All Press ReleasesShare
All Press Releases
Brightcove Announces Financial Results for Third Quarter Fiscal Year 2020
Meredith DuhaimeBOSTON--(BUSINESS WIRE)--Oct. 21, 2020 - Brightcove Inc. (NASDAQ: BCOV), the global leader in video for business, today announced, financial results for the third quarter ended September 30, 2020.
Brightcove's momentum continued in the third quarter with revenue and profitability that were well ahead of expectations. Our sales performance, which was the strongest in our history, is evidence that the use of video as a primary tool for connecting and communicating is stronger than ever, said Jeff Ray, Brightcove's Chief Executive Officer.
Ray added, Event partners, media companies and enterprises all have the same goal. They all seek to deliver broadcast-grade, quality video experiences from a seamless, scalable, and trusted platform. Brightcove is uniquely positioned to be the partner of choice for organizations who understand the power of video to build meaningful relationships with their customers, employees and partners. We are confident in our vision and look forward to building on our recent successes and the momentum in the market to deliver faster, more profitable growth over time.
Third Quarter 2020 Financial Highlights:
Revenue for the third quarter of 2020 was $49.1 million, an increase of 3% compared to $47.4 million for the third quarter of 2019. Subscription and support revenue was $46.3 million, an increase of 2% compared to $45.4 million for the third quarter of 2019.
Gross profit for the third quarter of 2020 was $31.0 million, representing a gross margin of 63% compared to a gross profit of $29.1 million for the third quarter of 2019. Non-GAAP gross profit for the third quarter of 2020 was $31.5 million, representing a non-GAAP gross margin of 64%, compared to a non-GAAP gross profit of $29.8 million for the third quarter of 2019. 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 $1.3 million for the third quarter of 2020, compared to a loss of $2.4 million for the third quarter of 2019. Non-GAAP operating income, which excludes stock-based compensation expense, restructuring, the amortization of acquired intangible assets and merger-related expense, was $4.5 million for the third quarter of 2020, compared to non-GAAP operating income of $2.8 million during the third quarter of 2019.
Net income was $1.3 million, or $0.03 per diluted share, for the third quarter of 2020. This compares to a net loss of $3.0 million, or a loss of $0.08 per diluted share, for the third quarter of 2019. Non-GAAP net income, which excludes stock-based compensation expense, restructuring, the amortization of acquired intangible assets and merger-related expense, was $4.6 million for the third quarter of 2020, or $0.11 per diluted share, compared to non-GAAP net income of $2.2 million for the third quarter of 2019, or $0.06 per diluted share.
Adjusted EBITDA was $5.9 million for the third quarter of 2020, compared to adjusted EBITDA of $4.1 million for the third quarter of 2019. Adjusted EBITDA excludes stock-based compensation expense, merger-related 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 $3.6 million for the third quarter for 2020, compared to $4.5 million for the third quarter of 2019.
Free cash flow was $1.4 million after the company invested $2.2 million in capital expenditures and capitalization of internal-use software during the third quarter of 2020. Free cash flow was $2.4 million for the third quarter of 2019.
Cash and cash equivalents were $30.3 million as of September 30, 2020 compared to $27.8 million as of June 30, 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 Third Quarter and Recent Highlights:
Average annual subscription revenue per premium customer was $89,000 in the third quarter of 2020, excluding starter customers who had average annualized revenue of $4,300 per customer. This compares to $84,500 in the comparable period in 2019.
Recurring dollar retention rate was 101% in the third quarter of 2020, above our historical target of the low to mid-90 percent range.
Ended the quarter with 3,381 customers, of which 2,267 were premium.
New customers and customers who expanded their relationship during the third quarter include: Bristol Myers Squibb, Coupang Corporation, DAAR Communications, Hitachi, Jack Morton Worldwide, Boston Consulting Group, Chick-fil-A, ClassPass, Inc., Football Federation Australia, Le Figaro, LifeWay, and Time USA
Announced a partnership with Cvent, the market-leading meetings, events and hospitality technology provider, to offer our video solutions as part of Cvent's newly launched Virtual Attendee Hub. Through this partnership, Cvent customers can now easily launch reliable, scalable and broadcast-grade video experiences to their audiences.
Appointed Tsedal Neeley and Ritcha Gupta Ranjan to Brightcove's Board of Directors. Dr. Neeley has been a professor at Harvard Business School since 2007 and the Naylor Fitzhugh Professor of Business Administration since 2018. She currently serves on the Board of Directors of Harvard Business Publishing, the Partnership, Inc., and is a member of Rakuten's Advisory Board. Ritcha Ranjan is the Director of Product Development for Google Finance. While at Google she also led the product management team that took Google Docs, Sheets, Slides, Sites, and Keep from consumer and e
Europe Stories
06/10/2025
France T l visions, France's leading broadcaster, has received the 2025 EBU ...
04/09/2025
Monumental Sports & Entertainment (MSE), in collaboration with Dalet, has been a...
07/08/2025
July 8 2025, 22:30 (PDT) Tata Motors & Dolby Bring Dolby Atmos to Harrier.ev, R...
18/07/2025
Friday 18 July 2025
Credit: Marc Sethi
The Sky Arts Awards will return on 16 September, once again taking place at the iconic Roundhouse in London. Produced b...
18/07/2025
This month, players can dive into special crossover events featuring SpongeBob SquarePants in Snake.io+ and Crossy Road Castle, available exclusively on Apple A...
