UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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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 February 16, 2022, Brightcove Inc. issued a press release announcing certain financial and other information for the quarter and year ended December 31, 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 |
Description | |
| 99.1 | Press Release of Brightcove Inc. dated February 16, 2022, 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: February 16, 2022 | Brightcove Inc. | |||||
| By: | /s/ Robert Noreck | |||||
| Robert Noreck | ||||||
| Chief Financial Officer | ||||||
Exhibit 99.1
Brightcove Announces Financial Results for Fourth Quarter and Fiscal Year 2021
BOSTON, MA (February 16, 2022) – Brightcove Inc. (NASDAQ: BCOV) the global leader in video for business, today announced financial results for the fourth quarter and fiscal year ended December 31, 2021.
“Brightcove’s fourth quarter performance was highlighted by the introduction of two important new solutions, Brightcove Marketing Studio and Brightcove Corp TV. These products will enhance our customer’s ability to monetize content, sell products and engage with internal audiences and represent exciting new growth opportunities for Brightcove,” said Jeff Ray, Brightcove’s Chief Executive Officer.
Ray added, “The recent announcement of Marc DeBevoise to be my successor as Brightcove’s CEO is a compelling choice to lead the company through its next phase of growth. His extensive experience in technology, media, direct-to-consumer and streaming gives him a unique perspective on the power of video to connect with audiences and inspire them to take action.”
Fourth Quarter 2021 Financial Highlights:
| • | Revenue for the fourth quarter of 2021 was $52.6 million, a decrease of 2% compared to $53.7 million for the fourth quarter of 2020. Subscription and support revenue was $50.3 million, a decrease of 1% compared to $50.7 million for the fourth quarter of 2020. |
| • | Gross profit for the fourth quarter of 2021 was $34.7 million, representing a gross margin of 66% compared to a gross profit of $34.2 million for the fourth quarter of 2020. Non-GAAP gross profit for the fourth quarter of 2021 was $35.3 million, representing a non-GAAP gross margin of 67%, compared to a non-GAAP gross profit of $34.8 million for the fourth 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 $1.1 million for the fourth quarter of 2021, compared to an income of $1.6 million for the fourth quarter of 2020. Non-GAAP operating income, which excludes stock-based compensation expense, restructuring, the amortization of acquired intangible assets and merger-related expense, was $4.7 million for the fourth quarter of 2021, compared to non-GAAP operating income of $5.4 million during the fourth quarter of 2020. |
| • | Net income was $417,000, or $0.01 per diluted share, for the fourth quarter of 2021. This compares to a net income of $2.0 million, or $0.05 per diluted share, for the fourth quarter of 2020. Non-GAAP net income, which excludes stock-based compensation expense, restructuring, the amortization of acquired intangible assets and merger-related expense, was $4.0 million for the fourth quarter of 2021, or $0.10 per diluted share, compared to non-GAAP net income of $5.8 million for the fourth quarter of 2020, or $0.14 per diluted share. |
| • | Adjusted EBITDA was $5.9 million for the fourth quarter of 2021, compared to adjusted EBITDA of $6.8 million for the fourth quarter of 2020. 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 $4.8 million for the fourth quarter for 2021, compared to $12.4 million for the fourth quarter of 2020. |
| • | Free cash flow was $2.3 million after the company invested $2.6 million in capital expenditures and capitalization of internal-use software during the fourth quarter of 2021. Free cash flow was $10.9 million for the fourth quarter of 2020. |
| • | Cash and cash equivalents were $45.7 million as of December 31, 2021 compared to $45.3 million as of September 30, 2021. |
Full Year 2021 Financial Highlights:
| • | Revenue for the full year 2021 was $211.1 million, an increase of 7% compared to $197.4 million for 2020. Subscription and support revenue for 2021 was $198.9 million, an increase of 6% compared to $187.3 million for 2020. |
| • | Gross profit was $138.1 million for 2021, representing a gross margin of 65%, compared to $121.3 million for 2020. Non-GAAP gross profit was $140.5 million for 2021, representing a non-GAAP gross margin of 67%, compared to $123.7 million for 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 $7.6 million for 2021, compared to a loss from operations of $5.3 million for 2020. Non-GAAP income from operations, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related expense and executive severance and restructuring expense, was $18.9 million for 2021, compared to non-GAAP income from operations of $15.2 million for 2020. |
| • | Net income was $5.4 million, or $0.13 per diluted share, for 2021. This compares to a net loss of $5.8 million, or $0.15 per diluted share, for 2020. Non-GAAP net income, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related expense and executive severance and restructuring expense, was $16.8 million for 2021, or $0.40 per diluted share, compared to non-GAAP net income of $14.7 million for 2020, or $0.36 per diluted share. |
