Brightcove Inc. (Nasdaq: BCOV), the world’s most trusted
streaming technology company, today announced financial results for
the fourth quarter and fiscal year ended December 31, 2023.
“Our fourth quarter results were highlighted by a return to
top-line growth, substantial adjusted EBITDA growth, our second
consecutive quarter of double-digit adjusted EBITDA margins, and
positive free cash flow. This was a successful conclusion to an
important transformational year. We have made significant strides
in delivering new customers, growing average customer revenue,
strengthening our products, and developing an effective
go-to-market model that appeals to both media and enterprise
customers,” said Marc DeBevoise, Brightcove’s Chief Executive
Officer.
DeBevoise added, “As we look ahead in 2024, we have validated
our strategy and have a clear view of the areas we need to
prioritize to improve execution this year. We have a more resilient
business, as demonstrated by our strong backlog growth, and expect
to generate significant growth in adjusted EBITDA and cash flow
while continuing to invest in our most promising growth
opportunities.”
Fourth Quarter 2023 Financial Highlights:
- Revenue for the fourth quarter of 2023 was $50.2
million, an increase of 2% compared to $49.2 million for the fourth
quarter of 2022. Subscription and support revenue was $47.8
million, flat compared to the fourth quarter of 2022.
- Gross profit for the fourth quarter of 2023 was $30.8
million, representing a gross margin of 61%, compared to gross
profit of $29.9 million, representing a gross margin of 61% for the
fourth quarter of 2022. Non-GAAP gross profit for the fourth
quarter of 2023 was $31.6 million, representing a non-GAAP gross
margin of 63%, compared to non-GAAP gross profit of $30.7 million,
representing a non-GAAP gross margin of 62% for the fourth quarter
of 2022. Non-GAAP gross profit and non-GAAP gross margin exclude
stock-based compensation expense, the amortization of acquired
intangible assets and restructuring expenses.
- Loss from operations was $2.3 million for the fourth
quarter of 2023, compared to loss from operations of $6.0 million
for the fourth quarter of 2022. Non-GAAP operating income, which
excludes stock-based compensation expense, the amortization of
acquired intangible assets, merger-related and restructuring
expenses and other (benefit) expense, was $2.1 million for the
fourth quarter of 2023, compared to non-GAAP operating loss of $1.4
million during the fourth quarter of 2022.
- Net loss was $2.5 million, or a loss of $0.06 per
diluted share, for the fourth quarter of 2023. This compares to net
loss of $5.4 million, or $0.13 per diluted share, for the fourth
quarter of 2022. Non-GAAP net income, which excludes stock-based
compensation expense, the amortization of acquired intangible
assets, merger-related and restructuring expenses and other
(benefit) expense, was $1.9 million for the fourth quarter of 2023,
or $0.04 per diluted share, compared to non-GAAP net loss of
$801,000 for the fourth quarter of 2022, or $0.02 per diluted
share.
- Adjusted EBITDA was $5.5 million for the fourth quarter
of 2023, representing an adjusted EBITDA margin of 11% and an
increase of 366% compared to adjusted EBITDA of $1.2 million for
the fourth 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 provided by operations was $4.2 million for
the fourth quarter of 2023, compared to cash flow provided by
operations of $5.7 million for the fourth quarter of 2022.
- Free cash flow was $1.4 million after the company
invested $2.8 million in capital expenditures and capitalization of
internal-use software during the fourth quarter of 2023. Free cash
flow was negative $585,000 for the fourth quarter of 2022.
- Cash and cash equivalents were $18.6 million as of
December 31, 2023 compared to $31.9 million on December 31, 2022
and $16.4 million on September 30, 2023.
Full Year 2023 Financial Highlights:
- Revenue for the full year 2023 was $201.2 million,
compared to $211.0 million for 2022. Subscription and support
revenue was $192.5 million, compared to $204.1 million for
2022.
- Gross profit for 2023 was $123.8 million, representing a
gross margin of 62%, compared to gross profit of $133.9 million,
representing a gross margin of 63% for 2022. Non-GAAP gross profit
for 2023 was $127.1 million, representing a non-GAAP gross margin
of 63%, compared to non-GAAP gross profit of $136.6 million,
representing a non-GAAP gross margin of 65% for 2022. Non-GAAP
gross profit and non-GAAP gross margin exclude stock-based
compensation expense, the amortization of acquired intangible
assets and restructuring expenses.
