DeBevoise, Noreck, with today CEO of Thank CFO. for Brightcove's you all Brightcove is me Marc joining Rob am today. and I
We're share this pleased discuss initiatives quarter results, you our view an long-term our for our progress, and on first to strategic to update near-term future on streaming provide and to be Brightcove. the
us primarily success experiencing miss with was our a EBITDA This our costs with than attrition. expected and QX. was unplanned line than in lower quicker driven range. in headcount overview results higher EBITDA below with negative $XX.X guidance hiring million $X.X for [ph] for our Total was million revenue financial key range. QX begin Adjusted while guidance having expected I'll by of roles, historically low quick
going opportunity in closing driving performance key of largest near-term our many related strength the revised on the our performance our progress profile strategic to and to in ever including strong overall QX our of points approach made our view to have not growth, deal need up we our and business cost and new early the our forward. expectations. we weaker of have initiatives While long-term new This is was opportunity, revenue business continued exciting proof
forecast. One, our environment. like taking to economic have the And with especially longer lengthening customer key entitlements in larger, on get deals storage, our trends seeing add-on the two, sales Entitlements new simply revised we with revenue, components given two are streams, are et short-term and our a current recent meaningful for represented cycles, which demand done in Specifically driving add-on bandwidth that add-on are the of majority cetera, existing drop-off historically variable business. of customers. and opportunities
now now we the traditionally entitlement In seen contractual have sales a overages. seeing drop-off is overages on commitments. recent add-on have meaningful add-on subsequent in driven This when drop-off those a we're usage -- These and and are in conversations months, entitlements exceeds entitlements. of
the We it's are a drove still of the into. contractual While our believe that slower more growth still pace general on given usage growing at recent customers. nature, short-term existing renewed that years, usage of these are they is our streaming, spike and our in revenue, a trajectory growing, selling new business solutions entitlements right-sizing become challenges to than during long-term of additional focus the albeit clear customers' COVID
growth. The and on revenue result revenue, will of a that said, exit forecasted full That our net our belief we year commitment year long-term continued renewed path targets. our a path a delay challenges to is will and to growth this these lowering but profitability
we to walk which as are generation We're now. by structure, and I'll cash making especially evidenced regard flow cost profitability to committed through EBITDA our with adjusted changes the
on run cost an coming model have spend headcount of to annual of changes remainder and cost both of $XX the these more and to our to short, XX% we form Recognizing decided will marketing by over revenue we areas. changes a are $XX other result make of savings over overall this In cost efficiently. in and in meaningful reducing million in are out This The expenditures for run challenges year. QX, reduction the rate meaningful reductions basis. million
cuts to strategically on these was care We've the on or future executed make where affected and not areas extreme efficiently majority changes took spending and clearly We revenue with differently we focused focused targeting growth. that these the of and majority employees. already could more of communicated work
Officer Additionally, our fill Chief we company do and position. Marketing to left in the intend this immediately April not
new the effort our under interim leadership to marketing an We drive basis seek have alternative reorganized efficiency structure. in we long-term and groups a strategy an CMO revenue or as on
change, cash. and those returns we XXXX, generate generator of on rigorous business clear want This for aspect that to will a team to commitments. EBITDA We run course loss said, action for the leadership type $XX a to easy hopes committed focus to be million our to our not be is any this for. terms deliver That a we adjusted job especially intend of the of of we $XX and range for of on with teammates, shareholders. crystal investments in never We an million on
support of growth confident believe structure We now plan are executing we to key XX% efficiently and us strategic invest deliver EBITDA that operate adjusted while long-term enable the areas our to strategy in our growth more consistent our us that to margins. Fundamentally, plans. will continuing double-digit cost streamlining will financial on and revenue we targets enable remain
revenue including key color the highlight more and on seeing dynamics of our our our strategy. against examples are with some success the progress of early business strategic on provide side I'll we Next, plan,
now business revenue. been quarters has bottom revenue The specifically two and regarding First, line for healthy. new business new
QX fact, healthy. In incredibly
landed an media company This is multi-year year, a start a per yet. mid of the can't video their a figure company capabilities. win new streaming large ever done largest deal Brightcove. in figure seven with name Well, major Let's business with digital one, deal as to customer majority replace the very at we the we've eight quarter the big we
media anticipate large in will for and can a this will case entities. We study future the do be we what for fantastic
of two kinds against win a competitors. was This
ROI we value when are Brightcove. enabling this all and focused strong super our on what we expert It five our technology meant in us Approved generate strategy First, this team, great this and a and customers. our deal. reap to to teams said large we exactly our believe phases. through savings XXX in of and strategy customer engineering platform in in top testing years want and meaningful of cost millions technology This the of the an second, to internal providers. executive is tens Congratulations and sales, serving came relationships product coming likely was other go-to-market the opportunity, affirming of on execution streaming
ago year And what was excited quarterly quarter. confident gets bookings all-time business quarter. coming big were QX. that and new new an versus up even year about the growth saw more high, of in this excluding Historically, us deal, XX% this QX large has we With at only business new XX% That's the over XX% future and business deal, in is QX over versus business up a our to XXX% growth new total represented deal. quarter. this in XX% ago XX% excluding
quarters we on our selling. continue pursuing execute Since strategy, of we've a also and a to upmarket mix As our implementing more few ago, new we focus clearly balanced add-on are up this sizes in new quarter average the each three. quarter deal two and past for average business ago to XX higher quarter much versus up XX that the year seen with
overall real long-term more bigger business doing and potential driving for new the growth. we're So deals
