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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.12 | 5.94% | 2.14 | 2.08 | 2.39 | 2.1694 | 2.00 | 2.03 | 385,772 | 23:56:57 |
Brightcove Inc. (Nasdaq: BCOV), the world’s most trusted streaming technology company, today announced financial results for the second quarter ended June 30, 2024.
“We are pleased to have exceeded expectations and the high-end of our guidance range on both Revenue and Adjusted EBITDA, while generating meaningful cash flow. We are delivering on our commitments to grow EBITDA substantially and generate significant free cash flow this year, all while investing in our key strategic priorities that we expect will return the business to consistent revenue growth,” said Marc DeBevoise, Brightcove’s Chief Executive Officer.
Second 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 Second Quarter and Recent Highlights/Updates:
Business Outlook:
Based on information as of today, August 7, 2024, the Company is issuing the following business updates and financial guidance.
Third Quarter 2024 Guidance:
Full Year 2024 Guidance:
Earnings Stream Information:
Brightcove earnings will be streamed on August 7, 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 third fiscal quarter and full year 2024, our growth strategy and strategic priorities, and expected customer uses of and benefits from our products. 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," “builds,” "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 Securities and Exchange Commission. 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 expense, gain on sales of assets, and restructuring 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 and amortization expense, including the amortization of acquired intangible assets, stock-based compensation expense, merger-related expense, gain on sales of assets, and restructuring 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) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents$
24,170
$
18,615
Accounts receivable, net of allowance
28,207
33,451
Prepaid expenses and other current assets
19,780
18,333
Total current assets
72,157
70,399
Property and equipment, net
38,882
42,476
Operating lease right-of-use asset
17,896
16,233
Intangible assets, net
4,524
6,368
Goodwill
74,859
74,859
Other assets
4,719
5,772
Total assets
$
213,037
$
216,107
Liabilities and stockholders' equity Current liabilities: Accounts payable
$
6,492
$
14,422
Accrued expenses
19,918
17,566
Operating lease liability
4,261
4,486
Deferred revenue
68,255
68,155
Total current liabilities
98,926
104,629
Operating lease liability, net of current portion
18,983
17,358
Other liabilities
192
207
Total liabilities
118,101
122,194
Stockholders' equity: Common stock
45
44
Additional paid-in capital
334,269
328,918
Treasury stock, at cost
(871
)
(871
)
Accumulated other comprehensive loss
(1,894
)
(1,236
)
Accumulated deficit
(236,613
)
(232,942
)
Total stockholders’ equity
94,936
93,913
Total liabilities and stockholders' equity
$
213,037
$
216,107
Brightcove Inc. Condensed Consolidated Statements of Operations (in thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30,
2024
2023
2024
2023
Revenue: Subscription and support revenue
$
47,397
$
49,013
$
95,366
$
96,115
Professional services and other revenue
1,850
1,975
4,362
3,936
Total revenue
49,247
50,988
99,728
100,051
Cost of revenue: (1) (2) Cost of subscription and support revenue
17,277
16,603
34,084
34,868
Cost of professional services and other revenue
2,130
1,898
4,945
3,900
Total cost of revenue
19,407
18,501
39,029
38,768
Gross profit
29,840
32,487
60,699
61,283
Operating expenses: (1) (2) Research and development
8,975
10,345
17,824
20,211
Sales and marketing
17,080
19,034
33,534
38,499
General and administrative
8,822
9,405
18,366
19,469
Merger-related
-
45
-
190
Gain on sale of assets
-
-
(6,000
)
-
Total operating expenses
34,877
38,829
63,724
78,369
Loss from operations
(5,037
)
(6,342
)
(3,025
)
(17,086
)
Other income (expense), net
49
422
11
(121
)
Loss before income taxes
(4,988
)
(5,920
)
(3,014
)
(17,207
)
Provision for income taxes
257
317
657
744
Net loss
$
(5,245
)
$
(6,237
)
$
(3,671
)
$
(17,951
)
Net loss per share—basic and diluted Basic$
(0.12
)
$
(0.14
)
$
(0.08
)
$
(0.42
)
Diluted
(0.12
)
(0.14
)
(0.08
)
(0.42
)
Weighted-average shares—basic and diluted Basic
44,731
43,059
44,357
42,795
Diluted
44,731
43,059
44,357
42,795
(1) Stock-based compensation included in above line items: Cost of subscription and support revenue
$
122
$
129
$
228
$
267
Cost of professional services and other revenue
71
92
111
192
Research and development
476
551
791
1,239
Sales and marketing
1,183
931
1,537
2,100
General and administrative
1,307
1,784
2,705
3,232
(2) Amortization of acquired intangible assets included in the above line items: Cost of subscription and support revenue
$
520
$
601
$
1,040
$
1,202
Sales and marketing
402
417
804
833
