Company Quick10K Filing
SeaChange
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 37 $107
10-Q 2019-12-05 Quarter: 2019-10-31
10-Q 2019-08-30 Quarter: 2019-07-31
10-Q 2019-06-07 Quarter: 2019-04-30
10-K 2019-04-12 Annual: 2019-01-31
10-Q 2018-12-10 Quarter: 2018-10-31
10-Q 2018-09-10 Quarter: 2018-07-31
10-Q 2018-06-11 Quarter: 2018-04-30
10-K 2018-04-16 Annual: 2018-01-31
10-Q 2017-12-07 Quarter: 2017-10-31
10-Q 2017-09-07 Quarter: 2017-07-31
10-Q 2017-06-07 Quarter: 2017-04-30
10-K 2017-04-17 Annual: 2017-01-31
10-Q 2016-12-08 Quarter: 2016-10-31
10-Q 2016-09-06 Quarter: 2016-07-31
10-Q 2016-06-09 Quarter: 2016-04-30
10-K 2016-04-13 Annual: 2016-01-31
10-Q 2015-12-10 Quarter: 2015-10-31
10-Q 2015-09-03 Quarter: 2015-07-31
10-Q 2015-06-05 Quarter: 2015-04-30
10-K 2015-04-07 Annual: 2015-01-31
10-Q 2014-12-05 Quarter: 2014-10-31
10-Q 2014-09-05 Quarter: 2014-07-31
10-Q 2014-06-06 Quarter: 2014-04-30
10-K 2014-04-04 Annual: 2014-01-31
10-Q 2013-12-06 Quarter: 2013-10-31
10-Q 2013-09-09 Quarter: 2013-07-31
10-Q 2013-06-07 Quarter: 2013-04-30
10-K 2013-04-10 Annual: 2013-01-31
10-Q 2012-12-07 Quarter: 2012-10-31
10-Q 2012-09-07 Quarter: 2012-07-31
10-Q 2012-06-07 Quarter: 2012-04-30
10-K 2012-04-05 Annual: 2012-01-31
10-Q 2011-12-12 Quarter: 2011-10-31
10-Q 2011-09-09 Quarter: 2011-07-31
10-Q 2011-06-09 Quarter: 2011-04-30
10-K 2011-04-14 Annual: 2011-01-31
10-Q 2010-12-10 Quarter: 2010-10-31
10-Q 2010-09-09 Quarter: 2010-07-31
10-Q 2010-06-09 Quarter: 2010-04-30
10-K 2010-04-09 Annual: 2010-01-31
8-K 2020-01-03 Enter Agreement, Shareholder Rights, Exhibits
8-K 2019-12-06 Enter Agreement, Exhibits
8-K 2019-12-03 Earnings, Officers, Exhibits
8-K 2019-11-04 Enter Agreement, Exhibits
8-K 2019-10-31 Officers
8-K 2019-10-08 Officers
8-K 2019-09-25 Officers
8-K 2019-09-15 Officers
8-K 2019-09-09 Accountant, Exhibits
8-K 2019-08-29 Earnings, Officers, Exhibits
8-K 2019-08-08 Enter Agreement, Shareholder Rights, Exhibits
8-K 2019-07-11 Shareholder Vote
8-K 2019-06-28 Enter Agreement, Shareholder Rights, Exhibits
8-K 2019-06-06 Earnings, Exhibits
8-K 2019-05-05 Officers
8-K 2019-04-10 Earnings, Exhibits
8-K 2019-04-04 Officers, Exhibits
8-K 2019-03-04 Enter Agreement, Shareholder Rights, Amend Bylaw, Other Events, Exhibits
8-K 2019-02-28 Enter Agreement, Officers, Amend Bylaw, Other Events, Exhibits
8-K 2019-02-24 Officers, Amend Bylaw, Regulation FD, Other Events, Exhibits
8-K 2019-02-15 Amend Bylaw, Other Events
8-K 2019-02-06 Sale of Shares, Other Events, Exhibits
8-K 2019-01-30 Officers, Amend Bylaw, Other Events
8-K 2019-01-25 Amend Bylaw, Other Events
8-K 2018-12-10 Earnings, Exhibits
8-K 2018-09-05 Earnings, Exit Costs, Exhibits
8-K 2018-08-21 Earnings, Exhibits
8-K 2018-07-17 Officers
8-K 2018-07-12 Shareholder Vote
8-K 2018-06-06 Earnings, Exhibits
8-K 2018-05-23 Officers
8-K 2018-04-16 Earnings, Exhibits
8-K 2018-01-30 Officers
8-K 2018-01-29 Regulation FD, Exhibits
SEAC 2019-10-31
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 5. Other Information
Item 6. Exhibits
EX-10.1 seac-ex101_47.htm
EX-10.2 seac-ex102_46.htm
EX-31.1 seac-ex311_6.htm
EX-31.2 seac-ex312_8.htm
EX-32.1 seac-ex321_7.htm
EX-32.2 seac-ex322_9.htm

