[April 28, 2016] |
|
Brightcove Announces Financial Results for First Quarter 2016
Brightcove Inc. (NASDAQ: BCOV), a leading global provider of cloud
services for video, today announced financial results for the quarter
ended March 31, 2016.
"Brightcove delivered strong first quarter results that met or exceeded
our expectations across the top and bottom lines," said David Mendels,
Chief Executive Officer of Brightcove. "The product and go-to-market
transformation we've made in recent years is paying off, with
accelerating product innovation and leadership, customer wins and
improved revenue retention."
Mendels continued, "It is an exciting time in the world of online video
and we see significant opportunities in both our media and digital
marketing businesses. We are executing well and are confident in our
ability to deliver consistent double-digit revenue growth and strong
profitability over time, which we believe will generate enhanced
long-term shareholder value."
First Quarter 2016 Financial Highlights:
-
Revenue for the first quarter of 2016 was $36.3 million, an
increase of 10% compared to $32.9 million for the first quarter of
2015. Subscription and support revenue was $34.7 million, an increase
of 9% compared with $31.8 million for the first quarter of 2015.
-
Gross profit for the first quarter of 2016 was $23.0 million,
compared to $21.3 million for the first quarter of 2015, representing
a gross margin of 63% for the first quarter of 2016. Non-GAAP gross
profit for the first quarter of 2016 was $23.6 million, representing a
year-over-year increase of 8% and a non-GAAP gross margin of 65%.
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 $1.5 million for the first quarter of
2016, compared to a loss of $2.5 million for the first quarter of
2015. Non-GAAP income from operations, which excludes stock-based
compensation expense, the amortization of acquired intangible assets
and merger-related expenses, was $714,000 for the first quarter of
2016, an improvement compared to a non-GAAP loss of $284,000 during
the first quarter of 2015.
-
Net loss was $1.6 million, or $0.05 per diluted share, for the
first quarter of 2016. This compares to a net loss of $2.8 million, or
$0.09 per diluted share, for the first quarter of 2015. Non-GAAP net
income, which excludes stock-based compensation expense, the
amortization of acquired intangible assets and merger-related
expenses, was $638,000 for the first quarter of 2016, or $0.02 per
diluted share, compared to a non-GAAP net loss of $574,000 for the
first quarter of 2015, or $0.02 per diluted share.
-
Adjusted EBITDA was $2.0 million for the first quarter of 2016,
compared to $1.4 million for the first quarter of 2015. 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 $3.0 million for the first
quarter of 2016, compared to cash flow from operations of $46,000 for
the first quarter of 2015.
-
Free cash flow was $1.3 million after the company invested $1.7
million in capital expenditures and capitalization of internal-use
software during the first quarter of 2016. Free cash flow was negative
$692,000 for the first quarter of 2015.
-
Cash and cash equivalents were $29.3 million as of March 31,
2016 compared to $27.6 million at December 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 First Quarter and Recent Highlights:
-
Average revenue per premium customer was $69,000 in the first quarter
of 2016. This is an increase of 10% from $63,000 in the comparable
period in 2015.
-
Recurring dollar retention rate was 98% in the first quarter of 2016,
which was above our historical target in the low to mid 90% range.
-
Ended the quarter with 4,915 customers, of which 1,910 were premium.
-
New media customers and media customers who expanded their
relationship during the quarter included: About.com, Barstool Sports,
DraftKings, Jukin Media, PostMedia, Readers Digest Association Inc.,
Singapore Press Holdings, Stan, Vox Media, Wenner Media LLC, and one
of the top ten broadcasters in viewership in the United States.
-
New digital marketing customers and digital marketing customers who
expanded their relationship during the quarter included: Avnet,
Edmunds, EMC, Hanover Insurance, Hess Corporation, Mary Kay Cosmetics,
QVC Italia, Sage, Skillshare, University of Pennsylvania and Yale
University.
-
Appointed Mark Blair as Vice President of EMEA to lead the company's
sales and marketing operations in Europe, Middle East and Africa. Mark
was previously the Vice President of Asia-Pacific where he was
successful in driving business growth in that region.
-
Introduced Brightcove OTT Flow, a turnkey OTT solution that was
developed in partnership with Accedo, an industry leader in user
experience and multi-platform applications for video. OTT Flow allows
media companies and content owners to rapidly deploy high-quality,
direct-to-consumer, live and on-demand video services across platforms.
-
Announced cloud transcoding for Ultra High-Definition (UHD) video
through Zencoder. The new UHD features provide support for HEVC and
VP9 video codecs and supports 10-bit color workflows and wide gamut
BT.2020 color space, providing media companies with the ability to
deliver 4K UHD video across devices.
