0000950170-23-057469 | 10-Q | XBRL Viewer

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Business Description and Basis of Presentation	9 Months Ended
Business Description and Basis of Presentation	Sep. 30, 2023
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, 2022. 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, 2022 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 and results of operations for the three and nine months ended September 30, 2023 and 2022. These interim periods are not necessarily indicative of the results to be expected for any other interim period or the full year.

Stock Based Compensation - Summary of Stock Option Activity (Detail) - Employee Stock Option - USD ($)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

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

Shares, Outstanding Beginning Balance

1,419,767

Shares, Granted

1,563,688

Shares, Exercised

Shares, Cancelled

(279,980)

Shares, Outstanding Ending Balance

2,703,475

1,419,767

Shares, Exercisable

1,260,904

Weighted-Average Exercise Price, Outstanding Beginning Balance

$ 9.39

Weighted-Average Exercise Price, Granted

Weighted-Average Exercise Price, Exercised

Weighted-Average Exercise Price, Cancelled

8.59

Weighted-Average Exercise Price, Outstanding Ending Balance

8.1

$ 9.39

Weighted-Average Exercise Price, Exercisable

$ 9.13

Weighted-Average Remaining Contractual Term, Outstanding

6 years 2 months 4 days

3 years 6 months 18 days

Weighted-Average Remaining Contractual Term, Exercisable

2 years 5 months 23 days

Aggregate Intrinsic Value, Outstanding

^[1]

$ 4,000

Aggregate Intrinsic Value, Exercised

^[1]

Aggregate Intrinsic Value, Outstanding

^[1]

$ 4,000

Aggregate Intrinsic Value, Exercisable

^[1]

$ 0

[1]	The aggregate intrinsic value was calculated based on the positive difference between the fair value of the Company’s common stock on September 30, 2023 of $3.29 per share, or the date of exercise, as appropriate, and the exercise price of the underlying options.

Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2023

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, 2022	$	26,004	$	1,786	$	61,597	$	360	$	61,957
Balance at September 30, 2023		30,262		2,164		67,248		115		67,363

Revenue recognized for the three and nine months ended September 30, 2023 from amounts included in deferred revenue at the beginning of the period was approximately $10.2 million and $57.8 million, respectively. Revenue recognized for the three and nine months ended September 30, 2022 from amounts included in deferred revenue at the beginning of the period was approximately $9.1 million and $57.2 million, respectively. During the three and nine months ended September 30, 2023, 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 $13.2 million as of September 30, 2023 and $12.4 million as of December 31, 2022 and are recorded in other current assets and other assets. Amortization expense recognized for the three and nine months ended September 30, 2023 related to costs to obtain a contract was $2.8 million and $7.8 million, respectively, and is included in operating expenses for the respective period. Amortization expense recognized for the three and nine months ended September 30, 2022 related to costs to obtain a contract was $2.7 million and $7.7 million, respectively, and is included in operating expenses for the respective period.

Transaction Price Allocated to Future Performance Obligations

As of September 30, 2023, the total aggregate transaction price allocated to the unsatisfied performance obligations for subscription and support contracts was approximately $174.2 million, of which approximately $121.0 million is expected to be recognized over the next 12 months. The Company expects to recognize substantially all of the remaining unsatisfied performance obligations by September 2027.

- 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
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock Based Compensation - Summary of RSU Activity (Detail) - RSUs [Member]	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Unvested Shares, Beginning Balance \| shares	5,211,207
Granted \| shares	2,849,003
Vested and issued \| shares	(1,156,851)
Cancelled \| shares	(1,228,842)
Unvested Shares, Ending Balance \| shares	5,674,517
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 8.27
Weighted Average Grant Date Fair Value, Granted \| $ / shares	4.68
Weighted Average Grant Date Fair Value, Vested and issued \| $ / shares	8.4
Weighted Average Grant Date Fair Value, Cancelled \| $ / shares	7.91
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 6.52
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	4,538,349
Granted \| shares	2,849,003
Vested and issued \| shares	(1,156,851)
Cancelled \| shares	(1,073,154)
Unvested Shares, Ending Balance \| shares	5,157,347
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 8.19
Weighted Average Grant Date Fair Value, Granted \| $ / shares	4.68
Weighted Average Grant Date Fair Value, Vested and issued \| $ / shares	8.4
Weighted Average Grant Date Fair Value, Cancelled \| $ / shares	7.58
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 6.33
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	672,858
Cancelled \| shares	(155,688)
Unvested Shares, Ending Balance \| shares	517,170
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 8.62
Weighted Average Grant Date Fair Value, Cancelled \| $ / shares	10.14
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 8.45