| • | Adjusted EBITDA was $24.2 million for 2021, compared to an adjusted EBITDA of $20.5 million for 2020. Adjusted EBITDA excludes stock-based compensation expense, merger-related expense, executive severance and restructuring expense, the amortization of acquired intangible assets, depreciation expense, other income/expense and the provision for income taxes. |
| • | Cash flow provided by operations was $19.6 million for 2021, compared to cash flow from operations of $21.3 million for 2020. |
| • | Free cash flow was $10.7 million after the company invested $8.8 million in capital expenditures and capitalization of internal-use software during 2021. Free cash flow was $12.6 million for 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 Fourth Quarter and Recent Highlights:
| • | Average annual subscription revenue per premium customer was $95,360 in the fourth quarter of 2021, excluding starter customers who had average annualized revenue of $4,100 per customer. This compares to $97,220 in the comparable period in 2020. Our ARPU was down YoY from $97,220 to $95,360, due to the impact of one time events in Japan last Q4. Excluding these events, our 4th quarter 2020 ARPU was $92.262, and we are up 3% year-over-year. |
| • | Recurring dollar retention rate was 94% in the fourth quarter of 2021, which was in-line with our historical target of the low to mid-90 percent range. |
| • | Ended the quarter with 3,135 customers, of which 2,227 were premium. |
| • | New customers and customers who expanded their relationship during the fourth quarter include: For Us By US Network (FUBU), Blue Buffalo, Verasity, Dallas Black Dance Theatre, and Reelz, Ford Motor Company, among others. |
| • | Appointed Marc DeBevoise as Chief Executive Officer and Board Director. DeBevoise brings over 20 years of experience in technology, media, direct-to-consumer, and streaming to Brightcove. He previously served as the Chief Digital Officer of ViacomCBS, CEO & President of CBS Interactive, and held leadership roles at Starz and NBCUniversal. As the architect of CBS’s digital strategy, DeBevoise positioned the company as a leading multi-platform content company with a top 10 consumer Internet portfolio and a leadership position in ad-supported and subscription direct-to-consumer streaming. |
| • | Acquired Wicket Labs, an audience insights company that gives users visibility into content and subscriber analytics. Brightcove customers will have access to content and subscriber insights to make data-driven decisions to improve subscriber acquisition, conversions, engagement, and retention. These insights will provide organizations greater understanding of audience dynamics, sources of new subscribers, the subscriber journey, and how to increase subscription revenue through data visualizations and dashboards |
Business Outlook
Based on information as of today, February 16, 2022, the Company is issuing the following financial guidance.
First Quarter 2022:
| • | Revenue is expected to be in the range of $50.5 million to $51.5 million, including approximately $2.0 million of professional services revenue. |
| • | Non-GAAP income from operations is expected to be in the range of $1.0 million to $2.0 million, which excludes stock-based compensation of approximately $2.5 million, and the amortization of acquired intangible assets of approximately $0.6. |
| • | Adjusted EBITDA is expected to be in the range of $2.3 million to $3.3 million, which excludes stock-based compensation of approximately $2.5 million, the amortization of acquired intangible assets of approximately $0.6 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 income per diluted share is expected to be $0.02 to $0.04, which excludes stock-based compensation of approximately $2.5 million, the amortization of acquired intangible assets of approximately $0.6 million, and assumes approximately 42.0 million weighted-average shares outstanding. |
Full Year 2022:
| • | Revenue is expected to be in the range of $207 million to $215 million, including approximately $9.3 million of professional services revenue. |
| • | Non-GAAP income from operations is expected to be in the range of $7.0 million to $11.0 million, which excludes stock-based compensation of approximately $11.1 million, the amortization of acquired intangible assets of approximately $2.1 million. |
| • | Adjusted EBITDA is expected to be in the range of $15.0 million to $19.0 million, which excludes stock-based compensation of approximately $11.1 million, the amortization of acquired intangible assets of approximately $2.1 million, depreciation expense of approximately $7.9 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 $0.14 to $0.23, which excludes stock-based compensation of approximately $11.1 million, the amortization of acquired intangible assets of approximately $2.1 million and assumes approximately 42.6 million weighted-average shares outstanding. |
Conference Call Information
Brightcove will host a conference call today, February 16, 2022, 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 13726883. A replay of the webcast will also be available for a limited time at http://investor.brightcove.com.
