SeaChange International, Inc. (NASDAQ:
SEAC), (“SeaChange” or the “Company”), a leading provider
of video delivery, advertising, streaming platforms, and emerging
Free Ad-Supported Streaming TV services (“FAST”) development, today
reported financial and operational results for the fiscal fourth
quarter and full year ended January 31, 2023.
Fiscal Fourth Quarter 2023 and Recent
Highlights
- Total revenue of $10.2 million,
primarily driven by the acceptance of a development project, which
resulted in a material license fee related to the Company’s
Connected TV software product.
- Gross margin expanded to 73%, up from
62% in the fiscal third quarter 2023.
- Achieved positive GAAP net income in
the quarter for the first time since fiscal second quarter 2022
totaling $1.7 million. Generated positive non-GAAP net income from
operations for the third consecutive quarter totaling $1.6
million.
- Cash flow positive from operations in
fiscal fourth quarter 2023, ending the quarter with $14.7 million
in cash and cash equivalents and marketable securities
combined.
- Closed multiple renewals with Tier 1
and Tier 2 operators in North America, EMEA (Europe, Middle East,
and Africa) and Latin America.
- Launched Xstream, a cloud-based content
monetization platform designed to maximize advertising revenue on
Connected TVs with smart and personalized FAST channel and
cross-platform distribution of content.
- Partnered with VIDAA to launch “VIDAA
Free” solution, leveraging the Xstream platform and being rolled
out on millions of connected TV devices across the world.
- Secured new StreamVid customer Source
Digital to enable unique and immersive metaverse experiences for
live events that can be streamed on LG devices.
Management Commentary “The fourth quarter
marked an exceptionally strong finish to a transformative year for
SeaChange,” said Chairman and Chief Executive Officer, Peter D.
Aquino. “The team executed on improving our financial performance,
growing the top line 19% year-over-year to $32.5 million, while
effectively controlling costs and generating positive adjusted
EBITDA for the fourth quarter and fiscal year. In addition, we
reinvested in the business to support our growth and upgraded
nearly a dozen Tier 1 video providers’ video on demand and
ad-insertion platforms, executing on preventive maintenance
services to improve overall end user experiences. Moreover, we took
our Xstream platform to a new level, generating nearly 15% of new
product revenue in fiscal 2023. The new fiscal year marks an
exciting new chapter for SeaChange, supported by solid fundamentals
and strong tailwinds in the video Over-the-Top marketplace. We are
very proud of our employees and expect to continue to add value to
our customers’ go-to-market video and ad-tech platforms.”
Fiscal Fourth Quarter 2023 Financial
Results
- Total revenue was $10.2 million, an
increase of 23% from $8.3 million in the third quarter of fiscal
2023 and an increase of 19% from $8.6 million in the fourth quarter
of fiscal 2022. The sequential increase in total revenue was
primarily due to higher product revenue.
- Product revenue was $6.2 million (or
61% of total revenue), compared to $2.2 million (or 26% of total
revenue) in the third quarter of fiscal 2023 and $5.2 million (or
60% of total revenue) in the fourth quarter of fiscal 2022.
- Service revenue was $3.9 million (or
39% of total revenue), compared to $6.1 million (or 74% of total
revenue) in the third quarter of fiscal 2023 and $3.4 million (or
40% of total revenue) in the fourth quarter of fiscal 2022.
- Gross profit was $7.4 million (or 73%
of total revenue), an increase of 43% compared to $5.2 million (or
62% of total revenue) in the third quarter of fiscal 2023 and an
increase of 30% compared to $5.7 million (or 66% of total revenue)
in the fourth quarter of fiscal 2022.
- Total non-GAAP operating expenses were
$5.8 million, compared to non-GAAP operating expenses of $5.0
million in the third quarter of fiscal 2023 and $4.5 million in the
fourth quarter of fiscal 2022.
