雅虎香港財經 Brightcove Inc. (NASDAQ:BCOV) Q4 2023 Earnings Call Transcript
Brightcove Inc. (NASDAQ:BCOV) Q4 2023 Earnings Call Transcript February 22, 2024
Brightcove Inc. beats earnings expectations. Reported EPS is $0.04, expectations were $-0.05. BCOV isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Rob Noreck: Good afternoon and welcome to Brightcove's Fourth Quarter and Full Fiscal Year 2023 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 within [indiscernible] business that may be considered forward-looking and are made pursuant to the Safe Harbor provisions Private Securities Litigation Reform Act of 1995 including statements concerning our financial guidance for the first fiscal quarter of 2024 and full year 2024, expected profitability and free cash flow, our position to execute on 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 our views only as of today and should not be reflected upon as representing our views of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations, including the effect of macroeconomic conditions currently affecting the global economy. For a discussion of material risks and other important factors that could affect our actual results, please refer to those contained in our most recently filed annual report on Form 10-K and as updated by our other SEC filings. Also, during the course of today's presentation, we will refer to certain non-GAAP financial measures.
There is a reconciliation schedule showing GAAP versus non-GAAP results currently available in our press release, issued after market closed today, which can be found on our website at www.brightcove.com.
Marc DeBevoise: Thank you for joining. I'm Marc DeBevoise, CEO of Brightcove; and with me today is Rob Noreck, Brightcove's CFO. We're pleased to be streaming this to you via our Video Cloud platform to discuss our fourth quarter and full year 2023 results, provide an update on our strategic progress, and share our view on our future. I'll begin with a quick overview of the strong financial results we delivered in Q4, which were above the midpoint of our guidance range. Revenue for Q4 was $50.2 million, up 2% year-over-year and above the midpoint of our guidance. Adjusted EBITDA was $5.5 million, up over 3x year-over-year, delivering our second consecutive quarter of double-digit adjusted EBITDA margins and near the high end of our guidance.
And we generated $1.4 million in free cash flow, while delivering over $2 million in cash to the balance sheet. I'm very pleased we delivered on expectations in Q4, return the company to top line growth in the near-term, and did that while driving meaningful adjusted EBITDA, adjusted EBITDA, margins and cash flow. Our priority is to continue to focus on the things that we can control. That means, first and foremost, being disciplined on expenses and generating consistent, substantial adjusted EBITDA, and free cash flow. Our Q4 results are a good indication of our inherent scalability and efficiency. Building upon our recent profitability is one of our primary goals for 2024. As Rob will detail later, we expect to grow adjusted EBITDA by 25% and convert 40% to 50% of that into free cash flow in 2024.
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