About Brightcove
Brightcove creates the world’s most reliable, scalable, and secure video technology solutions to build a greater connection between companies and their audiences, no matter where they are or on which devices they consume content. In more than 70 countries, Brightcove’s intelligent video platform enables businesses to sell to customers more effectively, media leaders to stream and monetize content more reliably, and every organization to communicate with team members more powerfully. With two Technology and Engineering Emmy® Awards for innovation, uptime that consistently leads the industry, and unmatched scalability, we continuously push the boundaries of what video can do. Follow Brightcove on Twitter, LinkedIn, and Facebook.
Visit www.brightcove.com. Brightcove. 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 first fiscal quarter and full year 2022, 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)
| December 31, 2021 | December 31, 2020 | |||||||
| Assets |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ | 45,739 | $ | 37,472 | ||||
| Accounts receivable, net of allowance |
29,866 | 29,305 | ||||||
| Prepaid expenses and other current assets |
18,625 | 18,738 | ||||||
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|
|
|
|
|||||
| Total current assets |
94,230 | 85,515 | ||||||
| Property and equipment, net |
20,514 | 15,968 | ||||||
| Operating lease right-of-use asset |
24,891 | 8,699 | ||||||
| Intangible assets, net |
9,276 | 10,465 | ||||||
| Goodwill |
60,902 | 60,902 | ||||||
| Other assets |
6,655 | 5,254 | ||||||
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| Total assets |
$ | 216,468 | $ | 186,803 | ||||
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| Liabilities and stockholders’ equity |
||||||||
| Current liabilities: |
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| Accounts payable |
$ | 11,039 | $ | 10,456 | ||||
| Accrued expenses |
20,925 | 25,397 | ||||||
| Operating lease liability |
2,600 | 4,346 | ||||||
| Deferred revenue |
62,057 | 58,741 | ||||||
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|
|
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| Total current liabilities |
96,621 | 98,940 | ||||||
| Operating lease liability, net of current portion |
22,801 | 5,498 | ||||||
| Other liabilities |
786 | 2,763 | ||||||
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|
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| Total liabilities |
120,208 | 107,201 | ||||||
| Stockholders’ equity: |
||||||||
| Common stock |
41 | 40 | ||||||
| Additional paid-in capital |
298,793 | 287,059 | ||||||
| Treasury stock, at cost |
(871 | ) | (871 | ) | ||||
| Accumulated other comprehensive loss |
(662 | ) | (188 | ) | ||||
| Accumulated deficit |
(201,041 | ) | (206,438 | ) | ||||
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| Total stockholders’ equity |
96,260 | 79,602 | ||||||
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| Total liabilities and stockholders’ equity |
$ | 216,468 | $ | 186,803 | ||||
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Brightcove Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Revenue: |
||||||||||||||||
| Subscription and support revenue |
$ | 50,262 | $ | 50,728 | $ | 198,929 | $ | 187,341 | ||||||||
| Professional services and other revenue |
2,379 | 2,962 | 12,164 | 10,012 | ||||||||||||
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| Total revenue |
52,641 | 53,690 | 211,093 | 197,353 | ||||||||||||
| Cost of revenue: (1) (2) |
||||||||||||||||
| Cost of subscription and support revenue |
15,933 | 16,834 | 62,773 | 67,124 | ||||||||||||
| Cost of professional services and other revenue |
2,050 | 2,624 | 10,255 | 8,973 | ||||||||||||
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| Total cost of revenue |
17,983 | 19,458 | 73,028 | 76,097 | ||||||||||||
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| Gross profit |
34,658 | 34,232 | 138,065 | 121,256 | ||||||||||||
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| Operating expenses: (1) (2) |
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| Research and development |
