Brightcove(US:BCOV)2024-08-07 20:14Revenue Performance - Revenue for Q2 2024 was $49.2 million, a decrease of 3% compared to $51.0 million in Q2 2023[2] - Total revenue for Q2 2024 was $49,247,000, a decrease of 3.4% compared to $50,988,000 in Q2 2023[19] - Subscription and support revenue was $47.4 million, down 3% from $49.0 million in Q2 2023[2] - Subscription and support revenue for Q2 2024 was $47,397,000, down 3.3% from $49,013,000 in Q2 2023[19] - Revenue guidance for Q3 2024 is expected to be between $48.0 million and $49.0 million[8] - Full year 2024 revenue is expected to be in the range of $195.5 million to $198.0 million, an increase from previous guidance[10] Profitability Metrics - Gross profit for Q2 2024 was $29.8 million, with a gross margin of 61%, compared to $32.5 million and 64% in Q2 2023[2] - Gross profit for Q2 2024 was $29,840,000, a decline of 8.1% from $32,487,000 in Q2 2023[19] - Non-GAAP gross profit for the three months ended June 30, 2024, was $30,574,000, which is 62% of revenue, compared to $33,407,000 or 66% of revenue for the same period in 2023[22] - Adjusted EBITDA was $3.8 million for Q2 2024, representing an adjusted EBITDA margin of 8%, compared to $3.6 million in Q2 2023[2] - Adjusted EBITDA for the three months ended June 30, 2024, was $3,768,000, with a constant currency adjustment of $258,000, resulting in an adjusted EBITDA of $4,026,000 on a constant currency basis[24] Cash Flow and Assets - Cash flow provided by operations was $4.0 million in Q2 2024, down from $10.8 million in Q2 2023[4] - The company experienced a net cash provided by operating activities of $4,021,000 for the three months ended June 30, 2024, compared to $10,810,000 for the same period in 2023[20] - Free cash flow was $1.8 million in Q2 2024, compared to $7.1 million in Q2 2023[4] - Total current assets increased to $72,157,000 as of June 30, 2024, from $70,399,000 at the end of 2023[17] - The company reported a net cash increase of $1,301,000 for the three months ended June 30, 2024, compared to a net cash increase of $6,615,000 for the same period in 2023[20] Expenses - Research and development expenses for Q2 2024 were $8,975,000, a decrease of 13.2% from $10,345,000 in Q2 2023[19] - Sales and marketing expenses for Q2 2024 were $17,080,000, down 10.3% from $19,034,000 in Q2 2023[19] - Stock-based compensation expense for the three months ended June 30, 2024, was $3,159,000, down from $3,487,000 in the same period of 2023[22] Net Loss and Improvement - Net loss for Q2 2024 was $5,245,000, compared to a net loss of $6,237,000 in Q2 2023, showing an improvement[19] - Brightcove Inc. reported a GAAP net loss of $5,245,000 for the three months ended June 30, 2024, compared to a net loss of $6,237,000 for the same period in 2023, representing a 15.9% improvement[20] - The GAAP diluted net loss per share for the three months ended June 30, 2024, was $(0.12), compared to $(0.14) for the same period in 2023[22] - Non-GAAP net loss income for the three months ended June 30, 2024, was $(685,000), compared to a net income of $642,000 for the same period in 2023[22] Backlog and Customer Metrics - 12-month backlog was $123.3 million, a 1% decrease year-over-year from $124.8 million[6] - Average annual subscription revenue per premium customer reached $99,000, a 4% increase from $94,800 in Q2 2023[6]