SeaChange International Inc. (NASDAQ:
SEAC), a leading provider of video delivery platforms,
today reported financial and operational results for the fiscal
fourth quarter and year ended January 31, 2021. The Company also
provided an update on its recent operational progress on strategic
initiatives that have placed the Company in a strong position for
fiscal 2022.
Fiscal Fourth Quarter 2021 and Recent Operational
Highlights
- Implemented a multi-faceted
strategic roadmap designed to drive scale, capture market
share, and create even greater value for both our customers and
shareholders.
- Enhanced the Company’s
go-to-market strategy designed to position SeaChange
as the leading enabler of video streaming services to cable
companies and content owners globally
- Secured a
multi-year, multi-million-dollar contract with one of the
largest broadband service providers in the United States.
- Refined the Company’s
business model in an effort to more effectively
monetize the value of SeaChange’s software and services and drive a
greater return on investment for the Company’s customers.
- Solidified
the balance sheet with the closing of a public
offering of common stock on April 1, 2021, which provided
approximately $19.1 million in gross proceeds to accelerate the
Company’s strategic roadmap.
- Realized a 54%
year-over-year decrease in operating expenses in the
fiscal fourth quarter of 2021 due to ongoing efficiency
measures.
- Strengthened the leadership
team, including appointing Chairman Robert Pons as
Executive Chairman, appointing technology veteran Matthew
Stecker to the board of directors, and promoting Christoph
Klimmer to SVP of Global Sales and Marketing.
Management Commentary
“Over the last three months, we have been laser focused on
aggressively implementing our long-term strategic roadmap, which is
designed to drive scale, capture market share, and create even
greater value for both our customers and shareholders,” said Robert
Pons, SeaChange’s Executive Chairman. “Our execution is clearly
evident by not only the sequential improvements in our top and
bottom lines, but also the major customer win we recently secured,
a multi-year, multi-million-dollar contract with one of the largest
broadband service providers in the U.S. Our building sales momentum
validates the effectiveness of our refined go-to-market strategy
and our holistic approach to selling the full value of our software
and services to the world’s most prominent video providers. The
increasing value our technology platform is providing to video and
broadband providers globally demonstrates SeaChange’s elevated
value proposition and increasingly critical role in the industry.
Today, SeaChange is positioned at the epicenter of the video
industry’s transformation to over-the-top (OTT) video streaming
services and delivery to the billions of end users globally.”
Pons continued, “While we are still in the early innings of our
strategic roadmap, I can confidently say that the SeaChange of
today is a much stronger and more capable organization, and that
the future has never been brighter. With more than $22 million of
cash on our balance sheet today, we have the resources to
accelerate many key initiatives within our strategic roadmap and
better capitalize on the strong secular tailwinds in the growing,
multi-billion-dollar video streaming market. Over time, we expect
that the successful execution of our plan will translate to
sustainable growth and consistent profitability in the years
ahead.”
Fiscal Fourth Quarter 2021 Financial
Results
- Total revenue was $5.1 million, an
improvement compared to $5.0 million in the third quarter of fiscal
2021. Product revenue was $1.4 million (or 27% of total revenue),
an improvement compared to $1.0 million (or 21% of total revenue)
in the third quarter of fiscal 2021. Service revenue was $3.7
million (or 73% of total revenue) compared to $3.9 million (or 79%
of total revenue) in the third quarter of fiscal 2021.
- Revenue backlog at quarter end was
$20.4 million compared to $21.9 million in the third quarter of
fiscal 2021.
- Gross profit was $2.8 million (or
55% of total revenue) compared to $2.8 million (or 56% of total
revenue) in the third quarter of fiscal 2021.
- Total operating expenses remained at
$7.3 million compared to the third quarter of fiscal 2021.
- GAAP loss from operations totaled
$4.4 million, an improvement compared to a GAAP loss from
operations of $4.6 million in the third quarter of fiscal
2021.
