BOSTON, MA (October 26, 2017) Brightcove Inc. (Nasdaq: BCOV), the leading provider of cloud services for video, today announced financial results for the third quarter ended September 30, 2017.
Brightcove is pleased to deliver strong third quarter results that exceeded expectations from both a financial and operational perspective. Over the last few months we have made significant progress executing on our go-to-market strategy and improving the efficiency of our day-to-day operations, said Andrew Feinberg, Acting Chief Executive Officer of Brightcove.
Feinberg added, We are seeing exciting customer interest in our latest products, such as Dynamic Delivery, Context Aware Encoding and our new Enterprise Video Suite. Customers are using these products to solve some of the most mission-critical issues facing their businesses and they are quickly realizing the significant value Brightcove can deliver. We believe the strength of our product portfolio and our enhanced go-to-market strategy puts Brightcove in a strong position to capitalize on our market opportunities.
Third Quarter 2017 Financial Highlights:
Revenue for the third quarter of 2017 was $39.5 million, an increase from $38.4 million for the third quarter of 2016. Subscription and support revenue was $36.5 million, compared to $36.2 million for the third quarter of 2016.
Gross profit for the third quarter of 2017 was $23.0 million, representing a gross margin of 58%, compared to a gross profit of $24.6 million for the third quarter of 2016. Non-GAAP gross profit for the third quarter of 2017 was $23.7 million, representing a non-GAAP gross margin of 60%, compared to a non-GAAP gross profit of $25.3 million for the third quarter of 2016. 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 $5.3 million for the third quarter of 2017, compared to a loss from operations of $1.6 million for the third quarter of 2016. Non-GAAP loss from operations, which excludes stock-based compensation expense, the amortization of acquired intangible assets, executive severance and merger-related expenses, was $2.2 million for the third quarter of 2017, compared to non-GAAP operating income of $913,000 during the third quarter of 2016.
Net loss was $5.4 million, or $0.16 per diluted share, for the third quarter of 2017. This compares to a net loss of $1.6 million, or $0.05 per diluted share, for the third quarter of 2016. Non-GAAP net loss, which excludes stock-based compensation expense, the amortization of acquired intangible assets, executive severance and merger-related expenses, was $2.2 million for the third quarter of 2017, or $0.06 per diluted share, compared to non-GAAP net income of $847,000 for the third quarter of 2016, or $0.02 per diluted share.
Adjusted EBITDA loss was $889,000 for the third quarter of 2017, compared to adjusted EBITDA of $2.0 million for the third quarter of 2016. Adjusted EBITDA excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related expenses, depreciation expense, executive severance, other income/expense, and the provision for income taxes.
Cash flow used in operations was $4.9 million for the third quarter for 2017, compared to cash flow from operations of $2.6 million for the third quarter of 2016.
Free cash flow was negative $6.2 million after the company invested $1.3 million in capital expenditures and capitalization of internal-use software during the third quarter of 2017. Free cash flow was $1.2 million for the third quarter of 2016.
Cash and cash equivalents were $22.1 million as of September 30, 2017 compared to $28.4 million at June 30, 2017.
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 $73,000 in the third quarter of 2017, excluding starter customers who had average annualized revenue of $5,000 per customer. This compares to $70,000 in the comparable period in 2016.
Recurring dollar retention rate was 95% in the third quarter of 2017, which was in-line with our historical target of the low to mid 90% range.
Ended the quarter with 4,210 customers, of which 2,113 were premium.
New enterprise customers and enterprise customers who expanded their relationship during the quarter included: American Express Global Business Travel, Bristol-Myers Squibb, Edmunds.com, GameStop, Hallmark Cards, Mary Kay Cosmetics, NetApp, among others.
New media customers and media customers who expanded their relationship during the quarter included: BBC Worldwide, Lionsgate, McClatchy, Premier League Football, Prometheus Global, the publisher of Billboard and Hollywood Reporter, Reelz Channel, UK TV, and Young Hollywood, among others.
