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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.095 | 3.78% | 2.605 | 2.60 | 2.61 | 2.6299 | 2.488 | 2.49 | 162,933 | 20:50:20 |
Brightcove Inc. (Nasdaq: BCOV), the world’s most trusted streaming technology company, today announced financial results for the first quarter ended March 31, 2024.
“We delivered strong first quarter results that were at or above the high-end of our guidance ranges, highlighted by our second straight quarter of revenue growth, our third consecutive quarter of double-digit adjusted EBITDA margins, and an increase in our cash balance of over $4 million. We also improved the long-term stability of our business with more longer-term deals, record backlog and record average revenue per customer. Our focus remains on returning the company to more consistent revenue growth while continuing to deliver meaningful EBITDA and cash flow,” said Marc DeBevoise, Brightcove’s Chief Executive Officer.
First Quarter 2024 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/Updates:
Business Outlook:
Based on information as of today, May 8, 2024, the Company is issuing the following business updates and financial guidance.
Second Quarter 2024 Guidance:
Full Year 2024 Guidance:
Earnings Stream Information:
Brightcove earnings will be streamed on May 8, 2024, at 5:00 p.m. (Eastern Time) to discuss the Company's financial results and current business outlook. To access the live stream, visit the “Investors” page of the Company’s website, http://investor.brightcove.com. Once the live stream concludes, an on-demand recording will be available on Brightcove’s Investor page for a limited time at http://investor.brightcove.com.
About Brightcove Inc. (NASDAQ: BCOV)
Brightcove creates the world’s most reliable, scalable, and secure streaming technology solutions to build a greater connection between companies and their audiences, no matter where they are or on which devices they consume content. In more than 60 countries, Brightcove’s intelligent video platform enables businesses to sell to customers more effectively, media leaders to stream and monetize content more reliably, and every organization to communicate with team members more powerfully. With two Technology and Engineering Emmy® Awards for innovation, uptime that consistently leads the industry, and unmatched scalability, we continuously push the boundaries of what video can do. Follow Brightcove on LinkedIn, X, Facebook, Instagram, Threads, and YouTube. Visit 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 and full year 2024, our position to execute on our growth strategy, the effects of our restructuring efforts, the long-term stability of our business, 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: the effect of macro-economic conditions currently affecting the global economy; our ability to retain existing customers and acquire new ones; our history of losses; 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; keeping up with the rapid technological change required to remain competitive in our industry; our ability to manage our growth effectively and successfully recruit additional highly-qualified personnel; our restructuring efforts, including risks that the related costs and charges may be greater than anticipated and that the restructuring efforts may not generate their intended benefits, may adversely affect the Company’s internal programs and the Company’s ability to recruit and train skilled and motivated personnel, and may be distracting to employees and management; 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 and similar disclosures in our subsequent filings with the SEC. 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, non-GAAP diluted net income (loss) per share, and revenue and adjusted EBITDA on a constant currency basis. 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, amortization of acquired intangible assets, merger-related expenses, gain on sales of assets, restructuring and other (benefit) expense. The non-GAAP financial results discussed above of adjusted EBITDA is defined as consolidated net income (loss), plus other income/expense, including interest expense and interest income, the provision for income taxes, depreciation expense, the amortization of acquired intangible assets, stock-based compensation expense, merger-related expenses, gain on sales of assets, restructuring and other (benefit) expense. Merger-related expenses include fees incurred in connection with an acquisition and restructuring expenses include primarily cash severance costs. Revenue and adjusted EBITDA on a constant currency basis reflect our revenues and adjusted EBITDA using exchange rates used for Brightcove’s Fiscal Year 2024 outlook on Brightcove’s press release on February 22, 2024. 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, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents$
22,869
$
18,615
Accounts receivable, net of allowance
35,222
33,451
Prepaid expenses and other current assets
20,264
18,333
Total current assets
78,355
70,399
Property and equipment, net
41,007
42,476
Operating lease right-of-use asset
15,483
16,233
Intangible assets, net
5,446
6,368
Goodwill
74,859
74,859
Other assets
5,307
5,772
Total assets
$
220,457
$
216,107
Liabilities and stockholders' equity Current liabilities: Accounts payable
$
11,386
$
14,422
Accrued expenses
18,847
17,566
Operating lease liability
4,218
4,486
Deferred revenue
71,843
68,155
Total current liabilities
106,294
104,629
Operating lease liability, net of current portion
16,745
17,358
Other liabilities
154
207
Total liabilities
123,193
122,194