- Loss from operations was $21.6 million for 2023,
compared to loss from operations of $8.0 million for 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 $693,000
for 2023, compared to non-GAAP operating income of $10.6 million
for 2022.
- Net loss was $22.9 million, or a loss of $0.53 per
diluted share, for 2023. This compares to net loss of $9.0 million,
or $0.22 per diluted share, for 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 $1.9 million for 2023, or
$0.04 per diluted share, compared to non-GAAP net income of $9.6
million for 2022, or $0.23 per diluted share.
- Adjusted EBITDA was $11.9 million for 2023, compared to
adjusted EBITDA of $17.9 million for 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 provided by operations was $4.5 million for
2023, compared to cash flow provided by operations of $25.4 million
for 2022.
- Free cash flow was negative $11.1 million after the
company invested $15.6 million in capital expenditures and
capitalization of internal-use software during 2023. Free cash flow
was $869,000 for 2022.
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.”
Chief Financial Officer Transition
Today Brightcove is announcing a CFO transition plan. Rob Noreck
will be stepping down as the Company’s CFO on May 31, 2024, or
earlier if his successor is named prior to that date. Mr. Noreck
will serve as a consultant to the Company through September 30,
2024 to ensure a smooth transition process. We have initiated an
executive search process and expect to name a successor as quickly
as possible.
Other Fourth Quarter and Recent Highlights/Updates:
- Announced the hiring of two senior management members. Industry
veterans Kathy Klingler and Jim Norton joined as Chief Marketing
and Chief Revenue Officer, respectively. Additionally, David Beck
was elevated to the newly created position of Chief Operating
Officer.
- Signed new, renewed or expanded the relationship with a diverse
set of notable customers in the fourth quarter. This includes
Fortune 500 companies such as 3M, Corning, Ford Motor Company, and
Johnson & Johnson, leading organizations from the sports
industry such as, MLS, MotoAmerica, and the Saudi Pro League and
hundreds more across the Technology, Healthcare/Pharma, Finance and
Media verticals.
- Continue to harness the power of AI across various parts of our
portfolio, including our Analytics and Insights platform to help
customers improve content decisions and business performance, in
our Emmy-winning Context Aware Encoding platform to reduce storage
and bandwidth costs for many customers by 25-50%, and to simplify
workflows for users around metadata creation and automated, smart
transcription.
- Announced an expanded partnership with Socialive, a leading
video content creation platform designed to provide customers
additional remote video production capabilities. Brightcove’s
comprehensive and reliable live streaming solution with Socialive’s
features solidifies its position as a proven leader in corporate
communications with live and on-demand streaming content
management. The addition of Socialive continues Brightcove’s
strategy to curate, partner and integrate with leading technology
platforms such as Salesforce, LinkedIn, Marketo, Eloqua, Shopify,
Sprinklr, Hubspot, Drupal, Google Drive, Dropbox, Pinterest and
numerous others to offer a seamless experience for our
customers.
- 12-month Backlog (which we define as the aggregate amount of
committed subscription revenue related to future performance
obligations in the next 12 months) was $127.3 million. This
represents a 6% increase year-over-year over $120.1 million at the
end of the fourth quarter of 2022. Total backlog was $183.0
million, a 19% increase year-over-year over $153.3 million at the
end of the fourth quarter 2022.
- Average annual subscription revenue per premium customer was
$96,200 in the fourth quarter of 2023, excluding starter customers
who had average annualized revenue of $3,900 per customer. The
average annual subscription revenue per premium customer increased
8% year-over-year compared to $89,000 in the fourth quarter of
2022.
- Ended the fourth quarter of 2023 with 2,559 customers, of which
2,028 were premium.
Business Outlook:
Based on information as of today, February 22, 2024, the Company
is issuing the following business updates and financial
guidance
First Quarter 2024 Guidance:
- Revenue is expected to be in the range of $49.0 million
to $50.0 million, including approximately $2.4 million of
professional services revenue and $0.8 million of overages.
- Non-GAAP income from operations is expected to be in the
range of $0.0 million to $1.0 million, which excludes stock-based
compensation of approximately $2.8 million, restructuring expenses
of $1.7 million and the amortization of acquired intangible assets
of approximately $1.0 million.
