
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 ...
07/10/2026
Dalet, a leading technology and service provider for media-rich organizations, today announced the latest Long-Term Supported (LTS) release of Dalet Flex. Build...
06/09/2026
June 9 2026, 23:00 (PDT) Dolby and MagentaTV Bring Fans Closer to the FIFA Worl...
04/08/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
14/07/2026
South end zone videoboard, cloud-based control system will be ready for 2026 football season...
14/07/2026
Redesigned website, enhanced mobile app unify content, ticketing, and personalized fan engagement...
14/07/2026
Agreement spans sponsorship sales, digital monetization, radio production, and new practice facility naming rights...
14/07/2026
Independent league adds 14 regional sports network affiliates, growing distribut...
14/07/2026
New strategy aims to unify competitions, content, fan engagement, and commercial...
14/07/2026
ESPN and Disney+ become exclusive home of PFL events in key international MMA market...
14/07/2026
Gill will oversee engineering, technology, and sports operations across the company's 64 local television stations...
14/07/2026
Submitted by North American Broadcasters Association (NABA)
As broadcasters con...
14/07/2026
Modernized mobile unit combines HOME Apps, mc 56 console, and IP infrastructure ...
14/07/2026
Every match of the 32-team tournament will air across ION and Scripps Sports platforms in English and Spanish...
14/07/2026
FloHockey to stream every game of the annual international tournament under four...
14/07/2026
Victory+ telecasts to be simulcast on TEGNA-owned station, expanding free local distribution...
14/07/2026
Plug-ins for heavy music
Avalanche Tones is the brainchild of Ava Toton, a 17-year-old musician and developer who says her goal is to make the lives of gui...
14/07/2026
Launched alongside new Singer Showcase purchase model
IK Multimedia's innovative vocal-synthesis software has just gained its latest voice add-on, the R...
14/07/2026
Registration open until 1 September 2026
The MIDI Association have revealed that the registration deadline for this year's MIDI Innovation Awards has no...
14/07/2026
88-note model completes MK4 range
Novation have just introduced the final model in their flagship MIDI controller keyboard range, the Launchkey MK4 88. Roun...
14/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
14/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
14/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
14/07/2026
IBC2026 has unveiled a powerful Conference programme bringing together global media leaders, technology innovators, creators, sports organisations, broadcasters...
14/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
14/07/2026
Broadcast Solutions, a leading systems integrator and provider of innovative solutions for the broadcast media industry, has delivered two highly capable outsid...
14/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
14/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
14/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
14/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
14/07/2026
Techtel Successfully Relocates AICD Broadcast Studio to New Sydney Headquarters
BroadcastBroadcast EquipmentLive StreamingBroadcast Studio2026
14 July Writ...
14/07/2026
Tuesday 14 July 2026
First look revealed for Friday the 13th prequel, Crystal ...
14/07/2026
When immersive audio dominates industry headlines, it's easy to assume that every broadcaster is preparing for an Atmos future. The reality is quite differ...
14/07/2026
Emma and Sophie from ICG's marketing team joined thousands of fellow marketers, brands and agencies at MAD//Fest London 2026, one of the UK's biggest ma...
14/07/2026
Why Trusted and Secure Media Operations Matter In this series, we explore the technologies, architectures and operational realities shaping modern media operati...
14/07/2026
Pilot Project Shows How Retailers Are Prepared for the Next Step in the Evolution of Digital Commerce
Arvato Systems Drives Agentic Commerce Forward
G terslo...
14/07/2026
As part of this commitment, weve joined the SME Climate Hub, publicly pledging to:
measure our greenhouse gas emissions
reduce them in line with a net zero p...
14/07/2026
Power is AI infrastructure's inescapable constraint. How many tokens an AI factory can generate within a fixed power budget determines its revenue and profi...
13/07/2026
The Braves opted to keep production in-house rather than hand it off to MLB...
13/07/2026
Behind The Mic provides a roundup of recent news regarding on-air talent, including new deals, departures, and assignments compiled from press releases and repo...
13/07/2026
Eurovision Sport is making live athletics more accessible to fans than ever befo...
13/07/2026
The Milwaukee Bucks will return to full-season over-the-air television for the 2...
13/07/2026
SMPTE has announced an expanded education pathway for media technology professio...
13/07/2026
Vizrt has announced that its graphics technology was used by broadcast design agency Girraphic for Netflix's debut MVP MMA event, broadcast live from the In...
13/07/2026
ARRI has announced an agreement to sell its global rental activities in Europe, the United Kingdom, and North America to H2 Equity Partners through a management...
13/07/2026
DAZN has announced a partnership with Premier Boxing Champions (PBC) to bring PBC fight nights to DAZN subscribers globally. The partnership begins Saturday, Ju...
13/07/2026
TikTok and WSC Sports have announced a strategic partnership that gives sports r...
13/07/2026
Two new Ross products -Brushback: Full Count and CapGo - are debuting at Citizens Bank Park All-Star festivities...
13/07/2026
MSG Networks' was given exclusive access during the Knicks' unforgettabl...
13/07/2026
LOS ANGELES, July 13, 2026 - Sundance Institute today announced the 10 producers selected to participate in its annual Producers Labs taking place July 13-18 fo...