SeaChange Earnings 2019-10-31

SEAC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
KVHI 186 221 67 123 28 38 50 173 23% 3.4 17%
AIRG 145 56 8 62 27 3 4 131 44% 32.0 5%
PCTI 140 84 14 84 35 -10 1 103 42% 109.5 -12%
WATT 126 31 4 0 0 -46 -45 97 0% -2.1 -149%
VUZI 118 23 3 7 1 -22 -20 115 15% -5.8 -95%
SEAC 107 70 24 63 36 -34 -30 98 57% -3.2 -49%
PNTR 97 90 24 0 0 0 0 94 0%
AVNW 79 169 98 244 79 8 5 47 33% 10.3 5%
BKTI 52 40 15 45 17 -2 -1 45 39% -43.3 -6%
DGLY 17 11 13 10 3 -14 -12 16 33% -1.3 -123%

10-Q 1 seac-10q_20191031.htm 10-Q seac-10q_20191031.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 31, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number: 001-38828

 

SEACHANGE INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

04-3197974

(State or other jurisdiction of

incorporation or organization)

 

(IRS Employer

Identification No.)

 

 

 

50 Nagog Park, Acton, MA

 

01720

Address of Principal Executive Offices

 

Zip Code

(978) 897-0100

 

Registrant’s Telephone Number, Including Area Code

 

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 Par Value

SEAC

The Nasdaq Global Select Market

Series A Participating Preferred Stock Purchase Rights

SEAC

The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    YES      NO  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    YES      NO  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.):    YES      NO  

 

The number of shares outstanding of the registrant’s Common Stock on November 29, 2019 was 36,842,985.

 


SEACHANGE INTERNATIONAL, INC.

Table of Contents

 

 

Page

PART I. FINANCIAL  INFORMATION

 

 

 

 

Item 1.

Financial Statements

 

 

 

 

 

Consolidated Balance Sheets

2

 

 

 

 

Consolidated Statements of Operations and Comprehensive Income (Loss)

3

 

 

 

 

Consolidated Statements of Stockholders’ Equity

4

 

 

 

 

Consolidated Statements of Cash Flows

6

 

 

 

 

Notes to Consolidated Financial Statements

7

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

25

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

32

 

 

 

Item 4.

Controls and Procedures

32

 

PART II. OTHER INFORMATION

 

 

 

Item 1.

Legal Proceedings

33

 

 

 

Item 1A.

Risk Factors

33

 

 

 

Item 5.

Other Information

33

 

 

 

Item 6.

Exhibits

33

 

 

SIGNATURES

34

 

 

 

 

 

 

 

 


PART I – FINANCIAL INFORMATION

ITEM 1.

