[May 04, 2017] |
|
Brightcove Announces Financial Results for First Quarter Fiscal Year 2017
Brightcove Inc. (Nasdaq: BCOV), the leading provider of cloud
services for video, today announced financial results for the first
quarter ended March 31, 2017.
"Brightcove reported mixed first quarter financial results with revenue
in line with expectations but non-GAAP EPS below guidance primarily due
to a revenue mix shift and unanticipated one-time costs associated with
a large client's impending OTT service launch," said David Mendels,
Chief Executive Officer of Brightcove. "In addition, while we had strong
year-over-year bookings performance in the quarter, we experienced a
significant and unanticipated decrease in our revenue retention rate,
among media customers, primarily due to changes in the market for the
non-software elements of content delivery and storage."
Mendels added, "Despite this challenge, we are optimistic that we will
return to double-digit revenue growth in 2018, as we benefit from the
positive impact from our bookings momentum and execute on a
multi-faceted product and pricing strategy that will improve our revenue
retention rate. We believe we are at the early stages of a multi-billion
market opportunity with media and digital marketing and enterprise
customers who are finding new and innovative ways to leverage their
digital assets to improve business performance. We remain confident in
our ability to achieve our long-term financial objectives, which we
believe will create significant value for long-term shareholders."
First Quarter 2017 Financial Highlights:
-
Revenue for the first quarter of 2017 was $37.6 million, an
increase of 4% compared to $36.3 million for the first quarter of
2016. Subscription and support revenue was $34.2 million, compared to
$34.7 million for the first quarter of 2016.
-
Gross profit for the first quarter of 2017 was $22.4 million,
representing a gross margin of 59%, compared to a gross profit of
$23.0 million for the first quarter of 2016. Non-GAAP gross profit for
the first quarter of 2017 was $23.0 million, representing a non-GAAP
gross margin of 61%, compared to a non-GAAP gross profit of $23.6
million for the first 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 $5.1 million for the first quarter of
2017, compared to a loss from operations of $1.5 million for the first
quarter of 2016. Non-GAAP loss from operations, which excludes
stock-based compensation expense, the amortization of acquired
intangible assets and merger-related expenses, was $2.6 million for
the first quarter of 2017, compared to non-GAAP income from operations
of $714,000 during the first quarter of 2016.
-
Net loss was $5.1 million, or $0.15 per diluted share, for the
first quarter of 2017. This compares to a net loss of $1.6 million, or
$0.05 per diluted share, for the first quarter of 2016. Non-GAAP net
loss, which excludes stock-based compensation expense, the
amortization of acquired intangible assets and merger-related
expenses, was $2.6 million for the first quarter of 2017, or $0.08 per
diluted share, compared to non-GAAP net income of $638,000 for the
first quarter of 2016, or $0.02 per diluted share.
-
Adjusted EBITDA loss was $1.6 million for the first quarter of
2017, compared to adjusted EBITDA of $2.0 million for the first
quarter of 2016. 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 used in operations was $6.6 million for the first
quarter for 2017, compared to cash flow from operations of $3.0
million for the first quarter of 2016.
-
Free cash flow was negative $7.6 million after the company
invested $1.0 million in capital expenditures and capitalization of
internal-use software during the first quarter of 2017. Free cash flow
was $1.3 million for the first quarter of 2016.
-
Cash and cash equivalents were $29.2 million as of March 31,
2017 compared to $36.8 million at December 31, 2016.
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:
-
Average annual subscription revenue per premium customer was $67,000
in the first quarter of 2017, excluding starter customers who had
average annualized revenue of $4,800 per customer. This compares to
$69,000 in the comparable period in 2016.
-
Recurring dollar retention rate was 85% in the first quarter of 2017,
which was below our historical target of the low to mid 90% range.
-
Ended the quarter with 4,411 customers, of which 2,021 were premium.
-
New digital marketing customers and digital marketing customers who
expanded their relationship during the quarter included: Allianz
Global Investors, Daimler Trucks North America, Hitachi High-Tech
Solutions Corporation, Kyocera Document Solutions, Macy's Inc.,
Morningstar Inc., Salomon, and TD Bank, among others.
