Sony Pixel Power calrec Sony

Brightcove Announces Financial Results for Second Quarter Fiscal Year 2021

29/07/2021

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
LINK: https://www.brightcove.com/en/company/press/brightcove-anounces-q2-202...
See more stories from brightcove

Most recent headlines

05/01/2027

Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be demoed at CES 2026

Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...

07/10/2026

Dalet Flex LTS Delivers Smarter Media Operations from Ingest to Distribution

Dalet, a leading technology and service provider for media-rich organizations, today announced the latest Long-Term Supported (LTS) release of Dalet Flex. Build...

06/09/2026

Dolby and MagentaTV Bring Fans Closer to the FIFA World Cup 2026 in Germany with Dolby Vision and Dolby Atmos

June 9 2026, 23:00 (PDT) Dolby and MagentaTV Bring Fans Closer to the FIFA Worl...

04/08/2026

Dalet Announces Commercial Availability of Dalia, Bringing Media-Aware Agentic AI to Enterprise Productions

Dalet, a leading technology and service provider for media-rich organizations, t...

29/07/2026

WVIT's Joseph DiMaggio Named SBE Flanders Engineer of the Year

Share Copy link Facebook X Linkedin Bluesky Email...

29/07/2026

Amagi Appoints Martin Wacker to Lead Sales for DACH -- St...

Industry veteran joins Amagi to drive growth in Europe's leading broadcast market and advance cloud-native broadcast, FAST, and AI-driven operations. LONDO...

29/07/2026

WebTransport opens new route for broadcast-quality media...

Work is ongoing to specify how to run RIST over WebTransport. This will deliver secure, stable, broadcast quality video playback and origination to any platform...

29/07/2026

Offline Files Makes the Drive Shelf Searchable on Mac

Offline Files Makes the Drive Shelf Searchable on Mac Brie Clayton July 29, 2026 0 Comments A local Mac app for finding files, photos, and footage acr...

29/07/2026

Blackmagic Design Announces New UltraStudio Mini 12G

Blackmagic Design Announces New UltraStudio Mini 12G Brie Clayton July 29, 2026 0 Comments New extremely portable Thunderbolt 4 capture and playback ...

29/07/2026

Brightline Lighting Introduces the MOD1

Brightline Lighting, a premier manufacturer of energy-efficient lighting systems for broadcast, videoconferencing, government, education and corporate applicati...

29/07/2026

Applications open for IFFI/WAVES Film Bazaar in Goa - Producer Delegation

Applications open for IFFI/WAVES Film Bazaar in Goa - Producer Delegation 28 July 2026 Image credit: Four Years Later Screen Australia has opened applications...

29/07/2026

Brightline Unveils Compact, Suspended MOD1 LED Light

Share Copy link Facebook X Linkedin Bluesky Email...

29/07/2026

NAB Meets With Trusty on Ownership Caps

Share Copy link Facebook X Linkedin Bluesky Email...

29/07/2026

QuickLink To Feature New StudioPro AnywhereTally At IBC 2026

Share Copy link Facebook X Linkedin Bluesky Email...

29/07/2026

HBO Max Launches Vertical Shorts to Improve Content Discovery

Share Copy link Facebook X Linkedin Bluesky Email...

29/07/2026

New Tool Identifies Sources Of Fake Videos

Share Copy link Facebook X Linkedin Bluesky Email...

29/07/2026

DNEG Migrates Editorial Workflows to Foundrys Hiero

Foundry today announced that Academy Award-winning creative studio DNEG has implemented Hiero to support its editorial workflows. Part of the Nuke product famil...

29/07/2026

QuickLink Unveils New StudioPro AnywhereTally Remote Tall...

The Latest Addition to the Brand's StudioPro Ecosystem Combines Simple Deployment, Cloud Control and Professional Grade Wireless Reliability QuickLink, a l...

29/07/2026

The Secret Master Adjustment Layer Hack in After Effects

The Secret Master Adjustment Layer Hack in After Effects Graham Quince July 28, 2026 0 Comments Trish Meyer (who literally beta-tested the original Af...

29/07/2026

Post Completed with Blackmagic Cloud for Shane Kosugi's Feature Film SEEK

Post Completed with Blackmagic Cloud for Shane Kosugi's Feature Film SEEK Brie Clayton July 28, 2026 0 Comments Cannes Indie International Film Fe...

29/07/2026

Isabeau Miller Named Chair of Berklee Songwriting Department

Isabeau Miller Named Chair of Berklee Songwriting Department The Berklee alumna, who previously served on the Songwriting faculty, will begin her new role on ...

29/07/2026

New RT true crime podcast launches today

RT launches Unsolved, a true crime podcast, presented by crime journalist Barry Cummins and presenter Katja Mia. Unsolved is a weekly podcast exploring unsol...

28/07/2026

LiveUs World Cup Record: 1,700 Units Support Wide Range of Transmission Needs

LiveU, the pioneer in IP-video transmission and cloud-based remote production, today detailed its historic performance records set during the 2026 FIFA World Cu...

28/07/2026

Case Study: How the Dallas Cowboys Removed Bottlenecks in Off-site Content Production

The NFL franchise rebuilt their off-site content operation for an era when teams...

