8-K
BRIGHTCOVE INC DE false 0001313275 0001313275 2020-10-21 2020-10-21

 

 

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): October 21, 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 October 21, 2020, Brightcove Inc. issued a press release announcing certain financial and other information for the quarter ended September 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 October 21, 2020, including attachments, furnished herewith.
104    Cover Page Interactive Data File (embedded within the Inline XBRL document).


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: October 21, 2020     Brightcove Inc.
    By:  

/s/ Robert Noreck

      Robert Noreck
      Chief Financial Officer
EX-99.1

Exhibit 99.1

Brightcove Announces Financial Results for Third Quarter Fiscal Year 2020

BOSTON, MA (October 21, 2020)Brightcove Inc. (NASDAQ: BCOV) the global leader in video for business, today announced, financial results for the third quarter ended September 30, 2020.

“Brightcove’s momentum continued in the third quarter with revenue and profitability that were well ahead of expectations. Our sales performance, which was the strongest in our history, is evidence that the use of video as a primary tool for connecting and communicating is stronger than ever,” said Jeff Ray, Brightcove’s Chief Executive Officer.

Ray added, “Event partners, media companies and enterprises all have the same goal. They all seek to deliver broadcast-grade, quality video experiences from a seamless, scalable, and trusted platform. Brightcove is uniquely positioned to be the partner of choice for organizations who understand the power of video to build meaningful relationships with their customers, employees and partners. We are confident in our vision and look forward to building on our recent successes and the momentum in the market to deliver faster, more profitable growth over time.”

Third Quarter 2020 Financial Highlights:

 

 

Revenue for the third quarter of 2020 was $49.1 million, an increase of 3% compared to $47.4 million for the third quarter of 2019. Subscription and support revenue was $46.3 million, an increase of 2% compared to $45.4 million for the third quarter of 2019.

 

 

Gross profit for the third quarter of 2020 was $31.0 million, representing a gross margin of 63% compared to a gross profit of $29.1 million for the third quarter of 2019. Non-GAAP gross profit for the third quarter of 2020 was $31.5 million, representing a non-GAAP gross margin of 64%, compared to a non-GAAP gross profit of $29.8 million for the third quarter of 2019. Non-GAAP gross profit and non-GAAP gross margin exclude stock-based compensation expense and the amortization of acquired intangible assets.

 

 

Income from operations was $1.3 million for the third quarter of 2020, compared to a loss of $2.4 million for the third 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 $4.5 million for the third quarter of 2020, compared to non-GAAP operating income of $2.8 million during the third quarter of 2019.

 

 

Net income was $1.3 million, or $0.03 per diluted share, for the third quarter of 2020. This compares to a net loss of $3.0 million, or a loss of $0.08 per diluted share, for the third 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 $4.6 million for the third quarter of 2020, or $0.11 per diluted share, compared to non-GAAP net income of $2.2 million for the third quarter of 2019, or $0.06 per diluted share.

 

 

Adjusted EBITDA was $5.9 million for the third quarter of 2020, compared to adjusted EBITDA of $4.1 million for the third 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 $3.6 million for the third quarter for 2020, compared to $4.5 million for the third quarter of 2019.

 

 

Free cash flow was $1.4 million after the company invested $2.2 million in capital expenditures and capitalization of internal-use software during the third quarter of 2020. Free cash flow was $2.4 million for the third quarter of 2019.

 

 

Cash and cash equivalents were $30.3 million as of September 30, 2020 compared to $27.8 million as of June 30, 2020.

A Reconciliation of GAAP to Non-GAAP results has been provided in the financial statement tables included at the end of this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Other Third Quarter and Recent Highlights:

 

 

Average annual subscription revenue per premium customer was $89,000 in the third quarter of 2020, excluding starter customers who had average annualized revenue of $4,300 per customer. This compares to $84,500 in the comparable period in 2019.

 

 

Recurring dollar retention rate was 101% in the third quarter of 2020, above our historical target of the low to mid-90 percent range.

 

 

Ended the quarter with 3,381 customers, of which 2,267 were premium.

 

 

New customers and customers who expanded their relationship during the third quarter include: Bristol Myers Squibb, Coupang Corporation, DAAR Communications, Hitachi, Jack Morton Worldwide, Boston Consulting Group, Chick-fil-A, ClassPass, Inc., Football Federation Australia, Le Figaro, LifeWay, and Time USA

 

 

Announced a partnership with Cvent, the market-leading meetings, events and hospitality technology provider, to offer our video solutions as part of Cvent’s newly launched Virtual Attendee Hub. Through this partnership, Cvent customers can now easily launch reliable, scalable and broadcast-grade video experiences to their audiences.