- Adjusted EBITDA is expected to be in the range of $4.0
million to $5.0 million, which excludes stock-based compensation of
approximately $2.8 million, restructuring expenses of $1.7 million,
the amortization of acquired intangible assets of approximately
$1.0 million, depreciation expense of approximately $4.0 million,
and other (income) expense and the provision for income taxes of
approximately $0.3 million.
- Non-GAAP net (loss) income per diluted share is expected
to be ($0.01) to $0.02, which excludes stock-based compensation of
approximately $2.8 million, restructuring expenses of $1.7 million,
the amortization of acquired intangible assets of approximately
$4.0 million, and assumes approximately 44.2 million
weighted-average shares outstanding.
Full Year 2024 Guidance:
- Revenue is expected to be in the range of $195.0 million
to $198.0 million, including approximately $9 million of
professional services revenue and approximately $3 million of
overages.
- Non-GAAP loss from operations is expected to be in the
range of ($3.0) million to ($1.0) million, which excludes
stock-based compensation of approximately $11.3 million, the
amortization of acquired intangible assets of approximately $4.1
million and restructuring expense of $1.7 million.
- Adjusted EBITDA is expected to be in the range of $14.0
million to $16.0 million, which excludes stock-based compensation
of approximately $11.3 million, the amortization of acquired
intangible assets of approximately $4.1 million, restructuring
expense of $1.7 million, depreciation expense of approximately
$16.9 million, and other (income) expense and the provision for
income taxes of approximately $1.2 million.
- Non-GAAP loss per diluted share is expected to be
($0.10) to ($0.05), which excludes stock-based compensation of
approximately $11.3 million, the amortization of acquired
intangible assets of approximately $4.1 million, restructuring
expense of $1.7 million, and assumes approximately 45.6 million
weighted-average shares outstanding.
Earnings Stream Information:
Brightcove earnings will be streamed on February 22, 2024, at
5:00 p.m. (Eastern Time) to discuss the Company's financial results
and current business outlook. To access the live stream, visit the
“Investors” page of the Company’s website,
http://investor.brightcove.com. Once the live stream concludes, an
on-demand recording will be available on Brightcove’s Investor page
for a limited time at http://investor.brightcove.com.
About Brightcove Inc. (NASDAQ: BCOV)
Brightcove creates the world’s most reliable, scalable, and
secure streaming 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 60 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. Follow on LinkedIn, Twitter,
Facebook, Instagram and YouTube. Visit 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 first fiscal quarter and full year 2024, our position to
execute on our growth strategy, the effects of our restructuring
efforts, 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
macro-economic conditions currently affecting the global economy;
our ability to retain existing customers and acquire new ones; our
history of losses; 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; our reduction in force,
including risks that the related costs and charges may be greater
than anticipated and that the restructuring efforts may not
generate their intended benefits, may adversely affect the
Company’s internal programs and the Company’s ability to recruit
and train skilled and motivated personnel, and may be distracting
to employees and management; 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 and similar
disclosures in our subsequent filings with the SEC. 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, non-GAAP diluted net income (loss) per share, and revenue
and adjusted EBITDA on a constant currency basis. 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 and restructuring 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
and restructuring expenses, restructuring and other (benefit)
expense. Merger-related expenses include fees incurred in
connection with an acquisition and restructuring expenses include
primarily cash severance costs. Revenue and adjusted EBITDA on a
constant currency basis reflect our revenues and adjusted EBITDA
using exchange rates used for Brightcove’s Fiscal Year 2023 outlook
on Brightcove’s press release on February 23, 2023. 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.
