StockSelector.com
  Research, Select, & Monitor Monday, December 10, 2018 10:01:52 PM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
Brightcove Inc.$7.05$.02.28%

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 Brightcove Announces Financial Results for Second Quarter Fiscal Year 2017
   Wednesday, July 26, 2017 4:06:00 PM ET

Brightcove Inc. (BCOV ), the leading provider of cloud services for video, today announced financial results for the second quarter ended June 30, 2017.

"Brightcove reported second quarter financial results that exceeded the high end of our revenue guidance but fell short of our profitability expectations due primarily to additional investments that were made during the second quarter to support one of our strategic customers. We remain on track to return to sustainable adjusted EBITDA profitability in the fourth quarter," said Andrew Feinberg, acting Chief Executive Officer of Brightcove.

Feinberg added, "During the second quarter, we delivered another strong bookings performance, driven by our expanded product portfolio, and we remain on track to achieve our mid- to high-teens bookings growth target for the year. We are delivering significant value to our customers, which gives us confidence that our continued innovation and increased focus on go-to-market execution will drive improved operational performance and long-term shareholder value."

Second Quarter 2017 Financial Highlights:

-- Revenue for the second quarter of 2017 was $38.8 million, an increase of 5% compared to $37.0 million for the second quarter of 2016. Subscription and support revenue was $35.5 million, compared to $35.1 million for the second quarter of 2016.

-- Gross profit for the second quarter of 2017 was $22.2 million, representing a gross margin of 57%, compared to a gross profit of $23.5 million for the second quarter of 2016. Non-GAAP gross profit for the second quarter of 2017 was $22.8 million, representing a non-GAAP gross margin of 59%, compared to a non-GAAP gross profit of $24.1 million for the second quarter of 2016. Non-GAAP gross profit and non-GAAP gross margin exclude stock-based compensation expense and the amortization of acquired intangible assets.

-- Loss from operations was $7.9 million for the second quarter of 2017, compared to a loss from operations of $2.2 million for the second quarter of 2016. Non-GAAP loss from operations, which excludes stock-based compensation expense and the amortization of acquired intangible assets, was $5.5 million for the second quarter of 2017, compared to non-GAAP loss from operations of $302,000 during the second quarter of 2016.

-- Net loss was $7.7 million, or $0.22 per diluted share, for the second quarter of 2017. This compares to a net loss of $2.4 million, or $0.07 per diluted share, for the second quarter of 2016. Non-GAAP net loss, which excludes stock-based compensation expense and the amortization of acquired intangible assets, was $5.3 million for the second quarter of 2017, or $0.16 per diluted share, compared to non-GAAP net loss of $489,000 for the second quarter of 2016, or $0.01 per diluted share.

-- Adjusted EBITDA loss was $4.3 million for the second quarter of 2017, compared to adjusted EBITDA of $885,000 for the second quarter of 2016. Adjusted EBITDA excludes stock-based compensation expense, the amortization of acquired intangible assets, depreciation expense, other income/expense and the provision for income taxes.

-- Cash flow used in operations was $119,000 for the second quarter for 2017, compared to cash flow from operations of $2.0 million for the second quarter of 2016.

-- Free cash flow was negative $937,000 after the company invested $818,000 in capital expenditures and capitalization of internal-use software during the second quarter of 2017. Free cash flow was $1.0 million for the second quarter of 2016.

-- Cash and cash equivalents were $28.4 million as of June 30, 2017 compared to $29.2 million at March 31, 2017.

A Reconciliation of GAAP to Non-GAAP results has been provided in the financial statement tables included at the end of this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."

Other Second Quarter and Recent Highlights:

-- Average annual subscription revenue per premium customer was $71,000 in the second quarter of 2017, excluding starter customers who had average annualized revenue of $5,000 per customer. This compares to $70,000 in the comparable period in 2016.

-- Recurring dollar retention rate was 91% in the second quarter of 2017, which was in-line with our historical target of the low to mid 90% range.

-- Ended the quarter with 4,304 customers, of which 2,079 were premium.