Financial Statements

SEACHANGE INTERNATIONAL, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited, amounts in thousands, except share data)

 

 

 

October 31,

 

 

January 31,

 

 

 

2019

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash

 

$

5,887

 

 

$

20,317

 

Marketable securities

 

 

5,332

 

 

 

4,020

 

Accounts receivable, net of allowance for doubtful accounts of $659 and

   $577 at October 31, 2019 and January 31, 2019, respectively

 

 

13,953

 

 

 

19,267

 

Unbilled receivables

 

 

5,962

 

 

 

5,448

 

Inventory

 

 

204

 

 

 

924

 

Prepaid expenses and other current assets

 

 

6,213

 

 

 

6,033

 

Total current assets

 

 

37,551

 

 

 

56,009

 

Property and equipment, net

 

 

6,577

 

 

 

7,192

 

Operating lease right-of-use assets

 

 

2,438

 

 

 

 

Marketable securities, long-term

 

 

2,536

 

 

 

6,339

 

Intangible assets, net

 

 

2,682

 

 

 

 

Goodwill

 

 

9,795

 

 

 

8,753

 

Unbilled receivables, long-term

 

 

10,723

 

 

 

 

Other assets

 

 

237

 

 

 

450

 

Total assets

 

$

72,539

 

 

$

78,743

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

4,077

 

 

$

4,503

 

Accrued expenses

 

 

9,151

 

 

 

7,762

 

Deferred revenue

 

 

6,045

 

 

 

8,104

 

Total current liabilities

 

 

19,273

 

 

 

20,369

 

Deferred revenue, long-term

 

 

1,724

 

 

 

2,642

 

Operating lease liabilities, long-term

 

 

2,056

 

 

 

 

Taxes payable, long-term

 

 

422

 

 

 

429

 

Deferred tax liabilities, long-term

 

 

 

 

 

203

 

Total liabilities

 

 

23,475

 

 

 

23,643

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Common stock, $0.01 par value; 100,000,000 shares authorized at

   October 31, 2019 and January 31, 2019; 36,970,975 shares issued and

   36,830,485 shares outstanding at October 31, 2019, 35,946,100 shares

   issued and 35,905,610 outstanding at January 31, 2019

 

 

369

 

 

 

359

 

Additional paid-in capital

 

 

243,926

 

 

 

242,442

 

Treasury stock, at cost; 140,490 shares at October 31, 2019 and 40,490

  shares at January 31, 2019

 

 

(147

)

 

 

(5

)

Accumulated other comprehensive loss

 

 

(1,903

)

 

 

(3,393

)

Accumulated deficit

 

 

(193,181

)

 

 

(184,303

)

Total stockholders' equity

 

 

49,064

 

 

 

55,100

 

Total liabilities and stockholders' equity

 

$

72,539

 

 

$

78,743

 

 

The accompanying notes are an integral part of these unaudited, consolidated financial statements.

 

2


SEACHANGE INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Unaudited, amounts in thousands, except per share data)

 

 

 

For the Three Months

Ended October 31,

 

 

For the Nine Months

Ended October 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

$

13,524

 

 

$

8,268

 

 

$

26,671

 

 

$

12,821

 

Service

 

 

7,020

 

 

 

10,343

 

 

 

21,170

 

 

 

32,626

 

Total revenue

 

 

20,544

 

 

 

18,611

 

 

 

47,841

 

 

 

45,447

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

 

466

 

 

 

1,723

 

 

 

4,414

 

 

 

2,539

 

Service

 

 

4,386

 

 

 

5,600

 

 

 

13,939

 

 

 

16,428

 

Total cost of revenue

 

 

4,852

 

 

 

7,323

 

 

 

18,353

 

 

 

18,967

 

Gross profit

 

 

15,692

 

 

 

11,288

 

 

 

29,488

 

 

 

26,480

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

4,033

 

 

 

4,727

 

 

 

12,060

 

 

 

15,770

 

Selling and marketing

 

 

3,859

 

 

 

4,165

 

 

 

9,674

 

 

 

11,635

 

General and administrative

 

 

3,265

 

 

 

3,881

 

 

 

11,664

 

 

 

13,356

 

Severance and restructuring costs

 

 

2,282

 

 

 

1,030

 

 

 

3,152

 

 

 

1,620

 

Total operating expenses

 

 

13,439

 

 

 

13,803

 

