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
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
09/10/2026
September 10 2026, 06:00 (PDT) Dolby Expands Dolby OptiView Platform with New Capabilities at IBC 2026
New Sports Intelligence helps providers better unders...
07/10/2026
Dalet, a leading technology and service provider for media-rich organizations, today announced the latest Long-Term Supported (LTS) release of Dalet Flex. Build...
02/10/2026
v1.9.3 introduces AUv3 support
Roland have just released an update that kits their free iPad-based software synth out with AUv3 support, meaning it can now ...
02/10/2026
Dolby Atmos support, AI-powered stem separation & more
The latest version of MOTU's DAW software is now available, and marks a major step forward with t...
02/10/2026
Portable DAC created in collaboration with Steve Levine
British hi-fi experts iFi audio have unveiled a new Master Tuned variant of their praised iDSD GR2 p...
02/10/2026
In our latest blog, Tim Pearson looks at streaming piracy from a different lens, focusing on digital trust, consumer risk, and the future of subscriber protecti...
02/10/2026
Featuring performances recorded in Cork, Kilkenny, Wesmeath and Dublin culminati...
02/10/2026
Friday 2 October 2026
Crystal Lake, a Friday the 13th' prequel series, com...
02/10/2026
Friday 2 October 2026
Sky VIP helps families celebrate the Christmas season wit...
02/10/2026
How the fertility sector in Ireland remains unregulated
Undercover filming reveals how without proper regulation the promotion of controversial fertility treat...
02/10/2026
Transforming Homes, Transforming Lives
Presenter Baz Ashmawy and his team take on four life-changing builds across Kildare, Limerick, Wicklow and Offaly in the...
01/10/2026
Third collaboration with celebrated composer
Spitfire Audio have once again teamed up with Grammy-nominated composer, producer and technologist BT, creating...
01/10/2026
FL Studio gets dedicated grid controller
Novation have teamed up with FL Studio developers Image-Line to create another dedicated controller for the popular...
01/10/2026
Six new USB interfaces introduced
Universal Audio's USB audio interface line-up has just been refreshed, gaining six new models aimed at musicians, prod...
01/10/2026
Siretta's SNYPER-5G cellular network analyser has been shortlisted for the IoT Global Awards 2026.
The IoT Global Awards recognise products, services and o...
01/10/2026
Mesh Broadcast Services Fits Big-Truck Audio Power into Compact Eclipse Unit with Calrec Argo M Canadian OB company Mesh Broadcast Services has fitted its Eclip...
01/10/2026
X-Rite Pantone Launches Spectura to Advance Connected Color Quality from Lab to ...
01/10/2026
Thursday 1 October 2026
Nominees revealed for 2026 Sky Arts Awards
Current slide, 0 0, undefined1
0
Irish National Opera and Jennifer Walshe: MARS
Jacob Al...
01/10/2026
Vital TV antenna replaced at SudburyHelicopter and broadcast engineers work together to upgrade TV services for 1.5M in the East
--
Share to Linkedin
Octobe...
01/10/2026
Arqiva appoints Simon Duffy as ChairSimon Duffy joins as Chair effective 01 October 2026
--
Share to Linkedin
October 1, 2026
Press Office
01 October 2026...
01/10/2026
Season 4 of the multi-award-winning hit entertainment series The 2 Johnnies Late Night Lock In is back, serving up another round of unpredictable laughs, unforg...
01/10/2026
New season begins Sunday, 4 October at 6pm on RT lyric fm and RT Listen
RT lyric fm's arts and culture documentary series The Lyric Feature returns on S...
01/10/2026
RT is proud to continue its commitment to supporting and celebrating the arts across Ireland this October, highlighting a vibrant programme of theatre, music, ...
30/09/2026
Add an envelope generator to any plug-in
Sync Audio's latest creation is a handy utility plug-in that can be used to combine and modulate other effects ...
30/09/2026
All-analogue tape-style drive joins Series A
Strymon's reputation was built on their digital knowhow, so many were surprised (and intrigued) when they a...
30/09/2026
Two new expansion packs released
Sonuscore have just introduced two new expansion packs for The Pulse, its production engine instrument for modern cinematic...
30/09/2026
eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({...
30/09/2026
New Solution Expands Harmonic's Network Intelligence Portfolio and Brings Comcast-Developed Fiber Monitoring Technology to Broadband Operators, Providing Re...
30/09/2026
How to Shop Well Now starts Monday at 9.35pm
on RT One and RT Player
On the...
29/09/2026
Two new plug-ins launch alongside updated bundles
Zynaptiq have just announced the launch of two new plug-ins, alongside new and improved versions of two of...
29/09/2026
All-in-one bus processor revealed
Wes Audio's ng product range has come a long way since it was first introduced, and now includes a tasty selection of ...
29/09/2026
eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({ content_source:......
29/09/2026
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN, OR AT ANY ADDRESS IN, THE UNITED STATES OF AMERICA, ITS TERRITO...
29/09/2026
We tend to think we live in a digital world, with hopes and fears around artificial intelligence (AI), quantum computing, data centres and the next big technolo...
29/09/2026
Today, in partnership with the American Academy of Pediatrics (AAP), Apple relea...
29/09/2026
Final Cut Camera, the professional filming app for iPhone, receives a major upda...
29/09/2026
RT lyric fm is proud to announce the annual Choirs for Christmas competition callout. Warm up those vocal chords and join us on RT lyric fm for a celebration ...
28/09/2026
EQ plug-in can now be played via MIDI
Scaler Music have recently released a new and improved version of their patented musical EQ plug-in, kitting it out wi...
28/09/2026
New synth developed in collaboration with philterSoup
Boutique effects pedal and Eurorack manufacturer Animal Factory Amps have announced that the new compa...
28/09/2026
Rohde & Schwarz adds an integrated multi-channel pulse analysis option to its FS...
28/09/2026
Monday 28 September 2026
Sky launches Full Fibre 1.6 Gbps for millions of homes
Sky has launched a new Full Fibre 1.6 Gbps product, rolling out from today, gi...
28/09/2026
Arvato Systems Highlights It's Role for Automotive Manufacturers and Suppliers
TISAX
Arvato Systems has successfully completed the TISAX Level 3 assess...
28/09/2026
Crimecall, presented by Carla O'Brien, returns tonight for a brand new series at 9.35pm on RT One and RT Player.
In tonight's episode, alongside appe...
28/09/2026
CELEBRATING 40 YEARS AT THE HEART OF NEW IRISH WRITING
LIVE FROM POETRY IRELAND, DUBLIN AND ON RT RADIO 1 FROM 7PM
DETAILS: www.rte.ie/writing | FOLLOW: #r...
27/09/2026
New compact pedal packs in 120 effects
The latest multi-effects pedal from Boss is a compact unit that promises to give any pedalboard a massive boost in s...
26/09/2026
Launched alongside three new expansion packs
In celebration of their 30th anniversary, Native Instruments have released a major update for their Maschine 3 ...
25/09/2026
Algorithm update & new DVA vibrato-detection engine
A new flagship version of Antares' iconic pitch-correction software has arrived, and along with a co...
25/09/2026
New flagship unit to arrive in early 2027
Two notes Audio Engineering have revealed that a new and improved version of their hugely popular reactive load bo...
All Press ReleasesShare
