SeaChange International, Inc. (NASDAQ:
SEAC), (“SeaChange” or the “Company”) a leading provider
of video delivery, advertising, and emerging streaming platforms,
today reported financial and operational results for the fiscal
fourth quarter and full-year ended January 31, 2022.
Fiscal Fourth Quarter 2022
- Closed two major renewal and
upgrade projects with Tier 1 operators in
North America and Latin America, adding over $2 million in one-time
product and license revenue as well as long-term commitments for
recurring support and services revenue.
- Secured new business with a
North American cable operator that will use SeaChange’s
Advanced Advertising Solution to manage its broadcast insertion
workflows.
- Commenced onboarding process
with two new StreamVid customers, expecting to provide
long-term, high-margin SaaS revenue.
- Launched the Xstream™
platform, a new product line that combines SeaChange’s
Streaming and AdTech capabilities, focused on delivering and
monetizing content via FAST channels on Connected TVs.
Recent Highlights & Significant Event
- Entered into a cooperation
agreement in April 2022 with VIDAA, Inc, a leading
provider of TV operating systems for Connected TVs by Hisense and
others, to jointly develop streaming, FAST and AVOD solutions for
“VIDAA tv.”
- Entered into a definitive agreement and plan of merger
with Triller Hold Co LLC on December 22, 2021.
Management Commentary
“We wrapped up our fiscal 2022 on a high note, generating 20%
sequential revenue growth and positive non-GAAP operating income,
as we benefitted from a $2 million one-time Tier 1 operator deal,”
said SeaChange’s President and Chief Executive Officer, Peter D.
Aquino. “We continue to drive positive momentum in our core
business with healthy revenue growth and a moderating operating
expense profile, which is driving our business towards a more
sustainable cash flow position. Additionally, in April, we signed
an exciting software development agreement with VIDAA for their
FAST channel and AVOD solution for its growing business. We are
looking forward to a successful partnership.”
Fiscal Fourth Quarter 2022 Financial
Results
- Total revenue was $8.6 million, an
increase of 20% compared to $7.2 million in the third quarter of
fiscal 2022 and an increase of 67% compared to $5.1 million in the
fourth quarter of fiscal 2021. Product revenue was $5.2 million (or
60% of total revenue), an improvement compared to $3.5 million (or
49% of total revenue) in the third quarter of fiscal 2022 and $1.4
million (or 27% of total revenue) in the fourth quarter of fiscal
2021. Service revenue was $3.4 million (or 40% of total revenue)
compared to $3.6 million (or 51% of total revenue) in the third
quarter of fiscal 2022 and compared to $3.7 million (or 73% of
total revenue) in the fourth quarter of fiscal 2021.
- Gross profit was $5.7 million (or
66% of total revenue), an increase of 53% compared to $3.7 million
(or 52% of total revenue) in the third quarter of fiscal 2022 and
an increase of 101% compared to $2.8 million (or 55% of total
revenue) in the fourth quarter of fiscal 2021.
- Total non-GAAP operating expenses
were $4.5 million, an improvement compared to non-GAAP operating
expenses of $5.1 million in the third quarter of fiscal 2022 and
$6.4 million in the fourth quarter of fiscal 2021.
- GAAP loss from operations totaled
$1.1 million, an improvement compared to a GAAP loss from
operations of $2.0 million in the third quarter of fiscal 2022 and
$4.4 million in the fourth quarter of fiscal 2021.
- GAAP net loss totaled $1.5 million,
or $(0.03) per basic share, an improvement from GAAP net loss of
$2.1 million, or $(0.04) per basic share, in the third quarter of
fiscal 2022 and $4.4 million, or $(0.12) basic share, in the fourth
quarter of fiscal 2021.
- Non-GAAP income from operations
totaled $1.2 million, or $0.02 per fully diluted share, compared to
non-GAAP loss from operations of $1.4 million, or $(0.03) per basic
share, in the third quarter of fiscal 2022, and compared non-GAAP
loss from operations of $3.5 million, or $(0.09) per basic share,
in the fourth quarter of fiscal 2021. The fourth quarter of fiscal
2022 represents the first quarter of positive non-GAAP income from
operations since the onset of the COVID-19 pandemic.
