Brightcove(US:BCOV)2024-11-04 21:40Revenue Performance - Revenue for Q3 2024 was $49.9 million, a decrease of 2% from $51.0 million in Q3 2023[3] - Subscription and support revenue was $48.0 million, down 1% from $48.6 million in Q3 2023[3] - Total revenue for the three months ended September 30, 2024, was $49,950, a decrease of 2.02% compared to $50,980 for the same period in 2023[16] - Subscription and support revenue for the three months ended September 30, 2024, was $47,963, down from $48,571 in the prior year, representing a decline of 1.25%[16] - Total revenue for the nine months ended September 30, 2024, was $149,678[20] Profitability Metrics - Adjusted EBITDA was $5.1 million, representing a margin of 10%, compared to $5.5 million in Q3 2023[4] - Non-GAAP net income for Q3 2024 was $707,000, or $0.02 per diluted share, down from $2.1 million, or $0.05 per diluted share in Q3 2023[3] - GAAP net loss for Q3 2024 was $(2,957), compared to $(2,421) in Q3 2023[18] - Non-GAAP net income for Q3 2024 was $707, down from $2,133 in Q3 2023[18] - Non-GAAP income from operations for Q3 2024 was $860, compared to $2,263 in Q3 2023[18] Cash and Liquidity - Cash and cash equivalents were $27.0 million as of September 30, 2024, compared to $18.6 million on December 31, 2023[4] - Cash and cash equivalents increased to $26,965 as of September 30, 2024, from $18,615 at December 31, 2023, reflecting a growth of 45%[15] - The company reported a net cash provided by operating activities of $3,405 for the three months ended September 30, 2024, compared to $2,128 in the same period of 2023, an increase of 60%[17] Backlog and Guidance - The 12-month backlog increased by 1% year-over-year to $122.4 million, while total backlog rose 5% to $183.2 million[6] - The company expects Q4 2024 revenue to be between $48.0 million and $49.0 million, including $2.0 million from professional services[7] - Full year 2024 revenue guidance is raised to a range of $197.7 million to $198.7 million, up from previous guidance of $195.5 million to $198.0 million[9] Operating Expenses - Operating expenses for the three months ended September 30, 2024, were $34,376, slightly up from $34,010 in the same period last year, an increase of 1.08%[16] - Research and development expenses for the three months ended September 30, 2024, were $8,742, compared to $8,730 in the prior year, showing a marginal increase[16] New Initiatives - The Brightcove AI Suite was launched, featuring five new solutions aimed at enhancing customer growth and efficiency[5] Deferred Revenue and Liabilities - Deferred revenue as of September 30, 2024, was $63,213, down from $68,155 at December 31, 2023, a decrease of 7.2%[15] - Total liabilities decreased to $115,096 as of September 30, 2024, from $122,194 at December 31, 2023, a reduction of 5.8%[15] Assets - Total assets decreased to $210,538 as of September 30, 2024, from $216,107 at December 31, 2023, a decline of 2.6%[15]