SeaChange International Inc. (NASDAQ:
SEAC), a leading provider of video delivery platforms,
today reported financial and operational results for the fiscal
third quarter ended October 31, 2020. The Company also reported
strong demand from content owners for the Company’s new ‘Video
Apps’ platform, which enables content owners to quickly and
seamlessly launch direct-to-consumer (DTC) TV and video
applications directly through Smart TVs and connected platforms.
SeaChange’s New Video Apps Platform
Addresses Burgeoning
Demand from Content
Owners to Deliver High-Quality TV and
Video Content Directly to Consumers
- SeaChange’s Video
Apps platform addresses the TV and video market’s
accelerated shift in spending in response to COVID-19 changes in
consumer behavior. The global pandemic forced many service
providers to invest heavily in technology infrastructure and reduce
or eliminate investment in video platforms. Content owners,
particularly independent content owners, are now accelerating their
content distribution strategies and investments to deliver
high-quality content directly to consumers.
- SeaChange’s Video Apps allow content
owners to quickly launch over-the-top (OTT) TV
apps to meet the global demand from consumers
looking to stream high-quality video content directly through Smart
TVs and connected platforms such as Roku, Amazon Fire TV,
Chromecast and Apple TV among others.
- Independent
content owners
are focused on advertising to
monetize direct-to-consumer TV
applications. SeaChange’s Video Apps leverages the
Company’s proprietary Ad Insertion module to automatically source
ad buyers, define ad placements, and programmatically fill
advertising slots in real-time. With SeaChange’s Ad Insertion
module and rich data analytics, content owners are provided with
greater insights into their audiences and generate higher
advertising revenue right away.
- Revenue-share model allows SeaChange to meaningfully
participate in the growing OTT market ad spend, which is
expected to exceed $14 billion globally by 2023, according to
industry analysts.
- Strong customer demand and robust pipeline for Video
Apps. Since the launch of the platform in November 2020,
SeaChange has secured four (4) wins and is actively engaged in
discussions with approximately fifty (50) content owners, who are
in varying stages of the sales cycle.
Third Quarter Fiscal 2021 and
Recent Operational Highlights
- Launched ‘Video Apps’ and established a robust sales pipeline
with active discussions with approximately 50 content owners in the
first month since the launch of the platform.
- Secured the most meaningful win in Company history with one of
the largest mobile network operators in the world for SeaChange’s
Advertising Solutions. The aggregate potential revenue opportunity
over the next three years is approximately $100 million based on
the customer’s annual unsold ad inventory and the revenue share
SeaChange would receive to monetize it.
- Secured six (6) new customer wins in the third quarter,
including:
- ‘Framework’ Video Platform
wins;
- Framework Video Platform with Video
Apps wins; and
- Advertising Solutions (formerly
‘Unsold’) win.
- Secured four (4) new customer wins in the fourth quarter ending
January 31, 2021, including:
- Advertising Solutions wins; and
- Framework Video Platform with Video
Apps win.
- Since SeaChange launched the Framework platform in March 2019,
the Company has secured 39 wins worth an aggregate total contract
value of approximately $63 million.
- Ongoing cost-optimization measures produced an 8% sequential
decrease and 45% year-over-year decrease in operating expenses in
the fiscal third quarter of 2021.
Management Commentary
“The dramatic shift in service provider spending
since the onset of the pandemic has impacted the near-term demand
for our Framework video delivery platform, but we’ve adapted,” said
SeaChange CEO Yossi Aloni. “In recent months we’ve pivoted to
addressing the immediate needs of content owners who are looking to
develop an effective over-the-top, direct-to-consumer strategy to
stay competitive, monetize content, and build deeper levels of
engagement between audience and brand. Historically, for content
owners to directly launch a DTC TV service, the process was overly
complex, costly and involved disparate technologies. With
SeaChange’s Video Apps platform, providers can now quickly and
seamlessly operate their own streaming service while maintaining a
direct relationship with the consumer. Not only does this new
approach enhance content owner margins, but it also creates greater
long-term business value by enabling full control over the service,
data and customer relationship.
