Sony Pixel Power calrec Sony

SeaChange Reports Fiscal Third Quarter 2022 Financial and Operational Results

14/12/2021

SeaChange Reports Fiscal Third Quarter 2022 Financial and Operational Results Download as PDF December 14, 2021 4:05pm EST

Related Documents Audio

Earnings Webcast

10-Q Filing PDF HTML

XBRL ZIP XLS HTML

Continued Operating Momentum, with Revenues Up 9% Sequentially and 44% Year-over-Year

Signed Multi-Million-Dollar Contract Renewal with Major U.S. Multiple-System-Operator

Re-alignment in Progress, with Continued Execution on Core Competencies in Video & Advertising, Shifting More Resources to Streaming Products

BOSTON, Dec. 14, 2021 (GLOBE NEWSWIRE) -- SeaChange International, Inc. (NASDAQ: SEAC), a leading provider of video delivery, advertising, and emerging streaming platforms, today reported financial and operational results for the fiscal third quarter ended October 31, 2021.

Fiscal Third Quarter 2022 and Recent Highlights

Secured multi-million-dollar contract renewal with one of the largest multiple-system-operators in the United States, demonstrating ability to successfully monetize long-term relationships.

Appointed veteran TMT executive Peter D. Aquino as President and CEO, solidifying senior leadership team, and initiating strategic initiatives.

Generated 9% sequential revenue growth and 44% year-over-year, driven primarily by signed renewals, and upsells from existing customers.

Decreased operating expenses by 14% sequentially substantially due to ongoing efficiency measures and approaching break-even and company profitability objectives.

Ended quarter with solid balance sheet, including $17.6 million in cash and cash equivalents and no debt.

Management Commentary

Our financial results in the third quarter demonstrate our continued commitment to our multi-pronged strategy towards revenue growth, increased profitability, and strategic objectives, said SeaChange's President and Chief Executive Officer, Peter D. Aquino. My first 90 days included a deep dive into the operations, management objectives, and growth products that we are leaning' into to accelerate our transformation and provide customers with leading-edge software to drive their streaming services. I am very excited about our upside to play a leading role in enabling our customers to capture this new demand.

Chris Klimmer, Senior Vice President and Chief Revenue Officer at SeaChange, commented: SeaChange operates in massive markets with large and growing total addressable markets (TAMs) where we are leveraging our deep expertise, strong relationships and long operating history to capitalize on these opportunities. Our pipeline is growing, and we are encouraged by the progress we are making in each of our core operating markets. We are effectively monetizing longstanding Tier 1 relationships in cable, transitioning companies to high-upside revenue sharing models in advertising, creating new offerings through our streaming platform StreamVid, as well as introducing new innovations to support content monetization on Connected TV platforms through FAST channels, a product initiative that we branded Xstream.

Aquino added: SeaChange is in an increasingly strong operating position with $17.6 million in cash and no debt, a lean cost structure and growing revenue. My thorough assessment of our business not only reaffirmed but strengthened my belief that our company's technology platform has significant value, which we are seeking to maximize through both organic and inorganic growth opportunities. Longer term, we believe our continued execution on our strategic plan will drive scale, capture market share, and create even greater value for both our customers and stockholders.

Fiscal Third Quarter 2022 Financial Results

Total revenue was $7.2 million, compared to $6.5 million in the second quarter of fiscal 2022. Product revenue was $3.5 million (or 49% of total revenue), an improvement compared to $2.7 million (or 41% of total revenue) in the second quarter of fiscal 2022. Service revenue was $3.6 million (or 51% of total revenue) compared to $3.8 million (or 59% of total revenue) in the second quarter of fiscal 2022.

Gross profit was $3.7 million (or 52% of total revenue), compared to $4.1 million (or 63% of total revenue) in the second quarter of fiscal 2022.

Total non-GAAP operating expenses were $5.1 million, an improvement compared to non-GAAP operating expenses of $5.4 million in the second quarter of fiscal 2022.

GAAP loss from operations totaled $2.0 million, an improvement compared to a GAAP loss from operations of $2.5 million in the second quarter of fiscal 2022.

GAAP net loss totaled $2.1 million, or $(0.04) per basic share, a decrease from GAAP net income of $0.2 million, or $0.00 per fully diluted share, in the second quarter of fiscal 2022.

Non-GAAP loss from operations totaled $1.4 million, or $(0.03) per basic share, compared to non-GAAP loss from operations of $1.3 million, or $(0.03) per basic share, in the second quarter of fiscal 2022.

Ended the quarter with cash and cash equivalents of $17.6 million and no debt.

Conference Call

SeaChange will host a conference call today (December 14, 2021) at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) to discuss these results.

SeaChange executive management will host the call, followed by a question-and-answer period.

U.S. dial-in number: 877-407-8037

International number: 201-689-8037

Meeting Number: 13725442

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 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 (NASDAQ: SEAC) is a trusted provider
LINK: https://www.seachange.com/news-and-events/press-releases/detail/469/se...
See more stories from schange

Most recent headlines

05/01/2027

Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be demoed at CES 2026

Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...

