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Brightcove Announces Financial Results for Third Quarter Fiscal Year 2021
Brightcove Inc. (Nasdaq: BCOV), the global leader in video for business, today announced financial results for the third quarter ended September 30, 2021.BOSTON--(BUSINESS WIRE)--Oct. 27, 2021-- Brightcove Inc. (Nasdaq: BCOV), the global leader in video for business, today announced financial results for the third quarter ended September 30, 2021.
Brightcove made progress across a number of our strategic priorities during the third quarter, in particular on product innovation and retention, said Jeff Ray, Brightcove's Chief Executive Officer. We continue to enhance the value proposition of the Brightcove platform and enable our customers to improve their business performance with video every day.
While our revenue and profitability performance in the quarter were ahead of expectations, we did experience sales challenges in certain regions," Ray continued, "We have seen success with our go-to-market strategy in North America and have an aggressive plan to leverage these strategies across all of our go-to-market teams. We remain confident in Brightcove's long-term ability to deliver significantly faster revenue growth and higher levels of profitability.
Update on Executive Leadership:
Jeff Ray, Brightcove's Chief Executive Officer, has informed the Company's Board of Directors that he intends to retire from Brightcove at the end of 2022 and will step down as CEO and Board Director when his successor is hired. Mr. Ray will continue to lead Brightcove until that time, with a focus on executing on the Company's growth plans and ensuring a smooth and orderly transition to the next CEO.
Mr. Ray commented, I am incredibly proud of what we have accomplished in my time at Brightcove, in particular the significant acceleration in our product innovation and our relentless focus on customer success. I strongly believe in the transformational power of video and Brightcove's unique ability to help customers be successful with their video strategies. I am confident we have laid the foundation for Brightcove to deliver greater value for our customers and achieve the company's long-term financial targets.
Deb Besemer, Chairperson of the Board of Brightcove, said, Under Jeff's leadership, Brightcove has made significant progress on our strategic priorities that build upon the company's rich history as the world's leading online video platform. On behalf of the Brightcove Board of Directors and all of our employees, I want to thank Jeff for his exceptional contributions to the company. The timing of Jeff's retirement provides the company the time to find the right successor and ensure a smooth and effective transition to the next CEO.
Third Quarter 2021 Financial Highlights:
Revenue for the third quarter of 2021 was $52.2 million, an increase of 6% compared to $49.1 million for the third quarter of 2020. Subscription and support revenue was $49.2 million, an increase of 6% compared to $46.3 million for the third quarter of 2020.
Gross profit for the third quarter of 2021 was $33.5 million, representing a gross margin of 64% compared to a gross profit of $31.0 million and 63% for the third quarter of 2020. Non-GAAP gross profit for the third quarter of 2021 was $34.1 million, representing a non-GAAP gross margin of 65%, compared to a non-GAAP gross profit of $31.5 million and 64% for the third quarter of 2020. Non-GAAP gross profit and non-GAAP gross margin exclude stock-based compensation expense and the amortization of acquired intangible assets.
Loss from operations was $233 thousand for the third quarter of 2021, compared to an income of $1.3 million for the third 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 $2.9 million for the third quarter of 2021, compared to non-GAAP operating income of $4.5 million during the third quarter of 2020.
Net loss was $1.0 million, or a loss of $0.02 per diluted share, for the third quarter of 2021. This compares to a net income of $1.3 million, or $0.03 per diluted share, for the third 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 $2.1 million for the third quarter of 2021, or $0.05 per diluted share, compared to non-GAAP net income of $4.6 million for the third quarter of 2020, or $0.11 per diluted share.
Adjusted EBITD A was $4.2 million for the third quarter of 2021, compared to adjusted EBITDA of $5.9 million for the third 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 $7.4 million for the third quarter for 2021, compared to cash flow provided by operations of $3.6 million for the third quarter of 2020.
Free cash flow was $4.9 million after the company invested $2.5 million in capital expenditures and capitalization of internal-use software during the third quarter of 2021. Free cash flow was $1.4 million for the third quarter of 2020.
Cash and cash equivalents were $45.3 million as of September 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.
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