- Ended the fourth quarter of fiscal 2022 with cash and cash
equivalents of $17.5 million and no debt.
Fiscal Full-Year 2022 Financial Results
- Total revenue was $27.3 million for
fiscal 2022, an increase of 24% compared to $22.0 million of fiscal
2021. Product revenue was $13.0 million (or 48% of total revenue),
an improvement of 97% compared to $6.6 million (or 30% of total
revenue) in fiscal 2021. Service revenue was $14.3 million (or 52%
of total revenue), compared to $15.4 million (or 70% of total
revenue) in fiscal 2021.
- Gross profit was $16.4 million (or
60% of total revenue) in fiscal 2022, an increase of 65% compared
to $9.9 million (or 45% of total revenue) in fiscal 2021.
- Total non-GAAP operating expenses
were $20.7 million in fiscal 2022, a decrease of 25% compared to
non-GAAP operating expenses of $27.5 million in fiscal 2021.
- GAAP loss from operations totaled
$9.4 million in fiscal 2022, an improvement compared to a GAAP loss
from operations of $21.5 million in fiscal 2021.
- GAAP net loss totaled $7.4 million,
or $(0.16) per basic share, an improvement from GAAP net loss of
$21.8 million, or $(0.58) per basic share, in fiscal 2021.
- Non-GAAP loss from operations totaled $4.3 million, or $(0.09)
per basic share, compared to non-GAAP loss from operations of $17.6
million, or $(0.47) per basic share, in fiscal 2021.
Fourth Quarter and Fiscal Year 2022 Results Conference
Call
In light of SeaChange’s entry into a definitive agreement and
plan of merge with Triller Hold Co LLC, SeaChange will not host a
conference call or webcast to discuss its fourth quarter and fiscal
year 2022 results.
About SeaChange International, Inc.SeaChange
International, Inc. (NASDAQ: SEAC) provides first-class video
streaming, linear TV, and video advertising technology for
operators, content owners, and broadcasters globally. The SeaChange
technology enables operators, broadcasters, and content owners to
cost-effectively launch and grow premium linear TV
and direct-to-consumer streaming services to manage,
curate, and monetize their content. SeaChange helps protect
existing and develop new and incremental advertising revenues for
traditional linear TV and streaming services with its unique
advertising technology. SeaChange enjoys a rich heritage of nearly
three decades of delivering premium video software solutions to its
global customer base.
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 grow
its long-term, high-margin SaaS revenue, execute a successful
partnership with VIDAA, execute its strategic plan and the benefits
of its strategic plan, 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
impact of the ongoing conflict in Ukraine on our
business; 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; the impact
of changes in the market on the value of our investments; changes
in the regulatory environment; risks relating to the completion of
the business combination with Triller Hold Co LLC (the “Business
Combination”), including the need for SeaChange stockholder
approval, the satisfaction of closing conditions and the timing to
consummate the proposed Business Combination; the ability
of SeaChange to remain listed on Nasdaq; potential adverse
reactions or changes to business relationships resulting from the
announcement or completion of the proposed Business Combination;
the risk that the businesses will not be integrated successfully;
the risk of litigation related to the proposed Business
Combination; the success and timing of regulatory submissions;
regulatory requirements or developments; 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 the SEC’s website at http://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 Glover and Jeff Grampp,
CFA Gateway Group, Inc.949-574-3860SEAC@gatewayir.com
SeaChange International,
Inc.Condensed Consolidated Balance
