Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 25, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | BRIGHTCOVE INC | |
Entity Central Index Key | 0001313275 | |
Current Fiscal Year End Date | --12-31 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Trading Symbol | BCOV | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Address Line One | 281 Summer Street | |
Entity Address, Postal Zip Code | 02210 | |
City Area Code | 888 | |
Local Phone Number | 882-1880 | |
Entity Tax Identification Number | 20-1579162 | |
Entity File Number | 001-35429 | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 41,552,088 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 26,705 | $ 45,739 |
Accounts receivable, net of allowance of $379 and $353 at March 31, 2022 and December 31, 2021, respectively | 34,037 | 29,866 |
Prepaid expenses | 10,740 | 7,792 |
Other current assets | 11,099 | 10,833 |
Total current assets | 82,581 | 94,230 |
Property and equipment, net | 26,317 | 20,514 |
Operating lease right-of-use asset | 23,655 | 24,891 |
Intangible assets, net | 12,881 | 9,276 |
Goodwill | 74,838 | 60,902 |
Other assets | 6,612 | 6,655 |
Total assets | 226,884 | 216,468 |
Current liabilities: | ||
Accounts payable | 14,027 | 11,039 |
Accrued expenses | 22,851 | 20,925 |
Operating lease liability | 2,950 | 2,600 |
Deferred revenue | 64,110 | 62,057 |
Total current liabilities | 103,938 | 96,621 |
Operating lease liability, net of current portion | 21,920 | 22,801 |
Other liabilities | 932 | 786 |
Total liabilities | 126,790 | 120,208 |
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; 41,685,163 and 41,384,643 shares issued at March 31, 2022 and December 31, 2021, respectively | 42 | 41 |
Additional paid-in capital | 304,506 | 298,793 |
Treasury stock, at cost; 135,000 shares | (871) | (871) |
Accumulated other comprehensive loss | (905) | (662) |
Accumulated deficit | (202,678) | (201,041) |
Total stockholders' equity | 100,094 | 96,260 |
Total liabilities and stockholders' equity | $ 226,884 | $ 216,468 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 379 | $ 353 |
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 | 41,685,163 | 41,384,643 |
Treasury stock, shares | 135,000 | 135,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue: | ||
Revenue | $ 53,379 | $ 54,817 |
Cost of revenue: | ||
Cost of revenue | 18,980 | 19,168 |
Gross profit | 34,399 | 35,649 |
Operating expenses: | ||
Research and development | 8,237 | 8,284 |
Sales and marketing | 18,288 | 16,149 |
General and administrative | 8,089 | 7,059 |
Merger-related | 594 | 0 |
Other expense (benefit) | 1,149 | (1,965) |
Total operating expenses | 36,357 | 29,527 |
(Loss) income from operations | (1,958) | 6,122 |
Other (expense), net | (387) | (735) |
(Loss) income before income taxes | (2,345) | 5,387 |
(Benefit) provision for income taxes | (708) | 257 |
Net (loss) income | $ (1,637) | $ 5,130 |
Net (loss) income per share—basic and diluted | ||
Basic | $ (0.04) | $ 0.13 |
Diluted | $ (0.04) | $ 0.12 |
Weighted-average shares—basic and diluted | ||
Basic | 41,436 | 40,154 |
Diluted | 41,436 | 42,480 |
Subscription and Support Revenue [Member] | ||
Revenue: | ||
Revenue | $ 51,601 | $ 50,839 |
Cost of revenue: | ||
Cost of revenue | 16,982 | 15,678 |
Professional Services and Other Revenue [Member] | ||
Revenue: | ||
Revenue | 1,778 | 3,978 |
Cost of revenue: | ||
Cost of revenue | $ 1,998 | $ 3,490 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net (loss) income | $ (1,637) | $ 5,130 |
Other comprehensive income: | ||
Foreign currency translation adjustments | (243) | (209) |
Comprehensive (loss) income | $ (1,880) | $ 4,921 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] |
Beginning Balance at Dec. 31, 2020 | $ 40 | $ 287,059 | $ (871) | $ (188) | $ (206,438) | |
Beginning Balance, shares at Dec. 31, 2020 | 40,152,021 | |||||
Treasury shares, beginning Balance at Dec. 31, 2020 | (135,000) | |||||
Issuance of common stock upon exercise of stock options | ||||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units | $ 1,008 | |||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, shares | 260,556 | |||||
Common stock issued upon acquisition | $ 0 | |||||
Stock-based compensation expense | 2,336 | |||||
Foreign currency translation adjustment | (209) | (209) | ||||
Net (loss) income | 5,130 | |||||
Ending Balance at Mar. 31, 2021 | 87,867 | $ 40 | 290,403 | $ (871) | (397) | (201,308) |
Ending Balance, shares at Mar. 31, 2021 | 40,412,577 | |||||
Treasury stock, Ending Balance at Mar. 31, 2021 | (135,000) | |||||
Common stock issued upon acquisition | 0 | |||||
Beginning Balance at Dec. 31, 2021 | $ 96,260 | $ 41 | 298,793 | $ (871) | (662) | (201,041) |
Beginning Balance, shares at Dec. 31, 2021 | 41,384,643 | |||||
Treasury shares, beginning Balance at Dec. 31, 2021 | (135,000) | (135,000) | ||||
Issuance of common stock upon exercise of stock options | $ 0 | |||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units | $ 100 | |||||
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, shares | 300,520 | |||||
Common stock issued upon acquisition | $ 1 | |||||
Stock-based compensation expense | 3,627 | |||||
Foreign currency translation adjustment | (243) | (243) | ||||
Net (loss) income | (1,637) | |||||
Ending Balance at Mar. 31, 2022 | $ 100,094 | $ 42 | $ 304,506 | $ (871) | $ (905) | $ (202,678) |
Ending Balance, shares at Mar. 31, 2022 | 41,685,163 | |||||
Treasury stock, Ending Balance at Mar. 31, 2022 | (135,000) | (135,000) | ||||
Common stock issued upon acquisition | $ 1,986 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating activities | ||
Net (loss) income | $ (1,637) | $ 5,130 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,061 | 2,163 |
