Sony Digital Rapids Pixel Power calrec Sony

Brightcove Announces Financial Results for Fourth Quarter and Fiscal Year 2016

16/02/2017

Company reports fiscal year 2016 revenue growth of 12%

BOSTON, MA (February 16, 2017) Brightcove Inc. (Nasdaq: BCOV), a leading global provider of cloud services for video, today announced financial results for the fourth quarter and fiscal year ended December 31, 2016.

Brightcove reported solid fourth quarter financial results that capped a very strong year for the company, said David Mendels, Chief Executive Officer of Brightcove. The momentum we are seeing across our business drove a number of important milestones for our company in 2016, including the return to double-digit revenue growth, 15% bookings growth for the year, the signing of multiple seven-figure, multi-year media wins and strong performance in our digital marketing and enterprise group, marked by an impressive fourth quarter performance. In addition, we delivered on a number of exciting product innovations like Dynamic Delivery and Brightcove Social.

Mendels added, The investments we made throughout the year significantly strengthened our competitive position in the market and we enter 2017 more confident in our ability to continue to drive improved long-term revenue growth and profitability. We are focused on executing even better in the year ahead in order to generate meaningful shareholder value.

Fourth Quarter 2016 Financial Highlights:

Revenue for the fourth quarter of 2016 was $38.6 million, an increase of 10% compared to $35.1 million for the fourth quarter of 2015. Subscription and support revenue was $36.1 million, an increase of 6% compared with $34.1 million for the fourth quarter of 2015.

Gross profit for the fourth quarter of 2016 was $23.3 million, representing a gross margin of 60%, compared to a gross profit of $23.3 million for the fourth quarter of 2015. Non-GAAP gross profit for the fourth quarter of 2016 was $24.8 million, representing a non-GAAP gross margin of 64%, compared to a non-GAAP gross profit of $24.0 million for the fourth quarter of 2015. Non-GAAP gross profit and non-GAAP gross margin exclude stock-based compensation expense, the amortization of acquired intangible assets and costs to exit a facility.

Loss from operations was $3.7 million for the fourth quarter of 2016, compared to a loss from operations of $214,000 for the fourth quarter of 2015. Non-GAAP loss from operations, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related expenses and costs to exit a facility, was $309,000 for the fourth quarter of 2016, compared to non-GAAP income from operations of $2.3 million during the fourth quarter of 2015.

Net loss was $4.4 million, or $0.13 per diluted share, for the fourth quarter of 2016. This compares to a net income of $172,000, or $0.01 per diluted share, for the fourth quarter of 2015. Non-GAAP net loss, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related expenses, gain from settlement of escrow claim and costs to exit a facility, was $988,000 for the fourth quarter of 2016, or $0.03 per diluted share, compared to a non-GAAP net income of $1.8 million for the fourth quarter of 2015, or $0.05 per diluted share.

Adjusted EBITDA was $803,000 for the fourth quarter of 2016, compared to $3.3 million for the fourth quarter of 2015. Adjusted EBITDA excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related expenses, depreciation expense, other income/expense, the provision for income taxes and costs to exit a facility.

Cash flow from operations was $3.4 million, compared to $4.8 million for the fourth quarter of 2015.

Free cash flow was $2.4 million after the company invested $1.0 million in capital expenditures and capitalization of internal-use software during the fourth quarter of 2016. Free cash flow was $5.5 million for the fourth quarter of 2015.

Cash and cash equivalents were $36.8 million as of December 31, 2016 compared to $35.2 million at September 30, 2016.

Full Year 2016 Financial Highlights:

Revenue for the full year 2016 was $150.3 million, an increase of 12% compared to $134.7 million for 2015. Subscription and support revenue for 2016 was $142.0 million, an increase of 8% compared with $131.0 million for 2015.

Gross Profit was $94.4 million for 2016, compared to $88.2 million for 2015, representing a gross margin of 63% for 2016. Non-GAAP gross profit was $97.8 million for 2016, representing a year-over-year increase of 8% and a non-GAAP gross margin of 65%. Non-GAAP gross profit and non-GAAP gross margin exclude stock-based compensation expense, the amortization of acquired intangible assets and costs to exit a facility.