“Looking ahead, SeaChange is well positioned to
enable the industry’s ongoing direct-to-consumer movement. Video
Apps is providing content owners with the platform to capitalize on
the exploding demand in high-quality streaming content and the
growing advertising OTT ad spend. Over the next five years, we
expect thousands of direct-to-consumer TV Apps will be launched
with a need for a built-in ad monetization strategy. Similar to how
Wix democratized websites for small to medium businesses,
SeaChange’s Video Apps platform will look to play a major role in
powering and capitalizing on the direct-to-consumer TV apps
revolution.”
Third Quarter Fiscal 2021 Financial
Results
- Total revenue was $5.0 million compared to $5.0 million in the
prior quarter, and $20.5 million in the same period last year.
Product revenue was $1.0 million (or 21% of total revenue) compared
to $1.1 million (or 21% of total revenue) in the prior quarter, and
$13.5 million (or 66% of revenue) in the same period last year.
Service revenue was $3.9 million (or 79% of total revenue) compared
to $3.9 million (or 79% of total revenue) in the prior quarter, and
$7.0 million (or 34% of total revenue) in the same period last
year.
- Revenue backlog at quarter end was $21.9 million compared to
$20.9 million in the prior quarter, and $22.2 million at the end of
the third quarter of fiscal 2020.
- Gross profit was $2.8 million (or 56% of total revenue)
compared to $1.8 million (or 36% of total revenue) in the prior
quarter, and $15.7 million (or 76% of total revenue) in the same
period last year.
- Total operating expenses were $7.3 million compared to $8.0
million in the previous quarter, and $13.4 million in the same
period last year.
- GAAP loss from operations totaled $4.6 million compared to a
GAAP loss from operations of $6.2 million in the prior quarter, and
GAAP income from operations of $2.3 million in the same period last
year.
- Non-GAAP loss from operations totaled $3.8 million, or $(0.10)
per basic share, compared to a Non-GAAP loss from operations of
$5.1 million, or $(0.14) per basic share in the previous quarter,
and non-GAAP income from operations of $5.2 million, or $0.14 per
fully diluted share, in the same period last year.
- GAAP net loss totaled $5.1 million, or $(0.14) per basic share,
compared to a GAAP net loss of $5.8 million, or $(0.15) per basic
share in the prior quarter, and a net income of $2.1 million, or
$0.06 per fully diluted share, in the same period last year.
- Cash, cash equivalents, and marketable securities totaled $6.2
million at quarter-end. Management expects the Company’s cash
position at fiscal year-end to be at least $8.5 million. Management
currently believes the Company’s liquidity position, resources and
recently implemented cost-reduction measures will enable the
Company to execute its growth strategy.
Conference CallSeaChange will host
a conference call today (December 10, 2020) at 5:00 p.m. Eastern
time (2:00 p.m. Pacific time) to discuss these results.
SeaChange 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: 13713901
Please call the conference telephone number 5-10
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. To accompany the call, SeaChange will make
available a supplemental slide deck and management’s prepared
remarks, both of which will be posted in the investors section of
SeaChange’s website prior to the call.
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 more than 50 million subscribers worldwide. SeaChange's
end-to-end solution, the Framework, enables operators and content
owners to cost-effectively launch a direct-to-consumer video
service. This includes back-office, media asset management, ad
management, analytics and a client application for set-top boxes
(STB), Smart-TVs and mobile devices. Framework is available as a
product or managed service, and can be deployed on-premises, in the
cloud or as a hybrid. For more information, 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
expected growth of the OTT market; the outcome of the Company’s
active discussions with approximately 50 content owners; the
