BOSTON, MA (October 30, 2014) – Brightcove Inc. (Nasdaq: BCOV), a leading global provider of cloud services for video, today announced financial results for the quarter ended September 30, 2014.
“Brightcove delivered solid third quarter results that exceeded our expectations on both the top and bottom line,” said David Mendels, Chief Executive Officer of Brightcove. “We made progress aligning our go-to-market organization to capitalize on the exciting opportunities to help digital media and digital marketing companies increase their ability to monetize their digital assets. We believe we have the right people and products in place and I am confident the changes we have introduced within our organization will drive improved performance and growth over the long term.”
Third Quarter 2014 Financial Highlights:
Revenue: Total revenue for the third quarter of 2014 was $31.5 million, an increase of 11% compared to $28.5 million for the third quarter of 2013. Subscription and support revenue was $30.5 million, an increase of 15% compared to $26.5 million for the third quarter of 2013. Professional services and other revenue was $1.1 million, compared to $2.0 million for the third quarter of 2013.
Gross Profit: Gross profit for the third quarter of 2014 was $20.7 million, compared to $19.3 million for the third quarter of 2013, and gross margin was 66% for the third quarter of 2014. Non-GAAP gross profit for the third quarter of 2014 was $21.3 million, representing a year-over-year increase of 8% 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 $3.1 million for the third quarter of 2014, compared to a loss of $1.3 million for the third 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 $134,000 for the third quarter of 2014, compared to non-GAAP income of $1.1 million during the third quarter of 2013.
Net Loss: Net loss was $3.8 million, or $0.12 per basic and diluted share, for the third quarter of 2014. This compares to a net loss of $1.3 million, or $0.04 per basic and diluted share, for the third quarter of 2013.
Non-GAAP net loss, which excludes stock-based compensation expense, the amortization of acquired intangible assets, and merger-related expenses, was $829,000 for the third quarter of 2014, or $0.03 per diluted share, compared to non-GAAP net income of $1.1 million for the third quarter of 2013, or $0.04 per diluted share.
Balance Sheet and Cash Flow: As of September 30, 2014, Brightcove had $21.7 million of cash and cash equivalents, compared to $20.8 million at June 30, 2014. Brightcove generated $2.6 million in cash from operations and invested $1.1 million in capital expenditures and capitalization of internal-use software costs, leading to free cash flow of $1.5 million for the third quarter of 2014. Free cash flow was $3.4 million for the third quarter of 2013.
Un rapprochement des résultats GAAP et non GAAP a été fourni dans les tableaux des états financiers inclus à la fin de ce communiqué de presse. Une explication de ces mesures est également incluse ci-dessous sous la rubrique "Mesures financières non conformes aux PCGR".
Autres faits marquants du troisième trimestre et de la période récente :
- Ended the quarter with 5,899 customers, which included a net increase of 14 premium customers. New customers added during the quarter included: The Nation, MediaWorks NZ, Excite Japan, IBC, One Fighting Championship, Tesla, Lenovo, Maxim Integrated Products, Baker and McKenzie, Eaton Corporation, Delhaize and Waters Corporation.
- Launched Brightcove Perform, a high performance service that powers cross-platform video playback through a full set of management APIs, performance optimization services, and the leading HTML5-first Brightcove Player. Perform also supports HTTP Live Streaming video playback across devices.
- Announced that media companies and publishers now have the ability to choose from a client-side, server-side, or hybrid ad insertion solution. Using Brightcove Perform, publishers will be able to optimize the monetization of ad-supported video and generate more views and ad completions while avoiding the challenge of ad blockers.
Perspectives d'affaires
Based on information as of today, October 30, 2014, the Company is issuing the following financial guidance:
Fourth Quarter 2014*: The Company expects revenue to be $30.3 million to $30.8 million, and non-GAAP loss from operations to be $2.2 million to $2.5 million. Assuming approximately 32.4 million shares outstanding, Brightcove expects its non-GAAP net loss per basic and diluted share to be $0.08 to $0.09.
Full Year 2014*: The Company now expects revenue to be $123.9 million to $124.4 million, and non-GAAP loss from operations is expected to be $3.8 million to $4.1 million. Assuming approximately 31.9 million shares outstanding, Brightcove expects its non-GAAP net loss per basic and diluted share to be $0.17 to $0.18.