- GAAP income from operations totaled
$1.2 million, compared to GAAP loss from operations of $3.7 million
in the third quarter of fiscal 2023 and a loss of $1.1 million in
the fourth quarter of fiscal 2022.
- GAAP net income totaled $1.7 million,
or $0.03 per basic and fully diluted share, compared to GAAP net
loss of $3.7 million, or $(0.07) per basic share, in the third
quarter of fiscal 2023 and GAAP net loss of $1.5 million, or
$(0.03) per basic share, in the fourth quarter of fiscal 2022.
- Non-GAAP income from operations totaled
$1.6 million, or $0.03 per basic and fully diluted share, compared
to non-GAAP income from operations of $0.1 million, or breakeven
per fully diluted share, in the third quarter of fiscal 2023, and
non-GAAP income from operations of $1.2 million, or $0.02 per basic
share, in the fourth quarter of fiscal 2022. Adjusted EBITDA for
the quarter totaled $1.7 million, or $0.03 per basic and fully
diluted share, compared $1.2 million, or $0.02 per fully and
diluted share, in the prior fiscal fourth quarter period.
- Ended the fourth quarter of fiscal 2023
with cash and cash equivalents of $13.4 million, $1.2 million of
marketable securities, and no debt.
Fiscal Full Year 2023 Financial Results
- Total revenue was $32.5 million, an
increase of 19% compared to $27.3 million in fiscal 2022.
- Product revenue was $14.2 million (or
44% of total revenue), an improvement of 9% compared to $13.0
million (or 48% of total revenue) in fiscal 2022.
- Service revenue was $18.3 million (or
56% of total revenue), compared to $14.3 million (or 52% of total
revenue) in fiscal 2022.
- Gross profit was $20.5 million (or 63%
of total revenue), an increase of 26% compared to $16.4 million (or
60% of total revenue) in fiscal 2022.
- Total non-GAAP operating expenses were
$20.3 million, a decrease of 2% compared to $20.7 million in fiscal
2022.
- GAAP loss from operations totaled $11.7
million, compared to a GAAP loss from operations of $9.4 million in
fiscal 2022. GAAP loss from operations for fiscal 2023 was impacted
by a non-cash goodwill impairment in both the second and third
quarters of fiscal 2023 totaling $5.8 million and $3.3 million,
respectively.
- GAAP net loss totaled $11.4 million, or
$(0.23) per basic share, compared to GAAP net loss of $7.4 million,
or $(0.16) per basic share, in fiscal 2022.
- Non-GAAP income from operations totaled
$0.3 million, or $0.01 per basic and fully diluted share, compared
to non-GAAP loss from operations of $4.3 million, or $(0.09) per
basic share, in fiscal 2022. Adjusted EBITDA totaled $0.5 million,
or $0.01 per basic and fully diluted share, compared to Adjusted
EBITDA loss of $4.1 million, or $(0.09) per basic and fully diluted
share, in fiscal 2022.
Conference Call
SeaChange will host a conference call today (April 5, 2023) at
4:30 p.m. Eastern Time to discuss its financial and operational
results for the fourth quarter and full year ended January 31,
2023, and recent business highlights.
U.S. dial-in number: 877-407-8037International number: +1
201-689-8037Meeting Number: 13737298
Please call the conference telephone number approximately 10
minutes prior to the start time. An operator will register your
name and organization. If you have any difficulty connecting with
the conference call, please contact Gateway Group at +1
949-574-3860.
The conference call will be broadcast live and available for
replay here and via the investor relations section of SeaChange’s
website.
About SeaChange International, Inc.
SeaChange International, Inc. (NASDAQ: SEAC) provides
first-class video streaming, linear TV, and video advertising
technology for operators, content owners, and broadcasters
globally. SeaChange technology enables operators, broadcasters, and
content owners to cost-effectively launch and grow premium linear
TV and direct-to-consumer streaming services to manage, curate, and
monetize their content. SeaChange helps protect existing and
develop new and incremental advertising revenues for traditional
linear TV and streaming services with its unique advertising
technology. SeaChange enjoys a rich heritage of nearly three
decades of delivering premium video software solutions to its
global customer base.
