$BCOV
Brightcove Inc

2023 Q3 Form 10-Q Financial Statement

#000095017023037200 Filed on August 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $50.98M $50.99M
YoY Change -5.49% -6.35%
Cost Of Revenue $19.26M $18.50M
YoY Change -4.0% -1.09%
Gross Profit $31.72M $32.49M
YoY Change -6.38% -9.11%
Gross Profit Margin 62.22% 63.71%
Selling, General & Admin $25.16M $28.44M
YoY Change -6.01% 7.26%
% of Gross Profit 79.33% 87.54%
Research & Development $8.730M $10.35M
YoY Change 10.07% 23.57%
% of Gross Profit 27.52% 31.84%
Depreciation & Amortization $4.230M $4.059M
YoY Change 45.16% 87.4%
% of Gross Profit 13.34% 12.49%
Operating Expenses $34.01M $38.78M
YoY Change -1.99% 10.68%
Operating Profit -$2.291M -$6.297M
YoY Change 179.05% -995.73%
Interest Expense $130.0K $422.0K
YoY Change -119.46% -151.15%
% of Operating Profit
Other Income/Expense, Net $130.0K $422.0K
YoY Change -119.46% -151.15%
Pretax Income -$2.161M -$5.920M
YoY Change 45.13% 4752.46%
Income Tax $260.0K $317.0K
% Of Pretax Income
Net Earnings -$2.421M -$6.237M
YoY Change 44.11% 1972.09%
Net Earnings / Revenue -4.75% -12.23%
Basic Earnings Per Share -$0.06 -$0.14
Diluted Earnings Per Share -$0.06 -$0.14
COMMON SHARES
Basic Shares Outstanding 43.25M 42.86M
Diluted Shares Outstanding 43.33K 43.06K

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.40M $19.09M
YoY Change -47.68% -31.33%
Cash & Equivalents $16.42M $43.00K
Short-Term Investments
Other Short-Term Assets $12.21M $22.28M
YoY Change 18.07% 115.24%
Inventory
Prepaid Expenses $7.537M $9.804M
Receivables $30.26M $29.85M
Other Receivables $0.00 $0.00
Total Short-Term Assets $66.43M $71.22M
YoY Change -19.53% -12.75%
LONG-TERM ASSETS
Property, Plant & Equipment $42.73M $60.60M
YoY Change 16.82% 86.24%
Goodwill $74.86M $74.86M
YoY Change 0.0% 0.03%
Intangibles $7.290M $8.244M
YoY Change -35.46% -31.8%
Long-Term Investments
YoY Change
Other Assets $6.016M $6.285M
YoY Change -8.35% -2.78%
Total Long-Term Assets $147.7M $150.0M
YoY Change -0.65% 3.46%
TOTAL ASSETS
Total Short-Term Assets $66.43M $71.22M
Total Long-Term Assets $147.7M $150.0M
Total Assets $214.1M $221.2M
YoY Change -7.39% -2.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.86M $15.75M
YoY Change 6.1% 31.75%
Accrued Expenses $17.52M $24.34M
YoY Change -26.17% 6.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $103.0M $109.7M
YoY Change -2.7% 7.53%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $673.0K $19.90M
YoY Change -30.11% 2168.87%
Total Long-Term Liabilities $673.0K $19.90M
YoY Change -30.11% 2168.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $103.0M $109.7M
Total Long-Term Liabilities $673.0K $19.90M
Total Liabilities $121.8M $129.6M
YoY Change -4.75% 4.63%
SHAREHOLDERS EQUITY
Retained Earnings -$230.4M -$228.0M
YoY Change 12.59% 12.33%
Common Stock $44.00K $43.00K
YoY Change 4.76% 2.38%
Preferred Stock
YoY Change
Treasury Stock (at cost) $871.0K $871.0K
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $92.30M $91.60M
YoY Change
Total Liabilities & Shareholders Equity $214.1M $221.2M
YoY Change -7.39% -2.38%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$2.421M -$6.237M
YoY Change 44.11% 1972.09%
Depreciation, Depletion And Amortization $4.230M $4.059M
YoY Change 45.16% 87.4%
Cash From Operating Activities $2.130M $10.81M
YoY Change -79.7% 8.68%
INVESTING ACTIVITIES
Capital Expenditures $4.300M $3.679M
YoY Change -171.37% -149.03%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$4.300M -$3.679M
YoY Change -28.63% -51.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -31.00K
YoY Change -100.0% 342.86%
NET CHANGE
Cash From Operating Activities 2.130M 10.81M
Cash From Investing Activities -4.300M -3.679M
Cash From Financing Activities 0.000 -31.00K
Net Change In Cash -2.170M 7.100M
YoY Change -148.59% 196.2%
FREE CASH FLOW
Cash From Operating Activities $2.130M $10.81M
Capital Expenditures $4.300M $3.679M
Free Cash Flow -$2.170M $7.131M
YoY Change -113.14% -59.14%

