8-K

 

 

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): July 22, 2020

 

 

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))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common Stock, par value $0.001 per share   BCOV   The NASDAQ Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 


Item 2.02. Results of Operations and Financial Condition.

On July 22, 2020, Brightcove Inc. issued a press release announcing certain financial and other information for the quarter ended June 30, 2020. The full text of the press release and the related attachments are furnished as Exhibit 99.1 hereto and incorporated herein by reference.

The information in this Item 2.02 of this Report on Form 8-K and Exhibit 99.1 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 July 22, 2020, including attachments, furnished herewith.


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: July 22, 2020     Brightcove Inc.
    By:  

/s/ Robert Noreck

      Robert Noreck
      Chief Financial Officer
EX-99.1

Exhibit 99.1

Brightcove Announces Financial Results for Second Quarter Fiscal Year 2020

BOSTON, MA (July 22, 2020) Brightcove Inc. (Nasdaq: BCOV), the world’s leading video technology platform, today announced financial results for the second quarter ended June 30, 2020.

“Brightcove delivered strong second quarter results that were well ahead of expectations on both the top and bottom line. We had an excellent sales quarter to both new and existing customers, demonstrating that our investments in our products, sales and marketing, and our go-to-market efforts are paying off,” said Jeff Ray, Brightcove’s Chief Executive Officer.

Ray added, “Video has become increasingly strategic to enterprises, who are at the early stages of mass video adoption in their operations. We are seeing a clear shift in the use of video in the enterprise, as organizations are now looking for media grade solutions, where Brightcove is well positioned to deliver. Based on our second quarter performance and visibility into the second half of the year, we are reinstituting full-year financial guidance.”

Second Quarter 2020 Financial Highlights:

 

 

Revenue for the second quarter of 2020 was $47.9 million, an increase of 1% compared to $47.6 million for the second quarter of 2019. Subscription and support revenue was $45.6 million, an increase of 2% compared to $44.9 million for the second quarter of 2019.

 

 

Gross profit for the second quarter of 2020 was $28.0 million, representing a gross margin of 58% compared to a gross profit of $26.0 million for the second quarter of 2019. Non-GAAP gross profit for the second quarter of 2020 was $28.6 million, representing a non-GAAP gross margin of 60%, compared to a non-GAAP gross profit of $26.8 million for the second quarter of 2019. Non-GAAP gross profit and non-GAAP gross margin exclude stock-based compensation expense, restructuring and the amortization of acquired intangible assets.

 

 

Loss from operations was $1.2 million for the second quarter of 2020, compared to a loss of $7.1 million for the second quarter of 2019. Non-GAAP operating income, which excludes stock-based compensation expense, restructuring, the amortization of acquired intangible assets and merger-related expense, was $3.1 million for the second quarter of 2020, compared to non-GAAP operating loss of $1.5 million during the second quarter of 2019.

 

 

Net loss was $1.3 million, or $0.03 per diluted share, for the second quarter of 2020. This compares to a net loss of $7.2 million, or $0.19 per diluted share, for the second quarter of 2019. Non-GAAP net income, which excludes stock-based compensation expense, restructuring, the amortization of acquired intangible assets and merger-related expense, was $2.9 million for the second quarter of 2020, or $0.07 per diluted share, compared to non-GAAP net loss of $1.6 million for the second quarter of 2019, or $0.04 per diluted share.

 

 

Adjusted EBITDA was $4.2 million for the second quarter of 2020, compared to adjusted EBITDA of negative $130,000 for the second quarter of 2019. Adjusted EBITDA excludes stock-based compensation expense, merger-related expense, restructuring, the amortization of acquired intangible assets, depreciation expense, other income/expense and the provision for income taxes.


 

Cash flow provided by operations was $2.9 million for the second quarter for 2020, compared to a use of $4.1 million for the second quarter of 2019.

