Brightcove, Inc. (NASDAQ:BCOV) Q1 2023 Earnings Conference Call May 3, 2023 5:00 PM ET
Company Participants
Marc DeBevoise - Chief Executive Officer
Robert Noreck - Executive Vice President and Chief Financial Officer
Conference Call Participants
Steve Frankel - Rosenblatt Securities
Mike Latimore - Northland Securities
Max Michaelis - Lake Street Capital
Operator
Good afternoon and welcome to Brightcove’s First Quarter 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 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, including statements concerning our financial guidance for the second fiscal quarter of 2023 and the full year 2023, expected profitability and positive 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 as 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’ll 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 all for joining today. I am Marc DeBevoise, CEO of Brightcove and with me today is Rob Noreck, Brightcove's CFO.
We're pleased to be streaming this to you to discuss our first quarter results, provide an update on our strategic initiatives progress, and share our view on the near-term and long-term future for Brightcove.
I'll begin with a quick overview of our financial results for Q1. Total revenue for Q1 was $49.1 million in line with our guidance range. Adjusted EBITDA was negative $2.7 million below our guidance range. This miss [ph] EBITDA was driven primarily by unplanned higher headcount costs with us having quicker than expected success in hiring key roles, while experiencing lower than expected and historically low attrition.