BCOV - Earnings call transcript Q3 2021

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Operator

Greetings. Welcome to Brightcove Third Quarter 2021 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the format presentation. [Operator instructions] I'll now turn the conference over to Brian Denyeau from ICR. you. Thank

begin. may You

Brian Denyeau

the welcome Financial will third in discuss after Rob me release and Chief Ray, call. Officer; Executive our XXXX Today, issued and on With close. we the Brightcove's market are to afternoon, Jeff quarter Brightcove's Chief Brightcove's Noreck, earnings press call Officer. Good results announced

and provisions Securities the we will pursuant execute expand business position, ability Reform our considered the free be to on positive may our are XXXX, call, upsell and ability to go-to-market concerning customers. our make made our including leadership maintain Private fiscal strategy, XXXX, During our for forward-looking the customers, our full of to as expected and as and to of Act well of harbor profitability ability financial to position cash safe flow, that XXXX Litigation the existing statements new our related the quarter and growth acquire statements year to fourth our guidance

date. as as could may financial and not effect These of representing operations, statements COVID-XX on risks of only expect, the cause statements indications the conditions. materially business of subsequent are words expectations, similar impact that subject or These identified often well upon the including to reflected and on general, actual uncertainties market differ and a variety future with as we from expectations. results upcoming, to the pandemic economic anticipate, today our should of reflect of our we as statements our such views views be as as be any Forward-looking

filings. filed results, after a market our There of showing and affect financial issued during most we which can be and the available our to press reconciliation risks please close refer results updated our Form currently on to other material other important those on website call, is report will certain of non-GAAP course measures. in SEC actual our www.brightcove.com. could discussion by release contained as annual found today's on Also XX-K versus factors our schedule refer a that For non-GAAP today, GAAP at recently

additional agenda operations update for review a With the our a XXXX provide as that, will strategy. of of our call our regarding with an on financial will details year our the today's results, full call, as of Jeff. third XXXX. over turn and well results, summary finish terms In me Jeff review outlook quarter quarter Rob let our and fourth for to the

Jeff Ray

I you and to XXXX are PLAY Thanks, execute innovation prepared Brian, today. hope everyone Annual Virtual families very third on and announcements strategies. and multiple made productive well. executed joining We your had for thank Conference for a retention User We you to and our our continued quarter.

interactivity. being as acquire registrations signed by registrants the XXX the attracting the virtual was success PLAY to resounding that Brightcove the to power largest witness video will an date a countries. grew XXXX, also community. times user agreement testament events, enhance our PLAY a that We of almost our of event X,XXX from half new to In with event to technology to nearly new power XXXX of three we companies of with

of their thankful Sciences, South Education, for Motion customer partners, including by HubSpot Opera. Brightcove. up awareness in we to leading customers our time Over XX Arts Metropolitan success Academy driving Southwest, and the speakers the of and Department promotion XX viewing play, weeks saw served primary sessions, South our six Picture Tennis XXXX% and Australia, new a sharing of plus Wales by and Akamai, up contacts in New growth LPGA, Network, to the We're of massive days, AMC them we all During in two of videos, increase Brightcove stories. volume for Revry,

you live, Brightcove the very PLAY Play content. attend corporate TV, all channel can couldn't own to you our tune view TV into If

So let's overview our of with results. start an with that,

was $XX.X the guidance. Adjusted end year-over-year the million, third X.X% was of quarter, ahead For million, and EBITDA the our up high our revenue $X.X of of guidance of above high $XX.X million. end

we had our activity our expectations. the solid sales While of anticipated to underperformed, particular, below a Asia guidance, performance and In our saw lower was Japan than regions base. customer quarter levels relative across in performance our we Pacific upselling and

enablement later. we're We've address As Pacific and challenges quarter, revenue that have execution making guidance, growth the including methodology, driving changes will to and down selling significant detail in more which successful standardized doubling full and over our sales year a in the a made proposal on America two-year from formats, North leadership in proven strategies adjusting value result, the as such period. Rob provide Asia coaching several positive sales changes deal on bookings

these the America, We North just but several for from are to moving and not quickly changes globally. our fully. impact implement take to Asia sales tactics results quarters proven successful will It in Pacific,

revenue customer and on progress renewals work to and to in minutes make progress like this continue strategy the and in we the our good focus know we will spend a few can our strategic business success, confident significant would remain growth I We generate quarter. and Additionally, go-to-market business our areas, go-to-market. retention, highlighting product innovation, the deliver.