 

 

Free cash flow was $516,000 after the company invested $2.3 million in capital expenditures and capitalization of internal-use software during the second quarter of 2020. Free cash flow was negative $5.7 million for the second quarter of 2019.

 

 

Cash and cash equivalents were $27.8 million as of June 30, 2020 compared to $32.1 million as of March 31, 2020. During the quarter we repaid $5 million of the $10 million outstanding on our $30 million revolving credit facility.

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.”

Update on Executive Leadership Team

Namita Dhallan has been appointed Brightcove’s Chief Product Officer. Namita will drive the next chapter of Brightcove’s product innovation, managing the product management, engineering, and operations functions. Namita has previously advised Brightcove’s Global Services Team and led the successful Ooyala integration program. Prior to her work with Brightcove, Namita was SVP and Chief Product Officer at Ellucian where she led engineering, product management, and cloud ops/dev ops. She was previously EVP Product Strategy and Engineering at Deltek. Prior to that, Namita held several positions in product management at JDA.

Ray commented, “We are thrilled to welcome Namita to Brightcove. I’ve partnered closely with Namita in previous roles, and know she will bring world class leadership, deep market insight, and a relentless focus on innovation to Brightcove’s product organization.”

Other Second Quarter and Recent Highlights:

 

 

Average annual subscription revenue per premium customer was $87,200 in the second quarter of 2020, excluding starter customers who had average annualized revenue of $4,400 per customer. This compares to $83,500 in the comparable period in 2019.

 

 

Recurring dollar retention rate was 80% in the second quarter of 2020, versus our historical target of the low to mid-90 percent range.

 

 

Ended the quarter with 3,423 customers, of which 2,279 were premium.

 

 

New customers and customers who expanded their relationship during the second quarter include: Telstra, Myanmar Media 7, Yomiuri Newspaper, Academy of Television Arts & Sciences, MasterClass, Tastytrade, Arthur J. Gallagher, and The Real Hip-Hop Network.

 

 

Experienced continued momentum with our free 50 hours of live streaming offer with over 40 organizations signing up including, iFit, San Francisco Ballet, and Sitecore.


 

Launched Brightcove Virtual Event Experiences, a solution that allows organizations to deliver high-quality virtual events featuring bold, interactive experiences.    Responding to a crucial and timely market need, this solution enables organizations to scale quickly, easily and securely while reaching new audiences around the globe with engaging content.

 

 

Published the Q1 Global Video Index, which analyzes hundreds of millions of recent data points from Brightcove’s customers globally to provide insights into how viewers are watching video content. Key findings in the report included: a 91% increase in enterprise videos across marketing, sales, and corporate communications due to the pandemic, and 29% of video views during the quarter occurred in the final two weeks following the declaration of a state of emergency.

 

 

Kicked off the first-ever PLAY OTT streaming experience focused on video, which is available to viewers globally, at no cost, on mobile devices and the web. Built on Brightcove Beacon, our SaaS OTT application, PLAY TV brings attendees must-watch content from the world of video, including inspiring thought leadership conversations, executive interviews with visionaries in the video industry, customer stories and video best practices.

 

 

Recognized by Frost & Sullivan with the 2020 Global Market Leadership Award. Brightcove was noted for having the industry-leading OVP that remains the benchmark for scalability, reliability, flexibility and ease of deployment with more than 99.999% uptime in 2019, which equates to only five minutes of total unscheduled downtime.

Business Outlook

Based on information as of today, July 22, 2020, the Company is issuing the following financial guidance. After reassessing the macroeconomic situation, our performance in the second quarter and our outlook for the second half of the year, we are again providing full year 2020 guidance.

Third Quarter 2020:

 

 

Revenue is expected to be in the range of $46.0 million to $47.0 million, including approximately $2.5 million of professional services revenue.

 

 

Non-GAAP loss from operations is expected to be in the range of $0.5 million to breakeven, which excludes stock-based compensation of approximately $1.9 million, the amortization of acquired intangible assets of approximately $0.8 million and merger-related expenses of approximately $0.1 million.

