 28, 2020, 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”). 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 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 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 Nine Months Ended 2021 2020 2021 2020 Revenue: North America $ 29,420 $ 27,515 $ 89,204 $ 78,553 Europe 9,689 8,435 28,159 25,323 Japan 6,185 5,688 19,263 17,344 Asia Pacific 6,746 7,211 21,421 21,795 Other 123 235 405 648 Total revenue $ 52,163 $ 49,084 $ 158,452 $ 143,663 North America is comprised of revenue from the United States, Canada and Mexico. Revenue from customers located in the United States was $27.6 million and $25.6 million for the three months ended September 30, 2021 and 2020, respectively. Revenue from customers located in the United States was $83.6 million and $72.5 million for the nine months ended September 30, 2021 and 2020, respectively. Other than the United States and Japan, no other country contributed more than 10% of the Company’s total revenue during the three and nine months ended September 30, 2021 and 2020. As of September 30, 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) | 9 Months Ended |
Sep. 30, 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 |
Stock-Based Compensation | Stock-Based Compensation On March 25, 2021, the Board adopted, the Brightcove Inc. 2021 Stock Incentive Plan (the “2021 Plan”) which was approved by the shareholders on May 11, 2021. The maximum number of shares of stock reserved and available for issuance under the 2021 Plan is 6,200,000 shares. Any awards under the Plan and under the Company’s existing 2012 Stock Incentive Plan (the “2012 Plan”) and the Company’s Amended and Restated 2004 Stock Option and Incentive Plan that are forfeited, canceled or otherwise terminated (other than by exercise) will be added back to the shares of stock available for issuance under the 2021 Plan and may be issued as awards thereunder. The 2021 Plan is designed to enable the flexibility to grant equity awards to our officers, employees, non-employee |
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 303 Write-offs against allowance (451 ) Recoveries (57 ) Balance as of September 30, 2021 $ 443 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 |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued and Adopted Accounting Pronouncements ASU 2019-12—Income In December 2019, the FASB issued ASU 2019-12, 2019-12 2019-12 2019-12 |
Quarterly Update to Significa_2
Quarterly Update to Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 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 303 Write-offs against allowance (451 ) Recoveries (57 ) Balance as of September 30, 2021 $ 443 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 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 Deferred Deferred Revenue (non- current) Total Deferred Balance at December 31, 2020 $ 29,305 $ 2,078 $ 58,741 $ 811 $ 59,552 Balance at September 30, 2021 28,138 2,311 61,739 50 61,789 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash and cash equivalents as of September 30, 2021 consist of the September 30, 2021 Description Contracted Maturity Cost Fair Market Value Cash Demand $ 45,244 $ 45,244 Money market funds Demand 41 41 Total cash and cash equivalents $ 45,285 $ 45,285 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 |
(Loss) Earnings per Share (Tabl
(Loss) Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 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 (loss) earnings per share: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Net (loss) income $ (1,020 ) $ 1,314 $ 4,980 $ (7,834 ) Weighted average shares used in computing basic earnings per share 40,934,689 39,682,337 40,570,817 39,319,703 Effect of weighted average dilutive stock-based awards — 963,645 1,666,621 — Weighted average shares used in computing diluted earnings per share 40,934,689 40,645,982 42,237,438 39,319,703 Net (loss) income per share—basic and diluted Basic $ (0.02 ) $ 0.03 $ 0.12 $ (0.20 ) Diluted $ (0.02 ) $ 0.03 $ 0.12 $ (0.20 ) |
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 (loss) earnings per share as of the periods indicated because such securities are anti-dilutive: Three Months Ended Nine Months Ended (shares in thousands) 2021 2020 2021 2020 Options outstanding 1,803 1,570 147 2,234 Restricted stock units outstanding 3,185 155 56 3,264 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended 2021 2020 2021 2020 Weighted-average fair value of options granted during the period $ 6.29 $ 4.86 $ 7.51 $ 4.01 Risk-free interest rate 1.14 % 0.33 % 1.16 % 0.76 % Expected volatility 48 % 47 % 48 % 46 % Expected life (in years) 6.2 5.9 6.2 6.1 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 September 30, 2021 and 2020: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Stock-based compensation: Cost of subscription and support revenue $ 157 $ 139 $ 501 $ 452 Cost of professional services and other revenue 113 63 299 233 Research and development 408 142 1,261 839 Sales and marketing 583 768 2,082 2,440 General and administrative 1,072 896 3,091 2,760 $ 2,333 $ 2,008 $ 7,234 $ 6,724 |