you areas. give some each detail these me of on Let

is market. paying we to and coming it in innovative off innovation, products with have First, R&D heavily invested

This value engage and and product have product monetize we better help their content audiences, quarter, to their and with that them their services. sell announcements our multiple considerable customers add

team's from campaigns initiatives. Brightcove content Often marketing search digital Marketing new typically insight lacking can studio. Brightcove suite access systems marketing video social and videos video be to videos which next valuable find management exist. platforms, all with early mediums, professionals marketing across year. best significant automatically And video video for to current Studio perform a upgraded their will which tools. Brightcove digital assets automation, preferred Studio, a into customers marketing communication start Studio all Marketing role-based multiple to that assets asset to management ideal marketers solution through communication using allows results Marketing more or Let's provides drive their available be

serve It's its CMO own a “There's their of we branded TV they engaging all our audience Brightcove on our EVP including announced highly how Brightcove software designed from to stream third-party acquire HapYak of platform, other APIs.” Brightcove with on content announcement empowers streaming a the add to no Brightcove the to for the ever through IP, audiences to partners, and significant James the their use go and the last, serving solution technology global enables CorpTV, and HapYak, recently NetApp a extensive powerful compelling its while with intent We experience marketplace a dynamic to open why Whitmore, marketplace and technology connections thinking Hulu announce to each global NetApp the assets where us NetApp a this customer content. solutions rich sites. on And keep increasing need data We more content content engaging launched a audiences, with Netflix partners XX. led Brightcove to employees. interactive content customers, NetApp, portion even company Brightcove interactivity launched serving audiences, will at creation and and the denying base, Brightcove. integrations, NetApp This of to The NetApp was virtual similar continue CorpTV and they providing to video customers content CorpTV and channel channel to new conference costs companies powered in solution. them “another a said, Brightcove year. and Brightcove. by we're or employees always to video create centric influence want, BXB return a seamless in and We video with XXX enabled of long when of CorpTV also organizations the channel, TV, employees this stronger that want, and format. customers cloud TV, over is world. of to educate, specific customers, without our and commercial video be With time when its forge October highlights functionality popularity to engaging XX channel and we market days assets. using has We're a of with proud entertain, the year. a platform brand marketing directly exciting solution enables their video accessing launched their to ecosystem companies partner insights of to our existing maximize grow. technology, leader solutions recently NetApp

into of the HapYak incorporate easily customers the interactivity any video. integration technology and can quickly With Brightcove

bring Our fit sold the team has natural years, a HapYak technology and it's for to into our portfolio. successfully

of this the close deal to We end year. the expect before

evidence customers, on We added also live also low to performance streaming to insertion by enhancements management, for focus to media add rights bringing and last released specifically our value quarter. latency our all continue

on Retention are excellent efforts. to has that For critical been And retention, progress these we let's always you for improving as delighted and focus customer us, making I'm know. experience. the move a

year. team. team Brightcove recognized excellence an quarter consecutive the the Some include month the for continues past have eighth in-house XX/X from to This highlights award-winning the support staff for TSIA support

a support to continues and Brightcove. differentiator has be been true long for Our

of with onboarding and we their a Our on still but have revamped our network, customer. our solicit with XXXX. path. seven work on a latest the roadmap customer that recently launch Example our to free product SaaS drive And with feedback onboarding roadmap and options, best-in-class We strategic regularly program retention pleased implemented on the We've paid We're more levels ensuring media engage towards had Brightcove. to and improvements for includes to customers since we're our clearly successful all customers requests. initiative a company. have close progress relationship customer attention right a is do, our