 

 

Appointed Tsedal Neeley and Ritcha Gupta Ranjan to Brightcove’s Board of Directors. Dr. Neeley has been a professor at Harvard Business School since 2007 and the Naylor Fitzhugh Professor of Business Administration since 2018. She currently serves on the Board of Directors of Harvard Business Publishing, the Partnership, Inc., and is a member of Rakuten’s Advisory Board. Ritcha Ranjan is the Director of Product Development for Google Finance. While at Google she also led the product management team that took Google Docs, Sheets, Slides, Sites, and Keep from consumer and education-focused products to ones used by enterprises globally.

Business Outlook

Based on information as of today, October 21, 2020, the Company is issuing the following financial guidance.


Fourth Quarter 2020:

 

 

Revenue is expected to be in the range of $49.5 million to $50.5 million, including approximately $2.5 million of professional services revenue.

 

 

Non-GAAP income from operations is expected to be in the range of $2.9 million to $3.4 million, which excludes stock-based compensation of approximately $2.1 million, the amortization of acquired intangible assets of approximately $0.8 million and restructuring of approximately $0.9 million.

 

 

Adjusted EBITDA is expected to be in the range of $4.2 million to $4.7 million, which excludes stock-based compensation of approximately $2.1 million, the amortization of acquired intangible assets of approximately $0.8 million, restructuring of approximately $0.9 million, depreciation expense of approximately $1.4 million and other income/expense and the provision for income taxes of approximately $0.3 million.

 

 

Non-GAAP net income per diluted share is expected to be $0.07 to $0.08, which excludes stock-based compensation of approximately $2.1 million, the amortization of acquired intangible assets of approximately $0.8 million, restructuring of approximately $0.9 million, and assumes approximately 41.1 million weighted-average shares outstanding.

Full Year 2020:

 

 

Revenue is expected to be in the range of $193.2 million to $194.2 million, including approximately $9.5 million of professional services revenue.

 

 

Non-GAAP income from operations is expected to be in the range of $12.7 million to $13.2 million, which excludes stock-based compensation of approximately $8.8 million, the amortization of acquired intangible assets of approximately $3.4 million, restructuring of approximately $2.6 million and merger-related expenses of approximately $5.8 million.

 

 

Adjusted EBITDA is expected to be in the range of $18.0 million to $18.5 million, which excludes stock-based compensation of approximately $8.8 million, the amortization of acquired intangible assets of approximately $3.4 million, restructuring of approximately $2.6 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 $1.2 million.

 

 

Non-GAAP earnings per diluted share is expected to be $0.29 to $0.30, which excludes stock-based compensation of approximately $8.8 million, the amortization of acquired intangible assets of approximately $3.4 million, restructuring of approximately $2.6 million, merger-related expenses of approximately $5.8 million, and assumes approximately 40.3 million weighted-average shares outstanding.


Conference Call Information

Brightcove will host a conference call today, October 21, 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 13711575. A replay of the webcast will also be available for a limited time at http://investor.brightcove.com.

About Brightcove

When video is done right, it can have a powerful and lasting effect. Hearts open. Minds change. Creativity thrives. Since 2004, Brightcove has been helping customers discover and experience the incredible power of video through its award-winning technology, empowering organizations in more than 70 countries across the globe to touch audiences in bold and innovative ways.

Brightcove achieves this by developing technologies once thought impossible, providing customer support without parallel or excuses, and leveraging the expertise and resources of a global infrastructure. Video is the world’s most compelling, exciting medium. Visit www.brightcove.com for more information. Video That Means Business.

Forward-Looking Statements

This press release includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements concerning our financial guidance for the fourth fiscal quarter of 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)

 

     September 30, 2020     December 31, 2019  

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 30,332     $ 22,759  

Accounts receivable, net of allowance

     32,218       31,181  

Prepaid expenses and other current assets

     17,794       11,884  
  

 

 

   

 

 

 

Total current assets

     80,344       65,824  

Property and equipment, net

     15,715       12,086  

Operating lease right-of-use asset

     11,813       16,912  

Intangible assets, net

     11,277       13,875  

Goodwill

     60,902       60,902  

Other assets

     4,505       3,268  
  

 

 

   

 

 

 

Total assets

   $ 184,556     $ 172,867  
  

 

 

   

 

