8-K
BRIGHTCOVE INC DE false 0001313275 0001313275 2021-07-28 2021-07-28

 

 

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 28, 2021

 

 

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 28, 2021, Brightcove Inc. issued a press release announcing certain financial and other information for the quarter ended June 30, 2021. 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 28, 2021, 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: July 28, 2021     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 2021

BOSTON, MA (July 28, 2021) Brightcove Inc. (Nasdaq: BCOV), the global leader in video for business, today announced financial results for the second quarter ended June 30, 2021.

“ Brightcove’s second quarter performance was highlighted by revenue that was ahead of expectations and 33% growth in adjusted EBITDA,” said Jeff Ray, Brightcove’s Chief Executive Officer. “Our customers continue to turn to Brightcove as their trusted partner as they expand their use of video in new and innovative ways to engage with their audiences.”

Ray continued, “We made good progress across each of our four strategic focus areas that will enhance customer success and retention, accelerate product innovation, and grow our direct and indirect sales efforts. In the near-term, it will take some additional time to complete these initiatives. Longer-term, we are confident we will be on track to hit our long-term financial goal of being a Rule of 40 company.”

Second Quarter 2021 Financial Highlights:

 

 

Revenue for the second quarter of 2021 was $51.5 million, an increase of 7% compared to $47.9 million for the second quarter of 2020. Subscription and support revenue was $48.6 million, an increase of 7% compared to $45.6 million for the second quarter of 2020.

 

 

Gross profit for the second quarter of 2021 was $34.2 million, representing a gross margin of 67% compared to a gross profit of $28.0 million and 58% for the second quarter of 2020. Non-GAAP gross profit for the second quarter of 2021 was $34.9 million, representing a non-GAAP gross margin of 68%, compared to a non-GAAP gross profit of $28.6 million and 60% for the second quarter of 2020. 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 $590 thousand for the second quarter of 2021, compared to a loss of $1.2 million for the second quarter of 2020. Non-GAAP operating income, which excludes stock-based compensation expense, restructuring, the amortization of acquired intangible assets, merger-related expense and other (benefit) expense, was $4.2 million for the second quarter of 2021, compared to non-GAAP operating income of $3.1 million during the second quarter of 2020.

 

 

Net income was $870 thousand, or $0.02 per diluted share, for the second quarter of 2021. This compares to a net loss of $1.3 million, or a loss of $0.03 per diluted share, for the second quarter of 2020. Non-GAAP net income, which excludes stock-based compensation expense, restructuring, the amortization of acquired intangible assets, merger-related expense and other (benefit) expense, was $4.5 million for the second quarter of 2021, or $0.11 per diluted share, compared to non-GAAP net income of $2.9 million for the second quarter of 2020, or $0.07 per diluted share.


 

Adjusted EBITDA was $5.6 million for the second quarter of 2021, compared to adjusted EBITDA of $4.2 million for the second quarter of 2020. Adjusted EBITDA excludes stock-based compensation expense, merger-related expense, other (benefit) 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 $8.0 for the second quarter for 2021, compared to cash flow provided by operations of $2.9 million for the second quarter of 2020.

 

 

Free cash flow was $5.7 million after the company invested $2.3 million in capital expenditures and capitalization of internal-use software during the second quarter of 2021. Free cash flow was $516,000 for the second quarter of 2020.

 

 

Cash and cash equivalents were $40.4 million as of June 30, 2021 compared to $37.5 million on December 31, 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 Second Quarter and Recent Highlights:

 

 

Average annual subscription revenue per premium customer was $92,200 in the second quarter of 2021, excluding starter customers who had average annualized revenue of $4,500 per customer. This compares to $87,200 in the comparable period in 2020.

 

 

Recurring dollar retention rate was 86% in the second quarter of 2021, versus our historical target of the low to mid-90 percent range.

 

 

Ended the quarter with 3,263 customers, of which 2,280 were premium.

 

 

New customers and customers who expanded their relationship during the second quarter include: Black News Channel, Sparrow Live, Dal-Tile Corp, Rooster Teeth Productions, The Edinburgh Fringe Festival, Softbank, TVNZ, and Hydrow.

 

 

Established a partnership with Alibaba to create the Brightcove China Delivery via Alibaba Cloud solution, which makes Brightcove the first video provider to enable on-demand video streaming in China. With this new partnership, we are able to solve the challenges that have long hindered enterprise video adoption in China, including government restrictions, video loading or analytic failures, or being blacklisted for not having an in-country domain or license.

