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Brightcove Inc (BCOV) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Brightcove Inc

CIK: 1313275 Ticker: BCOV

Exhibit 99.1

 

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Brightcove Announces Financial Results for Fourth Quarter and Fiscal Year 2016

Company reports fiscal year 2016 revenue growth of 12%

BOSTON, MA (February 16, 2017)

Brightcove Inc. (Nasdaq: BCOV), a leading global provider of cloud services for video, today announced financial results for the fourth quarter and fiscal year ended December 31, 2016.

“Brightcove reported solid fourth quarter financial results that capped a very strong year for the company,” said David Mendels, Chief Executive Officer of Brightcove. “The momentum we are seeing across our business drove a number of important milestones for our company in 2016, including the return to double-digit revenue growth, 15% bookings growth for the year, the signing of multiple seven-figure, multi-year media wins and strong performance in our digital marketing and enterprise group, marked by an impressive fourth quarter performance. In addition, we delivered on a number of exciting product innovations like Dynamic Delivery and Brightcove Social.”

Mendels added, “The investments we made throughout the year significantly strengthened our competitive position in the market and we enter 2017 more confident in our ability to continue to drive improved long-term revenue growth and profitability. We are focused on executing even better in the year ahead in order to generate meaningful shareholder value.”

Fourth Quarter 2016 Financial Highlights:

 

    Revenue for the fourth quarter of 2016 was $38.6 million, an increase of 10% compared to $35.1 million for the fourth quarter of 2015. Subscription and support revenue was $36.1 million, an increase of 6% compared with $34.1 million for the fourth quarter of 2015.    

 

    Gross profit for the fourth quarter of 2016 was $23.3 million, representing a gross margin of 60%, compared to a gross profit of $23.3 million for the fourth quarter of 2015. Non-GAAP gross profit for the fourth quarter of 2016 was $24.8 million, representing a non-GAAP gross margin of 64%, compared to a non-GAAP gross profit of $24.0 million for the fourth quarter of 2015. Non-GAAP gross profit and non-GAAP gross margin exclude stock-based compensation expense, the amortization of acquired intangible assets and costs to exit a facility.

 

    Loss from operations was $3.7 million for the fourth quarter of 2016, compared to a loss from operations of $214,000 for the fourth quarter of 2015. Non-GAAP loss from operations, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related expenses and costs to exit a facility, was $309,000 for the fourth quarter of 2016, compared to non-GAAP income from operations of $2.3 million during the fourth quarter of 2015.

 

    Net loss was $4.4 million, or $0.13 per diluted share, for the fourth quarter of 2016. This compares to a net income of $172,000, or $0.01 per diluted share, for the fourth quarter of 2015. Non-GAAP net loss, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related expenses, gain from settlement of escrow claim and costs to exit a facility, was $988,000 for the fourth quarter of 2016, or $0.03 per diluted share, compared to a non-GAAP net income of $1.8 million for the fourth quarter of 2015, or $0.05 per diluted share.

 

    Adjusted EBITDA was $803,000 for the fourth quarter of 2016, compared to $3.3 million for the fourth quarter of 2015. Adjusted EBITDA excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related expenses, depreciation expense, other income/expense, the provision for income taxes and costs to exit a facility.


The following information was filed by Brightcove Inc (BCOV) on Thursday, February 16, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
401(k) Savings Plan
401(k) Savings Plan - Additional Information (detail)
Accrued Expenses
Accrued Expenses (tables)
Accrued Expenses - Components Of Accrued Expenses (detail)
Business Combinations
Business Combinations - Additional Information (detail)
Business Description
Business Description (policies)
Business Description - Additional Information (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Commitments And Contingencies - Future Minimum Rental Commitments Under Capital Leases (detail)
Commitments And Contingencies - Future Minimum Rental Commitments Under Operating Lease (detail)
Debt
Debt - Additional Information (detail)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Company's Financial Instruments Carried At Fair Value Using Lowest Level Of Input (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Schedule Of Income Tax Effect Of Each Type Of Temporary Difference And Carryforward (detail)
Income Taxes - Schedule Of Loss Before Provision For Income Taxes (detail)
Income Taxes - Schedule Of Provision For Income Taxes (detail)
Income Taxes - Schedule Of Reconciliation Of U.s. Federal Statutory Rate To Effective Tax Rate (detail)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (tables)
Intangible Assets And Goodwill - Additional Information (detail)
Intangible Assets And Goodwill - Estimated Remaining Amortization Expense (detail)
Intangible Assets And Goodwill - Finite Lived Intangible Assets (detail)
Quarterly Financial Data
Quarterly Financial Data (tables)
Quarterly Financial Data - Summary Of Quarterly Financial Data (detail)
Segment Information
Segment Information (tables)
Segment Information - Additional Information (detail)
Segment Information - Total Revenue To Unaffiliated Customers By Geographic Area, Based On Location Of Customer (detail)
Stockholders' Equity
Stockholders' Equity (tables)
Stockholders' Equity - Additional Information (detail)
Stockholders' Equity - Schedule Of Shares Of Common Stock Reserved For Future Issuance (detail)
Stockholders' Equity - Summary Of Rsu Activity (detail)
Stockholders' Equity - Summary Of Stock Option Activity (detail)
Stockholders' Equity - Summary Of Stock Option Activity (parenthetical) (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (detail)
Summary Of Significant Accounting Policies - Potentially Dilutive Common Shares Excluded From Computation Of Dilutive Net Loss Per Share (detail)
Summary Of Significant Accounting Policies - Property And Equipment (detail)
Summary Of Significant Accounting Policies - Schedule Of Cash And Cash Equivalents (detail)
Summary Of Significant Accounting Policies - Summary Of Changes In Company's Allowance For Doubtful Accounts (detail)
Summary Of Significant Accounting Policies - Weighted Average Assumptions Utilized (detail)
Ticker: BCOV
CIK: 1313275
Form Type: 10-K Annual Report
Accession Number: 0001193125-17-049421
Submitted to the SEC: Tue Feb 21 2017 8:05:58 AM EST
Accepted by the SEC: Tue Feb 21 2017
Period: Saturday, December 31, 2016
Industry: Computer Processing And Data Preparation

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