[October 26, 2017] |
|
Brightcove Announces Financial Results for Third Quarter Fiscal Year 2017
Brightcove Inc. (Nasdaq: BCOV), the leading provider of cloud services
for video, today announced financial results for the third quarter ended
September 30, 2017.
"Brightcove is pleased to deliver strong third quarter results that
exceeded expectations from both a financial and operational perspective.
Over the last few months we have made significant progress executing on
our go-to-market strategy and improving the efficiency of our day-to-day
operations," said Andrew Feinberg, Acting Chief Executive Officer of
Brightcove.
Feinberg added, "We are seeing exciting customer interest in our latest
products, such as Dynamic Delivery, Context Aware Encoding and our new
Enterprise Video Suite. Customers are using these products to solve some
of the most mission-critical issues facing their businesses and they are
quickly realizing the significant value Brightcove can deliver. We
believe the strength of our product portfolio and our enhanced
go-to-market strategy puts Brightcove in a strong position to capitalize
on our market opportunities."
Third Quarter 2017 Financial Highlights:
-
Revenue for the third quarter of 2017 was $39.5 million, an
increase from $38.4 million for the third quarter of 2016.
Subscription and support revenue was $36.5 million, compared to $36.2
million for the third quarter of 2016.
-
Gross profit for the third quarter of 2017 was $23.0 million,
representing a gross margin of 58%, compared to a gross profit of
$24.6 million for the third quarter of 2016. Non-GAAP gross profit for
the third quarter of 2017 was $23.7 million, representing a non-GAAP
gross margin of 60%, compared to a non-GAAP gross profit of $25.3
million for the third 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 $5.3 million for the third quarter of
2017, compared to a loss from operations of $1.6 million for the third
quarter of 2016. Non-GAAP loss from operations, which excludes
stock-based compensation expense, the amortization of acquired
intangible assets, executive severance and merger-related expenses,
was $2.2 million for the third quarter of 2017, compared to non-GAAP
operating income of $913,000 during the third quarter of 2016.
-
Net loss was $5.4 million, or $0.16 per diluted share, for the
third quarter of 2017. This compares to a net loss of $1.6 million, or
$0.05 per diluted share, for the third quarter of 2016. Non-GAAP net
loss, which excludes stock-based compensation expense, the
amortization of acquired intangible assets, executive severance and
merger-related expenses, was $2.2 million for the third quarter of
2017, or $0.06 per diluted share, compared to non-GAAP net income of
$847,000 for the third quarter of 2016, or $0.02 per diluted share.
-
Adjusted EBITDA loss was $889,000 for the third quarter of
2017, compared to adjusted EBITDA of $2.0 million for the third
quarter of 2016. Adjusted EBITDA excludes stock-based compensation
expense, the amortization of acquired intangible assets,
merger-related expenses, depreciation expense, executive severance,
other income/expense, and the provision for income taxes.
-
Cash flow used in operations was $4.9 million for the third
quarter for 2017, compared to cash flow from operations of $2.6
million for the third quarter of 2016.
-
Free cash flow was negative $6.2 million after the company
invested $1.3 million in capital expenditures and capitalization of
internal-use software during the third quarter of 2017. Free cash flow
was $1.2 million for the third quarter of 2016.
-
Cash and cash equivalents were $22.1 million as of September
30, 2017 compared to $28.4 million at June 30, 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 Third Quarter and Recent Highlights:
-
Average annual subscription revenue per premium customer was $73,000
in the third 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 95% in the third quarter of 2017,
which was in-line with our historical target of the low to mid 90%
range.
-
Ended the quarter with 4,210 customers, of which 2,113 were premium.
-
New enterprise customers and enterprise customers who expanded their
relationship during the quarter included: American Express Global
Business Travel, Bristol-Myers Squibb, Edmunds.com, GameStop, Hallmark
Cards, Mary Kay Cosmetics, NetApp, among others.
