Brightcove Inc. (BCOV) Bundle
A Brief History of Brightcove Inc.
Company Overview
Brightcove Inc. is a leading provider of cloud-based video solutions, enabling organizations to publish, distribute, and monetize video content across various platforms. Founded in 2004, the company has established itself as a trusted partner for media and enterprise clients globally.
Recent Financial Performance
As of the third quarter of 2024, Brightcove reported the following financial highlights:
| Financial Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Total Revenue | $49.9 million | $51.0 million | -2% |
| Subscription and Support Revenue | $48.0 million | $48.6 million | -1% |
| Gross Profit | $31.6 million | $31.7 million | -0.3% |
| Gross Margin | 63% | 62% | +1% |
| Net Loss | ($3.0 million) | ($2.4 million) | -25% |
| Non-GAAP Net Income | $707,000 | $2.1 million | -66% |
| Adjusted EBITDA | $5.1 million | $5.5 million | -7% |
| Cash Flow from Operations | $3.4 million | $2.1 million | +62% |
| Free Cash Flow | $1.6 million | ($2.2 million) | Positive turnaround |
Balance Sheet Highlights
As of September 30, 2024, Brightcove's balance sheet included:
| Balance Sheet Item | Amount (in thousands) |
|---|---|
| Total Assets | $210,538 |
| Total Liabilities | $115,096 |
| Total Stockholders' Equity | $95,442 |
| Cash and Cash Equivalents | $26,965 |
| Accounts Receivable | $27,772 |
Strategic Initiatives and Innovations
Brightcove has made significant strides in product innovation, launching the Brightcove AI Suite, which includes five new solutions designed to enhance customer growth and efficiency. This suite aims to address critical areas such as content creation, management, and monetization.
Customer Base and Market Position
As of Q3 2024, Brightcove serves approximately 2,392 customers, with 1,923 categorized as premium clients. The company reported a 1% increase in its 12-month backlog to $122.4 million compared to the previous year. Average annual subscription revenue per premium customer reached an all-time high of $101,400, reflecting a 6% year-over-year increase.
Future Outlook
For the fourth quarter of 2024, Brightcove projects revenue between $48.0 million and $49.0 million. The company anticipates non-GAAP income (loss) from operations to range from ($1.3 million) to ($0.3 million) and adjusted EBITDA to be between $3.0 million and $4.0 million.
A Who Owns Brightcove Inc. (BCOV)
Ownership Structure
As of 2024, Brightcove Inc. (BCOV) is publicly traded on the NASDAQ, and its ownership is divided among institutional investors, individual shareholders, and company insiders. The company's largest shareholders include various investment firms and mutual funds.
| Shareholder Type | Percentage Ownership | Number of Shares |
|---|---|---|
| Institutional Investors | 75% | Approximately 33.8 million shares |
| Insider Ownership | 5% | Approximately 2.3 million shares |
| Retail Investors | 20% | Approximately 9.0 million shares |
Major Institutional Shareholders
Several institutional investors hold significant stakes in Brightcove, reflecting confidence in the company's growth potential.
| Institution | Shares Owned | Percentage Ownership |
|---|---|---|
| The Vanguard Group | 5.5 million | 12.5% |
| BlackRock, Inc. | 4.8 million | 10.8% |
| State Street Corporation | 3.2 million | 7.2% |
| Invesco Ltd. | 2.0 million | 4.5% |
| Wellington Management Company | 1.7 million | 3.8% |
Insider Holdings
The company's executive team and board members also hold shares, which aligns their interests with those of the shareholders.
| Name | Position | Shares Owned | Percentage Ownership |
|---|---|---|---|
| Marc DeBevoise | CEO | 1.0 million | 2.2% |
| Cynthia McGavin | CFO | 0.5 million | 1.1% |
| Board Members | N/A | 0.8 million | 1.8% |
Stock Performance and Market Trends
Brightcove's stock has experienced fluctuations, with a current trading price of approximately $6.00 as of November 2024. The stock price has shown resilience, with a year-to-date increase of 15%.
| Metric | Value |
|---|---|
| Current Stock Price | $6.00 |
| Market Capitalization | $270 million |
| 52-Week Range | $4.50 - $7.50 |
| Year-to-Date Performance | +15% |
Recent Developments
Brightcove has launched new products aimed at enhancing customer engagement and driving revenue growth. The introduction of the Brightcove AI Suite is expected to further strengthen its market position.
