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Brightcove Inc (BCOV) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

Brightcove Inc

CIK: 1313275 Ticker: BCOV

Exhibit 99.1

Brightcove Announces Financial Results for Second Quarter Fiscal Year 2018

BOSTON, MA (July 26, 2018)

Brightcove Inc. (Nasdaq: BCOV), a leading global provider of cloud services for video, today announced financial results for the second quarter ended June 30, 2018.

“Brightcove’s second quarter financial results demonstrated continued progress in positioning the company for long-term success,” said Jeff Ray, Brightcove’s chief executive officer. “We are seeing good adoption of our new solutions and Brightcove being deployed across a growing number of use cases.”

Ray continued, “We have undertaken a thorough review of all aspects of our business. In the second half of the year we are focused on better aligning our product development and go-to-market teams to provide an exceptional customer experience that delivers compelling value. I am increasingly confident in Brightcove’s ability to generate faster revenue growth and greater profitability over time.”

Second Quarter 2018 Financial Highlights:

 

    Revenue for the second quarter of 2018 was $41.7 million, an increase of 7% compared to $38.8 million for the second quarter of 2017. Subscription and support revenue was $37.9 million, compared to $35.5 million for the second quarter of 2017.

 

    Gross profit for the second quarter of 2018 was $25.0 million, representing a gross margin of 60% compared to a gross profit of $22.2 million for the second quarter of 2017. Non-GAAP gross profit for the first quarter of 2018 was $25.7 million, representing a non-GAAP gross margin of 62%, compared to a non-GAAP gross profit of $22.8 million for the second quarter of 2017. 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 $5.0 million for the second quarter of 2018, compared to a loss from operations of $7.9 million for the second quarter of 2017. Non-GAAP loss from operations, which excludes stock-based compensation expense, the amortization of acquired intangible assets and executive severance, was $1.8 million for the second quarter of 2018, compared to non-GAAP loss from operations of $5.5 million during the second quarter of 2017.

 

    Net loss was $5.7 million, or $0.16 per diluted share, for the second quarter of 2018. This compares to a net loss of $7.7 million, or $0.22 per diluted share, for the second quarter of 2017. Non-GAAP net loss, which excludes stock-based compensation expense, the amortization of acquired intangible assets and executive severance, was $2.4 million for the second quarter of 2018, or $0.07 per diluted share, compared to non-GAAP net loss of $5.3 million for the second quarter of 2017, or $0.16 per diluted share.

 

    Adjusted EBITDA was negative $660,000 for the second quarter of 2018, compared to an adjusted EBITDA loss of $4.3 million for the second quarter of 2017. Adjusted EBITDA excludes stock-based compensation expense, executive severance, the amortization of acquired intangible assets, depreciation expense, other income/expense and the provision for income taxes.

 

    Cash flow used in operations was $681,000 for the second quarter for 2018, compared to cash flow used in operations of $119,000 for the second quarter of 2017.

 

    Free cash flow was negative $1.9 million after the company invested $1.2 million in capital expenditures and capitalization of internal-use software during the second quarter of 2018. Free cash flow was negative $937,000 for the second quarter of 2017.


The following information was filed by Brightcove Inc (BCOV) on Thursday, July 26, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Brightcove Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Loss
Condensed Consolidated Statements Of Operations
Business Description And Basis Of Presentation
Business Description And Basis Of Presentation (Policies)
Business Description And Basis Of Presentation - Additional Information (Detail)
Cash And Cash Equivalents
Cash And Cash Equivalents (Tables)
Cash And Cash Equivalents - Additional Information (Detail)
Cash And Cash Equivalents - Schedule Of Cash And Cash Equivalents (Detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Concentration Of Credit Risk
Concentration Of Credit Risk - Additional Information (Detail)
Concentration Of Other Risks
Debt
Debt - Additional Information (Detail)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Company's Financial Instruments Carried At Fair Value Using Lowest Level Of Input (Detail)
Income Taxes
Income Taxes - Additional Information (Detail)
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Potentially Dilutive Common Stock Equivalent Shares Excluded From Computation Of Weighted-Average Shares Outstanding (Detail)
Recently Issued And Adopted Accounting Standards
Recently Issued And Adopted Accounting Standards - Additional Information (Detail)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Additional Information (Detail)
Revenue From Contracts With Customers - Schedule Of Changes In Condensed Consolidated Balance Sheet (Detail)
Revenue From Contracts With Customers - Schedule Of Changes In Condensed Consolidated Statement Of Cash Flows (Detail)
Revenue From Contracts With Customers - Schedule Of Changes In Condensed Consolidated Statement Of Operations (Detail)
Revenue From Contracts With Customers - Summary Of Receivables, Contract Assets And Contract Liabilities From Contracts With Customers (Detail)
Revenue From Contracts With Customers - Summary Of Revenue From Contracts With Customers By Business Unit (Detail)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Detail)
Segment Information - Total Revenue From Customers By Geographic Area, Based On Location Of Customer (Detail)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stock-Based Compensation - Restricted Stock Units Activity (Detail)
Stock-Based Compensation - Summary Of Stock Option Activity (Detail)
Stock-Based Compensation - Summary Of Stock Option Activity (Parenthetical) (Detail)
Stock-Based Compensation - Weighted Average Assumptions (Detail)

Material Contracts, Statements, Certifications & more

Brightcove Inc provided additional information to their SEC Filing as exhibits

Ticker: BCOV
CIK: 1313275
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-18-227776
Submitted to the SEC: Thu Jul 26 2018 4:14:00 PM EST
Accepted by the SEC: Thu Jul 26 2018
Period: Saturday, June 30, 2018
Industry: Computer Processing And Data Preparation

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