09/10/2026

Dolby Expands Dolby OptiView Platform with New Capabilities at IBC 2026

September 10 2026, 06:00 (PDT) Dolby Expands Dolby OptiView Platform with New Capabilities at IBC 2026 New Sports Intelligence helps providers better unders...

07/10/2026

Dalet Flex LTS Delivers Smarter Media Operations from Ingest to Distribution

Dalet, a leading technology and service provider for media-rich organizations, today announced the latest Long-Term Supported (LTS) release of Dalet Flex. Build...

11/09/2026

Sony To Showcase Latest Production Technology At IBC2026

Share Copy link Facebook X Linkedin Bluesky Email...

11/09/2026

EKT To Feature New Linux-Based ATSC 3.0 STB At IBC2026

Share Copy link Facebook X Linkedin Bluesky Email...

11/09/2026

Jimmy Kimmel Shifts Political Interview to YouTube Over FCC Worries

Share Copy link Facebook X Linkedin Bluesky Email...

11/09/2026

Remembering 9/11: 25 Years of TV Tech Coverage

Share Copy link Facebook X Linkedin Bluesky Email...

11/09/2026

Tiger Group To Auction Equipment from a National Broadcasting Studio

Share Copy link Facebook X Linkedin Bluesky Email...

11/09/2026

Grass Valley Launches AVORA at IBC2026

Share Copy link Facebook X Linkedin Bluesky Email...

11/09/2026

Survey: Low Latency for Live Streaming Is Industrys Top Challenge

Share Copy link Facebook X Linkedin Bluesky Email...

11/09/2026

Atomos Debuts New HDR Monitors at 2026 IBC Show

Share Copy link Facebook X Linkedin Bluesky Email...

11/09/2026

Grass Valley Launches AVORA at IBC2026 Bringing All in On...

New standalone solution gives production teams everything they need to create, produce and deliver live content from one flexible system. Grass Valley today an...

11/09/2026

Wave Central a Domo Broadcast Company Named Recipient of...

Recognition honors the development of FPV drone camera systems for live sports broadcast coverage Wave Central, a Domo Broadcast Company that develops advanced...

11/09/2026

Teradek Launches Bolt 7 A Unified Wireless System for Zer...

Teradek, the industry leader in zero-delay wireless video solutions, announced the launch of Bolt 7, which now includes a unified wireless video and data system...

11/09/2026

ACT Pixel Academy Announces Autumn Courses

The ACT Entertainment tvONE and Green Hippo Pixel Academy has released its autumn course schedule, with hands-on training dates in September, October and Novemb...

11/09/2026

Scientists discover a new way that a disease-linked protein comes apart

LA JOLLA, CA-Transthyretin amyloid disease (ATTR) is a progressive, life-threatening condition caused when the protein transthyretin (TTR) breaks apart and aggr...

11/09/2026

Major Update to Blackmagic Cloud

Major Update to Blackmagic Cloud Brie Clayton September 10, 2026 0 Comments Blackmagic Design has announced a major update to Blackmagic Cloud which a...

11/09/2026

Dalet Helps Media Organizations Navigate the Rise of Synthetic Content with NVIDIA AI

Dalet Helps Media Organizations Navigate the Rise of Synthetic Content with NVID...

10/09/2026

First AI-Generated Golf Announcer To Debut During New Mexico Open

Duff Foreman is an AI-generated announcer who will add color to this month's New Mexico Open...

10/09/2026

IBC 2026: Bitmovin Rolls Out Encoder Version 3

Bitmovin is rolling out Encoder Version 3, the next major release of the technology behind its VOD and Live Encoders. Version 3 is built on a premise every stre...

10/09/2026

IBC 2026: Net Insight Highlights Open Live Media for Controlled Live Services

At IBC2026, on booth 1.B47, Net Insight will showcase Open Live Media, its architecture for delivering resilient live media services across networks, partners, ...

10/09/2026

PWHL, Scripps Sports Sign National Television Deal for 2026-27 Season

The Professional Women's Hockey League (PWHL) and Scripps Sports have announced a national broadcast rights agreement for the 2026-27 season, a landmark par...

10/09/2026

IBC 2026: Trusted Partner Network Debuts Fix It or Risk It to Tackle Everyday Security Risks

The Trusted Partner Network (TPN), the global content security initiative powere...

10/09/2026

NFL Brings Back Creator Programs to Deliver Access, Original Storytelling During the 2026 Season

The NFL is launching its most expansive creator programming yet, bringing togeth...

10/09/2026

Sportsnet Removes 150 Blackouts for More National NHL Games Than Ever in 2026-2027 Season

Sportsnet is set to deliver its biggest hockey season ever with a national sched...

10/09/2026

IBC 2026: LiveU Showcases Starlink for News and Sports Broadcast as Clarus Integrated Reseller

LiveU is now a Clarus Integrated Reseller, bringing Starlink's fast, reliabl...

10/09/2026

IBC 2026: Mimir Develops Single Layer for Content, Metadata, AI Orchestration

Mimir is the cloud-native media production platform built for teams that need to move media fast across live, archive, web, social, and broadcast workflows. At ...