The company's financial performance in the third quarter of 2024 reported a revenue of $49.9 million, which reflects a decrease of 2% compared to the same quarter in 2023. Subscription and support revenue accounted for $48.0 million of this total.
| Financial Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Total Revenue | $49.9 million | $51.0 million |
| Net Loss | ($3.0 million) | ($2.4 million) |
| Non-GAAP Net Income | $707,000 | $2.1 million |
| Adjusted EBITDA | $5.1 million | $5.5 million |
Brightcove Inc. (BCOV) Mission Statement
Brightcove Inc. is dedicated to delivering the world’s most reliable, scalable, and secure streaming technology solutions. The company aims to enhance the connection between businesses and their audiences, regardless of location or device, through innovative video solutions.
Financial Overview
As of the third quarter of 2024, Brightcove reported the following financial highlights:
| Financial Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Total Revenue | $49.9 million | $51.0 million | -2% |
| Subscription and Support Revenue | $48.0 million | $48.6 million | -1% |
| Gross Profit | $31.6 million | $31.7 million | -0.3% |
| Gross Margin | 63% | 62% | +1% |
| Net Loss | ($3.0 million) | ($2.4 million) | -25% |
| Non-GAAP Net Income | $707,000 | $2.1 million | -66% |
| Adjusted EBITDA | $5.1 million | $5.5 million | -7% |
| Cash Flow from Operations | $3.4 million | $2.1 million | +62% |
| Free Cash Flow | $1.6 million | ($2.2 million) | Positive Shift |
Customer Engagement and Product Innovation
In the third quarter of 2024, Brightcove launched the Brightcove AI Suite, which includes five new solutions aimed at improving customer engagement and operational efficiency:
- AI Content Multiplier
- AI Universal Translator
- AI Metadata Optimizer
- AI Engagement Maximizer
- AI Cost-to-Quality Optimizer
This suite was developed in collaboration with industry leaders such as Anthropic, AWS, and Google, focusing on strategic priorities like content creation and management.
Customer Base and Market Position
As of September 30, 2024, Brightcove had:
- 2,392 total customers
- 1,923 premium customers
- Average annual subscription revenue per premium customer of $101,400, a 6% increase year-over-year
The company reported a 12-month backlog of committed subscription revenue of $122.4 million, reflecting a 1% increase from the previous year.
Outlook and Guidance
For the fourth quarter of 2024, Brightcove anticipates:
- Revenue in the range of $48.0 million to $49.0 million
- Non-GAAP income (loss) from operations between ($1.3 million) and ($0.3 million)
- Adjusted EBITDA expected to be between $3.0 million and $4.0 million
- Non-GAAP net income (loss) per diluted share projected to be between ($0.04) and ($0.01)
For the full year 2024, revenue guidance is set between $197.7 million and $198.7 million, which includes approximately $8.3 million of professional services revenue.
Balance Sheet Highlights
As of September 30, 2024, Brightcove’s balance sheet included:
| Balance Sheet Item | Amount (in thousands) |
|---|---|
| Cash and Cash Equivalents | $26,965 |
| Accounts Receivable, Net | $27,772 |
| Total Assets | $210,538 |
| Total Liabilities | $115,096 |
| Total Stockholders' Equity | $95,442 |
How Brightcove Inc. (BCOV) Works
Company Overview
Brightcove Inc. (NASDAQ: BCOV) is a leading streaming technology company that provides a video platform for businesses to create, manage, and distribute video content. The company operates in over 60 countries, focusing on enhancing customer engagement through its intelligent video solutions.
Financial Performance
As of the third quarter of 2024, Brightcove reported the following financial results:
| Financial Metrics | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Revenue | $49.9 million | $51.0 million | -2% |
| Subscription and Support Revenue | $48.0 million | $48.6 million | -1% |
| Gross Profit | $31.6 million | $31.7 million | -0.3% |
| Gross Margin | 63% | 62% | +1% |
| Net Loss | ($3.0 million) | ($2.4 million) | -25% |
| Non-GAAP Net Income | $707,000 | $2.1 million | -66% |
| Adjusted EBITDA | $5.1 million | $5.5 million | -7% |
| Cash Flow from Operations | $3.4 million | $2.1 million | +62% |
| Free Cash Flow | $1.6 million | ($2.2 million) | Positive Change |
| Cash and Cash Equivalents | $27.0 million | $18.6 million | +45% |
Operational Highlights
In Q3 2024, Brightcove launched the Brightcove AI Suite, which includes:
- AI Content Multiplier
- AI Universal Translator
- AI Metadata Optimizer
- AI Engagement Maximizer
- AI Cost-to-Quality Optimizer
This suite aims to enhance customer growth and operational efficiency.
