Brightcove Inc. (NASDAQ:BCOV) Q1 2024 Earnings Call Transcript

John Wagner: I’d say we have no plans to make further – take further actions like we did in Q1 of this year or Q1 of last year. I would say, I think we are seeing the benefit of those actions, both in our adjusted EBITDA this quarter at 10%, as well as our guidance for a 25% year-over-year improvement in adjusted EBITDA. But I think we feel pretty confident where we are in terms of the business and making sure that we’re resourced and rightsized for both our strategy and our go-to-market. So I think you wouldn’t see anything such as that. But I think you would continue to see us be very judicious about resources in the business, continue to be very disciplined about the way we manage operational expenses. If there was one area that we would call out, it would probably be our technology spend within cost of goods sold, where we’ve made progress in the past.

We think there’s probably more impact that we can have in that area. That would be an area that we will probably try to optimize further. But generally, I think we feel pretty good about where we are in the business and our ability to meet our financial targets that we’ve laid out this year.

Marc DeBevoise: Great. Well said, John. So with that, I don’t think we have any further questions. First, I want to thank you all for joining us. We hope the takeaways we’re leaving you with today that we had a strong start to 2024, growing revenue and EBITDA, meeting or beating the high end of our guidance and strengthening our debt-free balance sheet all through Q1. But our recurring revenue model is secure as ever with the highest backlog in our history at the end of the quarter that we are reiterating our full year guidance and commitment to executing with operational rigor and delivering strong growth and profitability and real cash generation each quarter going forward. And that we have a market-leading product suite and a clear innovation path for an AI-driven future that we believe can deliver more consistent growth going forward.

And lastly, that we believe our current market capitalization is disconnected from the fundamentals and intrinsic value and believe Brightcove represents an incredibly attractive investment opportunity at this level. With that, I’ll thank my partner, John here for closing out his first earnings call with us here at Brightcove. And with that, we’ll both look forward to speaking with you next quarter.