 

 

36,550

 

 

 

42,381

 

Income (loss) from operations

 

 

2,253

 

 

 

(2,515

)

 

 

(7,062

)

 

 

(15,901

)

Other expense, net

 

 

(161

)

 

 

(2,087

)

 

 

(2,030

)

 

 

(4,898

)

Income (loss) before income taxes

 

 

2,092

 

 

 

(4,602

)

 

 

(9,092

)

 

 

(20,799

)

Income tax benefit

 

 

(53

)

 

 

(775

)

 

 

(214

)

 

 

(2,421

)

Net income (loss)

 

$

2,145

 

 

$

(3,827

)

 

$

(8,878

)

 

$

(18,378

)

Net income (loss) per share, basic

 

$

0.06

 

 

$

(0.11

)

 

$

(0.24

)

 

$

(0.52

)

Net income (loss) per share, diluted

 

$

0.06

 

 

$

(0.11

)

 

$

(0.24

)

 

$

(0.52

)

Weighted average common shares outstanding, basic

 

 

36,751

 

 

 

35,747

 

 

 

36,606

 

 

 

35,668

 

Weighted average common shares outstanding, diluted

 

 

37,752

 

 

 

35,747

 

 

 

36,606

 

 

 

35,668

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

2,145

 

 

$

(3,827

)

 

$

(8,878

)

 

$

(18,378

)

Other comprehensive income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

59

 

 

 

923

 

 

 

1,399

 

 

 

2,354

 

Unrealized gains (losses) on marketable securities

 

 

31

 

 

 

3

 

 

 

91

 

 

 

(15

)

Total other comprehensive income

 

 

90

 

 

 

926

 

 

 

1,490

 

 

 

2,339

 

Comprehensive income (loss)

 

$

2,235

 

 

$

(2,901

)

 

$

(7,388

)

 

$

(16,039

)

 

The accompanying notes are an integral part of these unaudited, consolidated financial statements.

3


SEACHANGE INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, amounts in thousands except share data)

 

 

 

 

Common Stock

 

 

Additional

 

 

 

 

 

 

Accumulated

Other

 

 

 

 

 

 

Total

 

 

 

Number of

Shares

 

 

Par Value

 

 

Paid-in

Capital

 

 

Treasury

Stock

 

 

Comprehensive

Loss

 

 

Accumulated

Deficit

 

 

Stockholders'

Equity

 

Balances at July 31, 2019

 

 

36,811,061

 

 

$

367

 

 

$

243,514

 

 

$

(147

)

 

$

(1,993

)

 

$

(195,326

)

 

$

46,415

 

Issuance of common stock pursuant to

   vesting of restricted stock units

 

 

138,134

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock pursuant to

   ESPP purchases

 

 

4,634

 

 

 

 

 

 

11

 

 

 

 

 

 

 

 

 

 

 

 

11

 

Issuance of common stock pursuant to

   exercise of stock options

 

 

17,146

 

 

 

1

 

 

 

45

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

46

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

357

 

 

 

 

 

 

 

 

 

 

 

 

357

 

Unrealized gains on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31

 

 

 

 

 

 

31

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

59

 

 

 

 

 

 

59

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,145

 

 

 

2,145

 

Balances at October 31, 2019

 

 

36,970,975

 

 

$

369

 

 

$

243,926

 

 

$

(147

)

 

$

(1,903

)

 

$

(193,181

)

 

$

49,064

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at July 31, 2018

 

 

35,769,447

 

 

$

358

 

 

$

241,297

 

 

$

(5

)

 

$

(4,021

)

 

$

(160,852

)

 

$

76,777

 

Issuance of common stock pursuant to

   vesting of restricted stock units

 

 

20,675

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock pursuant to

   ESPP purchases

 

 

4,977

 

 

 

-

 

 

 

8

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

8

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

769

 

 

 

 

 

 

 

 

 

 

 

 

769

 

Unrealized gains on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

3

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

923

 

 

 

 

 

 

923

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,827

)

 

 

