[April 30, 2015] |
|
Brightcove Announces Financial Results for First Quarter 2015
Brightcove Inc. (Nasdaq: BCOV), a leading global provider of cloud
services for video, today announced financial results for the quarter
ended March 31, 2015.
"Brightcove delivered first quarter results that exceeded our
expectations from both a revenue and profitability perspective," said
David Mendels, Chief Executive Officer of Brightcove. "During the
quarter we continued to make progress with our product and go-to-market
strategy to drive business success for media companies looking to
monetize video experiences across all types of mobile and living room
devices, as well as digital marketers looking to tie video directly into
their core marketing communications and demand generation strategies."
Mendels continued, "We remain on track to achieve our full year revenue
and profitability targets, while generating accelerating revenue growth
throughout the year and returning to non-GAAP profitability in the
fourth quarter. We still have additional progress to make on our
business transformation and operational execution in the coming
quarters, which we believe will drive improved financial performance and
ultimately significant value for our shareholders."
First Quarter 2015 Financial Highlights:
-
Revenue for the first quarter of 2015 was $32.9 million, an
increase of 6% compared to $31.1 million for the first quarter of
2014. Subscription and support revenue was $31.8 million, an increase
of 8% compared with $29.4 million for the first quarter of 2014.
-
Gross profit for the first quarter of 2015 was $21.3 million,
compared to $19.8 million for the first quarter of 2014, representing
a gross margin of 65% for the first quarter of 2015. Non-GAAP gross
profit for the first quarter of 2015 was $21.9 million, representing a
year-over-year increase of 7% and a non-GAAP gross margin of 66%.
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 $2.5 million for the first quarter of
2015, compared to a loss of $4.7 million for the first quarter of
2014. Non-GAAP loss from operations, which excludes stock-based
compensation expense, the amortization of acquired intangible assets
and merger-related expenses, was $284,000 for the first quarter of
2015, an improvement compared to a non-GAAP loss of $322,000 during
the first quarter of 2014.
-
Net loss was $2.8 million, or $0.09 per diluted share, for the
first quarter of 2015. This compares to a net loss of $4.8 million, or
$0.16 per diluted share, for the first quarter of 2014. Non-GAAP net
loss, which excludes stock-based compensation expense, the
amortization of acquired intangible assets and merger-related
expenses, was $574,000 for the first quarter of 2015, or $0.02 per
diluted share, compared to a non-GAAP net loss of $501,000 for the
first quarter of 2014, or $0.02 per diluted share.
-
Adjusted EBITDA was $1.4 million for the first quarter of 2015,
compared to $785,000 for the first quarter of 2014. Adjusted EBITDA
excludes stock-based compensation expense, the amortization of
acquired intangible assets, merger-related expenses, depreciation
expense, other income/expense and the provision for income taxes.
-
Cash flow from operations was $46,000, compared to cash used in
operations of $4.9 million for the first quarter of 2014.
-
Free cash flow was negative $692,000 after the company invested
$738,000 in capital expenditures and capitalization of internal-use
software during the first quarter of 2015. Free cash flow was negative
$5.7 million for the first quarter of 2014.
-
Cash and cash equivalents were $21.9 million as of March 31,
2015 compared to $22.9 million at December 31, 2014.
A Reconciliation of GAAP to Non-GAAP results has been provided in the
financial statement tables included at the end of this press release. An
explanation of these measures is also included below under the heading
"Non-GAAP Financial Measures."
Other First Quarter and Recent Highlights:
-
Ended the quarter with 5,578 customers, of which 1,864 were premium.
-
New media customers and media customers who expanded their
relationship during the quarter included: Legendary Pictures, Public
Broadcasting Service (PBS), NASCAR Digital Media, Quebecor Media,
Television New Zealand, The News Lens, Tokyo Broadcasting System, TV
Tokyo, Virgin Media and Voyager Innovations.
-
New digital marketing customers and digital marketing customers who
expanded their relationship during the quarter included: Allstate,
Dunkin Brands, Edmunds.com, EMC, Herbalife, Lenovo, Metropolitan
Opera, and TJX Companies.
-
Introduced a new module for the Video Marketing Suite that enables
marketers to leverage video viewing analytics within Oracle Eloqua to
build personalized communications, score leads more effectively, and
perform more detailed audience segmentation. Brightcove also
integrated with Oracle App Cloud partner, SnapApp, to help marketers
bring video experiences to its interactive content.
-
Average revenue per premium customer was $63,000 in the first quarter
of 2015. This is an increase of 5% from $60,000 in the comparable
period in 2014.
-
Recurring dollar retention rate was 91% in the first quarter of 2015,
which is in line with our historical target in the low to mid 90%
range.
