Brightcove Announces Financial Results for Fourth Quarter and Fiscal Year 2023
- Positive financial results for Q4 2023 and FY 2023.
- Revenue growth, increased adjusted EBITDA, and positive free cash flow.
- Strategic progress, customer growth, and executive team changes.
- Resilient business with strong backlog growth.
- Clear view of priorities for execution and growth in 2024.
- Revenue decline for FY 2023 but focus on improvement for 2024.
- None.
Insights
Reviewing Brightcove Inc.'s financial results reveals a nuanced picture of the company's performance. The reported top-line growth, coupled with a substantial increase in adjusted EBITDA and the achievement of positive free cash flow, indicate a turnaround in the company's financial health. The shift from a net loss position in the fourth quarter of 2022 to a non-GAAP net income in the same period in 2023 is particularly noteworthy. However, the full-year figures show a decline in revenue and a higher net loss for 2023 compared to 2022. This suggests that while the company may be improving its cost management and operational efficiency, as evidenced by the increased adjusted EBITDA margins, it still faces challenges in scaling its business and maintaining revenue growth.
Investors should consider the implications of the CFO transition, as changes in financial leadership can impact strategic direction and investor confidence. The company's forward-looking statements indicate an optimistic outlook for 2024, with anticipated revenue stabilization and operational improvements. However, the guidance also suggests a potential non-GAAP loss from operations, which could be a point of concern for stakeholders focused on profitability.
Brightcove's positioning in the streaming technology sector is becoming increasingly significant as they highlight the integration of AI to enhance content decisions and operational efficiency. The company's focus on expanding partnerships, such as the one with Socialive and onboarding industry veterans in key roles demonstrates a strategic effort to bolster market presence and drive revenue growth. The reported increase in the average annual subscription revenue per premium customer suggests that Brightcove is successfully moving upmarket and capturing more value from its customer base.
However, the relatively flat subscription and support revenue year-over-year could indicate market saturation or competitive pressures. The company's ability to navigate these challenges while continuing to innovate and differentiate its offerings will be crucial for long-term growth. Additionally, the backlog growth serves as a positive indicator of future revenue potential, but it is important to monitor how effectively the company can convert this backlog into recognized revenue.
From a legal perspective, the non-GAAP financial measures used in Brightcove's reporting are noteworthy. These measures, such as adjusted EBITDA and non-GAAP net income, are commonly used in the industry to provide a clearer picture of a company's operational performance by excluding non-recurring or non-cash expenses. However, it is important for stakeholders to understand that these measures do not replace the importance of GAAP metrics. The reconciliation of GAAP to non-GAAP results is a critical component that ensures transparency and compliance with SEC regulations.
Moreover, the CFO transition plan introduces an element of executive management change that will require careful legal oversight to ensure a smooth transition and adherence to any contractual obligations. This change at the financial helm of the company could also have implications for corporate governance and strategic decision-making processes.
“Our fourth quarter results were highlighted by a return to top-line growth, substantial adjusted EBITDA growth, our second consecutive quarter of double-digit adjusted EBITDA margins, and positive free cash flow. This was a successful conclusion to an important transformational year. We have made significant strides in delivering new customers, growing average customer revenue, strengthening our products, and developing an effective go-to-market model that appeals to both media and enterprise customers,” said Marc DeBevoise, Brightcove’s Chief Executive Officer.
DeBevoise added, “As we look ahead in 2024, we have validated our strategy and have a clear view of the areas we need to prioritize to improve execution this year. We have a more resilient business, as demonstrated by our strong backlog growth, and expect to generate significant growth in adjusted EBITDA and cash flow while continuing to invest in our most promising growth opportunities.”