Brightcove Inc. Condensed Consolidated Balance
Sheets (in thousands) December 31, 2023
December 31, 2022 Assets Current assets: Cash and
cash equivalents
$
18,615
$
31,894
Accounts receivable, net of allowance
33,451
26,004
Prepaid expenses and other current assets
18,333
19,422
Total current assets
70,399
77,320
Property and equipment, net
42,476
39,677
Operating lease right-of-use asset
16,233
18,671
Intangible assets, net
6,368
10,279
Goodwill
74,859
74,859
Other assets
5,772
7,007
Total assets
$
216,107
$
227,813
Liabilities and stockholders' equity Current liabilities:
Accounts payable
$
14,422
$
11,326
Accrued expenses
17,566
26,877
Operating lease liability
4,486
4,157
Deferred revenue
68,155
61,597
Total current liabilities
104,629
103,957
Operating lease liability, net of current portion
17,358
20,528
Other liabilities
207
981
Total liabilities
122,194
125,466
Stockholders' equity: Common stock
44
42
Additional paid-in capital
328,918
314,825
Treasury stock, at cost
(871
)
(871
)
Accumulated other comprehensive loss
(1,236
)
(1,593
)
Accumulated deficit
(232,942
)
(210,056
)
Total stockholders’ equity
93,913
102,347
Total liabilities and stockholders' equity
$
216,107
$
227,813
Brightcove Inc. Condensed Consolidated Statements
of Operations (in thousands, except per share amounts)
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
Revenue: Subscription and support revenue
$
47,775
$
47,688
$
192,461
$
204,091
Professional services and other revenue
2,381
1,550
8,726
6,917
Total revenue
50,156
49,238
201,187
211,008
Cost of revenue: (1) (2) Cost of subscription and support revenue
16,484
17,763
68,244
69,935
Cost of professional services and other revenue
2,840
1,563
9,109
7,138
Total cost of revenue
19,324
19,326
77,353
77,073
Gross profit
30,832
29,912
123,834
133,935
Operating expenses: (1) (2) Research and development
8,261
8,984
37,202
33,524
Sales and marketing
16,689
18,725
72,410
73,997
General and administrative
8,146
8,159
35,556
32,550
Merger-related
-
-
307
747
Other expense
-
-
-
1,149
Total operating expenses
33,096
35,868
145,475
141,967
Loss from operations
(2,264
)
(5,956
)
(21,641
)
(8,032
)
Other (expense) income, net
(89
)
845
(80
)
(1,035
)
Loss before income taxes
(2,353
)
(5,111
)
(21,721
)
(9,067
)
Loss (benefit) from provision for income taxes
161
286
1,165
(52
)
Net loss
$
(2,514
)
$
(5,397
)
$
(22,886
)
$
(9,015
)
Net loss per share—basic and diluted Basic
$
(0.06
)
$
(0.13
)
$
(0.53
)
$
(0.22
)
Diluted
(0.06
)
(0.13
)
(0.53
)
(0.22
)
Weighted-average shares—basic and diluted Basic
43,578
42,184
43,128
41,831
Diluted
43,578
42,184
43,128
41,831
(1) Stock-based compensation included in above line items:
Cost of subscription and support revenue
$
117
$
123
$
506
$
508
Cost of professional services and other revenue
91
99
375
433
Research and development
616
711
2,453
2,746
Sales and marketing
1,040
1,133
4,197
3,990
General and administrative
1,595
1,513
6,368
5,622
Other expense
-
-
-
249
(2) Amortization of acquired intangible assets included in
the above line items: Cost of subscription and support revenue
$
521
$
601
$
2,270
$
1,757
Sales and marketing
402
416
1,641
1,662
Brightcove Inc. Condensed Consolidated Statements
of Cash Flows (in thousands)
Twelve Months Ended December
31,
Operating activities
2023
2022
Net loss
$
(22,886
)
$
(9,015
)
Adjustments to reconcile net loss to net cash used in operating
activities: Depreciation and amortization
16,536
10,696
Stock-based compensation
13,899
13,548
Provision for reserves on accounts receivable
162
118
Changes in assets and liabilities: Accounts receivable
(7,707
)
4,227
Prepaid expenses and other current assets
1,565
(1,216
)
Other assets
1,328
(348
)
Accounts payable
3,294
120
Accrued expenses
(7,950
)
2,397
Operating leases
(409
)
5,503
Deferred revenue
6,673
(609
)
Net cash provided by operating activities
4,505
25,421
Investing activities Cash paid for acquisition, net
of cash acquired
-
(13,215
)