 

 

Liabilities and stockholders’ equity

    

Current liabilities:

    

Accounts payable

   $ 9,405     $ 9,917  

Accrued expenses

     23,293       20,925  

Operating lease liability

     5,592       6,174  

Deferred revenue

     57,334       49,260  
  

 

 

   

 

 

 

Total current liabilities

     95,624       86,276  

Operating lease liability, net of current portion

     7,170       11,701  

Debt

     5,000       —    

Other liabilities

     2,672       767  
  

 

 

   

 

 

 

Total liabilities

     110,466       98,744  

Stockholders’ equity:

    

Common stock

     40       39  

Additional paid-in capital

     284,121       276,365  

Treasury stock, at cost

     (871     (871

Accumulated other comprehensive loss

     (741     (785

Accumulated deficit

     (208,459     (200,625
  

 

 

   

 

 

 

Total stockholders’ equity

     74,090       74,123  
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 184,556     $ 172,867  
  

 

 

   

 

 

 


Brightcove Inc.    

Condensed Consolidated Statements of Operations    

(in thousands, except per share amounts)    

 

     Three Months Ended September 30,     Nine Months Ended September 30,  
     2020      2019     2020     2019  

Revenue:

         

Subscription and support revenue

   $ 46,338      $ 45,424     $ 136,613     $ 129,192  

Professional services and other revenue

     2,746        2,010       7,050       7,660  
  

 

 

    

 

 

   

 

 

   

 

 

 

Total revenue

     49,084        47,434       143,663       136,852  

Cost of revenue: (1) (2)

         

Cost of subscription and support revenue

     15,735        16,686       50,290       50,237  

Cost of professional services and other revenue

     2,363        1,628       6,349       6,432  
  

 

 

    

 

 

   

 

 

   

 

 

 

Total cost of revenue

     18,098        18,314       56,639       56,669  
  

 

 

    

 

 

   

 

 

   

 

 

 

Gross profit

     30,986        29,120       87,024       80,183  
  

 

 

    

 

 

   

 

 

   

 

 

 

Operating expenses: (1) (2)

         

Research and development

     8,215        8,127       26,199       23,150  

Sales and marketing

     14,813        14,567       42,370       45,650  

General and administrative

     6,694        6,245       19,633       17,485  

Merger-related

     —          2,539       5,768       8,091  
  

 

 

    

 

 

   

 

 

   

 

 

 

Total operating expenses

     29,722        31,478       93,970       94,376  
  

 

 

    

 

 

   

 

 

   

 

 

 

Income (loss) from operations

     1,264        (2,358     (6,946     (14,193

Other income (expense), net

     204        (441     (291     (477
  

 

 

    

 

 

   

 

 

   

 

 

 

Net income (loss) before income taxes

     1,468        (2,799     (7,237     (14,670

Provision for income taxes

     154        171       597       521  
  

 

 

    

 

 

   

 

 

   

 

 

 

Net income (loss)

   $ 1,314      $ (2,970   $ (7,834   $ (15,191
  

 

 

    

 

 

   

 

 

   

 

 

 

Net income (loss) per share—basic and diluted

         

Basic

   $ 0.03      $ (0.08   $ (0.20   $ (0.40

Diluted

     0.03        (0.08     (0.20     (0.40
  

 

 

    

 

 

   

 

 

   

 

 

 

Weighted-average shares—basic and diluted

         

Basic

     39,682        38,564       39,320       37,739  

Diluted

     40,646        38,564       39,320       37,739  

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

         

Cost of subscription and support revenue

   $ 139      $ 127     $ 452     $ 341  

Cost of professional services and other revenue

     63        71       233       223  

Research and development

     142        323       839       855  

Sales and marketing

     768        602       2,440       1,411  

General and administrative

     896        598       2,760       1,674  

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

         

Cost of subscription and support revenue

   $ 336      $ 468     $ 1,166     $ 1,126  

Sales and marketing

     477        477       1,432       1,116  


Brightcove Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

 

     Nine Months Ended September 30,  
Operating activities    2020     2019  

Net loss

   $ (7,834   $ (15,191

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

    

Depreciation and amortization

     6,497       6,150  

Stock-based compensation

     6,724       4,504  

Provision for reserves on accounts receivable

     461       559  

Changes in assets and liabilities:

    

Accounts receivable

     (1,433     (5,477

Prepaid expenses and other current assets

     (6,414     642  

Other assets

     (1,247     (503

Accounts payable

     104       2,635  

Accrued expenses

     3,410       4,510  

Operating leases

     (13     (261

Deferred revenue

     8,667       3,061  
  

 

