0000950170-22-013877 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2022	Jul. 29, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Registrant Name	BRIGHTCOVE INC
Entity Central Index Key	0001313275
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Trading Symbol	BCOV
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Address Line One	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		41,897,964

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 27,804	$ 45,739
Accounts receivable, net of allowance of $299 and $353 at June 30, 2022 and December 31, 2021, respectively	32,567	29,866
Prepaid expenses	10,911	7,792
Other current assets	10,351	10,833
Total current assets	81,633	94,230
Property and equipment, net	32,538	20,514
Operating lease right-of-use asset	19,048	24,891
Intangible assets, net	12,088	9,276
Goodwill	74,837	60,902
Other assets	6,465	6,655
Total assets	226,609	216,468
Current liabilities:
Accounts payable	11,956	11,039
Accrued expenses	22,907	20,925
Operating lease liability	2,595	2,600
Deferred revenue	64,567	62,057
Total current liabilities	102,025	96,621
Operating lease liability, net of current portion	20,970	22,801
Other liabilities	877	786
Total liabilities	123,872	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; 42,029,575 and 41,384,643 shares issued at June 30, 2022 and December 31, 2021, respectively	42	41
Additional paid-in capital	308,307	298,793
Treasury stock, at cost; 135,000 shares	(871)	(871)
Accumulated other comprehensive loss	(1,762)	(662)
Accumulated deficit	(202,979)	(201,041)
Total stockholders' equity	102,737	96,260
Total liabilities and stockholders' equity	$ 226,609	$ 216,468

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for accounts receivable	$ 299	$ 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	42,029,575	41,384,643
Treasury stock, shares	135,000	135,000

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue:
Revenue	$ 54,447	$ 51,472	$ 107,826	$ 106,289
Cost of revenue:
Cost of revenue	18,704	17,224	37,684	36,392
Gross profit	35,743	34,248	70,142	69,897
Operating expenses:
Research and development	8,372	7,855	16,609	16,139
Sales and marketing	17,961	18,130	36,249	34,279
General and administrative	8,554	7,418	16,643	14,477
Merger-related	153	255	747	255
Other expense (benefit)	0	0	1,149	(1,965)
Total operating expenses	35,040	33,658	71,397	63,185
Income (loss) from operations	703	590	(1,255)	6,712
Other (expense) income, net	(825)	117	(1,212)	(618)
(Loss) income before income taxes	(122)	707	(2,467)	6,094
Provision (benefit) for income taxes	179	(163)	(529)	94
Net (loss) income	$ (301)	$ 870	$ (1,938)	$ 6,000
Net (loss) income per share-basic and diluted
Basic	$ (0.01)	$ 0.02	$ (0.05)	$ 0.15
Diluted	$ (0.01)	$ 0.02	$ (0.05)	$ 0.14
Weighted-average shares-basic and diluted
Basic	41,723	40,615	41,580	40,386
Diluted	41,723	42,209	41,580	42,391
Subscription and Support Revenue [Member]
Revenue:
Revenue	$ 52,988	$ 48,602	$ 104,589	$ 99,441
Cost of revenue:
Cost of revenue	16,943	14,756	33,925	30,434
Professional Services and Other Revenue [Member]
Revenue:
Revenue	1,459	2,870	3,237	6,848
Cost of revenue:
Cost of revenue	$ 1,761	$ 2,468	$ 3,759	$ 5,958

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (301)	$ 870	$ (1,938)	$ 6,000
Other comprehensive income:
Foreign currency translation adjustments	(857)	35	(1,100)	(174)
Comprehensive (loss) income	$ (1,158)	$ 905	$ (3,038)	$ 5,826