18/07/2025
Up for the Match brings the fun, the passion-and a bit of Riverdance- tomorrow n...
17/07/2025
Spotify's goal with audiobooks is to help grow the publishing industry and create the best possible experience for booklovers, which is why we're launch...
17/07/2025
Luxembourg, 14 July 2025 - SES received the final regulatory approvals for the SES-Intelsat transaction, including the US Federal Communications Commission.
O...
17/07/2025
Wuppertal July 17, 2025
Riedel Communications Powers Handa Opera on Sydney Har...
17/07/2025
Fox Corporation Executives to Discuss Fourth Quarter and Full Year Fiscal 2025 F...
17/07/2025
Dalet, a leading technology and service provider for media-rich organizations, w...
17/07/2025
The summer is here and RT Radio 1 has unveiled a lively seasonal lineup, packed...
16/07/2025
Spotify's podcast editorial team is always on the hunt for shows and episodes that spark conversation, push boundaries, and keep us coming back for more. As...
16/07/2025
eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({...
16/07/2025
Join us at IBC this September and take control of your content. Discover how we're bringing a new level of purpose and precision to the application of AI in...
16/07/2025
Wednesday 16 July 2025
Sky and ITV today announced an extension of their long-standing partnership, which will see ITV's content and services remain seamle...
16/07/2025
Sky Sports lifts the lid on Lions life with hilarious behind-the-scenes mockumentaryWednesday 16 July 2025
To view this content, please enable our use of cooki...
16/07/2025
CULVER CITY, CALIFORNIA Apple TV+ today earned a record-breaking 81 Emmy Award nominations across 14 hit Apple Original titles for this year's 77th Emmy Awa...
15/07/2025
Independent media outlets in Brazil and Colombia are invited to apply for a new programme aimed at strengthening the long-term resilience of journalism in the f...
15/07/2025
Spotify une fuerzas con DiDi, la app l der en servicios de movilidad, delivery y...
15/07/2025
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNIT...
15/07/2025
U&GOLD has acquired the broadcast rights for Fawlty Towers: The Play (1x120'). Recorded during the show's run at the West End with its original cast, Fa...
15/07/2025
TV SIM builds for the future with high efficiency transmitter from Rohde & Schwa...
15/07/2025
Harmonic's Hybrid, AI-Powered and Live Sports Streaming Innovations are Key ...
15/07/2025
The well-known and well-loved 4099 has been completely revamped. It features amazing CORE+ technology, which eliminates distortion and extends dynamic range, a ...
15/07/2025
Comscore Partners with HyphaMetrics to Launch Advanced Person-Level Audience Mea...
15/07/2025
Peak audiences of over half a million tune into both Kerry v Tyrone and Donegal ...
15/07/2025
PROTON Announces Production Facility Expansion Ahead of IBC2025 posted: 15/07/2025
Proton Announces Production Facility Expansion Ahead of IBC2025
Alongs...
14/07/2025
Enhancing Public Service Broadcasting with
Innovation, Accuracy & Sustainability
New regional detail and local towns featured...
11/07/2025
If you've ever wondered what might be playing in Clark Kent's headphones...
11/07/2025
AI and Multimedia Authenticity Standards Collaboration launches two papers to guide the future of AI integration, today at the AI for Good Global Summit
The...
10/07/2025
The current holder of the prestigious Thomson Foundation Young Journalist of the Year Award has been forced to stop reporting over fears for her safety in Afgha...
10/07/2025
Spotify is turning up the volume on Australian music with a multipronged initiative designed to highlight the dominance of Australian artists on the global stag...
10/07/2025
This is not a drill: Oasis is back on the road-marking its first live performanc...
10/07/2025
The music industry depends on fresh ideas, bold voices, and emerging talent. Yet across the U.K., too many young musicians lack the space to develop their craft...
10/07/2025
10 Jul 2025
VEON and Cohen Circle Secure Investor Commitments for Kyivstar Listing Kyiv, New York, Dubai, and Philadelphia - July 10, 2025 - VEON Ltd. (Nasdaq:...
10/07/2025
Thursday 10 July 2025
The Very Small Creatures
Jaime's Treetop Tales
Emerald
BooSnoo! Christmas Mashup
Pip & Posy's Spooktacular Party
The Very Sm...
10/07/2025
Thursday 10 July 2025
Brand new rewards are coming to Sky customers, with free ...
10/07/2025
Comscore Achieves Full JIC Certification for National TV Measurement Including...
09/07/2025
Wednesday 9 July 2025
Sky Broadband now has the UK's fastest broadband spee...
09/07/2025
CUPERTINO, CALIFORNIA Apple today announced Jeff Williams will transition his role as chief operating officer later this month to Sabih Khan, Apple's senior...
08/07/2025
In an era where digital threats to journalists are becoming increasingly aggressive and widespread, MediaSafe Africa launches as a vital online resource to help...
08/07/2025
This summer, as the energy builds for one of the biggest moments in women's ...
08/07/2025
UKTV today announces that Richard Watsham, Chief Creative Officer at UKTV and Global Director of Acquisitions for BBC Studios/UKTV, has decided to step down fro...
08/07/2025
SAN JOSE, Calif. - July 8, 2025 - Harmonic (NASDAQ: HLIT) today announced a reco...
08/07/2025
Arvato Systems Optimizes Customer Communication with AOK Niedersachsen
New project in the statutory health insurance sector
Arvato Systems and AOK Niedersach...
All Press ReleasesShare