Business Outlook
Based on information as of today, April 28, 2016, the Company is issuing
the following financial guidance:
Second Quarter 2016:
-
Revenue is expected to be in the range of $35.8 million to
$36.3 million.
-
Non-GAAP income/loss from operations is expected to be in the
range of breakeven to a loss of $500,000, which excludes stock-based
compensation, the amortization of acquired intangible assets and
merger-related expenses totaling approximately $2.2 million.
-
Adjusted EBITDA in the second quarter is expected to be in the
range of $800,000 to $1.3 million, which excludes stock-based
compensation, the amortization of acquired intangible assets,
merger-related expenses, depreciation, other income/expense and taxes
totaling approximately $3.7 million.
-
Non-GAAP net income/loss per diluted share is expected to be
breakeven to a loss of $0.02, which excludes stock-based compensation,
the amortization of acquired intangible assets and merger-related
expenses totaling approximately $2.2 million, and assumes
approximately 34.0 million shares outstanding.
Full Year 2016:
-
Revenue is expected to be in the range of $145.8 million to
$147.8 million.
-
Non-GAAP income from operations is expected to be in the range
of $2.0 million to $3.5 million, which excludes stock-based
compensation, the amortization of acquired intangible assets and
merger-related expenses totaling approximately $9.5 million to $9.9
million.
-
Adjusted EBITDA for the full year is expected to be in the
range of $8.0 to $9.5 million, which excludes stock-based
compensation, the amortization of acquired intangible assets,
merger-related expenses, depreciation, other income/expense and taxes
totaling approximately $15.8 million to $16.2 million.
-
Non-GAAP net income per diluted share is expected to be $0.02
to $0.07, which excludes stock-based compensation, the amortization of
acquired intangible assets and merger-related expenses totaling
approximately $9.5 million to $9.9 million, and assumes approximately
34.1 million shares outstanding.
Conference Call Information
Brightcove will host a conference call today, April 28, 2016, 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 13634340. 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 nearly
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 second
fiscal quarter of 2016 and full year 2016, 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 income (loss)
from operations, non-GAAP net income (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 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.
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.
|
Condensed Consolidated Balance Sheets
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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March 31, 2016
|
|
|
December 31, 2015
|
Assets
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
29,292
|
|
|
|
$
|
27,637
|
|
|
Accounts receivable, net of allowance
|
|
|
|
20,675
|
|
|
|
|
21,213
|
|
|
Prepaid expenses and other current assets
|
|
|
|
6,356
|
|
|
|
|
4,579
|
|
|
|
|
Total current assets
|
|
|
|
56,323
|
|
|
|
|
53,429
|
|
Property and equipment, net
|
|
|
|
9,189
|
|
|
|
|
8,689
|
|
Intangible assets, net
|
|
|
|
13,321
|
|
|
|
|
13,786
|
|
Goodwill
|
|
|
|
|
|
50,776
|
|
|
|
|
50,776
|
|
Deferred tax asset
|
|
|
|
80
|
|
|
|
|
63
|
|
Restricted cash
|
|
|
|
201
|
|
|
|
|
201
|
|
Other assets
|
|
|
|
881
|
|
|
|
|
724
|
|
|
|
|
Total assets
|
|
|
$
|
130,771
|
|
|
|
$
|
127,668
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
2,786
|
|
|
|
$
|
3,302
|
|
|
Accrued expenses
|
|
|
|
13,149
|
|
|
|
|
12,849
|
|
|
Capital lease liability
|
|
|
|
726
|
|
|
|
|
850
|
|
|
Equipment financing
|
|
|
|
298
|
|
|
|
|
-
|
|
|
Deferred revenue
|
|
|
|
32,877
|
|
|
|
|
29,836
|
|
|
|
|
Total current liabilities
|
|
|
|
49,836
|
|
|
|
|
46,837
|
|
Deferred revenue, net of current portion
|
|
|
|
132
|
|
|
|
|
95
|
|
Other liabilities
|
|
|
|
2,688
|
|
|
|
|
2,601
|
|
|
|
|
Total liabilities
|
|
|
|
52,656
|
|
|
|
|
49,533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
33
|
|
|
|
|
33
|
|
|
Additional paid-in capital
|
|
|
|
221,903
|
|
|
|
|
220,458
|
|
|
Treasury stock, at cost
|
|
|
|
(871
|
)
|
|
|
|
(871
|
)
|
|
Accumulated other comprehensive loss
|
|
|
|
(746
|
)
|
|
|
|
(888
|
)
|
|
Accumulated deficit
|
|
|
|
(142,204
|
)
|
|
|
|
(140,597
|
)
|
Total stockholders' equity
|
|
|
|
78,115
|
|
|
|
|
78,135
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
130,771
|
|
|
|
$
|
127,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brightcove Inc.
