All things video and streaming. We believe we're the beneficiary in the future of end user and end market growth, you know, both the companies we serve and the market that they are serving. We have global reach, diversified client base, with about 2,000 customers globally, a significant opportunity for expansion in multiple ways and multiple markets, a clear product and services innovation path. We have an AI-driven amplification to that as well, all funded with existing operations. An incredible new experienced and expert management team driving transformation of the company. Finally, strong recurring revenue model, structurally EBITDA and free cash flow positive, with a debt-free balance sheet, which all says to us that we have an undervalued company here, with incredible growth opportunity and revenue, adjusted EBITDA, free cash flow, and hopefully, shareholder returns for all of you. Our vision is to be the most trusted streaming technology company in the world, and we do that by enabling any company, brand, or creator to own their own digital future through engaging their stakeholders through a reliable, scalable, and secure video technology platform. It's a big mission, and we truly believe in it. It's gotten us to a pretty meaningful size and scale, with about 2,000 customers in 80 countries, doing about $100,000 on an average revenue per customer basis. We serve about, you know, 2 billion videos on a monthly basis to 200 million users. We're integrated with the broader ecosystem that our customers have to the tune of 100+ integrations, and a significantly scaled financial profile of roughly $200 million in revenue, with $180 million of total backlog of that revenue. And then, meaningful growth on the EBITDA side projected for this year at 25% or greater, and John will walk through that in more detail shortly. For those of you that don't know us, our core solutions are here to power the core functions for all kinds of customers. We, for media customers, manage, distribute, and monetize their content with them. You can think of that as folks like Yahoo! in our customer base, or AMC Networks, where we run AMC Plus, or the NHL, where we stream videos on their sites and the sites of all the individual teams. Or Sky, we have a number of Sky, Sky Mexico and Sky UK, and also Sky New Zealand, and Australia, where we help power their streaming services. You can think about us also as delivering for enterprises in two, now soon to be three, ways. Either marketing and selling the products and services they do. You can think about Home Depot's website and the sort of product videos that help people learn and want to buy more, or someone like a Wendy's in our customer base, where we help them communicate with their franchisees using a training piece of video software, or a Deloitte, where we are an internal communication solution for them across their global employee base. So we end up serving these really core functions across companies. We do this with a very powerful Video Cloud platform, highly scalable, secure, and absolutely enterprise-grade. It helps people ingest and manage that video content, it helps them create the experiences with which that content can play, then distribute that content across all the devices that are out there these days, and then analyze and improve performance using our analytics and insights tools. We do this, this sort of horizontal capability that we like to execute vertically, whether it's a Media Studio product for our media customers, which helps them maximize revenue and reduce costs, or our Marketing Studio product, which helps accelerate those paths to purchase, or our Communications Studio product, which enables really the communication between stakeholders and especially employees inside a company. Then we layer on a layer of expert advisory services to help customize the solutions for major enterprises. Now, we've added some use cases here in the recent past. We haven't effectively named them yet, but because they sit effectively within our Marketing Studio product today. But we've in the past quarter or so launched a sales use case with a major real estate firm, where 30,000 agents are now publishing video into our platform to then execute with their customer base. Or we have the same thing with a retail media networks use case, where we're talking to a number of our existing retail customers about how they can videoify their retail media networks. And then finally, later this quarter, will be coming our powerful AI suite, which is going to serve across-the-board capabilities, and I'll go into a little bit of depth of that in a minute. Type of customers we serve, enterprise side, 1,500 or more globally. These are the types of customers across, you know, financial services, B2B technology, healthcare, we mentioned the real estate side before, retail, e-commerce. We have an incredible customer base, kind of the envy of what most SaaS companies would want. And on the media side, it's 500 or so globally, from some of the largest publishers out there, like Yahoo! and News Corp, to major sports entities like the MLS and PGA, to major television networks and streaming services like AMC or BBC or Sky or SBT in Brazil, and then other publishers that you see there, like CNET and cable operators like J:COM. So a very global customer base that reaches, you know, across the types of media entities that are there. We've driven our strategy by listening to the market, by listening to what's happening with consumers at the end use cases, and also thinking about our direct customers' needs, and really informing how that strategy takes place. What's happening out in the market is, look, video dominates the internet and it actually drives engagement globally. So 80% of internet traffic is effectively video these days, and 70% of internet users are streaming video every year. It is key to driving sales and revenue, from a marketing use case perspective. I mean, we've seen