Loss from operations was $9.0 million for 2016, compared to a loss from operations of $6.9 million for 2015. Non-GAAP income from operations, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related expenses and costs to exit a facility, was $1.0 million for 2016, compared to a non-GAAP income from operations of $2.4 million for 2015.

Net loss was $10.0 million, or $0.30 per diluted share, for 2016. This compares to a net loss of $7.6 million, or $0.23 per diluted share, for 2015. Non-GAAP net income, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related expenses, gain from settlement of escrow claim and costs to exit a facility, was $8,000 for 2016, or $0.00 per diluted share, compared to non-GAAP net income of $876,000 for 2015, or $0.03 per diluted share.

Adjusted EBITDA was $5.7 million for 2016, compared to $8.0 million for 2015. Adjusted EBITDA excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related expenses, depreciation expense, other income/expense, the provision for income taxes and costs to exit
LINK: https://www.brightcove.com/en/company/press/brightcove-announces-finan...
See more stories from brightcove

Europe Stories

26/05/2017

The Film Academy is honouring professionals behind the scenes

The Film Academy is honouring professionals behind the scenes La instituci n premia a Tito Arcas, Mar a Bardem, Richard Cruz, Antonio Fern ndez Santamar a, Bel...

26/05/2017

Atresmedia reinforces its commitment to the market of digital advertising with the purchase of Smartclip Latam

Atresmedia reinforces its commitment to the market of digital advertising with t...

26/05/2017

Fuji estrena en Cine Gear Expo una nueva lente de su serie MK

Fuji estrena en Cine Gear Expo una nueva lente de su serie MK Con un rango combinado de longitud focal de 18mm-135mm, junto con las lentes MK18-55mm y MK50-135...

26/05/2017

Hollywood studios ‘need to prioritise content security'

Digital media agency DMS has called on Hollywood studios to be more vigilant regarding their content security. The statement follows news that hackers are hold...

26/05/2017

EFL agrees new three-year radio rights deals

The English Football League has agreed new rights deals with both the BBC and talkSPORT. The current deal ends following the Play-Offs this weekend. talkSPORT...

26/05/2017

Japanese broadcaster Chukyo TV equips new broadcast suites with IHSE KVM switching system

Japanese broadcaster Chukyo TV equips new broadcast suites with IHSE KVM switchi...

26/05/2017

Broadcast Products adds FileCatalyst to its products portfolio

Broadcast Products adds FileCatalyst to its products portfolio posted: 26/05/2017 Broadcast Products and FileCatalyst Develop a Partnership that Brings Fil...

26/05/2017

Live Stream from Cockpit Directly to Facebook Live

Live Stream from Cockpit Directly to Facebook Live posted: 26/05/2017 O'Connell's Live Video Stream from Inside Moving Race Car Debuts During Clar...

26/05/2017

Rohde & Schwarz acquires...

GMIT, a subsidiary of Munich-based technology group Rohde & Schwarz, has acquired the technology of Motama. The acquisition will expand the Berlin-based company...

26/05/2017

UKs Gatwick Airport installs navigation beacons for...

Around 2000 beacons have been installed across Gatwick Airport's two terminals providing an indoor navigation system that is much more reliable than GPS and...

26/05/2017

Live X produces iOS streams for Teradek Studio at Mojocon

Live X produces iOS streams for Teradek Studio at Mojocon posted: 26/05/2017 by Corey Behnke Live X produced all twenty streams for the Teradek Studio a...

26/05/2017

Summus Render organizes a meeting among major animation studios in Annecy

Summus Render organizes a meeting among major animation studios in Annecy El 14 de junio, en el marco del festival franc s de animaci n, tendr lugar el encuen...

26/05/2017

Death of the director and producer Álvaro de Aguinaga

Death of the director and producer lvaro de Aguinaga Dirigi y realiz programas como Buenas tardes', De la A a la Z', Investigaci n en marcha'...

26/05/2017

TOA UK hits 40-year...

[L-R] Kosuke Tanaka, managing director of TOA (UK), and his wife Machiko; Toshio Sakata, senior vice president; and Yoshinori Masuno, general manager of EMEA an...