- Non-GAAP loss from operations
totaled $3.5 million, or $(0.09) per basic share, an improvement
from non-GAAP loss from operations of $3.8 million, or $(0.10) per
basic share, in the third quarter of fiscal 2021.
- GAAP net loss totaled $4.4 million, or $(0.12) per basic share,
an improvement from GAAP net loss $5.1 million, or $(0.14) per
basic share, in the third quarter of fiscal 2021.
Conference CallSeaChange will host a conference
call today (April 13, 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: 877-407-8037International number:
201-689-8037Meeting Number: 13718351
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 Investor Relations 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) powers hundreds of cloud and
on-premises platforms with live TV and video on demand (VOD) for
millions of end users worldwide. SeaChange's end-to-end solution
enables operators and content owners to cost-effectively launch a
direct-to-consumer video streaming service to manage, curate and
monetize their linear and on demand content across all major device
platforms such as Smart-TVs, mobile devices, and Set-Top-Boxes. A
demonstration of SeaChange’s video streaming platform is
available here. For more information on SeaChange, please
visit www.seachange.com.
Safe Harbor ProvisionCertain statements in this
press release may constitute “forward-looking statements” within
the meaning of the United States Private Securities Litigation
Reform Act of 1995, as amended to date. Forward-looking statements
can be identified by words such as "may," "might," "will,"
"should," "could," "expects," "plans," "anticipates," "believes,"
"seeks," "intends," "estimates," "predicts," "potential" or
"continue," the negative of these terms and other comparable
terminology. Examples of forward-looking statements include, among
others, statements we make regarding the Company’s ability to
execute its strategic roadmap, capture additional market share and
capitalize on the growing demand for over-the-top video streaming
services globally; the Company’s ability to effectively monetize
the value of its software and services; the Company’s ability to
accelerate key initiatives and execute on its strategic plan in a
manner that translates to sustainable growth and consistent
profitability in the years ahead; and other statements that are not
purely statements of historical fact. These forward-looking
statements are made on the basis of the current beliefs,
expectations, and assumptions of the management of the Company and
are subject to a number of known and unknown risks and significant
business, economic and competitive uncertainties that could cause
actual results to differ materially from what may be expressed or
implied in these forward-looking statements. Risks that could cause
actual results to differ include, but are not limited to: the
impact of COVID-19 on our business and the economies in which we
operate; the continued spending by the Company's customers on video
solutions and services and expenses we may incur in fulfilling
customer arrangements; the manner in which the multiscreen video
and over-the-top markets develop; the Company's ability to compete
in the software marketplace; the loss of or reduction in demand, or
the return of product, by one of the Company's large customers or
the failure of revenue acceptance criteria in a given fiscal
quarter; the cancellation or deferral of purchases of the Company's
products; any decline in demand or average selling prices for our
products and services; failure to achieve our financial forecasts
due to inaccurate sales forecasts or other factors, including due
to expenses we may incur in fulfilling customer arrangements; the
impact of our cost-savings and restructuring programs; the
Company's ability to manage its growth; the risks associated with
international operations; the ability of the Company to use its net
operating losses, including the potential impact on these losses
resulting from the Coronavirus Aid, Relief, and Economic Security
(CARES) Act; the impact of changes in the market on the value of
our investments; changes in the regulatory environment; and other
risks that are described in further detail in the Company’s reports
filed from time to time with the Securities and Exchange Commission
(SEC), which are available at www.sec.gov, including but not
limited to, such information appearing under the caption "Risk
Factors" in the Company's Annual Report on Form 10-K. Any
forward-looking statements should be considered in light of those
risk factors. The Company cautions readers that such
forward-looking statements speak only as of the date they are made.
The Company disclaims any intent or obligation to publicly update
or revise any such forward-looking statements to reflect any change
in Company expectations or future events, conditions or
circumstances on which any such forward-looking statements may be
based, or that may affect the likelihood that actual results may
differ from those set forth in such forward-looking statements.