Forward-Looking Statements
Certain statements in this press release and any oral statements
made regarding the contents of this press release may constitute
“forward-looking statements” within the meaning of the United
States Private Securities Litigation Reform Act of 1995, as amended
to date. Forward-looking statements can be identified by words such
as "may," "might," "will," "should," "could," "expects," "plans,"
"anticipates," "believes," "seeks," "intends," "estimates,"
"predicts," "potential" or "continue," the negative of these terms
and other comparable terminology. Examples of forward-looking
statements include, among others, statements we make regarding the
Company’s expectations to continue to add value to its customer’s
go-to-market video and ad-tech platforms, and other statements that
are not purely statements of historical fact. These forward-looking
statements are made on the basis of the current beliefs,
expectations and assumptions of the management of the Company and
are subject to a number of known and unknown risks and significant
business, economic and competitive uncertainties that could cause
actual results to differ materially from what may be expressed or
implied in these forward-looking statements. Risks that could cause
actual results to differ include, but are not limited to: weakened
global economic conditions, including inflation; a reduction in
spending by customers on video solutions and services would
adversely affect our business, financial condition and operating
results; the increase in labor, service and supply costs, including
as a result of inflationary pressures; the manner in which the
multiscreen video and over-the-top markets develop; our efforts to
become a company that primarily provides software solutions; the
inability to successfully compete in our marketplace; the failure
to respond to rapidly changing technologies related to multiscreen
video; the variability in the market for our products and services;
the loss of or reduction in demand, or the return of product, by
one of the Company's large customers or the failure of revenue
acceptance criteria to have been satisfied in a given fiscal
quarter; the cancellation or deferral of purchases of our products
or final customer acceptance; a decline in demand or average
selling prices for our products and services; our entry into
fixed-price contracts, which could subject us to losses if we have
cost overruns; warranty claims on our products and any significant
warranty expense in excess of estimates; the possibility that our
software products contain serious errors or defects; turnover in
our senior management; our ability to retain key personnel and hire
additional personnel; the failure to achieve our financial
forecasts due to inaccurate sales forecasts or other factors,
including due to expenses we may incur in fulfilling customer
arrangements; the impact of our cost-savings and restructuring
programs; the Company's ability to manage its growth; the risks
associated with international operations; risks related to public
health pandemics such as the COVID-19 pandemic; the impact of the
ongoing conflict in Ukraine on our business; our ability to remain
listed on The Nasdaq Stock Market; the success and timing of
regulatory submissions; litigation regarding intellectual property
rights; risk related to protection of our intellectual property;
changes in the regulatory environment; significant risks to our
business when we engage in the outsourcing of engineering work,
including outsourcing of software work overseas; fluctuations in
foreign currency exchange rates could negatively impact our
financial results and cash flows; weakened global economic
conditions that may harm our industry, business and results of
operations; and other risks that are described in further detail in
the Company’s reports filed from time to time with the Securities
and Exchange Commission (“SEC”), which are available at the SEC’s
website at http://www.sec.gov, including but not limited to, such
information appearing under the caption "Risk Factors" in the
Company's Annual Report on Form 10-K, subsequent quarterly reports
and in subsequent filings SeaChange makes with the SEC from time to
time, particularly under the heading “Risk Factors.” Any
forward-looking statements should be considered in light of those
risk factors. The Company cautions readers that such
forward-looking statements speak only as of the date they are made.
The Company disclaims any intent or obligation to publicly update
or revise any such forward-looking statements to reflect any change
in Company expectations or future events, conditions or
circumstances on which any such forward-looking statements may be
based, or that may affect the likelihood that actual results may
differ from those set forth in such forward-looking statements.