Stock-based compensation | 3,479 | 2,292 |
Provision for reserves on accounts receivable | 106 | 71 |
Changes in assets and liabilities: | ||
Accounts receivable | (3,802) | (1,585) |
Prepaid expenses and other current assets | (1,550) | (1,390) |
Other assets | 54 | (919) |
Accounts payable | 347 | (425) |
Accrued expenses | (1,980) | (5,797) |
Operating leases | 705 | (626) |
Deferred revenue | 1,527 | 482 |
Net cash used in operating activities | (690) | (604) |
Investing activities | ||
Cash paid for acquisition, net of cash acquired | (13,176) | 0 |
Purchases of property and equipment | (1,884) | (468) |
Capitalized internal-use software costs | (2,882) | (1,054) |
Net cash used in investing activities | (17,942) | (1,522) |
Financing activities | ||
Proceeds from exercise of stock options | 100 | 1,095 |
Deferred acquisition payments | 0 | (475) |
Other financing activities | 0 | (87) |
Net cash provided by financing activities | 100 | 533 |
Effect of exchange rate changes on cash and cash equivalents | (502) | (727) |
Net decrease in cash and cash equivalents | (19,034) | (2,320) |
Cash and cash equivalents at beginning of period | 45,739 | 37,472 |
Cash and cash equivalents at end of period | 26,705 | 35,152 |
Supplemental disclosure of cash flow information | ||
Cash paid for operating lease liabilities | 796 | 1,477 |
Cash paid for income taxes | $ 216 | $ 314 |
Business Description and Basis
Business Description and Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description and Basis of Presentation | 1. Business Description and Basis of Presentation Business Description Brightcove Inc. (the “Company”) is a leading global provider of cloud services for video which enable its customers to publish and distribute video to Internet-connected devices quickly, easily and in a cost-effective and high-quality manner. The Company is headquartered in Boston, Massachusetts and was incorporated in the state of Delaware on August 24, 2004. Basis of Presentation The accompanying interim condensed consolidated financial statements are unaudited. These condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and related notes, together with Management’s Discussion and Analysis of Financial Condition and Results of Operations, contained in the Company’s Annual Report on Form 10-K The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the unaudited condensed consolidated financial statements and notes have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2021 contained in the Company’s Annual Report on Form 10-K |
Quarterly Update to Significant
Quarterly Update to Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Quarterly Update to Significant Accounting Policies | 2. Quarterly Update to Significant Accounting Policies Allowance for Doubtful Accounts The following details the changes in the Company’s reserve allowance for estimated credit losses for accounts receivable for the period: Allowance for Credit Losses (in thousands) Balance as of December 31, 2021 $ 353 Current provision for credit losses 106 Write-offs against allowance (80 ) Recoveries — Balance as of March 31, 2022 $ 379 Estimated credit losses for unbilled trade accounts receivable were not material. Other Expense (Benefit) Other expense (benefit), reflects other operating costs (or benefits) that do not directly relate to research and development, sales and marketing, general and administrative, and merger related. On March 28, 2022 the CEO of the Company retired. Pursuant to a Transition Agreement that was entered into by the CEO and the Company in October 2021, the Company recorded $1.1 million of expense reflecting both wages and stock compensation in the first quarter of 2022. On March 27, 2020, in response to the COVID-19 million from the CARES Act related to employee retention credits. The Company recognizes such government relief when it is reasonably assured that it qualifies for the relief, the underlying expense has been incurred and it is probable that the Company will receive it. Credits associated with government relief are recognized in profit or loss on a systematic basis over the periods in which the Company recognizes as expense the related costs for which the relief is intended to compensate. Recently Issued and Adopted Accounting Pronouncements In November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-10, , Other Expense (Benefit) In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. Under ASU 2021-08, an acquirer must recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The guidance is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted. Effective January 1, 2022, the Company early adopted ASU 2021-08 on a prospective basis. The impact of adoption of this standard on the Company’s consolidated financial statements was not material. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 3. Revenue from Contracts with Customers The Company primarily derives revenue from the sale of its online video platform, which enables its customers to publish and distribute video to Internet-connected devices quickly, easily and in a cost-effective and high-quality manner. Revenue is derived from three primary sources: (1) the subscription to its technology and related support; (2) hosting, bandwidth and encoding services; and (3) professional services, which include initiation, set-up and customization The following summarizes the opening and closing balances of receivables, contract assets and contract liabilities from contracts with customers. Accounts Contract Assets Deferred Deferred Revenue (non- current) Total Deferred Balance at December 31, 2021 $ 29,866 $ 2,375 $ 62,057 $ 114 $ 62,171 Balance at March 31, 2022 34,037 2,498 64,110 299 64,409 Revenue recognized for the three months ended March 31, 2022 