7,677 | 7,779 | 31,718 | 33,978 | ||||||||||||
| Sales and marketing |
18,447 | 17,442 | 71,177 | 59,812 | ||||||||||||
| General and administrative |
7,439 | 7,388 | 29,261 | 27,021 | ||||||||||||
| Merger-related |
— | — | 300 | 5,768 | ||||||||||||
| Other (benefit) expense |
— | — | (1,965 | ) | — | |||||||||||
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| Total operating expenses |
33,563 | 32,609 | 130,491 | 126,579 | ||||||||||||
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| Income (loss) from operations |
1,095 | 1,623 | 7,574 | (5,323 | ) | |||||||||||
| Other (expense) income, net |
(438 | ) | 419 | (1,375 | ) | 128 | ||||||||||
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| Income (loss) before income taxes |
657 | 2,042 | 6,199 | (5,195 | ) | |||||||||||
| Provision for income taxes |
240 | 21 | 802 | 618 | ||||||||||||
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| Net income (loss) |
$ | 417 | $ | 2,021 | $ | 5,397 | $ | (5,813 | ) | |||||||
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| Net income (loss) per share—basic and diluted |
||||||||||||||||
| Basic |
$ | 0.01 | $ | 0.05 | $ | 0.13 | $ | (0.15 | ) | |||||||
| Diluted |
0.01 | 0.05 | 0.13 | (0.15 | ) | |||||||||||
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| Weighted-average shares—basic and diluted |
||||||||||||||||
| Basic |
41,151 | 39,932 | 40,717 | 39,473 | ||||||||||||
| Diluted |
41,684 | 41,646 | 42,200 | 39,473 | ||||||||||||
| (1) Stock-based compensation included in above line items: |
||||||||||||||||
| Cost of subscription and support revenue |
$ | 126 | $ | 140 | $ | 627 | $ | 592 | ||||||||
| Cost of professional services and other revenue |
102 | 81 | 401 | 314 | ||||||||||||
| Research and development |
416 | 239 | 1,677 | 1,078 | ||||||||||||
| Sales and marketing |
875 | 699 | 2,957 | 3,139 | ||||||||||||
| General and administrative |
1,215 | 902 | 4,306 | 3,662 | ||||||||||||
| (2) Amortization of acquired intangible assets included in the above line items: |
||||||||||||||||
| Cost of subscription and support revenue |
$ | 414 | $ | 335 | $ | 1,420 | $ | 1,501 | ||||||||
| Sales and marketing |
407 | 477 | 1,652 | 1,909 | ||||||||||||
Brightcove Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
| Twelve Months Ended December 31, | ||||||||
| Operating activities | 2021 | 2020 | ||||||
| Net income (loss) |
$ | 5,397 | $ | (5,813 | ) | |||
| Adjustments to reconcile net loss to net cash provided by operating activities: |
||||||||
| Depreciation and amortization |
8,322 | 8,695 | ||||||
| Stock-based compensation |
9,968 | 8,785 | ||||||
| Provision for reserves on accounts receivable |
159 | 648 | ||||||
| Changes in assets and liabilities: |
||||||||
| Accounts receivable |
(846 | ) | 1,358 | |||||
| Prepaid expenses and other current assets |
1,281 | (6,918 | ) | |||||
| Other assets |
(1,437 | ) | (1,937 | ) | ||||
| Accounts payable |
(683 | ) | 1,014 | |||||
| Accrued expenses |
(5,209 | ) | 5,600 | |||||
| Operating leases |
(634 | ) | 182 | |||||
| Deferred revenue |
3,245 | 9,698 | ||||||
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| Net cash provided by operating activities |
19,563 | 21,312 | ||||||
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| Investing activities |
||||||||
| Cash paid for asset purchase |
(2,000 | ) | — | |||||
| Purchases of property and equipment, net of returns |
(2,205 | ) | (2,362 | ) | ||||
| Capitalization of internal-use software costs |
(6,637 | ) | (6,362 | ) | ||||
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| Net cash used in investing activities |
(10,842 | ) | (8,724 | ) | ||||
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| Financing activities |
||||||||
| Proceeds from exercise of stock options |
2,846 | 2,216 | ||||||
| Deferred acquisition payments |
(475 | ) | — | |||||
| Proceeds from debt |
— | 10,000 | ||||||
| Debt paydown |
— | (10,000 | ) | |||||
| Other financing activities |
(1,669 | ) | (631 | ) | ||||
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| Net cash provided by financing activities |