SeaChange Contact:Matt GloverGateway Investor
Relations949-574-3860SEAC@gatewayir.com
|
SeaChange International, Inc.Condensed
Consolidated Balance Sheets(Unaudited, amounts in
thousands) |
|
|
|
|
|
|
|
|
|
January 31, 2021 |
|
|
January 31, 2020 |
|
Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
5,856 |
|
|
$ |
9,013 |
|
Marketable securities |
|
|
252 |
|
|
|
4,617 |
|
Accounts and other
receivables, net |
|
|
6,050 |
|
|
|
12,127 |
|
Unbilled receivables |
|
|
15,699 |
|
|
|
23,310 |
|
Prepaid expenses and other
current assets |
|
|
4,372 |
|
|
|
5,112 |
|
Property and equipment,
net |
|
|
605 |
|
|
|
554 |
|
Goodwill and intangible
assets, net |
|
|
11,849 |
|
|
|
12,075 |
|
Other assets |
|
|
5,725 |
|
|
|
6,082 |
|
Total assets |
|
$ |
50,408 |
|
|
$ |
72,890 |
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
Accounts payable and other
liabilities |
|
$ |
10,172 |
|
|
$ |
16,341 |
|
Deferred revenue |
|
|
5,394 |
|
|
|
6,181 |
|
Deferred tax liabilities and
income taxes payable |
|
|
888 |
|
|
|
436 |
|
Promissory note |
|
|
2,413 |
|
|
|
— |
|
Total liabilities |
|
|
18,867 |
|
|
|
22,958 |
|
Total stockholders'
equity |
|
|
31,541 |
|
|
|
49,932 |
|
Total liabilities and stockholders' equity |
|
$ |
50,408 |
|
|
$ |
72,890 |
|
|
|
|
|
|
|
|
|
|
|
SeaChange International, Inc.Consolidated
Statements of Operations(Unaudited, amounts in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
For the Three MonthsEnded January
31, |
|
|
For the Fiscal YearsEnded January
31, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
$ |
1,396 |
|
|
$ |
13,243 |
|
|
$ |
6,608 |
|
|
$ |
39,914 |
|
Service |
|
|
3,727 |
|
|
|
6,070 |
|
|
|
15,391 |
|
|
|
27,240 |
|
Total revenue |
|
|
5,123 |
|
|
|
19,313 |
|
|
|
21,999 |
|
|
|
67,154 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
|
753 |
|
|
|
1,765 |
|
|
|
3,556 |
|
|
|
6,179 |
|
Service |
|
|
1,539 |
|
|
|
3,534 |
|
|
|
8,513 |
|
|
|
17,473 |
|
Total cost of revenue |
|
|
2,292 |
|
|
|
5,299 |
|
|
|
12,069 |
|
|
|
23,652 |
|
Gross profit |
|
|
2,831 |
|
|
|
14,014 |
|
|
|
9,930 |
|
|
|
43,502 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
3,258 |
|
|
|
3,990 |
|
|
|
13,808 |
|
|
|
16,050 |
|
Selling and marketing |
|
|
930 |
|
|
|
2,505 |
|
|
|
6,420 |
|
|
|
12,179 |
|
General and administrative |
|
|
2,689 |
|
|
|
3,547 |
|
|
|
9,746 |
|
|
|
15,211 |
|
Severance and restructuring costs |
|
|
395 |
|
|
|
371 |
|
|
|
1,477 |
|
|
|
3,523 |
|
Loss on sale of fixed assets |
|
|
— |
|
|
|
5,423 |
|
|
|
— |
|
|
|
5,423 |
|
Total operating expenses |
|
|
7,272 |
|
|
|
15,836 |
|
|
|
31,451 |
|
|
|
52,386 |
|
Loss from operations |
|
|
(4,441 |
) |
|
|
(1,822 |
) |
|
|
(21,521 |
) |
|
|
(8,884 |
) |
Other income (expense),
net |
|
|
154 |
|
|
|
2,041 |
|
|
|
(180 |
) |
|
|
11 |
|
Loss before income taxes |
|
|
(4,287 |
) |
|
|
219 |
|
|
|
(21,701 |
) |
|
|
(8,873 |
) |
Income tax provision |
|
|
(79 |
) |
|
|
(262 |
) |
|
|
(58 |
) |
|
|
(48 |
) |
Net loss |
|
$ |
(4,366 |
) |
|
$ |
(43 |
) |
|
$ |
(21,759 |
) |
|
$ |
(8,921 |
) |
Net loss per share, basic |
|
$ |
(0.12 |
) |
|
$ |
— |
|
|
$ |
(0.58 |
) |
|
$ |
(0.24 |
) |
Net loss per share,
diluted |