the macroeconomic we is and story we And usage sized these having silver driven see two existing the a on two, the of uncertainty. albeit side in these I renewals there, driven majority described our challenges are and a still and we're combination factors. overwhelming what customers, add-on by lining growth than of is years. is sales for the their as short-term flatter, where other lower retaining flat entitlement in are sales usage, or but of level believe of of commitments cycles current that renewals One, spend. customers increase at here customers, slower previous trajectory. in Brightcove to earlier, the Put are an remaining simply, down right The lengthening customers by The
be revenue. we as and business these on become growth pure a stronger dynamics while our smaller overages add-ons predictable ultimately more entitlements weighing of So near-term, our model and are believe portion will revenue
regularly we and additional of framework, existing these that and provide solutions incubate product are it strategic Strategically, our expand and the more additional parts Using recognize our we portfolio with customers. clearly our proposition is value our opportunities accelerate sales broaden critical strategy. with end-to-end
new made our solutions revenue in two, great several upsell opportunities. driving here help announcing use and our for portfolio focused should new channels or insights launch Three, enterprise business We've streaming four, across progress of which those customers and better media of customers customers; QX, for lines, the our and cross-sell those delivering analytics both enable easing more QX and One, more that on. we're distribution early cases, to and their new businesses; manage and customers. expanding points
new distribute Monetization, A with team in These experiences free solution streaming with launch ad QX our improve companies content integrated Frequency, to service Ad Magnite. products announcements create each leads seamlessly included supported and Brightcove customers solution solution, TV and these distributed operations and leading designed to partnership video revenue. are a QX integrations that across an for of of video with partnership focused professionals and Cloud to fast, purpose distribution in virtual channels media monetization provider globally. linear fast to Brightcove enabling drive Studio Shopify, customers and our Instagram allow for Communication enterprise first Salesforce, to communications MVPD and analyze across Sales built MVPD eCommerce platforms HR our and
metrics of content start finally, construct product machine team stall the that on rate, video standard our of to our performance use our deeply Experience learning to error measures and of other each and of rate, and insights Quality analysis tolerances beyond the actual customer. from This And metrics. of time, analytics relies experience product launch
to analytics solution. use built insights customers. a our note, where top of ML though, or intelligence, better capabilities itself. can to artificial As video our coding ML experience models customers side we learning fulfill about for the we and term feature Longer have this great QoE models more existing aware AI, excited We our refined currently is how or deliver the and context machine of content even engines our beyond us get example on and auto with a and like help captioning
No of of might and us today, with hype from great discovery. we in players their customers. discussions our content opportunity but AI are a and cycle generation largest us how long-term is some the we leverage announcements our here terms there with We and customers in automated believe for engines
We're mentioned. broader with most perspective, deliver on super with is and go-to-market and key, incredible in strategic bases working serving as our of and partnering and with Roku, business. partners, deals market Also, likes earlier, go-to-market more I progress a find to first via drive cloud especially the thrilled customers in I'm ways we've largest From Frequency, here, been a I started closely and through perspective, the to new has our from expanded customer AWS opportunities broader and priority, new mentioned partner, the key the teams. Google, the integrations also Magnite, their best this to eCommerce and our to
on starting our in shows strategy have Progress opportunities much we numerous ahead that but so renewed market, XXXX us for future I our in accomplish are provide also drive more success. the to get confident traction strategy to will with far to growth. remain more
at our end in importantly, by grow, but trends. enable our and benefit usage more and markets is those to slower Most our us if in see how grow evolving to will ability the too. overall our continues dynamics faster we also market other even streaming confidence pace how profitably post-COVID, belief That drive to from long-term a driven strategy
On streamers shifting growth side balance that strategies greater media are focus large business, the with of focus our on profitability. to
accustomed especially largest resonating. the of more experience QX. are provide users few the new deal a is quarters, at last far We've streaming demonstrated in to scale the cost action in customer ability to definitely Our this their and at attractive each with
and a continue Emerging on scale growth in are adding And looking strong been Brightcove also to YouTube VidCon, streamers effectively this outside need leading have by as new working customer. recently have their and creators are producers conference globally and platforms the seeing space like and businesses. core cost in subscribers leaned now a to in users will platforms growth. of opportunities world's their for number creators for We're and like
and digital video sales increased generation leveraging engaged consumer to experience; greater two, driving side grow can more the enterprise demand using better leverage continues and effectively video and customer believe three, activity; the a drive platforms third-party who We across experiences streaming our develop one, closer forward. video On destinations to streaming their of importance of companies Customers and are and loyalty. Brightcove. own businesses business,
shifts enterprises ongoing hybrid working communication employee the an environments in important too. offsite for engagement And and increasingly has priority made
to variety hybrid of for work. Streaming now are worker the leveraging to is from video and employee the training of enablement. Brightcove customers really even engagement workplace uses future Our a sales
over the We're wrap that that going near-term to want are long-term are business. significant To making challenges, reiterate despite up, growing before direction turning I after our in both we it and markets heading progress long-term. end Rob, to our improving
is Our working. new business engine
committed remain us. customers to Our
Our regularity. velocity we're finding and and with product delivering greater and and engineering teams innovating seeking strong are partnerships. And
In but shareholders be we we and company long-term over larger do being the continued place Brightcove for on our plan continue significantly things ensure right diligently the to all the down the technology in, we with deliver time. profitable and of company strongly iterate so on costs, do can near-term, that control, double excellence and most operational will we streaming in and so the feel to the especially more We'll focus managing have invest a responsibly in world. performance strengthen we expect, the trusted financial vision our strategic and pieces
that, QX the and the numbers, turn to and Q&A. over going With call Rob back for be dive to for deeper a on I'll I'm