-
New media customers and media customers who expanded their
relationship during the quarter included: BBC Worldwide, Lionsgate,
McClatchy, Premier League Football, Prometheus Global, the publisher
of Billboard and Hollywood Reporter, Reelz Channel, UK TV, and Young
Hollywood, among others.
-
Foxtel partnered with Brightcove
to livestream the Floyd Mayweather vs. Conor McGregor fight on August
27, 2017.
Business Outlook
Based on information as of today, October 26, 2017, the Company is
issuing the following financial guidance:
Fourth Quarter 2017:
-
Revenue is expected to be in the range of $39.3 million to
$39.8 million, including approximately $2.8 million of professional
services revenue.
-
Non-GAAP loss from operations is expected to be in the range of
$600,000 to $1.1 million, which excludes stock-based compensation of
approximately $1.8 million and the amortization of acquired intangible
assets of approximately $700,000.
-
Adjusted EBITDA is expected to be in the range of breakeven to
$500,000, which excludes stock-based compensation of approximately
$1.8 million, the amortization of acquired intangible assets of
approximately $700,000, depreciation expense of approximately $1.1
million and other income/expense and the provision for income taxes of
approximately $50,000.
-
Non-GAAP net loss per diluted share is expected to be $0.02 to
$0.03, which excludes stock-based compensation of approximately $1.8
million and the amortization of acquired intangible assets of
approximately $700,000, and assumes approximately 34.7 million
weighted-average shares outstanding.
Full Year 2017:
-
Revenue is expected to be in the range of $155.1 million to
$155.6 million. Professional services revenue is expected to be
approximately $12.3 million.
-
Non-GAAP loss from operations is expected to be in the range of
$10.9 million to $11.4 million, which excludes stock-based
compensation of approximately $7.1 million, the amortization of
acquired intangible assets of approximately $2.7 million and executive
severance of approximately $700,000.
-
Adjusted EBITDA loss is expected to be in the range of $6.3
million to $6.8 million, which excludes stock-based compensation of
approximately $7.1 million, the amortization of acquired intangible
assets of approximately $2.7 million, depreciation expense of
approximately $4.6 million, executive severance of approximately
$700,000, and other income/expense and the provision for income taxes
of approximately $200,000.
-
Non-GAAP net loss per diluted share is expected to be $0.31 to
$0.33, which excludes stock-based compensation of approximately $7.1
million, the amortization of acquired intangible assets of
approximately $2.7 million, and executive severance of approximately
$700,000, and assumes approximately 34.4 million weighted-average
shares outstanding.
Conference Call Information
Brightcove will host a conference call today, October 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 13672188. 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 fourth
fiscal quarter of 2017 and full year 2017, our position to execute on
our go-to-market 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, executive severance 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, executive severance,
