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BOSTON--(BUSINESS WIRE)--Oct. 27, 2021-- Brightcove Inc. (Nasdaq: BCOV), the global leader in video for business, today announced financial results for the third quarter ended September 30, 2021.
“Brightcove made progress across a number of our strategic priorities during the third quarter, in particular on product innovation and retention,” said Jeff Ray, Brightcove’s Chief Executive Officer. “We continue to enhance the value proposition of the Brightcove platform and enable our customers to improve their business performance with video every day.”
“While our revenue and profitability performance in the quarter were ahead of expectations, we did experience sales challenges in certain regions," Ray continued, "We have seen success with our go-to-market strategy in North America and have an aggressive plan to leverage these strategies across all of our go-to-market teams. We remain confident in Brightcove’s long-term ability to deliver significantly faster revenue growth and higher levels of profitability.”
Update on Executive Leadership:
Jeff Ray, Brightcove’s Chief Executive Officer, has informed the Company’s Board of Directors that he intends to retire from Brightcove at the end of 2022 and will step down as CEO and Board Director when his successor is hired. Mr. Ray will continue to lead Brightcove until that time, with a focus on executing on the Company’s growth plans and ensuring a smooth and orderly transition to the next CEO.
Mr. Ray commented, “I am incredibly proud of what we have accomplished in my time at Brightcove, in particular the significant acceleration in our product innovation and our relentless focus on customer success. I strongly believe in the transformational power of video and Brightcove’s unique ability to help customers be successful with their video strategies. I am confident we have laid the foundation for Brightcove to deliver greater value for our customers and achieve the company’s long-term financial targets.”
Deb Besemer, Chairperson of the Board of Brightcove, said, “Under Jeff’s leadership, Brightcove has made significant progress on our strategic priorities that build upon the company’s rich history as the world’s leading online video platform. On behalf of the Brightcove Board of Directors and all of our employees, I want to thank Jeff for his exceptional contributions to the company. The timing of Jeff’s retirement provides the company the time to find the right successor and ensure a smooth and effective transition to the next CEO.”
Third Quarter 2021 Financial Highlights:
Other Third Quarter and Recent Highlights:
Based on information as of today, October 27, 2021, the Company is issuing the following financial guidance.
Fourth Quarter 2021:
Full Year 2021:
Conference Call Information
Brightcove will host a conference call today, October 27, 2021, at 5:00 p.m. (Eastern Time) to discuss the Company's financial results and current business outlook. A live webcast of the call will be available at the “Investors” page of the Company’s website, http://investor.brightcove.com. To access the call, dial 877-407-3982 (domestic) or 201-493-6780 (international). A replay of this conference call will be available for a limited time at 844-512-2921 (domestic) or 412-317-6671 (international). The replay conference ID is 13723548. A replay of the webcast will also be available for a limited time at http://investor.brightcove.com.
About Brightcove Inc. (NASDAQ: BCOV) Brightcove creates the world’s most reliable, scalable, and secure video technology solutions to build a greater connection between companies and their audiences, no matter where they are or on which devices they consume content. In more than 70 countries, Brightcove’s intelligent video platform enables businesses to sell to customers more effectively, media leaders to stream and monetize content more reliably, and every organization to communicate with team members more powerfully. With two Technology and Engineering Emmy® Awards for innovation, uptime that consistently leads the industry, and unmatched scalability, we continuously push the boundaries of what video can do.
Visit www.brightcove.com. Brightcove. Video that means business™
Forward-Looking Statements This press release includes certain “forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements concerning our financial guidance for the fourth fiscal quarter and full year 2021, our position to execute on our growth strategy, and our ability to expand our leadership position and market opportunity. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation: the effect of the COVID-19 pandemic, including our business operations, as well as its impact on the general economic and financial market conditions; our ability to retain existing customers and acquire new ones; our history of losses; the timing and successful integration of the Ooyala acquisition; expectations regarding the widespread adoption of customer demand for our products; the effects of increased competition and commoditization of services we offer, including data delivery and storage; keeping up with the rapid technological change required to remain competitive in our industry; our ability to manage our growth effectively and successfully recruit additional highly-qualified personnel; the price volatility of our common stock; and other risks set forth under the caption "Risk Factors" in our most recently filed Annual Report on Form 10-K. We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
Non-GAAP Financial Measures Brightcove has provided in this release the non-GAAP financial measures of non-GAAP gross profit, non-GAAP gross margin, non-GAAP income (loss) from operations, non-GAAP net income (loss), adjusted EBITDA and non-GAAP diluted net income (loss) per share. Brightcove uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating Brightcove's ongoing operational performance. Brightcove believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing its financial results with other companies in Brightcove’s industry, many of which present similar non-GAAP financial measures to investors. As noted, the non-GAAP financial results discussed above of non-GAAP gross profit, non-GAAP gross margin, non-GAAP income (loss) from operations, non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share exclude stock-based compensation expense, amortization of acquired intangible assets, merger-related expenses, restructuring and other (benefit) expense. The non-GAAP financial results discussed above of adjusted EBITDA is defined as consolidated net income (loss), plus other income/expense, including interest expense and interest income, the provision for income taxes, depreciation expense, the amortization of acquired intangible assets, stock-based compensation expense, merger-related expenses, restructuring and other (benefit) expense. Merger-related expenses include fees incurred in connection with an acquisition. Non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. As previously mentioned, a reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release. The Company’s earnings press releases containing such non-GAAP reconciliations can be found on the Investors section of the Company’s web site at http://www.brightcove.com.
Contacts Investors: ICR for Brightcove Brian Denyeau, 646-277-1251 email@example.com or Media: Brightcove Meredith Duhaime firstname.lastname@example.org
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