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]
Beginning Balance at Dec. 31, 2021		$ 41	$ (871)	$ 298,793	$ (201,041)	$ (662)
Beginning Balance, shares at Dec. 31, 2021		41,384,643
Treasury shares, beginning Balance at Dec. 31, 2021			(135,000)
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, net of tax				91
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, net of tax, shares		808,861
Common stock issued upon acquisition		$ 1		1,987
Stock-based compensation expense				10,412
Foreign currency translation adjustment	$ (1,816)					(1,816)
Net loss					(3,618)
Ending Balance at Sep. 30, 2022	103,317	$ 42	$ (871)	311,283	(204,659)	(2,478)
Ending Balance, shares at Sep. 30, 2022		42,193,504
Treasury stock, Ending Balance at Sep. 30, 2022			(135,000)
Beginning Balance at Jun. 30, 2022		$ 42	$ (871)	308,314	(202,979)	(1,762)
Beginning Balance, shares at Jun. 30, 2022		42,029,575
Treasury shares, beginning Balance at Jun. 30, 2022			(135,000)
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, net of tax				(8)
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, net of tax, shares		163,929
Stock-based compensation expense				2,977
Foreign currency translation adjustment	(716)					(716)
Net loss					(1,680)
Ending Balance at Sep. 30, 2022	103,317	$ 42	$ (871)	311,283	(204,659)	(2,478)
Ending Balance, shares at Sep. 30, 2022		42,193,504
Treasury stock, Ending Balance at Sep. 30, 2022			(135,000)
Beginning Balance at Dec. 31, 2022	$ 102,347	$ 42	$ (871)	314,825	(210,056)	(1,593)
Beginning Balance, shares at Dec. 31, 2022		42,449,677
Treasury shares, beginning Balance at Dec. 31, 2022	(135,000)		(135,000)
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, net of tax		$ 2		(1)
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, net of tax, shares		1,151,177
Stock-based compensation expense				10,834
Withholding tax on restricted stock				(256)
Foreign currency translation adjustment	$ (252)					(252)
Net loss					(20,372)
Ending Balance at Sep. 30, 2023	$ 92,302	$ 44	$ (871)	325,402	(230,428)	(1,845)
Ending Balance, shares at Sep. 30, 2023		43,600,854
Treasury stock, Ending Balance at Sep. 30, 2023	(135,000)		(135,000)
Beginning Balance at Jun. 30, 2023		$ 43	$ (871)	321,870	(228,007)	(1,435)
Beginning Balance, shares at Jun. 30, 2023		43,376,006
Treasury shares, beginning Balance at Jun. 30, 2023			(135,000)
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, net of tax		$ 1
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, net of tax, shares		224,848
Stock-based compensation expense				3,532
Foreign currency translation adjustment	$ (410)					(410)
Net loss					(2,421)
Ending Balance at Sep. 30, 2023	$ 92,302	$ 44	$ (871)	$ 325,402	$ (230,428)	$ (1,845)
Ending Balance, shares at Sep. 30, 2023		43,600,854
Treasury stock, Ending Balance at Sep. 30, 2023	(135,000)		(135,000)

Quarterly Update to Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

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, 2022	$	294
Current provision for credit losses		138
Write-offs against allowance		(163	)
Balance as of September 30, 2023	$	269

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

Other Expense.

Other expense, reflects other operating costs that do not directly relate to research and development, sales and marketing, general and administrative, and merger related. The Company did not incur expenses of this nature during the three and nine months ended September 30, 2023.

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.