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. Executive severance
represents severance paid to the former CEO of the Company. 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)
|
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|
|
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|
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|
|
|
|
|
|
|
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|
|
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|
|
|
|
|
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|
|
|
|
|
|
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September 30, 2017
|
|
|
December 31, 2016
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
$
|
22,056
|
|
|
|
$
|
36,813
|
|
Accounts receivable, net of allowance
|
|
|
|
|
|
|
|
26,296
|
|
|
|
|
21,575
|
|
Prepaid expenses and other current assets
|
|
|
|
|
|
|
|
7,112
|
|
|
|
|
5,897
|
|
Total current assets
|
|
|
|
|
|
|
|
55,464
|
|
|
|
|
64,285
|
|
Property and equipment, net
|
|
|
|
|
|
|
|
9,005
|
|
|
|
|
9,264
|
|
Intangible assets, net
|
|
|
|
|
|
|
|
8,910
|
|
|
|
|
10,970
|
|
Goodwill
|
|
|
|
|
|
|
|
|
|
50,776
|
|
|
|
|
50,776
|
|
Deferred tax asset
|
|
|
|
|
|
|
|
123
|
|
|
|
|
121
|
|
Other assets
|
|
|
|
|
|
|
|
931
|
|
|
|
|
1,008
|
|
Total assets
|
|
|
|
|
|
|
$
|
125,209
|
|
|
|
$
|
136,424
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
|
|
$
|
6,635
|
|
|
|
$
|
5,327
|
|
Accrued expenses
|
|
|
|
|
|
|
|
13,319
|
|
|
|
|
15,705
|
|
Capital lease liability
|
|
|
|
|
|
|
|
334
|
|
|
|
|
489
|
|
Equipment financing
|
|
|
|
|
|
|
|
104
|
|
|
|
|
307
|
|
Deferred revenue
|
|
|
|
|
|
|
|
37,376
|
|
|
|
|
34,665
|
|
Total current liabilities
|
|
|
|
|
|
|
|
57,768
|
|
|
|
|
56,493
|
|
Deferred revenue, net of current portion
|
|
|
|
|
|
|
|
166
|
|
|
|
|
91
|
|
Other liabilities
|
|
|
|
|
|
|
|
1,253
|
|
|
|
|
1,644
|
|
Total liabilities
|
|
|
|
|
|
|
|
59,187
|
|
|
|
|
58,228
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
|
|
|
|
35
|
|
|
|
|
34
|
|
Additional paid-in capital
|
|
|
|
|
|
|
|
236,628
|
|
|
|
|
230,788
|
|
Treasury stock, at cost
|
|
|
|
|
|
|
|
(871
|
)
|
|
|
|
(871
|
)
|
Accumulated other comprehensive loss
|
|
|
|
|
|
|
|
(843
|
)
|
|
|
|
(1,172
|
)
|
Accumulated deficit
|
|
|
|
|
|
|
|
(168,927
|
)
|
|
|
|
(150,583
|
)
|
Total stockholders' equity
|
|
|
|
|
|
|
|
66,022
|
|
|
|
|
78,196
|
|
Total liabilities and stockholders' equity
|
|
|
|
|
|
|
$
|
125,209
|
|
|
|
$
|
136,424
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brightcove Inc.
|
Condensed Consolidated Statements of Operations
|
(in thousands, except per share amounts)
|
|
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|
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|
|
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|
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|
|
|
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|
|
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Three Months Ended September 30,
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2017
|
|
|
|
|
2016
|
|
|
|
|
|
2017
|
|
|
|
|
2016