from amounts included in deferred revenue at the beginning of the period was approximately $32.8 million. Revenue recognized during the three months ended March 31, 2021 from amounts included in deferred revenue at the beginning of the period was approximately $31.2 million. During the three months ended March 31, 2022, the Company did not recognize a material amount of revenue from performance obligations satisfied or partially satisfied in previous periods. The assets recognized for costs to obtain a contract were $12.3 million as of March 31, 2022 and $12.2 million as of December 31, 2021. Amortization expense recognized for the three months ended March 31, 2022 related to costs to obtain a contract was $2.5 million. Amortization expense recognized for the three months ended March 31, 2021 related to costs to obtain a contract was $3.1 million. Transaction Price Allocated to Future Performance Obligations As of March 31, 2022, the total aggregate transaction price allocated to the unsatisfied performance obligations for subscription and support contracts was approximately $159.2 million, of which approximately $128.7 million is expected to be recognized over the next 12 months. The Company expects to recognize substantially all of the remaining unsatisfied performance obligations by December 2024. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 4. Cash and Cash Equivalents Cash and cash equivalents as of March 31, 2022 consist of the following: March 31, 2022 Description Contracted Maturity Cost Fair Market Value Cash Demand $ 26,664 $ 26,664 Money market funds Demand 41 41 Total cash and cash equivalents $ 26,705 $ 26,705 Cash and cash equivalents as of December 31, 2021 consist of the following: December 31, 2021 Description Contracted Maturity 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 |
Net (Loss) Income per Share
Net (Loss) Income per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net (Loss) Income per Share | 5. Net (Loss) Income per Share The Company calculates basic and diluted (loss) earnings per common share by dividing the (loss) earnings 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 (loss) earnings per share: Three Months Ended March 31, (in thousands) 2022 2021 Net (loss) income $ (1,637 ) $ 5,130 Weighted average shares used in computing basic earnings per share 41,436 40,154 Effect of weighted average dilutive stock-based awards — 2,326 Weighted average shares used in computing diluted earnings per share 41,436 42,480 Net (loss) income per share—basic and diluted Basic $ (0.04 ) $ 0.13 Diluted $ (0.04 ) $ 0.12 The following outstanding common shares have been excluded from the computation of dilutive (loss) earnings per share as of the periods indicated because such securities are anti- dilutive: Three Months Ended March 31, (shares in thousands) 2022 2021 Options outstanding 1,607 34 Restricted stock units outstanding 4,589 68 |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | 6. Stock-based Compensation The weighted-average assumptions utilized to determine the weighted-average fair value of options are presented in the following table: Three Months Ended March 31, 2022 2021 Weighted-average fair value of options granted during the period $ — $ 10.55 Risk-free interest rate — 1.00 % Expected volatility — 47 % Expected life (in years) — 6.3 Expected dividend yield — — As of March 31, 2022, there was $ 2021: Three Months Ended March 31, 2022 2021 Stock-based compensation: (in thou sands) Cost of subscription and support revenue $ 109 $ 157 Cost of professional services and other revenue 119 68 Research and development 722 322 Sales and marketing 943 737 General and administrative 1,337 1,008 Other expense (benefit) 249 — $ 3,479 $ 2,292 The following is a summary of the stock option activity during the three months ended March 31, 2022. Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value (1) Outstanding at December 31, 2021 1,681,477 $ 9.59 Granted — — Exercised (15,900 ) 6.31 $ 33,483 Canceled (58,236 ) 11.78 Outstanding at March 31, 2022 1,607,341 $ 9.54 5.72 $ 461,756 Exercisable at March 31, 2022 1,195,855 $ 9.05 5.14 $ 456,686 (1) The aggregate intrinsic value was calculated based on the positive difference between the fair value of the Company’s common stock on March 31, 2022 of $7.80 per share, or the date of exercise, as appropriate, and the exercise price of the underlying options. The following table summarizes the restricted stock unit activity for our service-based awards (“S-RSU”) (“P-RSU”) S-RSU Weighted Average Grant Date Fair Value P-RSU Weighted Average Grant Date Fair Value Total RSU Weighted Average Grant Date Fair Value Unvested at December 31, 2021 2,915,720 $ 11.66 1,021,172 $ 11.04 3,936,892 $ 11.50 Granted 1,943,905 7.24 — — 1,943,905 7.24 Vested and issued (72,113 ) 10.33 — — (72,113 ) 10.33 Canceled (198,389 ) 10.62 (188,732 ) 12.96 (387,121 ) 11.76 Unvested at March 31, 2022 4,589,123 $ 8.34 832,440 $ 10.61 5,421,563 $ 9.97 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes The income tax expense relates principally to the Company’s foreign operations. The Company is required to compute income tax expense in each jurisdiction in which it operates. This process requires the Company to project its current tax liability and estimate its deferred tax assets and liabilities, including net operating loss (“NOL”) and tax credit carry-forwards. In assessing the ability to realize the net deferred tax assets, management considers whether it is more likely than not that some portion or all of the net deferred tax assets will not be realized. The Company has provided a valuation allowance against its remaining U.S. net deferred tax assets as of March 31, 2022 and December 31, 2021, 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. During the three months ended March 31, 2022, the Company recorded a benefit of $1.0 million in the U.S. for the release of a portion of the Company’s valuation allowance. This release of the valuation allowance is related to the Wicket Acquisition completed in February 2022 and the creation of deferred tax liabilities in purchase accounting that serve as a source of income for the Company’s pre-existing deferred tax assets. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Legal Matters The Company, from time to time, is party to litigation arising in the ordinary course of business. Management does not believe that the outcome of these claims will have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Company based on the status of proceedings at this time. Guarantees and Indemnification Obligations The Company typically enters into indemnification agreements in the ordinary course of business. Pursuant to these agreements, the Company indemnifies and agrees to reimburse the indemnified party for losses and costs incurred by the indemnified party, generally the Company’s customers, in connection with patent, copyright, trade secret, or other intellectual property or personal right infringement claims by third parties with respect to the Company’s technology. The term of these indemnification agreements is generally perpetual after execution of the agreement. Based on when customers first subscribe for the Company’s service, the maximum potential amount of future payments the Company could be required to make under certain of these indemnification agreements is unlimited, however, more recently the Company has typically limited the maximum potential value of such potential future payments in relation to the value of the contract. Based on historical experience and information known as of March 31, 2022, the Company has not incurred any costs for the above guarantees and indemnities. The Company has received requests for indemnification from customers in connection with patent infringement suits brought against the customer by a third party. To date, the Company has not agreed that the requested indemnification is required by the Company’s contract with any such customer. In certain circumstances, the Company warrants that its products and services will perform in all material respects in accordance with its standard published specification documentation in effect at the time of delivery of the licensed products and services to the customer for the warranty period of the product or service. To date, the Company has not incurred significant expense under its warranties and, as a result, the Company believes the estimated fair value of these agreements is immaterial. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 9. Debt On December 28, 2020, the Company entered into an amended and restated loan and security agreement with a lender (the “Loan Agreement”) providing for up to a $30.0 million asset-based line of credit (the “Line of Credit”). Borrowings under the Line of Credit are secured by substantially all of the Company’s assets, excluding its intellectual property. Outstanding amounts under the Line of Credit accrue interest at a rate as follows: (i) for prime rate advances, the greater of (A) the prime rate and (B) 4%, and (ii) for LIBOR advances, the greater of (A) the LIBOR rate plus 225 basis points and (B) 4%. Under the Loan Agreement, the Company must comply with certain financial covenants, including maintaining a minimum asset coverage ratio. If the outstanding principal during any month is at least $15.0 million, the Company must also maintain a minimum net income threshold based on non-GAAP The Company was in compliance with all applicable covenants under the Line of Credit as of March 31, 2022 and there were |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | 10. Segment Information Geographic Data Total revenue from unaffiliated customers by geographic area, based on the location of the customer, was as follows: Three Months Ended March 31, 2022 2021 Revenue: North America $ 29,461 $ 30,386 Europe 9,105 8,923 Japan 7,261 7,708 Asia Pacific 7,436 7,659 Other 116 141 Total revenue $ 53,379 $ 54,817 North America is comprised of revenue from the United States, Canada and Mexico. Revenue from customers located in the United States was $27.7 million and $28.5 million for the three months ended March 31, 2022 and 2021, respectively. Other than the United States and Japan, no other country contributed more than 10% of the Company’s total revenue during the three months ended March 31, 2022 and 2021. As of March 31, 2022 and December 31, 2021, property and equipment at locations outside the U.S. was not material. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Business Combinations | 1 1 Other Business Combinations On February 1, 2022, the Company acquired 100% of the outstanding shares of Wicket Labs, Inc. (“Wicket Labs”) a provider of subscriber and content insights, in exchange for common stock of the Company and cash, (“Wicket Acquisition”). At the closing, the Company issued 212,507 unregistered shares of common stock of the Company valued at approximately The Wicket Acquisition was accounted for using the purchase method of accounting in accordance with Accounting Standards Codification 805 — Business Combinations During the three months ended March 31, 2022 the Company incurred $ million of merger-related costs related to the Wicket Acquisition. The excess of the purchase price over the estimated amounts of net assets as of the effective date of the acquisition was allocated to goodwill in accordance with the accounting guidance. The factors contributing to the recognition of the amount of goodwill are based on several