Fourth Quarter 2023 Financial Highlights:
-
Revenue for the fourth quarter of 2023 was
$50.2 million 2% compared to$49.2 million $47.8 million -
Gross profit for the fourth quarter of 2023 was
$30.8 million 61% , compared to gross profit of$29.9 million 61% for the fourth quarter of 2022. Non-GAAP gross profit for the fourth quarter of 2023 was$31.6 million 63% , compared to non-GAAP gross profit of$30.7 million 62% for the fourth quarter of 2022. Non-GAAP gross profit and non-GAAP gross margin exclude stock-based compensation expense, the amortization of acquired intangible assets and restructuring expenses. -
Loss from operations was
$2.3 million $6.0 million $2.1 million $1.4 million -
Net loss was
$2.5 million $0.06 $5.4 million $0.13 $1.9 million $0.04 $801,000 $0.02 -
Adjusted EBITDA was
$5.5 million 11% and an increase of366% compared to adjusted EBITDA of$1.2 million -
Cash flow provided by operations was
$4.2 million $5.7 million -
Free cash flow was
$1.4 million $2.8 million $585,000 -
Cash and cash equivalents were
$18.6 million $31.9 million $16.4 million
Full Year 2023 Financial Highlights:
-
Revenue for the full year 2023 was
$201.2 million $211.0 million $192.5 million $204.1 million -
Gross profit for 2023 was
$123.8 million 62% , compared to gross profit of$133.9 million 63% for 2022. Non-GAAP gross profit for 2023 was$127.1 million 63% , compared to non-GAAP gross profit of$136.6 million 65% for 2022. Non-GAAP gross profit and non-GAAP gross margin exclude stock-based compensation expense, the amortization of acquired intangible assets and restructuring expenses. -
Loss from operations was
$21.6 million $8.0 million $693,000 $10.6 million -
Net loss was
$22.9 million $0.53 $9.0 million $0.22 $1.9 million $0.04 $9.6 million $0.23 -
Adjusted EBITDA was
$11.9 million $17.9 million -
Cash flow provided by operations was
$4.5 million $25.4 million -
Free cash flow was negative
$11.1 million $15.6 million $869,000
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.”
Chief Financial Officer Transition
Today Brightcove is announcing a CFO transition plan. Rob Noreck will be stepping down as the Company’s CFO on May 31, 2024, or earlier if his successor is named prior to that date. Mr. Noreck will serve as a consultant to the Company through September 30, 2024 to ensure a smooth transition process. We have initiated an executive search process and expect to name a successor as quickly as possible.
Other Fourth Quarter and Recent Highlights/Updates:
- Announced the hiring of two senior management members. Industry veterans Kathy Klingler and Jim Norton joined as Chief Marketing and Chief Revenue Officer, respectively. Additionally, David Beck was elevated to the newly created position of Chief Operating Officer.
- Signed new, renewed or expanded the relationship with a diverse set of notable customers in the fourth quarter. This includes Fortune 500 companies such as 3M, Corning, Ford Motor Company, and Johnson & Johnson, leading organizations from the sports industry such as, MLS, MotoAmerica, and the Saudi Pro League and hundreds more across the Technology, Healthcare/Pharma, Finance and Media verticals.
-
Continue to harness the power of AI across various parts of our portfolio, including our Analytics and Insights platform to help customers improve content decisions and business performance, in our Emmy-winning Context Aware Encoding platform to reduce storage and bandwidth costs for many customers by 25
-50% , and to simplify workflows for users around metadata creation and automated, smart transcription. - Announced an expanded partnership with Socialive, a leading video content creation platform designed to provide customers additional remote video production capabilities. Brightcove’s comprehensive and reliable live streaming solution with Socialive’s features solidifies its position as a proven leader in corporate communications with live and on-demand streaming content management. The addition of Socialive continues Brightcove’s strategy to curate, partner and integrate with leading technology platforms such as Salesforce, LinkedIn, Marketo, Eloqua, Shopify, Sprinklr, Hubspot, Drupal, Google Drive, Dropbox, Pinterest and numerous others to offer a seamless experience for our customers.
-
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 6% increase year-over-year over$120.1 million $183.0 million 19% increase year-over-year over$153.3 million -
Average annual subscription revenue per premium customer was
$96,200 $3,900 8% year-over-year compared to$89,000 - Ended the fourth quarter of 2023 with 2,559 customers, of which 2,028 were premium.