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscription and support revenue
|
|
|
$
|
36,496
|
|
|
|
$
|
36,203
|
|
|
|
|
$
|
106,266
|
|
|
|
$
|
105,936
|
|
Professional services and other revenue
|
|
|
|
2,991
|
|
|
|
|
2,186
|
|
|
|
|
|
9,546
|
|
|
|
|
5,705
|
|
Total revenue
|
|
|
|
39,487
|
|
|
|
|
38,389
|
|
|
|
|
|
115,812
|
|
|
|
|
111,641
|
|
Cost of revenue: (1) (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of subscription and support revenue
|
|
|
|
12,924
|
|
|
|
|
11,691
|
|
|
|
|
|
38,180
|
|
|
|
|
35,041
|
|
Cost of professional services and other revenue
|
|
|
|
3,580
|
|
|
|
|
2,086
|
|
|
|
|
|
10,120
|
|
|
|
|
5,453
|
|
Total cost of revenue
|
|
|
|
16,504
|
|
|
|
|
13,777
|
|
|
|
|
|
48,300
|
|
|
|
|
40,494
|
|
Gross profit
|
|
|
|
22,983
|
|
|
|
|
24,612
|
|
|
|
|
|
67,512
|
|
|
|
|
71,147
|
|
Operating expenses: (1) (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
7,820
|
|
|
|
|
7,704
|
|
|
|
|
|
24,293
|
|
|
|
|
22,385
|
|
Sales and marketing
|
|
|
|
14,551
|
|
|
|
|
13,334
|
|
|
|
|
|
44,356
|
|
|
|
|
39,845
|
|
General and administrative
|
|
|
|
5,961
|
|
|
|
|
5,126
|
|
|
|
|
|
17,228
|
|
|
|
|
14,190
|
|
Merger-related
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
21
|
|
Total operating expenses
|
|
|
|
28,332
|
|
|
|
|
26,164
|
|
|
|
|
|
85,877
|
|
|
|
|
76,441
|
|
Loss from operations
|
|
|
|
(5,349
|
)
|
|
|
|
(1,552
|
)
|
|
|
|
|
(18,365
|
)
|
|
|
|
(5,294
|
)
|
Other income (expense), net
|
|
|
|
71
|
|
|
|
|
(5
|
)
|
|
|
|
|
523
|
|
|
|
|
(127
|
)
|
Net loss before income taxes
|
|
|
|
(5,278
|
)
|
|
|
|
(1,557
|
)
|
|
|
|
|
(17,842
|
)
|
|
|
|
(5,421
|
)
|
Provision for income taxes
|
|
|
|
118
|
|
|
|
|
61
|
|
|
|
|
|
305
|
|
|
|
|
202
|
|
Net loss
|
|
|
$
|
(5,396
|
)
|
|
|
$
|
(1,618
|
)
|
|
|
|
$
|
(18,147
|
)
|
|
|
$
|
(5,623
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share-basic and diluted
|
|
|
$
|
(0.16
|
)
|
|
|
$
|
(0.05
|
)
|
|
|
|
$
|
(0.53
|
)
|
|
|
$
|
(0.17
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares-basic and diluted
|
|
|
|
34,501
|
|
|
|
|
33,345
|
|
|
|
|
|
34,270
|
|
|
|
|
32,956
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Stock-based compensation included in above line items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of subscription and support revenue
|
|
|
$
|
117
|
|
|
|
$
|
94
|
|
|
|
|
$
|
308
|
|
|
|
$
|
204
|
|
Cost of professional services and other revenue
|
|
|
|
70
|
|
|
|
|
69
|
|
|
|
|
|
189
|
|
|
|
|
158
|
|
Research and development
|
|
|
|
384
|
|
|
|
|
372
|
|
|
|
|
|
1,132
|
|
|
|
|
942
|
|
Sales and marketing
|
|
|
|
690
|
|
|
|
|
651
|
|
|
|
|
|
1,953
|
|
|
|
|
1,630
|
|
General and administrative
|
|
|
|
557
|
|
|
|
|
495
|
|
|
|
|
|
1,712
|
|
|
|
|
1,331
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Amortization of acquired intangible assets included in the above
line items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of subscription and support revenue
|
|
|
$
|
508
|
|
|
|
$
|
507
|
|
|
|
|
$
|
1,523
|
|
|
|
$
|
1,523
|
|
Research and development
|
|
|
|
-
|
|
|
|
|
32
|
|
|
|
|
|
11
|
|
|
|
|
95
|
|
Sales and marketing
|
|
|
|
166
|
|
|
|
|
245
|
|
|
|
|
|
525
|
|
|
|
|
715
|
|
|
|
|
|
|
|
|
|
|
|
Brightcove Inc.