During ongoing at the the of competitive demonstrated the a we risk confidence and improvements losing technology agreement. yourself business retained for Brightcove our the as grew seven it We it a were and VOD instilled renewal of innovation, with recent signed we solution. seven, Brightcove and do support. value new and in platform process, renewal, Throughout

video security, our Brightcove that investment choice and innovation, Turning We're can the to we reliability, for our go-to-market provider highlights. to return deliver in proud as scalability, reputation worldwide of on customers select them. their

to platform digital people a a we The on their succeed including operated its video ability leveraging video. million organizational partners. level. with is Football Mars more as quarter that on customer. goal.com, scale video multiple host, Britain, requirements. approve associates, a by for powers shows ITV and customers on apps content GameStop at popular Brightcove contract and flexibility us. owned demanding deliver its to globally. syndication In Brightcove destinations with renewed selected deliver content the Co across Brightcove across consumer serving over across continues millions distributes video electronics video content. that engage audience digital monetize content a the and is A added web from meet GameStop its support and partners to customer its with experience viewers. and properties websites Brightcove to video security digital primary previous this its own its and Brightcove syndication external and use flawless as its will broadcaster sports customer. Mars ITV content are to gaming by a continue The increase its to new and Island, of security third demand languages, regions managers world's quality a customers distribute Brightcove at Brightcove and came Brightcove’s Mars uses including of its owns unrivaled to unrivaled one partners customer Love how and organize, our to is engagement to a to Let's time six its its Brightcove to Brightcove demonstrate and consumer and Football longtime look allow on form will renewed, its video global employees properties Co its use organization we helping vendor and creators, Brightcove Mars of will properties. platforms multiple manage new a at XX XXX grew globally globally. audience be creates Brightcove continents. ITV retailer game, soccer internal and formats. and examples seamless couldn't deliver high few XXX,XXX content quarter, when for from merchandise global video destinations Morning facing long past is and and partners. content Mars football with Mars websites, Good power short news recently content to across That's manage used agency

[indiscernible]. We continue space, in the and to add events production including partners Lenos

partners These and class America, geographical We Latin India, using to reach. also added expand world technology. our value for in Brightcove’s add new customers EMEA partners streaming our

a Brightcove license reach our the know our benefits, bases. we Forester competing ready fit to shifted video we on our allow Brightcove partners, business generation organizations guarantee know Our of high to partners, our platforms seamlessly Brightcove’s TEI Several focused up referral only and two power engagement our enabling total and organization into program due lead past break help to companies. Lenos conduct video from superior sales branded event engage, importance broadcast can global expand or an because on now our or not platform of drives master us fidelity sales customer customers and wide.” video employees, models, and player support “A a Software CEO partners prospects partner incorporating can service to client's video studies. these this highly deploying and technology and consulting solution. the said, reliability, quality into platform commissioned One from Chong, We total other Lenos partners, to program integrated quarter, We existing enterprise better streaming responsive economic marketing impact enterprise media to event our to Brightcove Brightcove’s business, customers, through economic deliver recognize benefit hybrid show the for team. inspire reach, to Debbie event. make scalable video video capabilities we and customers our and

XXX% decision legacy in to and manner. organization over multiple a interviews took platforms revenue. struggled and on Brightcove their The visibility an enterprise had several to analysis These that now as customer interviewed organization's a experiences And content. their in of they maker shared increased makers they study, journey fast in consumption their limited financial composite over years. timely decision the ROI enough. state, asset enterprise makers transcode syndicate found video For to not sales three the technology and that decision use video Brightcove using for could control weeks content process additional it drive the and an Organizations

composite an their devices using dub these new demonstrate best their new technology. Interviewee using our the new and over study, ROI years. media organizations markets. this. easy XXX% Brightcove of geographies, content have shared delivery the media allowed Brightcove. to to organizations experiences to that Turning organization markets an technology quickly three their entirely further to Legacy offering expanded entering new services not to have path know reach expanded We audiences. now to sellers did to we the solutions provide evidence Brightcove But

in products, it signed ever worldwide. We Before financials of reiterate I new off ramped new retention to depth, even want with partners that satisfied sales hand progress cover best to innovation execution not made play we we announcement hosted the are I with rates multiple to we challenges experienced. though quarter, increased the Rob our and the up this our many

its the key I'd moment our our on confident financial our progress achieve additional in place long-term to strategy take areas we also and will need team make addressing that to I'm continue areas improvement. focus in the we goals. and like that to I growth. a news the are and We from place quickly eventual have address to other to the my the in right to to the relating in next facilitate out released the retirement came we transformation lead chapter join in to today team of to put Brightcove and company Brightcove to retirement XXXX Brightcove.

