[July 30, 2015] |
|
Brightcove Announces Financial Results for Second Quarter 2015
Brightcove Inc. (Nasdaq: BCOV), a leading global provider of
cloud services for video, today announced financial results for the
quarter ended June 30, 2015.
"Brightcove reported second quarter results that were in-line with our
profitability expectations, while revenue was slightly below
expectations due to the timing of certain customer renewals," said David
Mendels, Chief Executive Officer of Brightcove. "We are delivering
positive performance in many areas of the company, especially in North
America and Japan, though we have seen some softness in our European
business. We have taken steps to improve our execution in Europe and
believe they will improve results going forward."
Mendels continued, "From a demand perspective, our digital marketing
business is gaining traction, reflecting the significant opportunity for
video as part of the cloud marketing automation stack. We are also
seeing early interest from Media companies in our ad yield optimization
solution that combines Brightcove Perform and Brightcove Once to
significantly improve content monetization. We remain confident our
strategy can deliver consistent double-digit growth in the future, while
also generating strong shareholder value."
Second Quarter 2015 Financial Highlights:
-
Revenue for the second quarter of 2015 was $32.8 million, an
increase of 6% compared to $31.0 million for the second quarter of
2014. Subscription and support revenue was $31.9 million, an increase
of 7% compared with $29.9 million for the second quarter of 2014.
-
Gross profit for the second quarter of 2015 was $21.3 million,
compared to $20.6 million for the second quarter of 2014, representing
a gross margin of 65% for the second quarter of 2015. Non-GAAP gross
profit for the second quarter of 2015 was $21.9 million, representing
a year-over-year increase of 3% and a non-GAAP gross margin of 67%.
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 $3.2 million for the second quarter of
2015, compared to a loss from operations of $4.0 million for the
second 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 $964,000 for the
second quarter of 2015, an improvement compared to a non-GAAP loss
from operations of $1.1 million during the second quarter of 2014.
-
Net loss was $3.6 million, or $0.11 per diluted share, for the
second quarter of 2015. This compares to a net loss of $4.3 million,
or $0.13 per diluted share, for the second quarter of 2014. Non-GAAP
net loss, which excludes stock-based compensation expense, the
amortization of acquired intangible assets and merger-related
expenses, was $1.5 million for the second quarter of 2015, or $0.04
per diluted share, compared to a non-GAAP net loss of $1.4 million for
the second quarter of 2014, or $0.04 per diluted share.
-
Adjusted EBITDA was $620,000 for the second quarter of 2015,
compared to $173,000 for the second 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 $385,000, compared to $724,000
for the second quarter of 2014.
-
Free cash flow was negative $1.6 million after the company
invested $2.0 million in capital expenditures and capitalization of
internal-use software during the second quarter of 2015. Free cash
flow was negative $861,000 for the second quarter of 2014.
-
Cash and cash equivalents were $21.2 million as of June 30,
2015 compared to $21.9 million at March 31, 2015.
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:
-
Ended the quarter with 5,404 customers, of which 1,847 were premium.
-
New media customers and media customers who expanded their
relationship during the quarter included: Barstool Sports, Canadian
Football League, Forecast Communication Inc., Manchester City Football
Club, News Corp Australia, Quebecor Media Inc., Rogers Media Inc., The
Food Channel, Time, Inc., Vox Media and Yelp, among others.
-
New digital marketing customers and digital marketing customers who
expanded their relationship during the quarter included: Aon,
BassMasters, Blue Jeans Network, Bryant University, GoNoodle, Ingram
Micro, Janssen Pharmaceuticals, Morningstar, Skillshare, Sotheby's and
Udemy, among others.
-
Introduced a Brightcove-specific Amazon Fire TV web app kit that helps
content owners optimize the delivery of their content from Brightcove
Video Cloud directly to Amazon Fire TV. This latest integration
leverages the Brightcove Player so that publishers can run ads against
their content on Amazon Fire TV using the Google IMA3 advertising
plugin and view analytics related to video consumption on Amazon Fire
TV in Brightcove Video Cloud.
-
Announced the general availability of the new Brightcove Video Cloud,
which includes updates such as a new HTML5 user interface and faster
upload and playback time. The latest release also includes a set of
new features including mobile and social publishing, a custom report
builder that enables advanced video analytics, and integrations with
leading content management systems such as Drupal, Adobe Experience
Manager, WordPress, and SharePoint.