SeaChange Contact:Matt Glover Gateway Group,
Inc.949-574-3860SEAC@gatewayir.com
SeaChange International,
Inc.Condensed Consolidated Balance
Sheets(Amounts in thousands)
|
|
January 31, 2023 |
|
|
January 31, 2022 |
|
|
|
(Unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
13,415 |
|
|
$ |
17,528 |
|
Marketable securities |
|
|
1,244 |
|
|
|
- |
|
Accounts receivable, net |
|
|
10,382 |
|
|
|
8,819 |
|
Unbilled receivables |
|
|
12,801 |
|
|
|
13,112 |
|
Prepaid expenses and other
current assets |
|
|
2,314 |
|
|
|
2,310 |
|
Property and equipment,
net |
|
|
713 |
|
|
|
902 |
|
Goodwill and intangible
assets, net |
|
|
- |
|
|
|
9,882 |
|
Other assets |
|
|
1,790 |
|
|
|
2,643 |
|
Total assets |
|
$ |
42,659 |
|
|
$ |
55,196 |
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
Accounts payable and other
liabilities |
|
$ |
6,048 |
|
|
$ |
8,538 |
|
Deferred revenue |
|
|
5,302 |
|
|
|
4,024 |
|
Income taxes payable |
|
|
98 |
|
|
|
110 |
|
Total liabilities |
|
|
11,448 |
|
|
|
12,672 |
|
Total stockholders'
equity |
|
|
31,211 |
|
|
|
42,524 |
|
Total liabilities and stockholders' equity |
|
$ |
42,659 |
|
|
$ |
55,196 |
|
SeaChange International,
Inc.Consolidated Statements of Operations
(Unaudited)(Unaudited, amounts in thousands,
except per share data)
|
|
For the Three Months EndedJanuary 31, |
|
|
For the Fiscal Years EndedJanuary 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
$ |
6,217 |
|
|
$ |
5,181 |
|
|
$ |
14,212 |
|
|
$ |
13,021 |
|
Service |
|
|
3,941 |
|
|
|
3,386 |
|
|
|
18,281 |
|
|
|
14,289 |
|
Total revenue |
|
|
10,158 |
|
|
|
8,567 |
|
|
|
32,493 |
|
|
|
27,310 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
|
906 |
|
|
|
1,168 |
|
|
|
5,020 |
|
|
|
3,876 |
|
Service |
|
|
1,859 |
|
|
|
1,708 |
|
|
|
6,946 |
|
|
|
7,083 |
|
Total cost of revenue |
|
|
2,765 |
|
|
|
2,876 |
|
|
|
11,966 |
|
|
|
10,959 |
|
Gross profit |
|
|
7,393 |
|
|
|
5,691 |
|
|
|
20,527 |
|
|
|
16,351 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
2,312 |
|
|
|
1,939 |
|
|
|
7,987 |
|
|
|
8,910 |
|
Selling and marketing |
|
|
1,199 |
|
|
|
1,390 |
|
|
|
4,201 |
|
|
|
5,862 |
|
General and administrative |
|
|
2,576 |
|
|
|
1,882 |
|
|
|
9,055 |
|
|
|
8,779 |
|
Severance and restructuring costs |
|
|
66 |
|
|
|
71 |
|
|
|
638 |
|
|
|
717 |
|
Transaction costs |
|
|
- |
|
|
|
1,489 |
|
|
|
1,203 |
|
|
|
1,489 |
|
Loss on impairment of goodwill |
|
|
- |
|
|
|
- |
|
|
|
9,098 |
|
|
|
- |
|
Total operating expenses |
|
|
6,153 |
|
|
|
6,771 |
|
|
|
32,182 |
|
|
|
25,757 |
|
Income (loss) from
operations |
|
|
1,240 |
|
|
|
(1,080 |
) |
|
|
(11,655 |
) |
|
|
(9,406 |
) |
Other income (expense),
net |
|
|
298 |
|
|
|
(396 |
) |
|
|
55 |
|
|
|
(479 |
) |
Gain on extinguishment of
debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,440 |
|
Income (loss) before income
taxes |
|
|
1,538 |
|
|
|
(1,476 |
) |
|
|
(11,600 |
) |
|
|
(7,445 |
) |
Income tax (benefit)
provision |
|
|
(189 |
) |
|
|
8 |
|
|
|
(196 |
) |
|
|
(15 |
) |
Net income (loss) |
|
$ |
1,727 |
|
|
$ |
(1,484 |
) |
|
$ |
(11,404 |
) |
|
$ |
(7,430 |
) |
Net income (loss) per share,