Recently Issued and Adopted Accounting Pronouncements

In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-01, Leases (Topic 842): Common Control Arrangements, which amends Accounting Standards Codification ("ASC") 842 with respect to arrangements between related parties under common control. The guidance is effective for interim and annual periods beginning after December 15, 2023, with early adoption permitted. The Company does not expect the impact of the adoption of this standard on the Company’s consolidated financial statements to be material.

Cash and Cash Equivalents

9 Months Ended

Sep. 30, 2023

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

4. Cash and Cash Equivalents

Cash and cash equivalents as of September 30, 2023 consist of the following:


	September 30, 2023
Description	Contracted Maturity	Cost		Fair Market Value
	(in thousands)
Cash	Demand	$	16,379	$	16,379
Money market funds	Demand		43		43
Total cash and cash equivalents		$	16,422	$	16,422

Cash and cash equivalents as of December 31, 2022 consist of the following:


	December 31, 2022
Description	Contracted Maturity	Cost		Fair Market Value
	(in thousands)
Cash	Demand	$	31,852	$	31,852
Money market funds	Demand		42		42
Total cash and cash equivalents		$	31,894	$	31,894

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for accounts receivable	$ 269	$ 294
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	43,600,854	42,449,677
Treasury stock, shares	135,000	135,000

Revenue from Contracts with Customers - Summary of Receivables, Contract Assets and Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Accounts Receivable, net	$ 30,262	$ 26,004
Deferred Revenue (current)	67,248	61,597
Accounting Standards Update 2014-09 [Member]
Disaggregation of Revenue [Line Items]
Accounts Receivable, net	30,262	26,004
Contract Assets (current)	2,164	1,786
Deferred Revenue (current)	67,248	61,597
Deferred Revenue (non- current)	115	360
Total Deferred Revenue	$ 67,363	$ 61,957

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Net Loss per Share - Outstanding Common Shares Excluded from Computation of Dilutive Loss Per Share (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive common shares excluded from the computation of weighted-average shares outstanding	2,703	1,463	2,703	1,463
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	5,675	5,705	5,675	5,705

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net Income (Loss)	$ (20,372)	$ (3,618)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	12,244	7,141
Stock-based compensation	10,440	9,969
Provision for reserves on accounts receivable	138	166
Changes in assets and liabilities:
Accounts receivable	(4,556)	(1,871)
Prepaid expenses and other current assets	(684)	(1,351)
Other assets	1,042	38
Accounts payable	3,065	863
Accrued expenses	(6,737)	(242)
Operating leases	(291)	5,202
Deferred revenue	6,017	3,452
Net cash provided by operating activities	306	19,749
Investing activities
Cash paid for acquisition, net of cash acquired	0	(13,215)
Purchases of property and equipment	(2,820)	(8,617)
Capitalized internal-use software costs	(10,037)	(9,678)
Net cash used in investing activities	(12,857)	(31,510)
Financing activities
Proceeds from exercise of stock options	0	142
Deferred acquisition payments	(1,700)	0
Other financing activities	(256)	(50)
Net cash (used in) provided by financing activities	(1,956)	92
Effect of exchange rate changes on cash and cash equivalents	(965)	(2,722)
Net decrease in cash and cash equivalents	(15,472)	(14,391)
Cash and cash equivalents at beginning of period	31,894	45,739
Cash and cash equivalents at end of period	16,422	31,348
Supplemental disclosure of cash flow information
Cash paid for operating lease liabilities	2,751	1,548
Cash received for lease inducement		3,437
Cash paid for income taxes	$ 1,197	$ 527

Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

7. Income Taxes

The income tax expense relates principally to the Company’s foreign operations.

The Company is required to compute income tax expense in each jurisdiction in which it operates. This process requires the Company to project its current tax liability and estimate its deferred tax assets and liabilities, including net operating loss (“NOL”) and tax credit carry-forwards. In assessing the ability to realize the net deferred tax assets, management considers whether it is more likely than not that some portion or all of the net deferred tax assets will not be realized.

The Company has provided a valuation allowance against its remaining U.S. net deferred tax assets as of September 30, 2023 and December 31, 2022, 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 nine months ended September 30, 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. (“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.

