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...

23/09/2026

University of Washington's New Sundodger Studios Leverages ST 2110 to Bring Broadcast, Videoboard, and Creative Under One Roof

Four control rooms support B1G+ streams, videoboard shows, creative content, and...

23/09/2026

Mountain West Conference Moves Replay Operations West, Cutting Late-Night Hours

By Andrew Cohen, SVG Coorespondant The Mountain West debuted its new Replay Operations Center at the start of this football season, bringing real-time collabor...

23/09/2026

SVG Students to Watch: Brian Short, Ball State University

The Taylorville, IL, native is pushing creative boundaries at Ball State, gaining reps across directing, technical directing, tape, and more than 100 ESPN+ broa...

23/09/2026

The Musical and the Power of Spiteful Thinking

Alexander Heller, Nevada Jose, Will Brill, and Giselle Bonilla pose with cast members at The Musical premiere during the 2026 Sundance Film Festival at Eccles...

23/09/2026

The Crow Hill Company release Children's Choir

Includes natural and processed patches The Crow Hill Company's latest sample library captures a children's choir comprising a troupe of boys perform...

23/09/2026

Kreuzberg Audio reveal Oberton

Plug-in offers six bands of saturation Kreuzberg Audio's product range includes a selection of plug-ins and virtual instruments aimed primarily at hard-...

23/09/2026

SoundBridge 3.2.0 arrives

Latest DAW update now live SoundBridge have announced that the latest update for the remote-collaboration-focused DAW is now available. The release of Sound...

23/09/2026

Koori Knockout returns home exclusively to NITV and SBS On Demand in 2026

Koori Knockout returns home exclusively to NITV and SBS On Demand in 2026 11 September, 2026 Media releases Fans can catch all the live action exclusively ...

23/09/2026

Rohde & Schwarz acquires NEOSAT and PHYTRONIC and strengthens its competencies in sovereign satellite communications

Rohde & Schwarz acquires NEOSAT and PHYTRONIC and strengthens its competencies i...

23/09/2026

NFVF SEDIBA CREATIVE ENTERPRISE PROGRAMME CALL FOR APPLICATIONS

1. ABOUT THE PROGRAMME The National Film and Video Foundation (NFVF) invites applications from experienced producers who own or manage a South African product...

23/09/2026

CALL FOR THE SEVENTH PRESIDENTIAL EMPLOYMENT STIMULUS PROGRAMME(PESP 7) FOCUSED ON THE AUDIO-VISUAL INDUSTRY IS OPEN

The National Film and Video Foundation (NFVF) is pleased to announce the opening...

23/09/2026

NHK Technologies Inc. Chooses Calrec for Sports Production

Download Now! To receive a short case study showcasing NHK Technologies, Inc. (NT) s audio setup, please enter the following details: -- First Name* Fir...

23/09/2026

McDonald's takes top spot as New Zealand's fast-food tastes evolve, according to Nielsen

Nielsen CMI data reveals a changing fast-food landscape, with value, convenience...

23/09/2026

AFP, Dalet To Collaborate On News Video Provenance, Authenticity

Share Copy link Facebook X Linkedin Bluesky Email...

23/09/2026

Spectrum News NECN Launches Across New England

Share Copy link Facebook X Linkedin Bluesky Email...

23/09/2026

COW Jobs: Blender on Windows - Generalist - Remote

COW Jobs: Blender on Windows - Generalist - Remote Brie Clayton September 23, 2026 0 Comments Application Users - Blender on Windows - Generalist Se...

23/09/2026

Bitfocus wins IBC2026 Best of Show Award for latest Butto...

Version 1.8 recognised for new workflow tools, boosted control panel flexibility and ease of integration into IP networks...

23/09/2026

Hiltron Reports a Successful IBC2026

Hiltron Communications reports a successful 2026 International Broadcasting Convention, held at the RAI Amsterdam. Exhibiting on stand A37 in Hall 1, Hiltron ex...

23/09/2026

LiveU Showcases AI Driven Production Alongside Resilient...

Reinforcing its long-term commitment to the Middle East and North Africa (MENA) broadcast market, LiveU is presenting the Q Era at CABSAT 2026, on Stand H1-D35 ...

23/09/2026

AFP and Dalet Partner to Strengthen the Provenance and Au...

Agence France-Presse (AFP), a global news agency, and Dalet, a leading technology and service provider for media-rich organizations, today announced a partnersh...

23/09/2026

Berklee Connect Unlocks the Power of a Global Network

Berklee Connect Unlocks the Power of a Global Network Katie Vitolins BM '04 knows firsthand what Berklee's alumni community can make possible. Now she...

23/09/2026

Study: Renewals for Streaming Shows Continue to Decline

Share Copy link Facebook X Linkedin Bluesky Email...

23/09/2026

Study: More Than 4 in 10 U.S. Adults Own or Are Interested in Smart Glasses

Share Copy link Facebook X Linkedin Bluesky Email...

23/09/2026

Television Critics Association Revises Bylaws to Address AI

Share Copy link Facebook X Linkedin Bluesky Email...