26/05/2017

Matrox targets higher ed...

Matrox Graphics is offering AV over IP training focused on higher education settings at InfoComm 2017. Applications of IP-based AV Technologies in Education&...

26/05/2017

NEC hails Solutions...

NEC Display Solutions is celebrating a successful Solutions Showcase that saw approximately 1,500 visitors attend the two day London event. The NEC Solutions ...

26/05/2017

Stumpfl brothers share leadership at AV Stumpfl

L-R: Fabian and Tobias Stumpfl Fabian Stumpfl has joined his brother Tobias Stumpfl as CEO at the Austrian AV technology manufacturer AV Stumpfl. Prior to his ...

25/05/2017

Nokia and Frontier Communications deploy G.fast technology to expand gigabit ultra-broadband access across Connecticut

Nokia G.fast technology enables Frontier to quickly roll out fiber-like speeds t...

25/05/2017

Ryan Tubridy s Wild Atlantic Way Tour

Ryan Tubridy s Wild Atlantic Way Tour RT Radio 1's Ryan Tubridy Show has joined forces once again this year with F ilte Ireland, as part of its Embrace...

25/05/2017

Adrian Lester and John Simm to star in Trauma

Adrian Lester and John Simm to star in Trauma, new three part thriller by Mike Bartlett for ITV ITV and Tall Story Pictures today announced casting for Trauma,...

25/05/2017

Novation Circuit update makes sequences more expressive

Latest version 1.5 firmware adds fractional gate and instant patch preview Hardware > Sequencer, Synthesizer Software > Sequencer The Circuit groovebox has c...

25/05/2017

Waves F6 is a surgical dynamic EQ for only $29

Plug-in giant releases EQ wth per-band compression/expansion Software > Plug-in Mixing Waves Audio have announced that they are now shipping the Waves F6 Flo...

25/05/2017

Synthogy release Ivory II Studio Grands

Ivory engine also updated to version 2.5 Software > Virtual Instrument Piano virtual instrument specialists, Synthogy, have announced the immediate availabil...

25/05/2017

Graded on Baselight: BPM (120 Beats Per Minute)

Facility: Mikros Colourist: Magali Leonard (rushes processing: Daylight Grading: Baselight) Release date: 23 August 2017 (France) Early 1990s. With AIDS h...

25/05/2017

?QLSArchive Adopts the Lattus ?- New Technical Solution Brief

QLSArchive Adopts the Lattus April 27, 2016 ###...

25/05/2017

Jake Morelli's Clarett 8Pre & Octopre

Jake Morelli's Clarett 8Pre & Octopre 06 Feb 2017 Focusrite joins Philly family Plenty of artists come from musical families: There are the Bachs and th...

25/05/2017

Locating Customer Data Will Be Half the Battle to Fulfill EU GDPR's ‘Right to be Forgotten'

Blancco Technology Group Study Finds Global Organizations Don't Know Where A...

25/05/2017

Cadent Accelerates Media Processing for Cross-Platform Distribution with Telestream Vantage

Cadent Accelerates Media Processing of National Spots for Cross-Platform Distrib...

25/05/2017

VINTENS Vantage and Hexagon Track in action at NABS Teradek Live Show and NAB Show Live

LAS VEGAS - May 24, 2017 - Vinten, a Vitec Group brand and a world leader in man...

25/05/2017

Subtitle Virus Risk Should be put into Perspective - Screen Systems response

Subtitle Virus Risk Should be put into Perspective - a response from IABM Member Screen Systems As the connected world expands, apprehension over malicious sof...

25/05/2017

Car Racer Devin O'Connell to Live Stream from Cockpit Directly to Facebook Live with TVU Networks

O'Connell's Live Video Stream from Inside Moving Race Car Debuts During ...

25/05/2017

Ray Davis Joins LYNX Technik UK as Business Development Manager

May 25, 2017 - Weiterstadt, Germany -- LYNX Technik UK, a division of LYNX Technik AG, provider of modular interfaces for broadcast and professional AV signal p...