|
$ |
(0.12 |
) |
|
$ |
— |
|
|
$ |
(0.58 |
) |
|
$ |
(0.24 |
) |
Weighted average common shares
outstanding, basic |
|
|
37,575 |
|
|
|
36,974 |
|
|
|
37,471 |
|
|
|
36,699 |
|
Weighted average common shares
outstanding, diluted |
|
|
37,575 |
|
|
|
36,974 |
|
|
|
37,471 |
|
|
|
36,699 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(4,366 |
) |
|
$ |
(43 |
) |
|
$ |
(21,759 |
) |
|
$ |
(8,921 |
) |
Other comprehensive income,
net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
616 |
|
|
|
(187 |
) |
|
|
2,114 |
|
|
|
1,212 |
|
Unrealized (losses) gains on marketable securities |
|
|
(13 |
) |
|
|
(47 |
) |
|
|
(50 |
) |
|
|
44 |
|
Total other comprehensive income |
|
|
603 |
|
|
|
(234 |
) |
|
|
2,064 |
|
|
|
1,256 |
|
Comprehensive loss |
|
$ |
(3,763 |
) |
|
$ |
(277 |
) |
|
$ |
(19,695 |
) |
|
$ |
(7,665 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SeaChange International, Inc.Consolidated
Statements of Cash Flows(Unaudited, amounts in
thousands) |
|
|
|
|
|
|
For the Fiscal Years Ended January 31, |
|
|
|
2021 |
|
|
2020 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(21,759 |
) |
|
$ |
(8,921 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
|
1,667 |
|
|
|
2,016 |
|
Loss on sale of fixed assets |
|
|
7 |
|
|
|
5,423 |
|
Change in allowance for doubtful accounts |
|
|
(208 |
) |
|
|
628 |
|
Stock-based compensation expense |
|
|
1,247 |
|
|
|
1,151 |
|
Deferred income taxes |
|
|
— |
|
|
|
(203 |
) |
Realized and unrealized foreign currency transaction loss |
|
|
793 |
|
|
|
2,126 |
|
Gain on sale of investment in affiliate and other investments,
net |
|
|
— |
|
|
|
(1,495 |
) |
Other |
|
|
(40 |
) |
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
6,420 |
|
|
|
7,134 |
|
Unbilled receivables |
|
|
7,967 |
|
|
|
(17,840 |
) |
Inventory |
|
|
— |
|
|
|
924 |
|
Prepaid expenses and other current assets and other assets |
|
|
1,196 |
|
|
|
1,609 |
|
Accounts payable |
|
|
(2,233 |
) |
|
|
(1,149 |
) |
Accrued expenses and other liabilities |
|
|
(3,492 |
) |
|
|
(170 |
) |
Deferred revenue |
|
|
(920 |
) |
|
|
(4,565 |
) |
Other |
|
|
— |
|
|
|
(1,462 |
) |
Net cash used in operating activities |
|
|
(9,355 |
) |
|
|
(14,794 |
) |
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
Purchases of property and
equipment |
|
|
(328 |
) |
|
|
(281 |
) |
Proceeds from sale of building
and land |
|
|
— |
|
|
|
600 |
|
Cash paid for acquisitions,
net |
|
|
— |
|
|
|
(3,838 |
) |
Purchases of marketable
securities |
|
|
— |
|
|
|
(790 |
) |
Proceeds from sales and
maturities of marketable securities |
|
|
4,355 |
|
|
|
6,576 |
|
Proceeds from sale of
investment in affiliate, net |
|
|
— |
|
|
|
1,495 |
|
Net cash provided by investing activities |
|
|
4,027 |
|
|
|
3,762 |
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
Proceeds from stock option
exercises |
|
|
119 |
|
|
|
594 |
|
Proceeds from employee stock
purchase plan |
|
|
18 |
|
|
|
20 |
|
Repurchases of common
stock |
|
|
(80 |
) |
|
|
(142 |
) |
Proceeds from Paycheck
Protection Program |
|
|
2,413 |
|
|
|
— |
|
Net cash provided by financing activities |
|
|
2,470 |
|
|
|
472 |
|
Effect of exchange rate on
