Brightcove Announces Financial Results for Second Quarter 2014 July 24, 2014 / Brightcove Press Release
Second quarter revenue of $31.0 million up 15% year-over-year
BOSTON, MA (July 24, 2014) Brightcove Inc. (Nasdaq: BCOV), a leading global provider of cloud services for video, today announced financial results for the quarter ended June 30, 2014.
"Brightcove delivered second quarter results that exceeded our expectations from both a revenue and profitability perspective, and was highlighted by a significant sequential improvement in our monthly revenue retention rate," said David Mendels, Chief Executive Officer of Brightcove. "During the second quarter we also experienced slower than expected progress on large deal opportunities and certain customer implementations. When combined with the fact that we now expect a large customer with an uncommon use case to churn in the third quarter, we have adjusted our full year outlook in response."
Mendels added "We remain confident in our strategy and in the very meaningful market opportunity in front of us. We believe our recent and upcoming product innovations, including Gallery and the Video Marketing Suite, combined with shifting our go-to-market focus towards enabling better business results for both media companies and digital marketers, better position Brightcove to generate improved long-term growth."
Second Quarter 2014 Financial Highlights:
Revenue: Total revenue for the second quarter of 2014 was $31.0 million, an increase of 15% compared to $26.9 million for the second quarter of 2013. Subscription and support revenue was $29.9 million, an increase of 17% compared with $25.6 million for the second quarter of 2013. Professional services and other revenue was $1.1 million, compared to $1.3 million for the second quarter of 2013.
Gross Profit: Gross profit for the second quarter of 2014 was $20.6 million, compared to $17.7 million for the second quarter of 2013, and gross margin was 66% for the second quarter of 2014. Non-GAAP gross profit for the second quarter of 2014 was $21.2 million, representing a year-over-year increase of 17% and a non-GAAP gross margin of 68%. Non-GAAP gross profit and non-GAAP gross margin exclude stock-based compensation expense and the amortization of acquired intangible assets.
Operating Loss: Loss from operations was $4.0 million for the second quarter of 2014, compared to a loss of $3.3 million for the second quarter of 2013. Non-GAAP loss from operations, which excludes stock-based compensation expense, the amortization of acquired intangible assets and merger-related expenses, was $1.1 million for the second quarter of 2014, compared to a non-GAAP loss of $874,000 during the second quarter of 2013.
Net Loss: Net loss was $4.3 million, or $0.13 per basic and diluted share, for the second quarter of 2014. This compares to a net loss of $3.5 million, or $0.12 per basic and diluted share, for the second quarter of 2013.
Non-GAAP net loss, which excludes stock-based compensation expense, the amortization of acquired intangible assets, and merger-related expenses, was $1.4 million for the second quarter of 2014, or $0.04 per basic and diluted share, compared to a non-GAAP net loss of $1.1 million for the second quarter of 2013, or $0.04 per basic and diluted share.
Balance Sheet and Cash Flow: As of June 30, 2014, Brightcove had $20.8 million of cash, cash equivalents and investments, compared to $21.4 million at March 31, 2014. Brightcove generated $724,000 in cash from operations and invested $1.6 million in capital expenditures and capitalization of internal-use software costs, leading to negative free cash flow of $861,000 for the second quarter of 2014. Free cash flow was $2.0 million for the second quarter of 2013.
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:
Ended the quarter with 5,995 customers, which included a net increase of 10 premium customers. New customers added during the quarter included: Amgen, Asahi Broadcasting Corporation, the All England Lawn Tennis Club Championships, The Boston University School of Management, Legendary Pictures, and Planet Fitness, among others.
Launched the Brightcove Video Marketing Suite, a comprehensive suite of technologies that combine industry-leading video management, video marketing and analystics to help marketers maximize the reach and ROI of their video campaigns.
Introduced Brightcove Gallery, a Video Marketing Suite product that enables marketers to create video portal experiences with best practices for SEO, responsive design, social sharing and conversion that can be implemented and uploaded in minutes.
Partnered with Oracle Eloqua to launch the Brightcove Cloud Component for Oracle Eloqua, a part of the Brightcove Video Marketing Suite. The integration enables marketers to easily add Brightcove Video Cloud-powered videos to their Oracle Eloqua landing pages and campaigns, and then track user engagements and performance.
Began providing support for the Hybrid Broadcast Broadband TV (HbbTV) standard to enable broadcasters to combine over-the-air broadcast and IP delivery to publish personalized video and interactive TV experiences to users on set-top boxes and connected TVs.
Business Outlook
Based on information as of today, July 24, 2014, the Company is issuing the following financial guidance:
Third Quarter 2014*: The Company expects revenue to be $30.0 million to $30.5 million, and non-GAAP loss from operations to be $2.2 million to $2.5 million. Assuming approximately 32.3 million shares outstanding, Brightcove expects its non-GAAP net loss per basic and diluted share to be $0.08 to $0.
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Brightcove Announces Financial Results for Second Quarter 2014 July 24, 2014 / Brightcove Press Release 