Business Outlook
Based on information as of today, April 30, 2015, the Company is issuing
the following financial guidance:
Second Quarter 2015:
-
Revenue is expected to be in the range of $33.0 million to
$33.5 million.
-
Non-GAAP loss from operations is expected to be in the range of
$600,000 to $1.1 million, which excludes stock-based compensation, the
amortization of acquired intangible assets and merger-related expenses
totaling approximately $2.1 million.
-
Adjusted EBITDA in the second quarter is expected to be in the
range of $500,000 to $1.0 million, which excludes stock-based
compensation, the amortization of acquired intangible assets,
merger-related expenses, depreciation, other income/expense and taxes
totaling approximately $4.0 million.
-
Non-GAAP net loss per diluted share is expected to be $0.03 to
$0.05, assuming approximately 32.6 million shares outstanding.
Full Year 2015:
-
Revenue is expected to be in the range of $132.5 million to
$134.5 million.
-
Non-GAAP loss from operations is expected to be in the range of
$500,000 to $2.5 million, which excludes stock-based compensation, the
amortization of acquired intangible assets and merger-related expenses
totaling approximately $9.2 million to $9.6 million.
-
Adjusted EBITDA for the full year is expected to be in the
range of $4.0 to $6.0 million, which excludes stock-based
compensation, the amortization of acquired intangible assets,
merger-related expenses, depreciation, other income/expense and taxes
totaling approximately $16.2 million to $16.6 million.
-
Non-GAAP net loss per diluted share is expected to be $0.05 to
$0.12, assuming approximately 32.6 million shares outstanding.
Conference Call Information
Brightcove will host a conference call today, April 30, 2015, at 5:00
p.m. (Eastern Time) to discuss the Company's financial results and
current business outlook. 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 877-870-5176 (domestic) or
858-384-5517 (international). The replay conference ID is 13605398. A
replay of the webcast will also be available for a limited time at http://investor.brightcove.com.
About Brightcove
Brightcove Inc. (Nasdaq:BCOV) is a 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 more than
5,500 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 second
fiscal quarter of 2015 and full year 2015, our position to execute on
our growth strategy, 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; our history of losses, our
limited operating history; expectations regarding the widespread
adoption of customer demand for our products; 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
manage our growth effectively and successfully recruit additional
highly-qualified personnel; and 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 loss from
operations, non-GAAP net loss, adjusted EBITDA, adjusted EBITDA margin
and non-GAAP diluted net 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 loss from operations, non-GAAP net loss and
non-GAAP diluted net 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. Adjusted EBITDA margin
is defined as adjusted EBITDA as a percentage of total revenue. 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.
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Brightcove Inc.
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Condensed Consolidated Balance Sheets
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(in thousands)
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(unaudited)
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March 31, 2015
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December 31, 2014
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Assets
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Current assets:
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Cash and cash equivalents
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$
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21,907
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$
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22,916
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Accounts receivable, net of allowance
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19,403
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|
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21,463
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Prepaid expenses and other current assets
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5,488
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4,342
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Deferred tax asset
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|
19
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|
109
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Total current assets
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46,817
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48,830
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Property and equipment, net
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9,701
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|
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10,372
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Intangible assets, net
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16,108
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|
16,898
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Goodwill
|
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|
50,776
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|
|
|
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50,776
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Restricted cash
|
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|
|
201
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201
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Other assets
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735
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|
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|
507
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Total assets
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$
|
124,338
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|
$
|
127,584
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Liabilities and stockholders' equity
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Current liabilities:
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Accounts payable
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|
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$
|
2,354
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|
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|
|
|
$
|
1,618
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|
Accrued expenses
|
|
|
|
|
10,285
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|
|
|
|
|
|
11,722
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|
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Capital lease liability
|
|
|
|
|
1,021
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|
|
|
|
|
|
1,159
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|
|
Deferred revenue
|
|
|
|
|
28,999
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|
|
|
|
|
|
29,640
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|
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|
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Total current liabilities
|
|
|
|
|
42,659
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|
|
|
|
|
|
44,139
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Deferred revenue, net of current portion
|
|
|
|
|
157
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|
|
|
|
|
|
64
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Other liabilities
|
|
|
|
|
2,145
|
|
|
|
|
|
|
2,618
|
|
|
|
|
Total liabilities
|
|
|
|
|
44,961
|
|
|
|
|
|
|
46,821
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|
|
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|
|
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|
|
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|
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Stockholders' equity:
|
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Common stock
|
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|
|
33
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|
|
|
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|
|
32
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|
|
Additional-paid-in-capital
|
|
|
|
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216,023
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|
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|
|
|
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214,524
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|
|
Accumulated other comprehensive loss
|
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|
|
|
(831
|
)
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(776
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)
|
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Accumulated deficit
|
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|
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(135,848
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)
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(133,017
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)
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Total stockholders' equity
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|
|
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79,377
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|
|
|
|
|
|
80,763
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Total liabilities and stockholders' equity
|
|
|
|
$
|
124,338
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|
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$
|
127,584
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Brightcove Inc.
