$BCOV
Brightcove Inc

2022 Q3 Form 10-Q Financial Statement

#000095017022013877 Filed on August 02, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $53.94M $54.45M $52.64M
YoY Change 3.41% 5.78% -1.95%
Cost Of Revenue $20.06M $18.70M $17.98M
YoY Change 7.56% 8.59% -7.59%
Gross Profit $33.88M $35.74M $34.66M
YoY Change 1.11% 4.37% 1.25%
Gross Profit Margin 62.81% 65.65% 65.84%
Selling, General & Admin $26.77M $26.52M $25.89M
YoY Change 3.78% 3.79% 5.14%
% of Gross Profit 79.01% 74.18% 74.69%
Research & Development $7.931M $8.372M $7.677M
YoY Change 0.37% 6.58% 1.28%
% of Gross Profit 23.41% 23.42% 22.15%
Depreciation & Amortization $2.914M $2.166M $2.038M
YoY Change 45.26% 2.27% -7.36%
% of Gross Profit 8.6% 6.06% 5.88%
Operating Expenses $34.70M $35.04M $33.56M
YoY Change 2.98% 4.11% 4.23%
Operating Profit -$821.0K $703.0K $1.095M
YoY Change 336.7% 19.15% -46.06%
Interest Expense -$668.0K -$825.0K -$438.0K
YoY Change 109.4% -805.13% -204.29%
% of Operating Profit -117.35% -40.0%
Other Income/Expense, Net -$668.0K -$825.0K
YoY Change 109.4% -805.13%
Pretax Income -$1.489M -$122.0K $657.0K
YoY Change 169.75% -117.26% -67.79%
Income Tax $191.0K $179.0K $240.0K
% Of Pretax Income 36.53%
Net Earnings -$1.680M -$301.0K $417.0K
YoY Change 64.71% -134.6% -79.36%
Net Earnings / Revenue -3.11% -0.55% 0.79%
Basic Earnings Per Share -$0.04 -$0.01
Diluted Earnings Per Share -$0.04 -$0.01 $9.908K
COMMON SHARES
Basic Shares Outstanding 41.90M 41.72K
Diluted Shares Outstanding 41.97K 41.72K

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.35M $27.80M $45.74M
YoY Change -30.78% -31.16% 21.97%
Cash & Equivalents $31.35M $27.80M $45.74M
Short-Term Investments
Other Short-Term Assets $10.34M $10.35M $10.83M
YoY Change -49.26% -50.82% -42.38%
Inventory
Prepaid Expenses $8.976M $10.91M $7.792M
Receivables $31.89M $32.57M $29.87M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $82.55M $81.63M $94.23M
YoY Change -11.99% -12.11% 10.21%
LONG-TERM ASSETS
Property, Plant & Equipment $36.58M $32.54M $20.51M
YoY Change 49.64% 34.4% -16.95%
Goodwill $74.86M $74.84M $60.90M
YoY Change
Intangibles $11.30M $12.09M $9.276M
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.564M $6.465M $6.655M
YoY Change 1.12% 3.67% 25.57%
Total Long-Term Assets $148.7M $145.0M $122.2M
YoY Change 48.61% 44.54% 20.67%
TOTAL ASSETS
Total Short-Term Assets $82.55M $81.63M $94.23M
Total Long-Term Assets $148.7M $145.0M $122.2M
Total Assets $231.2M $226.6M $216.5M
YoY Change 19.29% 17.3% 15.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.06M $11.96M $11.04M
YoY Change 18.65% 8.68% 5.13%
Accrued Expenses $23.73M $22.91M $20.93M
YoY Change 2.03% -2.58% -29.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $105.9M $102.0M $96.62M
YoY Change 10.29% 5.24% -2.3%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $963.0K $877.0K $786.0K
YoY Change -81.73% -82.77% -90.53%
Total Long-Term Liabilities $963.0K $877.0K $786.0K
YoY Change -81.73% -82.77% -90.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $105.9M $102.0M $96.62M
Total Long-Term Liabilities $963.0K $877.0K $786.0K
Total Liabilities $127.9M $123.9M $120.2M
YoY Change 26.31% 21.4% 12.13%
SHAREHOLDERS EQUITY
Retained Earnings -$204.7M -$203.0M -$201.0M
YoY Change
Common Stock $42.00K $42.00K $41.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $871.0K $871.0K $871.0K
YoY Change
Treasury Stock Shares $135.0K $135.0K $135.0K
Shareholders Equity $103.3M $102.7M $96.26M
YoY Change
Total Liabilities & Shareholders Equity $231.2M $226.6M $216.5M
YoY Change 19.29% 17.3% 15.88%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income -$1.680M -$301.0K $417.0K
YoY Change 64.71% -134.6% -79.36%
Depreciation, Depletion And Amortization $2.914M $2.166M $2.038M
YoY Change 45.26% 2.27% -7.36%
Cash From Operating Activities $10.49M $9.947M $4.815M
YoY Change 42.34% 24.7% -61.14%
INVESTING ACTIVITIES
Capital Expenditures -$6.025M -$7.504M -$2.560M
YoY Change 141.29% 231.3% 76.55%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$39.00K -$2.000M
YoY Change
Cash From Investing Activities -$6.025M -$7.543M -$4.560M
YoY Change 141.29% 233.02% 214.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.000K -7.000K 352.0K
YoY Change -100.52% -98.12% -108.44%
NET CHANGE
Cash From Operating Activities 10.49M 9.947M 4.815M
Cash From Investing Activities -6.025M -7.543M -4.560M
Cash From Financing Activities -1.000K -7.000K 352.0K
Net Change In Cash 4.466M 2.397M 607.0K
YoY Change -11.86% -55.1% -91.03%
FREE CASH FLOW
Cash From Operating Activities $10.49M $9.947M $4.815M
Capital Expenditures -$6.025M -$7.504M -$2.560M
Free Cash Flow $16.52M $17.45M $7.375M
YoY Change 67.38% 70.39% -46.71%