-
New media customers and media customers who expanded their
relationship during the quarter included: Conde Nast Japan, Discovery
Network Asia, News UK, New York Post, Total Sports Asia, TV Tokyo
Communications Corporation, and Young Hollywood, among others.
-
Launched Brightcove Live, an API-driven platform that augments
scalable live streaming with server-side ad insertion, cloud DVR,
content encryption, on-the-fly clipping and seamless VOD asset
creation. Brightcove Live benefits media companies by allowing them to
deliver and monetize broadcast-like experiences for live events and
24/7 channels while reducing the cost and complexity of live streaming.
-
Added Diane Hessan to its board of directors. Diane is currently the
Chairman of C Space, an innovative market research company, and
previously served as the company's CEO for 13 years prior to its
acquisition by Omnicom in 2011. Diane has also served on numerous
other boards, including Panera, Eastern Bank, Beth Israel Deaconess
Medical Center, Mass Challenge and Tufts University. She received her
B.A. in Economics from Tufts University and her M.B.A. from Harvard
Business School.
Business Outlook
Based on information as of today, May 4, 2017, the Company is issuing
the following financial guidance:
Second Quarter 2017:
-
Revenue is expected to be in the range of $37.0 million to
$37.8 million, including approximately $2.5 million of professional
services revenue.
-
Non-GAAP loss from operations is expected to be in the range of
$4.2 million to $5.0 million, which excludes stock-based compensation
of approximately $1.6 million and the amortization of acquired
intangible assets of approximately $700,000.
-
Adjusted EBITDA loss is expected to be in the range of $3.0
million to $3.8 million, which excludes stock-based compensation of
approximately $1.6 million, the amortization of acquired intangible
assets of approximately $700,000, depreciation expense of
approximately $1.2 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 $0.13 to
$0.15, which excludes stock-based compensation of approximately $1.6
million and the amortization of acquired intangible assets of
approximately $700,000, and assumes approximately 34.2 million
weighted-average shares outstanding.
Full Year 2017:
-
Revenue is expected to be in the range of $151.0 million to
$155.0 million. Professional services is expected to be in a range of
$10.0 million to $11.0 million.
-
Non-GAAP loss from operations is expected to be in the range of
$6.0 million to $9.0 million, which excludes stock-based compensation
of approximately $7.3 million and the amortization of acquired
intangible assets of approximately $2.7 million.
-
Adjusted EBITDA loss is expected to be in the range of $1.5
million to $4.5 million, which excludes stock-based compensation of
approximately $7.3 million, the amortization of acquired intangible
assets of approximately $2.7 million, depreciation expense of
approximately $4.5 million and other income/expense and the provision
for income taxes of approximately $400,000.
-
Non-GAAP net loss per diluted share is expected to be $0.19 to
$0.28, which excludes stock-based compensation of approximately $7.3
million and the amortization of acquired intangible assets of
approximately $2.7 million, and assumes approximately 34.3 million
weighted-average shares outstanding.
Conference Call Information
Brightcove will host a conference call today, May 4, 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 855-327-6837 (domestic) or 631-891-4304
(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 10002855. 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 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 second
fiscal quarter of 2017 and full year 2017, 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; the effects of increased
competition and commoditization of services we offer, including data
delivery and storage; 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; 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.
