Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 14, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | BRIGHTCOVE INC | ||
Entity Central Index Key | 0001313275 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Trading Symbol | BCOV | ||
Entity Filer Category | Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 576,531,928 | ||
Entity File Number | 001-35429 | ||
Title of 12(b) Security | Common Stock | ||
Security Exchange Name | NASDAQ | ||
Entity Common Stock, Shares Outstanding | 41,273,305 | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Boston, Massachusetts |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 45,739 | $ 37,472 |
Accounts receivable, net of allowance of $353 and $648 at December 31, 2021 and December 31, 2020, respectively | 29,866 | 29,305 |
Prepaid expenses | 7,792 | 5,760 |
Other current assets | 10,833 | 12,978 |
Total current assets | 94,230 | 85,515 |
Property and equipment, net | 20,514 | 15,968 |
Operating lease right-of-use asset | 24,891 | 8,699 |
Intangible assets, net | 9,276 | 10,465 |
Goodwill | 60,902 | 60,902 |
Other assets | 6,655 | 5,254 |
Total assets | 216,468 | 186,803 |
Current liabilities: | ||
Accounts payable | 11,039 | 10,456 |
Accrued expenses | 20,925 | 25,397 |
Operating lease liability | 2,600 | 4,346 |
Deferred revenue | 62,057 | 58,741 |
Total current liabilities | 96,621 | 98,940 |
Operating lease liability, net of current portion | 22,801 | 5,498 |
Other liabilities | 786 | 2,763 |
Total liabilities | 120,208 | 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; 41,384,643 and 40,152,021 shares issued at December 31, 2021 and 2020, respectively | 41 | 40 |
Additional paid-in capital | 298,793 | 287,059 |
Treasury stock, at cost; 135,000 shares | (871) | (871) |
Accumulated other comprehensive loss | (662) | (188) |
Accumulated deficit | (201,041) | (206,438) |
Total stockholders' equity | 96,260 | 79,602 |
Total liabilities and stockholders' equity | $ 216,468 | $ 186,803 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 353 | $ 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 | 41,384,643 | 40,152,021 |
Treasury stock, shares | 135,000 | 135,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue: | |||
Revenue | $ 211,093 | $ 197,353 | $ 184,455 |
Cost of revenue: | |||
Cost of revenue | 73,028 | 76,097 | 75,469 |
Gross profit | 138,065 | 121,256 | 108,986 |
Operating expenses: | |||
Research and development | 31,718 | 33,978 | 32,535 |
Sales and marketing | 71,177 | 59,812 | 60,375 |
General and administrative | 29,261 | 27,021 | 25,692 |
Merger-related | 300 | 5,768 | 11,447 |
Other (benefit) expense | (1,965) | 0 | 0 |
Total operating expenses | 130,491 | 126,579 | 130,049 |
Income (loss) from operations | 7,574 | (5,323) | (21,063) |
Other (expense) income, net | |||
Interest income | 5 | 28 | 143 |
Interest expense | 0 | (205) | (7) |
Other (expense) income, net | (1,380) | 305 | (416) |
Total other (expense) income, net | (1,375) | 128 | (280) |
Income (loss) before income taxes | 6,199 | (5,195) | (21,343) |
Provision for income taxes | 802 | 618 | 560 |
Net income (loss) | $ 5,397 | $ (5,813) | $ (21,903) |
Net income(loss) per share | |||
Basic | $ 0.13 | $ (0.15) | $ (0.58) |
Diluted | $ 0.13 | $ (0.15) | $ (0.58) |
Weighted-average number of common shares used in computing net income (loss) per share | |||
Basic | 40,717 | 39,473 | 38,028 |
Diluted | 42,200 | 39,473 | 38,028 |
Subscription and Support Revenue [Member] | |||
Revenue: | |||
Revenue | $ 198,929 | $ 187,341 | $ 173,818 |
Cost of revenue: | |||
Cost of revenue | 62,773 | 67,124 | 67,064 |
Professional Services and Other Revenue [Member] | |||
Revenue: | |||
Revenue | 12,164 | 10,012 | 10,637 |
Cost of revenue: | |||
Cost of revenue | $ 10,255 | $ 8,973 | $ 8,405 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (loss) | $ 5,397 | $ (5,813) | $ (21,903) |
Other comprehensive (loss) income: | |||
Foreign currency translation adjustments | (474) | 597 | 167 |
Comprehensive Income (loss) | $ 4,923 | $ (5,216) | $ (21,736) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] |
Beginning Balance at Dec. 31, 2018 | $ 37 | $ 251,122 | $ (871) | $ (952) | $ (178,722) | |
Beginning Balance, shares at Dec. 31, 2018 | 36,752,469 | |||||
Treasury shares, beginning Balance at Dec. 31, 2018 | (135,000) | |||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, net of tax | $ 1 | 3,413 | ||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, net of tax, shares | 1,003,472 | |||||
Issuance of common stock upon acquisition | $ 1 | 12,248 | ||||
Issuance of common stock upon acquisition (shares) | 1,286,846 | |||||
Stock-based compensation expense | 9,582 | |||||
Foreign currency translation adjustment | $ 167 | 167 | ||||
Net Income (loss) | (21,903) | |||||
Ending Balance at Dec. 31, 2019 | 74,123 | $ 39 | 276,365 | $ (871) | (785) | (200,625) |
Ending Balance, shares at Dec. 31, 2019 | 39,042,787 | |||||
Treasury stock, Ending Balance at Dec. 31, 2019 | (135,000) | |||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, net of tax | $ 1 | 1,617 | ||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, net of tax, shares | 1,109,234 | |||||
Issuance of common stock upon acquisition | $ 0 | 0 | ||||
Issuance of common stock upon acquisition (shares) | 0 | |||||
Stock-based compensation expense | 9,077 | |||||
Foreign currency translation adjustment | 597 | 597 | ||||
Net Income (loss) | (5,813) | |||||
Ending Balance at Dec. 31, 2020 | $ 79,602 | $ 40 | 287,059 | $ (871) | (188) | (206,438) |
Ending Balance, shares at Dec. 31, 2020 | 40,152,021 | |||||
Treasury stock, Ending Balance at Dec. 31, 2020 | (135,000) | (135,000) | ||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, net of tax | $ 1 | 1,175 | ||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, net of tax, shares | 1,232,622 | |||||
Stock-based compensation expense | 10,559 | |||||
Foreign currency translation adjustment | $ (474) | (474) | ||||
Net Income (loss) | 5,397 | |||||
Ending Balance at Dec. 31, 2021 | $ 96,260 | $ 41 | $ 298,793 | $ (871) | $ (662) | $ (201,041) |
Ending Balance, shares at Dec. 31, 2021 | 41,384,643 | |||||
Treasury stock, Ending Balance at Dec. 31, 2021 | (135,000) | (135,000) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
Net Income (loss) | $ 5,397 | $ (5,813) | $ (21,903) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 8,322 | 8,695 | 8,422 |
Stock-based compensation | 9,968 | 8,785 | 9,259 |
Provision for reserves on accounts receivable | 159 | 648 | 1,137 |
Changes in assets and liabilities: | |||
Accounts receivable | (846) | 1,358 | (5,537) |
Prepaid expenses and other current assets | 1,281 | (6,918) | 1,213 |
Other assets | (1,437) | (1,937) | (758) |
Accounts payable | (683) | 1,014 | 1,682 |
Accrued expenses | (5,209) | 5,600 | 6,749 |
Operating leases | (634) | 182 | (302) |
Deferred revenue | 3,245 | 9,698 | 2,746 |
Net cash provided by operating activities | 19,563 | 21,312 | 2,708 |
Investing activities | |||
Cash paid for acquisition, net of cash acquired | (2,000) | 0 | (5,339) |
Purchases of property and equipment | (2,205) | (2,362) | (1,047) |
Capitalized internal-use software costs | (6,637) | (6,362) | (6,232) |
Net cash used in investing activities | (10,842) | (8,724) | (12,618) |
Financing activities | |||
Proceeds from exercise of stock options | 2,846 | 2,216 | 3,473 |
Deferred acquisitions payments | (475) | 0 | 0 |
Proceeds from debt | 0 | 10,000 | 0 |
Payments on debt | 0 | (10,000) | 0 |
Other financing activities | (1,669) | (631) | (296) |
Net cash provided by financing activities | 702 | 1,585 | 3,177 |
Effect of exchange rate changes on cash and cash equivalents | (1,156) | 540 | 186 |
Net increase in cash and cash equivalents | 8,267 | 14,713 | (6,547) |
Cash and cash equivalents at beginning of period | 37,472 | 22,759 | 29,306 |
Cash and cash equivalents at end of period | 45,739 | 37,472 | 22,759 |
Supplemental disclosure of cash flow information | |||
Cash paid for operating lease liabilities | 4,277 | 6,326 | 7,382 |
Cash paid for income taxes | 737 | 1,190 | 555 |
Cash paid for interest | 0 | 205 | 6 |
Supplemental disclosure of non-cash operating activities | |||
Capitalization of stock-based compensation related to internal use software | 593 | 267 | 322 |
Supplemental disclosure of non-cash investing and financing activities | |||
Unpaid internal-use software costs | 446 | 49 | 20 |
Fair value of shares issued for acquisition of a business | 0 | 0 | 12,250 |
Unpaid purchases of property and equipment | $ 25 | $ 160 | $ 138 |
Business Description
Business Description | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description | 1. Business Description Brightcove Inc. (the Company) is a 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The accompanying consolidated financial statements reflect the application of certain significant accounting policies as described below and elsewhere in these notes to the consolidated financial statements. The Company believes that a significant accounting policy is one that is both important to the portrayal of the Company’s financial condition and results, and requires management’s most difficult, subjective, or complex judgments, often as the result of the need to make estimates about the effect of matters that are inherently uncertain. Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB). Use of Estimates and Uncertainties The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts expensed during the reporting period. Significant estimates relied upon in preparing these consolidated financial statements include revenue recognition and variable consideration, contingent liabilities, intangible asset valuations, and the realizability of the Company’s deferred tax assets. Although the Company regularly assesses these estimates, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results may differ from management’s estimates if these results differ from historical experience, or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. The Company is subject to a number of risks and uncertainties common to companies in similar industries and stages of development including, but not limited to, rapid technological changes, competition from substitute products and services from larger companies, customers switching to in-house Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Foreign Currency Translation The reporting currency of the Company is the U.S. dollar. The functional currency of the Company’s foreign subsidiaries is the local currency of each subsidiary. All assets and liabilities in the balance sheets of entities whose functional currency is a currency other than the U.S. dollar are translated into U.S. dollar equivalents at exchange rates as follows: (1) asset and liability accounts at period-end Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Management determines the appropriate classification of investments at the time of purchase, and re-evaluates Property and Equipment Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related asset. Upon retirement or sale, the cost of assets disposed of, and the related accumulated depreciation, are removed from the accounts, and any resulting gain or loss is included in the determination of net income or loss in the period of retirement. Expenditures for maintenance and repairs are charged to expense as incurred, whereas major improvements are capitalized as additions to property and equipment. The Company estimates the useful life of property and equipment as follows: Estimated Useful Life (in Years) Computer equipment 3 Software 3 - 6 Furniture and fixtures 5 Leasehold improvements Shorter of lease Fair Value of Financial Instruments ASC 820, Fair Value Measurements and Disclosures ASC 820 identifies fair value as an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants based on the highest and best use of the asset or liability. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The Company uses valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized as follows: • Level 1: • Level 2: • Level 3: The valuation techniques that may be used to measure fair value are as follows: A. Market approach B. Income approach C. Cost approach The Company measures eligible assets and liabilities at fair value, with changes in value recognized in earnings. Fair value treatment may be elected either upon initial recognition of an eligible asset or liability or, for an existing asset or liability, if an event triggers a new basis of accounting. The Company did not elect to remeasure any of its existing financial assets or liabilities, and did not elect the fair value option for any financial assets and liabilities transacted in the years ended December 31, 2021 or 2020. Realized gains and losses from sales of the Company’s investments are included in “Other income (expense), net”. The carrying amounts of the Company’s financial instruments, which include cash, cash equivalents, accounts receivable, accounts payable, and accrued expenses, approximated their fair values at December 31, 2021 and 2020, due to the short-term nature of these instruments. The Company has evaluated the estimated fair value of financial instruments using available market information and management’s estimates. The use of different market assumptions and/or estimation methodologies could have a significant impact on the estimated fair value amounts. The Company’s financial instruments carried at fair value were less than $0.1 million as of December 31, 2021 and 2020. Revenue ASC 606 outlines a comprehensive five-step revenue recognition model based on the principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. 