Sheets(Unaudited, amounts in
thousands)
|
|
January 31, 2022 |
|
|
January 31, 2021 |
|
Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
17,528 |
|
|
$ |
5,856 |
|
Marketable securities |
|
|
— |
|
|
|
252 |
|
Accounts and other
receivables, net |
|
|
8,819 |
|
|
|
6,050 |
|
Unbilled receivables |
|
|
13,112 |
|
|
|
15,699 |
|
Prepaid expenses and other
current assets |
|
|
2,310 |
|
|
|
4,372 |
|
Property and equipment,
net |
|
|
902 |
|
|
|
605 |
|
Goodwill and intangible
assets, net |
|
|
9,882 |
|
|
|
11,849 |
|
Other assets |
|
|
2,643 |
|
|
|
5,725 |
|
Total assets |
|
$ |
55,196 |
|
|
$ |
50,408 |
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
Accounts payable and other
liabilities |
|
$ |
8,538 |
|
|
$ |
10,172 |
|
Deferred revenue |
|
|
4,024 |
|
|
|
5,394 |
|
Income taxes payable |
|
|
110 |
|
|
|
888 |
|
Promissory note |
|
|
— |
|
|
|
2,413 |
|
Total liabilities |
|
|
12,672 |
|
|
|
18,867 |
|
Total stockholders'
equity |
|
|
42,524 |
|
|
|
31,541 |
|
Total liabilities and stockholders' equity |
|
$ |
55,196 |
|
|
$ |
50,408 |
|
|
|
|
|
|
|
|
|
|
SeaChange International,
Inc.Consolidated Statements of
Operations(Unaudited, amounts in thousands, except
per share data)
|
|
For the Three MonthsEnded January
31, |
|
|
For the Twelve MonthsEnded January
31, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
$ |
5,181 |
|
|
$ |
1,396 |
|
|
$ |
13,021 |
|
|
$ |
6,608 |
|
Service |
|
|
3,386 |
|
|
|
3,727 |
|
|
|
14,289 |
|
|
|
15,391 |
|
Total revenue |
|
|
8,567 |
|
|
|
5,123 |
|
|
|
27,310 |
|
|
|
21,999 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
|
1,168 |
|
|
|
753 |
|
|
|
3,876 |
|
|
|
3,556 |
|
Service |
|
|
1,708 |
|
|
|
1,539 |
|
|
|
7,083 |
|
|
|
8,513 |
|
Total cost of revenue |
|
|
2,876 |
|
|
|
2,292 |
|
|
|
10,959 |
|
|
|
12,069 |
|
Gross profit |
|
|
5,691 |
|
|
|
2,831 |
|
|
|
16,351 |
|
|
|
9,930 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
1,939 |
|
|
|
3,258 |
|
|
|
8,910 |
|
|
|
13,808 |
|
Selling and marketing |
|
|
1,390 |
|
|
|
930 |
|
|
|
5,862 |
|
|
|
6,420 |
|
General and administrative |
|
|
1,882 |
|
|
|
2,689 |
|
|
|
8,779 |
|
|
|
9,746 |
|
Severance and restructuring costs |
|
|
71 |
|
|
|
395 |
|
|
|
717 |
|
|
|
1,477 |
|
Transaction costs |
|
|
1,489 |
|
|
|
— |
|
|
|
1,489 |
|
|
|
— |
|
Total operating expenses |
|
|
6,771 |
|
|
|
7,272 |
|
|
|
25,757 |
|
|
|
31,451 |
|
Loss from operations |
|
|
(1,080 |
) |
|
|
(4,441 |
) |
|
|
(9,406 |
) |
|
|
(21,521 |
) |
Other (expense) income,
net |
|
|
(396 |
) |
|
|
154 |
|
|
|
(479 |
) |
|
|
(180 |
) |
Gain on extinguishment of
debt |
|
|
— |
|
|
|
— |
|
|
|
2,440 |
|
|
|
— |
|
Loss before income taxes |
|
|
(1,476 |
) |
|
|
(4,287 |
) |
|
|
(7,445 |
) |
|
|
(21,701 |
) |
Income tax provision
(benefit) |
|
|
8 |
|
|
|
79 |
|
|
|
(15 |
) |
|
|
58 |
|
Net loss |
|
$ |
(1,484 |
) |
|
$ |
(4,366 |
) |
|
$ |
(7,430 |
) |
|
$ |
(21,759 |
) |
Net loss per share, basic |
|
$ |
(0.03 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.58 |
) |
Net loss per share,
diluted |
|
$ |
(0.03 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.58 |
) |
Weighted average common shares
outstanding, basic |
|
|
49,099 |
|
|
|
37,575 |
|
|
|
47,030 |
|
|
|
37,471 |
|
Weighted average common shares
outstanding, diluted |
|
|
49,099 |
|
|
|
37,575 |
|
|
|
47,030 |
|
|
|
37,471 |
|
Comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,484 |
) |
|
$ |
(4,366 |
) |
|
$ |
(7,430 |
) |
|
$ |
(21,759 |
) |
Other comprehensive (loss)
income, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
(252 |
) |
|
|
616 |
|
|
|
(901 |
) |
|
|
2,114 |
|
Unrealized (losses) gains on marketable securities |
|
|
— |
|
|
|
(13 |
) |
|
|
1 |
|
|
|
(50 |
) |
Total other comprehensive (loss) income |
|
|
(252 |
) |
|
|
603 |
|
|
|
(900 |
) |
|
|
2,064 |
|
Comprehensive loss |
|
$ |
(1,736 |
) |
|
$ |
(3,763 |
) |
|
$ |
(8,330 |
