UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): April 28, 2016
BRIGHTCOVE INC.
(Exact name of registrant as specified in its charter)
| DELAWARE | 001-35429 | 20-1579162 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) | ||
| 290 Congress Street, Boston, MA | 02210 | |||
| (Address of principal executive offices) | (Zip Code) | |||
Registrant’s telephone number, including area code (888) 882-1880
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 2.02. | Results of Operations and Financial Condition. |
On April 28, 2016, Brightcove Inc. (the “Company”) issued a press release announcing certain financial and other information for the quarter ended March 31, 2016. The full text of the press release and the related attachments are furnished as Exhibit 99.1 hereto and incorporated herein by reference.
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Resignation of Director; Appointment of Chairman of the Board
On April 28, 2016, Jeremy Allaire resigned from the Company’s Board of Directors (the “Board”) and as Chairman of the Board. Mr. Allaire’s resignation was not due to any disagreement with the Company or any matter relating to the Company’s operations, policies or practices.
Gary Haroian, a member of the Board, will succeed Mr. Allaire as Chairman.
| Item 7.01. | Regulation FD Disclosure. |
On April 28, 2016, the Company issued a press release announcing the changes to the Board discussed in Item 5.02 of this Report on Form 8-K. The full text of the press release is furnished as Exhibit 99.2 hereto and incorporated herein by reference.
The information in this Report on Form 8-K and Exhibits 99.1 and 99.2 attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. |
Description | |
| 99.1 | Press Release of Brightcove Inc. dated April 28, 2016, including attachments. | |
| 99.2 | Press Release of Brightcove Inc. dated April 28, 2016. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: April 28, 2016 | Brightcove Inc. | |||
| By: | /s/ Kevin R. Rhodes | |||
| Kevin R. Rhodes | ||||
| Chief Financial Officer | ||||
Exhibit 99.1
Brightcove Announces Financial Results for First Quarter 2016
Company reports first quarter revenue of $36.3 million and adjusted EBITDA of $2.0 million
BOSTON, MA (April 28, 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 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.
Investor Contact:
Brian Denyeau
ICR for Brightcove
brian.denyeau@icrinc.com
646-277-1251
Media Contact:
Phil LeClare
Brightcove, Inc
pleclare@brightcove.com
617-674-6510
Brightcove Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
| 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, | ||||||||
| 2016 | 2015 | |||||||
| Operating activities |
||||||||
| 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 | % | ||||
Exhibit 99.2
Brightcove Appoints Gary Haroian as Chairman of the Board of Directors
BOSTON, Mass. (April 28, 2016) – Brightcove Inc. (NASDAQ: BCOV), the leading provider of cloud services for video, today announced that Gary Haroian has been named Chairman of the Board of Directors, effective today. Mr. Haroian has served as the Chief Executive Officer and Chief Financial Officer for several public software companies, as well as serving on the board of numerous technology companies, over his 30 year career.
David Mendels, Chief Executive Officer of Brightcove, said “I welcome and congratulate Gary on his new role of Chairman of the Board. Since joining the board in 2014, Gary has been a valued board member, and his insight and counsel has helped make Brightcove a better company. With a long and distinguished technology career that includes extensive operational and public company board experience, Gary has brought valuable perspective and expertise to Brightcove’s board. I look forward to his continued contribution in this new role.”
Haroian has held numerous senior executive positions throughout his career, including serving as the chief financial officer of Bowstreet and Concord Communications and as chief executive officer of Stratus Computer. In addition, he currently serves on the board of directors of Aspen Technologies and EnerNOC, and has previously served on the boards of directors of A123 Systems, Network Engines, Unica Corporation, Phase Forward, Authorize.Net Holdings and Embarcadero Technologies.
Jeremy Allaire, Brightcove’s current board chairman, is stepping down from the board effective today in order to devote greater time to his role as founder and CEO of a privately-held digital financial service provider.
Mendels added, “On behalf the Board of Directors and everyone at Brightcove, I would like to thank Jeremy for all that he has done for the company since founding it in 2004. As CEO, Jeremy was instrumental in establishing Brightcove as the leader in the online video platform market and scaling the business to $100 million in annual revenue. I wish him the best of luck with his current venture.”
Allaire commented, “I am proud to have helped to build Brightcove into a global, profitable and broadly adopted platform for online video. When I founded the company in 2004, it was with a vision that new open Internet TV platforms would emerge that allow any person or company to distribute video and would transform TV distribution into an app on TVs and internet devices. 12 years later that world is fully upon us and Brightcove stands as a clear technology leader in this market. I have great confidence in the company’s leadership and their ability to continue to build a world class company.”
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.
Investor Contact:
Brian Denyeau
ICR for Brightcove
brian.denyeau@icrinc.com
646-277-1251
Media Contact:
Phil LeClare
Brightcove, Inc
pleclare@brightcove.com
617-674-6510