budgets increase for video marketing, and 80% of sales credited to some form of video marketing effort. So if you're not in video and you're in the business of selling something, you're probably doing it wrong. It's also a key engager of distributed and hybrid workforces. It's how, you know, we thought, you know, effectively COVID was gonna be the end of hybrid and remote work. Turns out it's here with us to stay. At least 33% of the U.S. workforce is still working hybrid or remote, and about 80% of surveyed employees prefer to work that way, and so you do need a communications tool to be able to enable that... On the media side of the house, content streaming continues to grow. It's the dominant battlefield for attention in media, and while you hear some negative stories about the transition in the media business, we still believe there's tremendous growth in the usage, which tells us we're in the right space to be. Got a 21% increase in year-over-year viewership going into this year. Streaming is now dominant over broadcast and cable. It is an industry in transformation around the globe, whether it be the way they're going to market, whether it's new monetization or modalities or content types, or the cost transformation that many of these companies, larger companies are going through, where programming is being optimized, and they need to reduce that in-house spend. And then you're just seeing new services and new launches. You're seeing, you know, ESPN, Fox, and Warner come together with Venu, their new sports streaming service, or Disney, you know, finally turning a profit. These stories are coming to life at the biggest companies. It also means it's coming to life across the hundreds of other media companies around the globe, that need access to our types of services. We also believe there's gonna be meaningful growth in both channels and services across the globe as these larger companies shift their priorities. Those larger companies are going back to licensing content. They're going back on their global ambitions to serve every customer direct and moving towards a licensing model, which means there's gonna be more, what I would call, local regional services. You see the ones on the right, those are all our customers around the globe and the leaders in their specific territories, whether it's Rogers in Canada or TV in Japan, or Seven and Nine Networks in Australia or SBT in Brazil. But there's also a large number of what I would call next set services globally and domestically. These are not from necessarily the big six companies, but exist in a meaningful way. I point to AMC there as one of our customers, but also others who are not, like Crunchyroll and DAZN, who I think are very interesting from the ability for there to be more and more of those around the globe over time. So at the end market, we believe streaming video continues to dominate and grow globally. On the enterprise side, it's driving sales and marketing, it's engaging those hybrid and remote workforces, and there are new use cases to be had in this space significantly over time. We also believe that the AI-driven future, whether we drive it or not, is going to drive more content, especially in the enterprise side. When an enterprise can go in and simply just enter text to create a video, we think that is great for Brightcove and the growth that we'll see in overall usage. On the media side, larger entities are gonna continue to outsource their technology versus insource it. You know, that is constantly the battle for us, but we think over the long run, we're gonna win that. And that next tier of services, both domestically and globally, are set to thrive, right? That there's going to be more of them out there, and that those business model evolutions are gonna require that there be third parties at the table to help these companies make those transitions. And while AI may be a longer, you know, pole in the tent for media because of the union and rights rules, we do think eventually there will be more video content coming through the system and adding to that growth. Our strategy is to drive, you know, to generate new and larger opportunities, improve retention, and try to better and more effectively capture our market through these key things. On the go-to-market side, we're pushing to move upmarket into larger opportunities, and we're looking to build long-term upgrade paths for our customers. Finally, we're looking for the right channel partners to help us drive, you know, so that incremental revenue base that we can, without all of it being direct sold. From a solutioning perspective, we are certainly willing to partner to serve more things, and you'll see that come through in our strategy and action. We are looking to deliver more complete solutions for our customers so that we can grab on more of their business and hold on to it. We're also looking to expand the use cases we go to market with to really drive differentiation for them. You can see this in action, the things we've been doing in the last few quarters, and I'll just mention a few. On the upmarket side, you know, largest deal in company history was last year with Yahoo! We continued to serve large entities around the globe for media, like Seven, which is one of the leading networks Down Under, which is a multimillion-dollar customer for us. We then have, you know, Home Depot and GM, major Fortune 500, if not 100 companies that are thriving using our platform and are big, meaningful relationships for us over time. You'll see us also drive meaningful upgrade paths with many of these customers. With the NHL, the example is we launched with VOD for their their home site and their the 32 team sites and apps. Almost immediately, they needed to stream some preseason games in the first year we worked with them, and now we're doing live with them as well. Take a company like Palo Alto Networks, where we had a nice marketing use case for them. They've now expanded