Brightcove Inc. Condensed Consolidated Statements of Cash Flows (in thousands) Three Months Ended June 30, Six Months Ended June 30, Operating activities
2024
2023
2024
2023
Net loss
$
(5,245
)
$
(6,237
)
$
(3,671
)
$
(17,951
)
Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization
5,167
4,059
10,084
8,008
Stock-based compensation
3,159
3,487
5,372
7,030
Provision for reserves on accounts receivable
65
155
(16
)
222
Gain on sale of assets
-
-
(6,000
)
-
Changes in assets and liabilities: Accounts receivable
6,887
10,494
5,087
(4,219
)
Prepaid expenses and other current assets
(137
)
(896
)
(1,035
)
(1,882
)
Other assets
505
488
970
802
Accounts payable
(3,653
)
2,420
(7,531
)
3,376
Accrued expenses
711
(1,475
)
2,438
(5,474
)
Operating leases
(132
)
(93
)
(262
)
(174
)
Deferred revenue
(3,306
)
(1,592
)
612
8,440
Net cash provided by (used in) operating activities
4,021
10,810
6,048
(1,822
)
Investing activities Gain on sale of patents
-
-
6,000
-
Purchases of property and equipment, net of returns
(340
)
(376
)
(1,157
)
(1,328
)
Capitalization of internal-use software costs
(1,847
)
(3,303
)
(4,029
)
(7,233
)
Net cash provided by (used in) investing activities
(2,187
)
(3,679
)
814
(8,561
)
Financing activities Deferred acquisition payments
-
-
-
(1,700
)
Other financing activities
-
(31
)
(239
)
(256
)
Net cash used in financing activities
-
(31
)
(239
)
(1,956
)
Effect of exchange rate changes on cash and cash equivalents
(533
)
(485
)
(1,068
)
(462
)
Net increase (decrease) in cash and cash equivalents
1,301
6,615
5,555
(12,801
)
Cash and cash equivalents at beginning of period
22,869
12,478
18,615
31,894
Cash and cash equivalents at end of period
$
24,170
$
19,093
$
24,170
$
19,093
Brightcove Inc. Reconciliation of GAAP Gross Profit, GAAP Loss (Income) From Operations, GAAP Net Loss and GAAP Net Loss Per Share to Non-GAAP Gross Profit, Non-GAAP (Loss) Income From Operations, Non-GAAP Net (Loss) Income and Non-GAAP Net (Loss) Income Per Share (in thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30,
2024
2023
2024
2023
GROSS PROFIT: GAAP gross profit
$
29,840
$
32,487
$
60,699
$
61,283
Stock-based compensation expense
193
221
339
459
Amortization of acquired intangible assets
520
601
1,040
1,202
Restructuring expense
21
98
193
98
Non-GAAP gross profit
$
30,574
$
33,407
$
62,271
$
63,042
GAAP gross profit as a percentage of revenue
61
%
64
%
61
%
61
%
Stock-based compensation expense
0.4
%
0.4
%
0.3
%
0.5
%
Amortization of acquired intangible assets
1.1
%
1.2
%
1.0
%
1.2
%
Restructuring expense
0.0
%
0.2
%
0.2
%
0.1
%
Non-GAAP gross profit as a percentage of revenue
62
%
66
%
62
%
63
%
(LOSS) INCOME FROM OPERATIONS: GAAP loss from operations$
(5,037
)
$
(6,342
)
$
(3,025
)
$
(17,086
)
Stock-based compensation expense
3,159
3,487
5,372
7,030
Amortization of acquired intangible assets
922
1,018
1,844
2,035
Merger-related expense
-
45
-
190
Restructuring expense
479
2,329
2,316
2,756
Gain on sale of assets
-
-
(6,000
)
-
Non-GAAP (loss) income from operations
$
(477
)
$
537
$
507
$
(5,075
)
NET (LOSS) INCOME: GAAP net loss$
(5,245
)
$
(6,237
)
$
(3,671
)
$
(17,951
)
Stock-based compensation expense
3,159
3,487
5,372
7,030
Amortization of acquired intangible assets
922
1,018
1,844
2,035
Merger-related expense
-
45
-
190
Restructuring expense
479
2,329
2,316
2,756
Gain on sale of assets
-
-
(6,000
)
-
Non-GAAP net (loss) income
$
(685
)
$
642
$
(139
)
$
(5,940
)
GAAP diluted net loss per share$
(0.12
)
$
(0.14
)
$
(0.08
)
$
(0.42
)
Non-GAAP diluted net (loss) income per share$
(0.02
)
$
0.01
$
(0.00
)
$
(0.14
)
Shares used in computing GAAP diluted net loss per share
44,731
43,059
44,357
42,795
Shares used in computing Non-GAAP diluted net income per share
44,731
43,149
44,357
42,795
Brightcove Inc. Calculation of Adjusted EBITDA (in thousands) Three Months Ended June 30, Six Months Ended June 30,
2024
2023
2024
2023
Net loss
$
(5,245
)
$
(6,237
)
$
(3,671
)
$
(17,951
)
Stock-based compensation expense
3,159
3,487
5,372
7,030
Depreciation and amortization
5,167
4,059
10,084
8,008
Merger-related expense
-
45
-
190
Restructuring expense
479
2,329
2,316
2,756
Gain on sale of assets
-
-
(6,000
)
-
Other (income) expense, net
(49
)
(422
)
(11
)
121
Provision for income taxes
257
317
657
744
Adjusted EBITDA
$
3,768
$
3,578
$
8,747
$
898
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 June 30, Six Months Ended June 30,
2024
2024
Total revenue$
49,247
$
99,728
Constant currency adjustment
459
679
Total revenue on a constant currency basis$
49,706
$
100,407
Six Months Ended June 30, Six Months Ended June 30,2024
2024
Adjusted EBITDA$
3,768
$
8,747
Constant currency adjustment
258
358
Adjusted EBITDA on a constant currency basis$
4,026
$
9,105
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807437279/en/
Investors: ICR for Brightcove Brian Denyeau, 646-277-1251 brian.denyeau@icrinc.com Media: Brightcove Sara Griggs, 929-888-4866 sgriggs@brightcove.com
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