SEACHANGE INTERNATIONAL INC

2019 Q2 Form 10-Q Financial Statement

#000156459019022045 Filed on June 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.00M $41.59M
YoY Change -56.72% 22.01%
Cash & Equivalents $14.70M $38.86M
Short-Term Investments $3.300M $2.736M
Other Short-Term Assets $6.700M $3.300M
YoY Change 103.03% 37.5%
Inventory $800.0K $745.0K
Prepaid Expenses
Receivables $9.921M $18.20M
Other Receivables $0.00 $0.00
Total Short-Term Assets $41.30M $63.79M
YoY Change -35.26% 7.01%
LONG-TERM ASSETS
Property, Plant & Equipment $8.900M $9.174M
YoY Change -2.99% -17.77%
Goodwill $25.17M
YoY Change 6.53%
Intangibles
YoY Change
Long-Term Investments $6.400M $7.500M
YoY Change -14.67% 50.0%
Other Assets $600.0K $736.0K
YoY Change -18.48% -63.55%
Total Long-Term Assets $29.00M $43.62M
YoY Change -33.52% -1.02%
TOTAL ASSETS
Total Short-Term Assets $41.30M $63.79M
Total Long-Term Assets $29.00M $43.62M
Total Assets $70.30M $107.4M
YoY Change -34.55% 3.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.600M $1.750M
YoY Change 105.71% -42.87%
Accrued Expenses $8.200M $9.016M
YoY Change -9.05% 31.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $20.00M $20.69M
YoY Change -3.33% 5.29%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.800M $2.500M
YoY Change 52.0% 359.56%
Total Long-Term Liabilities $3.800M $2.500M
YoY Change 52.0% 359.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.00M $20.69M
Total Long-Term Liabilities $3.800M $2.500M
Total Liabilities $24.36M $23.38M
YoY Change 4.17% -39.59%
SHAREHOLDERS EQUITY
Retained Earnings -$151.8M
YoY Change -9.38%
Common Stock $243.3M $240.7M
YoY Change 1.06% 1.16%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.000K $5.000K
YoY Change 0.0% 0.0%
Treasury Stock Shares $40.49K
Shareholders Equity $45.94M $84.03M
YoY Change
Total Liabilities & Shareholders Equity $70.30M $107.4M
YoY Change -34.55% 3.6%

Cashflow Statement

Concept 2019 Q2 2018 Q2

Facts In Submission

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CY2019Q2 us-gaap Use Of Estimates
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<p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.54%;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and disclosure of contingent assets and liabilities.&#160;&#160;Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, those related to revenue recognition, allowance for doubtful accounts, goodwill and intangible assets, right-of-use operating leases, impairment of long-lived assets, accounting for income taxes, and the valuation of stock-based awards.&#160;&#160;We base our estimates on historical experience, known trends and other market-specific or relevant factors that are believed to be reasonable under the circumstances.&#160;&#160;On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience.&#160;Changes in estimates are recorded in the period in which they become known.&#160;&#160;Actual results may differ from those estimates or assumptions.</p>
CY2019Q2 us-gaap Concentration Risk Credit Risk
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<p style="margin-bottom:0pt;margin-top:12pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentration of Credit Risk and of Significant Customers</p> <p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.54%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments which potentially expose us to concentrations of credit risk include cash and cash equivalents, marketable securities and accounts receivable. We have cash investment policies which, among other things, limit investments to investment-grade securities. We restrict our cash equivalents and marketable securities to repurchase agreements with major banks and U.S. government and corporate securities which are subject to minimal credit and market risk. We perform ongoing credit evaluations of our customers.</p> <p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.54%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We sell our software products and services worldwide primarily to service providers, consisting of operators, telecommunications companies, satellite operators and broadcasters. One customer accounted for 17% of total revenue in the first quarter of fiscal 2020.&nbsp;&nbsp;Two customers accounted for 19% and 10%, respectively, of total revenue in the first quarter of fiscal 2019.&nbsp;&nbsp;Two customers accounted for 25% and 15%, respectively, of the accounts receivable balance as of April 30, 2019. Two customers accounted for 44% and 15%, respectively, of the accounts receivable balance as of January 31, 2019.</p>
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21100000
CY2019Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
348000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1964000
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.070
CY2019Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
CY2019Q2 us-gaap Lease Cost
LeaseCost
217000
CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
206000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
616000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
678000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
650000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
224000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
26000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2194000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
230000
CY2019Q2 seac Two Thousand Nineteen Plan Restructuring Charges
TwoThousandNineteenPlanRestructuringCharges
100000
CY2019Q1 us-gaap Restructuring Reserve
RestructuringReserve
653000
CY2019Q2 seac Restructuring Charges Including Severance Costs
RestructuringChargesIncludingSeveranceCosts
136000
CY2019Q2 us-gaap Payments For Restructuring
PaymentsForRestructuring
698000
CY2019Q2 seac Restructuring Reserve Other Charges
RestructuringReserveOtherCharges
118000
CY2019Q2 us-gaap Restructuring Reserve
RestructuringReserve
209000
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
50000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
-434000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
879000
CY2019Q2 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2019Q2 us-gaap Noncurrent Assets
NoncurrentAssets
12844000
CY2019Q1 us-gaap Noncurrent Assets
NoncurrentAssets
7642000
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2019Q1 seac Preferred Share Purchase Rights As Dividend Payable Date Declared Day Month And Year
PreferredSharePurchaseRightsAsDividendPayableDateDeclaredDayMonthAndYear
2019-03-04
CY2019Q1 seac Number Of Preferred Share Purchase Rights As Dividend
NumberOfPreferredSharePurchaseRightsAsDividend
1
CY2019Q1 seac Preferred Share Purchase Rights As Dividend Payable Date Of Record Day Month And Year
PreferredSharePurchaseRightsAsDividendPayableDateOfRecordDayMonthAndYear
2019-03-15

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