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

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		$ 41	$ 287,059	$ (871)	$ (188)	$ (206,438)
Beginning Balance, shares at Dec. 31, 2020		40,152,021
Treasury shares, beginning Balance at Dec. 31, 2020				(135,000)
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units		$ 0	631
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, shares		794,551
Common stock issued upon acquisition		$ 0	0
Stock-based compensation expense			5,085
Withholding tax on restricted stock			0
Foreign currency translation adjustment	$ (174)				(174)
Net (loss) income						6,000
Ending Balance at Jun. 30, 2021	91,145	$ 41	292,775	$ (871)	(362)	(200,438)
Ending Balance, shares at Jun. 30, 2021		40,946,572
Treasury stock, Ending Balance at Jun. 30, 2021				(135,000)
Beginning Balance at Mar. 31, 2021		$ 40	290,403	$ (871)	(397)	(201,308)
Beginning Balance, shares at Mar. 31, 2021		40,412,577
Treasury shares, beginning Balance at Mar. 31, 2021				(135,000)
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units		$ 0	(378)
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, shares		533,995
Common stock issued upon acquisition		$ 1	0
Stock-based compensation expense			2,750
Withholding tax on restricted stock			0
Foreign currency translation adjustment	35				35
Net (loss) income						870
Ending Balance at Jun. 30, 2021	91,145	$ 41	292,775	$ (871)	(362)	(200,438)
Ending Balance, shares at Jun. 30, 2021		40,946,572
Treasury stock, Ending Balance at Jun. 30, 2021				(135,000)
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 and pursuant to restricted stock units		$ 0	99
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, shares		644,932
Common stock issued upon acquisition		$ 1	1,987
Stock-based compensation expense			7,435
Withholding tax on restricted stock			(7)
Foreign currency translation adjustment	$ (1,100)				(1,100)
Net (loss) income						(1,938)
Ending Balance at Jun. 30, 2022	$ 102,737	$ 42	308,307	$ (871)	(1,762)	(202,979)
Ending Balance, shares at Jun. 30, 2022		42,029,575
Treasury stock, Ending Balance at Jun. 30, 2022	(135,000)			(135,000)
Beginning Balance at Mar. 31, 2022		$ 42	304,506	$ (871)	(905)	(202,678)
Beginning Balance, shares at Mar. 31, 2022		41,685,163
Treasury shares, beginning Balance at Mar. 31, 2022				(135,000)
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units		$ 0	(1)
Issuance of common stock upon exercise of stock options and pursuant to restricted stock units, shares		344,412
Common stock issued upon acquisition			0
Stock-based compensation expense			3,809
Withholding tax on restricted stock			(7)
Foreign currency translation adjustment	$ (857)				(857)
Net (loss) income						(301)
Ending Balance at Jun. 30, 2022	$ 102,737	$ 42	$ 308,307	$ (871)	$ (1,762)	$ (202,979)
Ending Balance, shares at Jun. 30, 2022		42,029,575
Treasury stock, Ending Balance at Jun. 30, 2022	(135,000)			(135,000)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities
Net (loss) income	$ (1,938)	$ 6,000
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	4,227	4,278
Stock-based compensation	7,123	4,901
Provision for reserves on accounts receivable	70	276
Changes in assets and liabilities:
Accounts receivable	(2,394)	(2,634)
Prepaid expenses and other current assets	(2,612)	(1,337)
Other assets	161	(1,000)
Accounts payable	(834)	105
Accrued expenses	(1,183)	(6,053)
Operating leases	4,007	(960)
Deferred revenue	2,630	3,801
Net cash provided by operating activities	9,257	7,377
Investing activities
Cash paid for acquisition, net of cash acquired	(13,215)	0
Purchases of property and equipment	(5,791)	(808)
Capitalized internal-use software costs	(6,479)	(2,977)
Net cash used in investing activities	(25,485)	(3,785)
Financing activities
Proceeds from exercise of stock options	100	1,980
Deferred acquisition payments	0	(475)
Other financing activities	(7)	(1,348)
Net cash provided by financing activities	93	157
Effect of exchange rate changes on cash and cash equivalents	(1,800)	(834)
Net (decrease) increase in cash and cash equivalents	(17,935)	2,915
Cash and cash equivalents at beginning of period	45,739	37,472
Cash and cash equivalents at end of period	27,804	40,387
Supplemental disclosure of cash flow information
Cash paid for operating lease liabilities	1,270	3,165
Cash received for lease inducement	2,772	0
Cash paid for income taxes	$ 275	$ 471

Business Description and Basis of Presentation	6 Months Ended
Business Description and Basis of Presentation	Jun. 30, 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 unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. 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 and include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position for the three and six months ended June 30, 2022 and 2021. These interim periods are not necessarily indicative of the results to be expected for any other interim period or the full year.