 

   

 

 

 

Net cash provided by operating activities

     8,922       629  
  

 

 

   

 

 

 

Investing activities

    

Cash paid for acquisition, net of cash acquired

     —         (5,402

Purchases of property and equipment, net of returns

     (2,163     (600

Capitalization of internal-use software costs

     (5,108     (4,264
  

 

 

   

 

 

 

Net cash used in investing activities

     (7,271     (10,266
  

 

 

   

 

 

 

Financing activities

    

Proceeds from exercise of stock options

     1,207       3,215  

Proceeds from debt

     10,000       —    

Debt paydown

     (5,000     —    

Other financing activities

     (448     (208
  

 

 

   

 

 

 

Net cash provided by financing activities

     5,759       3,007  
  

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

     163       (27
  

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

     7,573       (6,657

Cash and cash equivalents at beginning of period

     22,759       29,306  
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 30,332     $ 22,649  
  

 

 

   

 

 

 


Brightcove Inc.

Reconciliation of GAAP Gross Profit, GAAP Income (Loss) From Operations, GAAP Net Income (Loss) and GAAP Net Income (Loss) Per Share to

Non-GAAP Gross Profit, Non-GAAP Income From Operations, Non-GAAP Net Income and Non-GAAP Net Income Per Share

(in thousands, except per share amounts)

 

     Three Months Ended September 30,     Nine Months Ended September 30,  
     2020      2019     2020     2019  

GROSS PROFIT:

         

GAAP gross profit

   $ 30,986      $ 29,120     $ 87,024     $ 80,183  

Stock-based compensation expense

     202        198       685       564  

Amortization of acquired intangible assets

     336        468       1,166       1,126  

Restructuring

     —          —         51       292  
  

 

 

    

 

 

   

 

 

   

 

 

 

Non-GAAP gross profit

   $ 31,524      $ 29,786     $ 88,926     $ 82,165  
  

 

 

    

 

 

   

 

 

   

 

 

 

INCOME (LOSS) FROM OPERATIONS:

         

GAAP income (loss) from operations

   $ 1,264      $ (2,358   $ (6,946   $ (14,193

Stock-based compensation expense

     2,008        1,721       6,724       4,504  

Amortization of acquired intangible assets

     813        945       2,598       2,242  

Merger-related

     —          2,539       5,768       8,091  

Restructuring

     443        —         1,711       752  
  

 

 

    

 

 

   

 

 

   

 

 

 

Non-GAAP income from operations

   $ 4,528      $ 2,847     $ 9,855     $ 1,396  
  

 

 

    

 

 

   

 

 

   

 

 

 

NET INCOME (LOSS):

         

GAAP net income (loss)

   $ 1,314      $ (2,970   $ (7,834   $ (15,191

Stock-based compensation expense

     2,008        1,721       6,724       4,504  

Amortization of acquired intangible assets

     813        945       2,598       2,242  

Merger-related

     —          2,539       5,768       8,091  

Restructuring

     443        —         1,711       752  
  

 

 

    

 

 

   

 

 

   

 

 

 

Non-GAAP net income

   $ 4,578      $ 2,235     $ 8,967     $ 398  
  

 

 

    

 

 

   

 

 

   

 

 

 

GAAP diluted net income (loss) per share

   $ 0.03      $ (0.08   $ (0.20   $ (0.40
  

 

 

    

 

 

   

 

 

   

 

 

 

Non-GAAP diluted net income per share

   $ 0.11      $ 0.06     $ 0.22     $ 0.01  
  

 

 

    

 

 

   

 

 

   

 

 

 

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

     39,682        38,564       39,320       37,739  

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

     40,646        40,026       39,971       38,857  


Brightcove Inc.    

Calculation of Adjusted EBITDA    

(in thousands)         

 

     Three Months Ended September 30,     Nine Months Ended September 30,  
     2020     2019     2020     2019  

Net income (loss)

   $ 1,314     $ (2,970   $ (7,834   $ (15,191

Other expense, net

     (204     441       291       477  

Provision for income taxes

     154       171       597       521  

Depreciation and amortization

     2,140       2,216       6,497       6,150  

Stock-based compensation expense

     2,008       1,721       6,724       4,504  

Merger-related

     —         2,539       5,768       8,091  

Restructuring

     443       —         1,711       752  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 5,855     $ 4,118     $ 13,754     $ 5,304