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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Brightcove Inc | NASDAQ:BCOV | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.03 | 1.65% | 1.85 | 1.80 | 1.93 | 1.93 | 1.805 | 1.84 | 293,544 | 00:04:31 |
Brightcove Inc. (Nasdaq: BCOV), a leading global provider of cloud services for video, today announced financial results for the first quarter ended March 31, 2018.
“Brightcove delivered strong first quarter financial results that exceeded expectations across all key metrics and were highlighted by double digit year-over-year subscription revenue growth and 103% recurring dollar retention rate,” said Jeff Ray, Brightcove’s chief executive officer. “We had good sales activity across the company during the quarter, driven by positive performance across all businesses and geographies, and remain on track to deliver against our bookings growth target for the year.”
Ray continued, “As the new CEO of Brightcove, my focus is on putting customer success at the heart of everything we do. I’ve been impressed with the world-class team and market-leading product portfolio at Brightcove and I am confident we can leverage these competitive advantages to drive increased revenue growth and profitability over time.”
First Quarter 2018 Financial Highlights:
A Reconciliation of GAAP to Non-GAAP results has been provided in the financial statement tables included at the end of this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
Other First Quarter and Recent Highlights:
Business Outlook
Based on information as of today, April 26, 2018, the Company is issuing the following financial guidance:
Second Quarter 2018:
Full Year 2018:
Conference Call Information
Brightcove will host a conference call today, April 26, 2018, at 5:00 p.m. (Eastern Time) to discuss the Company's financial results and current business outlook. A live webcast of the call will be available at the “Investors” page of the Company’s website, http://investor.brightcove.com. To access the call, dial 855-327-6837 (domestic) or 631-891-4304 (international). A replay of this conference call will be available for a limited time at 844-512-2921 (domestic) or 412-317-6671 (international). The replay conference ID is 13678331. A replay of the webcast will also be available for a limited time at http://investor.brightcove.com.
About Brightcove
Brightcove Inc. (NASDAQ:BCOV) is the leading global provider of powerful cloud solutions for delivering and monetizing video across connected devices. The company offers a full suite of products and services that reduce the cost and complexity associated with publishing, distributing, measuring and monetizing video across devices. Brightcove has thousands of customers in over 70 countries that rely on the company's cloud solutions to successfully publish high-quality video experiences to audiences everywhere. To learn more, visit www.brightcove.com.
Forward-Looking Statements
This press release includes certain “forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements concerning our financial guidance for the second fiscal quarter of 2018 and full year 2018, our position to execute on our growth strategy, and our ability to expand our leadership position and market opportunity. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation: our history of losses; our limited operating history; expectations regarding the widespread adoption of customer demand for our products; the effects of increased competition and commoditization of services we offer, including data delivery and storage; our ability to expand the sales of our products to customers located outside the U.S.; keeping up with the rapid technological change required to remain competitive in our industry; our ability to retain existing customers; our ability to manage our growth effectively and successfully recruit additional highly-qualified personnel; the price volatility of our common stock; and other risks set forth under the caption "Risk Factors" in our most recently filed Annual Report on Form 10-K, as updated by our subsequently filed Quarterly Reports on Form 10-Q and our other SEC filings. We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
Brightcove has provided in this release the non-GAAP financial measures of non-GAAP gross profit, non-GAAP gross margin, non-GAAP income (loss) from operations, non-GAAP net income (loss), adjusted EBITDA and non-GAAP diluted net income (loss) per share. Brightcove uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating Brightcove's ongoing operational performance. Brightcove believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing its financial results with other companies in Brightcove’s industry, many of which present similar non-GAAP financial measures to investors. As noted, the non-GAAP financial results discussed above of non-GAAP gross profit, non-GAAP gross margin, non-GAAP income (loss) from operations, non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share exclude stock-based compensation expense, the amortization of acquired intangible assets, executive severance and merger-related expenses. The non-GAAP financial results discussed above of adjusted EBITDA is defined as consolidated net income (loss), plus stock-based compensation expense, the amortization of acquired intangible assets, executive severance, merger-related expenses, depreciation expense, other income/expense, including interest expense and interest income, and the provision for income taxes. Merger-related expenses include fees incurred in connection with closing an acquisition in addition to fees associated with the retention of key employees. Non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. As previously mentioned, a reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release. The Company’s earnings press releases containing such non-GAAP reconciliations can be found on the Investors section of the Company’s web site at http://www.brightcove.com.
