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Brightcove Announces Financial Results for Second Quarter Fiscal Year 2023
BOSTON, MA (Aug. 2, 2023) -- Brightcove Inc. (Nasdaq: BCOV), the world's most trusted streaming technology company, today announced financial results for the second quarter ended June 30, 2023.
I'm pleased that we delivered on the high-end of our second quarter revenue guidance and beat the high-end of our EBITDA guidance while delivering strong cash flow. This quarter was highlighted by ongoing strength in new business, continued growth in average new business deal sizes, and the progress made on several of our key initiatives, most notably our focus on super-serving strategically larger customers, like Yahoo and the NHL, said Marc DeBevoise, Brightcove's Chief Executive Officer.
DeBevoise added, The rapid changes in the streaming market present an incredibly attractive long-term opportunity for Brightcove to deliver more with and for our customers, drive more profitable growth, and generate significant value for shareholders.
Second Quarter 2023 Financial Highlights:
Revenue for the second quarter of 2023 was $51.0 million, a decrease of 6% compared to $54.4 million for the second quarter of 2022. Subscription and support revenue was $49.0 million, a decrease of 8% compared to $53.0 million for the second quarter of 2022.
Gross profit the second quarter of 2023 was $32.5 million, representing a gross margin of 64%, compared to a gross profit of $35.7 million, representing a gross margin of 66% for the second quarter of 2022. Non-GAAP gross profit for the second quarter of 2023 was $33.4 million, representing a non-GAAP gross margin of 66%, compared to a non-GAAP gross profit of $36.4 million, representing a non-GAAP gross margin of 67% for the second quarter of 2022. Non-GAAP gross profit and non-GAAP gross margin exclude stock-based compensation expense, the amortization of acquired intangible assets and restructuring expenses.
Loss from operations was $6.3 million for the second quarter of 2023, compared to income from operations of $703,000 for the second quarter of 2022. Non-GAAP operating income, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related and restructuring expenses and other (benefit) expense, was $537,000 for the second quarter of 2023, compared to non-GAAP operating income of $5.3 million during the second quarter of 2022.
Net loss was $6.2 million, or a loss of $0.14 per diluted share, for the second quarter of 2023. This compares to a net loss of $301,000, or $0.01 per diluted share, for the second quarter of 2022. Non-GAAP net income, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related and restructuring expenses and other (benefit) expense, was $642,000 for the second quarter of 2023, or $0.01 per diluted share, compared to non-GAAP net income of $4.3 million for the second quarter of 2022, or $0.10 per diluted share.
Adjusted EBITDA was $3.6 million for the second quarter of 2023, compared to adjusted EBITDA of $6.7 million for the second quarter of 2022. Adjusted EBITDA excludes stock-based compensation expense, merger-related and restructuring expenses, other (benefit) expense, the amortization of acquired intangible assets, depreciation expense, other income/expense and the provision for income taxes.
Cash flow provided by operations was $10.8 million for the second quarter of 2023, compared to cash flow provided by operations of $9.9 million for the second quarter of 2022.
Free cash flow was $7.1 million after the company invested $3.7 million in capital expenditures and capitalization of internal-use software during the second quarter of 2023. Free cash flow was $2.4 million for the second quarter of 2022.
Cash and cash equivalents $19.1 million as of June 30, 2023 compared to $31.9 million on December 31, 2022.
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/Updates:
Announced agreement where global media and tech giant Yahoo will leverage and broadly integrate Brightcove's award-winning streaming technology platform across its portfolio of digital properties. Brightcove was selected due to our proven record of scale, extensibility and the ability to deliver meaningful cost efficiencies and savings. Other notable new customers signed, renewed or expanded during the second quarter include the NHL, American Israel Public Affairs Committee, Yes TV, Cricket Australia, Macys, HP, Canadian Premier League, In The Black Network, The Metropolitan Opera, Ring Of Honor, Happiest Minds, Allied Press, and Palo Alto Networks.
Announced agreement with PubMatic (Nasdaq: PUBM), an independent technology company delivering digital advertising's supply chain of the future. The partnership combines PubMatic's programmatic advertising solutions with Brightcove's innovative video platform to enhance and bolster demand for the recently launched Brightcove Ad Monetization, a service designed to help media companies better monetize their content.
Launched Brightcove Ad Insights, a new solution that will transform the way media companies measure ad tolerance and revenue optimization by analyzing audience engagement across their advertising and calculating the impact of advertising intensity. By leveraging advanced machine learning models and proprietary metrics, Ad Insights will provide Brightcove customers with detailed analytics and insights that accurately portray viewer tolerance for ads, enabling them to optimize their ad load without disrupting the audi
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