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Brightcove Inc.
|
Condensed Consolidated Balance Sheets
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(in thousands)
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March 31, 2017
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December 31, 2016
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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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29,168
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|
|
|
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$
|
36,813
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|
Accounts receivable, net of allowance
|
|
|
|
|
22,438
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|
|
|
|
|
21,575
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|
|
Prepaid expenses and other current assets
|
|
|
|
|
8,186
|
|
|
|
|
|
5,897
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|
|
|
|
Total current assets
|
|
|
|
|
59,792
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|
|
|
|
|
64,285
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Property and equipment, net
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|
|
9,273
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|
|
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|
|
9,264
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Intangible assets, net
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|
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|
10,259
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|
|
|
|
|
10,970
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|
Goodwill
|
|
|
|
|
|
|
50,776
|
|
|
|
|
|
50,776
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|
Deferred tax asset
|
|
|
|
|
127
|
|
|
|
|
|
121
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Other assets
|
|
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980
|
|
|
|
|
|
1,008
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|
|
|
|
Total assets
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|
|
|
$
|
131,207
|
|
|
|
|
$
|
136,424
|
|
Liabilities and stockholders' equity
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|
Current liabilities:
|
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|
|
|
|
|
Accounts payable
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|
|
|
$
|
6,014
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|
|
|
|
$
|
5,327
|
|
|
Accrued expenses
|
|
|
|
|
11,956
|
|
|
|
|
|
15,705
|
|
|
Capital lease liability
|
|
|
|
|
418
|
|
|
|
|
|
489
|
|
|
Equipment financing
|
|
|
|
|
257
|
|
|
|
|
|
307
|
|
|
Deferred revenue
|
|
|
|
|
35,909
|
|
|
|
|
|
34,665
|
|
|
|
|
Total current liabilities
|
|
|
|
|
54,554
|
|
|
|
|
|
56,493
|
|
Deferred revenue, net of current portion
|
|
|
|
|
62
|
|
|
|
|
|
91
|
|
Other liabilities
|
|
|
|
|
1,491
|
|
|
|
|
|
1,644
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|
|
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|
Total liabilities
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|
|
|
|
56,107
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|
|
|
|
|
58,228
|
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Stockholders' equity:
|
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Common stock
|
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|
|
34
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|
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|
|
34
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|
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Additional paid-in capital
|
|
|
|
|
232,782
|
|
|
|
|
|
230,788
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|
|
Treasury stock, at cost
|
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(871
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)
|
|
|
|
|
(871
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)
|
|
Accumulated other comprehensive loss
|
|
|
|
|
(992
|
)
|
|
|
|
|
(1,172
|
)
|
|
Accumulated deficit
|
|
|
|
|
(155,853
|
)
|
|
|
|
|
(150,583
|
)
|
Total stockholders' equity
|
|
|
|
|
75,100
|
|
|
|
|
|
78,196
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|
|
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Total liabilities and stockholders' equity
|
|
|
|
$
|
131,207
|
|
|
|
|
$
|
136,424
|
|
|
|
|
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|
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|
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|
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Brightcove Inc.
|
Condensed Consolidated Statements of Operations
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(in thousands, except per share amounts)
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Three Months Ended March 31,
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2017
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2016
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Revenue:
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Subscription and support revenue
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|
|
$