- 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

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+ Details

Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenue recognized	$ 10.2	$ 9.1	$ 57.8	$ 57.2
Assets recognized to obtain a contract	13.2		13.2		$ 12.4
Amortization expense recognized to obtain a contract	2.8	$ 2.7	7.8	$ 7.7
Subscription and Support Revenue [Member]
Unsatisfied performance obligations	$ 174.2		$ 174.2
Revenue, performance obligation, description of timing	2027		2027
Subscription and Support Revenue [Member] \| Next Twelve Months [Member]
Unsatisfied performance obligations	$ 121.0		$ 121.0

Stock based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions			9 Months Ended
	Mar. 20, 2023	Mar. 28, 2022	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense			$ 28.7
Weighted average period			2 years 5 months 15 days
RSUs [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards, granted			2,849,003
RSUs [Member] \| Service Based Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards, granted			2,849,003
Stock Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted			1,563,688
Share based compensation arrangement by share based payment award options strike price			$ 7
2022 Inducement Plan [Member] \| RSUs [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		3 years
2022 Inducement Plan [Member] \| RSUs [Member] \| Chief Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards, granted		800,000
2022 Inducement Plan [Member] \| RSUs [Member] \| Service Based Restricted Stock Units [Member] \| Chief Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards, granted		300,000
2022 Inducement Plan [Member] \| RSUs [Member] \| Market-Based and Service-Based Performance Stock Units [Member] \| Chief Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards, granted		500,000
2021 Stock Incentive Plan [Member] \| Stock Option [Member] \| Premium Priced Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted	1,563,688
Vesting period	3 years
Share based compensation arrangement by share based payment award options strike price	$ 7

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 30, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Registrant Name	BRIGHTCOVE INC
Entity Central Index Key	0001313275
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Trading Symbol	BCOV
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Address Line One	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		43,472,029

Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2023

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, 2022	$	26,004	$	1,786	$	61,597	$	360	$	61,957
Balance at September 30, 2023		30,262		2,164		67,248		115		67,363

Stock Based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail)	Sep. 30, 2023 $ / shares
Employee Stock Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate Intrinsic Value, Estimated per share fair value of common stock	$ 3.29

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. Commitments and Contingencies

Legal Matters

The Company, from time to time, is party to litigation arising in the ordinary course of business. Management does not believe that the outcome of these claims will have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Company based on the status of proceedings at this time.

Guarantees and Indemnification Obligations

The Company typically enters into indemnification agreements in the ordinary course of business. Pursuant to these agreements, the Company indemnifies and agrees to reimburse the indemnified party for losses and costs incurred by the indemnified party, generally the Company’s customers, in connection with patent, copyright, trade secret, or other intellectual property or personal right infringement claims by third parties with respect to the Company’s technology. The term of these indemnification agreements is generally perpetual after execution of the agreement. Based on when customers first subscribe for the Company’s service, the maximum potential amount of future payments the Company could be required to make under certain of these indemnification agreements is unlimited, however, more recently the Company has typically limited the maximum potential value of such potential future payments in relation to the value of the contract. Based on historical experience and information known as of September 30, 2023, 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.

Segment Information

9 Months Ended

Sep. 30, 2023

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue:
North America	$	30,507	$	29,864	$	90,303	$	89,344
Europe		8,236		8,847		24,338		28,080
Japan		4,798		4,842		14,922		17,180
Asia Pacific		7,331		10,312		21,191		26,808
Other		108		79		277		358
Total revenue	$	50,980	$	53,944	$	151,031	$	161,770

North America is comprised of revenue from the United States, Canada and Mexico. Revenue from customers located in the United States was $28.3 million and $28.2 million for the three months ended September 30, 2023 and 2022, respectively. Revenue from customers located in the United States was $83.8 million and $84.1 million for the nine months ended September 30, 2023 and 2022, respectively.

Other than the United States and Japan, no other country contributed more than 10% of the Company's total revenue for the three and nine months ended September 30, 2023 and September 30, 2022.

- 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.