 

 

Announced a technology partnership with ByteArk, a leading content delivery network (CDN) in Thailand. Together, we will be able to leverage each other’s technology to provide media organizations, content owners using OTT platforms and enterprises a flawless viewer experience across any device.


Business Outlook

Based on information as of today, July 28, 2021, the Company is issuing the following financial guidance.

Third Quarter 2021:

 

 

Revenue is expected to be in the range of $50.5 million to $51.5 million, including approximately $2.7 million of professional services revenue.

 

 

Non-GAAP income from operations is expected to be in the range of $0.5 million to $1.5 million, which excludes stock-based compensation of approximately $2.6 million and the amortization of acquired intangible assets of approximately $0.7 million.

 

 

Adjusted EBITDA is expected to be in the range of $1.7 million to $2.7 million, which excludes stock-based compensation of approximately $2.6 million, the amortization of acquired intangible assets of approximately $0.7 million, depreciation expense of approximately $1.2 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 $0.01 to $0.03, which excludes stock-based compensation of approximately $2.6 million, the amortization of acquired intangible assets of approximately $0.7 million, and assumes approximately 42.4 million weighted-average shares outstanding.

Full Year 2021:

 

 

Revenue is expected to be in the range of $211.0 million to $213.0 million, including approximately $12.5 million of professional services revenue.

 

 

Non-GAAP income from operations is expected to be in the range of $14.0 million to $17.0 million, which excludes stock-based compensation of approximately $10.4 million, the amortization of acquired intangible assets of approximately $3.0 million, merger-related expenses of $0.3 and other (benefit) expense of ($2.0) million.

 

 

Adjusted EBITDA is expected to be in the range of $19.1 million to $22.1 million, which excludes stock-based compensation of approximately $10.4 million, the amortization of acquired intangible assets of approximately $3.0 million, merger-related expenses of $0.3, depreciation expense of approximately $5.1 million, other (benefit) expense of approximately ($2.0) million, and other income/expense and the provision for income taxes of approximately $1.3 million.

 

 

Non-GAAP earnings per diluted share is expected to be $0.30 to $0.37, which excludes stock-based compensation of approximately $10.4 million, the amortization of acquired intangible assets of approximately $3.0 million, merger-related expenses of $0.3, other (benefit) expense of ($2.0) million and assumes approximately 42.3 million weighted-average shares outstanding.


Conference Call Information

Brightcove will host a conference call today, July 28, 2021, 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 13721361. A replay of the webcast will also be available for a limited time at http://investor.brightcove.com.

About Brightcove Inc. (NASDAQ: BCOV)

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. 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 third fiscal quarter and full year 2021, 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. 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, amortization of acquired intangible assets, merger-related expenses, restructuring and other (benefit) expense. The non-GAAP financial results discussed above of adjusted EBITDA is defined as consolidated net income (loss), plus other income/expense, including interest expense and interest income, the provision for income taxes, depreciation expense, the amortization of acquired intangible assets, stock-based compensation expense, merger-related expenses, restructuring and other (benefit) expense. 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.

Net Revenue Retention Rate. We assess our ability to retain and expand customers using a metric we refer to as our net revenue retention rate. We calculate the net revenue retention rate by dividing; a) the current annualized recurring revenue for premium customers that existed twelve months prior by b) the annualized recurring revenue for all premium customers that existed twelve months prior. We define annualized recurring revenue for premium customers as the aggregate annualized contract value from our premium customer base, measured as of the end of a given period. We typically calculate our net revenue retention rate on a quarterly basis. For annual periods, we report net revenue retention rate as the average of the net revenue retention rate for all fiscal quarters included in the period. By dividing the retained recurring revenue by the base recurring revenue, we measure our success in retaining and growing installed revenue from the specific cohort of customers we served at the beginning of the period.

Investors:

ICR for Brightcove


Brian Denyeau, 646-277-1251

brian.denyeau@icrinc.com

Media:

Brightcove

Meredith Duhaime

mduhaime@brightcove.com


Brightcove Inc.