-
Announced general availability of Brightcove Audience. Part of
Brightcove's Video Marketing Suite, Audience allows marketers to feed
video engagement data directly into marketing automation platforms
such as Oracle Eloqua and Marketo to capture leads and to convert
video engagement data into contact tracking, lead scoring, and
customer segmentation.
-
Average revenue per premium customer was $64,000 in the second quarter
of 2015. This is an increase of 6.7% from $60,000 in the comparable
period in 2014.
-
Recurring dollar retention rate was 88% in the second quarter of 2015,
which was below our historical target in the low to mid 90% range.
Foreign currency affected our retention rate by 200 basis points and
late renewals affected our retention rate by 300 basis points in the
quarter.
Business Outlook
Based on information as of today, July 30, 2015, the Company is issuing
the following financial guidance:
Third Quarter 2015:
-
Revenue is expected to be in the range of $32.9 million to
$33.4 million.
-
Non-GAAP loss from operations is expected to be in the range of
$0 to $500,000, which excludes stock-based compensation, the
amortization of acquired intangible assets and merger-related expenses
totaling approximately $2.4 million.
-
Adjusted EBITDA is expected to be in the range of $1.1 million
to $1.6 million, which excludes stock-based compensation, the
amortization of acquired intangible assets, merger-related expenses,
depreciation expense, other income/expense and taxes totaling
approximately $4.0 million.
-
Non-GAAP net loss per diluted share is expected to be $0.01 to
$0.03, assuming approximately 32.6 million shares outstanding.
Full Year 2015:
-
Revenue is expected to be in the range of $132.5 million to
$133.5 million. Full year revenue is being impacted by $4.2 million
due to foreign exchange rate fluctuations. We anticipate professional
services will be approximately $1 million per quarter for the
remainder of the year.
-
Non-GAAP loss from operations is expected to be in the range of
$500,000 to $1.5 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 is expected to be in the range of $5.0 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 $16.5 million to
$16.9 million.
-
Non-GAAP net loss per diluted share is expected to be $0.06 to
$0.09, assuming approximately 32.6 million shares outstanding.
Conference Call Information
Brightcove will host a conference call today, July 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 13613339. 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
5,000 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 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; 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.
|
Brightcove Inc. Condensed Consolidated Balance Sheets (in
thousands) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2015
|
|
|
December 31, 2014
|
Assets
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
$
|
21,238
|
|
|
|
$
|
22,916
|
|
Accounts receivable, net of allowance
|
|
|
|
|
|
19,235
|
|
|
|
|
21,463
|
|
Prepaid expenses and other current assets
|
|
|
|
|
|
5,254
|
|
|
|
|
4,342
|
|
Deferred tax asset
|
|
|
|
|
|
19
|
|
|
|
|
109
|
|
Total current assets
|
|
|
|
|
|
45,746
|
|
|
|
|
48,830
|
|
Property and equipment, net
|
|
|
|
|
|
10,598
|
|
|
|
|
10,372
|
|
Intangible assets, net
|
|
|
|
|
|
15,319
|
|
|
|
|
16,898
|
|
Goodwill