10/09/2026

IBC 2026: ATSC 3.0 To Receive Technology & Engineering Emmy Award for Significant Advancement in Television Broadcasting

ATSC is being honored with a 2026 Technology & Engineering Emmy Award by the Nat...

10/09/2026

Audio-Technica Presents BP880R Contact Transducer for Immersive Sports Broadcast, Production Audio Enhancement

Audio-Technica has introduced the BP880R Contact Transducer, a specialized micro...

10/09/2026

ESPN, ION Team Up to Broadcast WTGL Starting on Nov. 8

TMRW Sports in partnership with the LPGA, today announced multiyear U.S. media rights agreements with ESPN and Scripps Sports/ION to bring WTGL, the new women&#...

10/09/2026

SportsNet Pittsburgh Honors Roberto Clemente Day With Second-Annual Live Spanish-Language Pirates Telecast

SportsNet Pittsburgh (SNP) in partnership with Major League Baseball and the Pit...

10/09/2026

Tennis Channel Gives Fans Options With Premium Subscription on Roku

Tennis Channel announced today its launch as a Premium Subscription on The Roku Channel. Tennis Channel offers viewers a single home for Tennis Channel and Ten...

10/09/2026

IBC 2026: Dolby Expands Dolby OptiView Platform With New Capabilities

Dolby has announced major updates to Dolby OptiView, its live sports platform, ahead of IBC 2026. The updates include new AI-powered intelligence to better unde...

10/09/2026

Dalet Names Brian Doheny as CEO

Dalet has appointed Brian Doheny as CEO. Doheny joined Dalet as President and Chief Revenue Officer in April 2026. Since joining Dalet, Doheny has led the compa...

10/09/2026

IBC 2026: Sony Demonstrates Various Creative Solutions for Attendees at the RAI

Sony, as well as its partner company Nevion, is starting IBC 2026 with a handful of announcements for attendees to see on the show floor. Sony Announces the 4t...

10/09/2026

SoFi Stadium Solidifies Production Output With Multi-Layered Tech Renovation

The six-year-old venue is expanding capabilities for NFL action, Super Bowl LXI, 2028 Summer Olympics SoFi Stadium, as well as the surrounding area known as Ho...

10/09/2026

Acon Digital introduce Acoustica 8

Editing, restoration & mastering suite upgraded Acon Digital Acoustica 8 audio editing restoration mastering software. Acon Digital have just launched the la...

10/09/2026

Readipop & XOX open XOX Studio

Classic synths & drum machines available to play Based in Reading, UK, Readipop are a music and arts charity with a long track record of innovative, partici...

10/09/2026

Neumann launch the KH 310 II & KH 350

Popular model updated & new addition introduced With many of the models in Neumann's KH family now boasting onboard DSP and support for the company'...

10/09/2026

Arturia launch the AudioFuse Studio Rev2

Improved desktop interface announced The latest iteration of Arturia's flagship desktop audio interface has just arrived, introducing improved preamps, ...

10/09/2026

Progress needs proof: Rohde & Schwarz showcases its trailblazing test solutions at EuMW 2026 in London

Progress needs proof: Rohde & Schwarz showcases its trailblazing test solutions ...

10/09/2026

Nielsen launches CTV ad spend data into its French Ad Intel product

France launch follows UK and Germany as Nielsen expands product across EMEA Paris, France, September 10, 2026 - Nielsen, a global leader in audience measuremen...

10/09/2026

Fabric Data, TMT Insights Merge to Create Fabric Insights

Share Copy link Facebook X Linkedin Bluesky Email...

10/09/2026

Leading Audio Manufacturers Join Forces on Dialog Intelli...

Leading professional audio manufacturers NUGEN Audio, RTW, Steinberg and Telos Alliance have joined forces with Fraunhofer IDMT to establish a common approach t...

10/09/2026

Setplex Introduces AI Insider for Faster Smarter Video Se...

Built Into Setplex's Zapflex Platform, AI Insider Turns Video Service Data Into Actionable Insights Setplex today introduced AI Insider, a breakthrough new...

10/09/2026

sync labs to Introduce sync productions at IBC2026 Bringi...

Managed service changes dialogue without actor-specific training or facial rigging while preserving the original performance and fitting established post-produc...

10/09/2026

ACT Pixel Academy Autumn Courses PR

The ACT Entertainment tvONE and Green Hippo Pixel Academy has released its autumn course schedule, with hands-on training dates in September, October and Novemb...

10/09/2026

Orange Polska Reaffirms Its Trust in Viaccess-Orca with M...

Orange Polska continues to Rely on Viaccess-Orca for Secure TV Services and the Next Phase of its Technology Evolution Viaccess-Orca (VO), a global leader in T...

10/09/2026

Generate and create directly in your timeline with new AI-powered innovations in Premiere and After Effects

Generate and create directly in your timeline with new AI-powered innovations in...

10/09/2026

Tedial to introduce Media Business Hub at IBC 2026

Tedial is introducing Media Business Hub (MBH) at IBC 2026, a new business enablement platform designed to help media organizations unlock the full value of the...