Business Outlook:
Based on information as of today, February 22, 2024, the Company is issuing the following business updates and financial guidance
First Quarter 2024 Guidance:
-
Revenue is expected to be in the range of
$49.0 million $50.0 million $2.4 million $0.8 million -
Non-GAAP income from operations is expected to be in the range of
$0.0 million $1.0 million $2.8 million $1.7 million $1.0 million -
Adjusted EBITDA is expected to be in the range of
$4.0 million $5.0 million $2.8 million $1.7 million $1.0 million $4.0 million $0.3 million -
Non-GAAP net (loss) income per diluted share is expected to be (
$0.01 $0.02 $2.8 million $1.7 million $4.0 million
Full Year 2024 Guidance:
-
Revenue is expected to be in the range of
$195.0 million $198.0 million $9 million $3 million -
Non-GAAP 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 $11.3 million $4.1 million $1.7 million -
Adjusted EBITDA is expected to be in the range of
$14.0 million $16.0 million $11.3 million $4.1 million $1.7 million $16.9 million $1.2 million -
Non-GAAP loss per diluted share is expected to be (
$0.10 $0.05 $11.3 million $4.1 million $1.7 million
Earnings Stream Information:
Brightcove earnings will be streamed on February 22, 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 on LinkedIn, Twitter, Facebook, Instagram and YouTube. 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 first fiscal quarter and full year 2024, our position to execute on our growth strategy, the effects of our restructuring efforts, 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 reduction in force, 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 and restructuring expenses, 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 and restructuring expenses, 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 2023 outlook on Brightcove’s press release on February 23, 2023. 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) | ||||||||
| December 31, 2023 | December 31, 2022 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ |
18,615 |
|
$ |
31,894 |
|
||
| Accounts receivable, net of allowance |
|
33,451 |
|
|
26,004 |
|
||
| Prepaid expenses and other current assets |
|
18,333 |
|
|
19,422 |
|
||
| Total current assets |
|
70,399 |
|
|
77,320 |
|
||
| Property and equipment, net |
|
42,476 |
|
|
39,677 |
|
||
| Operating lease right-of-use asset |
|
16,233 |
|
|
18,671 |
|
||
| Intangible assets, net |
|
6,368 |
|
|
10,279 |
|
||
| Goodwill |
|
74,859 |
|
|
74,859 |
|
||
| Other assets |
|
5,772 |
|
|
7,007 |
|
||
| Total assets | $ |
216,107 |
|
$ |
227,813 |
|
||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ |
14,422 |
|
$ |
11,326 |
|
||
| Accrued expenses |
|
17,566 |
|
|
26,877 |
|
||
| Operating lease liability |
|
4,486 |
|
|
4,157 |
|
||
| Deferred revenue |
|
68,155 |
|
|
61,597 |
|
||
| Total current liabilities |
|
104,629 |
|
|
103,957 |
|
||
| Operating lease liability, net of current portion |
|
17,358 |
|
|
20,528 |
|
||
| Other liabilities |
|
207 |
|
|
981 |
|
||
| Total liabilities |
|
122,194 |
|
|
125,466 |
|
||
| Stockholders' equity: | ||||||||
| Common stock |
|
44 |
|
|
42 |
|
||
| Additional paid-in capital |
|
328,918 |
|
|
314,825 |
|
||
| Treasury stock, at cost |
|
(871 |
) |
|
(871 |
) |
||
| Accumulated other comprehensive loss |
|
(1,236 |
) |
|
(1,593 |
) |
||
| Accumulated deficit |
|
(232,942 |
) |
|
(210,056 |
) |
||