|
|
|
|
|
|
50,776
|
|
|
|
|
50,776
|
|
Restricted cash
|
|
|
|
|
|
201
|
|
|
|
|
201
|
|
Other assets
|
|
|
|
|
|
1,031
|
|
|
|
|
507
|
|
Total assets
|
|
|
|
|
$
|
123,671
|
|
|
|
$
|
127,584
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
$
|
2,883
|
|
|
|
$
|
1,618
|
|
Accrued expenses
|
|
|
|
|
|
9,795
|
|
|
|
|
11,722
|
|
Capital lease liability
|
|
|
|
|
|
1,080
|
|
|
|
|
1,159
|
|
Current portion of long-term debt
|
|
|
|
|
|
697
|
|
|
|
|
-
|
|
Deferred revenue
|
|
|
|
|
|
28,808
|
|
|
|
|
29,640
|
|
Total current liabilities
|
|
|
|
|
|
43,263
|
|
|
|
|
44,139
|
|
Deferred revenue, net of current portion
|
|
|
|
|
|
122
|
|
|
|
|
64
|
|
Other liabilities
|
|
|
|
|
|
3,199
|
|
|
|
|
2,618
|
|
Total liabilities
|
|
|
|
|
|
46,584
|
|
|
|
|
46,821
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
|
|
33
|
|
|
|
|
32
|
|
Additional-paid-in-capital
|
|
|
|
|
|
217,370
|
|
|
|
|
214,524
|
|
Accumulated other comprehensive loss
|
|
|
|
|
|
(822
|
)
|
|
|
|
(776
|
)
|
Accumulated deficit
|
|
|
|
|
|
(139,494
|
)
|
|
|
|
(133,017
|
)
|
Total stockholders' equity
|
|
|
|
|
|
77,087
|
|
|
|
|
80,763
|
|
Total liabilities and stockholders' equity
|
|
|
|
|
$
|
123,671
|
|
|
|
$
|
127,584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brightcove Inc. Condensed Consolidated Statements of
Operations (in thousands, except per share amounts) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
2015
|
|
|
|
2014
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscription and support revenue
|
|
|
|
|
$
|
31,917
|
|
|
$
|
29,929
|
|
|
|
$
|
63,728
|
|
|
$
|
59,304
|
|
Professional services and other revenue
|
|
|
|
|
|
931
|
|
|
|
1,074
|
|
|
|
|
2,005
|
|
|
|
2,804
|
|
Total revenue
|
|
|
|
|
|
32,848
|
|
|
|
31,003
|
|
|
|
|
65,733
|
|
|
|
62,108
|
|
Cost of revenue: (1) (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of subscription and support revenue
|
|
|
|
|
|
10,357
|
|
|
|
9,109
|
|
|
|
|
20,703
|
|
|
|
18,629
|
|
Cost of professional services and other revenue
|
|
|
|
|
|
1,201
|
|
|
|
1,315
|
|
|
|
|
2,447
|
|
|
|
3,062
|
|
Total cost of revenue
|
|
|
|
|
|
11,558
|
|
|
|
10,424
|
|
|
|
|
23,150
|
|
|
|
21,691
|
|
Gross profit
|
|
|
|
|
|
21,290
|
|
|
|
20,579
|
|
|
|
|
42,583
|
|
|
|
40,417
|
|
Operating expenses: (1) (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
|
|
7,267
|
|
|
|
6,792
|
|
|
|
|
15,087
|
|
|
|
13,361
|
|
Sales and marketing
|
|
|
|
|
|
11,903
|
|
|
|
12,095
|
|
|
|
|
22,742
|
|
|
|
23,441
|
|
General and administrative
|
|
|
|
|
|
5,209
|
|
|
|
5,148
|
|
|
|
|
10,370
|
|
|
|
9,862
|
|
Merger-related
|
|
|
|
|
|
62
|
|
|
|
521
|
|
|
|
|
76
|
|
|
|
2,388
|
|
Total operating expenses
|
|
|
|
|
|
24,441
|
|
|
|
24,556
|
|
|
|
|
48,275
|
|
|
|
49,052
|
|
Loss from operations
|
|
|
|
|
|
(3,151
|
)
|
|
|
(3,977
|
)
|
|
|
|
(5,692
|
)
|
|
|
(8,635
|
)
|
Other expense, net
|
|
|
|
|
|
(429
|
)
|
|
|
(294
|
)
|
|
|
|
(653
|
)
|
|
|
(406
|
)
|
Loss before income taxes and non-controlling interest in
|
|
|
|
|
|
|
|
|
|
|
|
|
consolidated subsidiary
|
|
|
|
|
|
(3,580
|
)
|
|
|
(4,271
|
)
|
|
|
|
(6,345
|
)
|
|
|
(9,041
|
)
|
Provision for income taxes
|
|
|
|
|
|
66
|
|
|
|
56
|
|
|
|
|
132
|
|
|
|
123
|
|
Net loss
|
|
|
|
|
$
|
(3,646
|
)
|
|
$
|
(4,327
|
)
|
|
|
$
|
(6,477
|
)
|
|
$
|
(9,164
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share-basic and diluted
|
|
|