|
Condensed Consolidated Statements of Cash Flows
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
Operating activities
|
|
|
|
|
|
2017
|
|
|
2016
|
Net loss
|
|
|
|
|
|
$
|
(18,147
|
)
|
|
|
$
|
(5,623
|
)
|
Adjustments to reconcile net loss to net cash (used in) provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
|
|
5,607
|
|
|
|
|
5,901
|
|
Stock-based compensation
|
|
|
|
|
|
|
5,294
|
|
|
|
|
4,265
|
|
Provision for reserves on accounts receivable
|
|
|
|
|
|
|
152
|
|
|
|
|
233
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
|
|
(4,816
|
)
|
|
|
|
(1,441
|
)
|
Prepaid expenses and other current assets
|
|
|
|
|
|
|
(1,660
|
)
|
|
|
|
(1,720
|
)
|
Other assets
|
|
|
|
|
|
|
94
|
|
|
|
|
(200
|
)
|
Accounts payable
|
|
|
|
|
|
|
2,021
|
|
|
|
|
(17
|
)
|
Accrued expenses
|
|
|
|
|
|
|
(2,874
|
)
|
|
|
|
1,953
|
|
Deferred revenue
|
|
|
|
|
|
|
2,677
|
|
|
|
|
4,278
|
|
Net cash (used in) provided by operating activities
|
|
|
|
|
|
|
(11,652
|
)
|
|
|
|
7,629
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
Cash paid for purchase of intangible asset
|
|
|
|
|
|
|
-
|
|
|
|
|
(300
|
)
|
Purchases of property and equipment, net of returns
|
|
|
|
|
|
|
(990
|
)
|
|
|
|
(1,194
|
)
|
Capitalization of internal-use software costs
|
|
|
|
|
|
|
(2,091
|
)
|
|
|
|
(2,940
|
)
|
Net cash used in investing activities
|
|
|
|
|
|
|
(3,081
|
)
|
|
|
|
(4,434
|
)
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of stock options
|
|
|
|
|
|
|
379
|
|
|
|
|
4,392
|
|
Payments of withholding tax on RSU vesting
|
|
|
|
|
|
|
(175
|
)
|
|
|
|
(216
|
)
|
Proceeds from equipment financing
|
|
|
|
|
|
|
-
|
|
|
|
|
604
|
|
Payments on equipment financing
|
|
|
|
|
|
|
(229
|
)
|
|
|
|
(196
|
)
|
Payments under capital lease obligation
|
|
|
|
|
|
|
(383
|
)
|
|
|
|
(682
|
)
|
Net cash (used in) provided by financing activities
|
|
|
|
|
|
|
(408
|
)
|
|
|
|
3,902
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
|
|
|
384
|
|
|
|
|
458
|
|
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents
|
|
|
|
|
|
|
(14,757
|
)
|
|
|
|
7,555
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
|
|
36,813
|
|
|
|
|
27,637
|
|
Cash and cash equivalents at end of period
|
|
|
|
|
|
$
|
22,056
|
|
|
|
$
|
35,192
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 September 30,
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
2016
|
|
|
|
|
|
2017
|
|
|
|
|
2016
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
|
|
|
|
|
|
|
$
|
22,983
|
|
|
|
$
|
24,612
|
|
|
|
|
$
|
67,512
|
|
|
|
$
|
71,147
|
|
Stock-based compensation expense
|
|
|
|
|
|
|
187
|
|
|
|
|
163
|
|
|
|
|
|
497
|
|
|
|
|
362
|
|
Amortization of acquired intangible assets
|
|
|
|
|
|
|
508
|
|
|
|
|
507
|
|
|
|
|
|
1,523
|
|
|
|
|
1,523
|
|
Non-GAAP gross profit
|
|
|
|
|
|
|
$
|
23,678
|
|
|
|
$
|
25,282
|
|
|
|
|
$
|
69,532
|
|
|
|
$
|
73,032
|
|