Purchases of property and equipment, net of returns
(3,120
)
(10,727
)
Capitalization of internal-use software costs
(12,530
)
(13,825
)
Net cash used in investing activities
(15,650
)
(37,767
)
Financing activities Proceeds from exercise of stock
options
-
177
Deferred acquisition payments
(1,700
)
-
Other financing activities
(330
)
(260
)
Net cash used in financing activities
(2,030
)
(83
)
Effect of exchange rate changes on cash and cash equivalents
(104
)
(1,416
)
Net decrease in cash and cash equivalents
(13,279
)
(13,845
)
Cash and cash equivalents at beginning of period
31,894
45,739
Cash and cash equivalents at end of period
$
18,615
$
31,894
Brightcove Inc. Reconciliation of GAAP Gross
Profit, GAAP Loss (Income) From Operations, GAAP Net Loss and GAAP
Net Loss Per Share to Non-GAAP Gross Profit, Non-GAAP Income
(Loss) From Operations, Non-GAAP Net Income (Loss) and Non-GAAP Net
Income (Loss) Per Share (in thousands, except per share
amounts)
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
GROSS PROFIT: GAAP gross profit
$
30,832
$
29,912
$
123,834
$
133,935
Stock-based compensation expense
208
222
881
941
Amortization of acquired intangible assets
521
601
2,270
1,757
Restructuring
-
-
104
-
Non-GAAP gross profit
$
31,561
$
30,735
$
127,089
$
136,633
GAAP gross profit as a percentage of revenue
61
%
61
%
62
%
63
%
Stock-based compensation expense
0.4
%
0.5
%
0.4
%
0.4
%
Amortization of acquired intangible assets
1.0
%
1.2
%
1.1
%
0.8
%
Restructuring
0.0
%
0.0
%
0.1
%
0.0
%
Non-GAAP gross profit as a percentage of revenue
63
%
62
%
63
%
65
%
INCOME (LOSS) FROM OPERATIONS: GAAP loss from operations
$
(2,264
)
$
(5,956
)
$
(21,641
)
$
(8,032
)
Stock-based compensation expense
3,459
3,579
13,899
13,299
Amortization of acquired intangible assets
923
1,017
3,911
3,419
Merger-related
-
-
307
747
Restructuring
1
-
2,831
-
Other expense
-
-
-
1,149
Non-GAAP income (loss) from operations
$
2,119
$
(1,360
)
$
(693
)
$
10,582
NET INCOME (LOSS): GAAP net loss
$
(2,514
)
$
(5,397
)
$
(22,886
)
$
(9,015
)
Stock-based compensation expense
3,459
3,579
13,899
13,299
Amortization of acquired intangible assets
923
1,017
3,911
3,419
Merger-related
-
-
307
747
Restructuring
1
-
2,831
-
Other expense
-
-
-
1,149
Non-GAAP net income (loss)
$
1,869
$
(801
)
$
(1,938
)
$
9,599
GAAP diluted net loss per share
$
(0.06
)
$
(0.13
)
$
(0.53
)
$
(0.22
)
Non-GAAP diluted net income (loss) per share
$
0.04
$
(0.02
)
$
(0.04
)
$
0.23
Shares used in computing GAAP diluted net loss per share
43,578
42,184
43,128
41,831
Shares used in computing Non-GAAP diluted net income per share
43,628
42,184
43,128
42,293
Brightcove Inc. Calculation of Adjusted EBITDA
(in thousands)
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
Net loss
$
(2,514
)
$
(5,397
)
$
(22,886
)
$
(9,015
)
Other income (expense), net
89
(845
)
80
1,035
Loss (benefit) from income taxes
161
286
1,165
(52
)
Depreciation and amortization
4,292
3,555
16,536
10,696
Stock-based compensation expense
3,459
3,579
13,899
13,299
Merger-related
-
-
307
747
Restructuring
1
-
2,831
-
Other expense
-
-
-
1,149
Adjusted EBITDA
$
5,488
$
1,178
$
11,932
$
17,859
Brightcove Inc. Reconciliation of Revenue on a
Constant Currency Basis and Calculation of Adjusted EBITDA on a
Constant Currency Basis (in thousands)
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2023
Total revenue
$
50,156
$
201,187
Constant currency adjustment
211
372
Total revenue on a constant currency basis
$
50,367
$
201,559
Three Months Ended December 31, Twelve
Months Ended December 31,
2023
2023
Adjusted EBITDA
$
5,488
$
11,932
Constant currency adjustment
172
1,032
Adjusted EBITDA on a constant currency basis
$
5,660
$
12,964
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240222872371/en/
Investors: ICR for Brightcove Brian Denyeau, 646-277-1251
brian.denyeau@icrinc.com or Media: Brightcove Sara Griggs,
929-888-4866 sgriggs@brightcove.com
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