Foxtel partnered with Brightcove to livestream the Floyd Mayweather vs. Conor McGregor fight on August 27, 2017.
Business Outlook
Based on information as of today, October 26, 2017, the Company is issuing the following financial guidance:
Fourth Quarter 2017:
Revenue is expected to be in the range of $39.3 million to $39.8 million, including approximately $2.8 million of professional services revenue.
Non-GAAP loss from operations is expected to be in the range of $600,000 to $1.1 million, which excludes stock-based compensation of approximately $1.8 million and the amortization of acquired intangible assets of approximately $700,000.
Adjusted EBITDA is expected to be in the range of breakeven to $500,000, which excludes stock-based compensation of approximately $1.8 million, the amortization of acquired intangibl
Most recent headlines
04/08/2024
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet, a leading technology and service provider for media-rich organizations, a...
29/04/2024
eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({ content_source:......
29/04/2024
Codemill aims to revolutionize media workflow efficiency at this years NAB Show by introducing Just-In-Time (JIT) playback technology in Accurate.Video Validate...
29/04/2024
April 29, 2024
-- TF1 Chooses Broadpeak to Power Targeted Advertising for New...
29/04/2024
LOS ANGELES Allen Media Group (AMG) has partnered with LG Electronics to bring 223 Local Now FAST channels to LG's free streaming service, LG Channels, avai...
29/04/2024
OTTAWA Ross Video has announced the introduction of Raiden, a data-driven weather graphics software that combines data gathering, processing, and visualization ...
29/04/2024
Panalux, a leading rental provider of lighting and power solutions for the motion-picture industry and part of Panavision's end-to-end service offerings for...
29/04/2024
Cobalt Iron Inc., a leading provider of SaaS-based enterprise data protection, today announced that it has received a patent on its technology for dynamic autho...
29/04/2024
SDVI, the leading platform provider for cloud-native media supply chains, today announced that Rally Access Workstation, a fully managed solution for editing in...
29/04/2024
Premier Sports, a premium sports broadcaster, has selected QuickLink's Remote Commentary solution for introducing professional, high-quality remote commenta...
29/04/2024
Glookast has chosen Jigsaw24 Media as the only UK channel partner to represent their portfolio of ingest and workflow optimisation products. The agreement, sign...
29/04/2024
Clear-Com played a pivotal role in the seamless coverage of the recent solar eclipse on April 8, 2024. Leveraging its cutting-edge Eclipse HX Digital Matrix i...
29/04/2024
PlayBox Neo will promote its complete range of television channel management, graphic branding and playout solutions to EMEA region media content owners and bro...
29/04/2024
Lingo, RuPaul's word-twisting game show, returns for season two on CBS Friday, May 24. Two episodes air that night, and stream on Paramount Plus, too....
29/04/2024
ESPN and Amazon Prime Video are reportedly close to scoring television rights to the National Basketball Association, according to published reports....
29/04/2024
Judge Judy and Hot Bench, CBS Media Ventures' genre-leading court shows, have been renewed through the 2025-26 TV season in more than 95% of the country, Gr...
29/04/2024
Premier Sports, an Irish-based premium sports broadcaster, has selected QuickLink's Remote Commentary solution for introducing professional, high-quality re...
29/04/2024
The awards celebrate the craft of behind-the-scenes TV talent and the best programmes of 2023
By Matthew Corrigan
Published: April 29, 2024
The awards cel...
29/04/2024
The team at Milk had to create and deliver the VFX and environment work for the royal residences featured in the drama from scratch
By Jenny Priestley
Publis...
29/04/2024
CEO Bob Bakish is expected to leave the company as early as today, with a new leadership committee likely to run the company on an interim basis
By Jenny Pries...
29/04/2024
Albena Ivanova, director, media and entertainment and strategic products at CHAOS talks to TVBEurope about her route into the industry
By TVBEurope Staff
Pub...
29/04/2024
The acquisition gives Grand Technix the opportunity to expand its footprint in the audio visual and broadcast technology sectors
By Jenny Priestley
Published...