1) Identify the contract with a customer 2) Identify the performance obligations in the contract 3) Determine the transaction price 4) Allocate the transaction price to performance obligations in the contract 5) Recognize revenue when or as the Company satisfies a performance obligation The Company satisfies performance obligations as discussed in further detail below. Revenue is recognized at the time the related performance obligation is satisfied by transferring a promised service to a customer. The transaction price is the total amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer. The Company has elected to exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer (e.g. sales and use tax). Disaggregation of Revenue Subscription and Support The Company’s subscription arrangements provide customers the right to access its hosted software applications. Customers do not have the right to take possession of the Company’s software during the hosting arrangement. Contracts for premium customers generally have a term of one year and are non-cancellable. When the transaction price includes a variable amount of consideration, an entity is required to estimate the consideration that is expected to be received for a particular customer arrangement. The Company evaluates variable consideration for usage-based fees at contract inception and re-evaluates quarterly over the Contracts with customers that are month-to-month arrangements (volume customers) on a pay-as-you-go basis, where on a pay-as-you-go basis are Professional Services and Other Revenue Professional services and other revenue consist of services such as implementation, software customizations and project management for customers who subscribe to our premium editions. These arrangements are priced either on a fixed fee basis with a portion due upon contract signing and the remainder due when the related services have been completed, or on a time and materials basis. Professional services and other revenue sold on a stand-alone basis are recognized as the services are performed, subject to any refund or other obligation. Contracts with Multiple Performance Obligations The Company periodically enters into multiple-element service arrangements that include platform subscription fees, support fees, and, in certain cases, other professional services. These contracts include multiple promises that the Company evaluates to determine if the promises are separate performance obligations. Performance obligations are identified based on services to be transferred to a customer that are both capable of being distinct and are distinct within the context of the contract. Once the Company determines the performance obligations, the Company determines the transaction price, which includes estimating the amount of variable consideration to be included in the transaction price, if any. The Company then allocates the transaction price to each performance obligation in the contract based on a relative stand-alone selling price method. The transaction price post allocation is recognized as revenue as the related performance obligation is satisfied. Costs to Obtain a Contract Commissions are paid to internal sales representatives as compensation for obtaining contracts. Under the new guidance, the Company capitalizes commissions that are incremental, as a result of costs incurred to obtain a customer contract, if those costs are not within the scope of another topic within the accounting literature and meet the specified criteria. Assets recognized for costs to obtain a contract are amortized over the period of performance for the underlying customer contracts. The commission expense on contracts with new customers is recorded over the average life of a customer given the commission amount associated with sales to new customers is not commensurate with the commission amount associated with the contract renewal for those same customers. The commission amount associated with the renewal of a contract in addition to any commission amount related to incremental sales are recorded as expense over the term of the renewed contract. These assets are periodically assessed for impairment. Cost of Revenue Cost of revenue primarily consists of costs related to supporting and hosting the Company’s product offerings and delivering professional services. These costs include salaries, benefits, incentive compensation and stock-based compensation expense related to the management of the Company’s data centers, customer support team and the Company’s professional services staff, in addition to third-party service provider costs such as data center and networking expenses, allocated overhead, amortization of capitalized internal-use Allowance for Doubtful Accounts The Company offsets gross trade accounts receivable with an allowance for doubtful accounts. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable and is based upon historical loss patterns, the number of days that billings are past due, and an evaluation of the potential risk of loss associated with specific accounts. Account balances are charged against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Provisions for allowances for doubtful accounts are recorded in general and administrative expense. Effective January 1, 2020, the Company adopted ASC 326, which requires measurement and recognition of expected credit losses for financial assets held. Estimating credit losses based on risk characteristics requires significant judgment by the Company. Significant judgments include, but are not limited to: assessing current economic conditions and the extent to which they would be relevant to the existing characteristics of the Company’s financial assets, the estimated life of financial assets, and the level of reliance on historical experience in light of economic conditions. The Company reviews and updates, when necessary, its historical risk characteristics that are meaningful to estimating credit losses, any new risk characteristics that arise in the natural course of business, and the estimated life of its financial assets. The Company uses the aging method to estimate its expected credit losses on trade accounts receivable (“AR”) and unbilled trade accounts receivable (“UAR”). In order to estimate expected credit losses, the Company assesses recent historical experience, current economic conditions and any reasonable and supportable forecasts to identify risk characteristics that are shared within the financial asset. These risk characteristics are then used to bifurcate the aging method into risk pools. Historical credit loss for each risk pool is then applied to the current period aging as presented in the identified risk pools to determine the needed reserve allowance. In the absence of current economic conditions and/or forecasts that may affect future credit losses, the Company has determined that recent historical experience provides the best basis for estimating credit losses. As of December 31, 2021 Company estimates the typical life of its AR as 50-60 days. Under ASC 326, the Company changed its policy for assessing credit losses to include consideration of a broader range of information to estimate credit losses over the life of its financial assets. As of December 31, 2021, the financial assets of the Company within the scope of the assessment comprised AR and UAR. UAR is reflected in Other current assets on the Company’s Consolidated Balance Sheets and was $2.4 million and $2.1 million as of December 31, 2021 and December 31, 2020, respectively. Estimated credit losses for UAR were not material. The information obtained from assessing historical experience, current economic conditions and reasonable and supportable forecasts were used to identify risk characteristics that can affect future credit loss experience. The historical analysis yielded one material risk factor, the geographical location of the customer. Specifically, historical experience showed that AR that was due from customers in the Asia Pacific region had experienced more credit losses than the other geographic areas listed in Note 15. Europe and Japan had significantly less credit loss experience when compared to Asia Pacific while North America’s credit loss experience was commensurate with the proportion of total AR that North America’s AR comprised. There were no other significant risk characteristics identified in the review of historical experience. The Company’s assessment of current economic conditions and reasonable and supportable forecasts included an assessment of customer industries affected by COVID-19. Based by COVID-19, in to COVID-19 the COVID-19 risk Below is a summary of the changes in the Company’s allowance for doubtful accounts for the years ended December 31, 2021, 2020 and 2019: Balance at Provision Write-offs Balance at Year ended December 31, 2021 $ 648 $ 159 $ (454 ) $ 353 Year ended December 31, 2020 904 648 (904 ) 648 Year ended December 31, 2019 190 1,137 (423 ) 904 Off-Balance The Company has no significant off-balance limits. The Company generally has not experienced any material losses related to receivables from individual customers, or groups of customers. The Company does not require collateral. Due to these factors, no additional credit risk beyond amounts provided for collection losses is believed by management to be probable in the Company’s accounts receivable. For the years ended December 31, 2021, 2020 and 2019, no individual customer accounted for more than 10% of total revenue. As of December 31, 2021 and 2020, no individual customer accounted for more than 10% of accounts receivable, net. Concentration of Other Risks The Company is dependent on certain content delivery network providers who provide digital media delivery functionality enabling the Company’s on-demand end-users. Software Development Costs Costs incurred to develop software applications used in the Company’s on-demand internal-use internal-use internal-use balance During the years ended December 31, 2021, 2020 and 2019, the Company capitalized $7,658, $6,659 and $6,574, respectively, of internal internal-use Leases Under ASC 842, a right-of-use The Company does not apply the recognition requirements in the standard to a lease that at commencement date has a lease term of twelve months or less and does not contain a purchase option that it is reasonably certain to exercise and to not separate lease and related non-lease The Company leases its facilities under non-cancelable Right-of-use Right-of-use commencement date in determining the present value of lease payments. Many of the Company’s lessee agreements include options to extend the lease, which are not included in the minimum lease terms unless they are reasonably certain to be exercised. Long-Lived Assets The Company reviews long-lived assets and certain identifiable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. During this review, the Company re-evaluates For the years ended December 31, 2021, 2020 and 2019, the Company has not identified any impairment of its long-lived assets. Business Combinations The Company records tangible and intangible assets acquired and liabilities assumed in business combinations under the purchase method of accounting. Amounts paid for each acquisition are allocated to the assets acquired and liabilities assumed based on their fair values at the date of acquisition. The Company then allocates the purchase price in excess of net tangible assets acquired to identifiable intangible assets based on detailed valuations that use information and assumptions provided by management. Any excess purchase price over the fair value of the net tangible and intangible assets acquired and liabilities assumed is allocated to goodwill. If the fair value of the assets acquired exceeds the purchase price, the excess is recognized as a gain. Significant management judgments and assumptions are required in determining the fair value of acquired assets and liabilities, particularly acquired intangible assets. The valuation of purchased intangible assets is based upon estimates of the future performance and cash flows from the acquired business. Each asset is measured at fair value from the perspective of a market participant. If different assumptions are used, it could materially impact the purchase price allocation and adversely affect our results of operations, financial condition and cash flows. For further discussion of the Company’s accounting policies related to business combinations, see Note 3. Intangible Assets and Goodwill Intangible assets that have finite lives are amortized over their estimated useful lives based on the pattern of consumption of the economic benefit or, if that pattern cannot be readily determined, on a straight-line basis and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, as discussed above. Goodwill is not amortized, but is evaluated for impairment annually, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Conditions that could trigger a more frequent impairment assessment include, but are not limited to, a significant adverse change in certain agreements, significant underperformance relative to historical or projected future operating results, an economic downturn in customers’ industries, increased competition, a significant reduction in our stock price for a sustained period or a reduction of our market capitalization relative to net book value. If there is an impairment, the amount of the impairment is on the excess of a reporting unit’s carrying amount over its fair value. The Company has determined, based on its organizational structure, that it had reporting unit as of December , and . The Company evaluates impairment by comparing the estimated fair value of its reporting unit to its carrying value. The Company estimates fair value primarily utilizing the market approach and impairments of goodwill have been identified. Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period non-owner Net Income (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 per common share includes the effects of the assumed exercise of any outstanding stock options and the assumed vesting of shares of restricted stock awards, where dilutive. The following table set forth the computations of basic and diluted earnings (loss) per share: Year Ended December 31, (in thousands, except per share data) 2021 2020 2019 Net income (loss) $ 5,397 $ (5,813 ) $ (21,903 ) Weighted average shares used in computing basic earnings per share 40,717 39,473 38,028 Effect of weighted average dilutive stock-based awards 1,483 — — Weighted average shares used in computing diluted earnings per share 42,200 39,473 38,028 Net income (loss) per share—basic and diluted Basic $ 0.13 $ (0.15 ) $ (0.58 ) Diluted $ 0.13 $ (0.15 ) $ (0.58 ) 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: Year Ended December 31, 2021 2020 2019 Options outstanding 1,681 2,110 2,479 Restricted stock units outstanding 3,937 3,588 3,626 Income Taxes The Company accounts for income taxes in accordance with the asset and liability method. Under this method, deferred tax assets and liabilities are recognized based on temporary differences between the financial reporting and income tax bases of assets and liabilities using statutory rates. In addition, this method requires a valuation allowance against net deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions recognized in the consolidated financial statements by prescribing a more-likely-than-not Stock-Based Compensation At December 31, 2021, the Company had six stock-based compensation plans, which are more fully described in Note 1 0 The Company values its shares of common stock in connection with the issuance of stock-based equity awards using the closing price of the Company’s shares of common stock on the NASDAQ Global Market on the date of the grant. Accounting guidance requires stock-based payments to be accounted for under the fair value method. Under this method, the Company is required to record compensation cost based on the estimated fair value for stock-based awards granted over the requisite service periods for the individual awards, which generally equals the vesting periods. For stock options issued under the Company’s stock-based compensation plans, the fair value of each option grant is estimated on the date of grant. For service-based options, the Company recognizes compensation expense on a straight-line basis over the requisite service period of the award. The fair value of each option grant issued under the Company’s stock-based compensation plans was estimated using the Black-Scholes option-pricing model. The expected volatility of options granted has been determined using the historical volatility of the Company’s own common stock. The expected life of options has been determined utilizing the “simplified method”. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the stock options. The Company has not paid, and does not anticipate paying, cash dividends on its common stock; therefore, the expected dividend yield is assumed to be zero. For restricted stock units issued under the Company’s stock-based compensation plans, the fair value of each grant is calculated based on the Company’s stock price on the date of grant. For performance-based awards with service-based vesting conditions, the Company recognizes compensation expense based upon a review of the Company’s expected achievement against the specified targets. Forfeitures are recognized as they occur. Advertising Costs Advertising costs are charged to operations as incurred. The Company incurred advertising costs of $5,970, $2,584 and $2,658 for the years ended December 31, 2021, 2020 and 2019, respectively. Merger-related Costs Merger-related costs consist of expenses related to mergers and acquisitions, integration costs and general corporate development activities. In 2021, merger-related costs incurred were primarily related to general merger and related activities. In 2020, merger-related costs incurred were primarily related to the transition of Ooyala, Inc. customers to the Company’s technology and, to a lesser extent, general merger and related activities. Recent Accounting Pronouncements and Standards Recently Adopted Accounting Pronouncements ASU No. 2016-13 In June 2016, the FASB issued ASU No. 2016-13, which requires introduced by ASU 2016-13. The ASU No. 2018-15 In August 2018, the FASB issued ASU No. 2018-15, Other-Internal-Use 350-40): internal-use The Company adopted this standard effective January 1, 2020, using a prospective approach. The adoption of this new standard did not have a material impact on our consolidated financial statements. Subsequent impacts on our consolidated financial statements will depend on the magnitude of implementation costs to be incurred. Implementation costs capitalized subsequent to adoption are recognized in operating expenses on the consolidated statements of operations over the noncancelable period of the hosting arrangement plus any renewal periods reasonably certain to be taken. ASU No. 2019-12 In December 2019, the FASB issued ASU No. 2019-12, step-up year-to-date The Company adopted this standard prospectively effective January 1, 2020. The adoption of this new standard did not have a material impact on the consolidated financial statements. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 3 Cash and cash equivalents as of December 31, 2021 and 2020 consist of the following: December 31, 2021 Description Contracted Maturity Amortized Cost Fair Market Value Cash Demand $ 45,698 $ 45,698 Money market funds Demand 41 41 Total cash and cash equivalents $ 45,739 $ 45,739 December 31, 2020 Description Contracted Maturity Amortized 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 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 4 Property and equipment consist of the following: December 31, 2021 2020 Computer equipment $ 13,827 $ 13,561 Software 43,598 34,739 Furniture and fixtures 3,163 3,196 Leasehold improvements 2,710 2,439 63,298 53,935 Less accumulated depreciation and amortization 42,784 37,967 $ 20,514 $ 15,968 Depreciation and amortization expense, which includes amortization expense associated with capitalized internal-use 9 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 5 The Company primarily derives revenue from the sale of its online video platform, which enables its customers to publish and distribute video to Internet-connected devices quickly, easily and in a cost-effective and high-quality manner. Revenue is derived from three primary sources: (1) the subscription to its technology and related support; (2) hosting, bandwidth and encoding services; and (3) professional services, which include initiation, set-up and The following summarizes the opening and closing balances of receivables, contract assets and contract liabilities from contracts with customers. Accounts Contract Deferred Deferred (non-current) Total Balance at December 31, 2021 29,866 2,375 62,057 114 62,171 Balance at December 31, 2020 29,305 2,078 58,741 811 59,552 Balance at December 31, 2019 31,181 1,871 49,260 299 49,559 Balance at December 31, 2018 23,264 1,640 39,846 146 39,992 Revenue recognized during the year ended December 31, 2021 from amounts included in deferred revenue at the beginning of the period was approximately $58.1 The assets recognized for costs to obtain a contract were $12.2 million and $13.3 million as of December 31, 2021 and December 31, 2020, respectively. Amortization expense recognized for costs to obtain a contract was $12.7 million, $8.3 million and $7.3 million during the years ended December 31, 2021, December 31, 2020 and December 31, 2019, respectively. Transaction Price Allocated to Future Performance Obligations As of December 31, 2021, the total aggregate transaction price allocated to the unsatisfied performance obligations for subscription and support contracts was approximately $156.2 million, of which approximately $121.2 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 June 2024. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | 6. Intangible Assets and Goodwill Finite-lived intangible assets consist of the following as of December 31, 2021: Description Weighted Gross Accumulated Net Developed technology 7 $ 18,038 $ 15,636 $ 2,402 Customer relationships 9 15,487 8,613 6,874 Non-compete 3 1,912 1,912 — Tradename 3 368 368 — Total $ 35,805 $ 26,529 $ 9,276 Finite-lived intangible assets consist of the following as of December 31, 2020: Description Weighted Gross Accumulated Net Developed technology 7 $ 16,154 $ 14,215 $ 1,939 Customer relationships 9 15,487 6,961 8,526 Non-compete 3 1,912 1,912 — Tradename 3 368 368 — Total $ 33,921 $ 23,456 $ 10,465 The following table summarizes amortization expense related to intangible assets for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 Cost of subscription and support revenue $ 1,420 $ 1,501 $ 1,621 Sales and marketing 1,652 1,909 1,584 $ 3,072 $ 3,410 $ 3,205 The estimated remaining amortization expense for each of the five succeeding years and thereafter is as follows: Year Ending December 31, Amount 2022 $ 2,508 2023 2,264 2024 2,041 2025 1,963 2026 500 2027 and thereafter Total $ 9,276 Goodwill was $60,902 at December 31, 2021 and 2020. There were no changes in the carrying amount of goodwill for the year ended December 31, 2021. On November 1, 2021, the Company purchased video interactivity technology from a 3 rd |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | 7 The Company’s corporate headquarters are located in Boston, Massachusetts, pursuant to a lease of 40,753 square feet that terminates March 31, 2022. In connection with the office lease, the Company entered into a letter of credit in the amount of $2.4 million. On November 23, 2021, the Company entered into a new office lease agreement relocating our corporate headquarters to 281 Summer Street in Boston, Massachusetts. Under the terms of the new office lease agreement, the Company will occupy approximately 40,000 square feet. The initial term of the lease is for ten years. The Company has the option to extend the lease for two successive five-year terms and has a right of first offer to lease additional office space that becomes available within the 281 Summer Street premises. In connection with the office lease, the Company provided a security deposit, in the form of a letter of credit, in the amount of $0.8 million in January 2022. This letter of credit will be auto-renewed annually, unless a 60 day notice is received from the landlord. An automatic extension can only be implemented through November 30, 2032. This letter of credit is irrevocable and does not have a cash requirement other than the amount already set forth. In the event of a default, the landlord must provide written notice of default before drawing from the letter of credit as a security deposit, or to remedy the amount owed The Company leases offices in Tokyo, Japan; Sydney, Australia; Seoul, South Korea; Singapore; London, England; Guadalajara, Mexico; Funchal, Portugal and Covilha, Portugal. The Company’s rent expense was $4.3 The Company entered into two right-of-use The weighted-average remaining non-cancelable lease term for the Company’s operating leases was The Company’s operating leases expire at various dates through 2032. The following shows the undiscounted cash flows for the remaining years under operating leases at December 31, 2021: Year Ending December 31, Operating 2022 $ 3,223 2023 4,481 2024 4,328 2025 2,879 2026 2,637 2027 and thereafter 16,211 Total operating lease commitments 33,759 Less imputed interest (8,358 ) Total lease liabilities $ 25,401 The Company’s discounted current operating lease liability and discounted non-current The Company terminated its Scottsdale, Arizona lease in 2020 for termination costs of $340, which are reflected in General and administrative. In the fourth quarter of 2020 the Company subleased 100% of its London office through the remaining lease term. For the year ended December 31, 2021, the Company recognized rent income of $901 from the sublease which is included in Other income (expense). Lease income relating to variable lease payments was immaterial. The Company’s London sublease expires in December of 2024. The following table shows the undiscounted cash inflows from the London sublease for the remaining years at December 31, 2021: Year Ending December 31, Operating 2022 $ 985 2023 1,048 2024 989 2025 — Total operating sublease cash inflows $ 3,022 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8 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 December 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. 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. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | 9. Stockholders’ Equity Common Stock Common stockholders are entitled to one vote per share. Holders of common stock are entitled to receive dividends, when and if declared by the Board. Treasury Stock The Company has recorded 135,000 shares as treasury stock as of December 31, 2021 and 2020. Common Stock Reserved for Future Issuance At December 31, 2021, the Company has reserved the following shares of common stock for future issuance: December 31, Common stock options outstanding 1,681,477 Restricted stock unit awards outstanding 3,936,892 Shares available for issuance under all stock-based compensation plans 4,537,258 Total shares of authorized common stock reserved for future issuance 10,155,627 |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | 10 Stock-Based Compensation Plans At December 31, 2021, the Company had six stock-based compensation plans: • The Amended and Restated 2004 Stock Option and Incentive Plan (the 2004 Plan). The 2004 Plan and the 2012 Plan provided for the issuance of incentive and non-qualified • The 2012 Stock Incentive Plan (the 2012 Plan). In 2012, the Company adopted the RSU Plan in connection with the acquisition of Zencoder. The restricted stock units were settled in shares of the Company’s common stock upon vesting. • The Brightcove Inc. 2012 RSU Inducement Plan (the RSU Plan). The number of shares reserved and available for issuance under the 2012 Plan automatically increases each January 1, beginning in 2013, by 4% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31 or such lesser number of shares as determined by the Company’s compensation committee subject to an overall overhang limit of 30%. This number is subject to adjustment in the event of a stock split, stock dividend or other change in the Company’s capitalization. • The Brightcove Inc. 2014 Stock Option Inducement Plan (the 2014 Stock Inducement Plan). In 2014, the Company adopted the 2014 Stock Inducement Plan in connection with the Unicorn asset purchase agreement. • The 2018 Inducement Plan (the 2018 plan). Effective April 11, 2018, the Company adopted the 2018 Plan. The 2018 Plan provides for the issuance of stock options and restricted stock units to the Company’s Chief Executive Officer (“CEO”). • 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. The following table summarizes stock-based compensation expense as included in the consolidated statement of operations for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 Cost of subscription and support revenue $ 627 $ 592 $ 683 Cost of professional services and other revenue 401 314 289 Research and development 1,677 1,078 1,444 Sales and marketing 2,957 3,139 2,713 General and administrative 4,306 3,662 4,130 $ 9,968 $ 8,785 $ 9,259 As of December 31, 2021, there was $30.6 million Stock Options The following is a summary of the stock option activity for all stock option plans during the years ended December 31, 2021, 20 20 Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Outstanding