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    Brightcove Announces Financial Results for Fourth Quarter and Fiscal Year 2023

    2/22/24 4:05:00 PM ET
    $BCOV
    EDP Services
    Technology
    Get the next $BCOV alert in real time by email

    Brightcove Inc. (NASDAQ:BCOV), the world's most trusted streaming technology company, today announced financial results for the fourth quarter and fiscal year ended December 31, 2023.

    "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, an increase of 2% compared to $49.2 million for the fourth quarter of 2022. Subscription and support revenue was $47.8 million, flat compared to the fourth quarter of 2022.
    • Gross profit for the fourth quarter of 2023 was $30.8 million, representing a gross margin of 61%, compared to gross profit of $29.9 million, representing a gross margin of 61% for the fourth quarter of 2022. Non-GAAP gross profit for the fourth quarter of 2023 was $31.6 million, representing a non-GAAP gross margin of 63%, compared to non-GAAP gross profit of $30.7 million, representing a non-GAAP gross margin of 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 for the fourth quarter of 2023, compared to loss from operations of $6.0 million for the fourth quarter of 2022. Non-GAAP operating income, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related and restructuring expenses and other (benefit) expense, was $2.1 million for the fourth quarter of 2023, compared to non-GAAP operating loss of $1.4 million during the fourth quarter of 2022.
    • Net loss was $2.5 million, or a loss of $0.06 per diluted share, for the fourth quarter of 2023. This compares to net loss of $5.4 million, or $0.13 per diluted share, for the fourth quarter of 2022. Non-GAAP net income, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related and restructuring expenses and other (benefit) expense, was $1.9 million for the fourth quarter of 2023, or $0.04 per diluted share, compared to non-GAAP net loss of $801,000 for the fourth quarter of 2022, or $0.02 per diluted share.
    • Adjusted EBITDA was $5.5 million for the fourth quarter of 2023, representing an adjusted EBITDA margin of 11% and an increase of 366% compared to adjusted EBITDA of $1.2 million for the fourth quarter of 2022. Adjusted EBITDA excludes stock-based compensation expense, merger-related and restructuring expenses, other (benefit) expense, the amortization of acquired intangible assets, depreciation expense, other income/expense and the provision for income taxes.
    • Cash flow provided by operations was $4.2 million for the fourth quarter of 2023, compared to cash flow provided by operations of $5.7 million for the fourth quarter of 2022.
    • Free cash flow was $1.4 million after the company invested $2.8 million in capital expenditures and capitalization of internal-use software during the fourth quarter of 2023. Free cash flow was negative $585,000 for the fourth quarter of 2022.
    • Cash and cash equivalents were $18.6 million as of December 31, 2023 compared to $31.9 million on December 31, 2022 and $16.4 million on September 30, 2023.

    Full Year 2023 Financial Highlights:

    • Revenue for the full year 2023 was $201.2 million, compared to $211.0 million for 2022. Subscription and support revenue was $192.5 million, compared to $204.1 million for 2022.
    • Gross profit for 2023 was $123.8 million, representing a gross margin of 62%, compared to gross profit of $133.9 million, representing a gross margin of 63% for 2022. Non-GAAP gross profit for 2023 was $127.1 million, representing a non-GAAP gross margin of 63%, compared to non-GAAP gross profit of $136.6 million, representing a non-GAAP gross margin of 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 for 2023, compared to loss from operations of $8.0 million for 2022. Non-GAAP operating loss, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related and restructuring expenses and other (benefit) expense, was $693,000 for 2023, compared to non-GAAP operating income of $10.6 million for 2022.
    • Net loss was $22.9 million, or a loss of $0.53 per diluted share, for 2023. This compares to net loss of $9.0 million, or $0.22 per diluted share, for 2022. Non-GAAP net loss, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related and restructuring expenses and other (benefit) expense, was $1.9 million for 2023, or $0.04 per diluted share, compared to non-GAAP net income of $9.6 million for 2022, or $0.23 per diluted share.
    • Adjusted EBITDA was $11.9 million for 2023, compared to adjusted EBITDA of $17.9 million for 2022. Adjusted EBITDA excludes stock-based compensation expense, merger-related and restructuring expenses, other (benefit) expense, the amortization of acquired intangible assets, depreciation expense, other income/expense and the provision for income taxes.
    • Cash flow provided by operations was $4.5 million for 2023, compared to cash flow provided by operations of $25.4 million for 2022.
    • Free cash flow was negative $11.1 million after the company invested $15.6 million in capital expenditures and capitalization of internal-use software during 2023. Free cash flow was $869,000 for 2022.

    ​​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. This represents a 6% increase year-over-year over $120.1 million at the end of the fourth quarter of 2022. Total backlog was $183.0 million, a 19% increase year-over-year over $153.3 million at the end of the fourth quarter 2022.
    • Average annual subscription revenue per premium customer was $96,200 in the fourth quarter of 2023, excluding starter customers who had average annualized revenue of $3,900 per customer. The average annual subscription revenue per premium customer increased 8% year-over-year compared to $89,000 in the fourth quarter of 2022.
    • 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 to $50.0 million, including approximately $2.4 million of professional services revenue and $0.8 million of overages.
    • Non-GAAP income from operations is expected to be in the range of $0.0 million to $1.0 million, which excludes stock-based compensation of approximately $2.8 million, restructuring expenses of $1.7 million and the amortization of acquired intangible assets of approximately $1.0 million.
    • Adjusted EBITDA is expected to be in the range of $4.0 million to $5.0 million, which excludes stock-based compensation of approximately $2.8 million, restructuring expenses of $1.7 million, the amortization of acquired intangible assets of approximately $1.0 million, depreciation expense of approximately $4.0 million, and other (income) expense and the provision for income taxes of approximately $0.3 million.
    • Non-GAAP net (loss) income per diluted share is expected to be ($0.01) to $0.02, which excludes stock-based compensation of approximately $2.8 million, restructuring expenses of $1.7 million, the amortization of acquired intangible assets of approximately $4.0 million, and assumes approximately 44.2 million weighted-average shares outstanding.

    Full Year 2024 Guidance:

    • Revenue is expected to be in the range of $195.0 million to $198.0 million, including approximately $9 million of professional services revenue and approximately $3 million of overages.
    • Non-GAAP loss from operations is expected to be in the range of ($3.0) million to ($1.0) million, which excludes stock-based compensation of approximately $11.3 million, the amortization of acquired intangible assets of approximately $4.1 million and restructuring expense of $1.7 million.
    • Adjusted EBITDA is expected to be in the range of $14.0 million to $16.0 million, which excludes stock-based compensation of approximately $11.3 million, the amortization of acquired intangible assets of approximately $4.1 million, restructuring expense of $1.7 million, depreciation expense of approximately $16.9 million, and other (income) expense and the provision for income taxes of approximately $1.2 million.
    • Non-GAAP loss per diluted share is expected to be ($0.10) to ($0.05), which excludes stock-based compensation of approximately $11.3 million, the amortization of acquired intangible assets of approximately $4.1 million, restructuring expense of $1.7 million, and assumes approximately 45.6 million weighted-average shares outstanding.

    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/

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