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13176000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1328000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1884000
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
7233000
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
2882000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-8561000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-17942000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
100000
bcov Payments For Deferred Acquisition Payments
PaymentsForDeferredAcquisitionPayments
1700000
bcov Payments For Deferred Acquisition Payments
PaymentsForDeferredAcquisitionPayments
0
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-256000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-7000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1956000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
93000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-462000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-1800000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-12801000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-10392000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
31894000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
45739000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19093000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
35347000
us-gaap Operating Lease Payments
OperatingLeasePayments
1804000
us-gaap Operating Lease Payments
OperatingLeasePayments
1270000
bcov Cash Received For Lease Inducement
CashReceivedForLeaseInducement
2772000
us-gaap Income Taxes Paid
IncomeTaxesPaid
821000
us-gaap Income Taxes Paid
IncomeTaxesPaid
275000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
294000
us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
222000
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
80000
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
436000
CY2023Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
17000000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
47600000
CY2022Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
15300000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
48100000
CY2023Q2 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
13200000
CY2022Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
12400000
CY2023Q2 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
2500000
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
5000000
CY2022Q2 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
2600000
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
5100000
CY2023Q2 us-gaap Investment Owned At Cost
InvestmentOwnedAtCost
19093000
CY2023Q2 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
19093000
CY2022Q4 us-gaap Investment Owned At Cost
InvestmentOwnedAtCost
31894000
CY2022Q4 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
31894000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.75
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 Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.034
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.048
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 Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.479
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.555
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 Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
34600
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y7M28D
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
3487000
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
3644000
us-gaap Share Based Compensation
ShareBasedCompensation
7030000
us-gaap Share Based Compensation
ShareBasedCompensation
7123000
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1000000
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
CY2023Q2 us-gaap Revenues
Revenues
50988000
CY2022Q2 us-gaap Revenues
Revenues
54447000
us-gaap Revenues
Revenues
100051000
us-gaap Revenues
Revenues
107826000
CY2023Q2 bcov Percentage Of Revenue
PercentageOfRevenue
0.10
bcov Percentage Of Revenue
PercentageOfRevenue
0.10
CY2022Q2 bcov Percentage Of Revenue
PercentageOfRevenue
0.10
bcov Percentage Of Revenue
PercentageOfRevenue
0.10
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
400000
us-gaap Payments For Restructuring
PaymentsForRestructuring
1800000
ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
true
ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
true

Files In Submission

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0000950170-23-037200-index-headers.html Edgar Link pending
0000950170-23-037200-index.html Edgar Link pending
0000950170-23-037200.txt Edgar Link pending
0000950170-23-037200-xbrl.zip Edgar Link pending
bcov-20230630.htm Edgar Link pending
bcov-20230630.xsd Edgar Link pending
bcov-20230630_def.xml Edgar Link unprocessable
bcov-20230630_htm.xml Edgar Link completed
bcov-ex31_1.htm Edgar Link pending
bcov-ex31_2.htm Edgar Link pending
bcov-ex32_1.htm Edgar Link pending
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bcov-20230630_pre.xml Edgar Link unprocessable
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bcov-20230630_cal.xml Edgar Link unprocessable