at December 31, 2018 2,737,655 $ 8.57 Granted 770,038 9.89 Exercised (466,110 ) 7.45 $ 1,286 Cancelled (562,160 ) 9.57 Outstanding at December 31, 2019 2,479,423 $ 8.96 7.24 $ 1,558 Granted 178,584 10.60 Exercised (272,692 ) 8.13 $ 1,041 Cancelled (274,829 ) 9.13 Outstanding at December 31, 2020 2,110,486 $ 9.19 Granted 114,973 14.88 Exercised (333,190 ) 8.53 $ 2,999 Cancelled (210,792 ) 10.26 Outstanding at December 31, 2021 1,681,477 $ 9.59 5.93 $ 1,938 Exercisable at December 31, 2021 1,230,837 $ 9.06 5.27 $ 1,747 (1) The aggregate intrinsic value was calculated based on the positive difference between the estimated fair value of the Company’s common stock on December 31, 2021, December 31, 2020, and December 31, 2019 of , $18.40, and $8.69 per share, respectively, or the date of exercise, as appropriate, and the exercise price of the underlying options. The weighted-average fair value of options granted and assumptions utilized to determine such values are presented in the following table: Year Ended December 31, 2021 2020 2019 Weighted-average fair value of options granted during the year $ 6.98 $ 4.72 $ 4.49 Risk-free interest rate 1.22% 0.72% 2.25% Expected volatility 48% 46% 44% Expected life (in years) 6.2 6.2 6.2 Expected dividend yield — — — Restricted Stock Units The Company has entered into restricted stock unit (RSU) agreements with certain of its employees pursuant to the 2012 Plan and the 2021 Plan. Vesting occurs periodically at specified time intervals, ranging from The Company granted restricted stock units, respectively, to certain key executives, which contain both performance-based (“P-RSU”) and service-based vesting conditions (“S-RSU”). The Company measures compensation expense for these performance-based awards based upon a review of the Company’s expected achievement against specified financial performance targets. Compensation cost is recognized on a ratable basis over the requisite service period for each series of grants to the extent management has deemed that such awards are probable of vesting based upon the expected achievement against the specified targets. On a periodic basis, management reviews the Company’s expected performance and adjusts the compensation cost, if needed, at such time. The Company determined that the conditions for a portion of the performance-based restricted stock units were achieved in the first quarter of 2020. As such, the Company recognized $233,000 $ million of stock-based compensation expense relating to performance-based awards for the years ended December 31, 2021, 2020, respectively. The following table summarizes the P-RSU S-RSU S-RSU Weighted Average Grant Date Fair P-RSU Weighted Average Date Fair Total RSU Weighted Average Date Fair Unvested by December 31, 2018 1,864,582 $ 9.03 1,169,000 $ 9.03 3,033,582 $ 8.07 Granted 1,391,072 10.37 641,000 8.91 2,032,072 10.59 Vested and issued (537,362 ) 7.91 — — (537,362 ) 7.91 Cancelled (734,928 ) 6.97 (167,000 ) 1.48 (901,928 ) 8.45 Unvested by December 31, 2019 1,983,364 $ 9.03 1,643,000 $ 9.03 3,626,364 $ 9.03 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 by December 31, 2019 1,983,364 $ 9.03 1,643,000 $ 9.03 3,626,364 $ 9.03 Granted 1,139,209 10.74 386,551 15.78 1,525,760 12.02 Vested and issued (611,428 ) 9.23 (219,605 ) 8.81 (831,033 ) 9.10 Cancelled (510,729 ) 9.00 (222,145 ) 7.65 (732,874 ) 8.64 Unvested by December 31, 2020 2,000,416 $ 10.30 1,587,801 $ 10.40 3,588,217 $ 10.35 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 by December 31, 2020 2,000,416 $ 10.30 1,587,801 $ 10.40 3,588,217 $ 10.35 Granted 2,269,341 12.24 64,011 12.65 2,333,352 12.25 Vested and issued (680,769 ) 9.85 (181,910 ) 8.74 (862,679 ) 9.62 Cancelled (673,268 ) 11.67 (448,730 ) 9.59 (1,121,998 ) 10.84 Unvested by December 31, 2021 2,915,720 $ 11.66 1,021,172 $ 11.04 3,936,892 $ 11.50 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 1 Loss before the provision for income taxes consists of the following jurisdictional (loss) income: Year Ended December 31, 2021 2020 2019 Domestic $ 4,136 $ (7,489 ) $ (23,388 ) Foreign 2,063 2,294 2,045 Total $ 6,199 $ (5,195 ) $ (21,343 ) The provision for income taxes in the accompanying consolidated financial statements consists of the following: Year Ended December 31, 2021 2020 2019 Current provision: Federal $ — $ — $ — State 7 8 18 Foreign 801 815 626 Total current 808 823 644 Deferred (benefit): Federal 1 (5 ) 7 State 2 (5 ) 8 Foreign (9 ) (195 ) (99 ) Total deferred (6 ) (205 ) (84 ) Total provision $ 802 $ 618 $ 560 A reconciliation of the U.S. f e Year Ended December 31, 2021 2020 2019 Tax at statutory rates 21 % 21 % 21 % State income taxes (3.4 %) 9 % 4.2 % Change in tax rate 0.2 % 3.9 % 0.1 % Permanent differences (4.4 %) (11.6 %) (5 %) Foreign rate differential 2.6 % (3.4 %) (0.7 %) Research and development credits (7.6 %) 13.7 % 4.4 % Change in valuation allowance 3.4 % (44.2 %) (26.8 %) Other, net 1.1 % (0.2 %) 0.2 % Effective tax rate 12.9 % (11.8 %) (2.6 %) The income tax effect of each type of temporary difference and carryforward as of December , and is as follows: As of December 31, 2021 2020 Deferred tax assets: Net operating loss carry-forwards $ 47,228 $ 46,865 Tax credit carry-forwards 13,392 12,647 Stock-based compensation 1,400 1,231 Fixed Assets 286 203 Account receivable reserves 235 304 Accrued compensation 1,648 2,086 Lease Liability 6,136 2,254 Other temporary differences 1,167 1,458 Total deferred tax assets 71,492 67,048 Deferred tax liabilities: Other deferred tax liabilities (2,889 ) (3,137 ) ROU Asset (6,033 ) (2,044 ) Intangible assets (3,720 ) (3,218 ) Total deferred tax liabilities (12,642 ) (8,399 ) Valuation allowance (58,912 ) (58,718 ) Net deferred tax asset (liability) $ (62 ) $ (69 ) 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 ass e The Company has provided a valuation allowance against substantially all of its remaining U.S. net deferred tax assets as of December 31, 2021 and December 31, 2020, as based upon the level of historical U.S. losses and future projections over the period in which the net deferred tax assets are deductible, at this time, management believes it is more likely than not that the Company will not realize the benefits of these deductible differences. The Company has provided a valuation allowance against the net deferred tax assets of its subsidiaries in Australia, United Kingdom, and Mexico as of December 31, 2021 and December 31, 2020 largely based on the significant weight of negative evidence given to the consolidated worldwide cumulative loss position for the current year and the prior two years. The increase in the valuation allowance from 2020 to 2021 of $ million principally relates to the current year U.S taxable loss. The Company maintains net deferred tax liabilities for temporary differences related to its Japanese and Portuguese subsidiaries. As of December 31, 2021, the Company had federal net operating losses of approximately $199.4 million, of which $161.8 million are available to offset future taxable income, if any, through 2037 and $37.6 million which are available to offset future taxable income indefinitely. As of December 31, 2021, the Company had state net operating losses of approximately $92.3 million, of which $89.2 million are available to offset future taxable income, if any, through 2041 million, respectively, which expire in various amounts through 2041 The net operating loss and tax credit amounts are subject to annual limitations under Section 382 change of ownership rules under the U.S. Internal Revenue Code of 1986, as amended. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The Company has not conducted an assessment to determine whether there may have been a Section 382 ownership change from June 30, 2014, the date of the most recent completed study, through December 31, 2021. If a change in ownership were to have occurred during that period, and resulted in the restriction of net operating loss and tax credit carryforwards, the reduction in the related deferred tax asset would be offset with a corresponding reduction in the valuation allowance. At December , and , the Company had recorded liabilities for uncertain tax positions, nor any accrued interest or penalties related to uncertain tax positions. The Company files income tax returns in the U.S. federal tax jurisdiction, various state and various foreign jurisdictions. The Company is currently open to examination under the statute of limitations by the Internal Revenue Service and state jurisdictions for the tax years ended 2018 through 2021. Since the Company is in a U.S. loss carryforward position, carryforward tax attributes generated in prior years may still be adjusted upon future examination if they have or will be used in a future period. Additionally, certain non-U.S. No additional U.S. income taxes or foreign withholding taxes have been provided for any additional outside basis differences inherent in the Company’s foreign entities as these amounts continue to be indefinitely reinvested in foreign operations based on management’s current intentions. Determining the amount of unrecognized deferred tax liability related to any remaining undistributed foreign earnings not subject to the transition tax and additional outside basis difference in these entities (i.e., basis difference in excess of that subject to the one-time |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 12 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 all applicable In 2020, under the loan and security agreement prior to the December 28, 2020 amendment, the Company obtained $10 million of financing in early 2020, which it subsequently paid back prior to the amendment. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 13 Accrued expenses consist of the following: December 31, 2021 2020 Accrued payroll and related benefits $ 8,536 $ 10,260 Accrued sales and other taxes 2,950 3,722 Accrued professional fees and outside contractors 2,233 2,901 Accrued content delivery 4,190 3,822 Accrued other liabilities 3,016 4,692 Total $ 20,925 $ 25,397 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | 14 Disclosure requirements about segments of an enterprise and related information establishes standards for reporting information regarding operating segments in annual financial statements and requires selected information of those segments to be presented in interim financial reports issued to stockholders. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker, or decision-making group, in making decisions on how to allocate resources and assess performance. The Company’s chief decision maker is its chief executive officer. The Company and the chief decision maker view the Company’s operations and manage its business as one operating segment. Geographic Data Total revenue to unaffiliated customers by geographic area, based on the location of the customer, was as follows: Year Ended December 31, 2021 2020 2019 Revenue: North America $ 119,079 $ 107,686 $ 97,309 Europe 37,947 34,001 31,587 Japan 25,272 25,745 22,150 Asia Pacific 28,261 28,984 32,391 Other 534 937 1,018 Total revenue $ 211,093 $ 197,353 $ 184,455 North America is comprised of revenue from the United States, Canada and Mexico. Revenue from customers located in the United States was $111.5, $99.6 and $90.5 million As of December 31, 2021 and December 31, 2020, property and equipment at locations outside the U.S. was not material. |
401(k) Savings Plan
401(k) Savings Plan | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
401(k) Savings Plan | 15. 401(k) Savings Plan The Company maintains a defined contribution savings plan covering all eligible U.S. employees under Section 401(k) of the Internal Revenue Code. Company contributions to the plan may be made at the discretion of the Board. During the years ended December 31, 2021, 2020 and 2019, the Company has made contributions to the plan of $412, $434 and $392, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events On February 1, 2022, the Company acquired 100% of the outstanding shares of Wicket Labs, Inc., a provider of subscriber and content insights, in exchange for common stock of the Company and cash (the “Acquisition”). At the closing, the Company issued 212,507 unregistered shares of common stock of the Company valued at $2.0 million and paid approximately $13.2 million in cash. Pursuant to the Merger Agreement (“the Agreement”), approximately $1.8 million of the cash consideration was held back to secure payment of any claims of indemnification for breaches or inaccuracies in the Sellers’ representations and warranties, covenants and agreements. The acquisition will be consolidated with the Company beginning on the closing date of the acquisition. |
Business Description (Policies)
Business Description (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Business Description | Brightcove Inc. (the Company) is a 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 consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB). |
Use of Estimates and Uncertainties | Use of Estimates and Uncertainties The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts expensed during the reporting period. Significant estimates relied upon in preparing these consolidated financial statements include revenue recognition and variable consideration, contingent liabilities, intangible asset valuations, and the realizability of the Company’s deferred tax assets. Although the Company regularly assesses these estimates, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results may differ from management’s estimates if these results differ from historical experience, or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. The Company is subject to a number of risks and uncertainties common to companies in similar industries and stages of development including, but not limited to, rapid technological changes, competition from substitute products and services from larger companies, customers switching to in-house |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