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34,242
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|
|
|
|
$
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34,653
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Professional services and other revenue
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|
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|
|
3,330
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|
|
|
|
|
1,639
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Total revenue
|
|
|
|
|
37,572
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|
|
|
|
|
36,292
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Cost of revenue: (1) (2)
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|
Cost of subscription and support revenue
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12,154
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|
|
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|
11,675
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Cost of professional services and other revenue
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|
3,064
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|
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|
1,589
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Total cost of revenue
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|
15,218
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|
|
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|
13,264
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Gross profit
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|
22,354
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|
23,028
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Operating expenses: (1) (2)
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Research and development
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|
8,194
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7,426
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Sales and marketing
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|
13,901
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|
|
|
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|
12,535
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General and administrative
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|
|
|
|
5,391
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|
|
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|
4,577
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Merger-related
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-
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21
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Total operating expenses
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|
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27,486
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24,559
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Loss from operations
|
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(5,132
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)
|
|
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|
|
(1,531
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)
|
Other income (expense), net
|
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|
|
138
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|
|
|
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|
(31
|
)
|
Net loss before income taxes
|
|
|
|
|
(4,994
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)
|
|
|
|
|
(1,562
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)
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Provision for income taxes
|
|
|
|
|
79
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|
|
|
|
|
45
|
|
Net loss
|
|
|
|
$
|
(5,073
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)
|
|
|
|
$
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(1,607
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)
|
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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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|
Basic
|
|
|
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$
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(0.15
|
)
|
|
|
|
$
|
(0.05
|
)
|
Diluted
|
|
|
|
|
(0.15
|
)
|
|
|
|
|
(0.05
|
)
|
|
|
|
|
|
|
|
|
|
Weighted-average shares-basic and diluted
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
34,056
|
|
|
|
|
|
32,725
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|
Diluted
|
|
|
|
|
34,056
|
|
|
|
|
|
32,725
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|
|
|
|
|
|
|
|
|
|
(1) Stock-based compensation included in above line items:
|
|
|
|
|
Cost of subscription and support revenue
|
|
|
|
$
|
102
|
|
|
|
|
$
|
42
|
|
Cost of professional services and other revenue
|
|
|
|
|
60
|
|
|
|
|
|
57
|
|
Research and development
|
|
|
|
|
407
|
|
|
|
|
|
389
|
|
Sales and marketing
|
|
|
|
|
746
|
|
|
|
|
|
482
|
|
General and administrative
|
|
|
|
|
475
|
|
|
|
|
|
489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Amortization of acquired intangible assets included in the above
