BOSTON, MA (May 8, 2024) - Brightcove Inc. (Nasdaq: BCOV), the world's most trusted streaming technology company, today announced financial results for the first quarter ended March 31, 2024.
We delivered strong first quarter results that were at or above the high-end of our guidance ranges, highlighted by our second straight quarter of revenue growth, our third consecutive quarter of double-digit adjusted EBITDA margins, and an increase in our cash balance of over $4 million. We also improved the long-term stability of our business with more longer-term deals, record backlog and record average revenue per customer. Our focus remains on returning the company to more consistent revenue growth while continuing to deliver meaningful EBITDA and cash flow, said Marc DeBevoise, Brightcove's Chief Executive Officer.
First Quarter 2024 Financial Highlights:
Revenue for the first quarter of 2024 was $50.5 million, an increase of 3% compared to $49.1 million for the first quarter of 2023. Subscription and support revenue was $48.0 million, an increase of 2% compared to the first quarter of 2023.
Gross profit for the first quarter of 2024 was $30.9 million, representing a gross margin of 61%, compared to gross profit of $28.8 million, representing a gross margin of 59% for the first quarter of 2023. Non-GAAP gross profit for the first quarter of 2024 was $31.7 million, representing a non-GAAP gross margin of 63%, compared to non-GAAP gross profit of $29.6 million, representing a non-GAAP gross margin of 60% for the first 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 and other expenses.
Income (loss) from operations was $2.0 million for the first quarter of 2024, compared to ($10.7) million for the first quarter of 2023. Non-GAAP operating income, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related expenses, restructuring and other expenses, and gain on sale of assets, was $984,000 for the first quarter of 2024, compared to ($5.6) million during the first quarter of 2023.
Net income (loss) was $1.6 million, or $0.04 per diluted share, for the first quarter of 2024. This compares to ($11.7) million, or ($0.28) per diluted share, for the first quarter of 2023. Non-GAAP net income, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related expenses, restructuring and other expenses, and gain on sale of assets, was $546,000 for the first quarter of 2024, or $0.01 per diluted share, compared to ($6.6) million for the first quarter of 2023, or ($0.15) per diluted share.
Adjusted EBITDA was $5.0 million for the first quarter of 2024, representing an adjusted EBITDA margin of 10% compared to adjusted EBITDA of negative $2.7 million for the first quarter of 2023. Adjusted EBITDA excludes stock-based compensation expense, merger-related expenses, restructuring and other expenses, gain on sales of assets, the amortization of acquired intangible assets, depreciation expense, other income/expense and the provision for income taxes.
Cash flow provided by operations was $2.0 million for the first quarter of 2024, compared to cash flow used by operations of $12.6 million for the first quarter of 2023.
Free cash flow was negative $1.0 million after the company invested $3.0 million in capital expenditures and capitalization of internal-use software during the first quarter of 2024. Free cash flow was negative $17.5 million for the first quarter of 2023.
Cash and cash equivalents were $22.9 million as of March 31, 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 First Quarter and Recent Highlights/Updates:
Announced the hiring of John Wagner as the Chief Financial Officer (CFO). Mr. Wagner brings more than two decades of strategic and operational financial leadership experience within the technology industry. He brings extensive experience managing and scaling financial operations to support growth and profitability in addition to public and private capital raising and acquisitions. Most recently, Wagner served for nine years as the CFO of EverQuote, an online insurance marketplace, where he oversaw the company's successful initial public offering (IPO) and led the finance organization for five years post-IPO. He's also held senior executive financial roles at various software companies, including Carbonite, Constant Contact, NuoDB, and Salesnet.
Successfully monetized a portion of Brightcove's patent portfolio for $6 million. This strategic and value-enhancing transaction increased the amount of cash on the Company's balance sheet by more than 30% while maintaining on a perpetual basis the ability to use the technology covered by the patents in Brightcove's products for current and future customers.
Signed new, renewed or expanded the relationship with a diverse set of notable customers in the first quarter. This includes media companies such as Acun Medya, Watch It, and Red Venure's CNET Media Group, sports organizations like Ironman, Netball Australia, and Little League Baseball and hundreds more across the technology, healthcare/pharma and finance verticals.
Entered into a strategic partnership with Google Ad Manager to enhance its Ad Monetization service. This collaboration expands Brightcove's offering by supporting current and future customers that leverage Google Ad Manager's comprehensive digital advertising sales platform for their digital ad o
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BOSTON, MA (May 8, 2024) - Brightcove Inc. (Nasdaq: BCOV), the world's most trusted streaming technology company, today announced financial results for the first quarter ended March 31, 2024.