-- New enterprise customers and enterprise customers who expanded their relationship during the quarter included: Avon, Boston Children’s Hospital, Konica-Minolta, Masterclass, Navy Federal Credit Union, SAP, The Vitamin Shoppe and Under Armour, among others.

-- New media customers and media customers who expanded their relationship during the quarter included: The Africa Channel, AsiaNet News Media and Entertainment, Entravision, Football Federation Australia, Foxtel, Madison Square Garden Networks, Major League Soccer, Masterclass, Republic World, RugbyPass, and TV Asahi, among others.

-- Introduced several new innovations at its annual PLAY conference that further empower media, marketers and enterprises: -- Brightcove Live is a high-performance, scalable live streaming service that includes server-side ad insertion, cloud DVR, content encryption, on-the-fly clipping and VOD asset creation to deliver seamless monetization and clipping for live events and 24/7 channels.

-- Brightcove SSAI (Server-Side Ad Insertion) improves monetization, minimizes the impact of ad blockers and delivers a TV-like experience across every device.

-- Dynamic Delivery is Brightcove’s next-generation media delivery platform that offers enhanced reach, flexibility and performance with less storage.

-- In-Page Experiences enables users to build customized video layouts that incorporate calls-to-action and dynamic capabilities to deliver different experiences before, during and after a video is played.

-- Audience Profiles allows users to analyze the viewing history of individual viewers, providing insight that can be used to guide both short-term actions and long-term program strategies.

-- Context Aware Encoding, now in beta, is a new video compression technology that utilizes machine learning to deliver higher quality viewer experiences while also reducing storage and bandwidth costs by up to 50%.

Business Outlook

Based on information as of today, July 26, 2017, the Company is issuing the following financial guidance:

Third Quarter 2017:

-- Revenue is expected to be in the range of $37.5 million to $38.5 million, including approximately $2.5 million of professional services revenue.

-- Non-GAAP loss from operations is expected to be in the range of $3.2 million to $3.7 million, which excludes stock-based compensation of approximately $1.7 million and the amortization of acquired intangible assets of approximately $700,000.

-- Adjusted EBITDA loss is expected to be in the range of $1.9 million to $2.4 million, which excludes stock-based compensation of approximately $1.7 million, the amortization of acquired intangible assets of approximately $700,000, depreciation expense of approximately $1.3 million and other income/expense and the provision for income taxes of approximately $150,000.

-- Non-GAAP net loss per diluted share is expected to be $0.10 to $0.11, which excludes stock-based compensation of approximately $1.7 million and the amortization of acquired intangible assets of approximately $700,000, and assumes approximately 34.5 million weighted-average shares outstanding.

Full Year 2017:

-- Revenue is expected to be in the range of $152.0 million to $155.0 million. Professional services revenue is expected to be in a range of $10.5 million to $11.0 million.

-- Non-GAAP loss from operations is expected to be in the range of $11.8 million to $13.3 million, which excludes stock-based compensation of approximately $7.2 million and the amortization of acquired intangible assets of approximately $2.7 million.

-- Adjusted EBITDA loss is expected to be in the range of $7.0 million to $8.5 million, which excludes stock-based compensation of approximately $7.2 million, the amortization of acquired intangible assets of approximately $2.7 million, depreciation expense of approximately $4.8 million and other income/expense and the provision for income taxes of approximately $100,000.

-- Non-GAAP net loss per diluted share is expected to be $0.34 to $0.39, which excludes stock-based compensation of approximately $7.2 million and the amortization of acquired intangible assets of approximately $2.7 million, and assumes approximately 34.4 million weighted-average shares outstanding.

Conference Call Information

Brightcove will host a conference call today, July 26, 2017, at 5:00 p.m. (Eastern Time) to discuss the Company’s financial results and current business outlook. A live webcast of the call will be available at the "Investors" page of the Company’s website, http://investor.brightcove.com . To access the call, dial 877-407-3982 (domestic) or 201-493-6780 (international). A replay of this conference call will be available for a limited time at 844-512-2921 (domestic) or 412-317-6671 (international). The replay conference ID is 13666417. A replay of the webcast will also be available for a limited time at http://investor.brightcove.com .