to what we call our.TV solution, which is a thought leadership, effectively streaming service lookalike that goes on their site to really amplify the types of marketing messages they can put out. On the partner side and go-to-market, we've signed a number of good partnerships with folks like Sitecore, Acquia, WordPress, to really help us try to push the distribution of our software through other mechanisms, through whether those be site creators or publishing entities. We've built out a much deeper solution set for our customers, whether it's a new video editor or cloud playout solution, or the dozens of integrations we add to our platform on a yearly basis. It used to be, you know, we had Video Cloud, then we had Video Cloud plus Media Studio, Marketing Studio, and Comm Studio. Now we have a sales use case and a retail commerce media use case, and we're gonna continue to add to that base. And then finally, on the partner side, you know, things we help resell into our customers, whether they be translation services from folks like 3Play or, transaction services like from Evergent, or, build services, building apps and other areas like Accedo, we're continuing to expand our partner network, that we can continue to make money from our customers with those partners. On the AI side, you're gonna hear more from us later in the quarter. We will roll out a suite, that we believe will be market differentiating. We've certainly taken our time here on purpose. We've talked to our customers, and it is deeply about what they have told us they would pay more for and need from our platform and from an integrated solution. We're focused on a secure, open, intelligent, and integrated platform, which we will deliver to focus on growth and optimization for our customers, whether it helps them grow audience engagement or revenue, and also help them save cost and time, and we think it can do both. We think, you know, part of our tenets are gonna be how we secure their data and only use it in engines they approve. It's gonna be deeply integrated and flexible within their architecture, but you're gonna come to Brightcove to execute it so that it doesn't, you know, require you to log into 52 different platforms. Our long-term goal is to make this platform an automated one that effectively allows the flywheel to happen. So think of it as a key area where if you make the changes and use our AI system, it will help you grow the engagement on your content and hopefully amplify your revenue or reduce your costs. And then finally, it's going to be partner enhanced. We are not gonna build our own LLMs. We are going to partner across the board, and we right now have over a dozen companies piloting different parts of our platform that we will release later this quarter to talk about how those companies are using our AI pieces to really move their business forward. One of the early things we did last quarter was announce a partnership with Amazon on their Amazon Q service, where we put all of our customer success documentation into the Amazon Q platform, so that our technical and customer success representatives can absolutely answer questions faster and more productively using the system. So far, so good. We're over a quarter into it, and I do believe it's increasing our productivity absolutely with our customers. And then finally, I'll close with why we think this is an incredible business that has a lot of leverage going forward. You heard me talk about that solution expansion, the new use cases, the AI pieces. We believe we can do more for our existing customers and for new ones. We believe we can develop larger customer relationships, and we've proven that with an increasing ARPU, which John will walk through in a minute. And then we've also done longer term deals. We've moved out from a probably 1-year average to a 2-year average in terms of, of how long our customer contracts are, and we're pushing for more. And then finally, our COGS, our cost of goods sold, is effectively usage-based, not revenue-based. So as we add more revenue, with not as much more usage, we do believe there's gonna be margin expansion. We think this will help us deliver consistent revenue growth in the future, will help us improve retention, will help us increase those gross and EBITDA margins over time, and continue to generate more meaningful free cash flow, as we have this model with leverage. So, with that, why don't I turn it over to John and have him walk through the financial plan, and then we'll take your questions. Thanks, Marc. We'll, we'll start off by just giving you a little bit of context on the, on the business from a financial perspective, by looking at the first half numbers here. Our revenue in the first half was $99.7 million. That was flattish, basically, over our first half of last year. We did that with an increased adjusted EBITDA at $8.7 million, so running 9%, adjusted EBITDA margin, and we're doing that with free cash flow as well for the first half, roughly $1 million. As Marc mentioned, we're, you know, an international company in about 80 countries with customers, about 2,000 customers, and about 630 employees around the globe. So you get the context. We are, you know, about a $200 million run rate technology company. Our revenue is, the vast majority is subscription-based, so it's about, you know, 95% plus subscription-based. There's a small services component. But there was a question about our business model. You know, customers come to us, they make a commitment around a subscription, and there is a usage component to it and underlying usage, but for the most part, they're making a subscription commitment to us, and we're recognizing that ratably over the service period. Right, so relating back to kind of what Mark said about our strategy, we can, you know, drive those strategic points down into our financial focus as well. There's really four main pillars that we're focused on, on the financial side, and that is, number