Foreign Currency Translation | Foreign Currency Translation The reporting currency of the Company is the U.S. dollar. The functional currency of the Company’s foreign subsidiaries is the local currency of each subsidiary. All assets and liabilities in the balance sheets of entities whose functional currency is a currency other than the U.S. dollar are translated into U.S. dollar equivalents at exchange rates as follows: (1) asset and liability accounts at period-end |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Management determines the appropriate classification of investments at the time of purchase, and re-evaluates |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related asset. Upon retirement or sale, the cost of assets disposed of, and the related accumulated depreciation, are removed from the accounts, and any resulting gain or loss is included in the determination of net income or loss in the period of retirement. Expenditures for maintenance and repairs are charged to expense as incurred, whereas major improvements are capitalized as additions to property and equipment. The Company estimates the useful life of property and equipment as follows: Estimated Useful Life (in Years) Computer equipment 3 Software 3 - 6 Furniture and fixtures 5 Leasehold improvements Shorter of lease |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC 820, Fair Value Measurements and Disclosures ASC 820 identifies fair value as an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants based on the highest and best use of the asset or liability. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The Company uses valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized as follows: • Level 1: • Level 2: • Level 3: The valuation techniques that may be used to measure fair value are as follows: A. Market approach B. Income approach C. Cost approach The Company measures eligible assets and liabilities at fair value, with changes in value recognized in earnings. Fair value treatment may be elected either upon initial recognition of an eligible asset or liability or, for an existing asset or liability, if an event triggers a new basis of accounting. The Company did not elect to remeasure any of its existing financial assets or liabilities, and did not elect the fair value option for any financial assets and liabilities transacted in the years ended December 31, 2021 or 2020. Realized gains and losses from sales of the Company’s investments are included in “Other income (expense), net”. The carrying amounts of the Company’s financial instruments, which include cash, cash equivalents, accounts receivable, accounts payable, and accrued expenses, approximated their fair values at December 31, 2021 and 2020, due to the short-term nature of these instruments. The Company has evaluated the estimated fair value of financial instruments using available market information and management’s estimates. The use of different market assumptions and/or estimation methodologies could have a significant impact on the estimated fair value amounts. The Company’s financial instruments carried at fair value were less than $0.1 million as of December 31, 2021 and 2020. |
Revenue | Revenue ASC 606 outlines a comprehensive five-step revenue recognition model based on the principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. 1) Identify the contract with a customer 2) Identify the performance obligations in the contract 3) Determine the transaction price 4) Allocate the transaction price to performance obligations in the contract 5) Recognize revenue when or as the Company satisfies a performance obligation The Company satisfies performance obligations as discussed in further detail below. Revenue is recognized at the time the related performance obligation is satisfied by transferring a promised service to a customer. The transaction price is the total amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer. The Company has elected to exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer (e.g. sales and use tax). Disaggregation of Revenue Subscription and Support The Company’s subscription arrangements provide customers the right to access its hosted software applications. Customers do not have the right to take possession of the Company’s software during the hosting arrangement. Contracts for premium customers generally have a term of one year and are non-cancellable. When the transaction price includes a variable amount of consideration, an entity is required to estimate the consideration that is expected to be received for a particular customer arrangement. The Company evaluates variable consideration for usage-based fees at contract inception and re-evaluates quarterly over the Contracts with customers that are month-to-month arrangements (volume customers) on a pay-as-you-go basis, where on a pay-as-you-go basis are Professional Services and Other Revenue Professional services and other revenue consist of services such as implementation, software customizations and project management for customers who subscribe to our premium editions. These arrangements are priced either on a fixed fee basis with a portion due upon contract signing and the remainder due when the related services have been completed, or on a time and materials basis. Professional services and other revenue sold on a stand-alone basis are recognized as the services are performed, subject to any refund or other obligation. Contracts with Multiple Performance Obligations The Company periodically enters into multiple-element service arrangements that include platform subscription fees, support fees, and, in certain cases, other professional services. These contracts include multiple promises that the Company evaluates to determine if the promises are separate performance obligations. Performance obligations are identified based on services to be transferred to a customer that are both capable of being distinct and are distinct within the context of the contract. Once the Company determines the performance obligations, the Company determines the transaction price, which includes estimating the amount of variable consideration to be included in the transaction price, if any. The Company then allocates the transaction price to each performance obligation in the contract based on a relative stand-alone selling price method. The transaction price post allocation is recognized as revenue as the related performance obligation is satisfied. Costs to Obtain a Contract Commissions are paid to internal sales representatives as compensation for obtaining contracts. Under the new guidance, the Company capitalizes commissions that are incremental, as a result of costs incurred to obtain a customer contract, if those costs are not within the scope of another topic within the accounting literature and meet the specified criteria. Assets recognized for costs to obtain a contract are amortized over the period of performance for the underlying customer contracts. The commission expense on contracts with new customers is recorded over the average life of a customer given the commission amount associated with sales to new customers is not commensurate with the commission amount associated with the contract renewal for those same customers. The commission amount associated with the renewal of a contract in addition to any commission amount related to incremental sales are recorded as expense over the term of the renewed contract. These assets are periodically assessed for impairment. |
Cost of Revenue | Cost of Revenue Cost of revenue primarily consists of costs related to supporting and hosting the Company’s product offerings and delivering professional services. These costs include salaries, benefits, incentive compensation and stock-based compensation expense related to the management of the Company’s data centers, customer support team and the Company’s professional services staff, in addition to third-party service provider costs such as data center and networking expenses, allocated overhead, amortization of capitalized internal-use |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company offsets gross trade accounts receivable with an allowance for doubtful accounts. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable and is based upon historical loss patterns, the number of days that billings are past due, and an evaluation of the potential risk of loss associated with specific accounts. Account balances are charged against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Provisions for allowances for doubtful accounts are recorded in general and administrative expense. Effective January 1, 2020, the Company adopted ASC 326, which requires measurement and recognition of expected credit losses for financial assets held. Estimating credit losses based on risk characteristics requires significant judgment by the Company. Significant judgments include, but are not limited to: assessing current economic conditions and the extent to which they would be relevant to the existing characteristics of the Company’s financial assets, the estimated life of financial assets, and the level of reliance on historical experience in light of economic conditions. The Company reviews and updates, when necessary, its historical risk characteristics that are meaningful to estimating credit losses, any new risk characteristics that arise in the natural course of business, and the estimated life of its financial assets. The Company uses the aging method to estimate its expected credit losses on trade accounts receivable (“AR”) and unbilled trade accounts receivable (“UAR”). In order to estimate expected credit losses, the Company assesses recent historical experience, current economic conditions and any reasonable and supportable forecasts to identify risk characteristics that are shared within the financial asset. These risk characteristics are then used to bifurcate the aging method into risk pools. Historical credit loss for each risk pool is then applied to the current period aging as presented in the identified risk pools to determine the needed reserve allowance. In the absence of current economic conditions and/or forecasts that may affect future credit losses, the Company has determined that recent historical experience provides the best basis for estimating credit losses. As of December 31, 2021 Company estimates the typical life of its AR as 50-60 days. Under ASC 326, the Company changed its policy for assessing credit losses to include consideration of a broader range of information to estimate credit losses over the life of its financial assets. As of December 31, 2021, the financial assets of the Company within the scope of the assessment comprised AR and UAR. UAR is reflected in Other current assets on the Company’s Consolidated Balance Sheets and was $2.4 million and $2.1 million as of December 31, 2021 and December 31, 2020, respectively. Estimated credit losses for UAR were not material. The information obtained from assessing historical experience, current economic conditions and reasonable and supportable forecasts were used to identify risk characteristics that can affect future credit loss experience. The historical analysis yielded one material risk factor, the geographical location of the customer. Specifically, historical experience showed that AR that was due from customers in the Asia Pacific region had experienced more credit losses than the other geographic areas listed in Note 15. Europe and Japan had significantly less credit loss experience when compared to Asia Pacific while North America’s credit loss experience was commensurate with the proportion of total AR that North America’s AR comprised. There were no other significant risk characteristics identified in the review of historical experience. The Company’s assessment of current economic conditions and reasonable and supportable forecasts included an assessment of customer industries affected by COVID-19. Based by COVID-19, in to COVID-19 the COVID-19 risk Below is a summary of the changes in the Company’s allowance for doubtful accounts for the years ended December 31, 2021, 2020 and 2019: Balance at Provision Write-offs Balance at Year ended December 31, 2021 $ 648 $ 159 $ (454 ) $ 353 Year ended December 31, 2020 904 648 (904 ) 648 Year ended December 31, 2019 190 1,137 (423 ) 904 |
Off-Balance Sheet Risk and Concentration of Credit Risk | Off-Balance The Company has no significant off-balance limits. The Company generally has not experienced any material losses related to receivables from individual customers, or groups of customers. The Company does not require collateral. Due to these factors, no additional credit risk beyond amounts provided for collection losses is believed by management to be probable in the Company’s accounts receivable. For the years ended December 31, 2021, 2020 and 2019, no individual customer accounted for more than 10% of total revenue. As of December 31, 2021 and 2020, no individual customer accounted for more than 10% of accounts receivable, net. |
Concentration of Other Risks | Concentration of Other Risks The Company is dependent on certain content delivery network providers who provide digital media delivery functionality enabling the Company’s on-demand end-users. |
Software Development Costs | Software Development Costs Costs incurred to develop software applications used in the Company’s on-demand internal-use internal-use internal-use balance During the years ended December 31, 2021, 2020 and 2019, the Company capitalized $7,658, $6,659 and $6,574, respectively, of internal internal-use |
Leases | Leases Under ASC 842, a right-of-use The Company does not apply the recognition requirements in the standard to a lease that at commencement date has a lease term of twelve months or less and does not contain a purchase option that it is reasonably certain to exercise and to not separate lease and related non-lease The Company leases its facilities under non-cancelable Right-of-use Right-of-use commencement date in determining the present value of lease payments. Many of the Company’s lessee agreements include options to extend the lease, which are not included in the minimum lease terms unless they are reasonably certain to be exercised. |
Long-Lived Assets | Long-Lived Assets The Company reviews long-lived assets and certain identifiable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. During this review, the Company re-evaluates For the years ended December 31, 2021, 2020 and 2019, the Company has not identified any impairment of its long-lived assets. |
