
All Press ReleasesShare
All press releases
Brightcove Announces Financial Results for Second Quarter Fiscal Year 2021
Brightcove Inc. (Nasdaq: BCOV), the global leader in video for business, today announced financial results for the second quarter ended June 30, 2021.BOSTON--(BUSINESS WIRE)--Jul. 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 OutlookBased on information as of today, July 28, 2021, the Company is issuing the fo
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
06/09/2026
June 9 2026, 23:00 (PDT) Dolby and MagentaTV Bring Fans Closer to the FIFA Worl...
04/08/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
06/07/2026
Long-developed relationships and informal access, three production models, and c...
06/07/2026
The deal follows Lumine's recent acquisition of Synamedia's video-networ...
06/07/2026
This former SportsCenter producer is shaping local-team studio coverage to surro...
06/07/2026
IMS Productions and FOX Sports deployed more than 100 cameras, 32 onboard feeds,...
06/07/2026
Lumine Group Inc. has announced the completion of its acquisition of the Video Network Business from Synamedia. The business will operate as a standalone compan...
06/07/2026
NASCAR has announced a content and commercial partnership with Motorsport Network, a motorsports and automotive media platform, to distribute NASCAR original co...
06/07/2026
Versant Media Group has announced a definitive agreement to acquire Full Swing, a sports technology company, from Bruin Capital and a group of minority investor...
06/07/2026
DAZN has announced global broadcast rights to 3ICE, a professional hockey format featuring three skaters and a goalkeeper per side, with no power plays or offsi...
06/07/2026
Bundle gains 100 new synths & more
Synth Anthology 5 the largest and most feature-packed edition of UVI's hardware synth emulation bundle, bringing toge...
06/07/2026
Available now via free firmware update
MOTU have just announced that three of their popular audio interfaces now boast official Milan Certification. The 16A...
06/07/2026
Rohde & Schwarz completes Hunter Preliminary Design Review for the Integrated Co...
06/07/2026
The R&S IMAGER from Rohde & Schwarz uses millimeter wave imaging to inspect the ...
06/07/2026
The National Film and Video Foundation (NFVF), an agency of the Department of Sp...
06/07/2026
Digital Domain Appoints Industry Veteran Patrick Davenport as Executive Vice Pre...
06/07/2026
Gravity Media USA appoints Brittney Boston as Head of Business Development
Brie Clayton July 6, 2026
0 Comments
The strategic new appointment supports...
06/07/2026
Remote Editing Without Cloud Storage in Resolve
Michael Cioni July 6, 2026
0 Comments
This is a step-by-step guide that demonstrates how to setup your...
06/07/2026
Automatic Caption Translation in Adobe Premiere Pro
Colin Smith July 6, 2026
0 Comments
Here I showcase the innovative automatic caption translation f...
06/07/2026
Flavor's First Ever Managing Director Neal Cohen Retires; Longstanding Execu...
06/07/2026
How Adam Rosenwach Pivoted from Music to Medtech Without Missing a Beat What do the rehearsal room and the boardroom have in common? More than you might think...
06/07/2026
Zhongyi Optics unveils the Dreamy Zone T1 FF Cine Lens Series on Indiegogo with ...
06/07/2026
Techtel debuts insyght: making ST 2110 media discovery easy
intellisphereinsyght2026
6 July Written By Suzanne Costello
Sydney, Australia - 06 July 2026 T...
06/07/2026
Monday 6 July 2026
Sky agrees to acquire ITV Media & Entertainment, creating a ...
06/07/2026
Fresh from his World Cup heroics with Cabo Verde, Roberto Pico' Lopes will join the RT panel for Argentina v Egypt tomorrow and for the England v Norway q...
06/07/2026
Nations have long invested in domestic infrastructure to advance their economies, protect and use their data, and take advantage of technology opportunities in ...
06/07/2026
Every year, the International Conference on Machine Learning (ICML) reveals where thousands of AI researchers have decided to put their work.
This year's ...
06/07/2026
A death can be unsuspicious, but it has to be explained
What happened to Ke...
05/07/2026
We've gone to another level of integrating the graphics into the set architecture' - Zac Fields, SVP, Graphic Technology and Integration, FOX Sports...
05/07/2026
Browser-based and desktop apps available
Digital Sunset Studios have been busy working on an interesting project: a free software tool that provides compute...
04/07/2026
When Canada qualified for the FIFA World Cup 2026, OneSoccer knew this wasn'...
04/07/2026
Celebrates company's 80th anniversary
Rhodes have recently revealed that they will be producing a limited run of electric pianos in celebration of their...
04/07/2026
Blackmagic Design Cameras Empower Youth Broadcasting Program
Brie Clayton July 3, 2026
0 Comments
Blackmagic Pocket Cinema Camera 6K Pro and Blackmagi...
04/07/2026
iZotope Joins Boris FX
Boris Yamnitsky July 3, 2026
0 Comments
iZotope, the team behind RX and Ozone, is joining Boris FX. A letter from founder Boris...
04/07/2026
April 7 2026, 19:00 (PDT) Detective Conan: Fallen Angel of the Highway Opens in...
03/07/2026
New bundle & three Single Packs
Continuing to expand their already sizeable orchestral collection, VSL's latest release introduces three new Single Pack...
03/07/2026
Venue installs new ATC-equipped control room
LSO St Luke's, a unique music venue that also serves as the home of the London Symphony Orchestra, have rec...
03/07/2026
Caden Pearson appointed new Commissioning Editor for NITV
3 July, 2026
Media releases
National Indigenous Television (NITV) has strengthened its commitment...
03/07/2026
1 February 2023
SHARE Facebook Twitter Linkedin Email
Munich, Germany, 1st February 2023: Cinegy GmbH, the premier provider of software technology for digit...
03/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/07/2026
Death Star
Andy Marken July 2, 2026
0 Comments
Look, I can't get involved. I've got work to do. It's not that I like the Empire; I hate i...
03/07/2026
Berklee's New Visual Identity: Honoring Our History, Building for What's...
03/07/2026
Scripps Research scientists awarded $2M to advance global disease surveillance Two Gates Foundation grants will expand wastewater surveillance and AI-driven dis...
03/07/2026
Joan Pulupa joins Scripps Research faculty to study the organization of DNA in brain cells and its links to neurodegeneration Using smell-sensing neurons and ad...
02/07/2026
Entering her senior year, this hometown girl is paving a career in live sports production gaining experience in replay and audio and as a TD
In the live-sports...
02/07/2026
In-venue and creative video staffers at the professional and collegiate level ha...