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Brightcove Announces Financial Results for Third Quarter Fiscal Year 2023

Brightcove Inc. (Nasdaq: BCOV), the world’s most trusted streaming technology company, today announced financial results for the third quarter ended September 30, 2023.

“Our third quarter results were highlighted by double-digit adjusted EBITDA growth and margins, as well as revenue and profitability that were at or above the high end of our guidance ranges. Our continued strength in new business in both our Enterprise and Media end-markets, including important new customer wins, demonstrates the success of our strategy and the long-term opportunity we see. Our focus in the coming quarters is to build upon this success, our market-leading position in streaming, and deliver improved year-over-year revenue and profitability,” said Marc DeBevoise, Brightcove’s Chief Executive Officer.

Third Quarter 2023 Financial Highlights:

  • Revenue for the third quarter of 2023 was $51.0 million, a decrease of 5% compared to $53.9 million for the third quarter of 2022. Subscription and support revenue was $48.6 million, a decrease of 6% compared to $51.8 million for the third quarter of 2022.
  • Gross profit for the third quarter of 2023 was $31.7 million, representing a gross margin of 62%, compared to a gross profit of $33.9 million, representing a gross margin of 63% for the third quarter of 2022. Non-GAAP gross profit for the third quarter of 2023 was $32.5 million, representing a non-GAAP gross margin of 64%, compared to a non-GAAP gross profit of $34.5 million, representing a non-GAAP gross margin of 64% for the third 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 third quarter of 2023, compared to loss from operations of $821,000 for the third 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 $2.3 million for the third quarter of 2023, compared to non-GAAP operating income of $2.8 million during the third quarter of 2022.
  • Net loss was $2.4 million, or a loss of $0.06 per diluted share, for the third quarter of 2023. This compares to a net loss of $1.7 million, or $0.04 per diluted share, for the third 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 $2.1 million for the third quarter of 2023, or $0.05 per diluted share, compared to non-GAAP net income of $2.0 million for the third quarter of 2022, or $0.05 per diluted share.
  • Adjusted EBITDA was $5.5 million for the third quarter of 2023, representing an adjusted EBITDA margin of 11% and an increase of 12% compared to adjusted EBITDA of $4.9 million for the third 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 $2.1 million for the third quarter of 2023, compared to cash flow provided by operations of $10.5 million for the third quarter of 2022.
  • Free cash flow was negative $2.2 million after the company invested $4.3 million in capital expenditures and capitalization of internal-use software during the third quarter of 2023. Free cash flow was positive $4.5 million for the third quarter of 2022.
  • Cash and cash equivalents were $16.4 million as of September 30, 2023 compared to $31.9 million on December 31, 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.”

Other Third Quarter and Recent Highlights/Updates:

  • In the Black Network (ITBN), a new OTT company focused on streaming content that showcases Black storytellers and culture, successfully launched its new streaming service powered by Brightcove’s industry-leading technology. In addition, ITBN will be using Brightcove’s Ad Monetization service to help maximize its ad revenue opportunities. Other notable media customers signed, renewed or expanded in the third quarter include Academy of Motion Picture Arts and Sciences, Carnegie Hall, CBS Television Network, Coupang, D-League, DogTV, Funny or Die, J:Com, the largest cable company in Japan, The Metropolitan Opera, RayCom Sports, and SBT, one of the largest broadcast media companies in Brazil. Additionally, we extended our leadership with media customers with the successful launches of Yahoo and the NHL on our platform, as they deliver compelling viewing experiences to their millions of customers by utilizing our end-to-end solutions.
  • Announced that Acquia, the digital experience leader with Drupal at its core, has selected Brightcove to power its video marketing strategy. By leveraging the Brightcove platform, Acquia will be better able to reach current and prospective customers with market and technology trends that will increase engagement and ultimately conversion. Other notable enterprise customers signed, renewed or expanded in the third quarter include a mix of Technology, Financial Services, Consumer/Retail and other companies, including: AMC Theatres, Autodesk, Bain & Company, Blackstone, Build-a-Bear, Chick-Fil-A, CNC Technologies, Docusign, Estee Lauder, Navy Federal Credit Union, NYU Langone Health, Palo Alto Networks, ServiceNow, Tyson Foods, and VMWare.
  • Named the winner of the “Best Overall Marketing Campaign Management Solution” award in the 6th annual MarTech Breakthrough Awards program, as our robust technology stack and resources demonstrated the ability to help customers enhance the viewer experience and increase audience engagement across enterprise and media customers.
  • Expanded the capabilities of our platform with the successful launch of Brightcove Ad Insights, which uses machine learning models and proprietary metrics, to provide Brightcove customers with detailed analytics and insights that accurately portray viewer tolerance for ads, enabling them to optimize their ad load without disrupting the audience experience and retention. We also added PubMatic (Nasdaq: PUBM), via a previously announced partnership, as a new source of demand to our Brightcove Ad Monetization capabilities. Additionally, we extended our social distribution capabilities to include Pinterest (Nasdaq: PINS), a key social platform for our enterprise customers using video to move ecommerce.
  • 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 $121.1 million. This represents a 6% increase year-over-year over $113.8 million at the end of the third quarter of 2022. Total backlog was $174.2 million, a 21% increase year-over-year over $144.1 million at the end of the third quarter 2022.
  • Average annual subscription revenue per premium customer was $95,900 in the third quarter of 2023, excluding starter customers who had average annualized revenue of $3,800 per customer. The average annual subscription revenue per premium customer compares to $95,900 in the third quarter of 2022.
  • Ended the third quarter of 2023 with 2,618 customers, of which 2,077 were premium.

Business Outlook:

Based on information as of today, November 1, 2023, the Company is issuing the following business updates and financial guidance

Fourth Quarter 2023 Guidance:

  • Revenue is expected to be in the range of $49.0 million to $51.0 million, including approximately $2.6 million of professional services revenue and $0.9 million of overages.
  • Non-GAAP income from operations is expected to be in the range of $0.3 million to $2.3 million, which excludes stock-based compensation of approximately $3.5 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 $6.0 million, which excludes stock-based compensation of approximately $3.5 million, the amortization of acquired intangible assets of approximately $1.0 million, depreciation expense of approximately $3.7 million, and other (income) expense and the provision for income taxes of approximately $0.3 million.
  • Non-GAAP net income per diluted share is expected to be $0.00 to $0.05, which excludes stock-based compensation of approximately $3.5 million, the amortization of acquired intangible assets of approximately $1.0 million, and assumes approximately 43.7 million weighted-average shares outstanding.

Full Year 2023 Guidance:

  • Revenue is expected to be in the range of $200.0 million to $202.0 million, including approximately $8.9 million of professional services revenue and $4.8 million of overages.
  • Non-GAAP loss from operations is expected to be in the range of ($2.5) million to ($0.5) million, which excludes stock-based compensation of approximately $13.9 million, the amortization of acquired intangible assets of approximately $4.0 million, merger-related expense of approximately $0.3 million, and restructuring expense of $2.8 million.
  • Adjusted EBITDA is expected to be in the range of $10.4 million to $12.4 million, which excludes stock-based compensation of approximately $13.9 million, the amortization of acquired intangible assets of approximately $4.0 million, merger-related expense of approximately $0.3 million, restructuring expense of $2.8 million, depreciation expense of approximately $12.9 million, and other (income) expense and the provision for income taxes of approximately $1.3 million.
  • Non-GAAP loss per diluted share is expected to be ($0.09) to ($0.04), which excludes stock-based compensation of approximately $13.9 million, the amortization of acquired intangible assets of approximately $4.0 million, merger-related expense of approximately $0.3 million, restructuring expense of $2.8 million, and assumes approximately 43.0 million weighted-average shares outstanding.