|
Condensed Consolidated Statements of Operations
|
(in thousands, except per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
2016
|
|
|
2015
|
Revenue:
|
|
|
|
|
|
|
Subscription and support revenue
|
|
|
$
|
34,653
|
|
|
|
$
|
31,811
|
|
Professional services and other revenue
|
|
|
|
1,639
|
|
|
|
|
1,074
|
|
Total revenue
|
|
|
|
36,292
|
|
|
|
|
32,885
|
|
Cost of revenue: (1) (2)
|
|
|
|
|
|
|
Cost of subscription and support revenue
|
|
|
|
11,675
|
|
|
|
|
10,346
|
|
Cost of professional services and other revenue
|
|
|
|
1,589
|
|
|
|
|
1,246
|
|
Total cost of revenue
|
|
|
|
13,264
|
|
|
|
|
11,592
|
|
Gross profit
|
|
|
|
23,028
|
|
|
|
|
21,293
|
|
Operating expenses: (1) (2)
|
|
|
|
|
|
|
Research and development
|
|
|
|
7,426
|
|
|
|
|
7,820
|
|
Sales and marketing
|
|
|
|
12,535
|
|
|
|
|
10,839
|
|
General and administrative
|
|
|
|
4,577
|
|
|
|
|
5,161
|
|
Merger-related
|
|
|
|
21
|
|
|
|
|
14
|
|
Total operating expenses
|
|
|
|
24,559
|
|
|
|
|
23,834
|
|
Loss from operations
|
|
|
|
(1,531
|
)
|
|
|
|
(2,541
|
)
|
Other expense, net
|
|
|
|
(31
|
)
|
|
|
|
(224
|
)
|
Net loss before income taxes
|
|
|
|
(1,562
|
)
|
|
|
|
(2,765
|
)
|
Provision for income taxes
|
|
|
|
45
|
|
|
|
|
66
|
|
Net loss
|
|
|
$
|
(1,607
|
)
|
|
|
$
|
(2,831
|
)
|
|
|
|
|
|
|
|
Net income (loss) per share-basic and diluted
|
|
|
$
|
(0.05
|
)
|
|
|
$
|
(0.09
|
)
|
|
|
|
|
|
|
|
Weighted-average shares-basic and diluted
|
|
|
|
32,725
|
|
|
|
|
32,496
|
|
|
|
|
|
|
|
|
(1) Stock-based compensation included in above line items:
|
|
|
|
|
|
|
Cost of subscription and support revenue
|
|
|
$
|
42
|
|
|
|
$
|
20
|
|
Cost of professional services and other revenue
|
|
|
|
57
|
|
|
|
|
33
|
|
Research and development
|
|
|
|
389
|
|
|
|
|
434
|
|
Sales and marketing
|
|
|
|
482
|
|
|
|
|
458
|
|
General and administrative
|
|
|
|
489
|
|
|
|
|
508
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Amortization of acquired intangible assets included in the above
line items:
|
|
|
|
|
Cost of subscription and support revenue
|
|
|
$
|
508
|
|
|
|
$
|
507
|
|
Research and development
|
|
|
|
31
|
|
|
|
|
32
|
|
Sales and marketing
|
|
|
|
226
|
|
|
|
|
251
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brightcove Inc.
