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 ...

06/09/2026

Dolby and MagentaTV Bring Fans Closer to the FIFA World Cup 2026 in Germany with Dolby Vision and Dolby Atmos

June 9 2026, 23:00 (PDT) Dolby and MagentaTV Bring Fans Closer to the FIFA Worl...

04/08/2026

Dalet Announces Commercial Availability of Dalia, Bringing Media-Aware Agentic AI to Enterprise Productions

Dalet, a leading technology and service provider for media-rich organizations, t...

08/07/2026

Aqueduct Racetrack Goes Silent

The end of the Big A' marks the demise of one more iconic sports venue and its signature sound After 132 years as one of the preeminent horse-racing track...

08/07/2026

Memphis Athletics, Learfield Continue Long-Term Partnership

Memphis Athletics and Learfield have signed a long-term renewal to their 25-year relationship, which sees Learfield's Tiger Sports Properties continue repre...

08/07/2026

T-Mobile Brings ABS Challenge System, 5G Batting Practice Cams to 2026 MLB All-Star Game in Philadelphia

MLB All-Star Week returns to Philadelphia for the first time in 30 years as Amer...

08/07/2026

SVG Enterprise Launches Inaugural Enterprise Video Summit, Oct. 19 in New York

Former Wall Street Video event expanded to include all Enterprise sectors SVG Enterprise has announced the inaugural Enterprise Video Summit, taking place Oct....

08/07/2026

Wrigley Field Revamp: Chicago Cubs Upgrade LED Videoboards To Match New 1080p Control Room

An offseason project enhanced eight video displays around the venue in time for ...

08/07/2026

A Beacon on Biscayne Bay: Miami Heat Reflect on Ambitious Renovation at SVG Venues & Teams Summit

Kaseya Center has a ton of new features that weren't available to the indust...

08/07/2026

FIPRESCI Establishes Jury at Sundance Film Festival

The International Federation of Film Critics (FIPRESCI) and the Sundance Film Festival are pleased to announce the establishment of a FIPRESCI jury beginning wi...

08/07/2026

Universal Audio introduce Black Box HG-2 & elysia karacter

Latest analogue-emulation plug-ins revealed Universal Audio have just added two new analogue-emulation plug-ins to their DSP-powered UAD line-up. Developed ...

08/07/2026

Pitch Innovations release Loop2Kit

Turn any audio loop into a playable kit Pitch Innovations have recently introduced an interesting new tool that's capable of creating playable kits from...

08/07/2026

MonkeyC update Rando sampler plug-in

Adds new keyboard-split function MonkeyC have recently launched an update that overhauls their powerful software sampler. Described as the sampler that mad...

08/07/2026

Strymon unveil the TimeLine MX

Four new delay algorithms & dual-engine functionality Strymon have just announced that the much-anticipated MX version of their hugely popular delay pedal i...

08/07/2026

Well over half of Australia have tuned in to watch the FIFA World Cup on SBS

Well over half of Australia have tuned in to watch the FIFA World Cup on SBS 7 July, 2026 Media releases Australia's Round of 32 match against Egypt a...

08/07/2026

SBS and Koorie Heritage Trust announce three-year partnership to celebrate First Nations cultures and communities

SBS and Koorie Heritage Trust announce three-year partnership to celebrate First...

08/07/2026

Rohde & Schwarz and China Mobile Research Institute jointly demonstrate generative AI user experience testing

Rohde & Schwarz and China Mobile Research Institute jointly demonstrate generati...

08/07/2026

Fox TV Stations Bypass Satellite for Live Game Show Run

Share Copy link Facebook X Linkedin Bluesky Email...

08/07/2026

Fox Television Stations Extreme Reach and LTN Bring Live...

Collaboration demonstrates how managed IP distribution and cloud-based syndication workflows can support live television at national scale Fox Television Stati...

08/07/2026

New ARRI ALEXA 35 Live Xtreme camera seamlessly delivers up to 8x HFR via SDI for live productions

New ARRI ALEXA 35 Live Xtreme camera seamlessly delivers up to 8x HFR via SDI fo...

08/07/2026

Did You Know? Redshift for Cinema 4D: The Power of the Distance Node

Did You Know? Redshift for Cinema 4D: The Power of the Distance Node Marc Potocnik July 8, 2026 0 Comments The Did You Know? Redshift for Cinema 4D ...

08/07/2026

LARA Wizard Touchpanel gets major configuration upgrade

Lightware is introducing the biggest update yet to the LARA Wizard Touchpanel configuration experience, designed to help integrators work faster while deliverin...

08/07/2026

DMC Production Reimagines Live OB with Calrec

DMC Production has turned to Calrec in its quest to redefine outside broadcasting with a flexible approach to live production that reverse engineers the convent...

08/07/2026

FCC Probe of 'The View' Racks Up 77,611 Comments

Share Copy link Facebook X Linkedin Bluesky Email...

08/07/2026

NAB Releases New Radio and TV Station Self-Inspection Guides

Share Copy link Facebook X Linkedin Bluesky Email...

08/07/2026

Ross Production Services Standardizes on Clear-Com Intercom Systems

Share Copy link Facebook X Linkedin Bluesky Email...