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+ Details

Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Summary of Investment Holdings [Line Items]
Cost	$ 16,422	$ 31,894
Fair Market Value	16,422	31,894
Cash [Member]
Summary of Investment Holdings [Line Items]
Cost	16,379	31,852
Fair Market Value	16,379	31,852
Money Market Funds [Member]
Summary of Investment Holdings [Line Items]
Cost	43	42
Fair Market Value	$ 43	$ 42

- Definition

Cost of the investment.

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- Definition

Fair value of investment in security owned.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Net Loss per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Outstanding Common Shares Excluded from Computation of Dilutive Net Loss Per Share

The following outstanding common shares have been excluded from the computation of dilutive net loss per share as of the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
(shares in thousands)	2023		2022		2023		2022
Options outstanding		2,703		1,463		2,703		1,463
Restricted stock units outstanding		5,675		5,705		5,675		5,705

Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Weighted Average Assumptions Utilized

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Weighted-average fair value of options granted during the period	$	—	$	—	$	1.75	$	—
Risk-free interest rate		—		—	3.4 - 4.8%			—
Expected volatility		—		—	47.9 - 55.5%			—
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 nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in thousands)
Stock-based compensation:
Cost of subscription and support revenue	$	122	$	132	$	389	$	385
Cost of professional services and other revenue		92		76		284		334
Research and development		598		378		1,837		2,035
Sales and marketing		1,057		1,015		3,157		2,857
General and administrative		1,541		1,245		4,773		4,109
Other expense		—		—		—		249
	$	3,410	$	2,846	$	10,440	$	9,969

Summary of Stock Option Activity

The following is a summary of the stock option activity during the nine months ended September 30, 2023.


	Number of Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (In Years)		Aggregate Intrinsic Value (1)
Outstanding at December 31, 2022		1,419,767		$	9.39	3.55		$	4.00
Granted		1,563,688			7.00
Exercised		—			—				—
Canceled		(279,980	)		8.59
Outstanding at September 30, 2023		2,703,475		$	8.10		6.18	$	—
Exercisable at September 30, 2023		1,260,904		$	9.13		2.48	$	—

(1)

The aggregate intrinsic value was calculated based on the positive difference between the fair value of the Company’s common stock on September 30, 2023 of $3.29 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”) and our performance-based awards (“P-RSU”) during the nine months ended September 30, 2023:


	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, 2022		4,538,349		$	8.19		672,858		$	8.62		5,211,207		$	8.27
Granted		2,849,003			4.68		—			—		2,849,003			4.68
Vested and issued		(1,156,851	)		8.40		—			—		(1,156,851	)		8.40
Canceled		(1,073,154	)		7.58		(155,688	)		10.14		(1,228,842	)		7.91
Unvested at September 30, 2023		5,157,347		$	6.33		517,170		$	8.45		5,674,517		$	6.52

Stock-based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

6. Stock-based Compensation

In 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.

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.

On March 20, 2023, the Company granted 1,563,688 premium-priced options to some of its employees under its 2021 Stock Incentive Plan. The options have a strike price of $7.00 and vest in equal installments over three years following March 10, 2023. The binomial lattice model is used to estimate the fair value of the premium-priced options. The binomial lattice model calculates multiple potential outcomes for option exercises and establishes a fair value based on the most likely outcome. Key assumptions for the binomial lattice model include share price, volatility, the early exercise multiple, risk-free rate, expected dividends, and number of time steps.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Weighted-average fair value of options granted during the period	$	—	$	—	$	1.75	$	—
Risk-free interest rate		—		—	3.4 - 4.8%			—
Expected volatility		—		—	47.9 - 55.5%			—
Expected dividend yield		—		—		—		—

As of September 30, 2023, there was $28.7 million of unrecognized stock-based compensation expense related to stock-based awards that is expected to be recognized over a weighted-average period of 2.46 years. The following table summarizes stock-based compensation expense as included in the consolidated statement of operations for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in thousands)
Stock-based compensation:
Cost of subscription and support revenue	$	122	$	132	$	389	$	385
Cost of professional services and other revenue		92		76		284		334
Research and development		598		378		1,837		2,035
Sales and marketing		1,057		1,015		3,157		2,857
General and administrative		1,541		1,245		4,773		4,109
Other expense		—		—		—		249
	$	3,410	$	2,846	$	10,440	$	9,969

The following is a summary of the stock option activity during the nine months ended September 30, 2023.