About Brightcove

Brightcove Inc. (BCOV ) is the leading global provider of powerful cloud solutions for delivering and monetizing video across connected devices. The company offers a full suite of products and services that reduce the cost and complexity associated with publishing, distributing, measuring and monetizing video across devices. Brightcove has thousands of customers in over 70 countries that rely on the company’s cloud solutions to successfully publish high-quality video experiences to audiences everywhere. To learn more, 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 third fiscal quarter of 2017 and full year 2017, our bookings growth, and our ability to execute our go-to-market strategy to drive improved operational performance and long-term shareholder value. 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: our ability to scale and adapt our existing infrastructure to accommodate customer requirements; our ability to execute on booking and revenue growth and operating margin improvements; 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 storageI 3/4 our ability to expand the sales of our products to customers located outside the U.S.; keeping up with the rapid technological change required to remain competitive in our industry; our ability to retain existing customers; our ability to successfully recruit additional highly-qualified personnel and execute our CEO transition; 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, as updated by our subsequently filed Quarterly Reports on Form 10-Q and our other SEC filings. 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 and non-GAAP diluted net income (loss) per share. 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, the amortization of acquired intangible assets and merger-related expenses. The non-GAAP financial results discussed above of adjusted EBITDA is defined as consolidated net income (loss), plus stock-based compensation expense, the amortization of acquired intangible assets, merger-related expenses, depreciation expense, other income/expense, including interest expense and interest income, and the provision for income taxes. Merger-related expenses include fees incurred in connection with closing an acquisition in addition to fees associated with the retention of key employees. Non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. As previously mentioned, a reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release. The Company’s earnings press releases containing such non-GAAP reconciliations can be found on the Investors section of the Company’s web site at http://www.brightcove.com .

 
                                                                                                                 Brightcove Inc.
                                                                                                      Condensed Consolidated Balance Sheets
                                                                                                                 (in thousands)
                                                                                                                
                                                                                                                                                                                              
                                                                                                                   June 30, 2017                                                                              December 31, 2016
                                                                                                ---------------------------------------------------                                          ---------------------------------------------------
Assets
Current assets:
  Cash and cash equivalents                                                                                        $   28,351                                                                                   $   36,813
  Accounts receivable, net of allowance                                                                                23,153                                                                                       21,575
  Prepaid expenses and other current assets                                                          7,517                                                  5,897  
                                                                                                -------------------- -------- --------------------                                           -------------------- -------- --------------------
        Total current assets                                                                                           59,021                                                                                       64,285
Property and equipment, net                                                                                             9,065                                                                                        9,264
Intangible assets, net                                                                                                  9,585                                                                                       10,970
Goodwill                                                                                                               50,776                                                                                       50,776
Deferred tax asset                                                                                                        135                                                                                          121
Other assets                                                                                           920                                                  1,008  
                                                                                                -------------------- -------- --------------------                                           -------------------- -------- --------------------
        Total assets                                                                                               $  129,502                                                                $  136,424  
                                                                                                ==================== ======== ====================                                           ==================== ======== ====================
Liabilities and stockholders’ equity
Current liabilities:
  Accounts payable                                                                                                 $    8,467                                                                                   $    5,327
  Accrued expenses                                                                                                     13,538                                                                                       15,705
  Capital lease liability                                                                                                 404                                                                                          489
  Equipment financing                                                                                                     181                                                                                          307
  Deferred revenue                                                                                  36,088                                                 34,665  
                                                                                                -------------------- -------- --------------------                                           -------------------- -------- --------------------
        Total current liabilities                                                                                      58,678                                                                                       56,493
Deferred revenue, net of current portion                                                                                   31                                                                                           91
Other liabilities                                                                                    1,378                                                  1,644  
                                                                                                -------------------- -------- --------------------                                           -------------------- -------- --------------------
        Total liabilities                                                                                              60,087                                                                                       58,228
                                                                                                                                                                                              