) |
|
$ |
(19,695 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SeaChange International,
Inc.Consolidated Statements of Cash
Flows(Unaudited, amounts in
thousands)
|
|
For the Fiscal Year EndedJanuary 31, |
|
|
|
2022 |
|
|
2021 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(7,430 |
) |
|
$ |
(21,759 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
|
1,429 |
|
|
|
1,667 |
|
Loss on disposal of fixed assets |
|
|
78 |
|
|
|
7 |
|
Gain on write-off of operating lease right-of-use assets and
liabilities related to termination |
|
|
(328 |
) |
|
|
— |
|
Gain on extinguishment of debt |
|
|
(2,440 |
) |
|
|
— |
|
Recovery of bad debts |
|
|
(156 |
) |
|
|
(208 |
) |
Stock-based compensation expense |
|
|
1,690 |
|
|
|
1,247 |
|
Realized and unrealized foreign currency transaction loss |
|
|
896 |
|
|
|
793 |
|
Other |
|
|
1 |
|
|
|
(40 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(2,830 |
) |
|
|
6,420 |
|
Unbilled receivables |
|
|
2,412 |
|
|
|
7,967 |
|
Prepaid expenses and other current assets and other assets |
|
|
2,213 |
|
|
|
1,196 |
|
Accounts payable |
|
|
1,215 |
|
|
|
(2,233 |
) |
Accrued expenses and other liabilities |
|
|
(226 |
) |
|
|
(3,492 |
) |
Deferred revenue |
|
|
(1,271 |
) |
|
|
(920 |
) |
Net cash used in operating activities |
|
|
(4,747 |
) |
|
|
(9,355 |
) |
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
Purchases of property and
equipment |
|
|
(646 |
) |
|
|
(328 |
) |
Proceeds from sales and
maturities of marketable securities |
|
|
252 |
|
|
|
4,355 |
|
Net cash (used in) provided by investing activities |
|
|
(394 |
) |
|
|
4,027 |
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
Proceeds from stock option
exercises |
|
|
161 |
|
|
|
119 |
|
Proceeds from employee stock
purchase plan |
|
|
— |
|
|
|
18 |
|
Proceeds from issuance of
common stock, net of issuance costs |
|
|
17,462 |
|
|
|
— |
|
Repurchases of common
stock |
|
|
— |
|
|
|
(80 |
) |
Proceeds from the Paycheck
Protection Program |
|
|
— |
|
|
|
2,413 |
|
Net cash provided by financing activities |
|
|
17,623 |
|
|
|
2,470 |
|
Effect of exchange rate on
cash, cash equivalents and restricted cash |
|
|
(710 |
) |
|
|
(355 |
) |
Net increase
(decrease) in cash, cash equivalents and restricted
cash |
|
|
11,772 |
|
|
|
(3,213 |
) |
Cash, cash equivalents and
restricted cash at beginning of period |
|
|
6,084 |
|
|
|
9,297 |
|
Cash, cash equivalents and
restricted cash at end of period |
|
$ |
17,856 |
|
|
$ |
6,084 |
|
Supplemental
disclosure of cash flow information |
|
|
|
|
|
|
|
|
Income tax (refunds) payments,
net |
|
$ |
(1,183 |
) |
|
$ |
327 |
|
Non-cash
activities: |
|
|
|
|
|
|
|
|
Right-of-use assets obtained
in exchange for lease obligations |
|
$ |
— |
|
|
$ |
987 |
|
Purchases of property and
equipment included in accounts payable |
|
$ |
516 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
Non-GAAP MeasuresWe define non-GAAP loss from
operations as U.S. GAAP net loss plus stock-based compensation
expenses, amortization of intangible assets, severance and
restructuring costs, transaction costs, gain on extinguishment of
debt, other expense (income), net, and income tax provision
(benefit). We discuss non-GAAP loss from operations, including on a
per share basis, in our quarterly earnings releases and certain
other communications, as we believe non-GAAP operating loss from
operations is an important measure that is not calculated according
to U.S. GAAP. We use non-GAAP 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 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 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 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 from operations, the most directly comparable
U.S. GAAP financial measure, to our non-GAAP loss from operations
for the three and twelve months ended January 31, 2022.