Summary of Stock Option Activity | The following is a summary of the stock option activity during the nine months ended September 30, 2021. Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value (1) Outstanding at December 31, 2020 2,110,486 $ 9.19 Granted 92,905 16.05 Exercised (254,502 ) 8.65 $ 2,724 Canceled (145,930 ) 10.17 Outstanding at September 30, 2021 1,802,959 $ 9.56 5.94 $ 4,177 Exercisable at September 30, 2021 1,313,116 $ 8.96 5.23 $ 3,522 (1) The aggregate intrinsic value was calculated based on the positive difference between the fair value of the Company’s common stock on September 30, 2021 of $11.54 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 1,039,266 14.44 64,011 12.65 1,103,277 14.33 Vested and issued (546,818 ) 9.11 (181,910 ) 8.74 (728,728 ) 9.01 Canceled (411,567 ) 11.38 (365,909 ) 9.50 (777,476 ) 10.49 Unvested at September 30, 2021 2,081,297 $ 12.56 1,103,993 $ 10.97 3,185,290 $ 12.00 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended 2021 2020 2021 2020 Revenue: North America $ 29,420 $ 27,515 $ 89,204 $ 78,553 Europe 9,689 8,435 28,159 25,323 Japan 6,185 5,688 19,263 17,344 Asia Pacific 6,746 7,211 21,421 21,795 Other 123 235 405 648 Total revenue $ 52,163 $ 49,084 $ 158,452 $ 143,663 |
Quarterly Update to Significa_3
Quarterly Update to Significant Accounting Policies - Schedule of Allowance for Doubtful Accounts (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Credit Loss [Abstract] | |
Balance as of December 31, 2020 | $ 648 |
Current provision for credit losses | 303 |
Write-offs against allowance | (451) |
Recoveries | (57) |
Balance as of Sept 30, 2021 | $ 443 |
Quarterly Update to Significa_4
Quarterly Update to Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2021 | Sep. 30, 2021 | Mar. 25, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee retention credits benefits recognized | $ 1,965 | $ 1,965 | |
2021 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of shares of stock reserved and available for issuance | 6,200,000 | ||
2012 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of future grants issued under plan | 0 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Summary of Receivables, Contract Assets and Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Accounts receivable, net | $ 28,138 | $ 29,305 |
Deferred Revenue (current) | 61,739 | 58,741 |
Accounting Standards Update 2014-09 [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Accounts receivable, net | 28,138 | 29,305 |
Contract Assets (current) | 2,311 | 2,078 |
Deferred Revenue (current) | 61,739 | 58,741 |
Deferred Revenue (non- current) | 50 | 811 |
Total Deferred Revenue | $ 61,789 | $ 59,552 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Deferred revenue recognized | $ 8.2 | $ 54.9 | |||
Assets recognized to obtain a contract | 12 | 12 | $ 13.3 | ||
Amortization expense recognized to obtain a contract | 3.3 | $ 2 | 9.6 | $ 5.5 | |
Subscription and Support Revenue [Member] | |||||
Unsatisfied performance obligations | 148.6 | 148.6 | |||
Subscription and Support Revenue [Member] | Next Twelve Months [Member] | |||||
Unsatisfied performance obligations | $ 115 | $ 115 |
Cash and Cash Equivalents - Sch
Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Investment Holdings [Line Items] | ||
Cost | $ 45,285 | $ 37,472 |
Fair Market Value | 45,285 | 37,472 |
Cash [Member] | ||
Investment Holdings [Line Items] | ||
Cost | 45,244 | 37,431 |
Fair Market Value | 45,244 | 37,431 |
Money Market Funds [Member] | ||
Investment Holdings [Line Items] | ||
Cost | 41 | 41 |
Fair Market Value | $ 41 | $ 41 |
(Loss) Earnings per Share - Sch
(Loss) Earnings per Share - Schedule of Computations of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule Of Earnings Per Share Basic And Diluted [Abstract] | ||||
Net (loss) income | $ (1,020) | $ 1,314 | $ 4,980 | $ (7,834) |
Weighted average shares used in computing basic earnings per share | 40,934,689 | 39,682,337 | 40,570,817 | 39,319,703 |
Effect of weighted average dilutive stock-based awards | 0 | 963,645 | 1,666,621 | 0 |
Weighted average shares used in computing diluted earnings per share | 40,934,689 | 40,645,982 | 42,237,438 | 39,319,703 |
Net (loss) income per share—basic and diluted | ||||
Basic | $ (0.02) | $ 0.03 | $ 0.12 | $ (0.20) |
Diluted | $ (0.02) | $ 0.03 | $ 0.12 | $ (0.20) |
(Loss) Earnings per Share - Out
(Loss) Earnings per Share - Outstanding Common Shares Excluded from Computation of Dilutive Earnings (Loss) per Share (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 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 | 1,803 | 1,570 | 147 | 2,234 |
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 | 3,185 | 155 | 56 | 3,264 |
Stock based Compensation - Addi
Stock based Compensation - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense | $ 23.6 |
Weighted average period | 2 years 3 months 10 days |
Stock Based Compensation - Weig
Stock Based Compensation - Weighted Average Assumptions Utilized (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average fair value of options granted during the period | $ 6.29 | $ 4.86 | $ 7.51 | $ 4.01 |
Risk-free interest rate | 1.14% | 0.33% | 1.16% | 0.76% |
Expected volatility | 48.00% | 47.00% | 48.00% | 46.00% |
Expected life (in years) | 6 years 2 months 12 days | 5 years 10 months 24 days | 6 years 2 months 12 days | 6 years 1 month 6 days |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Stock Based Compensation - Summ