Stockholders’ equity:
  Common stock                                                                                                             34                                                                                           34
  Additional paid-in capital                                                                                          234,698                                                                                      230,788
  Treasury stock, at cost                                                                                                (871 )                                                                                       (871 )
  Accumulated other comprehensive loss                                                                                   (915 )                                                                                     (1,172 )
  Accumulated deficit                                                                             (163,531 )                                                                (150,583 )
                                                                                                -------------------- -------- --------------------                                           -------------------- -------- --------------------
Total stockholders’ equity                                               69,415                                                 78,196  
                                                                                                -------------------- -------- --------------------                                           -------------------- -------- --------------------
        Total liabilities and stockholders’ equity                                                                 $  129,502                                                                $  136,424  
                                                                                                ==================== ======== ====================                                           ==================== ======== ====================
                                                                                                                                                                                              
 
                                                                                                                                                                                          Brightcove Inc.
                                                                                                                                                                          Condensed Consolidated Statements of Operations
                                                                                                                                                                             (in thousands, except per share amounts)
                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                                                                                                   
                                                                                                                                                      Three Months Ended June 30,                                                                                                                                          Six Months Ended June 30,
                                                                                                     ----------------------------------------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------------------------------------------
                                                                                                           2017                              2016                                                  2017                            2016   
                                                                                                     -------------------- ----------- --------------------                      -------------------- ------ --------------------                                           -------------------- ------- --------------------                      -------------------- ------ --------------------
Revenue:
      Subscription and support revenue                                                                                  $      35,528                                                              $ 35,080                                                                                   $  69,770                                                              $ 69,733
      Professional services and other revenue                                                                3,225                           1,880                                                 6,555                           3,519  
                                                                                                     -------------------- ----------- --------------------                      -------------------- ------ --------------------                                           -------------------- ------- --------------------                      -------------------- ------ --------------------
Total revenue                                                                                                                  38,753                                                                36,960                                                                                      76,325                                                                73,252
Cost of revenue: (1) (2)
      Cost of subscription and support revenue                                                                                 13,102                                                                11,675                                                                                      25,256                                                                23,350
      Cost of professional services and other revenue                                                        3,476                           1,778                                                 6,540                           3,367  
                                                                                                     -------------------- ----------- --------------------                      -------------------- ------ --------------------                                           -------------------- ------- --------------------                      -------------------- ------ --------------------
Total cost of revenue                                                                                       16,578                          13,453                                                31,796                          26,717  
                                                                                                     -------------------- ----------- --------------------                      -------------------- ------ --------------------                                           -------------------- ------- --------------------                      -------------------- ------ --------------------
            Gross profit                                                                                    22,175                          23,507                                                44,529                          46,535  
                                                                                                     -------------------- ----------- --------------------                      -------------------- ------ --------------------                                           -------------------- ------- --------------------                      -------------------- ------ --------------------
Operating expenses: (1) (2)
      Research and development                                                                                                  8,279                                                                 7,255                                                                                      16,473                                                                14,681
      Sales and marketing                                                                                                      15,904                                                                13,976                                                                                      29,805                                                                26,511
      General and administrative                                                                                                5,876                                                                 4,487                                                                                      11,267                                                                 9,064
      Merger-related                                                                                             -                               -                                                     -                              21  
                                                                                                     -------------------- ----------- --------------------                      -------------------- ------ --------------------                                           -------------------- ------- --------------------                      -------------------- ------ --------------------
Total operating expenses                                                                                    30,059                          25,718                                                57,545                          50,277  
                                                                                                     -------------------- ----------- --------------------                      -------------------- ------ --------------------                                           -------------------- ------- --------------------                      -------------------- ------ --------------------
Loss from operations                                                                                                           (7,884 )                                                              (2,211 )                                                                                   (13,016 )                                                              (3,742 )
Other income (expense), net                                                                                    314                             (91 )                                                                    452                            (122 )
                                                                                                     -------------------- ----------- --------------------                      -------------------- ------ --------------------                                           -------------------- ------- --------------------                      -------------------- ------ --------------------
Net loss before income taxes                                                                                                   (7,570 )                                                              (2,302 )                                                                                   (12,564 )                                                              (3,864 )
Provision for income taxes                                                                                     108                              96                                                   187                             141  
                                                                                                     -------------------- ----------- --------------------                      -------------------- ------ --------------------                                           -------------------- ------- --------------------                      -------------------- ------ --------------------
Net loss                                                                                                                $      (7,678 )                                                            $ (2,398 )                                                                                 $ (12,751 )                                                            $ (4,005 )
                                                                                                     ==================== =========== ====================                      ==================== ====== ====================                                           ==================== ======= ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                   
Net loss per share--basic and diluted
      Basic                                                                                                             $       (0.22 )                                                            $  (0.07 )                                                                                 $   (0.37 )                                                            $  (0.12 )
      Diluted                                                                                                (0.22 )                                            (0.07 )                                                                  (0.37 )                                            (0.12 )
                                                                                                     ==================== =========== ====================                      ==================== ====== ====================                                           ==================== ======= ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                   
Weighted-average shares--basic and diluted
      Basic                                                                                                                    34,247                                                                32,794                                                                                      34,152                                                                32,760
      Diluted                                                                                                                  34,247                                                                32,794                                                                                      34,152                                                                32,760
                                                                                                                                                                                                                                                                                                                                                   