 

 

Adjusted EBITDA is expected to be in the range of $0.8 million to $1.3 million, which excludes stock-based compensation of approximately $1.9 million, the amortization of acquired intangible assets of approximately $0.8 million, merger-related expenses of approximately $0.1 million, depreciation expense of approximately $1.3 million and other income/expense and the provision for income taxes of approximately $0.3 million.

 

 

Non-GAAP net loss per diluted share is expected to be $0.01 to $0.02, which excludes stock-based compensation of approximately $1.9 million, the amortization of acquired intangible assets of approximately $0.8 million, merger-related expenses of approximately $0.1 million, and assumes approximately 39.6 million weighted-average shares outstanding.


Full Year 2020:

 

 

Revenue is expected to be in the range of $186.0 million to $188.0 million, including approximately $9.4 million of professional services revenue.

 

 

Non-GAAP income from operations is expected to be in the range of $5.3 million to $6.3 million, which excludes stock-based compensation of approximately $9.0 million, the amortization of acquired intangible assets of approximately $3.4 million, restructuring of approximately $1.3 million and merger-related expenses of approximately $5.8 million.

 

 

Adjusted EBITDA is expected to be in the range of $10.0 million to $11.0 million, which excludes stock-based compensation of approximately $9.0 million, the amortization of acquired intangible assets of approximately $3.4 million, restructuring of approximately $1.3 million, merger-related expenses of approximately $5.8 million, depreciation expense of approximately $5.3 million and other income/expense and the provision for income taxes of approximately $1.5 million.

 

 

Non-GAAP earnings per diluted share is expected to be $0.08 to $0.10, which excludes stock-based compensation of approximately $9.0 million, the amortization of acquired intangible assets of approximately $3.4 million, restructuring of approximately $1.3 million, merger-related expenses of approximately $5.8 million, and assumes approximately 40.2 million weighted-average shares outstanding.

Conference Call Information

Brightcove will host a conference call today, July 22, 2020, 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 13706749. A replay of the webcast will also be available for a limited time at http://investor.brightcove.com.

About Brightcove Inc. (NASDAQ: BCOV)

We are the people behind the world’s leading video technology platform. With our award-winning technology and services, we help organizations in more than 70 countries meet business challenges and create strategic opportunities by inspiring, entertaining, and engaging their audiences through video.

Since Brightcove was established in 2004, we have consistently pushed boundaries to create a platform for people who are serious about video: one that is robust, scalable, and intuitive. Benefiting from a global infrastructure, unrivalled customer support, an extensive partner ecosystem, and relentless investment in R&D, Brightcove video sets the standard for professional grade video management, distribution, and monetization. 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 2020, 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: the effect of the COVID-19 pandemic, including our business operations, as well as its impact on the general economic and financial market conditions; our ability to retain existing customers and acquire new ones; our history of losses; the timing and successful integration of the Ooyala acquisition; 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; keeping up with the rapid technological change required to remain competitive in our industry; 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, restructuring 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, restructuring, 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 an acquisition. 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.

Investors:

ICR for Brightcove

Brian Denyeau, 646-277-1251

brian.denyeau@icrinc.com

or

Media:

Brightcove

Meredith Duhaime

mduhaime@brightcove.com


Brightcove Inc.