28/07/2026

A New Way To Watch': How Formula 1 and Sky Sports Are Pushing Race Coverage Into a New Era

Longtime partners expand viewer choice, data-driven analysis, access, immersive ...

28/07/2026

Grass Valley Op Ed: Seven Paradoxes Shaping the Next Era of Media Production

There is a unique moment before every major production. The audience never sees it. The cameras are ready. The talent is preparing. Directors review the final...

28/07/2026

The CW Network, ESPN Ink Streaming Agreement With Launch on Aug. 4

The CW Network and ESPN have announced their highly anticipated streaming agreement to bring CW Sports' live events to the ESPN App will officially launch o...

28/07/2026

Lawo Delivers Audio Excellence for Europes Largest Classical Open-Air Concert on Bastille Day

As more than tens of thousands of spectators filled Paris' Champ de Mars and...

28/07/2026

Appear Assists Chile's First Large-Scale 4K FIFA World Cup Viewing Experience

Appear's X Platform played a central role in Chile's first large-scale c...

28/07/2026

IBC 2026: Solid State Logic Highlights Transition to Software-Defined Production

Responding to the broadcast industry's shift to embrace more flexible production platforms, Solid State Logic (SSL) is evolving its comprehensive System T p...

28/07/2026

TNT Sports Goes to Greater Heights With New DUNKMAN League

Production leverages innovative camera technologies, AI, and data to capture the action in four-week inaugural competition The first-ever professional dunking ...

28/07/2026

Rogers, Prime Video Ink 12-Year Sublicensing Deal for NHL Rights in Canada

Prime Video to exclusively broadcast Wednesday night national NHL regular-season games in Canada...

28/07/2026

CBS Sports Snags U.S. English-Language Rights for CONCACAF Champions Cup

Every match will stream live on Paramount+ beginning in February,...

28/07/2026

TK Audio unveil the TK-Lizer 3

Baxandall-inspired hardware EQ overhauled TK Audio's Baxandall-inspired hardware EQ unit has just made a return, bringing the popular unit back into the...

28/07/2026

Asparion reveal the D700 Rack

D700 system gains new live-focused rackmount surface Asparion have just announced an expansion of their D700 control surface range, introducing a new model ...

28/07/2026

Six NFVF Presidential Employment Stimulus Programme (PESP)-Funded Films Selected for the 47th Durban International Film Festival (DIFF)

27 July 2026, Johannesburg - The National Film and Video Foundation (NFVF), an a...

28/07/2026

Nielsen Launches Ad Intel AI: the Only Product of its Kind that Transforms Fragmented Ad Data into Actionable Intelligence

Ad Intel AI is Nielsen's first in a new generation of AI products built to t...

28/07/2026

aconnic is ramping up supply for the new ACCEED 1444 fiber migration

Contribution to Europe's technological autonomy in the key industry telecommunications aconnic AG (ISIN: DE000A0LBKW6), Munich, starts commercial shipments...

28/07/2026

The Tow Foundation Awards PMVP $400,000 Grant

Share Copy link Facebook X Linkedin Bluesky Email...

28/07/2026

LiveU's World Cup Support Breaks Company Records

Share Copy link Facebook X Linkedin Bluesky Email...

28/07/2026

Encompass Selected by Channel 4 to Deliver Managed Linear...

Encompass Digital Media has been selected by Channel 4, one of the UK's public service broadcasters, to deliver managed linear playout services as part of a...

28/07/2026

Cinegy partners with SAMA Digital Media Solutions to sati...

Cinegy GmbH, the premier provider of software-defined television technology, has confirmed a new partnership with leading Korean systems integrator and distribu...

28/07/2026

Limecraft Adds Multicam Player and Audio Fingerprint-Base...

Limecraft today announces version 2026.5 of its AI-powered production platform. Limecraft 2026.5 https://(www.limecraft.com/limecraft-2026-5-multicam-quad-view-...

28/07/2026

Appear powers first large-scale 4k FIFA World Cup viewing...

X Platform technology enabled a premium UHD viewing experience through a hybrid ground-to-cloud architecture developed with Chilevisi n, ClaroVTR and Pixop App...

28/07/2026

LiveU Delivers Record-Breaking LIQ and Cloud Service Depl...

LiveU, the pioneer in IP-video transmission and cloud-based remote production, today announced it has set historic performance records during the 2026 World Foo...

28/07/2026

DHD Releases New Firmware and Options for its Audio Produ...

dhd.audio announces that its latest generation firmware, Version 10.4, is now available to DHD customers. Version 10.4 introduces expanded configuration capabil...

28/07/2026

Study: TV Operating Systems Gain Influence Over Viewing

Share Copy link Facebook X Linkedin Bluesky Email...

28/07/2026

Maryland Public Television Promotes Ling Ling Sun to CTO

Share Copy link Facebook X Linkedin Bluesky Email...

28/07/2026

NUGEN Audio Helps Mix Technician Blake Bunzel Deliver Rel...

Brand's Intuitive Metering and Dialogue Tools Improve Efficiency and Maintain Clarity Across Projects Ranging from Sitcoms to Effects Heavy Fantasy Series ...

28/07/2026

TAG Video Systems Accelerates the Move to Cloud and Virtu...

TAG Video Systems, a leader in 100% software-based realtime media monitoring, multiviewing and quality control (QC), today announced the latest innovations to i...