basic and diluted |
|
$ |
0.03 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.16 |
) |
Weighted average common shares
outstanding, basic |
|
|
50,199 |
|
|
|
49,099 |
|
|
|
49,750 |
|
|
|
47,030 |
|
Weighted average common shares
outstanding, diluted |
|
|
50,865 |
|
|
|
49,099 |
|
|
|
49,750 |
|
|
|
47,030 |
|
Comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
1,727 |
|
|
$ |
(1,484 |
) |
|
$ |
(11,404 |
) |
|
$ |
(7,430 |
) |
Other comprehensive loss, net
of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
449 |
|
|
|
(252 |
) |
|
|
(892 |
) |
|
|
(901 |
) |
Unrealized gains (losses) on marketable securities |
|
|
(25 |
) |
|
|
— |
|
|
|
(25 |
) |
|
|
1 |
|
Total other comprehensive loss |
|
|
424 |
|
|
|
(252 |
) |
|
|
(917 |
) |
|
|
(900 |
) |
Comprehensive income
(loss) |
|
$ |
2,151 |
|
|
$ |
(1,736 |
) |
|
$ |
(12,321 |
) |
|
$ |
(8,330 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
SeaChange International,
Inc.Consolidated Statements of Cash Flows
(Unaudited)(Unaudited, Amounts in
thousands)
|
|
For the Fiscal Years EndedJanuary 31, |
|
|
|
2023 |
|
|
2022 |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(11,404 |
) |
|
$ |
(7,430 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
|
Depreciation and amortization expense |
|
|
254 |
|
|
|
1,429 |
|
Loss on disposal of fixed assets |
|
|
— |
|
|
|
78 |
|
Gain on write-off of operating lease right-of-use assets and
liabilities related to termination |
|
|
— |
|
|
|
(328 |
) |
Gain on extinguishment of debt |
|
|
— |
|
|
|
(2,440 |
) |
Provision for (recovery of) bad debts |
|
|
514 |
|
|
|
(156 |
) |
Stock-based compensation expense |
|
|
1,001 |
|
|
|
1,690 |
|
Realized and unrealized foreign currency transaction loss |
|
|
462 |
|
|
|
896 |
|
Loss on impairment of goodwill |
|
|
9,098 |
|
|
|
— |
|
Other |
|
|
(4 |
) |
|
|
1 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(1,984 |
) |
|
|
(2,830 |
) |
Unbilled receivables, net |
|
|
386 |
|
|
|
2,412 |
|
Prepaid expenses and other current assets and other assets |
|
|
118 |
|
|
|
2,213 |
|
Accounts payable |
|
|
(1,361 |
) |
|
|
1,215 |
|
Accrued expenses and other liabilities |
|
|
(391 |
) |
|
|
(226 |
) |
Deferred revenue |
|
|
1,291 |
|
|
|
(1,271 |
) |
Net cash used in operating activities |
|
|
(2,020 |
) |
|
|
(4,747 |
) |
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchases of property and
equipment |
|
|
(70 |
) |
|
|
(646 |
) |
Proceeds from sales and
maturities of marketable securities |
|
|
— |
|
|
|
252 |
|
Purchases of marketable
securities |
|
|
(1,265 |
) |
|
|
— |
|
Net cash used in investing activities |
|
|
(1,335 |
) |
|
|
(394 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
Proceeds from stock option
exercises |
|
|
— |
|
|
|
161 |
|
Proceeds from issuance of
common stock, net of issuance costs |
|
|
— |
|
|
|
17,462 |
|
Proceeds from short swing
profit settlement |
|
|
7 |
|
|
|
— |
|
Net cash provided by financing activities |
|
|
7 |
|
|
|
17,623 |
|
Effect of exchange rate on
cash, cash equivalents and restricted cash |
|
|
(782 |
) |
|
|
(710 |
) |
Net (decrease)