(3,827

)

Balances at October 31, 2018

 

 

35,795,099

 

 

$

358

 

 

$

242,074

 

 

$

(5

)

 

$

(3,095

)

 

$

(164,679

)

 

$

74,653

 

 

4


SEACHANGE INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, amounts in thousands except share data)

 

 

 

Common Stock

 

 

Additional

 

 

 

 

 

 

Accumulated

Other

 

 

 

 

 

 

Total

 

 

 

Number of

Shares

 

 

Par Value

 

 

Paid-in

Capital

 

 

Treasury

Stock

 

 

Comprehensive

Loss

 

 

Accumulated

Deficit

 

 

Stockholders'

Equity

 

Balances at January 31, 2019

 

 

35,946,100

 

 

$

359

 

 

$

242,442

 

 

$

(5

)

 

$

(3,393

)

 

$

(184,303

)

 

$

55,100

 

Issuance of common stock pursuant to

   acquisition of Xstream

 

 

541,738

 

 

 

5

 

 

 

869

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

874

 

Issuance of common stock pursuant to

   vesting of restricted stock units

 

 

453,538

 

 

 

4

 

 

 

(4

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

Issuance of common stock pursuant to

   ESPP purchases

 

 

12,453

 

 

 

-

 

 

 

20

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

20

 

Issuance of common stock pursuant to

   exercise of stock options

 

 

17,146

 

 

 

1

 

 

 

45

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

46

 

Repurchases of common stock

 

 

 

 

 

 

 

 

 

 

 

(142

)

 

 

 

 

 

 

 

 

(142

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

554

 

 

 

 

 

 

 

 

 

 

 

 

554

 

Unrealized gains on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

91

 

 

 

 

 

 

91

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,399

 

 

 

 

 

 

1,399

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,878

)

 

 

(8,878

)

Balances at October 31, 2019

 

 

36,970,975

 

 

$

369

 

 

$

243,926

 

 

$

(147

)

 

$

(1,903

)

 

$

(193,181

)

 

$

49,064

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Additional

 

 

 

 

 

 

Accumulated

Other

 

 

 

 

 

 

Total

 

 

 

Number of

Shares

 

 

Par Value

 

 

Paid-in

Capital

 

 

Treasury

Stock

 

 

Comprehensive

Loss

 

 

Accumulated

Deficit

 

 

Stockholders'

Equity

 

Balances at January 31, 2018

 

 

35,634,984

 

 

$

356

 

 

$

239,423

 

 

$

(5

)

 

$

(5,434

)

 

$

(148,620

)

 

$

85,720

 

Adjustment resulting from the adoption

   of ASC 606

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,319

 

 

 

2,319

 

Issuance of common stock pursuant to

   exercise of stock options

 

 

20,937

 

 

 

 

 

 

56

 

 

 

 

 

 

 

 

 

 

 

 

56

 

Issuance of common stock pursuant to

   vesting of restricted stock units

 

 

126,384

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock pursuant to

   ESPP purchases

 

 

12,794

 

 

 

1

 

 

 

25

 

 

 

 

 

 

 

 

 

 

 

 

26

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

2,571

 

 

 

 

 

 

 

 

 

 

 

 

2,571

 

Unrealized losses on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15

)

 

 

 

 

 

(15

)

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,354

 

 

 

 

 

 

2,354

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,378

)

 

 

(18,378

)

Balances at October 31, 2018

 

 

35,795,099

 

 

$

358

 

 

$

242,074

 

 

$

(5

)

 

$

(3,095

)

 

$

(164,679

)

 

$

74,653

 

 

The accompanying notes are an integral part of these unaudited, consolidated financial statements.

5


SEACHANGE INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, amounts in thousands)

 

 

 

For the Nine Months

Ended October 31,

 

 

 

2019

 

 

2018

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(8,878

)

 

$

(18,378

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

 

1,622

 

 

 

2,251

 

Provision for bad debts

 

 

480

 

 

 

 

Stock-based compensation expense

 

 

554

 

 

 

2,571