23/09/2026

eX Celebrates Completion of Holland Mich. FTTP Network

Share Copy link Facebook X Linkedin Bluesky Email...

23/09/2026

Gray Media Renews Ohio Valley Conference Deal

Share Copy link Facebook X Linkedin Bluesky Email...

23/09/2026

QuickLink StudioPro Powers Next Generation Student Media...

Westminster Schools, a K through 12 school in Atlanta, Georgia with approximately 2,000 students, has transformed its student broadcast and digital storytelling...

23/09/2026

UK Pavilion Brings Leading British Technology to CABSAT a...

The 2026 edition of CABSAT and SATExpo may have a new home and dates in the diary, but it still retains a strong presence from UK companies in the GREAT Britain...

23/09/2026

Glensound marks 60 years with new audio developments at C...

Glensound will return to CABSAT with new developments in professional monitoring and Dante interfacing, alongside its established commentary, esports and parlia...

23/09/2026

Guy Martin's Proper Jobs returns for third series

A great watch - Radio Times TV's most likeable proper bloke - Daily Telegraph 23rd September 2026, London: Guy Martin returns to free streaming service...

23/09/2026

Sky Sports to show England Mens tour of South Africa as part of Cricket South Africa rights deal

Wednesday 23 September 2026 Sky Sports to show England Men's tour of South ...

23/09/2026

Comscore Partners with datafuelX to Bring Seamless Currency Adoption Into a Comprehensive Planning and Stewardship Workflow

Comscore Partners with datafuelX to Bring Seamless Currency Adoption Into a Comp...

23/09/2026

SES Appoints Michel Scholer to Board of Directors

Luxembourg, 23 September 2026 - SES today announced the appointment of Mr. Michel Scholer, Secretary General of the Luxembourg Government and Chief of Staff to ...

23/09/2026

New RT series Ceol le Chile amplifies the multicultural voices of Ireland today

RT One and RT Player, Friday 25 September Ceol le Ch ile, a new series that follows Irish artists as they collaborate with musicians from diverse background...

23/09/2026

RT true crime podcast Unsolved reveals significant new evidence in the case of missing person Philip Cairns

Available now on RT Listen New information has come to light in the case of mi...

23/09/2026

Sakeena Fiza Helps NVIDIA Hardware Succeed at Scale

When Sakeena Fiza describes her work as a validation engineer at NVIDIA, she does so in terms more befitting a detective story than a world-class engineering la...

22/09/2026

Young Journalist Award 2026: Meet the Final 12

From Malaysia to Mexico and from DR Congo to Ukraine, this year's 12 finalists for the 2026 Thomson Foundation Young Journalist of the Year award tell extra...

22/09/2026

ESPN, Precision Lasers Light Up NHL Player Media Tour in Las Vegas

The annual preseason content-gathering event brought 36 NHL players to Las Vegas, where ESPN used 2.5 kilowatts of laser power and a motion-control camera syste...

22/09/2026

Neumann Introduces KK 104 A and KK 105 A Wireless Capsule Heads

Neumann has introduced the KK 104 A (cardioid) and KK 105 A (supercardioid) wireless capsule heads, succeeding the KK 204 and KK 205. The new capsules are compa...

22/09/2026

NFL and TMRW Sports Announce Pro Flag Showcase During Super Bowl LXI Week

The NFL and TMRW Sports have announced a new annual Pro Flag Showcase to be held during Super Bowl LXI week in Los Angeles. The event will feature top flag foot...

22/09/2026

Washington State University Unveils New Daktronics Video Board and Audio System at Gesa Field

Washington State University has unveiled a new end zone video display and audio ...

22/09/2026

SVG Sit-Down: Disney's Dave Johnson on ESPN's New 4K HDR Distribution Pipeline and What It Means for Super Bowl LXI and Beyond

Disney's SVP of Live Operations and Engineering details the technology behin...

22/09/2026

Cosm Promotes Mazen Alawar to SVP of Marketing, Alexis Scalice to VP of Cosm Studios

Cosm has announced two senior promotions. Mazen Alawar has been promoted to SVP,...

22/09/2026

Mississippi State University Extends Camera Relationship with KOKUSAI DENKI

Mississippi State University's University Television Center has purchased four KOKUSAI DENKI SK-UHD7000-S2 cameras since 2024, with plans to add two more, a...

22/09/2026

Net Insight Appoints Christine Kjellvard as Interim CFO

Net Insight has announced that Christine Kjellvard will assume the role of interim Chief Financial Officer on November 1, 2026. Kjellvard has previously held in...

22/09/2026

Net Insight Launches Zyntai TimeNode Access PTP Grandmaster for Edge Sites

Net Insight has announced Zyntai TimeNode Access, a compact PTP Grandmaster designed for distributed edge sites. The product carries secure, precise time across...

22/09/2026

The Weight Explores the High Cost of Freedom in the Depression Era

Sam Hazeldine, Austin Amelio, Padraic McKinley, Julia Jones, and Ethan Hawke attend the premiere of The Weight at The Ray Theatre on January 26, 2026, in Park...