Condensed Consolidated Balance Sheets

(in thousands)

 

     June 30, 2021     December 31, 2020  

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 40,387     $ 37,472  

Accounts receivable, net of allowance

     31,445       29,305  

Prepaid expenses and other current assets

     21,046       18,738  
  

 

 

   

 

 

 

Total current assets

     92,878       85,515  

Property and equipment, net

     17,460       15,968  

Operating lease right-of-use asset

     6,749       8,699  

Intangible assets, net

     8,956       10,465  

Goodwill

     60,902       60,902  

Other assets

     6,236       5,254  
  

 

 

   

 

 

 

Total assets

   $ 193,181     $ 186,803  
  

 

 

   

 

 

 

Liabilities and stockholders’ equity

    

Current liabilities:

    

Accounts payable

   $ 11,001     $ 10,456  

Accrued expenses

     20,779       25,397  

Operating lease liability

     2,734       4,346  

Deferred revenue

     62,433       58,741  
  

 

 

   

 

 

 

Total current liabilities

     96,947       98,940  

Operating lease liability, net of current portion

     4,200       5,498  

Other liabilities

     889       2,763  
  

 

 

   

 

 

 

Total liabilities

     102,036       107,201  

Stockholders’ equity:

    

Common stock

     41       40  

Additional paid-in capital

     292,775       287,059  

Treasury stock, at cost

     (871     (871

Accumulated other comprehensive loss

     (362     (188

Accumulated deficit

     (200,438     (206,438
  

 

 

   

 

 

 

Total stockholders’ equity

     91,145       79,602  
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 193,181     $ 186,803  
  

 

 

   

 

 

 


Brightcove Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

 

     Three Months Ended June 30,     Six Months Ended June 30,  
     2021     2020     2021     2020  

Revenue:

        

Subscription and support revenue

   $ 48,602     $ 45,617     $ 99,441     $ 90,275  

Professional services and other revenue

     2,870       2,309       6,848       4,304  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue

     51,472       47,926       106,289       94,579  

Cost of revenue: (1) (2)

        

Cost of subscription and support revenue

     14,756       17,807       30,434       34,555  

Cost of professional services and other revenue

     2,468       2,092       5,958       3,986  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total cost of revenue

     17,224       19,899       36,392       38,541  
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     34,248       28,027       69,897       56,038  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses: (1) (2)

        

Research and development

     7,855       9,131       16,139       17,984  

Sales and marketing

     18,130       13,383       34,279       27,557  

General and administrative

     7,418       6,407       14,477       12,939  

Merger-related

     255       259       255       5,768  

Other (benefit) expense

     —         —         (1,965     —    
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     33,658       29,180       63,185       64,248  
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from operations

     590       (1,153     6,712       (8,210

Other income (expense), net

     117       (27     (618     (495
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

     707       (1,180     6,094       (8,705

Provision for income taxes

     (163     115       94       443  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) before income taxes

   $ 870     $ (1,295   $ 6,000     $ (9,148
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) per share—basic and diluted

        

Basic

   $ 0.02     $ (0.03   $ 0.15     $ (0.23

Diluted

     0.02       (0.03     0.14       (0.23
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted-average shares—basic and diluted

        

Basic

     40,615       39,292       40,386       39,136  

Diluted

     42,209       39,292       42,391       39,136  

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

        

Cost of subscription and support revenue

   $ 187     $ 123     $ 344     $ 313  

Cost of professional services and other revenue

     118       90       186       170  

Research and development

     531       257       853       697  

Sales and marketing

     762       761       1,499       1,672  

General and administrative

     1,011       867       2,019       1,864  

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

        

Cost of subscription and support revenue

   $ 336     $ 335     $ 671     $ 830  

Sales and marketing

     407       478       838       955  


Brightcove Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

 

     Six Months Ended June 30,  
Operating activities    2021     2020  

Net income (loss)

   $ 6,000     $ (9,148

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

    

Depreciation and amortization

     4,278       4,357  

Stock-based compensation

     4,901       4,716  

Provision for reserves on accounts receivable

     276       401  

Changes in assets and liabilities:

    

Accounts receivable

     (2,634     4,055  

Prepaid expenses and other current assets

     (1,337     (5,357

Other assets

     (1,000     (300

Accounts payable

     105       2,038  

Accrued expenses

     (6,053     (577

Operating leases

     (960     3  

Deferred revenue

     3,801       5,112  
  

 

 

   

 

 

 

Net cash provided by operating activities

     7,377       5,300  
  

 

 

   

 

 

 

Investing activities

    