(1) Stock-based compensation included in above line items:
      Cost of subscription and support revenue                                                                          $          89                                                              $     68                                                                                   $     191                                                              $    110
      Cost of professional services and other revenue                                                                              59                                                                    32                                                                                         119                                                                    89
      Research and development                                                                                                    341                                                                   181                                                                                         748                                                                   570
      Sales and marketing                                                                                                         517                                                                   497                                                                                       1,263                                                                   979
      General and administrative                                                                                                  680                                                                   347                                                                                       1,155                                                                   836
                                                                                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                                                                                                                                   
(2) Amortization of acquired intangible assets included in the above
line items:
      Cost of subscription and support revenue                                                                          $         508                                                              $    508                                                                                   $   1,015                                                              $  1,016
      Research and development                                                                                                      -                                                                    32                                                                                          11                                                                    63
      Sales and marketing                                                                                                         166                                                                   244                                                                                         359                                                                   470
                                                                                                                                                                                                                                                                                                                                                   
 
                                                                                                                      Brightcove Inc.
                                                                                                      Condensed Consolidated Statements of Cash Flows
                                                                                                                      (in thousands)
                                                                                                                             
                                                                                                                                                                                                           
                                                                                                                                                                        Six Months Ended June 30,
                                                                                                              ---------------------------------------------------------------------------------------------------------------------------------------------
Operating activities                                                                                              2017                                                 2016   
                                                                                                              -------------------- ------- --------------------                                           -------------------- ------ --------------------
Net loss                                                                                                                         $ (12,751 )                                                                                 $ (4,005 )
Adjustments to reconcile net loss to net cash (used in) provided by
operating activities:
   Depreciation and amortization                                                                                                     3,665                                                                                      3,985
   Stock-based compensation                                                                                                          3,476                                                                                      2,584
   Provision for reserves on accounts receivable                                                                                        96                                                                                        165
   Changes in assets and liabilities:
      Accounts receivable                                                                                                           (1,606 )                                                                                    2,364
      Prepaid expenses and other current assets                                                                                     (2,421 )                                                                                   (1,647 )
      Other assets                                                                                                                      92                                                                                       (231 )
      Accounts payable                                                                                                               3,959                                                                                        881
      Accrued expenses                                                                                                              (2,457 )                                                                                   (1,067 )
      Deferred revenue                                                                                            1,233                                                1,980  
                                                                                                              -------------------- ------- --------------------                                           -------------------- ------ --------------------
Net cash (used in) provided by operating activities                                                              (6,714 )                                                                 5,009  
                                                                                                              -------------------- ------- --------------------                                           -------------------- ------ --------------------
                                                                                                                                                                                                           