strategic and synergistic benefits that are expected to be realized from the Wicket Acquisition. These benefits include the acquired workforce and opportunities to expand the Company’s offerings in target market segments that use subscriber and content insights to make decisions. The goodwill is expected to be non-deductible The total purchase price for the Wicket Acquisition has been allocated as follows: Cash $ 53 Accounts receivable and other assets 782 Identifiable intangible assets 4,382 Goodwill 13,936 Deferred revenue (1,033 ) Deferred tax liabilities (1,009 ) Other liabilities (96 ) Total estimated purchase price $ 17,015 The following are the identifiable intangible assets acquired and their respective useful lives, as determined based on preliminary valuations: Amount Useful Life Developed technology $ 4,200 6 Customer relationships 182 5 Total $ 4,382 The preliminary fair value of the intangible assets has been estimated using the income approach in which the after-tax The estimated remaining amortization expense for 2022 and for each of the five succeeding years and thereafter is as follows: Year Ending December 31, Amount 2022 $ 614 2023 736 2024 736 2025 736 2026 736 2027 and thereafter 824 Total $ 4,382 Pro forma results of operations for the Wicket Acquisition have not been presented because the effect of the acquisition is not material to the Company’s consolidated financial results. Revenue and earnings attributable to acquired operations since the date of the acquisition are included in the Company’s consolidated statements of operations. The changes in the carrying amount of goodwill for the three months ended March 31, 2022 were as follows: Balance as of January 1, 2022 $ 60,902 Wicket acquisition 13,936 Balance as of March 31, 2022 $ 74,838 |
Business Description and Basi_2
Business Description and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description | Business Description Brightcove Inc. (the “Company”) is a leading global provider of cloud services for video which enable its customers to publish and distribute video to Internet-connected devices quickly, easily and in a cost-effective and high-quality manner. The Company is headquartered in Boston, Massachusetts and was incorporated in the state of Delaware on August 24, 2004. |
Basis of Presentation | Basis of Presentation The accompanying interim condensed consolidated financial statements are unaudited. These condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and related notes, together with Management’s Discussion and Analysis of Financial Condition and Results of Operations, contained in the Company’s Annual Report on Form 10-K The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the unaudited condensed consolidated financial statements and notes have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2021 contained in the Company’s Annual Report on Form 10-K |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The following details the changes in the Company’s reserve allowance for estimated credit losses for accounts receivable for the period: Allowance for Credit Losses (in thousands) Balance as of December 31, 2021 $ 353 Current provision for credit losses 106 Write-offs against allowance (80 ) Recoveries — Balance as of March 31, 2022 $ 379 |
Other Expense (Benefit) | Other Expense (Benefit) Other expense (benefit), reflects other operating costs (or benefits) that do not directly relate to research and development, sales and marketing, general and administrative, and merger related. On March 28, 2022 the CEO of the Company retired. Pursuant to a Transition Agreement that was entered into by the CEO and the Company in October 2021, the Company recorded $1.1 million of expense reflecting both wages and stock compensation in the first quarter of 2022. On March 27, 2020, in response to the COVID-19 million from the CARES Act related to employee retention credits. The Company recognizes such government relief when it is reasonably assured that it qualifies for the relief, the underlying expense has been incurred and it is probable that the Company will receive it. Credits associated with government relief are recognized in profit or loss on a systematic basis over the periods in which the Company recognizes as expense the related costs for which the relief is intended to compensate. |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued and Adopted Accounting Pronouncements In November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-10, , Other Expense (Benefit) In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. Under ASU 2021-08, an acquirer must recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The guidance is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted. Effective January 1, 2022, the Company early adopted ASU 2021-08 on a prospective basis. The impact of adoption of this standard on the Company’s consolidated financial statements was not material. |
Quarterly Update to Significa_2
Quarterly Update to Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Allowance for Doubtful Accounts | Allowance for Credit Losses (in thousands) Balance as of December 31, 2021 $ 353 Current provision for credit losses 106 Write-offs against allowance (80 ) Recoveries — Balance as of March 31, 2022 $ 379 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Receivables, Contract Assets and Contract Liabilities from Contracts with Customers | The following summarizes the opening and closing balances of receivables, contract assets and contract liabilities from contracts with customers. Accounts Contract Assets Deferred Deferred Revenue (non- current) Total Deferred Balance at December 31, 2021 $ 29,866 $ 2,375 $ 62,057 $ 114 $ 62,171 Balance at March 31, 2022 34,037 2,498 64,110 299 64,409 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash and cash equivalents as of March 31, 2022 consist of the following: March 31, 2022 Description Contracted Maturity Cost Fair Market Value Cash Demand $ 26,664 $ 26,664 Money market funds Demand 41 41 Total cash and cash equivalents $ 26,705 $ 26,705 Cash and cash equivalents as of December 31, 2021 consist of the following: December 31, 2021 Description Contracted Maturity 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 |