| Total stockholders’ equity |
|
93,913 |
|
|
102,347 |
|
||
| Total liabilities and stockholders' equity | $ |
216,107 |
|
$ |
227,813 |
|
||
| Brightcove Inc. | |||||||||||||||
| Condensed Consolidated Statements of Operations | |||||||||||||||
| (in thousands, except per share amounts) | |||||||||||||||
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|||||||||||||
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
| Revenue: | |||||||||||||||
| Subscription and support revenue | $ |
47,775 |
|
$ |
47,688 |
|
$ |
192,461 |
|
$ |
204,091 |
|
|||
| Professional services and other revenue |
|
2,381 |
|
|
1,550 |
|
|
8,726 |
|
|
6,917 |
|
|||
| Total revenue |
|
50,156 |
|
|
49,238 |
|
|
201,187 |
|
|
211,008 |
|
|||
| Cost of revenue: (1) (2) | |||||||||||||||
| Cost of subscription and support revenue |
|
16,484 |
|
|
17,763 |
|
|
68,244 |
|
|
69,935 |
|
|||
| Cost of professional services and other revenue |
|
2,840 |
|
|
1,563 |
|
|
9,109 |
|
|
7,138 |
|
|||
| Total cost of revenue |
|
19,324 |
|
|
19,326 |
|
|
77,353 |
|
|
77,073 |
|
|||
| Gross profit |
|
30,832 |
|
|
29,912 |
|
|
123,834 |
|
|
133,935 |
|
|||
| Operating expenses: (1) (2) | |||||||||||||||
| Research and development |
|
8,261 |
|
|
8,984 |
|
|
37,202 |
|
|
33,524 |
|
|||
| Sales and marketing |
|
16,689 |
|
|
18,725 |
|
|
72,410 |
|
|
73,997 |
|
|||
| General and administrative |
|
8,146 |
|
|
8,159 |
|
|
35,556 |
|
|
32,550 |
|
|||
| Merger-related |
|
- |
|
|
- |
|
|
307 |
|
|
747 |
|
|||
| Other expense |
|
- |
|
|
- |
|
|
- |
|
|
1,149 |
|
|||
| Total operating expenses |
|
33,096 |
|
|
35,868 |
|
|
145,475 |
|
|
141,967 |
|
|||
| Loss from operations |
|
(2,264 |
) |
|
(5,956 |
) |
|
(21,641 |
) |
|
(8,032 |
) |
|||
| Other (expense) income, net |
|
(89 |
) |
|
845 |
|
|
(80 |
) |
|
(1,035 |
) |
|||
| Loss before income taxes |
|
(2,353 |
) |
|
(5,111 |
) |
|
(21,721 |
) |
|
(9,067 |
) |
|||
| Loss (benefit) from provision for income taxes |
|
161 |
|
|
286 |
|
|
1,165 |
|
|
(52 |
) |
|||
| Net loss | $ |
(2,514 |
) |
$ |
(5,397 |
) |
$ |
(22,886 |
) |
$ |
(9,015 |
) |
|||
| Net loss per share—basic and diluted | |||||||||||||||
| Basic | $ |
(0.06 |
) |
$ |
(0.13 |
) |
$ |
(0.53 |
) |
$ |
(0.22 |
) |
|||
| Diluted |
|
(0.06 |
) |
|
(0.13 |
) |
|
(0.53 |
) |
|
(0.22 |
) |
|||
| Weighted-average shares—basic and diluted | |||||||||||||||
| Basic |
|
43,578 |
|
|
42,184 |
|
|
43,128 |
|
|
41,831 |
|
|||
| Diluted |
|
43,578 |
|
|
42,184 |
|
|
43,128 |
|
|
41,831 |
|
|||
| (1) Stock-based compensation included in above line items: | |||||||||||||||
| Cost of subscription and support revenue | $ |
117 |
|
$ |
123 |
|
$ |
506 |
|
$ |
508 |
|
|||
| Cost of professional services and other revenue |
|
91 |
|
|
99 |
|
|
375 |
|
|
433 |
|
|||
| Research and development |
|
616 |
|
|
711 |
|
|
2,453 |
|
|
2,746 |
|
|||
| Sales and marketing |
|
1,040 |
|
|
1,133 |
|
|
4,197 |
|
|
3,990 |
|
|||
| General and administrative |
|
1,595 |
|
|
1,513 |
|
|
6,368 |
|
|
5,622 |
|
|||
| Other expense |
|
- |
|
|
- |
|
|
- |
|
|
249 |
|
|||
| (2) Amortization of acquired intangible assets included in the above line items: | |||||||||||||||
| Cost of subscription and support revenue | $ |
521 |
|
$ |
601 |
|
$ |
2,270 |
|
$ |
1,757 |
|
|||
| Sales and marketing |
|
402 |
|
|
416 |
|
|
1,641 |
|
|
1,662 |
|
|||
| Brightcove Inc. | |||||||
| Condensed Consolidated Statements of Cash Flows | |||||||