29/04/2024
29 04 2024 - Media release Screen Australia announces James J. Robinson's debut feature First Light
First Light
Principal Photography is underway on Firs...
29/04/2024
Capitol Broadcasting recently became the inaugural company honored with inductio...
29/04/2024
Tonight on Smoke and Mirrors: Fanyana feels embarrassed about his sexual mishapDon't miss Monday, 29 April's riveting episode of South African soapie Sm...
29/04/2024
Talk about commitment. When startup SEA.AI, an NVIDIA Metropolis partner, set out to create a system that would use AI to scan the seas to enhance maritime safe...
28/04/2024
Mediahaus delivers the first SRT live-streaming sports production over 5G with U...
27/04/2024
On April 26, L3Harris Chair and CEO Christopher E. Kubasik joined CNBC's Mor...
27/04/2024
PORTLAND, Oregon Audinate Group Limited, the developer of the Dante AV-over-IP solution, announced significant new additions to Dante Connect, its cloud-based D...
27/04/2024
TORONTO Bell Media has launched 10 English and French-language FAST channels featuring entertainment, factual, news, and sports programming. The new free stream...
27/04/2024
An extensive new analysis of the news segments in the broadcast evening news programs of ABC, CBS, NBC and PBS has found that broadcasters devoted most of their...
27/04/2024
GERMANTOWN, Md. EchoStar's Hughes Network Systems has opened a new manufacturing facility and private 5G incubation center in Germantown, Maryland....
27/04/2024
Harry Pappas, one of three brothers who founded Pappas Telecasting Companies in 1971, died April 24. He was 78 years old....
27/04/2024
ATLANTA and LONDON Mexican telecommunications and broadcast company Televisa has selected Synamedia for an overhaul of its broadcast distribution....
27/04/2024
Participate in the Survey - The Impact of AI on Media and the Creative Industry
Pascal Wagner April 26, 2024
0 Comments
By participating in this surve...
27/04/2024
SDVI Rally Access Workstation Earns Two Top Awards at 2024 NAB Show
Brie Clayton April 26, 2024
0 Comments
SDVI, the leading platform provider for clo...
27/04/2024
Berklee's Music and Health Institute Launches Community Health Musician Cert...
27/04/2024
Charter Communications reported higher first-quarter profits despite continued cord-cutting and competition for broadband customers....
27/04/2024
Two environmentally-focused groups are partnering to engage the unscripted TV world in finding better ways to address climate change. Reality of Change is an ec...
27/04/2024
Sarah Garcia has been promoted to weekend anchor at KTLM McAllen, Texas, known as Telemundo 40. Starting April 27, she will anchor Noticias Telemundo 40 weekend...
27/04/2024
CBS Sports said it launched a new 24-hour free, ad supported streaming television (FAST) channel devoted to the UEFA Champions League....
27/04/2024
Comcast chairman and CEO Brian Roberts received $35.4 million in compensation in 2023, up 11% from the previous year, according to a proxy statement filed by th...
27/04/2024
Art Happens Here With John Lithgow, which sees the actor study dance, ceramics, silk-screen printing and vocal jazz with students in Los Angeles, debuts on PBS ...
27/04/2024
Remember Leave It to Beaver? Bewitched? Dragnet? When cable ratings were rising?...
27/04/2024
Next up for the weekend binge at Catchy Comedy is Gomer Pyle, U.S.M.C. Every weekend, Catchy Comedy features The Catchy Binge, a marathon of a classic sitcom....
26/04/2024
Sundance Film Festival CDMX 2024 kicks-off today with screenings in 5 theaters in Mexico City and the opening-night film, FRIDA, directed by Carla Guti rrez...
26/04/2024
[Editor's Note: This interview is part of a larger feature about the women d...
26/04/2024
Once again this year, SGL Carbon opened its doors to interested children and young people. On the occasion of the German Girls and Boys Day, which took place on...
BOSTON, MA (October 26, 2017) Brightcove Inc. (Nasdaq: BCOV), the leading provider of cloud services for video, today announced financial results for the third quarter ended September 30, 2017.
