BOSTON, MA (August 7, 2024) - Brightcove Inc. (Nasdaq: BCOV), the world's most trusted streaming technology company, today announced financial results for the second quarter ended June 30, 2024. We are pleased to have exceeded expectations and the high-end of our guidance range on both Revenue and Adjusted EBITDA, while generating meaningful cash flow. We are delivering on our commitments to grow EBITDA substantially and generate significant free cash flow this year, all while investing in our key strategic priorities that we expect will return the business to consistent revenue growth, said Marc DeBevoise, Brightcove's Chief Executive Officer.
Second Quarter 2024 Financial Highlights:
Revenue for the second quarter of 2024 was $49.2 million, a decrease of 3% compared to $51.0 million for the second quarter of 2023. Subscription and support revenue was $47.4 million, a decrease of 3% compared to $49.0 million for the second quarter of 2023.
Gross profit for the second quarter of 2024 was $29.8 million, representing a gross margin of 61% compared to gross profit of $32.5 million, representing a gross margin of 64% for the second quarter of 2023. Non-GAAP gross profit for the second quarter of 2024 was $30.6 million, representing a non-GAAP gross margin of 62%, compared to non-GAAP gross profit of $33.4 million, representing a non-GAAP gross margin of 66% for the second quarter of 2023. Non-GAAP gross profit and non-GAAP gross margin exclude stock-based compensation expense, the amortization of acquired intangible assets and restructuring expense.
Income (loss) from operations was ($5.0) million for the second quarter of 2024, compared to ($6.3) million for the second quarter of 2023. Non-GAAP operating loss, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related expense, restructuring expense, and gain on sale of assets, was ($477,000) for the second quarter of 2024, compared to non-GAAP operating income of $537,000 during the second quarter of 2023.
Net income (loss) was ($5.2) million, or ($0.12) per diluted share, for the second quarter of 2024. This compares to ($6.2) million, or ($0.14) per diluted share, for the second quarter of 2023. Non-GAAP net loss, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related expense, restructuring expense, and gain on sale of assets, was ($685,000) for the second quarter of 2024, or ($0.02) per diluted share, compared to non-GAAP net income of $642,000 for the second quarter of 2023, or $0.01 per diluted share.
Adjusted EBITDA was $3.8 million for the second quarter of 2024, representing an adjusted EBITDA margin of 8% compared to adjusted EBITDA of $3.6 million for the second quarter of 2023. Adjusted EBITDA excludes stock-based compensation expense, depreciation and amortization, merger-related expense, restructuring expense, gain on sales of assets, other income/expense and provision for income taxes.
Cash flow provided by operations was $4.0 million for the second quarter of 2024, compared to cash flow provided by operations of $10.8 million for the second quarter of 2023.
Free cash flow was $1.8 million after the Company invested $2.2 million in capital expenditures and capitalization of internal-use software during the second quarter of 2024. Free cash flow was $7.1 million for the second quarter of 2023.
Cash and cash equivalents were $24.2 million as of June 30, 2024 compared to $18.6 million on December 31, 2023.
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/Updates:
Announced agreement with JCOM Co., LTD. (J:COM), Japan's largest cable TV company, to power their new streaming service Ikimono Watch ( Animal Watch ), which plans to broadcast content from across Japan's zoos and aquariums. The service utilizes Brightcove's Android SDK for app development, Video Cloud for secure content storage, and API integration for efficient content management and delivery, showcasing Brightcove's ability to provide comprehensive streaming solutions for major media companies.
Announced agreement with FrightPix, a new free ad-supported video-on-demand (AVOD) service for horror, thriller, and true crime content. FrightPix will utilize Brightcove's video-cloud streaming platform to deliver high-quality, seamless viewing experiences across devices, leveraging Brightcove's global scalability, robust analytics, and industry-leading technology to optimize content delivery and monetization strategies.
Announced agreement with Sunn Stream, a streaming service offering family-friendly movies, music and educational content, to power their content distribution. Leveraging Brightcove's industry-leading video-cloud streaming platform, Sunn Stream will deliver a seamless, curated experience across all devices, benefiting from unparalleled video quality, global scalability, and robust analytics to support their growth and enhance user engagement.
Signed new, renewed or expanded the relationship with a diverse set of notable customers in the second quarter. This included a multi-year, near seven-figure annual new customer deal with a North American television network in addition to deals with other media companies such as Seven West Media (Seven Network) and Virgin Media Television (TV3 Television Network Limited), sports organizations like All England Lawn Tennis Club Championships (Wimbledon), RayCom Sports (ACC), and Formula E, and more across the technology, real estate, retail, hospitality, and finance verticals such as Advanced Micro Devices, Broadcom, Marriott, McKin
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BOSTON, MA (August 7, 2024) - Brightcove Inc. (Nasdaq: BCOV), the world's most trusted streaming technology company, today announced financial results for the second quarter ended June 30, 2024. We are pleased to have exceeded expectations and the high-end of our guidance range on both Revenue and Adjusted EBITDA, while generating meaningful cash flow. We are delivering on our commitments to grow EBITDA substantially and generate significant free cash flow this year, all while investing in our key strategic priorities that we expect will return the business to consistent revenue growth, said Marc DeBevoise, Brightcove's Chief Executive Officer.