|
|
$
|
(0.11
|
)
|
|
$
|
(0.13
|
)
|
|
|
$
|
(0.20
|
)
|
|
$
|
(0.29
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares -basic and diluted
|
|
|
|
|
|
32,548
|
|
|
|
32,145
|
|
|
|
|
32,522
|
|
|
|
31,595
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Stock-based compensation included in above line items:
|
Cost of subscription and support revenue
|
|
|
|
|
$
|
51
|
|
|
$
|
50
|
|
|
|
$
|
71
|
|
|
$
|
110
|
|
Cost of professional services and other revenue
|
|
|
|
|
|
19
|
|
|
|
16
|
|
|
|
|
52
|
|
|
|
68
|
|
Research and development
|
|
|
|
|
|
226
|
|
|
|
178
|
|
|
|
|
660
|
|
|
|
574
|
|
Sales and marketing
|
|
|
|
|
|
463
|
|
|
|
512
|
|
|
|
|
921
|
|
|
|
1,145
|
|
General and administrative
|
|
|
|
|
|
577
|
|
|
|
741
|
|
|
|
|
1,085
|
|
|
|
1,350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Amortization of acquired intangible assets included in the above
line items:
|
Cost of subscription and support revenue
|
|
|
|
|
$
|
508
|
|
|
$
|
507
|
|
|
|
$
|
1,015
|
|
|
$
|
930
|
|
Research and development
|
|
|
|
|
|
31
|
|
|
|
41
|
|
|
|
|
63
|
|
|
|
72
|
|
Sales and marketing
|
|
|
|
|
|
250
|
|
|
|
316
|
|
|
|
|
501
|
|
|
|
581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brightcove Inc. Condensed Consolidated Statements of
Cash Flows (in thousands) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
Operating activities
|
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
Net loss
|
|
|
|
|
$
|
(6,477
|
)
|
|
|
$
|
(9,164
|
)
|
Adjustments to reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
|
4,802
|
|
|
|
|
3,958
|
|
Stock-based compensation
|
|
|
|
|
|
2,789
|
|
|
|
|
3,247
|
|
Provision for reserves on accounts receivable
|
|
|
|
|
|
167
|
|
|
|
|
41
|
|
Amortization of premium on investments
|
|
|
|
|
|
-
|
|
|
|
|
1
|
|
Loss on disposal of equipment
|
|
|
|
|
|
44
|
|
|
|
|
91
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
|
2,035
|
|
|
|
|
2,261
|
|
Prepaid expenses and other current assets
|
|
|
|
|
|
(878
|
)
|
|
|
|
(1,755
|
)
|
Other assets
|
|
|
|
|
|
(530
|
)
|
|
|
|
1,188
|
|
Accounts payable
|
|
|
|
|
|
1,332
|
|
|
|
|
(3,177
|
)
|
Accrued expenses
|
|
|
|
|
|
(2,127
|
)
|
|
|
|
(4,416
|
)
|
Deferred revenue
|
|
|
|
|
|
(726
|
)
|
|
|
|
3,515
|
|
Net cash provided by (used in) operating activities
|
|
|
|
|
|
431
|
|
|
|
|
(4,210
|
)
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
|
|
|
(2,441
|
)
|
|
|
|
(1,487
|
)
|
Capitalization of internal-use software costs
|
|
|
|
|
|
(336
|
)
|
|
|
|
(875
|
)
|
Cash paid for acquisition, net of cash acquired
|
|
|
|
|
|
-
|
|
|
|
|
(9,100
|
)
|
Maturities of investments
|
|
|
|
|
|
-
|
|
|
|
|
3,060
|
|
Decrease in restricted cash
|
|
|
|
|
|
-
|
|
|
|
|
113
|
|
Net cash used in investing activities
|
|
|
|
|
|
(2,777
|
)
|
|
|
|
(8,289
|
)
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
Proceeds from exercise of stock options
|
|
|
|
|
|
58
|
|
|
|
|
555
|
|
Proceeds from issuance of debt
|
|
|
|
|
|
1,704
|
|
|
|
|
-
|
|
Payments on debt
|
|
|
|
|
|
(404
|
)
|
|
|
|
-
|
|
Payments under capital lease obligation
|
|
|
|
|
|
(627
|
)
|
|
|
|
(524
|
)
|
Net cash provided by financing activities
|
|
|
|
|
|
731
|
|
|
|
|
31
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
|
|
|
(63
|
)
|
|
|
|
206
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
|
|
|
|
|
(1,678
|
)
|
|
|
|
(12,262
