$BCOV
Brightcove Inc

2019 Q3 Form 10-Q Financial Statement

#000119312519201232 Filed on July 24, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q2
Revenue $47.43M $47.58M $41.65M
YoY Change 15.35% 14.23% 7.49%
Cost Of Revenue $18.31M $21.61M $16.62M
YoY Change 12.23% 30.03% 0.24%
Gross Profit $29.12M $25.97M $25.04M
YoY Change 17.41% 3.74% 12.9%
Gross Profit Margin 61.39% 54.59% 60.1%
Selling, General & Admin $20.81M $22.81M $22.31M
YoY Change 6.02% 2.22% 2.43%
% of Gross Profit 71.47% 87.81% 89.11%
Research & Development $8.127M $7.629M $7.743M
YoY Change -2.25% -1.47% -6.47%
% of Gross Profit 27.91% 29.37% 30.93%
Depreciation & Amortization $2.220M $2.220M $1.790M
YoY Change 28.32% 24.02% -7.73%
% of Gross Profit 7.62% 8.55% 7.15%
Operating Expenses $31.48M $33.06M $30.05M
YoY Change 12.65% 9.99% -0.02%
Operating Profit -$2.358M -$7.082M -$5.017M
YoY Change -24.93% 41.16% -36.36%
Interest Expense $60.00K
YoY Change 100.0%
% of Operating Profit
Other Income/Expense, Net -$441.0K $19.00K -$481.0K
YoY Change 103.23% -103.95% -253.18%
Pretax Income -$2.799M -$7.063M -$5.498M
YoY Change -16.65% 28.46% -27.37%
Income Tax $171.0K $175.0K $154.0K
% Of Pretax Income
Net Earnings -$2.970M -$7.238M -$5.652M
YoY Change -15.19% 28.06% -26.39%
Net Earnings / Revenue -6.26% -15.21% -13.57%
Basic Earnings Per Share
Diluted Earnings Per Share -$77.02K -$190.7K -$159.0K
COMMON SHARES
Basic Shares Outstanding 38.28M 37.84M shares 35.35M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.60M $21.20M $27.50M
YoY Change -15.99% -22.91% -3.17%
Cash & Equivalents $22.65M $21.21M $27.45M
Short-Term Investments
Other Short-Term Assets $6.755M $8.315M $7.359M
YoY Change -8.57% 12.99% 160.4%
Inventory
Prepaid Expenses $5.687M $6.437M $5.639M
Receivables $31.49M $33.58M $25.91M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $66.58M $69.54M $66.36M
YoY Change 6.07% 4.79% 12.43%
LONG-TERM ASSETS
Property, Plant & Equipment $11.14M $9.976M $9.927M
YoY Change 9.74% 0.49% 9.51%
Goodwill $61.01M $55.54M $50.78M
YoY Change 20.16% 9.38% 0.0%
Intangibles $14.97M $14.39M $6.888M
YoY Change 136.07% 108.87% -28.14%
Long-Term Investments
YoY Change
Other Assets $3.005M $2.946M $2.211M
YoY Change 31.34% 33.24% 140.33%
Total Long-Term Assets $105.5M $100.0M $69.89M
YoY Change 51.55% 43.1% -0.83%
TOTAL ASSETS
Total Short-Term Assets $66.58M $69.54M $66.36M
Total Long-Term Assets $105.5M $100.0M $69.89M
Total Assets $172.1M $169.6M $136.3M
YoY Change 29.99% 24.44% 5.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.17M $7.061M $7.309M
YoY Change 121.6% -3.39% -13.68%
Accrued Expenses $18.83M $21.81M $13.74M
YoY Change 24.99% 58.67% 1.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $85.24M $85.08M $62.97M
YoY Change 42.6% 35.11% 7.32%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $890.0K $474.0K $1.044M
YoY Change -20.32% -54.6% -24.24%
Total Long-Term Liabilities $890.0K $474.0K $1.044M
YoY Change -20.32% -54.6% -24.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $85.24M $85.08M $62.97M
Total Long-Term Liabilities $890.0K $474.0K $1.044M
Total Liabilities $96.60M $97.46M $64.16M
YoY Change 57.91% 51.91% 6.77%
SHAREHOLDERS EQUITY
Retained Earnings -$193.9M -$190.9M -$172.6M
YoY Change 10.11% 10.63% 5.55%
Common Stock $39.00K $38.00K $36.00K
YoY Change 5.41% 5.56% 5.88%
Preferred Stock
YoY Change
Treasury Stock (at cost) $871.0K $871.0K $871.0K
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares $135.0K $135.0K 135.0K shares
Shareholders Equity $75.52M $72.10M $72.10M
YoY Change
Total Liabilities & Shareholders Equity $172.1M $169.6M $136.3M
YoY Change 29.99% 24.44% 5.21%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$2.970M -$7.238M -$5.652M
YoY Change -15.19% 28.06% -26.39%
Depreciation, Depletion And Amortization $2.220M $2.220M $1.790M
YoY Change 28.32% 24.02% -7.73%
Cash From Operating Activities $4.510M -$4.140M -$690.0K
YoY Change -1039.58% 500.0% 527.27%
INVESTING ACTIVITIES
Capital Expenditures -$2.090M -$1.580M -$1.230M
YoY Change 93.52% 28.46% 50.0%
Acquisitions
YoY Change
Other Investing Activities -$2.100M -$3.300M
YoY Change
Cash From Investing Activities -$4.200M -$4.880M -$1.230M
YoY Change 288.89% 296.75% 50.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.280M 1.160M 3.350M
YoY Change 14.29% -65.37% 16650.0%
NET CHANGE
Cash From Operating Activities 4.510M -4.140M -690.0K
Cash From Investing Activities -4.200M -4.880M -1.230M
Cash From Financing Activities 1.280M 1.160M 3.350M
Net Change In Cash 1.590M -7.860M 1.430M
YoY Change -461.36% -649.65% -257.14%
FREE CASH FLOW
Cash From Operating Activities $4.510M -$4.140M -$690.0K
Capital Expenditures -$2.090M -$1.580M -$1.230M
Free Cash Flow $6.600M -$2.560M $540.0K
YoY Change 1000.0% -574.07% -23.94%