Business Combinations | Business Combinations The Company records tangible and intangible assets acquired and liabilities assumed in business combinations under the purchase method of accounting. Amounts paid for each acquisition are allocated to the assets acquired and liabilities assumed based on their fair values at the date of acquisition. The Company then allocates the purchase price in excess of net tangible assets acquired to identifiable intangible assets based on detailed valuations that use information and assumptions provided by management. Any excess purchase price over the fair value of the net tangible and intangible assets acquired and liabilities assumed is allocated to goodwill. If the fair value of the assets acquired exceeds the purchase price, the excess is recognized as a gain. Significant management judgments and assumptions are required in determining the fair value of acquired assets and liabilities, particularly acquired intangible assets. The valuation of purchased intangible assets is based upon estimates of the future performance and cash flows from the acquired business. Each asset is measured at fair value from the perspective of a market participant. If different assumptions are used, it could materially impact the purchase price allocation and adversely affect our results of operations, financial condition and cash flows. For further discussion of the Company’s accounting policies related to business combinations, see Note 3. |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible assets that have finite lives are amortized over their estimated useful lives based on the pattern of consumption of the economic benefit or, if that pattern cannot be readily determined, on a straight-line basis and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, as discussed above. Goodwill is not amortized, but is evaluated for impairment annually, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Conditions that could trigger a more frequent impairment assessment include, but are not limited to, a significant adverse change in certain agreements, significant underperformance relative to historical or projected future operating results, an economic downturn in customers’ industries, increased competition, a significant reduction in our stock price for a sustained period or a reduction of our market capitalization relative to net book value. If there is an impairment, the amount of the impairment is on the excess of a reporting unit’s carrying amount over its fair value. The Company has determined, based on its organizational structure, that it had reporting unit as of December , and . The Company evaluates impairment by comparing the estimated fair value of its reporting unit to its carrying value. The Company estimates fair value primarily utilizing the market approach and impairments of goodwill have been identified. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period non-owner |
Net Income (Loss) per Share | Net Income (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 per common share includes the effects of the assumed exercise of any outstanding stock options and the assumed vesting of shares of restricted stock awards, where dilutive. The following table set forth the computations of basic and diluted earnings (loss) per share: Year Ended December 31, (in thousands, except per share data) 2021 2020 2019 Net income (loss) $ 5,397 $ (5,813 ) $ (21,903 ) Weighted average shares used in computing basic earnings per share 40,717 39,473 38,028 Effect of weighted average dilutive stock-based awards 1,483 — — Weighted average shares used in computing diluted earnings per share 42,200 39,473 38,028 Net income (loss) per share—basic and diluted Basic $ 0.13 $ (0.15 ) $ (0.58 ) Diluted $ 0.13 $ (0.15 ) $ (0.58 ) 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: Year Ended December 31, 2021 2020 2019 Options outstanding 1,681 2,110 2,479 Restricted stock units outstanding 3,937 3,588 3,626 |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with the asset and liability method. Under this method, deferred tax assets and liabilities are recognized based on temporary differences between the financial reporting and income tax bases of assets and liabilities using statutory rates. In addition, this method requires a valuation allowance against net deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions recognized in the consolidated financial statements by prescribing a more-likely-than-not |
Stock-Based Compensation | Stock-Based Compensation At December 31, 2021, the Company had six stock-based compensation plans, which are more fully described in Note 1 0 The Company values its shares of common stock in connection with the issuance of stock-based equity awards using the closing price of the Company’s shares of common stock on the NASDAQ Global Market on the date of the grant. Accounting guidance requires stock-based payments to be accounted for under the fair value method. Under this method, the Company is required to record compensation cost based on the estimated fair value for stock-based awards granted over the requisite service periods for the individual awards, which generally equals the vesting periods. For stock options issued under the Company’s stock-based compensation plans, the fair value of each option grant is estimated on the date of grant. For service-based options, the Company recognizes compensation expense on a straight-line basis over the requisite service period of the award. The fair value of each option grant issued under the Company’s stock-based compensation plans was estimated using the Black-Scholes option-pricing model. The expected volatility of options granted has been determined using the historical volatility of the Company’s own common stock. The expected life of options has been determined utilizing the “simplified method”. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the stock options. The Company has not paid, and does not anticipate paying, cash dividends on its common stock; therefore, the expected dividend yield is assumed to be zero. For restricted stock units issued under the Company’s stock-based compensation plans, the fair value of each grant is calculated based on the Company’s stock price on the date of grant. For performance-based awards with service-based vesting conditions, the Company recognizes compensation expense based upon a review of the Company’s expected achievement against the specified targets. Forfeitures are recognized as they occur. |
Advertising Costs | Advertising Costs Advertising costs are charged to operations as incurred. The Company incurred advertising costs of $5,970, $2,584 and $2,658 for the years ended December 31, 2021, 2020 and 2019, respectively. |
Merger-related Costs | Merger-related Costs Merger-related costs consist of expenses related to mergers and acquisitions, integration costs and general corporate development activities. In 2021, merger-related costs incurred were primarily related to general merger and related activities. In 2020, merger-related costs incurred were primarily related to the transition of Ooyala, Inc. customers to the Company’s technology and, to a lesser extent, general merger and related activities. |
Recent Accounting Pronouncements and Standards | Recent Accounting Pronouncements and Standards Recently Adopted Accounting Pronouncements ASU No. 2016-13 In June 2016, the FASB issued ASU No. 2016-13, which requires introduced by ASU 2016-13. The |
Accounting Standards Update 2014-09 [Member] | |
Revenue | Revenue ASC 606 outlines a comprehensive five-step revenue recognition model based on the principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. 1) Identify the contract with a customer 2) Identify the performance obligations in the contract 3) Determine the transaction price 4) Allocate the transaction price to performance obligations in the contract 5) Recognize revenue when or as the Company satisfies a performance obligation The Company satisfies performance obligations as discussed in further detail below. Revenue is recognized at the time the related performance obligation is satisfied by transferring a promised service to a customer. The transaction price is the total amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer. The Company has elected to exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer (e.g. sales and use tax). |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Property and equipment Useful Life | The Company estimates the useful life of property and equipment as follows: Estimated Useful Life (in Years) Computer equipment 3 Software 3 - 6 Furniture and fixtures 5 Leasehold improvements Shorter of lease |
Summary of Changes in Company's Allowance for Doubtful Accounts | Below is a summary of the changes in the Company’s allowance for doubtful accounts for the years ended December 31, 2021, 2020 and 2019: Balance at Provision Write-offs Balance at Year ended December 31, 2021 $ 648 $ 159 $ (454 ) $ 353 Year ended December 31, 2020 904 648 (904 ) 648 Year ended December 31, 2019 190 1,137 (423 ) 904 |
Schedule of Computations of Basic and Diluted (Loss) Earnings Per Share | The following table set forth the computations of basic and diluted earnings (loss) per share: Year Ended December 31, (in thousands, except per share data) 2021 2020 2019 Net income (loss) $ 5,397 $ (5,813 ) $ (21,903 ) Weighted average shares used in computing basic earnings per share 40,717 39,473 38,028 Effect of weighted average dilutive stock-based awards 1,483 — — Weighted average shares used in computing diluted earnings per share 42,200 39,473 38,028 Net income (loss) per share—basic and diluted Basic $ 0.13 $ (0.15 ) $ (0.58 ) Diluted $ 0.13 $ (0.15 ) $ (0.58 ) |
Summary of 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: Year Ended December 31, 2021 2020 2019 Options outstanding 1,681 2,110 2,479 Restricted stock units outstanding 3,937 3,588 3,626 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash and cash equivalents as of December 31, 2021 and 2020 consist of the following: December 31, 2021 Description Contracted Maturity Amortized Cost Fair Market Value Cash Demand $ 45,698 $ 45,698 Money market funds Demand 41 41 Total cash and cash equivalents $ 45,739 $ 45,739 December 31, 2020 Description Contracted Maturity Amortized 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 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and equipment | Property and equipment consist of the following: December 31, 2021 2020 Computer equipment $ 13,827 $ 13,561 Software 43,598 34,739 Furniture and fixtures 3,163 3,196 Leasehold improvements 2,710 2,439 63,298 53,935 Less accumulated depreciation and amortization 42,784 37,967 $ 20,514 $ 15,968 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
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 (non-current) Total Balance at December 31, 2021 29,866 2,375 62,057 114 62,171 Balance at December 31, 2020 29,305 2,078 58,741 811 59,552 Balance at December 31, 2019 31,181 1,871 49,260 299 49,559 Balance at December 31, 2018 23,264 1,640 39,846 146 39,992 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite Lived Intangible Assets | Finite-lived intangible assets consist of the following as of December 31, 2021: Description Weighted Gross Accumulated Net Developed technology 7 $ 18,038 $ 15,636 $ 2,402 Customer relationships 9 15,487 8,613 6,874 Non-compete 3 1,912 1,912 — Tradename 3 368 368 — Total $ 35,805 $ 26,529 $ 9,276 Finite-lived intangible assets consist of the following as of December 31, 2020: Description Weighted Gross Accumulated Net Developed technology 7 $ 16,154 $ 14,215 $ 1,939 Customer relationships 9 15,487 6,961 8,526 Non-compete 3 1,912 1,912 — Tradename 3 368 368 — Total $ 33,921 $ 23,456 $ 10,465 |
Amortization Expense Related to Intangible Assets | The following table summarizes amortization expense related to intangible assets for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 Cost of subscription and support revenue $ 1,420 $ 1,501 $ 1,621 Sales and marketing 1,652 1,909 1,584 $ 3,072 $ 3,410 $ 3,205 |
Estimated Remaining Amortization Expense | The estimated remaining amortization expense for each of the five succeeding years and thereafter is as follows: Year Ending December 31, Amount 2022 $ 2,508 2023 2,264 2024 2,041 2025 1,963 2026 500 2027 and thereafter Total $ 9,276 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Maturity Analysis of Undiscounted Cash Flows of Operating Lease | The Company’s operating leases expire at various dates through 2032. The following shows the undiscounted cash flows for the remaining years under operating leases at December 31, 2021: Year Ending December 31, Operating 2022 $ 3,223 2023 4,481 2024 4,328 2025 2,879 2026 2,637 2027 and thereafter 16,211 Total operating lease commitments 33,759 Less imputed interest (8,358 ) Total lease liabilities $ 25,401 |
Summary of undiscounted cash inflows from operating sublease | The Company’s London sublease expires in December of 2024. The following table shows the undiscounted cash inflows from the London sublease for the remaining years at December 31, 2021: Year Ending December 31, Operating 2022 $ 985 2023 1,048 2024 989 2025 — Total operating sublease cash inflows $ 3,022 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Shares of Common Stock Reserved for Future Issuance | At December 31, 2021, the Company has reserved the following shares of common stock for future issuance: December 31, Common stock options outstanding 1,681,477 Restricted stock unit awards outstanding 3,936,892 Shares available for issuance under all stock-based compensation plans 4,537,258 Total shares of authorized common stock reserved for future issuance 10,155,627 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock-based Compensation Expense | The following table summarizes stock-based compensation expense as included in the consolidated statement of operations for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 Cost of subscription and support revenue $ 627 $ 592 $ 683 Cost of professional services and other revenue 401 314 289 Research and development 1,677 1,078 1,444 Sales and marketing 2,957 3,139 2,713 General and administrative 4,306 3,662 4,130 $ 9,968 $ 8,785 $ 9,259 |