increase in cash, cash equivalents and restricted
cash |
|
|
(4,130 |
) |
|
|
11,772 |
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
|
17,856 |
|
|
|
6,084 |
|
Cash, cash equivalents and
restricted cash at end of period |
|
$ |
13,726 |
|
|
$ |
17,856 |
|
Supplemental
disclosure of cash flow information |
|
|
|
|
|
|
Income tax payments
(refunds) |
|
$ |
222 |
|
|
$ |
(1,183 |
) |
Non-cash
activities: |
|
|
|
|
|
|
Purchases of property and
equipment included in accounts payable |
|
$ |
— |
|
|
$ |
516 |
|
Non-GAAP Measures
We define non-GAAP income (loss) from operations as GAAP net
loss plus stock-based compensation expenses, amortization of
intangible assets, severance and restructuring costs, transaction
costs, loss on impairment of goodwill, other expense, net, and
income tax provision, and adjusted EBITDA as non-GAAP income (loss)
from operations plus depreciation. We discuss non-GAAP income
(loss) from operations and adjusted EBITDA, including on a per
share basis, in our quarterly earnings releases and certain other
communications, as we believe non-GAAP operating loss from
operations and adjusted EBITDA are important measures that are not
calculated according to GAAP. We use non-GAAP income (loss) from
operations and adjusted EBITDA in internal forecasts and models
when establishing internal operating budgets, supplementing the
financial results and forecasts reported to our Board of Directors,
determining a component of bonus compensation for executive
officers and other key employees based on operating performance,
and evaluating short-term and long-term operating trends in our
operations. We believe that the non-GAAP income (loss) from
operations and adjusted EBITDA financial measures assist in
providing an enhanced understanding of our underlying operational
measures to manage the business, to evaluate performance compared
to prior periods and the marketplace, and to establish operational
goals. We believe that the non-GAAP financial adjustments are
useful to investors because they allow investors to evaluate the
effectiveness of the methodology and information used by management
in our financial and operational decision-making.
Non-GAAP income (loss) from operations and adjusted EBITDA are
non-GAAP financial measures and should not be considered in
isolation or as a substitute for financial information provided in
accordance with GAAP. These non-GAAP financial measures may not be
computed in the same manner as similarly titled measures used by
other companies. We expect to continue to incur expenses similar to
the financial adjustments described above in arriving at non-GAAP
income (loss) from operations and adjusted EBITDA and investors
should not infer from our presentation of these non-GAAP financial
measures that these costs are unusual, infrequent or non-recurring.
The following table includes the reconciliations of our GAAP loss
from operations, the most directly comparable GAAP financial
measure, to our non-GAAP income (loss) from operations and adjusted
EBITDA for the three months and fiscal years ended January 31,
2023, and 2022.