Company’s aggregate potential revenue over the next three years as
a result of its contract win with one of the largest mobile network
providers; the aggregate total contract value to be realized from
the Company’s wins for its Framework platform; the Company’s
position to enable the industry’s ongoing direct-to-consumer
movement; the Company’s expectation that over the next five years,
thousands of direct-to-consumer TV apps will be launched with a
need for a built-in ad monetization strategy and the role the
Company’s Video Apps platform could play in powering and
capitalizing on the direct-to-consumer TV apps revolution; the
Company’s ability to execute its growth strategy, in light of its
liquidity position, resources and recently implemented
cost-reduction measures, 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; a
lower than anticipated demand for direct-to-consumer TV; the
entrance of competitors into the ad insertion space; 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 OTT 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)
|
|
|
|
|
October 31, 2020 |
|
January 31, 2020 |
Assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
5,124 |
|
$ |
9,297 |
Marketable securities |
|
1,034 |
|
|
4,617 |
Accounts and other
receivables, net |
|
5,259 |
|
|
12,127 |
Unbilled receivables |
|
19,036 |
|
|
23,310 |
Prepaid expenses and other
current assets |
|
4,755 |
|
|
5,112 |
Property and equipment,
net |
|
641 |
|
|
554 |
Goodwill and intangible
assets, net |
|
11,777 |
|
|
12,075 |
Other assets |
|
5,987 |
|
|
5,798 |
Total assets |
$ |
53,613 |
|
$ |
72,890 |
Liabilities and
Stockholders' Equity |
|
|
|
|
|
Accounts payable and other
liabilities |
$ |
11,692 |
|
$ |
16,341 |
Deferred revenue |
|
3,823 |
|
|
6,181 |
Deferred tax liabilities and
income taxes payable |
|
574 |
|
|
436 |
Promissory note |
|
2,413 |
|
|
— |
Total liabilities |
|
18,502 |
|
|
22,958 |
Total stockholders'
equity |
|
35,111 |
|
|
49,932 |
Total liabilities and stockholders' equity |
$ |
53,613 |
|
$ |
72,890 |
|
|
|
|
|
|
SeaChange International,
Inc.Condensed Consolidated Statements of
Operations(Unaudited, amounts in thousands, except
per share data)
|
|
|
|
|
|
|
For the Three MonthsEnded October
31, |
|
|
For the Nine MonthsEnded October
31, |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product |
$ |
1,048 |
|
|
$ |
13,524 |
|
|
$ |
5,212 |
|
|
$ |
26,671 |
|
Service |
|
3,918 |
|
|
|
7,020 |
|
|
|
11,664 |
|
|
|
21,170 |
|
Total revenue |
|
4,966 |
|
|
|
20,544 |
|
|
|
16,876 |
|
|
|
47,841 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
435 |
|
|
|
466 |
|
|
|
2,803 |
|
|
|
4,414 |
|
Service |
|
1,755 |
|
|
|
4,386 |
|
|
|
6,974 |
|
|
|
13,939 |
|
Total cost of revenue |
|
2,190 |
|
|
|
4,852 |
|
|
|
9,777 |
|
|
|
18,353 |
|
Gross profit |
|
2,776 |
|
|
|
15,692 |
|
|
|
7,099 |
|
|
|
29,488 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
3,024 |
|
|
|
4,033 |
|
|
|
10,550 |
|
|
|
12,060 |
|
Selling and marketing |
|
1,636 |
|
|
|
3,859 |
|
|
|
5,490 |
|
|
|
9,674 |
|
General and administrative |
|
2,636 |
|
|
|
3,265 |
|
|
|
7,057 |
|
|
|
11,664 |
|
Severance and restructuring costs |
|
53 |
|
|
|
2,282 |
|
|
|
1,082 |
|
|
|
3,152 |
|
Total operating expenses |
|
7,349 |
|
|
|
13,439 |
|
|
|
24,179 |
|
|
|
36,550 |
|
(Loss) income from
operations |
|
(4,573 |
) |
|
|
2,253 |
|
|
|
(17,080 |
) |
|
|
(7,062 |
) |
Other expense, net |
|
(499 |
) |
|
|
(161 |
) |
|
|
(334 |
) |
|
|
(2,030 |
) |
(Loss) income before income
taxes |
|
(5,072 |
) |
|
|
2,092 |
|
|
|
(17,414 |
) |
|
|
(9,092 |
) |
Income tax provision
(benefit) |
|
45 |
|
|
|
(53 |
) |
|
|
(21 |
) |
|
|
(214 |
) |
Net (loss) income |
$ |
(5,117 |
) |
|
$ |
2,145 |
|
|
$ |
(17,393 |
) |
|
$ |
(8,878 |
) |
Net (loss) income per share,
basic |
$ |
(0.14 |
) |
|
$ |
0.06 |
|
|
$ |
(0.46 |
) |
|
$ |
(0.24 |
) |
Net (loss) income per share,
diluted |
$ |
(0.14 |
) |
|
$ |
0.06 |
|
|
$ |
(0.46 |
) |
|
$ |
(0.24 |
) |
Weighted average common shares
outstanding, basic |
|
37,556 |
|
|
|
36,751 |
|
|
|
37,436 |
|
|
|
36,606 |
|
Weighted average common shares
outstanding, diluted |
|
37,556 |
|
|
|
37,752 |
|
|
|
37,436 |
|
|
|