SeaChange International,
Inc.Fiscal Year Reconciliation of GAAP to
Non-GAAP(Unaudited, amounts in thousands, except
per share data)
|
|
For the Three MonthsEnded January
31, |
|
|
For the Twelve MonthsEnded January
31, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(Amounts in thousands) |
|
|
(Amounts in thousands) |
|
GAAP net loss |
|
$ |
(1,484 |
) |
|
$ |
(4,366 |
) |
|
$ |
(7,430 |
) |
|
$ |
(21,759 |
) |
Other expense (income), net |
|
|
396 |
|
|
|
(154 |
) |
|
|
479 |
|
|
|
180 |
|
Gain on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
(2,440 |
) |
|
|
— |
|
Income tax provision (benefit) |
|
|
8 |
|
|
|
79 |
|
|
|
(15 |
) |
|
|
58 |
|
GAAP loss from operations |
|
$ |
(1,080 |
) |
|
$ |
(4,441 |
) |
|
$ |
(9,406 |
) |
|
$ |
(21,521 |
) |
Amortization of intangible assets |
|
|
296 |
|
|
|
319 |
|
|
|
1,226 |
|
|
|
1,210 |
|
Stock-based compensation |
|
|
375 |
|
|
|
193 |
|
|
|
1,690 |
|
|
|
1,247 |
|
Severance and restructuring costs |
|
|
71 |
|
|
|
395 |
|
|
|
717 |
|
|
|
1,477 |
|
Transaction costs |
|
|
1,489 |
|
|
|
— |
|
|
|
1,489 |
|
|
|
— |
|
Non-GAAP income (loss) from
operations |
|
$ |
1,151 |
|
|
$ |
(3,534 |
) |
|
$ |
(4,284 |
) |
|
$ |
(17,587 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP income (loss) from
operations, basic per share |
|
$ |
0.02 |
|
|
$ |
(0.09 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.47 |
) |
Non-GAAP income (loss) from
operations, diluted per share |
|
$ |
0.02 |
|
|
$ |
(0.09 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.47 |
) |
Weighted average common shares
outstanding, basic per share |
|
|
49,099 |
|
|
|
37,575 |
|
|
|
47,030 |
|
|
|
37,471 |
|
Weighted average common shares
outstanding, diluted per share |
|
|
49,634 |
|
|
|
37,575 |
|
|
|
47,030 |
|
|
|
37,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SeaChange International,
Inc.Supplemental Schedule - Revenue
Breakout(Unaudited, amounts in
thousands)
|
|
For the Three MonthsEnded January
31, |
|
|
For the Twelve MonthsEnded January
31, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(Amounts in thousands) |
|
|
(Amounts in thousands) |
|
Product revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License and subscription |
|
$ |
4,537 |
|
|
$ |
1,396 |
|
|
$ |
10,843 |
|
|
$ |
5,135 |
|
Hardware |
|
|
644 |
|
|
|
— |
|
|
|
2,178 |
|
|
|
1,473 |
|
Total product revenue |
|
|
5,181 |
|
|
|
1,396 |
|
|
|
13,021 |
|
|
|
6,608 |
|
Service revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance and support |
|
|
3,042 |
|
|
|
3,105 |
|
|
|
12,249 |
|
|
|
13,657 |
|
Professional services and other |
|
|
344 |
|
|
|
622 |
|
|
|
2,040 |
|
|
|
1,734 |
|
Total service revenue |
|
|
3,386 |
|
|
|
3,727 |
|
|
|
14,289 |
|
|
|
15,391 |
|
Total revenue |
|
$ |
8,567 |
|
|
$ |
5,123 |
|
|
$ |
27,310 |
|
|
$ |
21,999 |
|
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