Earnings Stream Information:

Brightcove earnings will be streamed on November 1, 2023, 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 fourth fiscal quarter and full year 2023, 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)
 
September 30, 2023 December 31, 2022
Assets
Current assets:
Cash and cash equivalents

$

16,422

 

$

31,894

 

Accounts receivable, net of allowance

 

30,262

 

 

26,004

 

Prepaid expenses and other current assets

 

19,743

 

 

19,422

 

Total current assets

 

66,427

 

 

77,320

 

Property and equipment, net

 

42,730

 

 

39,677

 

Operating lease right-of-use asset

 

16,823

 

 

18,671

 

Intangible assets, net

 

7,290

 

 

10,279

 

Goodwill

 

74,859

 

 

74,859

 

Other assets

 

6,016

 

 

7,007

 

Total assets

$

214,145

 

$

227,813

 

Liabilities and stockholders' equity
Current liabilities:
Accounts payable

$

13,857

 

$

11,326

 

Accrued expenses

 

17,519

 

 

26,877

 

Operating lease liability

 

4,403

 

 

4,157

 

Deferred revenue

 

67,248

 

 

61,597

 

Total current liabilities

 

103,027

 

 

103,957

 

Operating lease liability, net of current portion

 

18,143

 

 

20,528

 

Other liabilities

 

673

 

 

981

 

Total liabilities

 

121,843

 

 

125,466

 

 
Stockholders' equity:
Common stock

 

44

 

 

42

 

Additional paid-in capital

 

325,402

 

 

314,825

 

Treasury stock, at cost

 

(871

)

 

(871

)

Accumulated other comprehensive loss

 

(1,845

)

 

(1,593

)

Accumulated deficit

 

(230,428

)

 

(210,056

)

Total stockholders’ equity

 

92,302

 

 

102,347

 

Total liabilities and stockholders' equity

$

214,145

 

$

227,813

 

 
Brightcove Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
 
 
Three Months Ended September 30, Nine Months Ended September 30,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue:
Subscription and support revenue

$

48,571

 

$

51,814

 

$

144,686

 

$

156,403

 

Professional services and other revenue

 

2,409

 

 

2,130

 

 

6,345

 

 

5,367

 

Total revenue

 

50,980

 

 

53,944

 

 

151,031

 

 

161,770

 

Cost of revenue: (1) (2)
Cost of subscription and support revenue

 

16,892

 

 

18,247

 

 

51,760

 

 

52,172

 

Cost of professional services and other revenue

 

2,369

 

 

1,816

 

 

6,269

 

 

5,575

 

Total cost of revenue

 

19,261

 

 

20,063

 

 

58,029

 

 

57,747

 

Gross profit

 

31,719

 

 

33,881

 

 

93,002

 

 

104,023

 

Operating expenses: (1) (2)
Research and development

 

8,730

 

 

7,931

 

 

28,941

 

 

24,540

 

Sales and marketing

 

17,222

 

 

19,023

 

 

55,721

 

 

55,272

 

General and administrative

 

7,941

 

 

7,748

 

 

27,410

 

 

24,391

 

Merger-related

 

117

 

 

-

 

 

307

 

 

747

 

Other expense

 

-

 

 

-

 

 

-

 

 

1,149

 

Total operating expenses

 

34,010

 

 

34,702

 

 

112,379

 

 

106,099

 

Loss from operations

 

(2,291

)

 

(821

)

 

(19,377

)

 

(2,076

)

Other income (expense), net

 

130

 

 

(668

)

 

9

 

 

(1,880

)

Loss before income taxes

 

(2,161

)

 

(1,489

)

 

(19,368

)

 

(3,956

)

Loss (benefit) from provision for income taxes

 

260

 

 

191

 

 

1,004

 

 

(338

)

Net loss

$

(2,421

)

$

(1,680

)

$

(20,372

)

$

(3,618

)

 
Net loss per share—basic and diluted
Basic

$

(0.06

)