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Condensed Consolidated Statements of Operations
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(in thousands, except per share amounts)
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(unaudited)
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Three Months Ended March 31,
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2015
|
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2014
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Revenue:
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Subscription and support revenue
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$
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31,811
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$
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29,375
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Professional services and other revenue
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1,074
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1,730
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Total revenue
|
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32,885
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|
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|
31,105
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Cost of revenue: (1) (2)
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Cost of subscription and support revenue
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|
|
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|
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10,346
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|
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9,520
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Cost of professional services and other revenue
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1,246
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1,747
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Total cost of revenue
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11,592
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|
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11,267
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Gross profit
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21,293
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19,838
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Operating expenses: (1) (2)
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Research and development
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7,820
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6,569
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Sales and marketing
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10,839
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|
|
|
|
|
11,346
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General and administrative
|
|
|
|
|
|
5,161
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|
|
|
|
|
4,714
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Merger-related
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|
14
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|
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|
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1,867
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Total operating expenses
|
|
|
|
|
|
23,834
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|
|
|
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|
|
24,496
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|
Loss from operations
|
|
|
|
|
|
(2,541
|
)
|
|
|
|
|
|
(4,658
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)
|
Other expense, net
|
|
|
|
|
|
(224
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)
|
|
|
|
|
|
(112
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)
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Loss before income taxes
|
|
|
|
|
|
(2,765
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)
|
|
|
|
|
|
(4,770
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)
|
Provision for income taxes
|
|
|
|
|
|
66
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|
|
|
|
|
|
67
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Net loss
|
|
|
|
|
$
|
(2,831
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)
|
|
|
|
|
$
|
(4,837
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)
|
|
|
|
|
|
|
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|
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|
|
Net loss per share-basic and diluted
|
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|
|
|
$
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(0.09
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)
|
|
|
|
|
$
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(0.16
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)
|
|
|
|
|
|
|
|
|
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|
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Weighted-average shares -basic and diluted
|
|
|
|
|
|
32,496
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|
|
|
|
|
|
31,038
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|
|
|
|
|
|
|
|
|
|
|
|
(1) Stock-based compensation included in above line items:
|
|
|
|
|
|
|
Cost of subscription and support revenue
|
|
|
|
|
$
|
20
|
|
|
|
|
|
$
|
60
|
|
Cost of professional services and other revenue
|
|
|
|
|
|
33
|
|
|
|
|
|
|
52
|
|
Research and development
|
|
|
|
|
|
434
|
|
|
|
|
|
|
396
|
|
Sales and marketing
|
|
|
|
|
|
458
|
|
|
|
|
|
|
633
|
|
General and administrative
|
|
|
|
|
|
508
|
|
|
|
|
|
|
609
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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(2) Amortization of acquired intangible assets included in the above
line items:
|
|
|
|
|
|
|
Cost of subscription and support revenue
|
|
|
|
|
$
|
507
|
|
|
|
|
|
$
|
423
|
|
Research and development
|
|
|
|
|
|
32
|
|
|
|
|
|
|
31
|
|
Sales and marketing
|
|
|
|
|
|
251
|
|
|
|
|
|
|
265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brightcove Inc.