Quarterly Update to Significant Accounting Policies

6 Months Ended

Jun. 30, 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		70
Write-offs against allowance		(124	)
Balance as of June 30, 2022	$	299

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 Chief Executive Officer (“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 pandemic, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act which was amended by the Consolidated Appropriations Act in December of 2020 (the "CARES Act"). The CARES Act provides numerous tax provisions and other stimulus measures, including the creation of certain refundable employee

retention credits. In the first quarter of 2021, the Company recognized a benefit of $2.0 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, Government Assistance (Topic 832): Disclosure by Business Entities about Government Assistance, which improves the transparency of government assistance received by requiring the disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on an entity's financial statements. Effective January 1, 2022, the
Company adopted ASU 2021-10 on a prospective basis. Please see Other Expense (Benefit) section of these Notes to Condensed Consolidated Financial Statements for government assistance received by the Company in 2021.

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 Customers

6 Months Ended

Jun. 30, 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 services.

The following summarizes the opening and closing balances of receivables, contract assets and contract liabilities from contracts with customers.


(in thousands)	Accounts Receivable, net		Contract Assets (current)		Deferred Revenue (current)		Deferred Revenue (non-current)		Total Deferred Revenue
Balance at December 31, 2021	$	29,866	$	2,375	$	62,057	$	114	$	62,171
Balance at June 30, 2022		32,567		2,006		64,567		285		64,852

Revenue recognized for the three and six months ended June 30, 2022 from amounts included in deferred revenue at the beginning of the period was approximately $15.3 million and $48.1 million respectively. During the three and six months ended June 30, 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 $11.9 million as of June 30, 2022 and $12.2 million as of December 31, 2021. Amortization expense recognized for the three and six months ended June 30, 2022 related to costs to obtain a contract was $2.6 million and $5.1 million, respectively. Amortization expense recognized for the three and six months ended June 30, 2021 related to costs to obtain a contract was $3.2 million and $6.3 million, respectively

Transaction Price Allocated to Future Performance Obligations

As of June 30, 2022, the total aggregate transaction price allocated to the unsatisfied performance obligations for subscription and support contracts was approximately $151.9 million, of which approximately $121.6 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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 13
-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Cash and Cash Equivalents

6 Months Ended

Jun. 30, 2022

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

4. Cash and Cash Equivalents

Cash and cash equivalents as of June 30, 2022 consist of the following:


	June 30, 2022
Description	Contracted Maturity	Cost		Fair Market Value
	(in thousands)
Cash	Demand	$	27,763	$	27,763
Money market funds	Demand		41		41
Total cash and cash equivalents		$	27,804	$	27,804

Cash and cash equivalents as of December 31, 2021 consist of the following:


	December 31, 2021
Description	Contracted Maturity	Cost		Fair Market Value
	(in thousands)
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

6 Months Ended

Jun. 30, 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 June 30,					Six Months Ended June 30,
(in thousands)	2022			2021		2022			2021
Net (loss) income	$	(301	)	$	870	$	(1,938	)	$	6,000

Weighted average shares used in computing basic earnings per share		41,723			40,615		41,580			40,386

Effect of weighted average dilutive stock-based awards		-			1,594		-			2,005

Weighted average shares used in computing diluted earnings per share		41,723			42,209		41,580			42,391

Net (loss) income per share—basic and diluted
Basic	$	(0.01	)	$	0.02	$	(0.05	)	$	0.15
Diluted	$	(0.01	)	$	0.02	$	(0.05	)	$	0.14

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 June 30,				Six Months Ended June 30,
(shares in thousands)	2022		2021		2022		2021
Options outstanding		1,548		145		1,548		122
Restricted stock units outstanding		5,892		68		5,892		68

Stock-based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

6. Stock-based Compensation

On March 28, 2022, Marc DeBevoise began as the Company’s CEO. Effective February 8, 2022, the Company adopted the 2022 Inducement Plan (“2022 Plan”). The 2022 Plan provides for the grant of “employment inducement awards” within the meaning of NASDAQ Listing Rule 5635(c)(4). In connection with the commencement of his employment, the Company granted 800,000 restricted stock units to the CEO under the 2022 Plan, of which 300,000 are subject solely to service-based vesting conditions (the “RSUs”) and 500,000 are subject to both market-based and service-based vesting conditions (the

“PSUs”). The RSUs vest in equal annual installments over three years following March 28, 2022. The market-based vesting conditions applicable to the PSUs are achieved only if the volume weighted average price of the Company’s common stock during any 20 consecutive trading day period in the four year performance period following the CEO’s start date, March 28, 2022, equals or exceeds stock price hurdles ranging from $12.50 to $30.00, increasing in seven increments of $2.50. The percentage of the award that is earned upon achievement of each stock price hurdle is 10% of the PSUs for each of the first two achievement tiers, 12.5% for each of the next four achievement tiers and 15% for each of the final two achievement tiers. The PSUs vest 50% upon achievement of a stock price hurdle and 50% upon the earlier of the one-year anniversary of such achievement date or March 28, 2025, subject to the CEO’s continued employment through the applicable vesting date.

