Q3 2024 Brightcove Inc Earnings Call Transcript
Key Points
- Brightcove Inc (BCOV) reported Q3 revenue of $49.9 million, exceeding the high end of their guidance range.
- Adjusted EBITDA for Q3 was $5.1 million, significantly above the guidance range and up 34% sequentially.
- The company generated $1.6 million in free cash flow, contributing to a cash balance increase to $27 million.
- Brightcove Inc (BCOV) raised its full-year guidance for both revenue and adjusted EBITDA, reflecting strong performance.
- The company launched Brightcove's AI suite, which is expected to be a significant growth driver in the coming years.
- Total revenue was down 2% year over year, indicating a decline compared to the previous year.
- Recurring dollar retention rate dropped to 80% from 83% in the previous quarter, impacted by entitlement reductions.
- A significant down-sell from a large international media customer affected revenue retention.
- Professional services revenue decreased by 18% year over year.
- The company anticipates a sequential decline in revenue for Q4 due to a reduction in overage revenue and a large down-sell.
Good afternoon and welcome to Brightcove's third quarter, 2024 earnings presentation.
Today, we'll discuss the results announced in our press release issued after the market closed. During today's presentation.
We will make statements related to our business that may be considered forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 As amended, including statements concerning our financial guidance for the fourth fiscal quarter of 2024 and the full year 2024 expected revenue, profitability and cash flow, our potential 2025 business performance, our position to execute in our go to market and growth strategy, our ability to expand our leadership position, our ability to maintain and Upsell existing customers as well as our ability to acquire new customers.
Forward-looking statements may often be identified with words such as we expect we anticipate upcoming or similar indications of future expectations.
These statements reflect management's beliefs as of today and should not be reflected upon as
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