| (in thousands) | |||||||
Twelve Months Ended December 31, |
|||||||
| Operating activities |
|
2023 |
|
|
|
2022 |
|
| Net loss | $ |
(22,886 |
) |
$ |
(9,015 |
) |
|
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation and amortization |
|
16,536 |
|
|
10,696 |
|
|
| Stock-based compensation |
|
13,899 |
|
|
13,548 |
|
|
| Provision for reserves on accounts receivable |
|
162 |
|
|
118 |
|
|
| Changes in assets and liabilities: | |||||||
| Accounts receivable |
|
(7,707 |
) |
|
4,227 |
|
|
| Prepaid expenses and other current assets |
|
1,565 |
|
|
(1,216 |
) |
|
| Other assets |
|
1,328 |
|
|
(348 |
) |
|
| Accounts payable |
|
3,294 |
|
|
120 |
|
|
| Accrued expenses |
|
(7,950 |
) |
|
2,397 |
|
|
| Operating leases |
|
(409 |
) |
|
5,503 |
|
|
| Deferred revenue |
|
6,673 |
|
|
(609 |
) |
|
| Net cash provided by operating activities |
|
4,505 |
|
|
25,421 |
|
|
| Investing activities | |||||||
| Cash paid for acquisition, net of cash acquired |
|
- |
|
|
(13,215 |
) |
|
| Purchases of property and equipment, net of returns |
|
(3,120 |
) |
|
(10,727 |
) |
|
| Capitalization of internal-use software costs |
|
(12,530 |
) |
|
(13,825 |
) |
|
| Net cash used in investing activities |
|
(15,650 |
) |
|
(37,767 |
) |
|
| Financing activities | |||||||
| Proceeds from exercise of stock options |
|
- |
|
|
177 |
|
|
| Deferred acquisition payments |
|
(1,700 |
) |
|
- |
|
|
| Other financing activities |
|
(330 |
) |
|
(260 |
) |
|
| Net cash used in financing activities |
|
(2,030 |
) |
|
(83 |
) |
|
| Effect of exchange rate changes on cash and cash equivalents |
|
(104 |
) |
|
(1,416 |
) |
|
| Net decrease in cash and cash equivalents |
|
(13,279 |
) |
|
(13,845 |
) |
|
| Cash and cash equivalents at beginning of period |
|
31,894 |
|
|
45,739 |
|
|
| Cash and cash equivalents at end of period | $ |
18,615 |
|
$ |
31,894 |
|
|
| 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 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 December 31, |
|
Twelve Months Ended December 31, |
||||||||||||||
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
||
| GROSS PROFIT: | ||||||||||||||||
| GAAP gross profit | $ |
30,832 |
|
$ |
29,912 |
|
$ |
123,834 |
|
$ |
133,935 |
|
||||
| Stock-based compensation expense |
|
208 |
|
|
222 |
|
|
881 |
|
|
941 |
|
||||
| Amortization of acquired intangible assets |
|
521 |
|
|
601 |
|
|
2,270 |
|
|
1,757 |
|
||||
| Restructuring |
|
- |
|
|
- |
|
|
104 |
|
|
- |
|
||||
| Non-GAAP gross profit | $ |
31,561 |
|
$ |
30,735 |
|
$ |
127,089 |
|
$ |
136,633 |
|
||||
| GAAP gross profit as a percentage of revenue |
|
61 |
% |
|
61 |
% |
|
62 |
% |
|
63 |
% |
||||
| Stock-based compensation expense |
|
0.4 |
% |
|
0.5 |
% |
|
0.4 |
% |
|
0.4 |
% |
||||
| Amortization of acquired intangible assets |
|
1.0 |
% |
|
1.2 |
% |
|
1.1 |
% |
|
0.8 |
% |
||||
| Restructuring |
|
0.0 |
% |
|
0.0 |
% |
|
0.1 |
% |
|
0.0 |
% |
||||
| Non-GAAP gross profit as a percentage of revenue |
|
63 |
% |
|
62 |
% |
|
63 |
% |
|
65 |
% |
||||
| INCOME (LOSS) FROM OPERATIONS: | ||||||||||||||||
| GAAP loss from operations | $ |
(2,264 |
) |
$ |
(5,956 |
) |
$ |
(21,641 |
) |
$ |
(8,032 |
) |
||||
| Stock-based compensation expense |
|
3,459 |
|
|
3,579 |
|
|
13,899 |
|
|
13,299 |
|
||||
| Amortization of acquired intangible assets |
|
923 |
|
|
1,017 |
|
|
3,911 |
|
|
3,419 |
|
||||
| Merger-related |
|
- |