Purchases of property and equipment, net of returns

     (808     (1,197

Capitalization of internal-use software costs

     (2,977     (3,839
  

 

 

   

 

 

 

Net cash used in investing activities

     (3,785     (5,036
  

 

 

   

 

 

 

Financing activities

    

Proceeds from exercise of stock options

     1,980       394  

Deferred acquisition payments

     (475     —    

Proceeds from debt

     —         10,000  

Debt paydown

     —         (5,000

Other financing activities

     (1,348     (429
  

 

 

   

 

 

 

Net cash provided by financing activities

     157       4,965  
  

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

     (834     (235
  

 

 

   

 

 

 

Net (decrease) increase in cash and cash equivalents

     2,915       4,994  

Cash and cash equivalents at beginning of period

     37,472       22,759  
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 40,387     $ 27,753  
  

 

 

   

 

 

 


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 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 31,     Six Months Ended June 31,  
     2021      2020     2021     2020  

GROSS PROFIT:

         

GAAP gross profit

   $ 34,248      $ 28,027     $ 69,897     $ 56,038  

Stock-based compensation expense

     305        213       530       483  

Amortization of acquired intangible assets

     336        335       671       830  

Restructuring

     —          51       —         51  
  

 

 

    

 

 

   

 

 

   

 

 

 

Non-GAAP gross profit

   $ 34,889      $ 28,626     $ 71,098     $ 57,402  
  

 

 

    

 

 

   

 

 

   

 

 

 

INCOME (LOSS) FROM OPERATIONS:

         

GAAP income (loss) from operations

   $ 590      $ (1,153   $ 6,712     $ (8,210

Stock-based compensation expense

     2,609        2,098       4,901       4,716  

Amortization of acquired intangible assets

     743        813       1,509       1,785  

Merger-related

     255        259       255       5,768  

Restructuring

     —          1,039       —         1,268  

Other (benefit) expense

     —          —         (1,965     —    
  

 

 

    

 

 

   

 

 

   

 

 

 

Non-GAAP income from operations

   $ 4,197      $ 3,056     $ 11,412     $ 5,327  
  

 

 

    

 

 

   

 

 

   

 

 

 

NET INCOME (LOSS):

         

GAAP net income (loss)

   $ 870      $ (1,295   $ 6,000     $ (9,148

Stock-based compensation expense

     2,609        2,098       4,901       4,716  

Amortization of acquired intangible assets

     743        813       1,509       1,785  

Merger-related

     255        259       255       5,768  

Restructuring

     —          1,039       —         1,268  

Other (benefit) expense

     —          —         (1,965     —    
  

 

 

    

 

 

   

 

 

   

 

 

 

Non-GAAP net income

   $ 4,477      $ 2,914     $ 10,700     $ 4,389  
  

 

 

    

 

 

   

 

 

   

 

 

 

GAAP diluted net income (loss) per share

   $ 0.02      $ (0.03   $ 0.14     $ (0.23
  

 

 

    

 

 

   

 

 

   

 

 

 

Non-GAAP diluted net income per share

   $ 0.11      $ 0.07     $ 0.25     $ 0.11  
  

 

 

    

 

 

   

 

 

   

 

 

 

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

     40,615        39,292       40,386       39,136  

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

     42,209        39,952       42,391       39,802  


Brightcove Inc.

Calculation of Adjusted EBITDA

(in thousands)

 

     Three Months Ended June 30,     Six Months Ended June 30,  
     2021     2020     2021     2020  

Net income (loss)

   $ 870     $ (1,295   $ 6,000     $ (9,148

Other expense, net

     (117     27       618       495  

Provision for income taxes

     (163     115       94       443  

Depreciation and amortization

     2,115       1,949       4,278       4,357  

Stock-based compensation expense

     2,609       2,098       4,901       4,716  

Merger-related

     255       259       255       5,768  

Restructuring

     —         1,039       —         1,268  

Other (benefit) expense

     —         —         (1,965     —    
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 5,569     $ 4,192     $ 14,181     $ 7,899  
  

 

 

   

 

 

   

 

 

   

 

 

 


Brightcove Inc.

Historical Net Revenue Retention (NRR)

 

     1Q19     2Q19     3Q19     4Q19     1Q20     2Q20     3Q20     4Q20     1Q21     2Q21  

Net Revenue Retention Rate

     95     100     97     97     92     92     98     100     99     98