Net (Loss) Income per Share (Ta
Net (Loss) Income per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Computations of Basic and Diluted Earnings Per Share | The following table set forth the computations of basic and diluted (loss) earnings per share: Three Months Ended March 31, (in thousands) 2022 2021 Net (loss) income $ (1,637 ) $ 5,130 Weighted average shares used in computing basic earnings per share 41,436 40,154 Effect of weighted average dilutive stock-based awards — 2,326 Weighted average shares used in computing diluted earnings per share 41,436 42,480 Net (loss) income per share—basic and diluted Basic $ (0.04 ) $ 0.13 Diluted $ (0.04 ) $ 0.12 |
Outstanding Common Shares Excluded from Computation of Dilutive Earnings (Loss) per Share | The following outstanding common shares have been excluded from the computation of dilutive (loss) earnings per share as of the periods indicated because such securities are anti- dilutive: Three Months Ended March 31, (shares in thousands) 2022 2021 Options outstanding 1,607 34 Restricted stock units outstanding 4,589 68 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Weighted Average Assumptions Utilized | The weighted-average assumptions utilized to determine the weighted-average fair value of options are presented in the following table: Three Months Ended March 31, 2022 2021 Weighted-average fair value of options granted during the period $ — $ 10.55 Risk-free interest rate — 1.00 % Expected volatility — 47 % Expected life (in years) — 6.3 Expected dividend yield — — |
Summary of Stock-based Compensation Expense | Three Months Ended March 31, 2022 2021 Stock-based compensation: (in thou sands) Cost of subscription and support revenue $ 109 $ 157 Cost of professional services and other revenue 119 68 Research and development 722 322 Sales and marketing 943 737 General and administrative 1,337 1,008 Other expense (benefit) 249 — $ 3,479 $ 2,292 |
Summary of Stock Option Activity | Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value (1) Outstanding at December 31, 2021 1,681,477 $ 9.59 Granted — — Exercised (15,900 ) 6.31 $ 33,483 Canceled (58,236 ) 11.78 Outstanding at March 31, 2022 1,607,341 $ 9.54 5.72 $ 461,756 Exercisable at March 31, 2022 1,195,855 $ 9.05 5.14 $ 456,686 (1) The aggregate intrinsic value was calculated based on the positive difference between the fair value of the Company’s common stock on March 31, 2022 of $7.80 per share, or the date of exercise, as appropriate, and the exercise price of the underlying options. |
Restricted Stock Units Activity | The following table summarizes the restricted stock unit activity for our service-based awards (“S-RSU”) (“P-RSU”) S-RSU Weighted Average Grant Date Fair Value P-RSU Weighted Average Grant Date Fair Value Total RSU Weighted Average Grant Date Fair Value Unvested at December 31, 2021 2,915,720 $ 11.66 1,021,172 $ 11.04 3,936,892 $ 11.50 Granted 1,943,905 7.24 — — 1,943,905 7.24 Vested and issued (72,113 ) 10.33 — — (72,113 ) 10.33 Canceled (198,389 ) 10.62 (188,732 ) 12.96 (387,121 ) 11.76 Unvested at March 31, 2022 4,589,123 $ 8.34 832,440 $ 10.61 5,421,563 $ 9.97 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Total Revenue to Unaffiliated Customers by Geographic Area, Based on Location of Customer | Total revenue from unaffiliated customers by geographic area, based on the location of the customer, was as follows: Three Months Ended March 31, 2022 2021 Revenue: North America $ 29,461 $ 30,386 Europe 9,105 8,923 Japan 7,261 7,708 Asia Pacific 7,436 7,659 Other 116 141 Total revenue $ 53,379 $ 54,817 |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Business Acquisition [Line Items] | |
Schedule of Total Purchase Price | The total purchase price for the Wicket Acquisition has been allocated as follows: Cash $ 53 Accounts receivable and other assets 782 Identifiable intangible assets 4,382 Goodwill 13,936 Deferred revenue (1,033 ) Deferred tax liabilities (1,009 ) Other liabilities (96 ) Total estimated purchase price $ 17,015 |
Schedule of Identifiable Intangible Assets Acquired and Their respective Useful Lives | The following are the identifiable intangible assets acquired and their respective useful lives, as determined based on preliminary valuations: Amount Useful Life Developed technology $ 4,200 6 Customer relationships 182 5 Total $ 4,382 |
Schedule of Estimated Remaining Amortization Expense | The estimated remaining amortization expense for 2022 and for each of the five succeeding years and thereafter is as follows: Year Ending December 31, Amount 2022 $ 614 2023 736 2024 736 2025 736 2026 736 2027 and thereafter 824 Total $ 4,382 |
Schedule of Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the three months ended March 31, 2022 were as follows: Balance as of January 1, 2022 $ 60,902 Wicket acquisition 13,936 Balance as of March 31, 2022 $ 74,838 |
Quarterly Update to Significa_3
Quarterly Update to Significant Accounting Policies - Schedule of Allowance for Doubtful Accounts (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Credit Loss [Abstract] | |
Balance as of December 31, 2020 | $ 353 |
Current provision for credit losses | 106 |
Write-offs against allowance | (80) |
Recoveries | |
Balance as of Sept 30, 2021 | $ 379 |