For restricted stock units with market-based performance conditions, the cost of the awards is recognized as the requisite service is rendered by the employee, regardless of when, if ever, the market-based performance conditions are satisfied. The Monte-Carlo simulation model is used to estimate fair value of market-based performance restricted stock units. The Monte-Carlo simulation model calculates multiple potential outcomes for an award and establishes a fair value based on the most likely outcome. Key assumptions for the Monte-Carlo simulation model include the risk-free rate, expected volatility, expected dividends and the correlation coefficient.

The weighted-average assumptions utilized to determine the weighted-average fair value of options are presented in the following table:


	Six Months Ended June 30,
	2022		2021

Weighted-average fair value of options granted during the period	$	—	$	7.72
Risk-free interest rate		—		1.16	%
Expected volatility		—		48	%
Expected life (in years)		—		6.2
Expected dividend yield		—		—

As of June 30, 2022, there was $39 million of unrecognized stock-based compensation expense related to stock-based awards that is expected to be recognized over a weighted-average period of 2.74 years. The following table summarizes stock-based compensation expense as included in the consolidated statement of operations for the three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in thousands)
Stock-based compensation:
Cost of subscription and support revenue	$	144	$	187	$	253	$	344
Cost of professional services and other revenue		139		118		258		186
Research and development		935		531		1,657		853
Sales and marketing		899		762		1,842		1,499
General and administrative		1,527		1,011		2,864		2,019
Other expense (benefit)		-		—		249		0
	$	3,644	$	2,609	$	7,123	$	4,901

The following is a summary of the stock option activity during the six months ended June 30, 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		(117,286	)		12.11
Outstanding at June 30, 2022		1,548,291		$	9.42		5.28	$	82,101
Exercisable at June 30, 2022		1,350,807		$	9.08		4.90	$	81,296

(1)

The aggregate intrinsic value was calculated based on the positive difference between the fair value of the Company’s common stock on June 30, 2022 of $6.32 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”) and our performance-based awards (“P-RSU”) during the six months ended June 30, 2022:


	S-RSU Shares			Weighted Average Grant Date Fair Value		P-RSU Shares			Weighted Average Grant Date Fair Value		Total RSU Shares			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		2,755,385			7.31		500,000			8.11		3,255,385			7.43
Vested and issued		(416,525	)		12.18		—			—		(416,525	)		12.18
Canceled		(599,184	)		10.37		(284,298	)		12.80		(883,482	)		11.15
Unvested at June 30, 2022		4,655,396		$	9.21		1,236,874		$	9.46		5,892,270		$	9.26

Income Taxes

6 Months Ended

Jun. 30, 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 June 30, 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 acquisition of Wicket Labs Inc. 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 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 June 30, 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

6 Months Ended

Jun. 30, 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 operating measures. Failure to comply with these covenants, or the occurrence of an event of default, could permit the lenders under the Line of Credit to declare all amounts borrowed under the Line of Credit, together with accrued interest and fees, to be immediately due and payable. The Line of Credit agreement will expire on December 28, 2023. The Company was in compliance with all applicable covenants under the Line of Credit as of June 30, 2022 and there were no borrowings outstanding as of June 30, 2022.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2208564

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+ Details

Segment Information

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenue:
North America	$	30,019	$	29,398	$	59,480	$	59,784
Europe		10,128		9,547		19,233		18,470
Japan		5,077		5,370		12,338		13,078
Asia Pacific		9,060		7,016		16,496		14,675
Other		163		141		279		282
Total revenue	$	54,447	$	51,472	$	107,826	$	106,289

North America is comprised of revenue from the United States, Canada and Mexico. Revenue from customers located in the United States was $28.2 million and $27.5 million for the three months ended June 30, 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 and six months ended June 30, 2022 and 2021.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Business Combinations

6 Months Ended

Jun. 30, 2022

Business Combinations [Abstract]

Business Combinations

11. Business Combinations

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 $2.0 million and approximately $13.2 million in cash. Pursuant to the merger 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. During the three months ended June 30, 2022, the Company paid $0.1 million of cash consideration held back to the sellers for the satisfaction of certain representations and warranties.