25/05/2017

Hessischer Rundfunk (ARD) Selects ATEME/SatService to Service its DVB-T2 Premium TV & OTT Offer

STEISSLINGEN, MAY 24th, 2017 - SatService today announced that Hessischer Rundfu...

25/05/2017

IBC2017 Conference Programme presents keynote sessions embracing diversifying media ecosystem

Keynote speakers include senior executives from Facebook, Liberty Global, HTC, M...

25/05/2017

HHB supplies equipment for new studios at Abbey Road

Building on an extraordinary legacy of film score recording, legendary London studio complex Abbey Road Studios has built a complete, Dolby Atmos Premier Studio...

25/05/2017

GSMA Announces Speakers for Mobile 360 Series - Africa 2017

Mobile 360-Africa Registration Now Open London: The GSMA today announced the first speakers for the 2017 Mobile 360 - Africa conference, which will take place ...

25/05/2017

Sony Introduces 100mm F2.8 STF G Master™ with Highest Ever Quality Bokeh for an a Lens

New Full-frame 85mm F1.8 Mid-telephoto prime lens and Compact Radio-Controlled F...

25/05/2017

Sony a7s camera captures the ISS passing in front of the moon at 28,000 km/h

Thierry Legault On 4th February, 2017, amateur astronomer Thierry Legault filmed the International Space Station (ISS) as it passed through the middle of the f...

25/05/2017

Sony's New a9 Camera Revolutionises the Professional Imaging Market

Groundbreaking Full-frame Mirrorless Camera Delivers Unmatched Speed, Versatility and Usability World's first[i] full-frame stacked CMOS sensor, 24.2 MP[ii...

25/05/2017

?RIKARD STEIBER, PRESIDENT OF VIVEPORT AT HTC VIVE, TO KEYNOTE AT MIPTV 2017

Paris, 31 January 2017 - MIPTV 2017 will feature its biggest-ever programme on immersive content with special emphasis on Virtual Reality (VR), through a top-fl...

25/05/2017

?NBC'S PAUL TELEGDY & MEREDITH AHR TO KEYNOTE AT MIPTV 2017

Paris, 16 March 2017 - Paul Telegdy, President of the Alternative and Reality Group at NBC, and Meredith Ahr, President of Universal Television Alternative Stud...

25/05/2017

?NEW STORYTELLERS TAKE CENTRE STAGE AT MIPTV 2017

Paris, 22 March 2017 - MIPTV 2017 will put a special emphasis on the new generation of digital content studios aiming at engaging with audiences as part of the ...

25/05/2017

Marquis Broadcast expands business development team

Neil Blake and Ben Lloyd look to build brand awareness in the Americas and EMEA Marquis Broadcast, the leading manufacturer of media and metadata management to...

25/05/2017

IBC announces keynote sessions

IBC has announced a number of keynote sessions for this year's event, including speakers from Facebook, Fox Networks, Modern Times Group and HTC. IBC has c...

25/05/2017

Ovide, unique world Qtake certifier

Ovide, unique world Qtake certifier Estas certificaciones, que ser n conducidas por Ovide, nacen de la necesidad de distinguir entre operadores top-level'...

25/05/2017

Samsung, Nokia, HTC-live, among the manufacturers that participate in the Observatory of the Virtual reality and Sony-Playstation

Samsung, Nokia, HTC-live, among the manufacturers that participate in the Observ...

25/05/2017

Hologram breakthrough...

Holograms are more commonly the realm of sci-fi films but thanks to work from universities in Australia and China we could see them integrated into devices incl...

25/05/2017

Ashly hires Tamburri as product manager

Ashly Audio has hired Bob Tamburri, an audio specialist with nearly 40 years of experience, as product manager. Tamburri, who reports directly to Ashly CEO Ji...

25/05/2017

d&b electroacoustics...

D&b audiotechnik will stage its electroacoustics seminar at London's ABTT Theatre Show on June 7, 2017. The session looks at how loudspeakers interact wit...

25/05/2017

Rohde & Schwarz acquires Motama technology

GMIT, a subsidiary of Munich-based technology group Rohde & Schwarz, has acquired the technology of Motama. The acquisition will expand the Berlin-based company...