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Brightcove Announces Financial Results For Third Quarter 2012

Balance Sheet and Cash Flow: As of September 30, 2012, Brightcove had $30.8 million of cash, cash equivalents and investments, a decrease from $58.6 million at June 30, 2012. The decrease in cash was driven primarily by the $27.2 million used for the acquisition of Zencoder.

Brightcove used $5 thousand in cash from operations and invested $1.4 million in capital expenditures, leading to the use of free cash flow of $1.4 million for the third quarter of 2012. Free cash flow was ($5.5) million for the third quarter of 2011.

A reconciliation of GAAP to Non-GAAP results has been provided in the financial statement tables included at the end of this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Other Third Quarter and Recent Highlights
  • Closed the acquisition of Zencoder, the market-leading cloud based video encoding service and the developer of the Video.js free HTML5 video player.
  • Added 1,370 volume customers, including approximately 1,120 related to Zencoder, and 76 premium customers, including approximately 10 related to Zencoder. New customers added during the quarter include All Nippon Air, Exact Target, Nikon and Yves St. Laurent.
  • Viacom adopted Brightcove cloud services for digital content delivery across platforms and consumer devices and will be using Brightcove player technology across multiple properties for Web and mobile distribution.
  • Announced the introduction of Zencoder Instant Play, which enables on-demand video playback to start just seconds after the file upload process begins, and Live Video Transcoding, which allows content providers to encode a single live stream and have it automatically packaged into a high quality user experience across any form factor, bitrate or internet connection.
  • Announced that Discovery Networks International has selected the Brightcove App Cloud mobile app platform to develop and manage dual-screen catch-up TV services.
  • Recently released a completely new video player for the iOS platform, which delivers unmatched video quality with state of the art advertising, content protection and analytics technology.

Business Outlook

Based on information as of today, November 1, 2012, the Company is issuing the following financial guidance:

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