The Wicket Acquisition was accounted for using the purchase method of accounting in accordance with Accounting Standards Codification 805 — Business Combinations. Accordingly, the results of operations of the acquired company have been included in the accompanying condensed consolidated financial statements since the date of acquisition. The purchase price has been allocated to the tangible and intangible assets acquired and liabilities assumed based upon the respective estimates of fair value as of the date of the Wicket Acquisition, and using assumptions that the Company’s management believes are reasonable given the information currently available. The Company is in the process of completing its valuation of its intangible assets, accounts receivable, deferred revenue and the valuation of the acquired deferred tax assets and liabilities. The final allocations of the purchase price to intangible assets, accounts

receivable, deferred revenue, goodwill and any deferred tax assets and liabilities may differ materially from the information presented in these unaudited condensed consolidated financial statements.

During the three and six months ended June 30, 2022, the Company incurred $0.2 million and $0.7 million, respectively, 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 for tax purposes.

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		13,935
Deferred revenue		(1,033	)
Deferred tax liabilities		(1,009	)
Other liabilities		(95	)
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 (in years)
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 cash flows are discounted to present value. The cash flows are based on estimates used to price the transaction, and the discount rates applied were benchmarked with reference to the implied rate of return from the transaction model as well as the weighted average cost of capital.

The estimated 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 six months ended June 30, 2022 were as follows:


Balance as of January 1, 2022	$	60,902
Wicket acquisition		13,935
Balance as of June 30, 2022	$	74,837

Business Description and Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

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 and include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position for the three and six months ended June 30, 2022 and 2021. These interim periods are not necessarily indicative of the results to be expected for any other interim period or the full year.

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		70
Write-offs against allowance		(124	)
Balance as of June 30, 2022	$	299

Estimated credit losses for unbilled trade accounts receivable were not material.

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.

Recently Issued and Adopted Accounting Pronouncements

Quarterly Update to Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Schedule of Allowance for Doubtful Accounts

The following details the changes in the Company’s reserve allowance for estimated credit losses for accounts receivable for the period:


	Allowance for Credit Losses
	(in thousands)
Balance as of December 31, 2021	$	353
Current provision for credit losses		70
Write-offs against allowance		(124	)
Balance as of June 30, 2022	$	299

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 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.


(in thousands)	Accounts Receivable, net		Contract Assets (current)		Deferred Revenue (current)		Deferred Revenue (non-current)		Total Deferred Revenue
Balance at December 31, 2021	$	29,866	$	2,375	$	62,057	$	114	$	62,171
Balance at June 30, 2022		32,567		2,006		64,567		285		64,852

Cash and Cash Equivalents (Tables)

6 Months Ended

Jun. 30, 2022

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

Cash and cash equivalents as of June 30, 2022 consist of the following:


	June 30, 2022
Description	Contracted Maturity	Cost		Fair Market Value
	(in thousands)
Cash	Demand	$	27,763	$	27,763
Money market funds	Demand		41		41
Total cash and cash equivalents		$	27,804	$	27,804

Cash and cash equivalents as of December 31, 2021 consist of the following:


	December 31, 2021
Description	Contracted Maturity	Cost		Fair Market Value
	(in thousands)
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 (Tables)

6 Months Ended

Jun. 30, 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 June 30,					Six Months Ended June 30,
(in thousands)	2022			2021		2022			2021
Net (loss) income	$	(301	)	$	870	$	(1,938	)	$	6,000

Weighted average shares used in computing basic earnings per share		41,723			40,615		41,580			40,386

Effect of weighted average dilutive stock-based awards		-			1,594		-			2,005

Weighted average shares used in computing diluted earnings per share		41,723			42,209		41,580			42,391

Net (loss) income per share—basic and diluted
Basic	$	(0.01	)	$	0.02	$	(0.05	)	$	0.15
Diluted	$	(0.01	)	$	0.02	$	(0.05	)	$	0.14

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 June 30,				Six Months Ended June 30,
(shares in thousands)	2022		2021		2022		2021
Options outstanding		1,548		145		1,548		122
Restricted stock units outstanding		5,892		68		5,892		68

Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [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:


	Six Months Ended June 30,
	2022		2021

Weighted-average fair value of options granted during the period	$	—	$	7.72
Risk-free interest rate		—		1.16	%
Expected volatility		—		48	%
Expected life (in years)		—		6.2
Expected dividend yield		—		—

