Brightcove(US:BCOV)2024-05-08 20:12Financial Performance - Revenue for Q1 2024 was $50.5 million, a 3% increase from $49.1 million in Q1 2023[2] - Subscription and support revenue was $48.0 million, up 2% year-over-year[2] - Gross profit for Q1 2024 was $30.9 million, with a gross margin of 61%, compared to 59% in Q1 2023[2] - Adjusted EBITDA was $5.0 million, representing a margin of 10%, compared to negative $2.7 million in Q1 2023[3] - Total revenue for Q1 2024 was $50,481, an increase of 2.9% from $49,063 in Q1 2023[19] - Subscription and support revenue reached $47,969, up from $47,102, reflecting a growth of 1.8% year-over-year[19] - Gross profit for Q1 2024 was $30,859, compared to $28,796 in Q1 2023, marking an increase of 7.2%[22] - Non-GAAP net income for Q1 2024 was $546, compared to a non-GAAP net loss of $6,582 in Q1 2023[22] - Adjusted EBITDA for the same period was $4,979,000, with a constant currency adjustment of $100,000, leading to an adjusted EBITDA on a constant currency basis of $5,079,000[25] - The adjusted EBITDA margin for the three months ended March 31, 2024, was approximately 9.84% based on total revenue[25] Cash Flow and Assets - Cash flow from operations was $2.0 million, a significant improvement from cash flow used of $12.6 million in Q1 2023[3] - Total current assets increased to $78,355 from $70,399, representing an increase of 11.5%[17] - Cash and cash equivalents at the end of Q1 2024 were $22,869, up from $12,478 at the end of Q1 2023, showing a substantial increase of 83.5%[20] - Operating expenses decreased to $28,847 from $39,540, a reduction of 27.2% year-over-year[19] Customer Metrics - The company ended Q1 2024 with 2,502 customers, including 1,992 premium customers[6] - Average annual subscription revenue per premium customer reached $98,000, a 10% increase from $89,400 in Q1 2023[6] Guidance and Future Outlook - Full year 2024 revenue guidance is projected between $195.0 million and $198.0 million[10] - Non-GAAP net loss per diluted share for Q2 2024 is expected to be between ($0.05) and ($0.03)[9] - Future guidance indicates a positive outlook for revenue growth and continued improvement in adjusted EBITDA margins[24] Liabilities and Expenses - Total liabilities rose slightly to $123,193 from $122,194, indicating a marginal increase of 0.8%[17] - Depreciation and amortization expenses increased to $4,917,000 from $3,949,000 year-over-year[23] - Stock-based compensation expense decreased to $2,213,000 from $3,543,000 year-over-year[23] - Restructuring and other expenses were reported at $1,837,000, compared to $427,000 in the previous year[23] Backlog and Asset Sales - 12-month backlog was $127.3 million, a 2% decrease from $129.3 million year-over-year[6] - The company reported a gain on the sale of assets amounting to $6,000 in Q1 2024[19] - The company reported a gain on the sale of assets amounting to $(6,000,000) for the three months ended March 31, 2024[23] Strategic Focus - The company is focusing on expanding its market presence and enhancing its product offerings through new technology developments[24]