
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
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
04/07/2026
April 7 2026, 19:00 (PDT) Detective Conan: Fallen Angel of the Highway Opens in...
01/06/2026
January 6 2026, 05:30 (PST) Dolby Sets the New Standard for Premium Entertainment at CES 2026
Throughout the week, Dolby brings to life the latest innovatio...
02/05/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
01/05/2026
January 5 2026, 18:30 (PST) NBCUniversal's Peacock to Be First Streamer to ...
08/04/2026
Leading video software provider Synamedia today announced Senza Ignite, a cloud-based platform that transforms existing connected devices through a single firmw...
08/04/2026
Modernised architecture increases operational control and agility, while reducing cost and simplifying nationwide media transport across affiliates and news bur...
08/04/2026
Company to Feature DMX Dual Relay, High-Density 48-Channel Relay Panels, and New Private Label Power Program
LynTec, a leading manufacturer of innovative ele...
08/04/2026
Broadcasting Center Europe (BCE), a European media technology and services partner, today announces a technology partnership with BCNEXXT, a Netherlands-based c...
08/04/2026
Encompass Digital Media today announced the expansion of its Master Control Room (MCR) facility in Riga, Latvia, establishing it as one of the most advanced and...
08/04/2026
Leading video solutions provider Synamedia is back at The 2026 NAB Show with innovations that connect tomorrows audiences today. On display will be a range of t...
08/04/2026
COW Jobs: Director Needed for WWII Indie Docudrama
Brie Clayton April 8, 2026
0 Comments
Director Needed for WWII Indie Docudrama
March 17, 2026COW ...
08/04/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
08/04/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
08/04/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
08/04/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
08/04/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
08/04/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
08/04/2026
Marshall Electronics introduces its latest POV camera with the new CV376 Compact NDI |HX3 HDMI POV Camera at NAB 2026 (Booth C8339). Designed for versatile 4K c...
08/04/2026
Zixi, a leader in live video delivery and workflow orchestration, enables interoperable live video workflows across multi-vendor environments, helping broadcast...
08/04/2026
Young Forever: The Death of Ageing? airs Monday 13 April and 20 April on RT One and RT Player
Around the world, the race to beat ageing is on. From cutting ...
08/04/2026
Scripps Research scientists uncover new mechanism cancer cells use to survive DNA damage Discovery reshapes understanding of how tumor cells repair broken DNA, ...
07/04/2026
Ikegami USA will launch a refinement to the UHK-X700 and UHK-X750 3-CMOS -in. UHD cameras in the UNICAM XE series plus two new 7-in. viewfinders at NAB 2026 in...
07/04/2026
The NAB Leadership Foundation and NAB PILOT will host a career mixer for technology students at NAB Show 2026 on April 18, 5-6:30 p.m., North Hall, Room N225/22...
07/04/2026
Audinate Group Limited and Futuresource Consulting have published results from a...
07/04/2026
Eluvio has announced the commercial availability of its Content Fabric Bucharest...
07/04/2026
Eluvio has unveiled a new architecture for video AI and an updated Eluvio Video Intelligence Editor (EVIE) ahead of NAB Show 2026. Eluvio AI runs analysis and i...
07/04/2026
The Professional Fighters League (PFL) has announced a deal with Sky New Zealand...
07/04/2026
The NBA and Enjoy Basketball, the digital media company co-founded by YouTube cr...
07/04/2026
The 4,000-sq.-ft. space in Frisco, TX, has produced live and packaged programmin...
07/04/2026
What began as a referee training tool is evolving into a powerful production ass...
07/04/2026
Manifold Technologies will announce at NAB Show 2026 (Booth C.1808) that its manifold CLOUD platform will be available as a deployable application within NEP Pl...
07/04/2026
Shaquille O'Neal, Authentic Brands Group, and TNT Sports, in partnership wit...
07/04/2026
Telos Alliance will debut the Omnia XII, a new FM/HD/DAB audio processor, at NAB Show 2026 in Las Vegas.
Built on a 2RU hardware platform, Omnia XII features a...
07/04/2026
Amazon Web Services (AWS) will exhibit at NAB Show 2026 (April 18-22, Las Vegas Convention Center, Booth W1701), with demonstrations, speaking sessions, and int...
07/04/2026
Synamedia will demonstrate AI by Quortex at NAB Show 2026, a framework that applies AI capabilities to video workflows on demand rather than continuously. The s...
07/04/2026
TVNewsCheck will present its 15th annual Women in Technology Awards on Tuesday, April 21, at 5 p.m. PT at NAB Show, in the Media and Entertainment Theater (W146...
07/04/2026
Akta will demonstrate its AI video platform at NAB Show 2026, highlighting new capabilities in media processing and vertical video formatting alongside its exis...
07/04/2026
ESPN and Disney have announced the launch of ESPN on Disney in Europe and select Asia-Pacific markets, bringing the offering to 53 countries and territories a...
07/04/2026
LOS ANGELES, CA, April 7, 2026 - The nonprofit Sundance Institute announced today the fellows selected for the 2026 Native Lab, the signature initiative of the ...
07/04/2026
Starting today, Prompted Playlist is expanding beyond music to now include podca...
07/04/2026
Launched alongside piano promotion
The latest instalment in VSL's Synchron Series line-up captures the sound of a faithful copy of a Fran ois tienne Bl...
07/04/2026
Flagship sampling pad gets an update
Roland's flagship sampling pad has just received a major update that kits it out with an array of new features and ...
07/04/2026
Popular compact wireless system upgraded
Sound Devices have recently introduced a new and improved version of their compact wireless transmitter bodypacks, ...
07/04/2026
The November 2025 YEP Newsletter highlights a recent YEP Coffee Chat, offering members the chance to connect with industry professionals in an informal setting ...
07/04/2026
The December 2025 YEP Newsletter includes a Spotlight on Emily Vail, showcasing her career journey and work in the industry, alongside Mentorship Reflections by...
07/04/2026
Ground-Based Electro-Optical Deep Space Surveillance (GEODSS) telescope operated...
07/04/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
07/04/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
07/04/2026
Catgut Sound Owner and Production Sound Mixer Chris Welcker, CAS, has built a career at the intersection of music and film. A former musician and composer, Welc...