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Seachange International (SEAC)

SeaChange International 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.

Company profile

Ticker
SEAC
Exchange
Website
CEO
Yossi Aloni
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
SEAC Canada Limited • S.E.A.C. Germany GmbH • SeaChange India Private, Ltd. • SeaChange Ireland Operations Limited • Cambio Maritimo Mexico • SeaChange B.V. • SeaChange NLG B.V. • SeaChange Philippines Corporation • SeaChange LLC • SeaChange Asia Pacific Pte. Ltd. ...
IRS number
43197974

SEAC stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

8 Jun 22
18 Aug 22
31 Jan 23
Quarter (USD) Apr 22 Jan 22 Oct 21 Jul 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Jan 22 Jan 21 Jan 20 Jan 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 16.77M 16.77M 16.77M 16.77M 16.77M 16.77M
Cash burn (monthly) 362K 428.25K 998.33K 716.25K 247.67K 305.83K
Cash used (since last report) 1.32M 1.56M 3.64M 2.61M 903.5K 1.12M
Cash remaining 15.45M 15.21M 13.13M 14.16M 15.87M 15.65M
Runway (months of cash) 42.7 35.5 13.1 19.8 64.1 51.2

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
5 Aug 22 David J Nicol Common Stock Grant Acquire A No No 0 163,881 0 393,695
5 Aug 22 Steven G Singer Common Stock Grant Acquire A No No 0 163,881 0 350,797
5 Aug 22 Matthew Stecker Common Stock Grant Acquire A No No 0 163,881 0 360,327
5 Aug 22 Igor Volshteyn Common Stock Grant Acquire A No No 0 163,881 0 327,762
5 Aug 22 Igor Volshteyn Common Stock Grant Acquire A No No 0 163,881 0 163,881
24.1% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 41 49 -16.3%
Opened positions 7 15 -53.3%
Closed positions 15 7 +114.3%
Increased positions 12 10 +20.0%
Reduced positions 11 12 -8.3%
13F shares Current Prev Q Change
Total value 14.22M 22.54M -36.9%
Total shares 11.99M 11.07M +8.3%
Total puts 864.1K 486.8K +77.5%
Total calls 167.2K 912.5K -81.7%
Total put/call ratio 5.2 0.5 +868.7%
Largest owners Shares Value Change
Singer Karen 6.07M $6.74M 0.0%
Vanguard 1.82M $2.06M +6.7%
Susquehanna International 773.65K $874K +369.4%
BLK Blackrock 550.75K $622K -1.0%
Renaissance Technologies 386.86K $437K +689.5%
Millennium Management 367.94K $416K +49.4%
Group One Trading 339.8K $384K -20.4%
Geode Capital Management 331.41K $374K -26.6%
Bridgeway Capital Management 206.2K $233K -10.8%
STT State Street 145.9K $165K 0.0%
Largest transactions Shares Bought/sold Change
Susquehanna International 773.65K +608.83K +369.4%
Renaissance Technologies 386.86K +337.86K +689.5%
Millennium Management 367.94K +121.71K +49.4%
Geode Capital Management 331.41K -120.29K -26.6%
Vanguard 1.82M +114.21K +6.7%
Group One Trading 339.8K -86.93K -20.4%
Cubist Systematic Strategies 0 -80.6K EXIT
GS Goldman Sachs 0 -62.26K EXIT
HRT Financial 61.07K +61.07K NEW
Squarepoint Ops 0 -57.47K EXIT

