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Brightcove Announces Financial Results for Third Quarter Fiscal Year 2022
BOSTON, MA (November 2, 2022) - Brightcove Inc. (Nasdaq: BCOV), the trusted leader in streaming technology, today announced financial results for the third quarter ended September 30, 2022.
In the third quarter Brightcove made significant progress on each of our strategic priorities while also delivering revenue and profitability that exceeded the high end of our guidance range. The innovation investments we are making to broaden our solution and services offering will make Brightcove an essential partner for any company, brand or creator that wants to own their digital future, said Marc DeBevoise, Brightcove's Chief Executive Officer.
DeBevoise added, We are confident that as we execute on our strategy we will deliver greater value for customers and position Brightcove to deliver faster, more consistent and meaningful revenue growth and profitability in the years ahead.
Third Quarter 2022 Financial Highlights:
Revenue for the third quarter of 2022 was $53.9 million, an increase of 3% compared to $52.2 million for the third quarter of 2021. Subscription and support revenue was $51.8 million, an increase of 5% compared to $49.2 million for the third quarter of 2021.
Gross profit for the third quarter of 2022 was $33.9 million, representing a gross margin of 63%, compared to a gross profit of $33.5 million, representing a gross margin of 64% for the third quarter of 2021. Non-GAAP gross profit for the third quarter of 2022 was $34.5 million, representing a non-GAAP gross margin of 64%, compared to a non-GAAP gross profit of $34.1 million, representing a non-GAAP gross margin of 65% for the third quarter of 2021. 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 $821 thousand for the third quarter of 2022, compared to loss from operations of $233 thousand for the third quarter of 2021. Non-GAAP operating income, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related expense and other (benefit) expense, was $2.8 million for the third quarter of 2022, compared to non-GAAP operating income of $2.9 million during the third quarter of 2021.
Net loss was $1.7 million, or a loss of $0.04 per diluted share, for the third quarter of 2022. This compares to a net loss of $1.0 million, or $0.02 per diluted share, for the third quarter of 2021. Non-GAAP net income, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related expense and other (benefit) expense, was $2.0 million for the third quarter of 2022, or $0.05 per diluted share, compared to non-GAAP net income of $2.1 million for the third quarter of 2021, or $0.05 per diluted share.
Adjusted EBITDA was $4.9 million for the third quarter of 2022, compared to adjusted EBITDA of $4.2 million for the third quarter of 2021. Adjusted EBITDA excludes stock-based compensation expense, merger-related expense, 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 $10.5 million for the third quarter for 2022, compared to cash flow provided by operations of $7.4 million for the third quarter of 2021.
Free cash flow was $4.5 million after the company invested $6.0 million in capital expenditures and capitalization of internal-use software during the third quarter of 2022. Free cash flow was $4.9 for the third quarter of 2021.
Cash and cash equivalents were $31.3 million as of September 30, 2022 compared to $45.7 million on December 31, 2021.
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:
Average annual subscription revenue per premium customer was $95,900 in the third quarter of 2022, excluding starter customers who had average annualized revenue of $3,800 per customer. The average annual subscription revenue per premium customer compares to $93,400 in the third quarter of 2021.
Recurring dollar retention rate was 95% in the third quarter of 2022, versus our historical target of the low to mid-90 percent range.
Net revenue retention in the quarter was 93%, which compares to 95% in the second quarter of 2022 and 95% in the third quarter of 2021.
Ended the third quarter of 2022 with 2,900 customers, of which 2,271 were premium.
New customers and customers who expanded their relationship during the third quarter of 2022 include: Coupang, Television New Zealand, This Old House Ventures, Sky Mexico, Gladius Global and Nexus Multimedia amongst others.
Announced an expanded partnership with Evergent, the customer management and monetization leader for streaming and digital subscription businesses. The new integration will see the introduction of Evergent's agile monetization solution to Brightcove Beacon for over-the-top video streaming, making it possible for Brightcove customers to test and implement flexible monetization approaches within the platform.
Business Outlook
Based on information as of today, November 2, 2022, the Company is issuing the following financial guidance.
Fourth Quarter 2022:
Revenue is expected to be in the range of $49.2 million to $50.2 million, including approximately $1.8 million of professional services revenue.
Non-GAAP income/(loss) from operations is expected to be in the range of ($0.8) million to $0.2 million, which excludes stock-based compensation of approximately $4.0 million and the am
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