one, returning to consistent growth in the business. We'll show some of the underlying trends that we think are promising in that regard, but we mentioned that, you know, in the first half of the year, we were flat year-over-year. That was actually up slightly in Q1, down slightly in Q2. Some of that is the effect coming out of COVID. This business was a beneficiary of COVID and a demand pull forward during that period, and there's been a period most recently where we've seen a normalization coming out of that. But as Mark said, with a growing market, we believe that we are poised to return to more consistent revenue growth. And while we're doing that, we are also adding profitability, this kind of our second pillar. We'll show you what we're already doing and where we believe the leverage comes from within the model to continue that. And again, the balance there is also around our own investments in product innovation, as well as sales and marketing go-to-market. So we are still investing heavily in the product in order to support this return to growth as well. And then lastly, we'll just drop in on our guidance, both in our short-term, laser-focused on delivering guidance in the quarter, as well as in the year, and then we'll highlight along the way how that relates to our long-term plan. So returning to consistent revenue growth - we, you know, we are seeing within the business, we think a number of underlying very hopeful trends in terms of our performance. This past year was a bit of a breakout year for new business. As Mark mentioned, we closed one of the largest customers in our history, or the largest, and we're seeing, so not only an increase in new bookings last year, but we saw the size of those bookings increase as well. So a little bit of focus on the strategy, what Mark outlined, which was moving upmarket. We are also seeing this year positive trends, not only in new business, but also in our add-on business within our existing portfolio. We saw add-on bookings in Q2, 25% greater than the average of the last four quarters, and we also saw an increase in the average deal size. So once again, momentum in terms of moving upmarket, where we tend to compete better and where we retain and win customers more effectively. So at the same time, you know, we are winning more, we're also seeing that deal size move up in the portfolio, in the both in new bookings as well as in existing customers. Our average revenue per customer, per premium customer here, hit an all-time record this past quarter, $99,000, and that was up year over year as well. So driving toward larger deals, again, giving us confidence in our path to return to consistent revenue growth. And at the same time our deals are getting bigger, our customers are also making longer-term commitments to the product and to the solution. Our customer backlog, our revenue backlog, which is measured as committed revenue at the end of any given period, was up 3% year-over-year, and the component of that that was actually out further than 1 year was actually at a record level. So we, we think this is super important, not only to give us visibility into our revenue, but also it effectively locks in 100% renewals at each of these anniversaries when companies make multi-year commitments, with Brightcove. And so, you know, seeing how that plays out, we mentioned revenue in the first half of the year, just short of $100 million. We had the opportunity as well to increase our guide for the past half of the year, so, second half of the year. So in the first half of the year, we were consistent in beating our guidance, both quarters, and raised in the second half of the year. Again, we think we're proving out a path toward our near-term target, which is to return to solid, consistent, positive, single-digit revenue growth, and in the longer term, grow the business 10% or more. So at the same time we're growing the business, we're also adding profitability, and that we're doing currently. Here is a look at our gross margin. We operate on a non-GAAP gross margin of about 62% today, and that includes about 5 or 6 points of depreciation and amortization. If you were to break that out, we're closer to 70% today. But we think there's continued leverage within COGS, and that comes from a number of areas. Number 1 is revenue scale. We, we have a very high ratio of contribution of revenue to gross margin when we add revenue to the business, and as Marc mentioned, because our COGS is mostly driven by utilization and not directly by revenue, so leverage within that. As well, we think there is a clear path toward cost optimization on COGS as well, both in working with our vendors and also in how we optimize our architecture for costs. So we think we have a clear path there. We've also seen a decrease in the amount of depreciation and amortization that runs through COGS as well. So at the same time we're seeing, seeing leverage within our COGS, we're also seeing that within OpEx as well. So we've decreased OpEx year over year, first half of the year, from 78% to 70% of revenue through a couple of direct actions. We believe we've resourced the business appropriately and for growth into the future. And again, leverage as we continue to grow the revenue, because we're confident with where our expense base is and our resource level is, that we can add revenue without additional operating costs. So again, this breaks out into actual results, especially with EBITDA. First half EBITDA was 9%. That's up from 1% in the first half of 2023. Our adjusted EBITDA guidance for the year, we increased from 14-16 to 14.5-16, and that's up 25%+ at the midpoint over about $12 million worth of adjusted EBITDA last year. So again, I think we're building not only meaningful adjusted EBITDA, but also building a path toward our long-term target of 20%+ on adjusted EBITDA. And this translates as well into free cash flow. We convert free cash flow this year and expect to at about 