36,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
$ |
(5,117 |
) |
|
$ |
2,145 |
|
|
$ |
(17,393 |
) |
|
$ |
(8,878 |
) |
Other comprehensive (loss)
income, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
(143 |
) |
|
|
59 |
|
|
|
1,498 |
|
|
|
1,399 |
|
Unrealized (losses) gains on marketable securities |
|
(33 |
) |
|
|
31 |
|
|
|
(37 |
) |
|
|
91 |
|
Total other comprehensive (loss) income |
|
(176 |
) |
|
|
90 |
|
|
|
1,461 |
|
|
|
1,490 |
|
Comprehensive (loss)
income |
$ |
(5,293 |
) |
|
$ |
2,235 |
|
|
$ |
(15,932 |
) |
|
$ |
(7,388 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SeaChange International,
Inc.Condensed Consolidated Statements of Cash
Flows(Unaudited, amounts in
thousands)
|
|
|
|
For the Nine MonthsEnded October
31, |
|
|
2020 |
|
|
2019 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net loss |
$ |
(17,393 |
) |
|
$ |
(8,878 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
1,105 |
|
|
|
1,622 |
|
(Recovery of) provision for bad debts |
|
(216 |
) |
|
|
480 |
|
Stock-based compensation expense |
|
1,054 |
|
|
|
554 |
|
Deferred income taxes |
|
246 |
|
|
|
(203 |
) |
Realized and unrealized foreign currency transaction loss |
|
1,498 |
|
|
|
1,399 |
|
Other |
|
(26 |
) |
|
|
97 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
7,084 |
|
|
|
5,456 |
|
Unbilled receivables |
|
4,274 |
|
|
|
(11,215 |
) |
Inventory |
|
— |
|
|
|
720 |
|
Prepaid expenses and other current assets and other assets |
|
539 |
|
|
|
469 |
|
Accounts payable |
|
(1,242 |
) |
|
|
(1,079 |
) |
Accrued expenses and other liabilities |
|
(3,886 |
) |
|
|
535 |
|
Deferred revenue |
|
(2,358 |
) |
|
|
(2,977 |
) |
Net cash used in operating activities |
|
(9,321 |
) |
|
|
(13,020 |
) |
Cash flows from
investing activities: |
|
|
|
|
|
|
|
Purchases of property and
equipment |
|
(311 |
) |
|
|
(252 |
) |
Cash paid for acquisitions,
net |
|
— |
|
|
|
(3,838 |
) |
Purchases of marketable
securities |
|
— |
|
|
|
(852 |
) |
Proceeds from sales and
maturities of marketable securities |
|
3,576 |
|
|
|
3,343 |
|
Net cash provided by (used in) investing activities |
|
3,265 |
|
|
|
(1,599 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
|
Proceeds from issuance of
common stock |
|
137 |
|
|
|
66 |
|
Repurchases of common
stock |
|
(80 |
) |
|
|
(142 |
) |
Proceeds from Paycheck
Protection Program |
|
2,413 |
|
|
|
— |
|
Net cash provided by (used in) financing activities |
|
2,470 |
|
|
|
(76 |
) |
Effect of exchange rate on
cash and cash equivalents |
|
(587 |
) |
|
|
265 |
|
Net decrease in cash,
cash equivalents and restricted cash |
|
(4,173 |
) |
|
|
(14,430 |
) |
Cash, cash equivalents and
restricted cash at beginning of period |
|
9,297 |
|
|
|
20,317 |
|
Cash, cash equivalents and
restricted cash at end of period |
$ |
5,124 |
|
|
$ |
5,887 |
|
Supplemental
disclosure of cash flow information |
|
|
|
|
|
|
|
Income taxes paid |
$ |
196 |
|
|
$ |
454 |
|
Non-cash
activities: |
|
|
|
|
|
|
|
Purchases of property and
equipment included in accounts payable |
$ |
— |
|
|
$ |
— |
|
Right-of-use assets obtained
in exchange for lease obligations |
$ |
987 |
|
|
$ |
2,952 |
|
Fair value of common stock
issued in acquisition |
$ |
— |
|
|
$ |
874 |
|
|
|
|
|
|
|
|
|
Non-GAAP MeasuresWe define
non-GAAP income (loss) 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 impairment of goodwill and
long-lived assets, other expense, net, and income tax (benefit)
provision. We discuss non-GAAP income (loss) from operations in our
quarterly earnings releases and certain other communications, as we
believe non-GAAP operating income (loss) from operations is an
important measure that is not calculated according to U.S. GAAP. We
use non-GAAP income (loss) 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 income
(loss) 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 income (loss) 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
income (loss) 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) income from
operations, the most directly comparable U.S. GAAP financial
measure, to our non-GAAP (loss) income from operations for the
three and nine months ended October 31, 2020.