	Number of Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (In Years)		Aggregate Intrinsic Value (1)
Outstanding at December 31, 2022		1,419,767		$	9.39	3.55		$	4.00
Granted		1,563,688			7.00
Exercised		—			—				—
Canceled		(279,980	)		8.59
Outstanding at September 30, 2023		2,703,475		$	8.10		6.18	$	—
Exercisable at September 30, 2023		1,260,904		$	9.13		2.48	$	—

(1)


	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, 2022		4,538,349		$	8.19		672,858		$	8.62		5,211,207		$	8.27
Granted		2,849,003			4.68		—			—		2,849,003			4.68
Vested and issued		(1,156,851	)		8.40		—			—		(1,156,851	)		8.40
Canceled		(1,073,154	)		7.58		(155,688	)		10.14		(1,228,842	)		7.91
Unvested at September 30, 2023		5,157,347		$	6.33		517,170		$	8.45		5,674,517		$	6.52

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,421)	$ (1,680)	$ (20,372)	$ (3,618)

- 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

Segment Information - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues from customers	$ 50,980	$ 53,944	$ 151,031	$ 161,770
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	$ 28,300	$ 28,200	$ 83,800	$ 84,100

- 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).

+ References

+ Details

Income Taxes - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Income Taxes [Line Items]
Increase in valuation allowance	$ 1.0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 16,422	$ 31,894
Accounts receivable, net of allowance of $269 and $294 at September 30, 2023 and December 31, 2022, respectively	30,262	26,004
Prepaid expenses	7,537	8,700
Other current assets	12,206	10,722
Total current assets	66,427	77,320
Property and equipment, net	42,730	39,677
Operating lease right-of-use asset	16,823	18,671
Intangible assets, net	7,290	10,279
Goodwill	74,859	74,859
Other assets	6,016	7,007
Total assets	214,145	227,813
Current liabilities:
Accounts payable	13,857	11,326
Accrued expenses	17,519	26,877
Operating lease liability	4,403	4,157
Deferred revenue	67,248	61,597
Total current liabilities	103,027	103,957
Operating lease liability, net of current portion	18,143	20,528
Other liabilities	673	981
Total liabilities	121,843	125,466
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; 43,600,854 and 42,449,677 shares issued at September 30, 2023 and December 31, 2022, respectively	44	42
Additional paid-in capital	325,402	314,825
Treasury stock, at cost; 135,000 shares	(871)	(871)
Accumulated other comprehensive loss	(1,845)	(1,593)
Accumulated deficit	(230,428)	(210,056)
Total stockholders' equity	92,302	102,347
Total liabilities and stockholders' equity	$ 214,145	$ 227,813

Segment Information - Total Revenue to Unaffiliated Customers by Geographic Area, Based on Location of Customer (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 50,980	$ 53,944	$ 151,031	$ 161,770
North America [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	30,507	29,864	90,303	89,344
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	8,236	8,847	24,338	28,080
Japan [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	4,798	4,842	14,922	17,180
Asia Pacific [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	7,331	10,312	21,191	26,808
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 108	$ 79	$ 277	$ 358

- Definition

+ References

+ Details

Business Description and Basis of Presentation (Policies)

9 Months Ended

Sep. 30, 2023

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, 2022.

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, 2022 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 and results of operations for the three and nine months ended September 30, 2023 and 2022. 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, 2022	$	294
Current provision for credit losses		138
Write-offs against allowance		(163	)
Balance as of September 30, 2023	$	269

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

Other Expense

Other Expense.