Stock Based Compensation - Summarizes Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | $ 2,333 | $ 2,008 | $ 7,234 | $ 6,724 |
Subscription and Support Revenue [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | 157 | 139 | 501 | 452 |
Professional Services and Other Revenue [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | 113 | 63 | 299 | 233 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | 408 | 142 | 1,261 | 839 |
Sales and Marketing [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | 583 | 768 | 2,082 | 2,440 |
General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | $ 1,072 | $ 896 | $ 3,091 | $ 2,760 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Stock Option Activity (Detail) - Options Outstanding [Member] $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 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 | 92,905 | |
Shares, Exercised | shares | (254,502) | |
Shares, Cancelled | shares | (145,930) | |
Shares, Outstanding at September 30, 2021 | shares | 1,802,959 | |
Shares, Exercisable at September 30, 2021 | shares | 1,313,116 | |
Weighted-Average Exercise Price, Outstanding at December 31, 2020 | $ / shares | $ 9.19 | |
Weighted-Average Exercise Price, Granted | $ / shares | 16.05 | |
Weighted-Average Exercise Price, Exercised | $ / shares | 8.65 | |
Weighted-Average Exercise Price, Cancelled | $ / shares | 10.17 | |
Weighted-Average Exercise Price, Outstanding at September 30, 2021 | $ / shares | 9.56 | |
Weighted-Average Exercise Price, Exercisable at September 30, 2021 | $ / shares | $ 8.96 | |
Weighted-Average Remaining Contractual Term, Outstanding at September 30, 2021 | 5 years 11 months 8 days | |
Weighted-Average Remaining Contractual Term, Exercisable at September 30, 2021 | 5 years 2 months 23 days | |
Aggregate Intrinsic Value, Exercised | $ | $ 2,724 | [1] |
Aggregate Intrinsic Value, Outstanding at September 30, 2021 | $ | 4,177 | [1] |
Aggregate Intrinsic Value, Exercisable at September 30, 2021 | $ | $ 3,522 | [1] |
[1] | The aggregate intrinsic value was calculated based on the positive difference between the fair value of the Company’s common stock on September 30, 2021 of $11.54 per share, or the date of exercise, as appropriate, and the exercise price of the underlying options. |
Stock Based Compensation - Su_3
Stock Based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail) | Sep. 30, 2021USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement, Exercisable, Aggregate Intrinsic Value | $ 11.54 |
Stock Based Compensation - Su_4
Stock Based Compensation - Summary of RSU Activity (Detail) - RSUs [Member] | 9 Months Ended |
Sep. 30, 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 | 1,103,277 |
Vested and issued | shares | (728,728) |
Cancelled | shares | (777,476) |
Unvested Shares, Ending Balance | shares | 3,185,290 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 10.35 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 14.33 |
Weighted Average Grant Date Fair Value, Vested and issued | $ / shares | 9.01 |
Weighted Average Grant Date Fair Value, Cancelled | $ / shares | 10.49 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 12 |
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 | 1,039,266 |
Vested and issued | shares | (546,818) |
Cancelled | shares | (411,567) |
Unvested Shares, Ending Balance | shares | 2,081,297 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 10.40 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 14.44 |
Weighted Average Grant Date Fair Value, Vested and issued | $ / shares | 9.11 |
Weighted Average Grant Date Fair Value, Cancelled | $ / shares | 11.38 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 12.56 |
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 |
Granted | shares | 64,011 |
Vested and issued | shares | (181,910) |
Cancelled | shares | (365,909) |
Unvested Shares, Ending Balance | shares | 1,103,993 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 10.30 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 12.65 |
Weighted Average Grant Date Fair Value, Vested and issued | $ / shares | 8.74 |
Weighted Average Grant Date Fair Value, Cancelled | $ / shares | 9.50 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 10.97 |
Debt - Additional Information (
Debt - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 52,163 | $ 49,084 | $ 158,452 | $ 143,663 |
North America [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 29,420 | 27,515 | 89,204 | 78,553 |
Europe [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 9,689 | 8,435 | 28,159 | 25,323 |
Japan [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 6,185 | 5,688 | 19,263 | 17,344 |
Asia Pacific [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 6,746 | 7,211 | 21,421 | 21,795 |
Other [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 123 | $ 235 | $ 405 | $ 648 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues from customers | $ 52,163 | $ 49,084 | $ 158,452 | $ 143,663 |
Revenue percentage from other country to the company's total revenue | 10.00% | 10.00% | 10.00% | 10.00% |
United States [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues from customers | $ 27,600 | $ 25,600 | $ 83,600 | $ 72,500 |