LOSS FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss from operations
|
|
|
|
|
|
$
|
(5,349
|
)
|
|
|
$
|
(1,552
|
)
|
|
|
|
$
|
(18,365
|
)
|
|
|
$
|
(5,294
|
)
|
Stock-based compensation expense
|
|
|
|
|
|
|
1,818
|
|
|
|
|
1,681
|
|
|
|
|
|
5,294
|
|
|
|
|
4,265
|
|
Merger-related expenses
|
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
21
|
|
Amortization of acquired intangible assets
|
|
|
|
|
|
|
674
|
|
|
|
|
784
|
|
|
|
|
|
2,059
|
|
|
|
|
2,333
|
|
Executive severance
|
|
|
|
|
|
|
700
|
|
|
|
|
-
|
|
|
|
|
|
700
|
|
|
|
|
-
|
|
Non-GAAP (loss) income from operations
|
|
|
|
|
|
$
|
(2,157
|
)
|
|
|
$
|
913
|
|
|
|
|
$
|
(10,312
|
)
|
|
|
$
|
1,325
|
|
NET LOSS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
|
|
|
|
|
|
|
$
|
(5,396
|
)
|
|
|
$
|
(1,618
|
)
|
|
|
|
$
|
(18,147
|
)
|
|
|
$
|
(5,623
|
)
|
Stock-based compensation expense
|
|
|
|
|
|
|
1,818
|
|
|
|
|
1,681
|
|
|
|
|
|
5,294
|
|
|
|
|
4,265
|
|
Merger-related expenses
|
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
21
|
|
Amortization of acquired intangible assets
|
|
|
|
|
|
|
674
|
|
|
|
|
784
|
|
|
|
|
|
2,059
|
|
|
|
|
2,333
|
|
Executive severance
|
|
|
|
|
|
|
700
|
|
|
|
|
-
|
|
|
|
|
|
700
|
|
|
|
|
-
|
|
Non-GAAP net (loss) income
|
|
|
|
|
|
$
|
(2,204
|
)
|
|
|
$
|
847
|
|
|
|
|
$
|
(10,094
|
)
|
|
|
$
|
996
|
|
GAAP diluted net loss per share
|
|
|
|
|
|
$
|
(0.16
|
)
|
|
|
$
|
(0.05
|
)
|
|
|
|
$
|
(0.53
|
)
|
|
|
$
|
(0.17
|
)
|
Non-GAAP diluted net (loss) income per share
|
|
|
|
|
|
$
|
(0.06
|
)
|
|
|
$
|
0.02
|
|
|
|
|
$
|
(0.29
|
)
|
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing GAAP diluted net loss per share
|
|
|
|
|
|
|
34,501
|
|
|
|
|
33,345
|
|
|
|
|
|
34,270
|
|
|
|
|
32,956
|
|
Shares used in computing Non-GAAP diluted net (loss) income per share
|
|
|
|
|
|
|
34,501
|
|
|
|
|
35,554
|
|
|
|
|
|
34,270
|
|
|
|
|
34,336
|
|
|
Brightcove Inc.
|
Calculation of Adjusted EBITDA
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
2017
|
|
|
|
2016
|
|
|
|
|
2017
|
|
|
2016
|
|
Net loss
|
|
|
|
$
|
(5,396
|
)
|
|
|
$
|
(1,618
|
)
|
|
|
|
$
|
(18,147
|
)
|
|
|
$
|
(5,623
|
)
|
Other (income) expense, net
|
|
|
|
(71
|
)
|
|
|
|
5
|
|
|
|
|
|
(523
|
)
|
|
|
|
127
|
|
Provision for income taxes
|
|
|
|
118
|
|
|
|
|
61
|
|
|
|
|
|
305
|
|
|
|
|
202
|
|
Merger-related expenses
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
21
|
|
Depreciation and amortization
|
|
|
|
1,942
|
|
|
|
|
1,916
|
|
|
|
|
|
5,607
|
|
|
|
|
5,901
|
|
Stock-based compensation expense
|
|
|
|
1,818
|
|
|
|
|
1,681
|
|
|
|
|
|
5,294
|
|
|
|
|
4,265
|
|
Executive severance
|
|
|
|
700
|
|
|
|
|
-
|
|
|
|
|
|
700
|
|
|
|
|
-
|
|
Adjusted EBITDA
|
|
|
|
$
|
(889
|
)
|
|
|
$
|
2,045
|
|
|
|
|
$
|
(6,764
|
)
|
|
|
$
|
4,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20171026006409/en/
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