Summary of Stock-based Compensation Expense

The following table summarizes stock-based compensation expense as included in the consolidated statement of operations for the three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in thousands)
Stock-based compensation:
Cost of subscription and support revenue	$	144	$	187	$	253	$	344
Cost of professional services and other revenue		139		118		258		186
Research and development		935		531		1,657		853
Sales and marketing		899		762		1,842		1,499
General and administrative		1,527		1,011		2,864		2,019
Other expense (benefit)		-		—		249		0
	$	3,644	$	2,609	$	7,123	$	4,901

Summary of Stock Option Activity

The following is a summary of the stock option activity during the six months ended June 30, 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		(117,286	)		12.11
Outstanding at June 30, 2022		1,548,291		$	9.42		5.28	$	82,101
Exercisable at June 30, 2022		1,350,807		$	9.08		4.90	$	81,296

(1)

Restricted Stock Units Activity

The following table summarizes the restricted stock unit activity for our service-based awards (“S-RSU”) and our performance-based awards (“P-RSU”) during the six months ended June 30, 2022:


	S-RSU Shares			Weighted Average Grant Date Fair Value		P-RSU Shares			Weighted Average Grant Date Fair Value		Total RSU Shares			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		2,755,385			7.31		500,000			8.11		3,255,385			7.43
Vested and issued		(416,525	)		12.18		—			—		(416,525	)		12.18
Canceled		(599,184	)		10.37		(284,298	)		12.80		(883,482	)		11.15
Unvested at June 30, 2022		4,655,396		$	9.21		1,236,874		$	9.46		5,892,270		$	9.26

Segment Information (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenue:
North America	$	30,019	$	29,398	$	59,480	$	59,784
Europe		10,128		9,547		19,233		18,470
Japan		5,077		5,370		12,338		13,078
Asia Pacific		9,060		7,016		16,496		14,675
Other		163		141		279		282
Total revenue	$	54,447	$	51,472	$	107,826	$	106,289

Business Combinations (Tables)

6 Months Ended

Jun. 30, 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		13,935
Deferred revenue		(1,033	)
Deferred tax liabilities		(1,009	)
Other liabilities		(95	)
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 (in years)
Developed technology	$	4,200		6
Customer relationships		182		5
Total	$	4,382

The

Schedule of Estimated Remaining Amortization Expense

The estimated 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 six months ended June 30, 2022 were as follows:


Balance as of January 1, 2022	$	60,902
Wicket acquisition		13,935
Balance as of June 30, 2022	$	74,837

Quarterly Update to Significant Accounting Policies - Schedule of Allowance for Doubtful Accounts (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Credit Loss [Abstract]
Balance as of December 31, 2021	$ 353
Current provision for credit losses	70
Write-offs against allowance	(124)
Balance as of June 30, 2022	$ 299

Quarterly Update to Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee retention credits benefits recognized	$ 0		$ 0	$ 2,000	$ (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 Customers - Summary of Receivables, Contract Assets and Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Accounts Receivable, net	$ 32,567	$ 29,866
Deferred Revenue (current)	64,567	62,057
Accounting Standards Update 2014-09 [Member]
Disaggregation of Revenue [Line Items]
Accounts Receivable, net	32,567	29,866
Contract Assets (current)	2,006	2,375
Deferred Revenue (current)	64,567	62,057
Deferred Revenue (non- current)	285	114
Total Deferred Revenue	$ 64,852	$ 62,171

Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Revenue recognized	$ 15.3		$ 48.1
Assets recognized to obtain a contract	11.9		11.9		$ 12.2
Amortization expense recognized to obtain a contract	2.6	$ 3.2	5.1	$ 6.3
Subscription and Support Revenue [Member]
Unsatisfied performance obligations	151.9		151.9
Subscription and Support Revenue [Member] \| Next Twelve Months [Member]
Unsatisfied performance obligations	$ 121.6		$ 121.6

Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Investment Holdings [Line Items]
Cost	$ 27,804	$ 45,739
Fair Market Value	27,804	45,739
Cash [Member]
Investment Holdings [Line Items]
Cost	27,763	45,698
Fair Market Value	27,763	45,698
Money Market Funds [Member]
Investment Holdings [Line Items]
Cost	41	41
Fair Market Value	$ 41	$ 41