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
|
22,916
|
|
|
|
|
33,047
|
|
Cash and cash equivalents at end of period
|
|
|
|
|
$
|
21,238
|
|
|
|
$
|
20,785
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 June 30,
|
|
|
Six Months Ended June 30,
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
2015
|
|
|
|
2014
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
|
|
|
|
|
$
|
21,290
|
|
|
$
|
20,579
|
|
|
|
$
|
42,583
|
|
|
$
|
40,417
|
|
Stock-based compensation expense
|
|
|
|
|
|
70
|
|
|
|
66
|
|
|
|
|
123
|
|
|
|
178
|
|
Amortization of acquired intangible assets
|
|
|
|
|
|
508
|
|
|
|
507
|
|
|
|
|
1,015
|
|
|
|
930
|
|
Non-GAAP gross profit
|
|
|
|
|
$
|
21,868
|
|
|
$
|
21,152
|
|
|
|
$
|
43,721
|
|
|
$
|
41,525
|
|
LOSS FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss from operations
|
|
|
|
|
$
|
(3,151
|
)
|
|
$
|
(3,977
|
)
|
|
|
$
|
(5,692
|
)
|
|
$
|
(8,635
|
)
|
Stock-based compensation expense
|
|
|
|
|
|
1,336
|
|
|
|
1,497
|
|
|
|
|
2,789
|
|
|
|
3,247
|
|
Merger-related expenses
|
|
|
|
|
|
62
|
|
|
|
521
|
|
|
|
|
76
|
|
|
|
2,388
|
|
Amortization of acquired intangible assets
|
|
|
|
|
|
789
|
|
|
|
864
|
|
|
|
|
1,579
|
|
|
|
1,583
|
|
Non-GAAP loss from operations
|
|
|
|
|
$
|
(964
|
)
|
|
$
|
(1,095
|
)
|
|
|
$
|
(1,248
|
)
|
|
$
|
(1,417
|
)
|
NET LOSS:
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
|
|
|
|
|
$
|
(3,646
|
)
|
|
$
|
(4,327
|
)
|
|
|
$
|
(6,477
|
)
|
|
$
|
(9,164
|
)
|
Stock-based compensation expense
|
|
|
|
|
|
1,336
|
|
|
|
1,497
|
|
|
|
|
2,789
|
|
|
|
3,247
|
|
Merger-related expenses
|
|
|
|
|
|
62
|
|
|
|
521
|
|
|
|
|
76
|
|
|
|
2,388
|
|
Amortization of acquired intangible assets
|
|
|
|
|
|
789
|
|
|
|
864
|
|
|
|
|
1,579
|
|
|
|
1,583
|
|
Non-GAAP net loss attributable to common stockholders
|
|
|
|
|
$
|
(1,459
|
)
|
|
$
|
(1,445
|
)
|
|
|
$
|
(2,033
|
)
|
|
$
|
(1,946
|
)
|
GAAP basic and diluted net loss per share
|
|
|
|
|
$
|
(0.11
|
)
|
|
$
|
(0.13
|
)
|
|
|
$
|
(0.20
|
)
|
|
$
|
(0.29
|
)
|
Non-GAAP basic and diluted net loss per share
|
|
|
|
|
$
|
(0.04
|
)
|
|
$
|
(0.04
|
)
|
|
|
$
|
(0.06
|
)
|
|
$
|
(0.06
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing GAAP and Non-GAAP basic and diluted net
loss per share
|
|
|
|
|
|
32,548
|
|
|
|
32,145
|
|
|
|
|
32,522
|
|
|
|
31,595
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brightcove Inc. Calculation of Adjusted EBITDA and
Adjusted EBITDA Margin (in thousands) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
2015
|
|
|
|
2014
|
|
Net loss
|
|
|
|
|
$
|
(3,646
|
)
|
|
$
|
(4,327
|
)
|
|
|
$
|
(6,477
|
)
|
|
$
|
(9,164
|
)
|
Other expense, net
|
|
|
|
|
|
(429
|
)
|
|
|
(294
|
)
|
|
|
|
(653
|
)
|
|
|
(406
|
)
|
Provision for income taxes
|
|
|
|
|
|
66
|
|
|
|
56
|
|
|
|
|
132
|
|
|
|
123
|
|
Merger-related expenses
|
|
|
|
|
|
62
|
|
|
|
521
|
|
|
|
|
76
|
|
|
|
2,388
|
|
Depreciation and amortization
|
|
|
|
|
|
2,373
|
|
|
|
2,132
|
|
|
|
|
4,802
|
|
|
|
3,958
|
|
Stock-based compensation expense
|
|
|
|
|
|
1,336
|
|
|
|
1,497
|
|
|
|
|
2,789
|
|
|
|
3,247
|
|
Adjusted EBITDA
|
|
|
|
|
$
|
620
|
|
|
$
|
173
|
|
|
|
$
|
1,975
|
|
|
$
|
958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin
|
|
|
|
|
|
1.9
|
%
|
|
|
0.6
|
%
|
|
|
|
3.0
|
%
|
|
|
1.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150730006628/en/
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