Brightcove (NASDAQ: BCOV) reported Q1 EPS of $0.15, $0.05 better than the analyst estimate of $0.10. Revenue for the quarter came in at $54.8 million versus the consensus estimate of $53.46 million.

“Brightcove’s performance in the first quarter further demonstrates that our strategy is working, highlighted by double-digit subscription revenue growth and our best-ever adjusted EBITDA margin,” said Jeff Ray, Brightcove’s Chief Executive Officer. “The proliferation of video is changing the way enterprises, media organizations, and content creators work. Customers choose Brightcove because our video platform provides the reliability, scalability, and security they need to meet multiple critical business challenges. Our investments in innovation and go-to-market are creating greater value for customers and positioning us to deliver on our long-term financial targets.”

GUIDANCE:

Brightcove sees Q2 2021 EPS of $0.02-$0.04, versus the consensus of $0.10. Brightcove sees Q2 2021 revenue of $49.5-50.5 million, versus the consensus of $51.41 million.

Brightcove sees FY2021 EPS of $0.43-$0.54, versus the consensus of $0.50. Brightcove sees FY2021 revenue of $211-217 million, versus the consensus of $215.26 million.

Business Outlook

Based on information as of today, April 28, 2021, the Company is issuing the following financial guidance.

Second Quarter 2021:

• Revenue is expected to be in the range of $49.5 million to $50.5 million, including approximately $2.7 million of professional services revenue.
• Non-GAAP income from operations is expected to be in the range of $1.0 million to $2.0 million, which excludes stock-based compensation of approximately $2.0 million and the amortization of acquired intangible assets of approximately $0.7 million.
• Adjusted EBITDA is expected to be in the range of $2.4 million to $3.4 million, which excludes stock-based compensation of approximately $2.0 million, the amortization of acquired intangible assets of approximately $0.7 million, depreciation expense of approximately $1.3 million, and other income/expense and the provision for income taxes of approximately $0.3 million.
• Non-GAAP net income per diluted share is expected to be $0.02 to $0.04, which excludes stock-based compensation of approximately $2.0 million, the amortization of acquired intangible assets of approximately $0.7 million, and assumes approximately 42.9 million weighted-average shares outstanding.

Full Year 2021:

• Revenue is expected to be in the range of $211.0 million to $217.0 million, including approximately $12.5 million of professional services revenue.
• Non-GAAP income from operations is expected to be in the range of $20.0 million to $25.0 million, which excludes stock-based compensation of approximately $9.2 million, the amortization of acquired intangible assets of approximately $3.0 million and other (benefit) expense of ($2.0) million.
• Adjusted EBITDA is expected to be in the range of $25.5 million to $30.5 million, which excludes stock-based compensation of approximately $9.2 million, the amortization of acquired intangible assets of approximately $3.0 million, depreciation expense of approximately $5.3 million, other (benefit) expense of approximately ($2.0) million, and other income/expense and the provision for income taxes of approximately $1.7 million.
• Non-GAAP earnings per diluted share is expected to be $0.43 to $0.54, which excludes stock-based compensation of approximately $9.2 million, the amortization of acquired intangible assets of approximately $3.0 million, other (benefit) expense of ($2.0) million and assumes approximately 43.1 million weighted-average shares outstanding.

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