40%-50% of adjusted EBITDA. We operated on a positive free cash flow basis in the first half of the year. We expect to be free cash flow positive in both quarters in the second half of the year, and again, giving guidance about $5.6 million-$8 million worth of free cash flow in 2024. So we're improving profitability, but we're also balancing that with making improvements in both go-to-market as well as within product innovation. Today, we're devoting over 50% of our revenue back into the product or go-to-market. So again, we think we're resourcing the business for the growth that we expect to be able to return to on a consistent basis. A little bit more on how we're doing. So in Q2, we delivered revenue of $49.2 million. Again, both in Q1 and Q2, delivering above our guidance range. Similar on adjusted EBITDA, we delivered in Q2 at 8%. That was $3.8 million worth of adjusted EBITDA, and again, above our guidance range, similar as in Q1. So we're laser focused on delivering this, and again, all-time records, both in our revenue backlog over one year, as well as in our average revenue size, our ARPU of $99,000. And again, this translates into cash. Cash at the end of Q2 was $24 million. That's up roughly $6 million over last year. We had a free operating cash flow of $4 million, and $1.8 million worth, worth of free cash flow in Q2. Okay, and lastly, just giving a look at our guidance. As I mentioned earlier, we were able to raise our guidance in the for 2024 this past quarter. We expect revenue in the $195.5 million-$198 million range, and we think, again, some of the underlying trends points to- a proof points toward returning the business to consistent revenue growth and a target of 10% or more in the longer term. And adjusted EBITDA, we're well, well on our way toward our long-term target of 20%. Again, this year with a growth in adjusted EBITDA of 25% or more at the midpoint, and about roughly 9% for the year in adjusted EBITDA. And so with that, we just have a highlights page, and I think we're ready to open it up to questions, if we can do so. Thank you so much. Thank you so much, team, for the presentation, and I would like to remind everybody on the call, if they have any questions, they can submit them at the Q&A function at the bottom of their screen. We will start with a few that we already have. How does your revenue model work? Is it subscription-based, or is it volume or traffic dependent? Yeah, and I touched on that as well. So it is primarily subscription-based. There's some underlying entitlements or usage-based, but it is a subscription model. The vast majority of the revenue is a recurring subscription. There's a small component of services that support the implementation and some custom solutions. Okay, and if you can speak about your major competitors, and how do you continue to innovate and be different every year? And what are the alternatives to Brightcove? Would they be homegrown platforms or three, third-party platforms? Yeah, the media side of our business, it's predominantly do-it-yourself is our major competitor. So the folks will have large enough teams in which they can build their own solution, but we ultimately think that's not efficient, so we think there's a-- we have great competitive there. There are a number of what I would call point solution competitors in the space, but none of which are of our scale or, you know, capability, other than, you know, a homegrown team with a lot more people can certainly build some of the things we do. And then on the enterprise side, there are a number of point solution competitors for specific use cases, which are obviously much smaller, and then there's a few, larger companies, yeah, that attack the market slightly differently. I always point out, you know, Vimeo is coming from the bottom end of the market, you know, targeting sort of $20,000 ARPU, while we're up at the $100,000 ARPU. But we are going after, you know, similar broader set of enterprises. We have about 250 of the Fortune 1,000 in our customer base, and we are targeted upmarket. Right. And if you can just spend a minute about the media market in general, and do you see the market maturing, and will you be seeing consolidation happening in the future? And how does consolidation impact you? Yeah, look, consolidation on the media side of the business sometimes helps and sometimes hurts, right? So I think when a customer of ours gets bought by someone who has a homegrown solution or another solution, we can sometimes lose a customer. We had one of those in Q1, which we disclosed a bit ago. But also, there have been times where companies get bought by a you know, where we are the supplier, or sometimes as they're divesting and changing, they have to re-platform, and there are a number of those out there. So it is gonna be a fact of life in that market. We're very well aware of it. We have that factored into our business plan about how sort of higher churn will happen in the media business, but we also think there are chunkier deals to win as we go into that space. Right. And, there's another question which says: You have seen some downward pressure on renewals from deals signed during COVID. When do you expect this trend to have exited the model, and what is your outlook for revenue Yeah. Go ahead. So we was pointing to some positive trends in this past quarter, where we were starting to see some entitlement gains in add-ons, so existing customers adding on additional usage. We're still seeing a mix. We saw some downgrades this past quarter, still from that effect of kind of the normalization after COVID. But again, we think we're working through that, and we believe we're poised to return to growth in the near term. Well, that brings us to the end of our time here, but thank you so much for having the conversation with us and with your time. Thank you so much. We really appreciate it. Thank you. Thanks, everyone.
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