cash, cash equivalents and restricted cash |
|
|
(355 |
) |
|
|
(460 |
) |
Net decrease in cash,
cash equivalents and restricted cash |
|
|
(3,213 |
) |
|
|
(11,020 |
) |
Cash, cash equivalents and
restricted cash at beginning of period |
|
|
9,297 |
|
|
|
20,317 |
|
Cash, cash equivalents and
restricted cash at end of period |
|
$ |
6,084 |
|
|
$ |
9,297 |
|
Supplemental
disclosure of cash flow information |
|
|
|
|
|
|
|
|
Income taxes paid |
|
$ |
327 |
|
|
$ |
463 |
|
Non-cash
activities: |
|
|
|
|
|
|
|
|
Right-of-use assets obtained
in exchange for lease obligations |
|
$ |
987 |
|
|
$ |
5,600 |
|
Fair value of common stock
issued in acquisition |
|
$ |
— |
|
|
$ |
874 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP MeasuresWe define non-GAAP (loss)
income from operations as U.S. GAAP net loss plus stock-based
compensation expenses, amortization of intangible assets,
non-operating expense professional fees, severance and other
restructuring costs, loss on sale of fixed assets, other (expense)
income, net, and income tax provision. We discuss non-GAAP (loss)
income from operations, including on a per share basis in our
quarterly earnings releases and certain other communications, as we
believe non-GAAP income (loss) income from operations is an
important measure that is not calculated according to U.S. GAAP. We
use non-GAAP (loss) income from operations in internal forecasts
and models when establishing internal operating budgets,
supplementing the financial results and forecasts reported to our
Board of Directors, determining a component of bonus compensation
for executive officers and other key employees based on operating
performance and evaluating short-term and long-term operating
trends in our operations. We believe that the non-GAAP (loss)
income from operations financial measure assists in providing an
enhanced understanding of our underlying operational measures to
manage the business, to evaluate performance compared to prior
periods and the marketplace, and to establish operational goals. We
believe that the non-GAAP financial adjustments are useful to
investors because they allow investors to evaluate the
effectiveness of the methodology and information used by management
in our financial and operational decision-making.
Non-GAAP (loss) income from operations is a non-GAAP financial
measure and should not be considered in isolation or as a
substitute for financial information provided in accordance with
U.S. GAAP. This non-GAAP financial measure may not be computed in
the same manner as similarly titled measures used by other
companies. We expect to continue to incur expenses similar to the
financial adjustments described above in arriving at non-GAAP
(loss) income from operations and investors should not infer from
our presentation of this non-GAAP financial measure that these
costs are unusual, infrequent or non-recurring. The following table
includes the reconciliations of our U.S. GAAP loss from operations,
the most directly comparable U.S. GAAP financial measure, to our
non-GAAP (loss) income from operations for the three and twelve
months ended January 31, 2021, including on a per share basis.
