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Brightcove Revenue Increases 32 Percent in Q3 2012

Broadcast technology vendor financials, Quarterly Results | Posted by Joe Zaller
Nov 01 2012

Online video publishing provider Brightcove announced that its revenue for the third quarter of 2012 was $22.1m, up 32% versus the same period a year ago.

Subscription revenue for the quarter was $21.5m (97% of total revenue), up 35% versus the same period a year ago. Professional services and other revenue was $600,000, down 25% from last year.

The GAAP net loss for the quarter was $600,000, or $0.02 per share, compared to a GAAP net loss of $5.4m, or $1.09 per share last year.  The non-GAAP net loss for the third quarter was $1.5m, or $0.05 per share, compared to a non-GAAP net loss of $2.9m, or $0.59 per share last year.

The GAAP operating loss for the third quarter was $3.7m, compared to an operating loss of $3.3m last year. The non-GAAP operating loss for the third quarter was $1.3m, compared to a non-GAAP operating loss of $2.2m last year.

GAAP gross margins were 68% for the third quarter, flat with last year. Non GAAP gross margins were 69%, up from 52% last year.

The company ended the quarter with cash, cash equivalents and investments of $30.8m, down from $58.6m at the end of the previous quarter. The decrease in cash was driven primarily by the $27.2m acquisition of Zencoder.  Free cash flow for the third quarter was $1.4m compared to negative $5.5m last year.

 

Brightcove chairman & CEO said he was pleased with the Q3 results and issued a bullish statement on the company’s future potential, saying “We believe that we are in the very early stages of a fundamental shift in how digital content is being delivered and consumed. We view this as a significant market opportunity, and Brightcove is focused on leveraging our first mover advantage into continued, long-term market leadership.”

 

Guidance:

Brightcove said it expects to post a Q4 2012 non-GAAP operating loss of $1.9m to $2.2m on revenue of $22.8m to $23.3m. The non-GAAP loss per share for Q4 2012 is expected to be $0.07 to $0.08.

For the full year 2012, the company expects to post a non-GAAP operating loss of $7.5m to $7.8m on revenue of $86.5m to $87m.  The full year non-GAAP  loss per share is expected to be $0.35 to $0.36.

The company cautioned that the finalization of the Zencoder acquisition could impact its non-GAAP results for the fourth quarter and full year 2012.

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Related Content:

Press Release: Brightcove Announces Financial Results for Third Quarter 2012 | Business Wire

Brightcove SEC Filing Details Zencoder Financials

Brightcove SEC 8K Filing: Zencoder Financials

Brightcove 8K Filing with SEC: Zencoder Inc Financial Statements Year Ended December 31, 2011 and the Period From January 8, 2010 (Inception) through December 31, 2010

Brightcove 8K Filing with SEC: Zencoder Inc. Unaudited Condensed Financial Statements For the Six Month Periods Ended June 30, 2012 and 2011

More Broadcast Vendor M&A: Brightcove Buys Zencoder for $30 Million in Latest Video Transcoding Deal

Press Release: Brightcove Announces New Services to Transform the Video Encoding Workflow | Brightcove

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