Quarterly Update to Significa_4
Quarterly Update to Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee retention credits benefits recognized | $ (1,149) | $ 1,965 |
Transition Agreement [Member] | Other Operating Income (Expense) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Wages and stock compensation | $ 1,100 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Summary of Receivables, Contract Assets and Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Accounts receivable, net | $ 34,037 | $ 29,866 |
Deferred Revenue (current) | 64,110 | 62,057 |
Accounting Standards Update 2014-09 [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Accounts receivable, net | 34,037 | 29,866 |
Contract Assets (current) | 2,498 | 2,375 |
Deferred Revenue (current) | 64,110 | 62,057 |
Deferred Revenue (non- current) | 299 | 114 |
Total Deferred Revenue | $ 64,409 | $ 62,171 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Revenue recognized | $ 32.8 | $ 31.2 | |
Assets recognized to obtain a contract | 12.3 | $ 12.2 | |
Amortization expense recognized to obtain a contract | 2.5 | $ 3.1 | |
Subscription and Support Revenue [Member] | |||
Unsatisfied performance obligations | 159.2 | ||
Subscription and Support Revenue [Member] | Next Twelve Months [Member] | |||
Unsatisfied performance obligations | $ 128.7 |
Cash and Cash Equivalents - Sch
Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Investment Holdings [Line Items] | ||
Cost | $ 26,705 | $ 45,739 |
Fair Market Value | 26,705 | 45,739 |
Cash [Member] | ||
Investment Holdings [Line Items] | ||
Cost | 26,664 | 45,698 |
Fair Market Value | 26,664 | 45,698 |
Money Market Funds [Member] | ||
Investment Holdings [Line Items] | ||
Cost | 41 | 41 |
Fair Market Value | $ 41 | $ 41 |
Net (Loss) Income per Share - S
Net (Loss) Income per Share - Schedule of Computations of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule Of Earnings Per Share Basic And Diluted [Abstract] | ||
Net (loss) income | $ (1,637) | $ 5,130 |
Weighted average shares used in computing basic earnings per share | 41,436 | 40,154 |
Effect of weighted average dilutive stock-based awards | 0 | 2,326 |
Weighted average shares used in computing diluted earnings per share | 41,436 | 42,480 |
Net (loss) income per share—basic and diluted | ||
Basic | $ (0.04) | $ 0.13 |
Diluted | $ (0.04) | $ 0.12 |
Net (Loss) Income per Share - O
Net (Loss) Income per Share - Outstanding Common Shares Excluded from Computation of Dilutive Earnings (Loss) per Share (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
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 | 1,607 | 34 |
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 | 4,589 | 68 |
Stock based Compensation - Addi
Stock based Compensation - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense | $ 39 |
Weighted average period | 2 years 9 months 18 days |
Stock Based Compensation - Weig
Stock Based Compensation - Weighted Average Assumptions Utilized (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average fair value of options granted during the period | $ 0 | $ 10.55 |
Risk-free interest rate | 0.00% | 1.00% |
Expected volatility | 0.00% | 47.00% |
Expected life (in years) | 6 years 3 months 18 days | |
Expected dividend yield | 0.00% | 0.00% |
Stock Based Compensation - Summ
Stock Based Compensation - Summarizes Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | $ 3,479 | $ 2,292 |
Subscription and Support Revenue [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | 109 | 157 |
Professional Services and Other Revenue [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | 119 | 68 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | 722 | 322 |
Sales and Marketing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | 943 | 737 |
General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | 1,337 | $ 1,008 |
Other expense (benefit) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | $ 249 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Stock Option Activity (Detail) - Options Outstanding [Member] $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, Outstanding at December 31, 2021 | shares | 1,681,477 | |
Shares, Granted | shares | 0 | |
Shares, Exercised | shares | (15,900) | |
Shares, Cancelled | shares | (58,236) | |
Shares, Outstanding at March 31, 2022 | shares | 1,607,341 | |
Shares, Exercisable at March 31, 2022 | shares | 1,195,855 | |
Weighted-Average Exercise Price, Outstanding at December 31, 2021 | $ / shares | $ 9.59 | |
Weighted-Average Exercise Price, Granted | $ / shares | 0 | |
Weighted-Average Exercise Price, Exercised | $ / shares | 6.31 | |
Weighted-Average Exercise Price, Cancelled | $ / shares | 11.78 | |
Weighted-Average Exercise Price, Outstanding at March 31, 2022 | $ / shares | 9.54 | |
Weighted-Average Exercise Price, Exercisable at March 31, 2022 | $ / shares | $ 9.05 | |
Weighted-Average Remaining Contractual Term, Outstanding | 5 years 8 months 19 days | |
Weighted-Average Remaining Contractual Term, Exercisable at March 31, 2022 | 5 years 1 month 20 days | |
Aggregate Intrinsic Value, Exercised | $ | $ 33,483 | [1] |
Aggregate Intrinsic Value, Outstanding at March 31, 2022 | $ | 461,756 | [1] |
Aggregate Intrinsic Value, Exercisable at March 31, 2022 | $ | $ 456,686 | [1] |
[1] | The aggregate intrinsic value was calculated based on the positive difference between the fair value of the Company’s common stock on March 31, 2022 of $7.80 per share, or the date of exercise, as appropriate, and the exercise price of the underlying options. |
Stock Based Compensation - Su_3
Stock Based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail) | Mar. 31, 2022$ / shares |
Options Outstanding [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Aggregate Intrinsic Value, Estimated per share fair value of common stock | $ 7.80 |
