Brightcove Announces Financial Results for First Quarter Fiscal Year 2024
Brightcove Inc. (Nasdaq: BCOV) reported strong first quarter financial results with revenue of $50.5 million, up 3% year-over-year, and gross profit of $30.9 million, a 61% margin. The company improved stability with longer-term deals, record backlog, and increased cash balance. Net income was $1.6 million, or $0.04 per diluted share. Adjusted EBITDA was $5.0 million, a 10% margin. Business highlights include hiring a new CFO, monetizing patents for $6 million, and strategic partnerships. Brightcove ended with $22.9 million in cash and provided Q2 revenue guidance of $47.5-$48.5 million and full-year revenue guidance of $195-$198 million.
Revenue growth of 3% year-over-year to $50.5 million.
Gross profit of $30.9 million with a 61% margin.
Net income of $1.6 million, or $0.04 per diluted share.
Adjusted EBITDA of $5.0 million, a 10% margin.
Record backlog of $185.4 million and average annual subscription revenue per premium customer of $98,000.
Strategic monetization of patents for $6 million, increasing cash balance by 30%.
Successful partnerships and renewed relationships with notable customers.
Q2 revenue guidance of $47.5-$48.5 million and full-year revenue guidance of $195-$198 million.
Free cash flow negative at $1.0 million due to investments in capital expenditures.
2% decrease in 12-month backlog year-over-year to $127.3 million.
Non-GAAP net loss per diluted share expected to be ($0.05) to ($0.03) for Q2.
Full-year Non-GAAP income (loss) from operations expected to be in the range of ($3.0) million to ($1.0) million.
Insights
The financial results disclosed by Brightcove Inc. indicate a positive turnaround in their operational performance. Notably, the company has transitioned from a loss of $10.7 million in Q1 2023 to an operating income of $2.0 million in Q1 2024. This signifies a decisive shift toward profitability, showcasing effective management and cost-saving strategies. Additionally, a reduction in cash burn, as evidenced by negative free cash flow of $17.5 million in the prior year to negative $1.0 million, reflects improved capital discipline. The growth in average revenue per premium customer by 10% year-over-year also underlines the company's increasing value capture per client, illustrating successful upselling or improved market positioning.
However, despite these positive signs, investors should remain mindful of the projected negative non-GAAP income from operations for Q2 2024, suggesting that the path to sustained profitability might still be volatile. The emphasis on non-GAAP measures warrants a closer inspection to understand the impact of stock-based compensation and other excluded items on the company's actual financial health. Moreover, the modest 2% year-over-year revenue growth may suggest market saturation or competitive pressures, which could impede rapid growth prospects.
The strategic initiatives, such as the monetization of the patent portfolio and the partnership with Google Ad Manager, highlight Brightcove's endeavors to diversify revenue streams and enhance its product offerings. These strategic moves are likely to resonate well with investors by demonstrating proactive management and willingness to innovate and forge partnerships with industry leaders. Moreover, the record backlog and the launch of new services such as 'Publisher Insights' and 'Cloud Playout 2.0' are indicative of the company's robust product development pipeline and its commitment to meeting evolving customer needs, potentially leading to more resilient long-term customer relationships.
On the customer front, the expansion in premium clients and the stable customer count provide a solid foundation for future scaling. However, the slight decrease in 12-month backlog could potentially signal a need for vigilance regarding customer acquisition and retention strategies.
“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
First Quarter 2024 Financial Highlights:
-
Revenue for the first quarter of 2024 was
$50.5 million 3% compared to$49.1 million $48.0 million 2% compared to the first quarter of 2023. -
Gross profit for the first quarter of 2024 was
$30.9 million 61% , compared to gross profit of$28.8 million 59% for the first quarter of 2023. Non-GAAP gross profit for the first quarter of 2024 was$31.7 million 63% , compared to non-GAAP gross profit of$29.6 million 60% for the first quarter of 2023. Non-GAAP gross profit and non-GAAP gross margin exclude stock-based compensation expense, the amortization of acquired intangible assets and restructuring and other expenses. -
Income (loss) from operations was
$2.0 million ( for the first quarter of 2023. Non-GAAP operating income, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related expenses, restructuring and other expenses, and gain on sale of assets, was$10.7) million $984,000 ( during the first quarter of 2023.$5.6) million -
Net income (loss) was
$1.6 million $0.04 ( , or ($11.7) million $0.28 $546,000 $0.01 ( for the first quarter of 2023, or ($6.6) million $0.15 -
Adjusted EBITDA was
$5.0 million 10% compared to adjusted EBITDA of negative$2.7 million -
Cash flow provided by operations was
$2.0 million $12.6 million -
Free cash flow was negative
$1.0 million $3.0 million $17.5 million -
Cash and cash equivalents were
$22.9 million $18.6 million
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:
- Announced the hiring of John Wagner as the Chief Financial Officer (CFO). Mr. Wagner brings more than two decades of strategic and operational financial leadership experience within the technology industry. He brings extensive experience managing and scaling financial operations to support growth and profitability in addition to public and private capital raising and acquisitions. Most recently, Wagner served for nine years as the CFO of EverQuote, an online insurance marketplace, where he oversaw the company's successful initial public offering (IPO) and led the finance organization for five years post-IPO. He’s also held senior executive financial roles at various software companies, including Carbonite, Constant Contact, NuoDB, and Salesnet.