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CY2018Q4 us-gaap Long Term Investments
LongTermInvestments
0
CY2019Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
145000
CY2019Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
145000
CY2018Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
8299000
CY2018Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
8299000
CY2019Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1359000
CY2018Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1832000
us-gaap Share Based Compensation
ShareBasedCompensation
2783000
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.53
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.27
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.36
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.22
CY2019Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
17525000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y9M18D
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
175000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
350000
CY2019Q2 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
0
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.
CY2019Q2 bcov Number Of Customers Accounted For More Than Ten Percentage Of Revenue
NumberOfCustomersAccountedForMoreThanTenPercentageOfRevenue
0
CY2018Q2 bcov Number Of Customers Accounted For More Than Ten Percentage Of Revenue
NumberOfCustomersAccountedForMoreThanTenPercentageOfRevenue
0
CY2019Q2 bcov Number Of Customers Accounted For More Than Ten Percentage Of Accounts Receivable
NumberOfCustomersAccountedForMoreThanTenPercentageOfAccountsReceivable
0
CY2018Q4 bcov Number Of Customers Accounted For More Than Ten Percentage Of Accounts Receivable
NumberOfCustomersAccountedForMoreThanTenPercentageOfAccountsReceivable
0
CY2018Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangibles
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles
9765000
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
1456000
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1463000
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1304000
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1304000
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
1304000
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
2934000
CY2018Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
49269000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
97033000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
98078000
CY2018Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-6965000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-10762000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-7936000
CY2018Q2 bcov Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.19
bcov Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.28
bcov Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.22
CY2019Q2 us-gaap Revenues
Revenues
47582000
CY2018Q2 us-gaap Revenues
Revenues
41654000
us-gaap Revenues
Revenues
82848000
bcov Percentage Of Revenue
PercentageOfRevenue
0.10
bcov Percentage Of Revenue
PercentageOfRevenue
0.10
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.040
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
3593000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
6115000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
5392000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2302000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1104000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
985000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
19491000
CY2019Q2 us-gaap Restructuring Charges
RestructuringCharges
752000
CY2019Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
38278656
dei Trading Symbol
TradingSymbol
BCOV
dei Security Exchange Name
SecurityExchangeName
NASDAQ
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Security12b Title
Security12bTitle
Common Stock
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Small Business
EntitySmallBusiness
false
CY2019Q2 bcov Percentage Of Revenue For Identifying Major Customers
PercentageOfRevenueForIdentifyingMajorCustomers
0.10
CY2018Q2 bcov Percentage Of Revenue For Identifying Major Customers
PercentageOfRevenueForIdentifyingMajorCustomers
0.10
CY2019Q2 bcov Percentage Of Accounts Receivable Identifying Major Customers
PercentageOfAccountsReceivableIdentifyingMajorCustomers
0.10
CY2018Q4 bcov Percentage Of Accounts Receivable Identifying Major Customers
PercentageOfAccountsReceivableIdentifyingMajorCustomers
0.10
CY2019Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
1913000
us-gaap Operating Lease Expense
OperatingLeaseExpense
3820000
dei Entity Address State Or Province
EntityAddressStateOrProvince
MA
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2019-06-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Registrant Name
EntityRegistrantName
BRIGHTCOVE INC.
dei Entity Central Index Key
EntityCentralIndexKey
0001313275
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Shell Company
EntityShellCompany
false
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
72097000
CY2019Q2 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
5900000
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
3800000
CY2019Q2 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
1800000
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
3700000
us-gaap Revenues
Revenues
89418000
CY2018Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
2020000
us-gaap Operating Lease Expense
OperatingLeaseExpense
4023000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
3300000
us-gaap Stock Issued1
StockIssued1
8866000
CY2019Q2 bcov Percentage Of Revenue
PercentageOfRevenue
0.10
CY2018Q2 bcov Percentage Of Revenue
PercentageOfRevenue
0.10

Files In Submission

Name View Source Status
0001193125-19-201232-index-headers.html Edgar Link pending
0001193125-19-201232-index.html Edgar Link pending
0001193125-19-201232.txt Edgar Link pending
0001193125-19-201232-xbrl.zip Edgar Link pending
bcov-20190630.xml Edgar Link completed
bcov-20190630.xsd Edgar Link pending
bcov-20190630_cal.xml Edgar Link unprocessable
bcov-20190630_def.xml Edgar Link unprocessable
bcov-20190630_lab.xml Edgar Link unprocessable
bcov-20190630_pre.xml Edgar Link unprocessable
d777295d10q.htm Edgar Link pending
d777295dex311.htm Edgar Link pending
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