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Brightcove Announces Financial Results for First Quarter Fiscal Year 2023
BOSTON, MA (May 3, 2023) - Brightcove Inc. (Nasdaq: BCOV), the world's most trusted streaming technology company, today announced financial results for the first quarter ended March 31, 2023.
In the first quarter, we made important progress on our strategic initiatives and saw strength in our new business growth. This new business performance, including signing our largest ever new business deal with a leading global media company, helps demonstrate the long-term opportunity ahead for Brightcove. However, certain near-term revenue challenges, including lengthening sales cycles and lower overages and entitlement commitments, are driving the need for us to take meaningful steps to improve our cost structure to ensure we operate the business efficiently and achieve our full year profitability targets, said Marc DeBevoise, Brightcove's Chief Executive Officer.
DeBevoise added, We believe the challenges we are facing are short-term and primarily impacted by recent economic uncertainty. We remain confident that our strategic plan, combined with these changes, will enable us to achieve our long-term financial goals."
First Quarter 2023 Financial Highlights:
Revenue for the first quarter of 2023 was $49.1 million, a decrease of 8% compared to $53.4 million for the first quarter of 2022. Subscription and support revenue was $47.1 million, a decrease of 9% compared to $51.6 million for the first quarter of 2022.
Gross profit for the first quarter of 2023 was $28.8 million, representing a gross margin of 59%, compared to a gross profit of $34.4 million, representing a gross margin of 64% for the first quarter of 2022. Non-GAAP gross profit for the first quarter of 2023 was $29.6 million, representing a non-GAAP gross margin of 60%, compared to a non-GAAP gross profit of $35.0 million, representing a non-GAAP gross margin of 66% for the first quarter of 2022. 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 $10.7 million for the first quarter of 2023, compared to loss from operations of $2.0 million for the first quarter of 2022. Non-GAAP operating loss, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related and restructuring expenses and other (benefit) expense, was $5.6 million for the first quarter of 2023, compared to non-GAAP operating income of $3.8 million during the first quarter of 2022.
Net loss was $11.7 million, or a loss of $0.28 per diluted share, for the first quarter of 2023. This compares to a net loss of $1.6 million, or $0.04 per diluted share, for the first quarter of 2022. Non-GAAP net loss, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related and restructuring expenses and other (benefit) expense, was $6.6 million for the first quarter of 2023, or a loss of $0.15 per diluted share, compared to non-GAAP net income of $4.2 million for the first quarter of 2022, or $0.10 per diluted share.
Adjusted EBITDA was negative $2.7 million for the first quarter of 2023, compared to adjusted EBITDA of $5.1 million for the first quarter of 2022. Adjusted EBITDA excludes stock-based compensation expense, merger-related and restructuring expenses, other (benefit) expense, the amortization of acquired intangible assets, depreciation expense, other income/expense and the provision for income taxes.
Cash flow used by operations was $12.6 million for the first quarter of 2023, compared to cash flow used by operations of $690,000 for the first quarter of 2022.
Free cash flow was negative $17.5 million after the company invested $4.9 million in capital expenditures and capitalization of internal-use software during the first quarter of 2023. Free cash flow was negative $5.5 million for the first quarter of 2022.
Cash and cash equivalents were $12.5 million as of March 31, 2023 compared to $31.9 million on December 31, 2022. The low cash balance was driven by the collapse of Silicon Valley Bank (SVB) on March 10, 2023, which meaningfully delayed the timing of cash collections at the end of the quarter while we directed customers to make payments to another financial institution. As of May 3, 2023, the majority of this cash has already been collected.
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:
New business was a record-high in the first quarter, up 325% YoY, driven by the largest new business deal in our history. Excluding that deal, new business was up 35% YoY. Notable new customers signed in the first quarter include, A24 Films, Blackdoctor.org, Broadcom, Harvest Ministries, LeMaitre, One 31 and The Capra Project.
Notable customers who renewed or expanded their relationship with Brightcove during the first quarter include: American Academy of Orthopedic Surgeons, Audacy, BouncTV, Dell, Express Scripts, Forbes Media, Harley Davidson, Herbalife, Little League Baseball, Merck, Motorola Solutions, Nikon Instruments, Phillips Auctioneers, SkyWest Airlines, The 33rd Team and TVB USA.
Net revenue retention in the quarter was 94%, which compares to 94% in the fourth quarter of 2022 and 98% in the first quarter of 2022.
Recurring dollar retention rate was 88% in the first quarter of 2023, versus our historical target of the low to mid-90 percent range.
12-month Backlog (which we define as the aggregate amount of committed subscription revenue related to future performance ob
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