Facts In Submission

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7123000
us-gaap Share Based Compensation
ShareBasedCompensation
4901000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
70000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
276000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2394000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2634000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2612000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1337000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-161000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
1000000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-834000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1183000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-6053000
bcov Increase Decrease In Operating Leases
IncreaseDecreaseInOperatingLeases
4007000
bcov Increase Decrease In Operating Leases
IncreaseDecreaseInOperatingLeases
-960000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
2630000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
3801000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
9257000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
7377000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
13215000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
45739000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5791000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
808000
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
6479000
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
2977000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-25485000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3785000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
100000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1348000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
93000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41723
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
157000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-1800000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-834000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-17935000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2915000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
37472000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
27804000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
40387000
us-gaap Operating Lease Payments
OperatingLeasePayments
1270000
us-gaap Operating Lease Payments
OperatingLeasePayments
3165000
bcov Cash Received For Lease Inducement
CashReceivedForLeaseInducement
2772000
bcov Cash Received For Lease Inducement
CashReceivedForLeaseInducement
0
us-gaap Income Taxes Paid
IncomeTaxesPaid
275000
us-gaap Income Taxes Paid
IncomeTaxesPaid
471000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40615
CY2021Q4 us-gaap Investment Owned At Cost
InvestmentOwnedAtCost
45739000
CY2021Q4 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
45739000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
353000
us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
70000
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
124000
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
299000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-301000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
870000
us-gaap Net Income Loss
NetIncomeLoss
-1938000
us-gaap Net Income Loss
NetIncomeLoss
6000000
CY2021Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
2000000.0
CY2022Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
15300000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
48100000
CY2022Q2 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
11900000
CY2021Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
12200000
CY2022Q2 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
2600000
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
5100000
CY2021Q2 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
3200000
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
6300000
CY2022Q2 us-gaap Investment Owned At Cost
InvestmentOwnedAtCost
27804000
CY2022Q2 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
27804000
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2021Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1594
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2005
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41723
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42209
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41580
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42391
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.05
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.15
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.05
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2021Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2609000
us-gaap Share Based Compensation
ShareBasedCompensation
7123000
us-gaap Share Based Compensation
ShareBasedCompensation
4901000
CY2022Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1000000.0
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.14
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.72
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0116
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.48
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y2M12D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
39000000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y8M26D
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
3644000
CY2022Q2 us-gaap Goodwill
Goodwill
74837000
us-gaap Debt Instrument Covenant Description
DebtInstrumentCovenantDescription
If the outstanding principal during any month is at least $15.0 million, the Company must also maintain a minimum net income threshold based on non-GAAP operating measures.
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2023-12-28
CY2022Q2 us-gaap Revenues
Revenues
54447000
CY2021Q2 us-gaap Revenues
Revenues
51472000
us-gaap Revenues
Revenues
107826000
us-gaap Revenues
Revenues
106289000
CY2022Q2 bcov Percentage Of Revenue
PercentageOfRevenue
0.10
bcov Percentage Of Revenue
PercentageOfRevenue
0.10
CY2021Q2 bcov Percentage Of Revenue
PercentageOfRevenue
0.10
bcov Percentage Of Revenue
PercentageOfRevenue
0.10
us-gaap Indefinitelived Intangible Assets Acquired
IndefinitelivedIntangibleAssetsAcquired
4382000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
614000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
736000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
736000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
736000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
736000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
824000
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4382000
CY2021Q4 us-gaap Goodwill
Goodwill
60902000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
13935000

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