702 | 1,585 | ||||||
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| Effect of exchange rate changes on cash and cash equivalents |
(1,156 | ) | 540 | |||||
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| Net increase in cash and cash equivalents |
8,267 | 14,713 | ||||||
| Cash and cash equivalents at beginning of period |
37,472 | 22,759 | ||||||
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| Cash and cash equivalents at end of period |
$ | 45,739 | $ | 37,472 | ||||
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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 December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| GROSS PROFIT: |
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| GAAP gross profit |
$ | 34,658 | $ | 34,232 | $ | 138,065 | $ | 121,256 | ||||||||
| Stock-based compensation expense |
228 | 221 | 1,028 | 906 | ||||||||||||
| Amortization of acquired intangible assets |
414 | 335 | 1,420 | 1,501 | ||||||||||||
| Restructuring |
— | — | — | 51 | ||||||||||||
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| Non-GAAP gross profit |
$ | 35,300 | $ |
34,788 |
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$ |
140,513 |
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$ |
123,714 |
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| INCOME (LOSS) FROM OPERATIONS: |
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| GAAP income (loss) from operations |
$ | 1,095 | $ | 1,623 | $ | 7,574 | $ | (5,323 | ) | |||||||
| Stock-based compensation expense |
2,734 | 2,061 | 9,968 | 8,785 | ||||||||||||
| Amortization of acquired intangible assets |
821 | 812 | 3,072 | 3,410 | ||||||||||||
| Merger-related |
— | — | 300 | 5,768 | ||||||||||||
| Restructuring |
— | 873 | — | 2,583 | ||||||||||||
| Other (benefit) expense |
— | — | (1,965 | ) | — | |||||||||||
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| Non-GAAP income from operations |
$ | 4,650 | $ | 5,369 | $ | 18,949 | $ | 15,223 | ||||||||
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| NET INCOME (LOSS): |
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| GAAP net income (loss) |
$ | 417 | $ | 2,021 | $ | 5,397 | $ | (5,813 | ) | |||||||
| Stock-based compensation expense |
2,734 | 2,061 | 9,968 | 8,785 | ||||||||||||
| Amortization of acquired intangible assets |
821 | 812 | 3,072 | 3,410 | ||||||||||||
| Merger-related |
— | — | 300 | 5,768 | ||||||||||||
| Restructuring |
— | 873 | — | 2,583 | ||||||||||||
| Other (benefit) expense |
— | — | (1,965 | ) | — | |||||||||||
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| Non-GAAP net income |
$ | 3,972 | $ | 5,767 | $ | 16,772 | $ | 14,733 | ||||||||
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| GAAP diluted net income (loss) per share |
$ | 0.01 | $ | 0.05 | $ | 0.13 | $ | (0.15 | ) | |||||||
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| Non-GAAP diluted net income per share |
$ | 0.10 | $ | 0.14 | $ | 0.40 | $ | 0.36 | ||||||||
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| Shares used in computing GAAP diluted net income (loss) per share |
41,684 | 41,646 | 42,200 | 39,473 | ||||||||||||
| Shares used in computing Non-GAAP diluted net income (loss) per share |
41,684 | 41,646 | 42,200 | 40,449 | ||||||||||||
Brightcove Inc.
Calculation of Adjusted EBITDA
(in thousands)
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Net income (loss) |
$ | 417 | $ | 2,021 | $ | 5,397 | $ | (5,813 | ) | |||||||
| Other expense, net |
438 | (419 | ) | 1,375 | (128 | ) | ||||||||||
| Provision for income taxes |
240 | 21 | 802 | 618 | ||||||||||||
| Depreciation and amortization |
2,038 | 2,199 | 8,322 | 8,695 | ||||||||||||
| Stock-based compensation expense |
2,734 | 2,061 | 9,968 | 8,785 | ||||||||||||
| Merger-related |
— | — | 300 | 5,768 | ||||||||||||
| Restructuring |
— | 873 | — | 2,583 | ||||||||||||
| Other (benefit) expense |
— | — | (1,965 | ) | — | |||||||||||
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| Adjusted EBITDA |
$ | 5,867 | $ | 6,756 | $ | 24,199 | $ | 20,508 | ||||||||
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