Stock Based Compensation - Su_4
Stock Based Compensation - Summary of RSU Activity (Detail) - RSUs [Member] | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Unvested Shares, Beginning Balance | shares | 3,936,892 |
Granted | shares | 1,943,905 |
Vested and issued | shares | (72,113) |
Cancelled | shares | (387,121) |
Unvested Shares, Ending Balance | shares | 5,421,563 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 11.50 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 7.24 |
Weighted Average Grant Date Fair Value, Vested and issued | $ / shares | 10.33 |
Weighted Average Grant Date Fair Value, Cancelled | $ / shares | 11.76 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 9.97 |
Service Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Unvested Shares, Beginning Balance | shares | 2,915,720 |
Granted | shares | 1,943,905 |
Vested and issued | shares | (72,113) |
Cancelled | shares | (198,389) |
Unvested Shares, Ending Balance | shares | 4,589,123 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 11.66 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 7.24 |
Weighted Average Grant Date Fair Value, Vested and issued | $ / shares | 10.33 |
Weighted Average Grant Date Fair Value, Cancelled | $ / shares | 10.62 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 8.34 |
Performance Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Unvested Shares, Beginning Balance | shares | 1,021,172 |
Cancelled | shares | (188,732) |
Unvested Shares, Ending Balance | shares | 832,440 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 11.04 |
Weighted Average Grant Date Fair Value, Cancelled | $ / shares | 12.96 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 10.61 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Income Tax Disclosure [Abstract] | |
Valuation allowance, deferred tax asset increase (decrease), amount | $ 1 |
Debt - Additional Information (
Debt - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Debt Instrument [Line Items] | |
Debt instrument term | If the outstanding principal during any month is at least $15.0 million, the Company must also maintain a minimum net income threshold based on non-GAAP operating measures. |
Line of Credit maturity date | Dec. 28, 2023 |
Secured Line of Credit [Member] | |
Debt Instrument [Line Items] | |
Line of credit, agreement start date | Dec. 28, 2020 |
Line of credit maximum borrowing capacity | $ 30 |
Percentage points added to prime rate or LIBOR | 4.00% |
Borrowings outstanding | $ 0 |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Minimum outstanding principal threshold limit | $ 15 |
Minimum [Member] | Secured Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Percentage points added to prime rate or LIBOR | 225.00% |
Segment Information - Total Rev
Segment Information - Total Revenue to Unaffiliated Customers by Geographic Area, Based on Location of Customer (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | $ 53,379 | $ 54,817 |
North America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 29,461 | 30,386 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 9,105 | 8,923 |
Japan [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 7,261 | 7,708 |
Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 7,436 | 7,659 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | $ 116 | $ 141 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues from customers | $ 53,379 | $ 54,817 |
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 | $ 27,700 | $ 28,500 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 01, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Subsequent Event [Line Items] | |||
Common stock ,Value | $ 1 | $ 0 | |
Business combination acquisition related costs | 594 | $ 0 | |
Wicket Acquisition [Member] | |||
Subsequent Event [Line Items] | |||
Cash | $ 13,200 | ||
Held back for secure payment of claims | $ 1,800 | ||
Percentage Of Outstanding Shares | 100.00% | ||
Wicket Acquisition [Member] | Common Stock [Member] | |||
Subsequent Event [Line Items] | |||
Common stock ,Shares | 212,507 | ||
Common stock ,Value | $ 2,000 | ||
Wicket Labs, Inc [Member] | |||
Subsequent Event [Line Items] | |||
Business combination acquisition related costs | $ 600 |
Business Combinations - Schedul
Business Combinations - Schedule of Total Purchase Price (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | ||
Goodwill | $ 74,838 | $ 60,902 |
Wicket Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 53 | |
Accounts receivable and other assets | 782 | |
Identifiable intangible assets | 4,382 | |
Goodwill | 13,936 | |
Deferred revenue | (1,033) | |
Deferred tax liabilities | (1,009) | |
Other liabilities | (96) | |
Total estimated purchase price | $ 17,015 |
Business Combinations - Sched_2
Business Combinations - Schedule of Identifiable Intangible Assets Acquired and Their respective Useful Lives (Details 1) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Total | $ 4,382 |
Developed Technology Rights [Member] | |
Amount | $ 4,200 |
Useful Life | 6 years |
Customer Relationships [Member] | |
Amount | $ 182 |
Useful Life | 5 years |
Business Combinations - Sched_3
Business Combinations - Schedule of Estimated Remaining Amortization Expense (Details 2) $ in Thousands | Mar. 31, 2022USD ($) |
2022 | $ 614 |
2023 | 736 |
2024 | 736 |
2025 | 736 |
2026 | 736 |
2027 and thereafter | 824 |
Total | $ 4,382 |
Business Combinations - Sched_4
Business Combinations - Schedule of Changes in the Carrying Amount of Goodwill (Detail 3) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Business Combination Segment Allocation [Line Items] | |
Beginning balance | $ 60,902 |
Wicket acquisition | 13,936 |
Ending balance | $ 74,838 |