Summary of Stock Option Activity | The following is a summary of the stock option activity for all stock option plans during the years ended December 31, 2021, 20 20 Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Outstanding at December 31, 2018 2,737,655 $ 8.57 Granted 770,038 9.89 Exercised (466,110 ) 7.45 $ 1,286 Cancelled (562,160 ) 9.57 Outstanding at December 31, 2019 2,479,423 $ 8.96 7.24 $ 1,558 Granted 178,584 10.60 Exercised (272,692 ) 8.13 $ 1,041 Cancelled (274,829 ) 9.13 Outstanding at December 31, 2020 2,110,486 $ 9.19 Granted 114,973 14.88 Exercised (333,190 ) 8.53 $ 2,999 Cancelled (210,792 ) 10.26 Outstanding at December 31, 2021 1,681,477 $ 9.59 5.93 $ 1,938 Exercisable at December 31, 2021 1,230,837 $ 9.06 5.27 $ 1,747 (1) The aggregate intrinsic value was calculated based on the positive difference between the estimated fair value of the Company’s common stock on December 31, 2021, December 31, 2020, and December 31, 2019 of , $18.40, and $8.69 per share, respectively, or the date of exercise, as appropriate, and the exercise price of the underlying options. |
Weighted Average Fair Value of Options Granted and Assumptions Utilized | The weighted-average fair value of options granted and assumptions utilized to determine such values are presented in the following table: Year Ended December 31, 2021 2020 2019 Weighted-average fair value of options granted during the year $ 6.98 $ 4.72 $ 4.49 Risk-free interest rate 1.22% 0.72% 2.25% Expected volatility 48% 46% 44% Expected life (in years) 6.2 6.2 6.2 Expected dividend yield — — — |
Restricted Stock Units Activity | The following table summarizes the P-RSU S-RSU S-RSU Weighted Average Grant Date Fair P-RSU Weighted Average Date Fair Total RSU Weighted Average Date Fair Unvested by December 31, 2018 1,864,582 $ 9.03 1,169,000 $ 9.03 3,033,582 $ 8.07 Granted 1,391,072 10.37 641,000 8.91 2,032,072 10.59 Vested and issued (537,362 ) 7.91 — — (537,362 ) 7.91 Cancelled (734,928 ) 6.97 (167,000 ) 1.48 (901,928 ) 8.45 Unvested by December 31, 2019 1,983,364 $ 9.03 1,643,000 $ 9.03 3,626,364 $ 9.03 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 by December 31, 2019 1,983,364 $ 9.03 1,643,000 $ 9.03 3,626,364 $ 9.03 Granted 1,139,209 10.74 386,551 15.78 1,525,760 12.02 Vested and issued (611,428 ) 9.23 (219,605 ) 8.81 (831,033 ) 9.10 Cancelled (510,729 ) 9.00 (222,145 ) 7.65 (732,874 ) 8.64 Unvested by December 31, 2020 2,000,416 $ 10.30 1,587,801 $ 10.40 3,588,217 $ 10.35 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 by December 31, 2020 2,000,416 $ 10.30 1,587,801 $ 10.40 3,588,217 $ 10.35 Granted 2,269,341 12.24 64,011 12.65 2,333,352 12.25 Vested and issued (680,769 ) 9.85 (181,910 ) 8.74 (862,679 ) 9.62 Cancelled (673,268 ) 11.67 (448,730 ) 9.59 (1,121,998 ) 10.84 Unvested by December 31, 2021 2,915,720 $ 11.66 1,021,172 $ 11.04 3,936,892 $ 11.50 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Loss before Provision for Income Taxes | Loss before the provision for income taxes consists of the following jurisdictional (loss) income: Year Ended December 31, 2021 2020 2019 Domestic $ 4,136 $ (7,489 ) $ (23,388 ) Foreign 2,063 2,294 2,045 Total $ 6,199 $ (5,195 ) $ (21,343 ) |
Schedule of Provision for Income Taxes | The provision for income taxes in the accompanying consolidated financial statements consists of the following: Year Ended December 31, 2021 2020 2019 Current provision: Federal $ — $ — $ — State 7 8 18 Foreign 801 815 626 Total current 808 823 644 Deferred (benefit): Federal 1 (5 ) 7 State 2 (5 ) 8 Foreign (9 ) (195 ) (99 ) Total deferred (6 ) (205 ) (84 ) Total provision $ 802 $ 618 $ 560 |
Schedule of Reconciliation of U.S. Federal Statutory Rate to Effective Tax Rate | A reconciliation of the U.S. f e Year Ended December 31, 2021 2020 2019 Tax at statutory rates 21 % 21 % 21 % State income taxes (3.4 %) 9 % 4.2 % Change in tax rate 0.2 % 3.9 % 0.1 % Permanent differences (4.4 %) (11.6 %) (5 %) Foreign rate differential 2.6 % (3.4 %) (0.7 %) Research and development credits (7.6 %) 13.7 % 4.4 % Change in valuation allowance 3.4 % (44.2 %) (26.8 %) Other, net 1.1 % (0.2 %) 0.2 % Effective tax rate 12.9 % (11.8 %) (2.6 %) |
Schedule of Income Tax Effect of Each Type of Temporary Difference and Carryforward | The income tax effect of each type of temporary difference and carryforward as of December , and is as follows: As of December 31, 2021 2020 Deferred tax assets: Net operating loss carry-forwards $ 47,228 $ 46,865 Tax credit carry-forwards 13,392 12,647 Stock-based compensation 1,400 1,231 Fixed Assets 286 203 Account receivable reserves 235 304 Accrued compensation 1,648 2,086 Lease Liability 6,136 2,254 Other temporary differences 1,167 1,458 Total deferred tax assets 71,492 67,048 Deferred tax liabilities: Other deferred tax liabilities (2,889 ) (3,137 ) ROU Asset (6,033 ) (2,044 ) Intangible assets (3,720 ) (3,218 ) Total deferred tax liabilities (12,642 ) (8,399 ) Valuation allowance (58,912 ) (58,718 ) Net deferred tax asset (liability) $ (62 ) $ (69 ) |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Components of Accrued Expenses | Accrued expenses consist of the following: December 31, 2021 2020 Accrued payroll and related benefits $ 8,536 $ 10,260 Accrued sales and other taxes 2,950 3,722 Accrued professional fees and outside contractors 2,233 2,901 Accrued content delivery 4,190 3,822 Accrued other liabilities 3,016 4,692 Total $ 20,925 $ 25,397 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Total Revenue to Unaffiliated Customers by Geographic Area, Based on Location of Customer | Total revenue to unaffiliated customers by geographic area, based on the location of the customer, was as follows: Year Ended December 31, 2021 2020 2019 Revenue: North America $ 119,079 $ 107,686 $ 97,309 Europe 37,947 34,001 31,587 Japan 25,272 25,745 22,150 Asia Pacific 28,261 28,984 32,391 Other 534 937 1,018 Total revenue $ 211,093 $ 197,353 $ 184,455 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021USD ($)CustomerPlans | Dec. 31, 2020USD ($)Customer | Dec. 31, 2019USD ($)Customer | |
Accounting Policies [Line Items] | |||
Short-term investments | $ 0 | $ 0 | |
Long-term investments | $ 0 | $ 0 | |
Number of customers accounted for more than 10% of total revenue | Customer | 0 | 0 | 0 |
Threshold percentage of total revenues required for major customer classification | 10.00% | 10.00% | 10.00% |
Number of customers accounted for more than 10% of net accounts receivable | Customer | 0 | 0 | |
Capitalized software development costs | $ 7,658,000 | $ 6,659,000 | $ 6,574,000 |
Amortization of capitalized internal-use software development costs | 3,649,000 | 4,044,000 | 3,784,000 |
Recorded liabilities for uncertain tax position | $ 0 | 0 | |
Number of stock-based compensation plans | Plans | 6 | ||
Advertising costs | $ 5,970,000 | 2,584,000 | $ 2,658,000 |
Financial instruments carried at fair value | 100,000 | 100,000 | |
Reversed deferred rent liability | 2,400,000 | $ 2,100,000 | |
Provision for credit losses | 200,000 | ||
Impairment of goodwill | $ 0 | ||
Software [Member] | |||
Accounting Policies [Line Items] | |||
Estimated Useful Life (in Years) | 3 years |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Property and Equipment Useful Life (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life (in Years) | 3 years |
Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life (in Years) | 3 years |
Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life (in Years) | 3 years |
Software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life (in Years) | 6 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life (in Years) | 5 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life | Shorter of leaseterm or theestimated useful life |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Changes in Company's Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Balance at Beginning of Period | $ 648 | $ 904 | $ 190 |
Provision | 159 | 648 | 1,137 |
Write-offs | (454) | (904) | (423) |
Balance at End of Period | $ 353 | $ 648 | $ 904 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Computations of Basic and Diluted (Loss) Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Earnings Per Share Basic And Diluted [Abstract] | |||
Net Income (loss) | $ 5,397 | $ (5,813) | $ (21,903) |
Weighted average shares used in computing basic earnings per share | 40,717 | 39,473 | 38,028 |
Effect of weighted average dilutive stock-based awards | 1,483 | 0 | 0 |
Weighted average shares used in computing diluted earnings per share | 42,200 | 39,473 | 38,028 |
Net income (loss) per share—basic and diluted | |||
Basic | $ 0.13 | $ (0.15) | $ (0.58) |
Diluted | $ 0.13 | $ (0.15) | $ (0.58) |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Outstanding Common Shares Excluded from Computation of Dilutive Earnings (Loss) per Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Options Outstanding [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive common shares excluded from the computation of weighted-average shares outstanding | 1,681 | 2,110 | 2,479 |
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 | 3,937 | 3,588 | 3,626 |
Cash and Cash Equivalents - Sch
Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Investment Holdings [Line Items] | ||
Amortized Cost | $ 45,739 | $ 37,472 |
Fair Market Value | 45,739 | 37,472 |
Cash [Member] | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 45,698 | 37,431 |
Fair Market Value | 45,698 | 37,431 |
Money Market Funds [Member] | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 41 | 41 |
Fair Market Value | $ 41 | $ 41 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 63,298 | $ 53,935 |
Less accumulated depreciation and amortization | 42,784 | 37,967 |
Property and equipment, net | 20,514 | 15,968 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 13,827 | 13,561 |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 43,598 | 34,739 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 3,163 | 3,196 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 2,710 | $ 2,439 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization, expense | $ 5,250 | $ 5,284 | $ 5,217 |
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 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Accounts receivable, net | $ 29,866 | $ 29,305 | ||
Deferred Revenue (current) | 62,057 | 58,741 | ||
Accounting Standards Update 2014-09 [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Accounts receivable, net | 29,866 | 29,305 | $ 31,181 | $ 23,264 |
Contract Assets (current) | 2,375 | 2,078 | 1,871 | 1,640 |
Deferred Revenue (current) | 62,057 | 58,741 | 49,260 | 39,846 |
Deferred Revenue (non- current) | 114 | 811 | 299 | 146 |
Total Deferred Revenue | $ 62,171 | $ 59,552 | $ 49,559 | $ 39,992 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred revenue recognized | $ 58.1 | ||
Assets recognized to obtain a contract | 12.2 | $ 13.3 | |
Amortization expense recognized to obtain a contract | $ 12.7 | $ 8.3 | $ 7.3 |
Subscription and Support Revenue [Member] | |||
Revenue, performance obligation, description of timing | 2024 | ||
Unsatisfied performance obligations | $ 156.2 | ||
Subscription and Support Revenue [Member] | Next Twelve Months [Member] | |||
Unsatisfied performance obligations | $ 121.2 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Finite Lived Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Gross Carrying Value | $ 35,805 | $ 33,921 |
Finite Lived Intangible Assets Accumulated Amortization | 26,529 | 23,456 |
Finite Lived Intangible Assets Net Carrying Value | $ 9,276 | $ 10,465 |
Developed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Weighted Average Estimated Useful Life (in years) | 7 years | 7 years |
Finite Lived Intangible Assets Gross Carrying Value | $ 18,038 | $ 16,154 |
Finite Lived Intangible Assets Accumulated Amortization | 15,636 | 14,215 |
Finite Lived Intangible Assets Net Carrying Value | $ 2,402 | $ 1,939 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Weighted Average Estimated Useful Life (in years) | 9 years | 9 years |
Finite Lived Intangible Assets Gross Carrying Value | $ 15,487 | $ 15,487 |
Finite Lived Intangible Assets Accumulated Amortization | 8,613 | 6,961 |
Finite Lived Intangible Assets Net Carrying Value | $ 6,874 | $ 8,526 |
Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Weighted Average Estimated Useful Life (in years) | 3 years | 3 years |
Finite Lived Intangible Assets Gross Carrying Value | $ 1,912 | $ 1,912 |
Finite Lived Intangible Assets Accumulated Amortization | $ 1,912 | $ 1,912 |
Tradename [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Weighted Average Estimated Useful Life (in years) | 3 years | 3 years |
Finite Lived Intangible Assets Gross Carrying Value | $ 368 | $ 368 |
Finite Lived Intangible Assets Accumulated Amortization | $ 368 | $ 368 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Summarizes Amortization Expense Related Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Amortization Of Intangible Assets [Line Items] | |||
Amortization expense related to intangible assets | $ 3,072 | $ 3,410 | $ 3,205 |
Cost of Subscription and Support Revenue [Member] | |||
Amortization Of Intangible Assets [Line Items] | |||
Amortization expense related to intangible assets | 1,420 | 1,501 | 1,621 |
Sales and Marketing [Member] | |||
Amortization Of Intangible Assets [Line Items] | |||
Amortization expense related to intangible assets | $ 1,652 | $ 1,909 | $ 1,584 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Estimated Remaining Amortization Expense (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2022 | $ 2,508 | |
2023 | 2,264 | |
2024 | 2,041 | |
2025 | 1,963 | |
2026 | 500 | |
2027 and thereafter | ||
Total | $ 9,276 | $ 10,465 |
Intangible Assets and Goodwil_5
Intangible Assets and Goodwill - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 01, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 60,902 | $ 60,902 | |
Goodwill period increase decrease | $ 0 | ||
Video Interactivity Technolgy [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Fair value of intangiblle asset | $ 1,900 | ||
Finite Lived Intangible Assets Weighted Average Estimated Useful Life (in years) | 4 years |
Leases - Undiscounted Cash Flow
Leases - Undiscounted Cash Flows Under Operating Leases (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 3,223 |
2023 | 4,481 |
2024 | 4,328 |
2025 | 2,879 |
2026 | 2,637 |
2027 and thereafter | 16,211 |
Total operating lease commitments | 33,759 |
Less imputed interest | (8,358) |
Total lease liabilities | $ 25,401 |
Leases - Summary of Undiscounte
Leases - Summary of Undiscounted Cash Inflows from Operating Sublease (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, Fiscal Year Maturity [Abstract] | |
2022 | $ 985 |
2023 | 1,048 |
2024 | 989 |
2025 | 0 |
Total operating sublease cash inflows | $ 3,022 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | Nov. 23, 2021ft² | Dec. 31, 2021USD ($)Leasesft² | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 31, 2022USD ($) |