Stockholders' equity: Common stock
45
44
Additional paid-in capital
331,001
328,918
Treasury stock, at cost
(871
)
(871
)
Accumulated other comprehensive loss
(1,543
)
(1,236
)
Accumulated deficit
(231,368
)
(232,942
)
Total stockholders’ equity
97,264
93,913
Total liabilities and stockholders' equity
$
220,457
$
216,107
Brightcove Inc. Condensed Consolidated Statements of Operations (in thousands, except per share amounts) Three Months Ended March 31,
2024
2023
Revenue: Subscription and support revenue$
47,969
$
47,102
Professional services and other revenue
2,512
1,961
Total revenue
50,481
49,063
Cost of revenue: (1) (2) Cost of subscription and support revenue
16,807
18,265
Cost of professional services and other revenue
2,815
2,002
Total cost of revenue
19,622
20,267
Gross profit
30,859
28,796
Operating expenses: (1) (2) Research and development
8,849
9,866
Sales and marketing
16,454
19,465
General and administrative
9,544
10,064
Merger-related
-
145
Gain on sale of assets
(6,000
)
-
Total operating expenses
28,847
39,540
Income (loss) from operations
2,012
(10,744
)
Other expense, net
(38
)
(543
)
Income (loss) before income taxes
1,974
(11,287
)
Provision for income taxes
400
427
Net income (loss)
$
1,574
$
(11,714
)
Net income (loss) per share—basic and diluted Basic$
0.04
$
(0.28
)
Diluted
0.04
(0.28
)
Weighted-average shares—basic and diluted Basic
43,983
42,528
Diluted
44,098
42,528
(1) Stock-based compensation included in above line items: Cost of subscription and support revenue
$
106
$
138
Cost of professional services and other revenue
40
100
Research and development
315
688
Sales and marketing
354
1,169
General and administrative
1,398
1,448
(2) Amortization of acquired intangible assets included in the above line items: Cost of subscription and support revenue
$
520
$
601
Sales and marketing
402
416
Brightcove Inc. Condensed Consolidated Statements of Cash Flows (in thousands) Three Months Ended March 31, Operating activities
2024
2023
Net income (loss)$
1,574
$
(11,714
)
Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization
4,917
3,949
Stock-based compensation
2,213
3,543
Provision for reserves on accounts receivable
(81
)
67
Gain on sale of assets
(6,000
)
-
Changes in assets and liabilities: Accounts receivable
(1,800
)
(14,713
)
Prepaid expenses and other current assets
(898
)
(986
)
Other assets
465
314
Accounts payable
(3,878
)
956
Accrued expenses
1,727
(3,999
)
Operating leases
(130
)
(81
)
Deferred revenue
3,918
10,032
Net cash provided by (used in) operating activities
2,027
(12,632
)
Investing activities Proceeds from sale of assets
6,000
-
Purchases of property and equipment, net of returns
(817
)
(952
)
Capitalization of internal-use software costs
(2,182
)
(3,930
)
Net cash provided by (used in) investing activities
3,001
(4,882
)
Financing activities Deferred acquisition payments
-
(1,700
)
Other financing activities
(239
)
(225
)
Net cash used in financing activities
(239
)
(1,925
)
Effect of exchange rate changes on cash and cash equivalents
(535
)
23
Net increase (decrease) in cash and cash equivalents
4,254
(19,416
)
Cash and cash equivalents at beginning of period
18,615
31,894
Cash and cash equivalents at end of period
$
22,869
$
12,478
Brightcove Inc. Reconciliation of GAAP Gross Profit, GAAP Income (Loss) From Operations, GAAP Net Income (Loss) and GAAP Net Income (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,
2024
2023
GROSS PROFIT: GAAP gross profit$
30,859
$
28,796
Stock-based compensation expense
146
238
Amortization of acquired intangible assets
520
601
Restructuring and other
172
-
Non-GAAP gross profit
$
31,697
$
29,635
INCOME (LOSS) FROM OPERATIONS: GAAP income (loss) from operations
$
2,012
$
(10,744
)
Stock-based compensation expense
2,213
3,543
Amortization of acquired intangible assets
922
1,017
Merger-related
-
145
Restructuring and other
1,837
427
Gain on sale of assets
(6,000
)
-
Non-GAAP income (loss) from operations
$
984
$
(5,612
)
NET INCOME (LOSS) : GAAP net income (loss)$
1,574
$
(11,714
)
Stock-based compensation expense
2,213
3,543
Amortization of acquired intangible assets
922
1,017
Merger-related
-
145
Restructuring and other
1,837
427
Gain on sale of assets
(6,000
)
-
Non-GAAP net income (loss)
$
546
$
(6,582
)
GAAP diluted net income (loss) per share$
0.04
$
(0.28
)
Non-GAAP diluted net income (loss) per share$
0.01
$
(0.15
)
Shares used in computing GAAP diluted net income (loss) per share
44,098
42,528
Shares used in computing Non-GAAP diluted net income (loss) per share
44,098
42,528
Brightcove Inc. Calculation of Adjusted EBITDA (in thousands) Three Months Ended March 31,
2024
2023
Net income (loss)$
1,574
$
(11,714
)
Other (income) expense, net
38
543
Provision for income taxes
400
427
Depreciation and amortization
4,917
3,949
Stock-based compensation expense
2,213
3,543
Merger-related
-
145
Restructuring and other
1,837
427
Gain on sale of assets
(6,000
)
-
Adjusted EBITDA
$
4,979
$
(2,680
)
Brightcove Inc. Reconciliation of Revenue on a Constant Currency Basis and Calculation of Adjusted EBITDA on a Constant Currency Basis (in thousands) Three Months Ended March 31,2024
Total revenue$
50,481
Constant currency adjustment
220
Total revenue on a constant currency basis$
50,701
Three Months Ended March 31,2024
Adjusted EBITDA$
4,979
Constant currency adjustment
100
Adjusted EBITDA on a constant currency basis$
5,079
View source version on businesswire.com: https://www.businesswire.com/news/home/20240508734476/en/
Investors: ICR for Brightcove Brian Denyeau, 646-277-1251 brian.denyeau@icrinc.com or Media: Brightcove Sara Griggs, 929-888-4866 sgriggs@brightcove.com
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