line items:
|
|
Cost of subscription and support revenue
|
|
|
|
$
|
508
|
|
|
|
|
$
|
508
|
|
Research and development
|
|
|
|
|
11
|
|
|
|
|
|
31
|
|
Sales and marketing
|
|
|
|
|
193
|
|
|
|
|
|
226
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brightcove Inc.
|
Condensed Consolidated Statements of Cash Flows
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
Operating activities
|
|
|
|
|
|
2017
|
|
|
|
2016
|
Net loss
|
|
|
|
|
|
$
|
(5,073
|
)
|
|
|
|
$
|
(1,607
|
)
|
Adjustments to reconcile net loss to net cash (used in) provided by
operating activities:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
|
|
1,734
|
|
|
|
|
|
2,014
|
|
Stock-based compensation
|
|
|
|
|
|
|
1,790
|
|
|
|
|
|
1,459
|
|
Provision for reserves on accounts receivable
|
|
|
|
|
|
|
222
|
|
|
|
|
|
91
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
|
|
(1,011
|
)
|
|
|
|
|
541
|
|
Prepaid expenses and other current assets
|
|
|
|
|
|
|
(2,221
|
)
|
|
|
|
|
(2,069
|
)
|
Other assets
|
|
|
|
|
|
|
37
|
|
|
|
|
|
(156
|
)
|
Accounts payable
|
|
|
|
|
|
|
695
|
|
|
|
|
|
(1,039
|
)
|
Accrued expenses
|
|
|
|
|
|
|
(3,870
|
)
|
|
|
|
|
844
|
|
Deferred revenue
|
|
|
|
|
|
|
1,102
|
|
|
|
|
|
2,917
|
|
Net cash (used in) provided by operating activities
|
|
|
|
|
|
|
(6,595
|
)
|
|
|
|
|
2,995
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
Cash paid for purchase of intangible asset
|
|
|
|
|
|
|
-
|
|
|
|
|
|
(125
|
)
|
Purchases of property and equipment, net of returns
|
|
|
|
|
|
|
(378
|
)
|
|
|
|
|
(843
|
)
|
Capitalization of internal-use software costs
|
|
|
|
|
|
|
(603
|
)
|
|
|
|
|
(810
|
)
|
Net cash used in investing activities
|
|
|
|
|
|
|
(981
|
)
|
|
|
|
|
(1,778
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of stock options
|
|
|
|
|
|
|
79
|
|
|
|
|
|
43
|
|
Payments of withholding tax on RSU vesting
|
|
|
|
|
|
|
(118
|
)
|
|
|
|
|
(86
|
)
|
Proceeds from equipment financing
|
|
|
|
|
|
|
-
|
|
|
|
|
|
604
|
|
Payments on equipment financing
|
|
|
|
|
|
|
(76
|
)
|
|
|
|
|
(48
|
)
|
Payments under capital lease obligation
|
|
|
|
|
|
|
(174
|
)
|
|
|
|
|
(278
|
)
|
Net cash (used in) provided by financing activities
|
|
|
|
|
|
|
(289
|
)
|
|
|
|
|
235
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
|
|
|
220
|
|
|
|
|
|
203
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents
|
|
|
|
|
|
|
(7,645
|
)
|
|
|
|
|
1,655
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
|
|
36,813
|
|
|
|
|
|
27,637
|
|
Cash and cash equivalents at end of period
|
|
|
|
|
|
$
|
29,168
|
|
|
|
|
$
|
29,292
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 March 31,
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
2016
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
|
|
|
|
|
|
|
|
$
|
22,354
|
|
|
|
|
$
|
23,028
|
|
|
Stock-based compensation expense
|
|
|
|
|
|
|
|
162
|
|
|
|
|
|
99
|
|
|
Amortization of acquired intangible assets
|
|
|
|
|
|
|
508
|
|
|
|
|
|
508
|
|
Non-GAAP gross profit
|
|
|
|
|
|
|
|
$
|
23,024
|
|
|
|
|
$
|
23,635
|
|
LOSS FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss from operations
|
|
|
|
|
|
|
|
$
|
(5,132
|
)
|
|
|
|
$
|
(1,531
|
)
|
|
Stock-based compensation expense
|
|
|
|
|
|
|
|
1,790
|
|
|
|
|
|
1,459
|
|
|
Merger-related expenses
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
21
|
|
|
Amortization of acquired intangible assets
|
|
|
|
|
|
|
712
|
|
|
|
|
|
765
|
|
Non-GAAP (loss) income from operations
|
|
|
|
|
|
|
$
|
(2,630
|
)
|
|
|
|
$
|
714
|
|
NET LOSS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
|
|
|
|
|
|
|
|
|
$
|
(5,073
|
)
|
|
|
|
$
|
(1,607
|
)
|
|
Stock-based compensation expense
|
|
|
|
|
|
|
|
1,790
|
|
|
|
|
|
1,459
|
|
|
Merger-related expenses
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
21
|
|
|
Amortization of acquired intangible assets
|
|
|
|
|
|
|
712
|
|
|
|
|
|
765
|
|
Non-GAAP net (loss) income
|
|
|
|
|
|
|
|
$
|
(2,571
|
)
|
|
|
|
$
|
638
|
|
GAAP diluted net loss per share
|
|
|
|
|
|
|
$
|
(0.15
|
)
|
|
|
|
$
|
(0.05
|
)
|
Non-GAAP diluted net (loss) income per share
|
|
|
|
|
|
$
|
(0.08
|
)
|
|
|
|
$
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing GAAP diluted net (loss) income per share
|
|
|
|
|
34,056
|
|
|
|
|
|
32,725
|
|
Shares used in computing Non-GAAP diluted net (loss) income per share
|
|
|
|
|
34,056
|
|
|
|
|
|
33,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brightcove Inc.
|
Calculation of Adjusted EBITDA
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
2016
|
Net loss
|
|
|
|
|
|
|
$
|
(5,073
|
)
|
|
|
|
$
|
(1,607
|
)
|
|
Other (income) expense, net
|
|
|
|
|
|
(138
|
)
|
|
|
|
|
31
|
|
|
Provision for income taxes
|
|
|
|
|
|
|
79
|
|
|
|
|
|
45
|
|
|
Merger-related expenses
|
|
|
|
|
|
|
-
|
|
|
|
|
|
21
|
|
|
Depreciation and amortization
|
|
|
|
|
|
1,734
|
|
|
|
|
|
2,014
|
|
|
Stock-based compensation expense
|
|
|
|
|
|
1,790
|
|
|
|
|
|
1,459
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
$
|
(1,608
|
)
|
|
|
|
$
|
1,963
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170504006652/en/
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