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Brightcove Announces Financial Results for Fourth Quarter and Fiscal Year 2021
Brightcove Inc. (Nasdaq: BCOV), the global leader in video for business, today announced financial results for the fourth quarter and fiscal year ended December 31, 2021.BOSTON--(BUSINESS WIRE)--Feb. 16, 2022-- Brightcove Inc. (NASDAQ: BCOV), the global leader in video for business, today announced financial results for the fourth quarter and fiscal year ended December 31, 2021.
Brightcove's fourth quarter performance was highlighted by the introduction of two important new solutions, Brightcove Marketing Studio and Brightcove Corp TV. These products will enhance our customer's ability to monetize content, sell products and engage with internal audiences and represent exciting new growth opportunities for Brightcove, said Jeff Ray, Brightcove's Chief Executive Officer.
Ray added, The recent announcement of Marc DeBevoise to be my successor as Brightcove's CEO is a compelling choice to lead the company through its next phase of growth. His extensive experience in technology, media, direct-to-consumer and streaming gives him a unique perspective on the power of video to connect with audiences and inspire them to take action.
Fourth Quarter 2021 Financial Highlights:
Revenue for the fourth quarter of 2021 was $52.6 million, a decrease of 2% compared to $53.7 million for the fourth quarter of 2020. Subscription and support revenue was $50.3 million, a decrease of 1% compared to $50.7 million for the fourth quarter of 2020.
Gross profit for the fourth quarter of 2021 was $34.7 million, representing a gross margin of 66% compared to a gross profit of $34.2 million for the fourth quarter of 2020. Non-GAAP gross profit for the fourth quarter of 2021 was $35.3 million, representing a non-GAAP gross margin of 67%, compared to a non-GAAP gross profit of $34.8 million for the fourth quarter of 2020. Non-GAAP gross profit and non-GAAP gross margin exclude stock-based compensation expense and the amortization of acquired intangible assets.
Income from operations was $1.1 million for the fourth quarter of 2021, compared to an income of $1.6 million for the fourth quarter of 2020. Non-GAAP operating income, which excludes stock-based compensation expense, restructuring, the amortization of acquired intangible assets and merger-related expense, was $4.7 million for the fourth quarter of 2021, compared to non-GAAP operating income of $5.4 million during the fourth quarter of 2020.
Net income was $417,000, or $0.01 per diluted share, for the fourth quarter of 2021. This compares to a net income of $2.0 million, or $0.05 per diluted share, for the fourth quarter of 2020. Non-GAAP net income, which excludes stock-based compensation expense, restructuring, the amortization of acquired intangible assets and merger-related expense, was $4.0 million for the fourth quarter of 2021, or $0.10 per diluted share, compared to non-GAAP net income of $5.8 million for the fourth quarter of 2020, or $0.14 per diluted share.
Adjusted EBITDA was $5.9 million for the fourth quarter of 2021, compared to adjusted EBITDA of $6.8 million for the fourth quarter of 2020. Adjusted EBITDA excludes stock-based compensation expense, merger-related expense, restructuring, the amortization of acquired intangible assets, depreciation expense, other income/expense and the provision for income taxes.
Cash flow provided by operations was $4.8 million for the fourth quarter for 2021, compared to $12.4 million for the fourth quarter of 2020.
Free cash flow was $2.3 million after the company invested $2.6 million in capital expenditures and capitalization of internal-use software during the fourth quarter of 2021. Free cash flow was $10.9 million for the fourth quarter of 2020.
Cash and cash equivalents were $45.7 million as of December 31, 2021 compared to $45.3 million as of September 30, 2021.
Full Year 2021 Financial Highlights:
Revenue for the full year 2021 was $211.1 million, an increase of 7% compared to $197.4 million for 2020. Subscription and support revenue for 2021 was $198.9 million, an increase of 6% compared to $187.3 million for 2020.
Gross profit was $138.1 million for 2021, representing a gross margin of 65%, compared to $121.3 million for 2020. Non-GAAP gross profit was $140.5 million for 2021, representing a non-GAAP gross margin of 67%, compared to $123.7 million for 2020. Non-GAAP gross profit and non-GAAP gross margin exclude stock-based compensation expense and the amortization of acquired intangible assets.
Income from operations was $7.6 million for 2021, compared to a loss from operations of $5.3 million for 2020. Non-GAAP income from operations, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related expense and executive severance and restructuring expense, was $18.9 million for 2021, compared to non-GAAP income from operations of $15.2 million for 2020.
Net income was $5.4 million, or $0.13 per diluted share, for 2021. This compares to a net loss of $5.8 million, or $0.15 per diluted share, for 2020. Non-GAAP net income, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related expense and executive severance and restructuring expense, was $16.8 million for 2021, or $0.40 per diluted share, compared to non-GAAP net income of $14.7 million for 2020, or $0.36 per diluted share.
Adjusted EBITDA was $24.2 million for 2021, compared to an adjusted EBITDA of $20.5 million for 2020. Adjusted EBITDA excludes stock-based compensation expense, merger-related expense, executive severance and restructuring expense, the amortization of acquired intangible assets, depreciation expense, other income/expense and the provision for income taxes.
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