|
|
- |
|
|
307 |
|
|
747 |
|
||||
| Restructuring |
|
1 |
|
|
- |
|
|
2,831 |
|
|
- |
|
||||
| Other expense |
|
- |
|
|
- |
|
|
- |
|
|
1,149 |
|
||||
| Non-GAAP income (loss) from operations | $ |
2,119 |
|
$ |
(1,360 |
) |
$ |
(693 |
) |
$ |
10,582 |
|
||||
| NET INCOME (LOSS): | ||||||||||||||||
| GAAP net loss | $ |
(2,514 |
) |
$ |
(5,397 |
) |
$ |
(22,886 |
) |
$ |
(9,015 |
) |
||||
| Stock-based compensation expense |
|
3,459 |
|
|
3,579 |
|
|
13,899 |
|
|
13,299 |
|
||||
| Amortization of acquired intangible assets |
|
923 |
|
|
1,017 |
|
|
3,911 |
|
|
3,419 |
|
||||
| Merger-related |
|
- |
|
|
- |
|
|
307 |
|
|
747 |
|
||||
| Restructuring |
|
1 |
|
|
- |
|
|
2,831 |
|
|
- |
|
||||
| Other expense |
|
- |
|
|
- |
|
|
- |
|
|
1,149 |
|
||||
| Non-GAAP net income (loss) | $ |
1,869 |
|
$ |
(801 |
) |
$ |
(1,938 |
) |
$ |
9,599 |
|
||||
| GAAP diluted net loss per share | $ |
(0.06 |
) |
$ |
(0.13 |
) |
$ |
(0.53 |
) |
$ |
(0.22 |
) |
||||
| Non-GAAP diluted net income (loss) per share | $ |
0.04 |
|
$ |
(0.02 |
) |
$ |
(0.04 |
) |
$ |
0.23 |
|
||||
| Shares used in computing GAAP diluted net loss per share |
|
43,578 |
|
|
42,184 |
|
|
43,128 |
|
|
41,831 |
|
||||
| Shares used in computing Non-GAAP diluted net income per share |
|
43,628 |
|
|
42,184 |
|
|
43,128 |
|
|
42,293 |
|
||||
| Brightcove Inc. | ||||||||||||||||
| Calculation of Adjusted EBITDA | ||||||||||||||||
| (in thousands) | ||||||||||||||||
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||||
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
||
| Net loss | $ |
(2,514 |
) |
$ |
(5,397 |
) |
$ |
(22,886 |
) |
$ |
(9,015 |
) |
||||
| Other income (expense), net |
|
89 |
|
|
(845 |
) |
|
80 |
|
|
1,035 |
|
||||
| Loss (benefit) from income taxes |
|
161 |
|
|
286 |
|
|
1,165 |
|
|
(52 |
) |
||||
| Depreciation and amortization |
|
4,292 |
|
|
3,555 |
|
|
16,536 |
|
|
10,696 |
|
||||
| Stock-based compensation expense |
|
3,459 |
|
|
3,579 |
|
|
13,899 |
|
|
13,299 |
|
||||
| Merger-related |
|
- |
|
|
- |
|
|
307 |
|
|
747 |
|
||||
| Restructuring |
|
1 |
|
|
- |
|
|
2,831 |
|
|
- |
|
||||
| Other expense |
|
- |
|
|
- |
|
|
- |
|
|
1,149 |
|
||||
| Adjusted EBITDA | $ |
5,488 |
|
$ |
1,178 |
|
$ |
11,932 |
|
$ |
17,859 |
|
||||
| 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 December 31, |
|
Twelve Months Ended December 31, |
||||||
|
2023 |
|
|
|
2023 |
|||
| Total revenue | $ |
50,156 |
|
$ |
201,187 |
|
||
| Constant currency adjustment |
|
211 |
|
|
372 |
|
||
| Total revenue on a constant currency basis | $ |
50,367 |
|
$ |
201,559 |
|
||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||
|
2023 |
|
|
2023 |
|
|||
| Adjusted EBITDA | $ |
5,488 |
|
$ |
11,932 |
|
||
| Constant currency adjustment |
|
172 |
|
|
1,032 |
|
||
| Adjusted EBITDA on a constant currency basis | $ |
5,660 |
|
$ |
12,964 |
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240222872371/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
What were Brightcove's revenue and adjusted EBITDA for the fourth quarter of 2023?
Who is stepping down as Brightcove's CFO?
What was Brightcove's net loss for the fourth quarter of 2023?
How did Brightcove's cash flow provided by operations change in the fourth quarter of 2023 compared to the fourth quarter of 2022?
What was Brightcove's full year 2023 revenue?
What is Brightcove's business outlook for the first quarter of 2024?