|
Condensed Consolidated Statements of Cash Flows
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
Operating activities
|
|
|
|
2015
|
|
2014
|
Net loss
|
|
|
|
$
|
(2,831
|
)
|
|
$
|
(4,837
|
)
|
Adjustments to reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
2,429
|
|
|
|
1,826
|
|
Stock-based compensation
|
|
|
|
|
1,453
|
|
|
|
1,750
|
|
Provision for reserves on accounts receivable
|
|
|
|
|
76
|
|
|
|
23
|
|
Amortization of premium on investments
|
|
|
|
|
-
|
|
|
|
1
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
1,993
|
|
|
|
(40
|
)
|
Prepaid expenses and other current assets
|
|
|
|
|
(534
|
)
|
|
|
(1,602
|
)
|
Other assets
|
|
|
|
|
(226
|
)
|
|
|
861
|
|
Accounts payable
|
|
|
|
|
789
|
|
|
|
(1,769
|
)
|
Accrued expenses
|
|
|
|
|
(2,540
|
)
|
|
|
(4,095
|
)
|
Deferred revenue
|
|
|
|
|
(563
|
)
|
|
|
2,948
|
|
Net cash provided by (used in) operating activities
|
|
|
|
|
46
|
|
|
|
(4,934
|
)
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
|
|
(581
|
)
|
|
|
(206
|
)
|
Capitalization of internal-use software costs
|
|
|
|
|
(157
|
)
|
|
|
(571
|
)
|
Cash paid for acquisition, net of cash acquired
|
|
|
|
|
-
|
|
|
|
(9,100
|
)
|
Maturities of investments
|
|
|
|
|
-
|
|
|
|
1,400
|
|
Decrease in restricted cash
|
|
|
|
|
-
|
|
|
|
113
|
|
Net cash used in investing activities
|
|
|
|
|
(738
|
)
|
|
|
(8,364
|
)
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
Proceeds from exercise of stock options
|
|
|
|
|
46
|
|
|
|
117
|
|
Payments under capital lease obligation
|
|
|
|
|
(319
|
)
|
|
|
(222
|
)
|
Net cash used in financing activities
|
|
|
|
|
(273
|
)
|
|
|
(105
|
)
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
|
|
(44
|
)
|
|
|
120
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
|
|
|
|
(1,009
|
)
|
|
|
(13,283
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
22,916
|
|
|
|
33,047
|
|
Cash and cash equivalents at end of period
|
|
|
|
$
|
21,907
|
|
|
$
|
19,764
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 From Operations, Non-GAAP
Net Loss and Non-GAAP Net Loss Per Share
|
(in thousands, except per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
|
|
|
|
|
|
|
|
$
|
21,293
|
|
|
|
|
$
|
19,838
|
|
|
|
Stock-based compensation expense
|
|
|
|
|
|
|
53
|
|
|
|
|
|
112
|
|
|
|
Amortization of acquired intangible assets
|
|
|
|
|
|
|
507
|
|
|
|
|
|
423
|
|
|
Non-GAAP gross profit
|
|
|
|
|
|
|
|
$
|
21,853
|
|
|
|
|
$
|
20,373
|
|
|
LOSS FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss from operations
|
|
|
|
|
|
|
$
|
(2,541
|
)
|
|
|
|
$
|
(4,658
|
)
|
|
|
Stock-based compensation expense
|
|
|
|
|
|
|
1,453
|
|
|
|
|
|
1,750
|
|
|
|
Merger-related expenses
|
|
|
|
|
|
|
|
14
|
|
|
|
|
|
1,867
|
|
|
|
Amortization of acquired intangible assets
|
|
|
|
|
|
|
790
|
|
|
|
|
|
719
|
|
|
Non-GAAP loss from operations
|
|
|
|
|
|
|
$
|
(284
|
)
|
|
|
|
$
|
(322
|
)
|
|
NET LOSS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
|
|
|
|
|
|
|
|
|
$
|
(2,831
|
)
|
|
|
|
$
|
(4,837
|
)
|
|
|
Stock-based compensation expense
|
|
|
|
|
|
|
1,453
|
|
|
|
|
|
1,750
|
|
|
|
Merger-related expenses
|
|
|
|
|
|
|
|
14
|
|
|
|
|
|
1,867
|
|
|
|
Amortization of acquired intangible assets
|
|
|
|
|
|
|
790
|
|
|
|
|
|
719
|
|
|
Non-GAAP net loss
|
|
|
|
|
|
|
|
$
|
(574
|
)
|
|
|
|
$
|
(501
|
)
|
|
GAAP diluted net loss per share
|
|
|
|
|
|
|
$
|
(0.09
|
)
|
|
|
|
$
|
(0.16
|
)
|
|
Non-GAAP diluted net loss per share
|
|
|
|
|
|
|
$
|
(0.02
|
)
|
|
|
|
$
|
(0.02
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing GAAP diluted net loss per share
|
|
|
|
|
32,496
|
|
|
|
|
|
31,038
|
|
|
Shares used in computing Non-GAAP diluted net loss per share
|
|
|
|
|
32,496
|
|
|
|
|
|
31,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brightcove Inc.
|
Calculation of Adjusted EBITDA and Adjusted EBITDA Margin
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
Amount
|
Net loss
|
|
|
|
|
|
|
$
|
(2,831
|
)
|
|
|
|
|
$
|
(4,837
|
)
|
|
Other expense, net
|
|
|
|
|
|
|
(224
|
)
|
|
|
|
|
|
(112
|
)
|
|
Provision for income taxes
|
|
|
|
|
|
66
|
|
|
|
|
|
|
67
|
|
|
Merger-related expenses
|
|
|
|
|
|
|
14
|
|
|
|
|
|
|
1,867
|
|
|
Depreciation and amortization
|
|
|
|
|
|
2,429
|
|
|
|
|
|
|
1,826
|
|
|
Stock-based compensation expense
|
|
|
|
|
|
1,453
|
|
|
|
|
|
|
1,750
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
$
|
1,355
|
|
|
|
|
|
$
|
785
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin
|
|
|
|
|
|
|
4.1
|
%
|
|
|
|
|
|
2.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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