08/07/2026

Reel FX Animation Adopts Foundrys Flix on Doctor Dolittle...

Foundry today announced that Reel FX Animation Studios has adopted Flix to standardize their pipeline and streamline processes across departments. Flix is a vis...

08/07/2026

The right team. The right time.' How The Killings at Parrish Station stuck to their creative guns

The right team. The right time.' How The Killings at Parrish Station stuck t...

08/07/2026

Australians in Film and Screen Australia launch FUTURE VISION Forward to elevate Australian television to the global stage

Australians in Film and Screen Australia launch FUTURE VISION Forward to elevate...

08/07/2026

RT to air award-winning documentary TESTIMONY

Film follows the courageous fight for justice by survivors of Ireland's Magdalene Laundries & Mother and Baby Homes TESTIMONY airs Wednesday 22 July at 9...

08/07/2026

NVIDIA Nemotron Achieves Benchmark-Leading Performance With LangChain Deep Agents Harness

NVIDIA Nemotron 3 Ultra is offering leading performance at lower cost than top c...

07/07/2026

Open call: Apply for the Media Innovation Europe Validation Booster

Applications are now open for the Validation Booster, a six-month acceleration programme supporting journalists, media organisations, content creators, media in...

07/07/2026

HAND Issues Persistent Digital IDs to 50 Top 2026 MLB Draft Prospects

The Universal Talent Identifier (HAND) has issued HAND IDs to 50 top prospects ahead of the 2026 MLB Draft, including consensus top-ranked players Roch Cholowsk...

07/07/2026

Cisco and McLaren Mastercard Formula 1 Team Extend Technology Partnership

Cisco and the McLaren Mastercard Formula 1 Team have announced an extension of their partnership, expanding the scope from networking and communications to incl...

07/07/2026

LucidLink Announces Enhanced Integration with Adobe Frame.io

LucidLink has announced a workflow integration with Adobe Frame.io that gives production teams unified access to Frame.io projects alongside supporting producti...

07/07/2026

Chyron Appoints Ahmed Magd as Middle East Sales Director

Chyron has announced the appointment of Ahmed Magd as Sales Director for the Middle East. Magd joins from previous senior commercial roles at Riedel Communicati...

07/07/2026

Leader Electronics T&M Equipment Used in Live Broadcast of Pope Leo XIVs Visit to Sagrada Famlia

Leader Electronics of Europe has announced that its PHABRIX Qx rasterizer and Le...

07/07/2026

eCLUTCH Secures EMEA and MENA Broadcast Rights for Esports World Cup 2026

eCLUTCH has announced it has acquired broadcast rights to the Esports World Cup 2026 for EMEA and MENA, covering the Middle East, Africa, the Balkans, Sweden, a...

07/07/2026

Riedel and ARRI Support Cinematic Live Production at Eurovision Song Contest 2026

Riedel Communications and ARRI supported ORF's host broadcast of the Eurovis...

07/07/2026

ARRI Releases ALEXA 35 Live Xtreme With High-Frame-Rate SDI Output for Live Production

ARRI has announced the ALEXA 35 Live Xtreme, a camera that adds high frame rate ...

07/07/2026

IBC 2026: LiveU To Exhibit With LU900Q, Sony Integration, EcoSystem Expansion

LiveU will exhibit at IBC 2026 (Stand 7.C24), showcasing the LU900Q Intelligent Production Unit, expanded Sony collaboration, and additions to its open IP-video...

07/07/2026

Peacock Advances Spanish-Language World Cup Streaming With Visin de Campo, Dolby Vision, Real-Time Highlights

Telemundo's coverage is packaged with Multiview, Catch Up with Key Plays, in...

07/07/2026

Australian Rugby League Commission Secures $5.3 Billion Media Rights Deal with Foxtel, Nine, and Sky NZ

The Australian Rugby League Commission (ARLC) has announced a seven-year media r...

07/07/2026

BYUtv Partners With Big 12 for Football Media Days Production

Produced onsite at The Star in Frisco, TX, live coverage of the two-day event airs on ESPN platforms The season for Football Media Days is here, and the Big ...

07/07/2026

Rogers To Become 100% Owner of Maple Leaf Sports & Entertainment

Rogers Communications Inc. has announced an agreement to acquire the remaining 25% ownership stake in Maple Leaf Sports and Entertainment (MLSE) from Kilmer Spo...

07/07/2026

Mobile TV Groups Nick Garvin on Success of MTVG Production Platform at New Mountain Media Center

End-to-end broadcast solution includes fleet of mobile units, Cloud Control, and...

07/07/2026

SVG Executive Perspectives 2026: Industry Leaders Discuss Biz and Tech Trends for the Year Ahead

Sports-production-tech experts sound off on the state of the industry...

07/07/2026

Mix Buddy instrument mixer from Heritage Audio

New mixer aimed squarely at instrument-level sources Heritage Audio have clearly been busy recently, as alongside their all-new Tubestrip, they've also ...

07/07/2026

Heritage Audio unveil the Tubestrip

New channel strip combines popular hardware designs The latest arrival to the Heritage Audio line-up brings together a selection of their praised hardware d...

07/07/2026

Clear-Com Powers Ross Production Services Mobile Productions

eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({ content_source:......