Brightcove Announces Financial Results For Second Quarter 2012

Brightcove Inc. (Nasdaq: BCOV), a leading global provider of cloud-based solutions for publishing and distributing professional digital media, today announced financial results for the second quarter ended June 30, 2012. The company also announced the signing of a definitive agreement to acquire privately-held Zencoder, a leading provider of cloud-based video encoding service and creator of the popular Video.js HTML5 video player (see separate release).

“We are pleased with our second quarter results, which exceeded our guidance on both the top and bottom line,” said Jeremy Allaire, Chairman and Chief Executive Officer of Brightcove. “Brightcove is benefitting from growing demand as companies across a wide range of industries and size are embracing online digital content as a way to deliver more compelling experiences to their customers. Brightcove is the pioneer of this market, and we continue to extend our technology leadership and ability to meet market demand based on the innovations we are delivering across our Video Cloud and App Cloud platforms.”

Allaire added, “The acquisition of Zencoder not only strengthens our Video Cloud online video platform in a key technology area, but it also signals our expansion into standalone cloud services that developers can use as building blocks for custom systems. In addition, Zencoder is also the developer of Video.js, a fast-growing, free HTML5 video player that provides an excellent starting point for organizations that could potentially upgrade to our Video Cloud Express offering. We welcome the Zencoder team, customers, and developer communities and look forward to developing these positive synergies.”

Second Quarter 2012 Financial Highlights:

Revenue: Total revenue for the second quarter of 2012 was $21.6 million, an increase of 41% compared to $15.3 million for the second quarter of 2011. Subscription and support revenue was $20.7 million, an increase of 43% compared with $14.5 million for the second quarter of 2011. Professional services and other revenue was $902,000, an increase of 12% compared to $802,000 for the second quarter of 2011.

Gross Profit: Gross profit for the second quarter of 2012 was $15.2 million, compared to $10.3 million for the second quarter of 2011. Non-GAAP gross profit for the second quarter of 2012 was $15.2 million, representing a year-over-year increase of 47% and a non-GAAP gross margin of 70%.

Operating Loss: Loss from operations was $3.9 million for the second quarter of 2012, compared to a loss of $5.1 million for the second quarter of 2011. Non-GAAP loss from operations, which excludes stock-based compensation expense and merger-related costs, was $2.1 million for the second quarter of 2012, an improvement compared to a non-GAAP loss of $4.0 million during the second quarter of 2011.

Net Loss: Net loss attributable to common stockholders was $4.3 million, or $0.16 per basic and diluted share, for the second quarter of 2012. This compares to a net loss attributable to common stockholders of $6.9 million, or $1.42 per basic and diluted share, for the second quarter of 2011.

Non-GAAP net loss attributable to common stockholders, which excludes stock-based compensation expense, the accretion of dividends on redeemable convertible preferred stock, and merger-related costs, was $2.6 million for the second quarter of 2012, or $0.10 per basic and diluted share, compared to a non-GAAP net loss of $4.4 million for the second quarter of 2011, or $0.91 per basic and diluted share.

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