Lessee, Lease, Description [Line Items] | |||||
Operating lease rent expense | $ 4,300 | $ 7,400 | $ 7,900 | ||
Weighted-average remaining non-cancelable lease term | 8 years 9 months 21 days | ||||
Weighted-average discount rate | 5.70% | ||||
Percentage of property subleased | 100.00% | ||||
Number of operating lease arrangements entered in the current year | Leases | 2 | ||||
Operating lease right-of-use asset | $ 24,891 | $ 8,699 | |||
Operating lease liability current | 2,600 | 4,346 | |||
Operating lease liability noncurrent | 22,801 | 5,498 | |||
New Office Lease Agreement [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating lease liability current | 2,600 | ||||
Operating lease liability noncurrent | 22,800 | ||||
Property Available for Operating Lease [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating lease right-of-use asset | 20,300 | ||||
Office Building [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Leases square feet | ft² | 40,000 | ||||
Operating lease, Term of contract | 10 years | ||||
Operating lease, Option to extend | option to extend the lease for two successive five-year terms | ||||
Lessee, Operating lease, Option to extend, Term | two successive five-year | ||||
Operating lease right-of-use asset | $ 19,400 | ||||
Notice period | 60 days | ||||
Operating leases obligations under leasing arrangements, Date through which an automatic extension can be implemented | Nov. 30, 2032 | ||||
Office Building [Member] | Subsequent Event [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating leases obligations under leasing arrangements value | $ 800 | ||||
Letter of Credit | |||||
Lessee, Lease, Description [Line Items] | |||||
Leases square feet | ft² | 40,753 | ||||
Operating lease expiry date | Mar. 31, 2022 | ||||
Operating leases obligations under leasing arrangements value | $ 2,400 | ||||
General and Administrative [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Termination costs | $ 340 | ||||
Other Operating Income (Expense) | |||||
Lessee, Lease, Description [Line Items] | |||||
Rent income from sublease recognised | $ 901 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Unicorn Media [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares received in exchange of liabilities released | 135,000 | 135,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Shares of Common Stock Reserved for Future Issuance (Detail) | Dec. 31, 2021shares |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Common stock options outstanding | 1,681,477 |
Restricted stock unit awards outstanding | 3,936,892 |
Shares available for issuance under all stock-based compensation plans | 4,537,258 |
Total shares of authorized common stock reserved for future issuance | 10,155,627 |
Stock based Compensation - Addi
Stock based Compensation - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($)Plans | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 25, 2021shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 9,968 | $ 8,785 | $ 9,259 | |
Unrecognized stock-based compensation expense | $ 30,600 | |||
Weighted average period | 2 years 5 months 15 days | |||
Number of stock-based compensation plans | Plans | 6 | |||
2012 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for issuance under the equity incentive plan, annual increase as a percentage of outstanding shares at year end | 4 | |||
Overhang limit for number of shares reserved for issuance under the equity incentive plan | 30.00% | |||
2012 Plan [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation, vesting period | 3 months | |||
2012 Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation, vesting period | 4 years | |||
Two Thousand and Twenty Plan [Member] | RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 233,000 | $ 1,300 | ||
2021 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of shares of stock reserved and available for issuance | shares | 6,200,000 |
Stock Based Compensation - Summ
Stock Based Compensation - Summarizes Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation | $ 9,968 | $ 8,785 | $ 9,259 |
Subscription and Support Revenue [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation | 627 | 592 | 683 |
Professional Services and Other Revenue [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation | 401 | 314 | 289 |
Research and Development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation | 1,677 | 1,078 | 1,444 |
Sales and Marketing [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation | 2,957 | 3,139 | 2,713 |
General and Administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation | $ 4,306 | $ 3,662 | $ 4,130 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Outstanding Ending Balance | 1,681,477 | ||
Options Outstanding [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Outstanding Beginning Balance | 2,110,486 | 2,479,423 | 2,737,655 |
Shares, Granted | 114,973 | 178,584 | 770,038 |
Shares, Exercised | (333,190) | (272,692) | (466,110) |
Shares, Cancelled | (210,792) | (274,829) | (562,160) |
Shares, Outstanding Ending Balance | 1,681,477 | 2,110,486 | 2,479,423 |
Shares, Exercisable | 1,230,837 | ||
Weighted-Average Exercise Price, Outstanding Beginning Balance | $ 9.19 | $ 8.96 | $ 8.57 |
Weighted-Average Exercise Price, Granted | 14.88 | 10.60 | 9.89 |
Weighted-Average Exercise Price, Exercised | 8.53 | 8.13 | 7.45 |
Weighted-Average Exercise Price, Cancelled | 10.26 | 9.13 | 9.57 |
Weighted-Average Exercise Price, Outstanding Ending Balance | 9.59 | $ 9.19 | $ 8.96 |
Weighted-Average Exercise Price, Exercisable | $ 9.06 | ||
Weighted-Average Remaining Contractual Term, Outstanding | 5 months 28 days | 7 years 2 months 26 days | |
Weighted-Average Remaining Contractual Term, Exercisable | 5 months 8 days | ||
Aggregate Intrinsic Value, Exercised | $ 2,999 | $ 1,041 | $ 1,286 |
Aggregate Intrinsic Value, Outstanding | 1,938 | $ 1,558 | |
Aggregate Intrinsic Value, Exercisable | $ 1,747 |
Stock Based Compensation - Su_3
Stock Based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Options Outstanding [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate Intrinsic Value, Estimated per share fair value of common stock | $ 10.22 | $ 18.40 | $ 8.69 |
Stock Based Compensation - Weig
Stock Based Compensation - Weighted Average Fair Value of Options Granted and Assumptions Utilized (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average fair value of options granted during the year | $ 6.98 | $ 4.72 | $ 4.49 |
Risk-free interest rate | 1.22% | 0.72% | 2.25% |
Expected volatility | 48.00% | 46.00% | 44.00% |
Expected life (in years) | 6 years 2 months 12 days | 6 years 2 months 12 days | 6 years 2 months 12 days |
Expected dividend yield |
Stock Based Compensation - Su_4
Stock Based Compensation - Summary of RSU Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Unvested Shares, Ending Balance | 3,936,892 | ||
RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Unvested Shares, Beginning Balance | 3,588,217 | 3,626,364 | 3,033,582 |
Granted | 2,333,352 | 1,525,760 | 2,032,072 |
Vested and issued | (862,679) | (831,033) | (537,362) |
Cancelled | (1,121,998) | (732,874) | (901,928) |
Unvested Shares, Ending Balance | 3,936,892 | 3,588,217 | 3,626,364 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 10.35 | $ 9.03 | $ 8.07 |
Weighted Average Grant Date Fair Value, Granted | 12.25 | 12.02 | 10.59 |
Weighted Average Grant Date Fair Value, Vested and issued | 9.62 | 9.10 | 7.91 |
Weighted Average Grant Date Fair Value, Cancelled | 10.84 | 8.64 | 8.45 |
Weighted Average Grant Date Fair Value, Ending Balance | $ 11.50 | $ 10.35 | $ 9.03 |
RSUs [Member] | 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 | 2,000,416 | 1,983,364 | 1,864,582 |
Granted | 2,269,341 | 1,139,209 | 1,391,072 |
Vested and issued | (680,769) | (611,428) | (537,362) |
Cancelled | (673,268) | (510,729) | (734,928) |
Unvested Shares, Ending Balance | 2,915,720 | 2,000,416 | 1,983,364 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 10.30 | $ 9.03 | $ 9.03 |
Weighted Average Grant Date Fair Value, Granted | 12.24 | 10.74 | 10.37 |
Weighted Average Grant Date Fair Value, Vested and issued | 9.85 | 9.23 | 7.91 |
Weighted Average Grant Date Fair Value, Cancelled | 11.67 | 9 | 6.97 |
Weighted Average Grant Date Fair Value, Ending Balance | $ 11.66 | $ 10.30 | $ 9.03 |
RSUs [Member] | 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 | 1,587,801 | 1,643,000 | 1,169,000 |
Granted | 64,011 | 386,551 | 641,000 |
Vested and issued | (181,910) | (219,605) | |
Cancelled | (448,730) | (222,145) | (167,000) |
Unvested Shares, Ending Balance | 1,021,172 | 1,587,801 | 1,643,000 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 10.40 | $ 9.03 | $ 9.03 |
Weighted Average Grant Date Fair Value, Granted | 12.65 | 15.78 | 8.91 |
Weighted Average Grant Date Fair Value, Vested and issued | 8.74 | 8.81 | |
Weighted Average Grant Date Fair Value, Cancelled | 9.59 | 7.65 | 1.48 |
Weighted Average Grant Date Fair Value, Ending Balance | $ 11.04 | $ 10.40 | $ 9.03 |
Income Taxes - Schedule of Loss
Income Taxes - Schedule of Loss before Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure By Jurisdiction [Abstract] | |||
Domestic | $ 4,136 | $ (7,489) | $ (23,388) |
Foreign | 2,063 | 2,294 | 2,045 |
Income (loss) before income taxes | $ 6,199 | $ (5,195) | $ (21,343) |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current provision: | |||
Federal | $ 0 | $ 0 | $ 0 |
State | 7 | 8 | 18 |
Foreign | 801 | 815 | 626 |
Total current | 808 | 823 | 644 |
Deferred (benefit): | |||
Federal | 1 | (5) | 7 |
State | 2 | (5) | 8 |
Foreign | (9) | (195) | (99) |
Total deferred | (6) | (205) | (84) |
Total provision | $ 802 | $ 618 | $ 560 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of U.S. Federal Statutory Rate to Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Tax at statutory rates | 21.00% | 21.00% | 21.00% |
State income taxes | (3.40%) | 9.00% | 4.20% |
Change in tax rate | 0.20% | 3.90% | 0.10% |
Permanent differences | (4.40%) | (11.60%) | (5.00%) |
Foreign rate differential | 2.60% | (3.40%) | (0.70%) |
Research and development credits | (7.60%) | 13.70% | 4.40% |
Change in valuation allowance | 3.40% | (44.20%) | (26.80%) |
Other, net | 1.10% | (0.20%) | 0.20% |
Effective tax rate | 12.90% | (11.80%) | (2.60%) |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Effect of Each Type of Temporary Difference and Carryforward (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Net operating loss carry-forwards | $ 47,228 | $ 46,865 |
Tax credit carry-forwards | 13,392 | 12,647 |
Stock-based compensation | 1,400 | 1,231 |
Fixed Assets | 286 | 203 |
Account receivable reserves | 235 | 304 |
Accrued compensation | 1,648 | 2,086 |
Lease Liability | 6,136 | 2,254 |
Other temporary differences | 1,167 | 1,458 |
Total deferred tax assets | 71,492 | 67,048 |
Deferred tax liabilities: | ||
Other deferred tax liabilities | (2,889) | (3,137) |
ROU Asset | (6,033) | (2,044) |
Intangible assets | (3,720) | (3,218) |
Total deferred tax liabilities | (12,642) | (8,399) |
Valuation allowance | (58,912) | (58,718) |
Net deferred tax asset (liability) | $ (62) | $ (69) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Line Items] | |||
Increase in valuation allowance | $ 200 | ||
Net operating losses carried forward, expiration date | Dec. 31, 2041 | ||
Research and development tax credit, expiration date | Dec. 31, 2041 | ||
Recorded liabilities for uncertain tax position | $ 0 | $ 0 | |
Loss from operations | 7,574 | $ (5,323) | $ (21,063) |
Federal [Member] | |||
Income Taxes [Line Items] | |||
Net operating losses | 161,800 | ||
Research and development tax credits | 9,000 | ||
Loss from operations | 199,400 | ||
Operating Loss Carryforwards Indefinate Carryforward | 37,600 | ||
State [Member] | |||
Income Taxes [Line Items] | |||
Net operating losses | 92,300 | ||
Research and development tax credits | 5,500 | ||
State [Member] | Tax Year 2019 [Member] | |||
Income Taxes [Line Items] | |||
Net operating losses | 3,100 | ||
State [Member] | Tax Year 2039 [Member] | |||
Income Taxes [Line Items] | |||
Net operating losses | $ 89,200 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
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. | |
Proceeds from lines of credit | $ 10 | |
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% |
Accrued Expenses - Components o
Accrued Expenses - Components of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued Liabilities, Current [Abstract] | ||
Accrued payroll and related benefits | $ 8,536 | $ 10,260 |
Accrued sales and other taxes | 2,950 | 3,722 |
Accrued professional fees and outside contractors | 2,233 | 2,901 |
Accrued content delivery | 4,190 | 3,822 |
Accrued other liabilities | 3,016 | 4,692 |
Total | $ 20,925 | $ 25,397 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)Segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues from customers | $ 211,093 | $ 197,353 | $ 184,455 |
Number of operating segment | Segment | 1 | ||
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 | $ 111,500 | $ 99,600 | $ 90,500 |
Segment Information - Total Rev
Segment Information - Total Revenue to Unaffiliated Customers by Geographic Area, Based on Location of Customer (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 211,093 | $ 197,353 | $ 184,455 |
North America [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 119,079 | 107,686 | 97,309 |
Europe [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 37,947 | 34,001 | 31,587 |
Japan [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 25,272 | 25,745 | 22,150 |
Asia Pacific [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 28,261 | 28,984 | 32,391 |
Other [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 534 | $ 937 | $ 1,018 |
401(k) Savings Plan - Additiona
401(k) Savings Plan - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Contribution made under the plan | $ 412 | $ 434 | $ 392 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - Wicket Labs Inc [Member] | Feb. 01, 2022USD ($)shares |
Subsequent Event [Line Items] | |
Business acquisition percentage of voting interests acquired | 100.00% |
Stock issued during period, shares, acquisitions | shares | 212,507 |
Business acquisition, consideration through equity issue | $ 2,000 |
Business acquisition, cash paid | 13,200 |
Business combination, cash held back | $ 1,800 |