|
SeaChange International, Inc.Fiscal Year
Reconciliation of GAAP to Non-GAAP(Unaudited,
amounts in thousands, except per share and percentage
data) |
|
|
|
|
|
|
|
|
|
For the Three MonthsEnded January
31, |
|
|
For the Twelve MonthsEnded January
31, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands) |
|
|
(Amounts in thousands) |
|
GAAP net loss |
|
$ |
(4,366 |
) |
|
$ |
(43 |
) |
|
$ |
(21,759 |
) |
|
$ |
(8,921 |
) |
Other (expense) income, net |
|
|
154 |
|
|
|
2,041 |
|
|
|
(180 |
) |
|
|
11 |
|
Income tax provision |
|
|
(79 |
) |
|
|
(262 |
) |
|
|
(58 |
) |
|
|
(48 |
) |
GAAP loss from operations |
|
$ |
(4,441 |
) |
|
$ |
(1,822 |
) |
|
$ |
(21,521 |
) |
|
$ |
(8,884 |
) |
Amortization of intangible assets |
|
|
319 |
|
|
|
270 |
|
|
|
1,210 |
|
|
|
1,163 |
|
Stock-based compensation |
|
|
193 |
|
|
|
597 |
|
|
|
1,247 |
|
|
|
1,151 |
|
Professional fees - other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,180 |
|
Severance and other restructuring costs |
|
|
395 |
|
|
|
371 |
|
|
|
1,477 |
|
|
|
3,523 |
|
Loss on sale of fixed assets |
|
|
— |
|
|
|
5,423 |
|
|
|
— |
|
|
|
5,423 |
|
Non-GAAP (loss) income from
operations |
|
$ |
(3,534 |
) |
|
$ |
4,839 |
|
|
$ |
(17,587 |
) |
|
$ |
3,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP (loss) income from
operations, basic per share |
|
|
(0.09 |
) |
|
|
0.13 |
|
|
|
(0.47 |
) |
|
|
0.10 |
|
Non-GAAP (loss) income from
operations, diluted per share |
|
|
(0.09 |
) |
|
|
0.13 |
|
|
|
(0.47 |
) |
|
|
0.10 |
|
Weighted average common shares
outstanding, basic per share |
|
|
37,575 |
|
|
|
36,974 |
|
|
|
37,471 |
|
|
|
36,699 |
|
Weighted average common shares
outstanding, diluted per share |
|
|
37,575 |
|
|
|
38,469 |
|
|
|
37,471 |
|
|
|
37,335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SeaChange International, Inc.Supplemental
Schedule - Revenue Breakout(Unaudited, amounts in
thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended January 31, |
|
|
Twelve Months Ended January 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands) |
|
|
(Amounts in thousands) |
|
Product revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Framework |
|
$ |
432 |
|
|
$ |
11,828 |
|
|
$ |
1,765 |
|
|
$ |
33,199 |
|
OVP and other |
|
|
964 |
|
|
|
883 |
|
|
|
3,370 |
|
|
|
4,197 |
|
Hardware |
|
|
— |
|
|
|
532 |
|
|
|
1,473 |
|
|
|
2,518 |
|
Total product revenue |
|
|
1,396 |
|
|
|
13,243 |
|
|
|
6,608 |
|
|
|
39,914 |
|
Service revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance and support |
|
|
2,123 |
|
|
|
4,140 |
|
|
|
9,755 |
|
|
|
20,188 |
|
Framework and support services |
|
|
944 |
|
|
|
694 |
|
|
|
3,864 |
|
|
|
1,428 |
|
Professional services and other |
|
|
660 |
|
|
|
1,236 |
|
|
|
1,772 |
|
|
|
5,624 |
|
Total service revenue |
|
|
3,727 |
|
|
|
6,070 |
|
|
|
15,391 |
|
|
|
27,240 |
|
Total revenue |
|
$ |
5,123 |
|
|
$ |
19,313 |
|
|
$ |
21,999 |
|
|
$ |
67,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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