*En ce qui concerne les attentes de la société sous "Perspectives commerciales" ci-dessus, la société n'a pas rapproché la perte d'exploitation non-GAAP ou la perte nette non-GAAP par action à la perte d'exploitation GAAP et à la perte nette GAAP par action, respectivement, parce que la société ne fournit pas d'indications pour les dépenses de rémunération à base d'actions, les dépenses liées à la fusion, ou l'amortissement des actifs incorporels acquis, qui sont des éléments de rapprochement entre ces mesures non-GAAP et GAAP. Étant donné que les éléments qui influent sur la perte d'exploitation et la perte nette par action selon les PCGR sont hors du contrôle de la société et/ou ne peuvent être raisonnablement prédits, la société n'est pas en mesure de fournir de telles indications. En conséquence, un rapprochement avec la perte d'exploitation GAAP et la perte nette par action GAAP n'est pas disponible sans effort déraisonnable.
Conference Call Information
Brightcove will host a conference call today, October 30, 2014, at 5:00 p.m. (Eastern Time) to discuss the Company’s financial results and current business outlook. 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 877-870-5176 (domestic) or 858-384-5517 (international). The replay conference ID is 13592831. A replay of the webcast will also be available for a limited time at http://investor.brightcove.com.
À propos de Brightcove
Brightcove Inc. (NASDAQ:BCOV) est l'un des principaux fournisseurs mondiaux de solutions en nuage puissantes pour la diffusion et la monétisation de vidéos sur des appareils connectés. La société propose une gamme complète de produits et de services qui réduisent les coûts et la complexité associés à la publication, à la distribution, à la mesure et à la monétisation de la vidéo sur tous les appareils. Brightcove compte plus de 5 500 clients dans plus de 70 pays qui s'appuient sur les solutions en nuage de la société pour publier avec succès des expériences vidéo de haute qualité à l'intention des publics du monde entier. Pour en savoir plus, visitez le site www.brightcove.com.
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 of 2014 and full year 2014, our position to execute on our go-to-market 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, our ability to retain existing customers; difficulties integrating the technologies, products, operations, existing contracts and personnel of Unicorn Media and realizing the anticipated benefits of the combined business; difficulties executing on our go-to-market strategy and realizing the anticipated benefits of this strategy; expectations regarding the widespread adoption of customer demand for our products, including recently launched products; our ability to expand the sales of our products to customers located outside the U.S., keeping up with the rapid technological change required to remain competitive in our industry; our history of losses, our limited operating history; our ability to manage our growth effectively and successfully recruit additional highly-qualified personnel; and 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, as updated by our subsequently filed Quarterly Reports on Form 10-Q and our other SEC filings. We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
Mesures financières non GAAP
Brightcove a fourni dans ce communiqué les mesures financières non GAAP suivantes : marge brute non GAAP, marge brute non GAAP, perte d'exploitation non GAAP, perte nette non GAAP et perte nette non GAAP de base et diluée par action. Brightcove utilise ces mesures financières non GAAP en interne pour analyser ses résultats financiers et pense qu'elles sont utiles aux investisseurs, en complément des mesures GAAP, pour évaluer les performances opérationnelles continues de Brightcove. Brightcove pense que l'utilisation de ces mesures financières non GAAP fournit un outil supplémentaire aux investisseurs pour évaluer les résultats et les tendances d'exploitation en cours et pour comparer ses résultats financiers avec ceux d'autres sociétés du secteur de Brightcove, dont beaucoup présentent des mesures financières non GAAP similaires aux investisseurs. Comme indiqué, les résultats financiers non PCGR susmentionnés excluent les frais de rémunération à base d'actions, l'amortissement des actifs incorporels acquis et les coûts liés à la fusion. Les coûts liés à la fusion comprennent les frais encourus lors de la conclusion d'une acquisition ainsi que les frais liés à la fidélisation des employés clés. Les mesures financières non conformes aux PCGR ont des limites en tant qu'outil analytique et ne doivent pas être considérées isolément ou comme un substitut aux informations financières préparées conformément aux PCGR. Les investisseurs sont invités à examiner le rapprochement de ces mesures non GAAP avec les mesures financières GAAP les plus directement comparables. Comme indiqué précédemment, un rapprochement de nos mesures financières non GAAP avec leurs mesures GAAP les plus directement comparables a été fourni dans les tableaux des états financiers inclus ci-dessous dans ce communiqué de presse. Les communiqués de presse sur les résultats de la société contenant ces rapprochements non conformes aux PCGR peuvent être consultés dans la section "Investisseurs" du site web de la société à l'adresse https://www.brightcove.com.
Contact investisseurs :
Brian Denyeau
ICR for Brightcove
[email protected]
646-277-1251
Contact médias :
Kristin Leighton
Brightcove Inc.
[email protected]
617-245-5094