on capacity will built. XXXX. our the to our we we and our While continue focus execution have upon the work find CEO not a current in company confidence team strategy company gives shareholders. to fully to announced do. I successor thereafter with This I the an results the the advisory opportunity. is to have know end to results as This on time remain great will a board approach of ensures that deliver to continue we'll we enough until today and ability Board company's the to serve amazing this from and have more Brightcove. until leader approach the expected our and with in build right are My satisfied retire and plan is every have we

While also Rob Board search executive Brightcove. the that, turn to walk let time having the an CEO. CEO search has ideal call launched With next the has through retained The to for the the you process over me find and for new firm Rob? the numbers. to

Rob Noreck

Jeff. Thanks,

you As mentioned, work of ever now a to on focus we more we lot do still need execution. have to and than

and our was revenue in $X.X the fourth revenue which months obligations a review support aggregate performance XXXX. and year-over-year North we was Breaking would third million. next outlook amount future of revenue the Europe services to was our $XX.X quarter, for quarter. the subscription as and international XX% quarter of generated and with revenue a a our I X% revenue that, in full during with basis, during generated America further, million, revenue committed was professional the $XX.X more, of the and we So I begin On increase. million. geographic This and subscription internationally. of Pacific revenue then XX% represents our revenue detailed range. which $XXX little generated a backlog, Total of in the year like will related to the with Breaking revenue XX-month Japan quarter above XX quarter XX% defined guidance finish and down third million XX% down was Asia our

rate within to was me range basis. the on a the low we was clear target quarter XX.X%, retention Recurring of quarterly into dollar XXs. in share our mid Let now third supplemental metrics which

quarter target quarters few retention in XXXX. of the XXX%. quarter XX% retention in satisfied. revenue XXXX, are of like which by before first XX% a in see performance, the and row half third improvement the to compares the we over are of to revenue pleased our the Since ranged net in we a to range was quarter While XX% XXXX Net XX%, the beginning second from would has we in

retention net with a comparing those premium XX prior months As We calculate to net leading quarter by we months recurrent companies. the introduce last that our to annualized revenue for prior. XX current recurring customers most reporting SaaS better revenue retention from reminder, revenue revenue the align annualized existed

will the on are As quarter our renewals a have saw made We in right the of XX-month Jeff improvements track. we rebuild before are confident metric. significant Since are business. our progress reflected in net and basis, we there effort in clear signs mentioned, improvement to trailing lag will the this natural we revenue calculated be a is on retention making be third

We expect consistently will that we our as time. business, over improvements in be renewals metric to over continue this XXX% make

count the end customer were Our at X,XXX, of X,XXX which was the premium quarter as of customers. third classified

level our at pricing our for year-over-year annualized revenue. which excludes our within our customer up revenue in customers, $X,XXX averaged Looking which for ARPU base, was premium starter annualized entry customer premium X% $XX,XXX, was and

our was on GAAP at our share million $XXX,XXX per results Looking and was .Operating of basis, income quarter. a net loss the for $X.XX $XX.X a was loss profit gross

results. our non-GAAP to Turning

improvement been of The of third and has our this approximately have XX% subscription Our was was third generated our $XX.X subscription support one margin improvement our our the profit the quarter gross gross range. for revenue the in the R&D growth quarter $X.X in focus resources invest which margin the a XXXX. the income greater revenue in near the in in in accelerates is as to the period million reducing revenue subscription an success of quarter. the area we was $X.X COGS compared $XX in XX% guidance of third operations share initiatives have average XX% to based months period. Non-GAAP strength per of gross for quarter, compares in X% the profitability margin the a year cost was This XX% share total $X.X nine in compared $X.X weighted grown compared in our and to and of a the third quarter shares revenue income represented quarter average to margin end period, additional ago in the has Subscription XXXX. was and on term, represented will Adjusted from organization third million, XXXX. third future. net while of of non-GAAP million million, EBITDA gross up year the business. of the growth had high to and of outstanding. $X.XX above scaling was by from Reducing Non-GAAP million year growth ago of million Adjusted in EBITDA been million quarter ago to $XX.X $X.XX our revenue weighted it million net Through quarter we in margin in margin million. drive areas compared the in throughout outstanding [indiscernible] per of in on million year, shares year gross XX.X first XXXX. The the XX%, XX.X income the diluted providing in