$

(0.04

)

$

(0.47

)

$

(0.09

)

Diluted

 

(0.06

)

 

(0.04

)

 

(0.47

)

 

(0.09

)

 
Weighted-average shares—basic and diluted
Basic

 

43,332

 

 

41,972

 

 

42,976

 

 

41,712

 

Diluted

 

43,332

 

 

41,972

 

 

42,976

 

 

41,712

 

 
(1) Stock-based compensation included in above line items:
Cost of subscription and support revenue

$

122

 

$

132

 

$

389

 

$

385

 

Cost of professional services and other revenue

 

92

 

 

76

 

 

284

 

 

334

 

Research and development

 

598

 

 

378

 

 

1,837

 

 

2,035

 

Sales and marketing

 

1,057

 

 

1,015

 

 

3,157

 

 

2,857

 

General and administrative

 

1,541

 

 

1,245

 

 

4,773

 

 

4,109

 

Other expense

 

-

 

 

-

 

 

-

 

 

249

 

 
(2) Amortization of acquired intangible assets included in the above line items:
Cost of subscription and support revenue

$

547

 

$

376

 

$

1,749

 

$

1,156

 

Sales and marketing

 

406

 

 

417

 

 

1,239

 

 

1,246

 

 
Brightcove Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
 
Nine Months Ended September 30,
Operating activities

 

2023

 

 

2022

 

Net loss

$

(20,372

)

$

(3,618

)

Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization

 

12,244

 

 

7,141

 

Stock-based compensation

 

10,440

 

 

9,969

 

Provision for reserves on accounts receivable

 

138

 

 

166

 

Changes in assets and liabilities:
Accounts receivable

 

(4,556

)

 

(1,871

)

Prepaid expenses and other current assets

 

(684

)

 

(1,351

)

Other assets

 

1,042

 

 

38

 

Accounts payable

 

3,065

 

 

863

 

Accrued expenses

 

(6,737

)

 

(242

)

Operating leases

 

(291

)

 

5,202

 

Deferred revenue

 

6,017

 

 

3,452

 

Net cash provided by (used in) operating activities

 

306

 

 

19,749

 

 
Investing activities
Cash paid for acquisition, net of cash acquired

 

-

 

 

(13,215

)

Purchases of property and equipment, net of returns

 

(2,820

)

 

(8,617

)

Capitalization of internal-use software costs

 

(10,037

)

 

(9,678

)

Net cash used in investing activities

 

(12,857

)

 

(31,510

)

 
Financing activities
Proceeds from exercise of stock options

 

-

 

 

142

 

Deferred acquisition payments

 

(1,700

)

 

-

 

Other financing activities

 

(256

)

 

(50

)

Net cash (used in) provided by financing activities

 

(1,956

)

 

92

 

 
Effect of exchange rate changes on cash and cash equivalents

 

(965

)

 

(2,722

)

 
Net decrease in cash and cash equivalents

 

(15,472

)

 

(14,391

)

Cash and cash equivalents at beginning of period

 

31,894

 

 

45,739

 

Cash and cash equivalents at end of period

$

16,422

 

$

31,348

 

 
 
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 (Loss) Income and Non-GAAP Net (Loss) Income Per Share
(in thousands, except per share amounts)
 
 
Three Months Ended September 30, Nine Months Ended September 30,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

GROSS PROFIT:
GAAP gross profit

$

31,719

 

$

33,881

 

$

93,002

 

$

104,023

 

Stock-based compensation expense

 

214

 

 

208

 

 

673

 

 

719

 

Amortization of acquired intangible assets

 

547

 

 

376

 

 

1,749

 

 

1,156

 

Restructuring

 

6

 

 

-

 

 

104

 

 

-

 

Non-GAAP gross profit

$

32,486

 

$

34,465

 

$

95,528

 

$

105,898

 

GAAP gross profit as a percentage of revenue

 

62

%

 

63

%

 

62

%

 

