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Brightcove Announces Financial Results for First Quarter Fiscal Year 2021
BOSTON--(BUSINESS WIRE)--Apr. 28, 2021-- Brightcove Inc. (Nasdaq: BCOV), the global leader in video for business, today announced financial results for the first quarter ended March 31, 2021.
Brightcove's performance in the first quarter further demonstrates that our strategy is working, highlighted by double-digit subscription revenue growth and our best-ever adjusted EBITDA margin, said Jeff Ray, Brightcove's Chief Executive Officer. The proliferation of video is changing the way enterprises, media organizations, and content creators work. Customers choose Brightcove because our video platform provides the reliability, scalability, and security they need to meet multiple critical business challenges. Our investments in innovation and go-to-market are creating greater value for customers and positioning us to deliver on our long-term financial targets.
First Quarter 2021 Financial Highlights:
Revenue for the first quarter of 2021 was $54.8 million, an increase of 18% compared to $46.7 million for the first quarter of 2020. Subscription and support revenue was $50.8 million, an increase of 14% compared to $44.7 million for the first quarter of 2020.
Gross profit for the first quarter of 2021 was $35.6 million, representing a gross margin of 65% compared to a gross profit of $28.0 million and 60% for the first quarter of 2020. Non-GAAP gross profit for the first quarter of 2021 was $36.2 million, representing a non-GAAP gross margin of 66%, compared to a non-GAAP gross profit of $28.8 million and 62% for the first 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 $6.1 million for the first quarter of 2021, compared to a loss of $7.1 million for the first 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 $7.2 million for the first quarter of 2021, compared to non-GAAP operating income of $2.3 million during the first quarter of 2020.
Net income was $5.1 million, or $0.12 per diluted share, for the first quarter of 2021. This compares to a net loss of $7.9 million, or a loss of $0.20 per diluted share, for the first 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 $6.2 million for the first quarter of 2021, or $0.15 per diluted share, compared to non-GAAP net income of $1.5 million for the first quarter of 2020, or $0.04 per diluted share.
Adjusted EBITDA was $8.6 million for the first quarter of 2021, compared to adjusted EBITDA of $3.7 million for the first 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 used by operations was $604,000 for the first quarter for 2021, compared to cash flow provided by operations of $2.4 million for the first quarter of 2020.
Free cash flow was negative $2.1 million after the company invested $1.5 million in capital expenditures and capitalization of internal-use software during the first quarter of 2021. Free cash flow was negative $252,000 for the first quarter of 2020.
Cash and cash equivalents were $35.2 million as of March 31, 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 First Quarter and Recent Highlights:
Average annual subscription revenue per premium customer was $97,000 in the first quarter of 2021, excluding starter customers who had average annualized revenue of $4,300 per customer. This compares to $84,600 in the comparable period in 2020.
Recurring dollar retention rate was 85% in the first quarter of 2021, versus our historical target of the low to mid-90 percent range.
Ended the quarter with 3,312 customers, of which 2,273 were premium.
New customers and customers who expanded their relationship during the first quarter include: Box, Inc., Giants Enterprises, LLC, Convenii, Outside Magazine, Akamai Technologies, GEDI Digital, Hagerty, Little League Baseball Incorporated, EMC Corp., Tver, Forbes, Entercom Communications and Kraft Heinz.
Launched Brightcove Virtual Events for Business, an intuitive, easy-to-use virtual event solution for highly repeatable, mid-sized events. Virtual Events for Business is a virtual event creation, marketing, and delivery platform designed to easily service the rapidly expanding number of events hosted by organizations. Many enterprises are planning for life after COVID and want to continue to maximize the extended reach they have achieved with virtual events over the past year and a half. Brightcove Virtual Events for Business makes it simple for enterprises to hold high volume, repeatable events to connect with audiences across all aspects of their organization.
Announced a partnership with L2, a solution provider for arts and cultural institutions. L2 will integrate Brightcove with Tessitura and Stripe to provide a seamless interface that enables cultural organizations to allow viewers to purchase and stream performances instantly. ### Business Outlook
Based on information as of today, April 28, 2021, the Company is issuing the followi
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