|
Condensed Consolidated Statements of Cash Flows
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
Operating activities
|
|
|
2016
|
|
|
2015
|
Net loss
|
|
|
$
|
(1,607
|
)
|
|
|
$
|
(2,831
|
)
|
Adjustments to reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
2,014
|
|
|
|
|
2,429
|
|
Stock-based compensation
|
|
|
|
1,459
|
|
|
|
|
1,453
|
|
Provision for reserves on accounts receivable
|
|
|
|
91
|
|
|
|
|
76
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
541
|
|
|
|
|
1,993
|
|
Prepaid expenses and other current assets
|
|
|
|
(2,069
|
)
|
|
|
|
(534
|
)
|
Other assets
|
|
|
|
(156
|
)
|
|
|
|
(226
|
)
|
Accounts payable
|
|
|
|
(1,039
|
)
|
|
|
|
789
|
|
Accrued expenses
|
|
|
|
844
|
|
|
|
|
(2,540
|
)
|
Deferred revenue
|
|
|
|
2,917
|
|
|
|
|
(563
|
)
|
Net cash provided by operating activities
|
|
|
|
2,995
|
|
|
|
|
46
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
Cash paid for purchase of intangible asset
|
|
|
|
(125
|
)
|
|
|
|
-
|
|
Purchases of property and equipment, net of returns
|
|
|
|
(843
|
)
|
|
|
|
(581
|
)
|
Capitalization of internal-use software costs
|
|
|
|
(810
|
)
|
|
|
|
(157
|
)
|
Net cash used in investing activities
|
|
|
|
(1,778
|
)
|
|
|
|
(738
|
)
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
Proceeds from exercise of stock options
|
|
|
|
43
|
|
|
|
|
46
|
|
Payments of withholding tax on RSU vesting
|
|
|
|
(86
|
)
|
|
|
|
-
|
|
Proceeds from equipment financing
|
|
|
|
604
|
|
|
|
|
-
|
|
Payments on equipment financing
|
|
|
|
(48
|
)
|
|
|
|
-
|
|
Payments under capital lease obligation
|
|
|
|
(278
|
)
|
|
|
|
(319
|
)
|
Net cash provided by (used in) financing activities
|
|
|
|
235
|
|
|
|
|
(273
|
)
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
203
|
|
|
|
|
(44
|
)
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
1,655
|
|
|
|
|
(1,009
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
|
27,637
|
|
|
|
|
22,916
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
29,292
|
|
|
|
$
|
21,907
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Income (Loss) From Operations,
Non-GAAP Net Income (Loss) and Non-GAAP Net Income (Loss) Per Share
|
(in thousands, except per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
2015
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
|
|
|
|
|
|
|
|
$
|
23,028
|
|
|
|
$
|
21,293
|
|
|
Stock-based compensation expense
|
|
|
|
|
|
|
99
|
|
|
|
|
53
|
|
|
Amortization of acquired intangible assets
|
|
|
|
|
|
|
508
|
|
|
|
|
507
|
|
Non-GAAP gross profit
|
|
|
|
|
|
|
|
$
|
23,635
|
|
|
|
$
|
21,853
|
|
LOSS FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
GAAP loss from operations
|
|
|
|
|
|
|
$
|
(1,531
|
)
|
|
|
$
|
(2,541
|
)
|
|
Stock-based compensation expense
|
|
|
|
|
|
|
1,459
|
|
|
|
|
1,453
|
|
|
Merger-related expenses
|
|
|
|
|
|
|
|
21
|
|
|
|
|
14
|
|
|
Amortization of acquired intangible assets
|
|
|
|
|
|
|
765
|
|
|
|
|
790
|
|
Non-GAAP income (loss) from operations
|
|
|
|
|
|
$
|
714
|
|
|
|
$
|
(284
|
)
|
NET LOSS:
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
|
|
|
|
|
|
|
|
$
|
(1,607
|
)
|
|
|
$
|
(2,831
|
)
|
|
Stock-based compensation expense
|
|
|
|
|
|
|
1,459
|
|
|
|
|
1,453
|
|
|
Merger-related expenses
|
|
|
|
|
|
|
|
21
|
|
|
|
|
14
|
|
|
Amortization of acquired intangible assets
|
|
|
|
|
|
|
765
|
|
|
|
|
790
|
|
Non-GAAP net income (loss)
|
|
|
|
|
|
|
$
|
638
|
|
|
|
$
|
(574
|
)
|
GAAP diluted net loss per share
|
|
|
|
|
|
|
$
|
(0.05
|
)
|
|
|
$
|
(0.09
|
)
|
Non-GAAP diluted net income (loss) per share
|
|
|
|
|
|
$
|
0.02
|
|
|
|
$
|
(0.02
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing GAAP diluted net loss per share
|
|
|
|
|
|
32,725
|
|
|
|
|
32,496
|
|
Shares used in computing Non-GAAP diluted net income (loss) per share
|
|
|
|
33,630
|
|
|
|
|
32,496
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brightcove Inc.
|
Calculation of Adjusted EBITDA and Adjusted EBITDA Margin
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
|
|
2016
|
|
|
2015
|
Net loss
|
|
|
|
|
|
$
|
(1,607
|
)
|
|
|
$
|
(2,831
|
)
|
|
Other expense, net
|
|
|
|
|
|
31
|
|
|
|
|
224
|
|
|
Provision for income taxes
|
|
|
|
|
|
45
|
|
|
|
|
66
|
|
|
Merger-related expenses
|
|
|
|
|
|
21
|
|
|
|
|
14
|
|
|
Depreciation and amortization
|
|
|
|
|
2,014
|
|
|
|
|
2,429
|
|
|
Stock-based compensation expense
|
|
|
|
|
1,459
|
|
|
|
|
1,453
|
|
Adjusted EBITDA
|
|
|
|
|
|
$
|
1,963
|
|
|
|
$
|
1,355
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin
|
|
|
|
|
|
5.4
|
%
|
|
|
|
4.1
|
%
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160428006819/en/
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