Condensed Consolidated Balance Sheets

(in thousands)

 

     June 30, 2020     December 31, 2019  

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 27,753     $ 22,759  

Accounts receivable, net of allowance

     26,794       31,181  

Prepaid expenses and other current assets

     17,326       11,884  
  

 

 

   

 

 

 

Total current assets

     71,873       65,824  

Property and equipment, net

     14,726       12,086  

Operating lease right-of-use asset

     13,340       16,912  

Intangible assets, net

     12,090       13,875  

Goodwill

     60,902       60,902  

Other assets

     3,524       3,268  
  

 

 

   

 

 

 

Total assets

   $ 176,455     $ 172,867  
  

 

 

   

 

 

 

Liabilities and stockholders’ equity

    

Current liabilities:

    

Accounts payable

   $ 11,283     $ 9,917  

Accrued expenses

     20,556       20,925  

Operating lease liability

     5,687       6,174  

Deferred revenue

     54,647       49,260  
  

 

 

   

 

 

 

Total current liabilities

     92,173       86,276  

Operating lease liability, net of current portion

     8,618       11,701  

Debt

     5,000       —    

Other liabilities

     1,100       767  
  

 

 

   

 

 

 

Total liabilities

     106,891       98,744  

Stockholders’ equity:

    

Common stock

     39       39  

Additional paid-in capital

     281,255       276,365  

Treasury stock, at cost

     (871     (871

Accumulated other comprehensive loss

     (1,086     (785

Accumulated deficit

     (209,773     (200,625
  

 

 

   

 

 

 

Total stockholders’ equity

     69,564       74,123  
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 176,455     $ 172,867  
  

 

 

   

 

 

 


Brightcove Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

 

     Three Months Ended June 30,     Six Months Ended June 30,  
     2020     2019     2020     2019  

Revenue:

        

Subscription and support revenue

   $ 45,617     $ 44,891     $ 90,275     $ 83,768  

Professional services and other revenue

     2,309       2,691       4,304       5,650  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue

     47,926       47,582       94,579       89,418  

Cost of revenue: (1) (2)

        

Cost of subscription and support revenue

     17,807       19,381       34,555       33,551  

Cost of professional services and other revenue

     2,092       2,228       3,986       4,804  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total cost of revenue

     19,899       21,609       38,541       38,355  
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     28,027       25,973       56,038       51,063  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses: (1) (2)

        

Research and development

     9,131       7,629       17,984       15,023  

Sales and marketing

     13,383       16,827       27,557       31,083  

General and administrative

     6,407       5,979       12,939       11,240  

Merger-related

     259       2,620       5,768       5,552  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     29,180       33,055       64,248       62,898  
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss from operations

     (1,153     (7,082     (8,210     (11,835

Other (expense) income, net

     (27     19       (495     (36
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss before income taxes

     (1,180     (7,063     (8,705     (11,871

Provision for income taxes

     115       175       443       350  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

   $ (1,295   $ (7,238   $ (9,148   $ (12,221
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss per share—basic and diluted

        

Basic

   $ (0.03   $ (0.19   $ (0.23   $ (0.33

Diluted

     (0.03     (0.19     (0.23     (0.33
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted-average shares—basic and diluted

        

Basic

     39,292       37,966       39,136       37,323  

Diluted

     39,292       37,966       39,136       37,323  

(1) Stock-based compensation included in above line items:

        

Cost of subscription and support revenue

   $ 123     $ 95     $ 313     $ 214  

Cost of professional services and other revenue

     90       68       170       152  

Research and development

     257       269       697       532  

Sales and marketing

     761       351       1,672       809  

General and administrative

     867       576       1,864       1,076  

(2) Amortization of acquired intangible assets included in the above line items:

        

Cost of subscription and support revenue

   $ 335     $ 403     $ 830     $ 658  

Sales and marketing

     478       478       955       639  


Brightcove Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

 

     Six Months Ended June 30,  
     2020     2019  

Operating activities

    

Net loss

   $ (9,148   $ (12,221

Adjustments to reconcile net loss to net cash provided by operating activities:

    

Depreciation and amortization

     4,357       3,934  

Stock-based compensation

     4,716       2,783  

Provision for reserves on accounts receivable

     401       253  

Changes in assets and liabilities:

    

Accounts receivable

     4,055       (7,688

Prepaid expenses and other current assets

     (5,357     (1,892

Other assets

     (300     (435

Accounts payable

     2,038       58  

Accrued expenses

     (577     7,924  

Operating leases

     3       (162

Deferred revenue

     5,112       3,565  
  

 