Investing activities
Cash paid for purchase of intangible asset                                                                                               -                                                                                       (300 )
Purchases of property and equipment, net of returns                                                                                   (650 )                                                                                   (1,026 )
Capitalization of internal-use software costs                                                                    (1,149 )                                                                (1,677 )
                                                                                                              -------------------- ------- --------------------                                           -------------------- ------ --------------------
Net cash used in investing activities                                                                            (1,799 )                                                                (3,003 )
                                                                                                              -------------------- ------- --------------------                                           -------------------- ------ --------------------
                                                                                                                                                                                                           
Financing activities
Proceeds from exercise of stock options                                                                                                277                                                                                        188
Payments of withholding tax on RSU vesting                                                                                            (118 )                                                                                     (108 )
Proceeds from equipment financing                                                                                                        -                                                                                        604
Payments on equipment financing                                                                                                       (152 )                                                                                     (122 )
Payments under capital lease obligation                                                                            (278 )                                                                  (461 )
                                                                                                              -------------------- ------- --------------------                                           -------------------- ------ --------------------
Net cash (used in) provided by financing activities                                                                (271 )                                                                   101  
                                                                                                              -------------------- ------- --------------------                                           -------------------- ------ --------------------
                                                                                                                                                                                                           
Effect of exchange rate changes on cash and cash equivalents                                                        322                                                  450  
                                                                                                              -------------------- ------- --------------------                                           -------------------- ------ --------------------
                                                                                                                                                                                                           
Net (decrease) increase in cash and cash equivalents                                                                                (8,462 )                                                                                    2,557
Cash and cash equivalents at beginning of period                                                                 36,813                                               27,637  
                                                                                                              -------------------- ------- --------------------                                           -------------------- ------ --------------------
Cash and cash equivalents at end of period                                                                                       $  28,351                                                                $ 30,194  
                                                                                                              ==================== ======= ====================                                           ==================== ====== ====================
                                                                                                                                                                                                           
 
                                                                                                                                                                                             Brightcove Inc.
                                                                                                                                                                     Reconciliation of GAAP Gross Profit, GAAP Loss From Operations,
                                                                                                                                                                              GAAP Net Loss and GAAP Net Loss Per Share to
                                                                                                                                                                     Non-GAAP Gross Profit, Non-GAAP (Loss) Income From Operations,
                                                                                                                                                                   Non-GAAP Net (Loss) Income and Non-GAAP Net (Loss) Income Per Share
                                                                                                                                                                                (in thousands, except per share amounts)
                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                              Three Months Ended June 30,                                                                                                                     Six Months Ended June 30,
                                                                                                                ----------------------------------------------------------------------------------------------------------------                                                 -----------------------------------------------------------------------------------------------------------------
                                                                                                                   2017                            2016                                                  2017                            2016   
                                                                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------                                           -------------------- ------- --------------------                      -------------------- ------ --------------------
GROSS PROFIT:
GAAP gross profit                                                                                                                  $ 22,175                                                              $ 23,507                                                                                   $  44,529                                                              $ 46,535
        Stock-based compensation expense                                                                                                148                                                                   100                                                                                         310                                                                   199
        Amortization of acquired intangible assets                                                                   508                             508                                                 1,015                           1,016  
                                                                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------                                           -------------------- ------- --------------------                      -------------------- ------ --------------------
Non-GAAP gross profit                                                                                                              $ 22,831                                           $ 24,115                                                                $  45,854                                           $ 47,750  
                                                                                                                ==================== ====== ====================                      ==================== ====== ====================                                           ==================== ======= ====================                      ==================== ====== ====================
LOSS FROM OPERATIONS:
GAAP loss from operations                                                                                                          $ (7,884 )                                                            $ (2,211 )                                                                                 $ (13,016 )                                                            $ (3,742 )
        Stock-based compensation expense                                                                                              1,686                                                                 1,125                                                                                       3,476                                                                 2,584
        Merger-related expenses                                                                                                           -                                                                     -                                                                                           -                                                                    21
        Amortization of acquired intangible assets                                                                   674                             784                                                 1,385                           1,549  
                                                                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------                                           -------------------- ------- --------------------                      -------------------- ------ --------------------
Non-GAAP (loss) income from operations                                                                                             $ (5,524 )                                                            $   (302 )                                                                                 $  (8,155 )                                                            $    412  
                                                                                                                ==================== ====== ====================                      ==================== ====== ====================                                           ==================== ======= ====================                      ==================== ====== ====================
NET LOSS:
GAAP net loss                                                                                                                      $ (7,678 )                                                            $ (2,398 )                                                                                 $ (12,751 )                                                            $ (4,005 )
        Stock-based compensation expense                                                                                              1,686                                                                 1,125                                                                                       3,476                                                                 2,584
        Merger-related expenses                                                                                                           -                                                                     -                                                                                           -                                                                    21
        Amortization of acquired intangible assets                                                                   674                             784                                                 1,385                           1,549  
                                                                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------                                           -------------------- ------- --------------------                      -------------------- ------ --------------------
Non-GAAP net (loss) income                                                                                                         $ (5,318 )                                                            $   (489 )                                                                                 $  (7,890 )                                                            $    149  
                                                                                                                ==================== ====== ====================                      ==================== ====== ====================                                           ==================== ======= ====================                      ==================== ====== ====================
GAAP diluted net loss per share                                                                                                    $  (0.22 )                                                            $  (0.07 )                                                                                 $   (0.37 )                                                            $  (0.12 )
                                                                                                                ==================== ====== ====================                      ==================== ====== ====================                                           ==================== ======= ====================                      ==================== ====== ====================
Non-GAAP diluted net (loss) income per share                                                                                       $  (0.16 )                                                            $  (0.01 )                                                                                 $   (0.23 )                                                            $   0.00  
                                                                                                                ==================== ====== ====================                      ==================== ====== ====================                                           ==================== ======= ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                         
Shares used in computing GAAP diluted net (loss) income per share                                                                    34,247                                                                32,794                                                                                      34,152                                                                32,760
Shares used in computing Non-GAAP diluted net (loss) income per share                                                                34,247                                                                32,794                                                                                      34,152                                                                33,787
                                                                                                                                                                                                                                                                                                                                                         