-
Successfully monetized a portion of Brightcove’s patent portfolio for
$6 million 30% while maintaining on a perpetual basis the ability to use the technology covered by the patents in Brightcove’s products for current and future customers. - Signed new, renewed or expanded the relationship with a diverse set of notable customers in the first quarter. This includes media companies such as Acun Media, Watch It, and Red Venure’s CNET Media Group, sports organizations like Ironman, Netball Australia, and Little League Baseball and hundreds more across the technology, healthcare/pharma and finance verticals.
- Entered into a strategic partnership with Google Ad Manager to enhance its Ad Monetization service. This collaboration expands Brightcove’s offering by supporting current and future customers that leverage Google Ad Manager’s comprehensive digital advertising sales platform for their digital ad operations.
- Launched “Publisher Insights”, a new capability within the Media Studio Premium solution. Publisher Insights builds on Brightcove’s Audience Insights to provide real-time analytics specifically for news organizations and other content providers focused on real-time-driven content. The product enables news organizations to quickly identify stories that drive viewer interest and help shape effective audience engagement strategies.
- Launched Cloud Playout 2.0, which enhances media companies’ ability to create, distribute, and monetize channels. Building upon the initial success of Cloud Playout, version 2.0 enables customers to extend their reach, streamline workflows, and optimize content with first-party data and analytics.
- Added new cloud-based video editing capabilities to our streaming technology platform. The new core functionality, which is included in the Marketing and Communications Studios, significantly simplifies content creation, including repurposing existing video content into “snackable” highlights for specific audiences, making it simple to package employee-generated content and develop promotional video content for promotions and sales campaigns.
-
12-month Backlog (which we define as the aggregate amount of committed subscription revenue related to future performance obligations in the next 12 months) was
$127.3 million 2% decrease year-over-year from$129.3 million $185.4 million 2% increase year-over-year from$181.3 million -
Average annual subscription revenue per premium customer hit an all-time record of
$98,000 $4,300 10% year-over-year compared to$89,400 - Ended the first quarter of 2024 with 2,502 customers, of which 1,992 were premium.
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:
-
Revenue is expected to be in the range of
$47.5 million $48.5 million $1.8 million $0.8 million -
Non-GAAP income (loss) from operations is expected to be in the range of
( to$2.0) million ( , which excludes stock-based compensation of approximately$1.0) million $2.8 million $0.7 million $0.9 million -
Adjusted EBITDA is expected to be in the range of
$2.0 million $3.0 million $2.8 million $0.7 million $0.9 million $4.3 million $0.3 million -
Non-GAAP net loss per diluted share is expected to be (
$0.05 $0.03 $2.8 million $0.7 million $0.9 million
Full Year 2024 Guidance:
-
Revenue is expected to be in the range of
$195.0 million $198.0 million $8.0 million $3.5 million -
Non-GAAP income (loss) from operations is expected to be in the range of
( to$3.0) million ( , which excludes stock-based compensation of approximately$1.0) million $10.7 million $3.7 million $2.5 million $6.0 million -
Adjusted EBITDA is expected to be in the range of
$14.0 million $16.0 million $10.7 million $3.7 million $2.5 million $6.0 million $16.7 million $1.4 million -
Non-GAAP income (loss) per diluted share is expected to be (
$0.10 $0.05 $10.7 million $3.7 million $2.5 million $6.0 million
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
Source: Brightcove Inc.
FAQ
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