Financial report summary

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Competition
Cisco SystemsComcastKalturaCommScope HoldingTiVo
Risks
  • Risks Related to Our Business and Operations
  • Risks Related to Our Mergers and Acquisitions
  • Our business is dependent on customers’ continued spending on video solutions and services. A reduction in spending by customers would adversely affect our business, financial condition and operating results.
  • Our efforts to introduce SaaS-based multiscreen service offerings may either not succeed or impair the sale of our on-site licensed offerings, the occurrence of either of which may adversely affect our financial condition and operating results.
  • If we are unable to successfully compete in our marketplace, our financial condition and operating results may be adversely affected.
  • If we fail to respond to rapidly changing technologies related to multiscreen video, our business, financial condition and results of operations would be materially adversely affected because the competitive advantage of our products and services relative to those of our competitors would decrease.
  • We have taken and continue to take measures to address the variability in the market for our products and services, which could have long-term negative effects on our business or impact our ability to adequately address a rapid increase in customer demand.
  • Because our customer base has been highly concentrated among a limited number of large customers, the loss of reduced demand by, or the return of product by one or more of these customers or the failure of revenue acceptance criteria to have been satisfied in a given fiscal quarter, could have a material adverse effect on our business, financial condition and results of operations.
  • If we are unable to retain our existing customers, our revenue and results of operations will be adversely affected.
  • Cancellation or deferral of purchases of our products or final customer acceptance could cause a substantial variation in our operating results, resulting in a decrease in the market price of our common stock and making period-to-period comparisons of our operating results less meaningful.
  • Adoption of our value based selling approach for our products and services may adversely impact our revenues and operating results.
  • If there were a decline in demand or average selling prices for our products and services, our revenue and operating results would be materially affected.
  • We enter into fixed-price contracts, which could subject us to losses if we have cost overruns.
  • Our products are subject to warranty claims, and any significant warranty expense in excess of estimates could have a materially adverse effect on our operating results, financial condition and cash flow.
  • If our software products contain serious errors or defects, then we may lose revenue and market acceptance and may incur costs to defend or settle claims.
  • We have experienced turnover in our senior management, which could result in operational and administrative inefficiencies and could hinder the execution of our growth strategy.
  • Actions that may be taken by significant stockholders may divert the time and attention of our Board of Directors and management from our business operations.
  • If our indefinite-lived or other long-lived assets become impaired, we may be required to record a significant charge to earnings.
  • We may fail to achieve our financial forecasts due to inaccurate sales forecasts or other factors.
  • The effects of the ongoing COVID-19 pandemic could adversely affect our business, results of operations and financial condition.
  • If we are not able to obtain necessary licenses, services or distribution rights for third-party technology at acceptable prices, or at all, our products could become obsolete or we may not be able to deliver certain product offerings.
  • Our products are often integrated with other third-party products. Third-party delays could adversely affect our future financial operating results.
  • Our ability to deliver products and services that satisfy customer requirements is dependent on the performance of our third-party vendors.
  • A disruption to our information technology systems could significantly impact our operations and impact our revenue and profitability.
  • Our future success is dependent on the manner in which the multiscreen video and OTT markets develop, and if these markets develop in a manner that does not facilitate inclusion of our products and services, our business may not continue to grow.
  • If content providers limit the scope of content licensed for use in the digital VOD and OTT market, our business, financial condition and results of operations could be negatively affected because the potential market for our products would be more limited than we currently believe and have communicated to the financial markets.
  • Consolidations in the markets we serve could result in delays or reductions in purchases of products, which would have a material adverse effect on our business.
  • There is no assurance that the current cost of Internet connectivity and network access will not rise with the increasing popularity of online media services.
  • The success of our business model could be influenced by changes in the regulatory environment, such as changes that either would limit capital expenditures by television, cable or telecommunications operators or reverse the trend towards deregulation in the industries in which we compete.
  • Uncertainties of regulation of the Internet and data traveling over the Internet could have a material and adverse impact on our financial condition and results of operations.
  • We are subject to the FCPA, and our failure to comply could result in penalties that could harm our reputation, business, and financial condition.
  • We may have additional tax liabilities, which could have a material and adverse impact on our financial condition and results of operations.
  • Our ability to use our net operating losses to offset future taxable income is expected to be subject to certain limitations.
  • We may not fully realize the benefits of our completed acquisitions or it may take longer than we anticipate for us to achieve those benefits. Future acquisitions may be difficult to integrate, disrupt our business, dilute stockholder value or divert management attention.
  • Acquisitions or divestitures may adversely affect our financial condition.
  • Our Merger with Triller is subject to various closing conditions, including regulatory and stockholder approvals, and other uncertainties, and there can be no assurances as to its completion on a timely basis or at all.
  • Failure to consummate the Merger could adversely affect our future prospects.
  • The termination fee and restrictions on solicitation contained in the Merger Agreement may discourage other companies from trying to acquire us.
  • We face significant risks to our business when we engage in the outsourcing of engineering work, including outsourcing of software work overseas, which, if not properly managed, could result in the loss of valuable intellectual property and increased costs due to inefficient and poor work product, which could harm our business, including our financial results, reputation, and brand.
  • We are exposed to fluctuations in currency exchange rates that could negatively impact our financial results and cash flows.
  • Delaware law and our certificate of incorporation and bylaws contain anti-takeover provisions, and our Board of Directors has adopted a Tax Benefits Preservation Plan in the form of a stockholder rights agreement, any of which could delay or discourage a merger, tender offer, or assumption of control of the Company not approved by our Board that some stockholders may consider favorable.
  • Our stock price may be volatile and an investment in our stock may decline. If we fail to comply with the continuing listing standards of The Nasdaq Global Select Market, our securities could be delisted.
  • Our ability to compete could be jeopardized if we are unable to protect our intellectual property rights from third-party challenges.
  • We face the risk that capital needed for our business will not be available when we need it or that it would result in substantial dilution to our stockholders.
  • If our cybersecurity measures are breached and unauthorized access is obtained to a customer’s data or our data on our systems, our service may be perceived as not being secure, customers may curtail or stop using our service and we may incur significant legal and financial exposure and liabilities.
  • A cyber-attack, information or security breach, or technology failure, on our part or that of a third party, could adversely affect our ability to conduct our business, result in the disclosure or misuse of confidential or proprietary information, or adversely impact our business, financial condition, and results of operations, as well as cause us reputational harm.
  • We use estimates in accounting for our contracts. Changes in our estimates could adversely affect our future financial results.
Management Discussion
  • One customer accounted for 26% of total revenue for the three months ended April 30, 2022 and two customers accounted for 18% and 16% of total revenue for the three months ended April 30, 2021. See Part I, Item I, Note 2, “Significant Accounting Policies,” to this Form 10-Q for more information.
  • International revenue accounted for 42% and 56% of total revenue for the three months ended April 30, 2022 and 2021, respectively. The decrease in international sales as a percentage of total revenue for the three months ended April 30, 2022 as compared to the three months ended April 30, 2021 is primarily attributable to a $1.6 million increase in hardware sales to U.S. customers as compared to international customers, to which we sold no hardware.
  • Product revenue consists of software, both licenses and subscriptions, and hardware revenue. In transactions that include hardware, the goods are purchased from a third-party provider and we record revenue and cost of goods sold on a gross basis. Product revenue increased by $1.2 million for the three months ended April 30, 2022 as compared to the three months ended April 30, 2021 primarily due to the delivery of third-party products and hardware partially offset by a decrease in license and subscription revenue.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Bad
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