SeaChange Reports Fourth Quarter and Fiscal Year 2022 Financial and Operational Results April 08,2022 3:04PM- Continued Operating Momentum, with Fiscal Q4 2022 Total Revenue up 20% from Fiscal Q3 2022 and up 67% Year-over-Year
- Signed major renewal with Tier 1 Operator in Q4 2022
BOSTON, April 08, 2022 (GLOBE NEWSWIRE) -- SeaChange International, Inc. (NASDAQ: SEAC), ( SeaChange or the Company ) a leading provider of video delivery, advertising, and emerging streaming platforms, today reported financial and operational results for the fiscal fourth quarter and full-year ended January 31, 2022.
Fiscal Fourth Quarter 2022
Closed two major renewal and upgrade projects with Tier 1 operators in North America and Latin America, adding over $2 million in one-time product and license revenue as well as long-term commitments for recurring support and services revenue.
Secured new business with a North American cable operator that will use SeaChange's Advanced Advertising Solution to manage its broadcast insertion workflows.
Commenced onboarding process with two new StreamVid customers, expecting to provide long-term, high-margin SaaS revenue.
Launched the Xstream platform, a new product line that combines SeaChange's Streaming and AdTech capabilities, focused on delivering and monetizing content via FAST channels on Connected TVs.
Recent Highlights & Significant Event
Entered into a cooperation agreement in April 2022 with VIDAA, Inc, a leading provider of TV operating systems for Connected TVs by Hisense and others, to jointly develop streaming, FAST and AVOD solutions for VIDAA tv.
Entered into a definitive agreement and plan of merger with Triller Hold Co LLC on December 22, 2021.
Management Commentary
We wrapped up our fiscal 2022 on a high note, generating 20% sequential revenue growth and positive non-GAAP operating income, as we benefitted from a $2 million one-time Tier 1 operator deal, said SeaChange's President and Chief Executive Officer, Peter D. Aquino. We continue to drive positive momentum in our core business with healthy revenue growth and a moderating operating expense profile, which is driving our business towards a more sustainable cash flow position. Additionally, in April, we signed an exciting software development agreement with VIDAA for their FAST channel and AVOD solution for its growing business. We are looking forward to a successful partnership.
Fiscal Fourth Quarter 2022 Financial Results
Total revenue was $8.6 million, an increase of 20% compared to $7.2 million in the third quarter of fiscal 2022 and an increase of 67% compared to $5.1 million in the fourth quarter of fiscal 2021. Product revenue was $5.2 million (or 60% of total revenue), an improvement compared to $3.5 million (or 49% of total revenue) in the third quarter of fiscal 2022 and $1.4 million (or 27% of total revenue) in the fourth quarter of fiscal 2021. Service revenue was $3.4 million (or 40% of total revenue) compared to $3.6 million (or 51% of total revenue) in the third quarter of fiscal 2022 and compared to $3.7 million (or 73% of total revenue) in the fourth quarter of fiscal 2021.
Gross profit was $5.7 million (or 66% of total revenue), an increase of 53% compared to $3.7 million (or 52% of total revenue) in the third quarter of fiscal 2022 and an increase of 101% compared to $2.8 million (or 55% of total revenue) in the fourth quarter of fiscal 2021.
Total non-GAAP operating expenses were $4.5 million, an improvement compared to non-GAAP operating expenses of $5.1 million in the third quarter of fiscal 2022 and $6.4 million in the fourth quarter of fiscal 2021.
GAAP loss from operations totaled $1.1 million, an improvement compared to a GAAP loss from operations of $2.0 million in the third quarter of fiscal 2022 and $4.4 million in the fourth quarter of fiscal 2021.
GAAP net loss totaled $1.5 million, or $(0.03) per basic share, an improvement from GAAP net loss of $2.1 million, or $(0.04) per basic share, in the third quarter of fiscal 2022 and $4.4 million, or $(0.12) basic share, in the fourth quarter of fiscal 2021.
Non-GAAP income from operations totaled $1.2 million, or $0.02 per fully diluted share, compared to non-GAAP loss from operations of $1.4 million, or $(0.03) per basic share, in the third quarter of fiscal 2022, and compared non-GAAP loss from operations of $3.5 million, or $(0.09) per basic share, in the fourth quarter of fiscal 2021. The fourth quarter of fiscal 2022 represents the first quarter of positive non-GAAP income from operations since the onset of the COVID-19 pandemic.
Ended the fourth quarter of fiscal 2022 with cash and cash equivalents of $17.5 million and no debt.
Fiscal Full-Year 2022 Financial Results
Total revenue was $27.3 million for fiscal 2022, an increase of 24% compared to $22.0 million of fiscal 2021. Product revenue was $13.0 million (or 48% of total revenue), an improvement of 97% compared to $6.6 million (or 30% of total revenue) in fiscal 2021. Service revenue was $14.3 million (or 52% of total revenue), compared to $15.4 million (or 70% of total revenue) in fiscal 2021.
Gross profit was $16.4 million (or 60% of total revenue) in fiscal 2022, an increase of 65% compared to $9.9 million (or 45% of total revenue) in fiscal 2021.
Total non-GAAP operating expenses were $20.7 million in fiscal 2022, a decrease of 25% compared to non-GAAP operating expenses of $27.5 million in fiscal 2021.
GAAP loss from operations totaled $9.4 million in fiscal 2022, an improvement compared to a GAAP loss from operations of $21.5 million in fiscal 2021.
GAAP net loss totaled $7.4 million, or $(0.16) per basic share, an improvement from GAAP net loss of $21.8 million, or $(0.58) per basic share, in fiscal 2021.
Non-GAAP loss from operations totaled $4.3 million, or $(0.09) per basic share, compared to non-GAAP loss f