Customer Base
As of September 30, 2024, Brightcove had a total of 2,392 customers, with 1,923 classified as premium customers. The company reported an average annual subscription revenue per premium customer at $101,400, a 6% increase year-over-year from $95,900 in Q3 2023.
Backlog and Future Guidance
Brightcove's 12-month backlog stood at $122.4 million, reflecting a 1% increase from $121.1 million in Q3 2023. The total backlog reached $183.2 million, a 5% increase from $174.2 million year-over-year.
Future Projections
For the fourth quarter of 2024, Brightcove expects:
| Financial Metrics | Q4 2024 Guidance |
|---|---|
| Revenue | $48.0 million to $49.0 million |
| Non-GAAP Income (Loss) from Operations | ($1.3 million) to ($0.3 million) |
| Adjusted EBITDA | $3.0 million to $4.0 million |
| Non-GAAP Net Income (Loss) per Diluted Share | ($0.04) to ($0.01) |
Conclusion
Brightcove Inc. continues to innovate and expand its offerings while navigating a competitive landscape. The company's focus on AI-driven solutions and maintaining a strong customer base positions it for future growth.
How Brightcove Inc. (BCOV) Makes Money
Revenue Streams
Brightcove Inc. generates revenue primarily through two segments:
- Subscription and Support Revenue: This segment accounted for $47.96 million in Q3 2024, a decrease from $48.57 million in Q3 2023.
- Professional Services and Other Revenue: This segment generated $1.99 million in Q3 2024, down from $2.41 million in Q3 2023.
| Category | Q3 2024 Revenue | Q3 2023 Revenue |
|---|---|---|
| Subscription and Support | $47.96 million | $48.57 million |
| Professional Services | $1.99 million | $2.41 million |
| Total Revenue | $49.95 million | $50.98 million |
Cost Structure
The total cost of revenue for Q3 2024 was $18.38 million, compared to $19.26 million in Q3 2023. This includes:
- Cost of Subscription and Support Revenue: $16.57 million
- Cost of Professional Services: $1.80 million
| Cost Component | Q3 2024 Cost | Q3 2023 Cost |
|---|---|---|
| Subscription and Support | $16.57 million | $16.89 million |
| Professional Services | $1.80 million | $2.37 million |
| Total Cost of Revenue | $18.38 million | $19.26 million |
Profitability Metrics
Brightcove's gross profit for Q3 2024 was $31.57 million, yielding a gross margin of 63%. In comparison, the gross profit for Q3 2023 was $31.72 million with a gross margin of 62%.
Adjusted EBITDA for Q3 2024 was reported at $5.05 million, representing an adjusted EBITDA margin of 10% compared to $5.55 million in Q3 2023.
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Gross Profit | $31.57 million | $31.72 million |
| Gross Margin | 63% | 62% |
| Adjusted EBITDA | $5.05 million | $5.55 million |
| Adjusted EBITDA Margin | 10% | 11% |
Customer Base and Average Revenue
As of Q3 2024, Brightcove had 2,392 customers, with 1,923 classified as premium customers. The average annual subscription revenue per premium customer reached an all-time high of $101,400, up from $95,900 in Q3 2023.
| Customer Segment | Q3 2024 | Q3 2023 |
|---|---|---|
| Total Customers | 2,392 | 2,324 |
| Premium Customers | 1,923 | 1,865 |
| Average Revenue per Premium Customer | $101,400 | $95,900 |
Financial Performance Overview
In Q3 2024, Brightcove reported a net loss of $2.96 million, or ($0.07) per diluted share, compared to a net loss of $2.42 million, or ($0.06) per diluted share in Q3 2023. The company’s cash and cash equivalents increased to $26.97 million as of September 30, 2024, up from $18.62 million at the end of 2023.
| Financial Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Loss | ($2.96 million) | ($2.42 million) |
| Net Loss per Diluted Share | ($0.07) | ($0.06) |
| Cash and Cash Equivalents | $26.97 million | $18.62 million |
Future Outlook
For Q4 2024, Brightcove anticipates revenue between $48.0 million and $49.0 million, with non-GAAP income (loss) from operations expected to be in the range of ($1.3 million) to ($0.3 million).
Full year 2024 revenue is anticipated to be between $197.7 million and $198.7 million.
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Updated on 16 Nov 2024
Resources:
- Brightcove Inc. (BCOV) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Brightcove Inc. (BCOV)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Brightcove Inc. (BCOV)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.