 
                                                                                                                                                                               Brightcove Inc.
                                                                                                                                                                       Calculation of Adjusted EBITDA
                                                                                                                                                                               (in thousands)
                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                            
                                                                                                                                 Three Months Ended June 30,                                                                                                                                        Six Months Ended June 30,
                                                                                   -----------------------------------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------------------------------------------
                                                                                      2017         2016                                                  2017         2016   
                                                                                   -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------                                           -------------------- ------- -------------------- -------------------- -------------------- ------ --------------------
Net loss                                                                                              $ (7,678 )                                                            $ (2,398 )                                                                                 $ (12,751 )                                                            $ (4,005 )
        Other (income) expense, net                                                                       (314 )                                                                  91                                                                                        (452 )                                                                 122
        Provision for income taxes                                                                         108                                                                    96                                                                                         187                                                                   141
        Merger-related expenses                                                                              -                                                                     -                                                                                           -                                                                    21
        Depreciation and amortization                                                                    1,931                                                                 1,971                                                                                       3,665                                                                 3,985
        Stock-based compensation expense                                              1,686                           1,125                                                 3,476                           2,584  
                                                                                   -------------------- ------ --------------------                      -------------------- ------ --------------------                                           -------------------- ------- --------------------                      -------------------- ------ --------------------
Adjusted EBITDA                                                                                       $ (4,267 )                                                            $    885                                                                $  (5,875 )                                                            $  2,848  
                                                                                   ==================== ====== ====================                      ==================== ====== ====================                                           ==================== ======= ====================                      ==================== ====== ====================

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170726006158r1&sid=cmtx6&distro=nx&

View source version on businesswire.com: http://www.businesswire.com/news/home/20170726006158/en/

SOURCE: Brightcove Inc.

Investor Contact: 
ICR for Brightcove 
Brian Denyeau, 646-277-1251 
brian.denyeau@icrinc.com 
or 
Media Contact: 
Brightcove Inc. 
Phil LeClare, 617-674-6510 
pleclare@brightcove.com


Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2018 StockSelector.com. All rights reserved.