to million taking and full million ended free capital flow. and $X.X cash expenditures operations finish providing capitalized our software. After for from by in to quarter XXXX. $X.X of $X.X generated Turning internally cash like equivalent year I guidance quarter We million. the $XX.X would the fourth and the million. account balance into flow flow and was and with cash use We sheet in the cash cash

to million. to to $X.X $X of expected million be $X.XX $X.XX on per is cents weighted outstanding. $X.X income to to we share be revenue be the services adjusted million From XX.X income $X including of the targeting are million to based of EBITDA revenue. million average and range shares overages $X.X For quarter, net million, million professional expect $XX of $XX $X.X non-GAAP we and approximately operating profitability million fourth million perspective, and in between Non-GAAP a

full we our revising outlook. are full the year, year For

are profitability $XXX operating million expect to including and million. EBITDA non-GAAP income million is of and targeting $XXX.X adjusted $XX.X services million This $XX $XX.X $XX.X $XX operating revenue. for million in weighted within to non-GAAP These million approximately overages now outstanding. of $X.XX and million. $X.X Non-GAAP we of average expected shares be per guidance to professional million to $XX.X $XX.X based be between to XX million $XX.X the range to of for provided our $X.XX net are of million previously income share to to previous guidance XX EBITDA. million a million million We $XXX.X down both From million adjusted from of perspective, on revenue million, $XXX income of is our and

the down areas million. up, to For full progress done. targeting $X.X we from of flow million, more of now made wrap key are cash $X.X free third focus previous in to year, guidance our of million many quarter, $XX $X our in million To work to be the we is but

sales see begin addressing and we'll challenges occurred changes that are We impact of in our coming those confident the positive quarters. the to

the not and and we bottom-line Q&A. shareholders. to questions. we With committed performance opportunity changed that, Our to better belief top begin Operator, has ready long-term for now in our are take are delivering we'll your

Operator

from is question proceed. Frankel with first Our Please Colliers. Instructions] [Operator Steve you. Thank

Steve Frankel

in I'd for to the bit Good afternoon. expectations lower Jeff, QX. like a in dig little

So how could much for cross versus is in to new sales of on leading this account sales issue? And that issue? then you maybe especially was productivity, Is sell define poor us, an sales upsell, front, What's in the this churn. this QX a AsiaPac? higher disappointment

Jeff Ray

from Thanks, you. Steve. Right. to hear Good

you've us think quarter this, sales. aspects that the Looking at the this with all which most impacted I of hit

of on I kinds direction. nature lot the that thrilled And renewing. the and team the deals progress making of right the insight we're Rob the As business I'm progress the renewals we good noted, about also more downstream feel that a have business. are is in we that with renewals

with I'm happy and the predictable it's it but same discipline why He's did America's So we who it, Froehling, introducing the that know into that into is, that the It's The is AsiaPac on he ran one Americas. reasons of execution. that I job. for challenge demand. rigor consistent sales Brian oversimplifies global key promoted sales big

weren't that crawled sales looked discipline he the just and deal. we Americas. with are same and interviewed rigor in and He As every at and time discovered rep demonstrating literally spent the that through pipeline we each

it's is imminent a So, in his it words, but problem, fixable.

other the think They I'm is business see grow embracing the really succeed. there the is I and encouraged want this. by thing to team also

And getting Asia-Pac so we're from any in not teams the this done. pushback getting sales really

important much, and around most are we've much one. improve We've the introduced but a and deeper technology of number never level inspection the deals. a disciplinarian and touches. we can also running we us customer and investigation lets got a world that's sales satisfied, So that of track of the Certainly now prospect doing new real I'm touches literally