64

%

Stock-based compensation expense

 

0.4

%

 

0.4

%

 

0.4

%

 

0.4

%

Amortization of acquired intangible assets

 

1.1

%

 

0.7

%

 

1.2

%

 

0.7

%

Restructuring

 

0.0

%

 

0.0

%

 

0.1

%

 

0.0

%

Non-GAAP gross profit as a percentage of revenue

 

64

%

 

64

%

 

63

%

 

65

%

INCOME (LOSS) FROM OPERATIONS:
GAAP loss from operations

$

(2,291

)

$

(821

)

$

(19,377

)

$

(2,076

)

Stock-based compensation expense

 

3,410

 

 

2,846

 

 

10,440

 

 

9,720

 

Amortization of acquired intangible assets

 

953

 

 

793

 

 

2,988

 

 

2,402

 

Merger-related

 

117

 

 

-

 

 

307

 

 

747

 

Restructuring

 

74

 

 

-

 

 

2,830

 

 

-

 

Other expense

 

-

 

 

-

 

 

-

 

 

1,149

 

Non-GAAP income (loss) from operations

$

2,263

 

$

2,818

 

$

(2,812

)

$

11,942

 

NET INCOME (LOSS):
GAAP net loss

$

(2,421

)

$

(1,680

)

$

(20,372

)

$

(3,618

)

Stock-based compensation expense

 

3,410

 

 

2,846

 

 

10,440

 

 

9,720

 

Amortization of acquired intangible assets

 

953

 

 

793

 

 

2,988

 

 

2,402

 

Merger-related

 

117

 

 

-

 

 

307

 

 

747

 

Restructuring

 

74

 

 

-

 

 

2,830

 

 

-

 

Other expense

 

-

 

 

-

 

 

-

 

 

1,149

 

Non-GAAP net income (loss)

$

2,133

 

$

1,959

 

$

(3,807

)

$

10,400

 

GAAP diluted net loss per share

$

(0.06

)

$

(0.04

)

$

(0.47

)

$

(0.09

)

Non-GAAP diluted net income (loss) per share

$

0.05

 

$

0.05

 

$

(0.09

)

$

0.25

 

 
Shares used in computing GAAP diluted net loss per share

 

43,332

 

 

41,972

 

 

42,976

 

 

41,712

 

Shares used in computing Non-GAAP diluted net income per share

 

43,364

 

 

42,148

 

 

42,976

 

 

42,080

 

 
Brightcove Inc.
Calculation of Adjusted EBITDA
(in thousands)
 
 
Three Months Ended September 30, Nine Months Ended September 30,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net loss

$

(2,421

)

$

(1,680

)

$

(20,372

)

$

(3,618

)

Other expense, net

 

(130

)

 

668

 

 

(9

)

 

1,880

 

Loss (benefit) from income taxes

 

260

 

 

191

 

 

1,004

 

 

(338

)

Depreciation and amortization

 

4,236

 

 

2,914

 

 

12,244

 

 

7,141

 

Stock-based compensation expense

 

3,410

 

 

2,846

 

 

10,440

 

 

9,720

 

Merger-related

 

117

 

 

-

 

 

307

 

 

747

 

Restructuring

 

74

 

 

-

 

 

2,830

 

 

-

 

Other expense

 

-

 

 

-

 

 

-

 

 

1,149

 

Adjusted EBITDA

$

5,546

 

$

4,939

 

$

6,444

 

$

16,681

 

 

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 September 30,

 

Nine Months Ended September 30,

 

2023

 

2023

Total revenue  

$

50,980

 

$

151,031

Constant currency adjustment  

 

323

 

 

161

Total revenue on a constant currency basis  

$

51,303

 

$

151,192

   
   
 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2023

 

2023

Adjusted EBITDA  

$

5,546

 

$

6,444

Constant currency adjustment  

 

636

 

 

860

Adjusted EBITDA on a constant currency basis  

$

6,182

 

$

7,304

   

 

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