Recently Issued and Adopted Accounting Pronouncements

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (2,421)	$ (1,680)	$ (20,372)	$ (3,618)
Other comprehensive income:
Foreign currency translation adjustments	(410)	(716)	(252)	(1,816)
Comprehensive loss	$ (2,831)	$ (2,396)	$ (20,624)	$ (5,434)

- Definition

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

+ References

+ Details

Restructuring

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring

11. Restructuring

During the three months ended March 31, 2023, the Company took an action to restructure certain parts of the Company with the intent of aligning skills with the Company’s strategy and facilitating cost efficiencies and savings. As a result certain headcount reductions were necessary. The Company incurred approximately $0.4 million in restructuring charges in the three months ended March 31, 2023. The restructuring charges reflect post-employment benefits, and the Company does not expect to incur any additional restructuring charges related to this action. As of September 30, 2023, the restructuring charges are reflected in the Condensed Consolidated Statements of Operations as follows: $0.2 million - General and Administrative; $0.1 million – Research and Development; and $0.1 million – Sales and Marketing. The Company paid the entire amount by March 31, 2023.

On April 28, 2023, the Company authorized a restructuring that is designed to reduce operating costs, improve operating margins and focus on key growth and strategic priorities (the "Plan"). The Plan includes a reduction of the Company's then-current workforce by approximately 10%. The Company has incurred approximately $0.1 million and $2.4 million in restructuring charges in the three and nine months ended September 30, 2023, respectively, in connection with the Plan. The restructuring charges reflect post-employment benefits. For the three months ended September 30, 2023 the restructuring charges were $0.1 million and are included in Sales and Marketing in the Condensed Consolidated Statements of Operations. For the nine months ended September 30, 2023, the restructuring charges are reflected in the Condensed Consolidated Statements of Operations as follows: $1.2 million in Sales and Marketing; $0.9 million in Research and Development; $0.2 million in General and administrative and $0.1 million in Cost of Revenue. The Company has paid all $2.4 million of the restructuring charges as of September 30, 2023.

Quarterly Update to Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

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, 2022	$	294
Current provision for credit losses		138
Write-offs against allowance		(163	)
Balance as of September 30, 2023	$	269

Quarterly Update to Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee retention credits benefits recognized	$ 0	$ 0		$ 0	$ (1,149)
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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt

9. Debt

On November 1, 2023, the Company entered into a loan modification agreement to an existing amended and restated loan and security agreement with a lender (collectively, the “Loan Agreement”). The Loan Agreement provides for up to a $30.0 million asset-backed 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 prime rate plus 225 basis points and (ii) for Secured Overnight Financing Rate ('SOFR") advances, the greater of (A) the SOFR 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 there is outstanding principal during any month, 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 November 1, 2026. The Company was in compliance with all applicable covenants under the Line of Credit as of September 30, 2023 and there were no borrowings outstanding as of September 30, 2023.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue:
North America	$	30,507	$	29,864	$	90,303	$	89,344
Europe		8,236		8,847		24,338		28,080
Japan		4,798		4,842		14,922		17,180
Asia Pacific		7,331		10,312		21,191		26,808
Other		108		79		277		358
Total revenue	$	50,980	$	53,944	$	151,031	$	161,770

Quarterly Update to Significant Accounting Policies - Schedule of Allowance for Doubtful Accounts (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Credit Loss [Abstract]
Balance as of December 31, 2022	$ 294
Current provision for credit losses	138
Write-offs against allowance	(163)
Balance as of September 30, 2023	$ 269

Stock Based Compensation - Summarizes Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	$ 3,410	$ 2,846	$ 10,440	$ 9,969
Subscription and Support Revenue [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	122	132	389	385
Professional Services and Other Revenue [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	92	76	284	334
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	598	378	1,837	2,035
Sales and Marketing [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	1,057	1,015	3,157	2,857
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	1,541	1,245	4,773	4,109
Other Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	$ 0	$ 0	$ 0	$ 249

Restructuring - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2023	Apr. 28, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		$ 0.4
Amount paid for restructuring charges			$ 2.4
Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 0.1		2.4
Percentage of reduction in workforce				10.00%
General and Administrative [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0.2	0.2
Research and Development [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0.1	0.9
Sales and Marketing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 0.1	$ 0.1	1.2
Cost of revenue [member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			$ 0.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Cash and Cash Equivalents (Tables)

9 Months Ended

Sep. 30, 2023

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

Cash and cash equivalents as of September 30, 2023 consist of the following:


	September 30, 2023
Description	Contracted Maturity	Cost		Fair Market Value
	(in thousands)
Cash	Demand	$	16,379	$	16,379
Money market funds	Demand		43		43
Total cash and cash equivalents		$	16,422	$	16,422