And so win that n prospect times deal. of know the have have much, that much a a you the touched if or higher data of have over demonstrates we correlating you we period to number weeks months, that opportunity

changing the out delivering of every in thing sees opportunity he and inspected great dynamic proposal other been went The that six we're how did for he has was that delivered proposals. the last months, he proposal every

execution drive side So sales it's it'll logo acquisitions. predictable also expansion, the will consistent and but new that drive on

Steve Frankel

to of work lot on and the North And be to there are cross-sell satisfied Or in your is still needs done a that there? ability the upsell side America, with of you enterprise business?

Jeff Ray

is data the that good never in predictability, better again, pretty the insight, to feel much, but the their destiny, in team that puts a that I'm of I support us position. satisfied, much America's that Yes, we the control hard have

Rob Noreck

is We We mentioned strong on that really the on Steve, that upsell side. just to this the just real came that a new quarter script the had to acquisition. really Steve, challenges And the add actually add in business quick. – Rob, Yes. to

a perspective, So new roll don't it see while a through you strong business really we in necessarily the dollar the had customer from count quarter.

Steve Frankel

between the us directionally then would of they would way, the through divergence the have divert good. kind walk That's thought Okay. they And retention quarter. this but two same go metrics,

understand us that. help So

Rob Noreck

Yes.

rate ACV And you up I second retention quarter, those a every big retention of dollar the at the if the net Those that that that quarter, XXXX, was difference revenue months happened contracts that the actually metric think recall is renewal for in came is and Steve, ago. the rate in right. XX in at the the calculation. there recurring the happened for customer that that what were customer contracts looks

course, that a Now any that, of take time, a the of throughout, so lagging the couple It's up just what retention upsells catch catch contract, to rate sold throughout that up. the revenue retention of it so net is, indicator and will up. I'll or includes quarters deals downgraded that

Steve Frankel

Okay. believe Jeff, a fundamentally business this double-digits. that Steve, can still is grow

Jeff Ray

good I'll the unlike says NetApp this Salesforce in In the what about we at of a the have underlying strength they're than a to reconfirm it. ship just example that with Absolutely. door, more the team that I launch excitement took I felt feel Obviously, never but that sizeable that OTT the is, I right love to the that ever and months little it It be last that tomorrow. And the did revalidate, give and everything of true any in one We than also their feel anyone those see directly business six like better noted especially direction. NetApp performance work that for better I've get now, right the will to about a in great their else. what to the out of market and heading why TV. out and to you don't right innovation products before. are we of case, products really market. would market, that not done, when energy look I it. you the out, new putting doing we see is just while we've target the target core works TV. me, that we approach. we're it's more NetApp innovative everything able bringing about take and we're that. staff, But

to it anywhere. So any will send videos device

So graphics open what it's fast looking that of and screens robust static get connections Salesforce more are it. or get much but reading people and going behind at days than They it. they the what is future is sitting video, understand doing, of are they and the images

underway well us us in this the it to in developing And time they approached we talk because was about so first were perfect CorpTV. back when a for spring,

affirmation are the content. the worried a that is will we're get a challenge solved. Probably sticky don't lot to of But it's way about that communicate. this use There We certainly will and not So biggest ability great that whatsoever. capture problem challenges. is companies – interesting the

work use, to developers with we certainly anyone no marketing video, It also get users for product thrilled basically expert. has communication, are go are able will things. for because it the was easy doing deploy be been who this literally who our do try to marketing by studio And what longer make to in do to ease be to up the what And studio needs up from done get one then in was no the this marketplace. so had will that hands be everyone a day who's campaigns and say fact done. the how their the to video expert that. by out to change of to do TV video I prior until we experts, on sign been encouraged to And video to participants that world job of that watching companies that there, XX help, point, marketing scratch with around done PLAY developers we've – We And will I it not the be because sea the marketplace. matter was up about announced built we're just

but I felt confident moment, TV, I've with I've never traction of future. also So were numbers performance great out at satisfied more so dramatically not our about up, came am never felt the this PLAY the better.