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 October
31, |
|
|
For the Nine MonthsEnded October
31, |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
(Amounts in thousands) |
|
|
(Amounts in thousands) |
|
GAAP net (loss) income |
$ |
(5,117 |
) |
|
$ |
2,145 |
|
|
$ |
(17,393 |
) |
|
$ |
(8,878 |
) |
Other expense, net |
|
499 |
|
|
|
161 |
|
|
|
334 |
|
|
|
2,030 |
|
Income tax provision (benefit) |
|
45 |
|
|
|
(53 |
) |
|
|
(21 |
) |
|
|
(214 |
) |
GAAP (loss) income from
operations |
$ |
(4,573 |
) |
|
$ |
2,253 |
|
|
$ |
(17,080 |
) |
|
$ |
(7,062 |
) |
Amortization of intangible assets |
|
308 |
|
|
|
295 |
|
|
|
891 |
|
|
|
893 |
|
Stock-based compensation |
|
437 |
|
|
|
357 |
|
|
|
1,054 |
|
|
|
554 |
|
Professional fees - other |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,180 |
|
Severance and other restructuring costs |
|
53 |
|
|
|
2,282 |
|
|
|
1,082 |
|
|
|
3,152 |
|
Non-GAAP (loss) income from
operations |
$ |
(3,775 |
) |
|
$ |
5,187 |
|
|
$ |
(14,053 |
) |
|
$ |
(1,283 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share per
non-GAAP (loss) income from operations, basic |
|
(0.10 |
) |
|
|
0.14 |
|
|
|
(0.38 |
) |
|
|
(0.04 |
) |
Net loss per share per
non-GAAP (loss) income from operations, diluted |
|
(0.10 |
) |
|
|
0.14 |
|
|
|
(0.38 |
) |
|
|
(0.04 |
) |
Weighted average common shares
outstanding, basic |
|
37,556 |
|
|
|
36,751 |
|
|
|
37,436 |
|
|
|
36,606 |
|
Weighted average common shares
outstanding, diluted |
|
37,556 |
|
|
|
37,752 |
|
|
|
37,436 |
|
|
|
36,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SeaChange International,
Inc.Supplemental Schedule - Revenue
Breakout(Unaudited, amounts in
thousands)
|
Three Months Ended October 31, |
|
|
Nine Months Ended October 31, |
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
|
(Amounts in thousands) |
|
|
(Amounts in thousands) |
Product revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Framework |
$ |
— |
|
$ |
13,127 |
|
|
$ |
1,333 |
|
$ |
21,371 |
OVP and other |
|
994 |
|
|
856 |
|
|
|
2,406 |
|
|
3,314 |
Hardware |
|
54 |
|
|
(459 |
) |
|
|
1,473 |
|
|
1,986 |
Total product revenue |
|
1,048 |
|
|
13,524 |
|
|
|
5,212 |
|
|
26,671 |
Service revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance and support |
|
2,419 |
|
|
5,812 |
|
|
|
7,632 |
|
|
16,048 |
Framework and support services |
|
1,011 |
|
|
623 |
|
|
|
2,920 |
|
|
734 |
Professional services and other |
|
488 |
|
|
585 |
|
|
|
1,112 |
|
|
4,388 |
Total service revenue |
|
3,918 |
|
|
7,020 |
|
|
|
11,664 |
|
|
21,170 |
Total revenue |
$ |
4,966 |
|
$ |
20,544 |
|
|
$ |
16,876 |
|
$ |
47,841 |
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