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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Schedule Of Earnings Per Share Basic And Diluted [Abstract]
Net (loss) income	$ (301)	$ 870	$ (1,938)	$ 6,000
Weighted average shares used in computing basic earnings per share	41,723	40,615	41,580	40,386
Effect of weighted average dilutive stock-based awards	0	1,594	0	2,005
Weighted average shares used in computing diluted earnings per share	41,723	42,209	41,580	42,391
Net (loss) income per share-basic and diluted
Basic	$ (0.01)	$ 0.02	$ (0.05)	$ 0.15
Diluted	$ (0.01)	$ 0.02	$ (0.05)	$ 0.14

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 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	1,548	145	1,548	122
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	5,892	68	5,892	68

Stock based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended
	Mar. 28, 2022	Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense		$ 39
Weighted average period		2 years 8 months 26 days
RSUs [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards, granted		3,255,385
RSUs [Member] \| 2022 Inducement Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years
RSUs [Member] \| 2022 Inducement Plan [Member] \| Chief Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards, granted	800,000
RSUs [Member] \| Service Based Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards, granted		2,755,385
RSUs [Member] \| Service Based Restricted Stock Units [Member] \| 2022 Inducement Plan [Member] \| Chief Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards, granted	300,000
RSUs [Member] \| Market-Based and Service-Based Performance Stock Units [Member] \| 2022 Inducement Plan [Member] \| Chief Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards, granted	500,000
PSUs [Member] \| 2022 Inducement Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of award earned upon each of first two achievement tiers	10.00%
Percentage of award earned upon each of next four achievement tiers	12.50%
Percentage of award earned upon each of final two achievement tiers	15.00%
PSUs [Member] \| 2022 Inducement Plan [Member] \| Chief Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	4 years
Number of consecutive trading day	20 days
Increments of share price	$ 2.50
Percentage of award vest upon achievement of stock price	50.00%
Percentage of award vest upon earlier of one year anniversary of achievement	50.00%
PSUs [Member] \| 2022 Inducement Plan [Member] \| Chief Executive Officer [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share Price	$ 12.50
PSUs [Member] \| 2022 Inducement Plan [Member] \| Chief Executive Officer [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share Price	$ 30.00

Stock Based Compensation - Weighted Average Assumptions Utilized (Detail) - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value of options granted during the period	$ 0	$ 7.72
Risk-free interest rate	0.00%	1.16%
Expected volatility	0.00%	48.00%
Expected life (in years)		6 years 2 months 12 days
Expected dividend yield	0.00%	0.00%

Stock Based Compensation - Summarizes Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	$ 3,644	$ 2,609	$ 7,123	$ 4,901
Subscription and Support Revenue [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	144	187	253	344
Professional Services and Other Revenue [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	139	118	258	186
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	935	531	1,657	853
Sales and Marketing [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	899	762	1,842	1,499
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	$ 1,527	$ 1,011	2,864	2,019
Other expense (benefit) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation			$ 249	$ 0

Stock Based Compensation - Summary of Stock Option Activity (Detail) - Options Outstanding [Member]
$ / shares in Units, $ in Thousands

6 Months Ended

Jun. 30, 2022

USD ($)

$ / shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares, Outstanding at December 31, 2021 | shares

1,681,477

Shares, Granted | shares

Shares, Exercised | shares

(15,900)

Shares, Cancelled | shares

(117,286)

Shares, Outstanding at June 30, 2022 | shares

1,548,291

Shares, Exercisable at June 30, 2022 | shares

1,350,807

Weighted-Average Exercise Price, Outstanding at December 31, 2021 | $ / shares

$ 9.59

Weighted-Average Exercise Price, Granted | $ / shares

Weighted-Average Exercise Price, Exercised | $ / shares

6.31

Weighted-Average Exercise Price, Cancelled | $ / shares

12.11

Weighted-Average Exercise Price, Outstanding at June 30, 2022 | $ / shares

9.42

Weighted-Average Exercise Price, Exercisable at June 30, 2022 | $ / shares

$ 9.08

Weighted-Average Remaining Contractual Term, Outstanding

5 years 3 months 10 days

Weighted-Average Remaining Contractual Term, Exercisable at June 30, 2022

4 years 10 months 24 days

Aggregate Intrinsic Value, Exercised | $

$ 33,483

^[1]

Aggregate Intrinsic Value, Outstanding at June 30, 2022 | $

82,101

^[1]

Aggregate Intrinsic Value, Exercisable at June 30, 2022 | $

$ 81,296

^[1]

[1]	The aggregate intrinsic value was calculated based on the positive difference between the fair value of the Company’s common stock on June 30, 2022 of $6.32 per share, or the date of exercise, as appropriate, and the exercise price of the underlying options.