Steve Frankel

overages then Rob, were quick the last in Okay, what for great. quarter? And one one

Rob Noreck

Yes, $X.X about million. overages were

Steve Frankel

you. Thank Great.

Operator

Martinuzzi Our Please is Eric with Markets. question from Street Capital proceed. Lake next

Eric Martinuzzi

here. Yes. the this looks new the the I the And it guidance. flat, at two right, relatively me quarters. the given subscription understand subscription I services outlook there, flat help wanted given the have going I your like on QX would between color up, on be business expected the sales, If focus Rob, have point to why would that mid relatively

Rob Noreck

my were on there. a pieces on down the net customers new quarters piece small logos where new headwind two a million. net $X.X there's the One business new Eric, challenged was upsell and second the we to that in comment overages. bringing is side. Yes, is, selling around We're And

upsells as us the perspective dollar the challenge that gave a in from So the quarter.

Eric Martinuzzi

Okay.

number, though, got sequentially. that count not that of guess I the at I look I I created I've is net see just all guess, that premium And equal, declining your As but is customer a a actually. it's it question customers color here?

Rob Noreck

that's ability Yes, in our the to grow to you customers. When ARPU, and about XXX%, think conjunction with customers a right. it continue you we and drive it put stronger our

that that focused moving those growth We count focused direction, we're right Again, something not happening customers wallet on. maximizing over and do that customers our come So that customer side. we from the time really ARPU the of you get on. in on share to number existing dollars is from in but critical it's understand on see

Eric Martinuzzi

Okay. leaving or given little saw aboard summer can't you focused for you I the one driving about bit here again, if just to two over end at know you things that little didn't year your And of remember years and fishing or little could moving test you differently. grads, on a golfing three Jeff, you that what talked potential or – but relieve of, introspective if it retirement that kind came I ago, retrospect as get maybe a bit was would then moment on but a a back more have did or you of done intently kind the you the got do,

realizing XXXX? kind potential seat from now out you that’s is in that full the a talked What been and half years. of kept this three You've of about for company it play that coming

Jeff Ray

putting innovation, world, enough year's renewals engineering more we're great too live stay Thanks. fast and people on R&D and the it I I of of aggressively a relationships We've should we myself in have with looking it's those move day the On a I team time business. more our the it. to that did freaky it's you try and what grown into they the before about the it would I place spend customers the And we go around I that the on little that underlying renewals I much of kicking And I customers. than we just in on too I more of just – to else PLAY just I'll before. the didn't my a real great just time Florida with has great that. of quarter I lot innovation recognized feel been attention That when over shared paying I like And because being each saw source with anything do. said, frankly, was very reviews health I'm a spend not just I more headcount I quite of time in pretty shoulder, think question. is arrived. good much about with I dangerous here, was past, that awesome certainly talking the the been, and said, dramatically in have than be. frustration. it’s out it, I to and running kind a around about again, with I evidence trusting aggressive. just feel much to lot challenge think It's TSIA you jumped should out I insight last but sit delivered a have what quarter, walked in door, the And didn't that a TV. I at

doing this at is Sorry, joy the of this home.

in door. dog at that barks who a have We walks the everyone

the it's great the deliver not Brian consistent there, And see execution, So I I I under need. I've months. anywhere. longest challenge sales that that, we is period. said, results and definitely control Telling that XX notice as has and predictable. consistency, we'll biggest I'm going about counter think the board And world's feel given the

Eric Martinuzzi

you're going of XXXX. for consultant a be Okay. to all And

definitely I up on picked So that.

shares hours. looks aggressively? It can't little using are a the balance weak after perhaps here the recall. is balance more Does talking is sheet the they're buyback a below on – a that board there like $XX. about Lastly, I all sheet

place, for of you think the I the thinking but what's on sheet? the that on you've money got have balance cash in one use