 

   

 

 

 

Net cash provided by operating activities

     5,300       (3,881
  

 

 

   

 

 

 

Investing activities

    

Cash paid for acquisition, net of cash acquired

     —         (3,300

Purchases of property and equipment, net of returns

     (1,197     (401

Capitalization of internal-use software costs

     (3,839     (2,372
  

 

 

   

 

 

 

Net cash used in investing activities

     (5,036     (6,073
  

 

 

   

 

 

 

Financing activities

    

Proceeds from exercise of stock options

     394       1,843  

Proceeds from debt

     10,000       —    

Debt paydown

     (5,000     —    

Other financing activities

     (429     (117
  

 

 

   

 

 

 

Net cash provided by financing activities

     4,965       1,726  
  

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

     (235     131  
  

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

     4,994       (8,097

Cash and cash equivalents at beginning of period

     22,759       29,306  
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 27,753     $ 21,209  
  

 

 

   

 

 

 


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)

 

     Three Months Ended June 30,     Six Months Ended June 30,  
     2020     2019     2020     2019  

GROSS PROFIT:

        

GAAP gross profit

   $ 28,027     $ 25,973     $ 56,038     $ 51,063  

Stock-based compensation expense

     213       163       483       366  

Amortization of acquired intangible assets

     335       403       830       658  

Restructuring

     51       292       51       292  
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP gross profit

   $ 28,626     $ 26,831     $ 57,402     $ 52,379  
  

 

 

   

 

 

   

 

 

   

 

 

 

LOSS FROM OPERATIONS:

        

GAAP loss from operations

   $ (1,153   $ (7,082   $ (8,210   $ (11,835

Stock-based compensation expense

     2,098       1,359       4,716       2,783  

Amortization of acquired intangible assets

     813       881       1,785       1,297  

Merger-related

     259       2,620       5,768       5,552  

Restructuring

     1,039       752       1,268       752  
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP income (loss) from operations

   $ 3,056     $ (1,470   $ 5,327     $ (1,451
  

 

 

   

 

 

   

 

 

   

 

 

 

NET LOSS:

        

GAAP net loss

   $ (1,295   $ (7,238   $ (9,148   $ (12,221

Stock-based compensation expense

     2,098       1,359       4,716       2,783  

Amortization of acquired intangible assets

     813       881       1,785       1,297  

Merger-related

     259       2,620       5,768       5,552  

Restructuring

     1,039       752       1,268       752  
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP net income (loss)

   $ 2,914     $ (1,626   $ 4,389     $ (1,837
  

 

 

   

 

 

   

 

 

   

 

 

 

GAAP diluted net loss per share

   $ (0.03   $ (0.19   $ (0.23   $ (0.33
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP diluted net income (loss) per share

   $ 0.07     $ (0.04   $ 0.11     $ (0.05
  

 

 

   

 

 

   

 

 

   

 

 

 

Shares used in computing GAAP diluted net loss per share

     39,292       37,966       39,136       37,323  

Shares used in computing Non-GAAP diluted net income (loss) per share

     39,952       37,966       39,802       37,323  


Brightcove Inc.

Calculation of Adjusted EBITDA

(in thousands)

 

     Three Months Ended June 30,     Six Months Ended June 30,  
     2020     2019     2020     2019  

Net loss

   $ (1,295   $ (7,238   $ (9,148   $ (12,221

Other expense, net

     27       (19     495       36  

Provision for income taxes

     115       175       443       350  

Depreciation and amortization

     1,949       2,221       4,357       3,934  

Stock-based compensation expense

     2,098       1,359       4,716       2,783  

Merger-related

     259       2,620       5,768       5,552  

Restructuring

     1,039       752       1,268       752  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 4,192     $ (130   $ 7,899     $ 1,186