BRIGHTCOVE INC

CIK:0001313275|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Revenue	$ 49,950	$ 50,980	$ 149,678	$ 151,031
Cost of revenue:
Cost of revenue	18,378	19,261	57,407	58,029
Gross profit	31,572	31,719	92,271	93,002
Operating expenses:
Research and development	8,742	8,730	26,566	28,941
Sales and marketing	16,393	17,222	49,927	55,721
General and administrative	9,241	7,941	27,607	27,410
Merger-related	0	117	0	307
Gain on sale of assets	0	0	(6,000)	0
Total operating expenses	34,376	34,010	98,100	112,379
Loss from operations	(2,804)	(2,291)	(5,829)	(19,377)
Other income, net	139	130	150	9
Loss before income taxes	(2,665)	(2,161)	(5,679)	(19,368)
Provision for income taxes	292	260	949	1,004
Net loss	$ (2,957)	$ (2,421)	$ (6,628)	$ (20,372)
Net loss per share basic	$ (0.07)	$ (0.06)	$ (0.15)	$ (0.47)
Net loss per share diluted	$ (0.07)	$ (0.06)	$ (0.15)	$ (0.47)
Net loss per share-basic and diluted
Weighted-average number of common shares used in computing net loss per share, Basic	44,970	43,332	44,563	42,976
Weighted-average number of common shares used in computing net loss per share, Diluted	44,970	43,332	44,563	42,976
Subscription and Support Revenue [Member]
Revenue:
Revenue	$ 47,963	$ 48,571	$ 143,329	$ 144,686
Cost of revenue:
Cost of revenue	16,574	16,892	50,658	51,760
Professional Services and Other Revenue [Member]
Revenue:
Revenue	1,987	2,409	6,349	6,345
Cost of revenue:
Cost of revenue	$ 1,804	$ 2,369	$ 6,749	$ 6,269

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net loss	$ (6,628)	$ (20,372)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	15,199	12,244
Stock-based compensation	8,003	10,440
Provision for reserves on accounts receivable	6	138
Gain on sale of assets	(6,000)	0
Changes in assets and liabilities:
Accounts receivable	5,651	(4,556)
Prepaid expenses and other current assets	(431)	(684)
Other assets	271	1,042
Accounts payable	(5,603)	3,065
Accrued expenses	4,238	(6,737)
Operating leases	(400)	(291)
Deferred revenue	(4,853)	6,017
Net cash provided by operating activities	9,453	306
Investing activities
Gain on sale of assets	6,000	0
Purchases of property and equipment	(1,253)	(2,820)
Capitalized internal-use software costs	(5,736)	(10,037)
Net cash used in investing activities	(989)	(12,857)
Financing activities
Deferred acquisition payments	0	(1,700)
Other financing activities	(239)	(256)
Net cash used in financing activities	(239)	(1,956)
Effect of exchange rate changes on cash and cash equivalents	125	(965)
Net increase (decrease) in cash and cash equivalents	8,350	(15,472)
Cash and cash equivalents at beginning of period	18,615	31,894
Cash and cash equivalents at end of period	26,965	16,422
Supplemental disclosure of cash flow information
Cash paid for operating lease liabilities	2,859	2,751
Cash paid for income taxes	$ 1,141	$ 1,197

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 26,965	$ 18,615
Accounts receivable, net of allowance of $216 and $210 at September 30, 2024 and December 31, 2023, respectively	27,772	33,451
Prepaid expenses	8,127	6,569
Other current assets	9,608	11,764
Total current assets	72,472	70,399
Property and equipment, net	36,712	42,476
Operating lease right-of-use asset	17,484	16,233
Intangible assets, net	3,602	6,368
Goodwill	74,859	74,859
Other assets	5,409	5,772
Total assets	210,538	216,107
Current liabilities:
Accounts payable	7,534	14,422
Accrued expenses	21,357	17,566
Operating lease liability	4,236	4,486
Deferred revenue	63,213	68,155
Total current liabilities	96,340	104,629
Operating lease liability, net of current portion	18,452	17,358
Other liabilities	304	207
Total liabilities	115,096	122,194
Commitments and contingencies (Note 8)
Stockholders' equity:
Undesignated preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued or outstanding
Common stock, $0.001 par value; 100,000,000 shares authorized; 45,186,970 and 43,833,919 shares issued at September 30, 2024 and December 31, 2023, respectively, 45,051,970 and 43,698,919 shares outstanding at September 30, 2024 and December 31, 2023, respectively	45	44
Additional paid-in capital	336,996	328,918
Treasury stock, at cost; 135,000 shares	(871)	(871)
Accumulated other comprehensive loss	(1,158)	(1,236)
Accumulated deficit	(239,570)	(232,942)
Total stockholders' equity	95,442	93,913
Total liabilities and stockholders' equity	$ 210,538	$ 216,107