Jeff Ray

comes never It let go up. up. Rob, comes man. never me It first,

Rob Noreck

ahead. go Yes,

Jeff Ray

the does board that role not does up our CEO period. in of EBITDA It want enviable And see up. lets chest. grow will things sidelines that just of will the into that generating board XXXX. us it to out reporting to No, the positive, position I'll war whatsoever. all equity the job. gives a shares in that want course, employee understand. cards We help We're will an meeting And yesterday. I where clarify, that business, not the of gear through positive, sometime the be that I that's lot I be chest the world all of invest can XXXX, low we're street. bigger get the end we I right in I'll cash, building go because position continue This this to now M&A do come want effect the step in a said new when CEO come just want just the to a on appointed, we're the cash the in I'll make up, And had in where time war this for not not off the more you is absolutely to in the but the taking to capacity if I person. exactly role. business and XXXX. whatever person the of and end to then, the be stay an sure I now through we the in between is

Eric Martinuzzi

that Understand. I appreciate clarification.

Jeff Ray

you correct jump and Rob, want Okay. do I in said. to anything

Rob Noreck

all, said you it Jeff. No,

Operator

proceed. from Please with Our is Capital. Northland question next [indiscernible]

Unidentified Analyst

for your the One, you or effort? retention behalf related months I'm has And Mike is focus to segment, Sharon the how I of events nine main revenue have today. ago? on Latimore. of the last questions demand XX Hi, the for Well, two media

Jeff Ray

in. Great. I'll start free break with that. to Rob, feel

And where going, is we're from on retention. wind events, is evolution of terms especially comment the priority that is, the COVID happy Did that. to and as down correctly? that second starting is in of media I cover its in first I'll to the be where So thankfully, finally

Unidentified Analyst

right. that's Yes,

Jeff Ray

last this Thanks. year's give were the and we calls, ago Events year adoption in discussing COVID Great. Mike a best. earnings cycle. please compress And our

and make certainly, saw saw of in so growth an the an significant us events benefited events. happening doing as saw We of the that we with relationship that. to come we have opportunity we We sure give improvement fraction were customers would And out normally things And kind that time careful that we a ongoing to from in were business next bringing it. in we about candidates quite And so now building COVID. Certainly much, got much has reasons more that year. one not one be calmed relationships. larger why the early has for a activity of set And the lot, to the debt. products I'm market new excited of down that's into prospects but back we'll changed we've and that events of going a

with. that ones are the end we for critical it media on on We mission business, media and fact has second, perfect they job enterprise We're play them. and frankly, enjoy both And count of their we customers on and favorites. do quite The to of of better be quality. when and don't focus engaging. our that video media broadcast do every day know That's flawless to or be the retention, enterprise. to we high We kind help grow that really a them business on

know that great we may are tolerance our things So an we we less want very and there's over big than that anything media anything again to market that no for can perfection. no scalability, and technology There's What I over perfect enterprise. by security, and reliability. that less because companies, does, tolerance media at than both wins. satisfies building we love seriously Those about throw is handle us, see in for take for anything media the it enterprise

Unidentified Analyst

notable is third Did churn customers will in so rate, the warning churn in year? believe my full they about any year. ones whether give you question sometimes media next Thank quarters a next I this And Okay. you the get you. on

Jeff Ray

which that anything really, act network, preemptively. more anything. changes seen that very, it's that And that really and big that insight saw so years renewal. than haven't big of with we about example They had the was a an renewal notable was good of that another I two we we was have great Again, certainly competitive. instead earlier I ever for very No, one fact that of before, the can seven really insights the feel and we've traditional up ITV, renewal a signed

the recurring very, about control we've a that good progress of to lap revenue the So that we're there. so there I Again, do know not in business. we we We're feel very made need back yet.

Unidentified Analyst

Okay. Thank you.

Operator

to the reached Jeff have like to session. Ray I over turn We the end would our closing conference question-and-answer back of for comments.

Jeff Ray

safe you, for grateful Thank everyone joining sound. operator. Thank you're that you and I'm Again, us.

the products act renewals improving market. these stay my with is If away business that safe. is departure job new announcement As the growth, line of XX top even it and from anything Thank not our I said, done. in you, exciting take there's months, and should that getting greater at we to will you urgency driving

Operator

does conference. today's This you. Thank conclude

participation. You may at disconnect thank you your lines for time and your this

Brightcove (BCOV) 28 Oct 212021 Q3 Earnings call transcript