Brightcove
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Brightcove (BCOV) investor relations material

Brightcove has been acquired

Brightcove Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Brightcove Inc
Q3 2024 earnings summary4 Nov, 2024

Executive summary

  • Q3 2024 revenue was $49.95 million, down 2% year-over-year but exceeded guidance, with adjusted EBITDA of $5.1 million (10% margin) and a GAAP net loss of $3.0 million or $(0.07) per share.

  • Free cash flow was $1.6 million, and cash and equivalents rose to $27.0 million with no debt.

  • Record ARPU reached $101,400, up 6% year-over-year; subscription backlog hit $183.2 million, up 5% year-over-year.

  • Full-year revenue and adjusted EBITDA guidance raised, reflecting strong year-to-date performance and innovation focus, notably with the AI Suite launch.

  • Major new and expanded deals signed with enterprise and media clients; new business contract values surged 50% year-over-year and 90% quarter-over-quarter.

Financial highlights

  • Q3 2024 revenue was $49.95 million, down 2% year-over-year; subscription revenue was $48.0 million, down 1%; professional services revenue was $2.0 million, down 18% year-over-year.

  • Gross profit was $31.6 million (GAAP), gross margin 63%, up from 62% a year ago; non-GAAP gross margin was 65%.

  • Adjusted EBITDA was $5.1 million (10% margin); non-GAAP operating income was $860,000.

  • GAAP net loss was $3.0 million, or $(0.07) per share; non-GAAP diluted net income per share was $0.02.

  • Cash and equivalents increased to $27.0 million as of September 30, 2024, up from $18.6 million at year-end 2023.

Outlook and guidance

  • Q4 2024 revenue expected between $48.0 million and $49.0 million; adjusted EBITDA between $3.0 million and $4.0 million.

  • Full-year 2024 revenue guidance raised to $197.7 million–$198.7 million; adjusted EBITDA to $16.8 million–$17.8 million.

  • Free cash flow for the year expected between $5.6 million–$8.0 million; year-end cash projected at $30 million+.

  • Full-year non-GAAP net income per share expected between $(0.02) and $0.00.

  • Management expects sales and marketing expenses to decrease and general and administrative expenses to increase modestly for the remainder of 2024.

AI suite's expected impact on 2025 revenue
How will retention improve in 2025?
New sales use case ARPU impact
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Frequently asked questions

Brightcove Inc provides cloud-based services for video hosting, publishing, and monetization. Its platform supports live and on-demand video delivery for media companies, marketers, and enterprises. The company offers tools for content distribution, audience engagement, and analytics across digital devices. The company is headquartered in Boston, Massachusetts, and its shares are listed on the NASDAQ.

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