SeaChange International,
Inc.Fiscal Year Reconciliation of GAAP to Non-GAAP
(Unaudited)(Amounts in thousands, except per share
data)
|
|
For the Three Months EndedJanuary 31, |
|
|
For the Fiscal Years EndedJanuary 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
GAAP net income (loss) |
|
$ |
1,727 |
|
|
$ |
(1,484 |
) |
|
$ |
(11,404 |
) |
|
$ |
(7,430 |
) |
Other (income) expense, net |
|
|
(298 |
) |
|
|
396 |
|
|
|
(55 |
) |
|
|
479 |
|
Gain on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,440 |
) |
Income tax (benefit) provision |
|
|
(189 |
) |
|
|
8 |
|
|
|
(196 |
) |
|
|
(15 |
) |
GAAP income (loss) from
operations |
|
$ |
1,240 |
|
|
$ |
(1,080 |
) |
|
$ |
(11,655 |
) |
|
$ |
(9,406 |
) |
Amortization of intangible assets |
|
|
- |
|
|
|
296 |
|
|
|
— |
|
|
|
1,226 |
|
Stock-based compensation |
|
|
290 |
|
|
|
375 |
|
|
|
1,001 |
|
|
|
1,690 |
|
Severance and restructuring costs |
|
|
66 |
|
|
|
71 |
|
|
|
638 |
|
|
|
717 |
|
Transaction costs |
|
|
— |
|
|
|
1,489 |
|
|
|
1,203 |
|
|
|
1,489 |
|
Loss on impairment of goodwill |
|
|
- |
|
|
|
— |
|
|
|
9,098 |
|
|
|
— |
|
Non-GAAP income (loss) from
operations |
|
$ |
1,596 |
|
|
$ |
1,151 |
|
|
$ |
285 |
|
|
$ |
(4,284 |
) |
Depreciation |
|
|
63 |
|
|
|
47 |
|
|
|
254 |
|
|
|
198 |
|
Adjusted EBITDA |
|
$ |
1,659 |
|
|
$ |
1,198 |
|
|
$ |
539 |
|
|
$ |
(4,086 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) per
share, basic and diluted |
|
$ |
0.03 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.16 |
) |
GAAP income (loss) from
operations per share, basic and diluted |
|
$ |
0.02 |
|
|
$ |
(0.02 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.20 |
) |
Non-GAAP income (loss) from
operations per share, basic and diluted |
|
$ |
0.03 |
|
|
$ |
0.02 |
|
|
$ |
0.01 |
|
|
$ |
(0.09 |
) |
Adjusted EBITDA per share,
basic and diluted |
|
$ |
0.03 |
|
|
$ |
0.02 |
|
|
$ |
0.01 |
|
|
$ |
(0.09 |
) |
Weighted average common shares outstanding, basic |
|
|
50,199 |
|
|
|
49,099 |
|
|
|
49,750 |
|
|
|
47,030 |
|
Weighted average common shares
outstanding, diluted |
|
|
50,865 |
|
|
|
49,634 |
|
|
|
50,438 |
|
|
|
47,030 |
|
SeaChange International,
Inc.Supplemental Schedule - Revenue Breakout
(Unaudited)(Amounts in thousands)
|
|
For the Three Months EndedJanuary 31, |
|
|
For the Fiscal Years EndedJanuary 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Product revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
License and subscription |
|
$ |
5,917 |
|
|
$ |
4,537 |
|
|
$ |
11,345 |
|
|
$ |
10,843 |
|
Hardware |
|
|
300 |
|
|
|
644 |
|
|
|
2,867 |
|
|
|
2,178 |
|
Total product revenue |
|
|
6,217 |
|
|
|
5,181 |
|
|
|
14,212 |
|
|
|
13,021 |
|
Service revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance and support |
|
|
2,477 |
|
|
|
3,042 |
|
|
|
11,848 |
|
|
|
12,249 |
|
Professional services and other |
|
|
1,464 |
|
|
|
344 |
|
|
|
6,433 |
|
|
|
2,040 |
|
Total service revenue |
|
|
3,941 |
|
|
|
3,386 |
|
|
|
18,281 |
|
|
|
14,289 |
|
Total revenue |
|
$ |
10,158 |
|
|
$ |
8,567 |
|
|
$ |
32,493 |
|
|
$ |
27,310 |
|
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