Cash and cash equivalents as of December 31, 2022 consist of the following:


	December 31, 2022
Description	Contracted Maturity	Cost		Fair Market Value
	(in thousands)
Cash	Demand	$	31,852	$	31,852
Money market funds	Demand		42		42
Total cash and cash equivalents		$	31,894	$	31,894

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue:
Revenue	$ 50,980	$ 53,944	$ 151,031	$ 161,770
Cost of revenue:
Cost of revenue	19,261	20,063	58,029	57,747
Gross profit	31,719	33,881	93,002	104,023
Operating expenses:
Research and development	8,730	7,931	28,941	24,540
Sales and marketing	17,222	19,023	55,721	55,272
General and administrative	7,941	7,748	27,410	24,391
Merger-related	117	0	307	747
Other expense	0	0	0	1,149
Total operating expenses	34,010	34,702	112,379	106,099
Loss from operations	(2,291)	(821)	(19,377)	(2,076)
Other income (expense), net	130	(668)	9	(1,880)
Loss before income taxes	(2,161)	(1,489)	(19,368)	(3,956)
Loss (benefit) from provision for income taxes	260	191	1,004	(338)
Net loss	$ (2,421)	$ (1,680)	$ (20,372)	$ (3,618)
Net loss per share-basic and diluted
Basic	$ (0.06)	$ (0.04)	$ (0.47)	$ (0.09)
Diluted	$ (0.06)	$ (0.04)	$ (0.47)	$ (0.09)
Weighted-average shares-basic and diluted
Basic	43,332	41,972	42,976	41,712
Diluted	43,332	41,972	42,976	41,712
Subscription and Support Revenue [Member]
Revenue:
Revenue	$ 48,571	$ 51,814	$ 144,686	$ 156,403
Cost of revenue:
Cost of revenue	16,892	18,247	51,760	52,172
Professional Services and Other Revenue [Member]
Revenue:
Revenue	2,409	2,130	6,345	5,367
Cost of revenue:
Cost of revenue	$ 2,369	$ 1,816	$ 6,269	$ 5,575

Debt - Additional Information (Detail) - Secured Line of Credit [Member] - USD ($)		9 Months Ended
	Nov. 01, 2023	Sep. 30, 2023
Debt Instrument [Line Items]
Debt instrument term		If there is outstanding principal during any month, the Company must also maintain a minimum net income threshold based on non-GAAP operating measures.
Borrowings outstanding		$ 0
Subsequent Event [Member]
Debt Instrument [Line Items]
Line of credit, agreement start date	Nov. 01, 2023
Line of credit maximum borrowing capacity	$ 30,000,000
Percentage points added to prime rate or LIBOR	4.00%
Line of Credit maturity date	Nov. 01, 2026
Prime Rate [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Percentage points added to prime rate or LIBOR	225.00%
Minimum [Member] \| SOFR [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Percentage points added to prime rate or LIBOR	225.00%

Net Loss per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net Loss per Share

5. Net Loss per Share

The Company calculates basic and diluted net loss per common share by dividing the net loss by the weighted average number of common shares outstanding during the period. The Company has excluded other potentially dilutive shares, which include outstanding common stock options and unvested restricted stock units, from the number of common shares outstanding as their inclusion in the computation for all periods would be anti-dilutive due to net losses incurred.

The following outstanding common shares have been excluded from the computation of dilutive net loss per share as of the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
(shares in thousands)	2023		2022		2023		2022
Options outstanding		2,703		1,463		2,703		1,463
Restricted stock units outstanding		5,675		5,705		5,675		5,705

Stock Based Compensation - Weighted Average Assumptions Utilized (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Weighted-average fair value of options granted during the period	$ 0	$ 0	$ 1.75	$ 0
Risk-free interest rate	0.00%	0.00%		0.00%
Risk-free interest rate minimum			3.40%
Risk-free interest rate maximum			4.80%
Expected volatility	0.00%	0.00%		0.00%
Expected volatility minimum			47.90%
Expected volatility maximum			55.50%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%