Stock Based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail)	Jun. 30, 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	$ 6.32

Stock Based Compensation - Summary of RSU Activity (Detail) - RSUs [Member]	6 Months Ended
	Jun. 30, 2022 $ / shares shares
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	3,255,385
Vested and issued \| shares	(416,525)
Cancelled \| shares	(883,482)
Unvested Shares, Ending Balance \| shares	5,892,270
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 11.50
Weighted Average Grant Date Fair Value, Granted \| $ / shares	7.43
Weighted Average Grant Date Fair Value, Vested and issued \| $ / shares	12.18
Weighted Average Grant Date Fair Value, Cancelled \| $ / shares	11.15
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 9.26
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	2,755,385
Vested and issued \| shares	(416,525)
Cancelled \| shares	(599,184)
Unvested Shares, Ending Balance \| shares	4,655,396
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 11.66
Weighted Average Grant Date Fair Value, Granted \| $ / shares	7.31
Weighted Average Grant Date Fair Value, Vested and issued \| $ / shares	12.18
Weighted Average Grant Date Fair Value, Cancelled \| $ / shares	10.37
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 9.21
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
Granted \| shares	500,000
Cancelled \| shares	(284,298)
Unvested Shares, Ending Balance \| shares	1,236,874
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 11.04
Weighted Average Grant Date Fair Value, Granted \| $ / shares	8.11
Weighted Average Grant Date Fair Value, Cancelled \| $ / shares	12.80
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 9.46

Income Taxes - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Income Tax Disclosure [Abstract]
Valuation allowance, deferred tax asset increase (decrease), amount	$ 1.0

Debt - Additional Information (Detail)	6 Months Ended
Debt - Additional Information (Detail)	Jun. 30, 2022 USD ($)
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	$ 30,000,000.0
Percentage points added to prime rate or LIBOR	4.00%
Borrowings outstanding	$ 0
Minimum [Member]
Debt Instrument [Line Items]
Minimum outstanding principal threshold limit	$ 15,000,000.0
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 Revenue to Unaffiliated Customers by Geographic Area, Based on Location of Customer (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 54,447	$ 51,472	$ 107,826	$ 106,289
North America [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	30,019	29,398	59,480	59,784
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	10,128	9,547	19,233	18,470
Japan [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	5,077	5,370	12,338	13,078
Asia Pacific [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	9,060	7,016	16,496	14,675
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 163	$ 141	$ 279	$ 282

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

Segment Information - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues from customers	$ 54,447	$ 51,472	$ 107,826	$ 106,289
Revenue percentage from other country to the company's total revenue	10.00%	10.00%	10.00%	10.00%
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues from customers	$ 28,200	$ 27,500

- Definition

+ References

+ Details

Business Combinations - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Feb. 01, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Subsequent Event [Line Items]
Business combination acquisition related costs		$ 153	$ 255	$ 747	$ 255
Common Stock [Member]
Subsequent Event [Line Items]
Common stock ,Value			$ 1	1	$ 0
Wicket Acquisition [Member]
Subsequent Event [Line Items]
Cash	$ 13,200
Held back for secure payment of claims	$ 1,800
cash consideration paid		100
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		$ 200		$ 700

Business Combinations - Schedule of Total Purchase Price (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 74,837	$ 60,902
Wicket Acquisition [Member]
Business Acquisition [Line Items]
Cash	53
Accounts receivable and other assets	782
Identifiable intangible assets	4,382
Goodwill	13,935
Deferred revenue	(1,033)
Deferred tax liabilities	(1,009)
Other liabilities	(95)
Total estimated purchase price	$ 17,015

Business Combinations - Schedule of Identifiable Intangible Assets Acquired and Their respective Useful Lives (Details 1) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
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 - Schedule of Estimated Remaining Amortization Expense (Details 2) $ in Thousands	Jun. 30, 2022 USD ($)
2022	$ 614
2023	736
2024	736
2025	736
2026	736
2027 and thereafter	824
Total	$ 4,382

Business Combinations - Schedule of Changes in the Carrying Amount of Goodwill (Detail 3) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Business Combination Segment Allocation [Line Items]
Beginning balance	$ 60,902
Wicket acquisition	13,935
Ending balance	$ 74,837

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details