Brightcove Inc. Condensed Consolidated Balance Sheets (in thousands) March 31, 2018 December 31, 2017 Assets Current assets: Cash and cash equivalents $ 26,419 $ 26,132 Accounts receivable, net of allowance 27,408 25,236 Prepaid expenses and other current assets 13,227 7,036 Total current assets 67,054 58,404 Property and equipment, net 10,083 9,143 Intangible assets, net 7,562 8,236 Goodwill 50,776 50,776 Deferred tax asset 93 87 Other assets 2,141 969 Total assets $ 137,709 $ 127,615 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 5,866 $ 6,142 Accrued expenses 14,480 13,621 Capital lease liability 121 228 Equipment financing - 26 Deferred revenue 43,200 39,370 Total current liabilities 63,667 59,387 Deferred revenue, net of current portion 148 244 Other liabilities 1,134 1,228 Total liabilities 64,949 60,859 Stockholders' equity: Common stock 35 35 Additional paid-in capital 241,109 238,700 Treasury stock, at cost (871 ) (871 ) Accumulated other comprehensive loss (562 ) (809 ) Accumulated deficit (166,951 ) (170,299 ) Total stockholders’ equity 72,760 66,756 Total liabilities and stockholders' equity $ 137,709 $ 127,615 Brightcove Inc.Condensed Consolidated Statements of Operations(in thousands, except per share amounts) Three Months Ended March 31, 2018 2017 Revenue: Subscription and support revenue $ 37,867 $ 34,242 Professional services and other revenue 3,327 3,330 Total revenue 41,194 37,572 Cost of revenue: (1) (2) Cost of subscription and support revenue 13,456 12,154 Cost of professional services and other revenue 3,755 3,064 Total cost of revenue 17,211 15,218 Gross profit 23,983 22,354 Operating expenses: (1) (2) Research and development 7,775 8,194 Sales and marketing 13,234 13,901 General and administrative 5,390 5,391 Total operating expenses 26,399 27,486 Loss from operations (2,416 ) (5,132 ) Other income, net 271 138 Net loss before income taxes (2,145 ) (4,994 ) Provision for income taxes 112 79 Net loss $ (2,257 ) $ (5,073 ) Net loss per share—basic and diluted $ (0.06 ) $ (0.15 ) Weighted-average shares—basic and diluted 34,923 34,056 (1) Stock-based compensation included in above line items: Cost of subscription and support revenue $ 114 $ 102 Cost of professional services and other revenue 40 60 Research and development 346 407 Sales and marketing 665 746 General and administrative 503 475 (2) Amortization of acquired intangible assets included in the above line items: Cost of subscription and support revenue $ 508 $ 508 Research and development - 11 Sales and marketing 166 193 Brightcove Inc. Condensed Consolidated Statements of Cash Flows (in thousands) Three Months Ended March 31, Operating activities 2018 2017 Net loss $ (2,257 ) $ (5,073 ) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Depreciation and amortization 1,644 1,734 Stock-based compensation 1,668 1,790 Provision for reserves on accounts receivable 13 222 Changes in assets and liabilities: Accounts receivable (2,038 ) (1,011 ) Prepaid expenses and other current assets (616 ) (2,221 ) Other assets (179 ) 37 Accounts payable (128 ) 695 Accrued expenses (80 ) (3,870 ) Deferred revenue 2,908 1,102 Net cash (used in) provided by operating activities 935 (6,595 ) Investing activities Purchases of property and equipment, net of returns (538 ) (378 ) Capitalization of internal-use software costs (1,001 ) (603 ) Net cash used in investing activities (1,539 ) (981 ) Financing activities Proceeds from exercise of stock options 683 79 Payments of withholding tax on RSU vesting (6 ) (118 ) Payments on equipment financing (26 ) (76 ) Payments under capital lease obligation (107 ) (174 ) Net cash (used in) provided by financing activities 544 (289 ) Effect of exchange rate changes on cash and cash equivalents 347 220 Net (decrease) increase in cash and cash equivalents 287 (7,645 ) Cash and cash equivalents at beginning of period 26,132 36,813 Cash and cash equivalents at end of period $ 26,419 $ 29,168 Brightcove Inc. Reconciliation of GAAP Gross Profit, GAAP Loss From Operations, GAAP Net Loss and GAAP Net Loss Per Share to Non-GAAP Gross Profit, Non-GAAP Income (Loss) From Operations, Non-GAAP Net Income (Loss) and Non-GAAP Net Income (Loss) Per Share (in thousands, except per share amounts) Three Months Ended March 31, 2018 2017 GROSS PROFIT: GAAP gross profit $ 23,983 $ 22,354 Stock-based compensation expense 154 162 Amortization of acquired intangible assets 508 508 Non-GAAP gross profit $ 24,645 $ 23,024 LOSS FROM OPERATIONS: GAAP loss from operations $ (2,416 ) $ (5,132 ) Stock-based compensation expense 1,668 1,790 Amortization of acquired intangible assets 674 712 Non-GAAP income (loss) from operations $ (74 ) $ (2,630 ) NET LOSS: GAAP net loss $ (2,257 ) $ (5,073 ) Stock-based compensation expense 1,668 1,790 Amortization of acquired intangible assets 674 712 Non-GAAP net income (loss) $ 85 $ (2,571 ) GAAP diluted net loss per share $ (0.06 ) $ (0.15 ) Non-GAAP diluted net income (loss) per share $ 0.00 $ (0.08 ) Shares used in computing GAAP diluted net loss per share 34,923 34,056 Shares used in computing Non-GAAP diluted net income (loss) per share 35,663 34,056 Brightcove Inc. Calculation of Adjusted EBITDA (in thousands) Three Months Ended March 31, 2018 2017 Net loss $ (2,257 ) $ (5,073 ) Other (income) expense, net (271 ) (138 ) Provision for income taxes 112 79 Depreciation and amortization 1,644 1,734 Stock-based compensation expense 1,668 1,790 Adjusted EBITDA $ 896 $ (1,608 )
View source version on businesswire.com: https://www.businesswire.com/news/home/20180426006644/en/
Investor Contact:ICR for BrightcoveBrian Denyeau, 646-277-1251brian.denyeau@icrinc.comorMedia Contact:BrightcoveNeil Lieberman, 617-510-6346nlieberman@brightcove.com
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