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...
16/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
16/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
16/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
16/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
16/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
16/07/2026
Zixi, a leader in live video delivery and workflow orchestration, and Comcast Technology Solutions (CTS) today announced a strategic new integration to deliver ...
16/07/2026
Blackmagic Design Cameras Capture Immersive Flight for New Cirrus App
Brie Clayton July 15, 2026
0 Comments
Leader in Personal Aviation taps URSA Cin...
16/07/2026
XenData Announces LTO Archive Appliances with both File and S3 Object Storage In...
15/07/2026
The 2026 FIFA World Cup is a big deal for DAZN, which has distribution rights in three markets: Italy, Spain, and Japan. Each requires a different editorial app...
15/07/2026
As sports-media organizations manage rapidly growing content libraries and incre...
15/07/2026
HBS director of digital Johannes Franken talks SVG Europe through the operation built to serve FIFA World Cup 2026 rights holders remotely from Stratford, east ...
15/07/2026
IBC has unveiled the conference program for IBC2026, with this year's event ...
15/07/2026
Software-defined wideband RF platform supports 96-kHz monitoring, streamlined fr...
15/07/2026
New AI-powered module enables broadcasters and content owners to extract dialogu...
15/07/2026
Weeklong gathering at EBU headquarters will test new IPMX capabilities and expand certified product ecosystem...
15/07/2026
Force Tech has announced the appointment of Bryan Adams, CTS, as Vice President of Integration. Adams will oversee AV and broadcast integration project delivery...
15/07/2026
USA Sports has announced an exclusive English-language agreement with the Bundes...
15/07/2026
ITV Sport's FIFA World Cup 2026 coverage has been produced from one of the m...
15/07/2026
Program will provide professional camera kits, training, and technical support to participating local newsrooms...
15/07/2026
San Francisco church becomes first U.S. deployment of the 2 M/E production switcher...
15/07/2026
Former ESPN and NFL Network executive to advise startup league on media, distribution, technology, and fan engagement...
15/07/2026
The Houston-based RSN is the live-game home of the Astros and Rockets...
15/07/2026
Launched alongside new FreqSoft installer
Designed to bridge the gap between hardware and software, Freqport's FreqInOut FO1 unit provides a simple way ...
15/07/2026
Save up to 55% on software until 23 July 2026
Expressive E have just launched their Summer Offer sale, with discounts of up to 55% now applied across their ...
15/07/2026
Real-time stem-separation tool updated
zplane have recently released a new and improved version of their real-time stem-separation plug-in which they say ma...
15/07/2026
A new benchmark in bass enhancement
Described as a new benchmark in bass enhancement , Baby Audio's latest release has been designed to augment the lo...
15/07/2026
DMC Production's AR 1 and AR 2 units reverse the conventional OB workflow, keeping all production-critical processing at the venue while operators work remo...
15/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
15/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
15/07/2026
GigaCloud, a leading Ukrainian cloud service provider, and Cubbit, the first geo-distributed cloud storage enabler, today announced a new Business Alliance Part...
15/07/2026
SMPTE, the global society for media professionals, technologists, and engineers, has announced the launch of the SMPTE 110th Anniversary Campaign, a fundraising...
15/07/2026
Studio Technologies, a leading manufacturer of high-quality audio, video, and fiber-optic solutions, unveils the new StudioComm Model 762 Stereo Level Control, ...
15/07/2026
COW Jobs: Producer, Virtual Events - Hybrid, Full Time, Salaried
Brie Clayton July 15, 2026
0 Comments
Producer, Virtual Events (Hybrid | Full-time | ...
15/07/2026
Brazilian media organization builds nationwide CDN with Broadpeak's high-performance software for low-latency streaming and new content distribution service...
15/07/2026
DHD announces a new utility designed to increase the efficiency of its audio mixing systems during initial installation and subsequent configuration.
Anyone w...
15/07/2026
BCNEXXT Brings Next-Generation Vipe to IBC2026, Breaking the 1:1 Channel-to-Server Ratio New innovations liberate broadcasters from legacy playout infrastructur...
15/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
15/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
15/07/2026
General-purpose robots and autonomous machines are moving from research labs to ...
15/07/2026
Wednesday 15 July 2026
Screeners and press pack now available: Gomorrah: The Or...
15/07/2026
Trinity's Treasures features Ruth Negga, Eleanor McEvoy, and David Norris, a...
15/07/2026
Join geographer Dr Susan Hegarty, Engineer Tim Joyce and Architect Orla Murphy a...
15/07/2026
Home to leading manufacturers, robotics pioneers, infrastructure builders and iconic gaming companies, of course, Japan is one of the world's centers of AI ...
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...
SeaChange Reports Fiscal Third Quarter 2022 Financial and Operational Results Download as PDF December 14, 2021 4:05pm EST 
