SEACHANGE INTERNATIONAL INC

2019 Q4 Form 10-Q Financial Statement

#000156459019045388 Filed on December 05, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q1 2018 Q4

Balance Sheet

Concept 2019 Q4 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.20M $24.34M $23.29M
YoY Change -51.9% -48.92% -27.46%
Cash & Equivalents $5.598M $20.32M $21.55M
Short-Term Investments $5.300M $4.020M $1.732M
Other Short-Term Assets $6.200M $6.000M $6.000M
YoY Change 3.33% 66.67% 106.9%
Inventory $204.0K $924.0K $706.0K
Prepaid Expenses
Receivables $19.90M $19.27M $20.60M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $37.55M $56.01M $50.56M
YoY Change -25.74% -27.74% -25.53%
LONG-TERM ASSETS
Property, Plant & Equipment $6.577M $7.192M $8.660M
YoY Change -24.05% -24.06% -14.26%
Goodwill $8.753M $23.96M
YoY Change -65.78%
Intangibles
YoY Change
Long-Term Investments $2.500M $6.300M $8.600M
YoY Change -70.93% 43.18% 32.31%
Other Assets $200.0K $450.0K $1.069M
YoY Change -81.29% -55.67% -10.92%
Total Long-Term Assets $34.95M $22.73M $42.77M
YoY Change -18.28% -45.63% -2.8%
TOTAL ASSETS
Total Short-Term Assets $37.55M $56.01M $50.56M
Total Long-Term Assets $34.95M $22.73M $42.77M
Total Assets $72.50M $78.74M $93.33M
YoY Change -22.32% -34.01% -16.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.100M $4.503M $4.669M
YoY Change -12.19% 85.23% 191.81%
Accrued Expenses $9.200M $7.762M $6.337M
YoY Change 45.18% -49.53% -28.8%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.27M $20.37M $17.21M
YoY Change 12.02% -30.74% -36.28%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.200M $3.100M $1.300M
YoY Change 223.08% -22.5% -67.5%
Total Long-Term Liabilities $4.200M $3.100M $1.300M
YoY Change 223.08% -22.5% -67.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.27M $20.37M $17.21M
Total Long-Term Liabilities $4.200M $3.100M $1.300M
Total Liabilities $23.48M $23.64M $18.68M
YoY Change 25.66% -29.65% -60.47%
SHAREHOLDERS EQUITY
Retained Earnings -$193.2M -$184.3M -$164.7M
YoY Change 17.31% 24.01% -2.69%
Common Stock $244.3M $242.8M $242.4M
YoY Change 0.77% 1.26% 1.3%
Preferred Stock
YoY Change
Treasury Stock (at cost) $147.0K $5.000K $5.000K
YoY Change 2840.0% 0.0% 0.0%
Treasury Stock Shares 40.49K shares
Shareholders Equity $49.06M $55.10M $74.65M
YoY Change
Total Liabilities & Shareholders Equity $72.54M $78.74M $93.33M
YoY Change -22.28% -34.01% -16.57%

Cashflow Statement

Concept 2019 Q4 2019 Q1 2018 Q4

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Security12b Title
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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, the valuation of stock-based awards, and ongoing legal matters.&#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>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:4.54%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;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. Two customers accounted for 13% each of total revenue in the third quarter of fiscal 2020 and four customers accounted for 13%, 12%, 10%, and 10% each of total revenue in the third quarter of fiscal 2019. No one customer accounted for 10% or more of total revenue in the first nine months of fiscal 2020 and two customers accounted for 16% and 12% each of total revenue in the first nine months of fiscal 2019. Three customers accounted for 14%, 14%, and 12% each of the accounts receivable balance as of October 31, 2019. Two customers accounted for 44% and 15% of the accounts receivable balance as of January 31, 2019.</p>
CY2019Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
7767000
CY2019Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
22000
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5598000
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
21554000
CY2019Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
289000
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
543000
CY2019Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
54800000
us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2019Q4 seac Dilutive Securities Included In Computation Of Earnings Per Share Amount
DilutiveSecuritiesIncludedInComputationOfEarningsPerShareAmount
1001000
CY2019Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1011000
CY2018Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4416000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3263000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4286000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1700000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1700000
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
101000
CY2019Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
7868000
CY2019Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1925000
CY2019Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
10359000
CY2019Q4 seac Available For Sale Securities Debt Maturities After One Through Three Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughThreeYearsFairValue
2500000
CY2019Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
161000
CY2019Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
763000
CY2019Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
43000
CY2019Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
161000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3785000
CY2019Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2161000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1214000
CY2019Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1521000
CY2019Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
746000
CY2019Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
1502000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
511000
CY2019Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1959000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
936000
CY2019Q1 us-gaap Number Of Reporting Units
NumberOfReportingUnits
1
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-179000
CY2019Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3648000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
893000
us-gaap Finite Lived Intangible Assets Foreign Currency Translation Gain Loss
FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss
-73000
CY2019Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
0
CY2019Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
295000
CY2018Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
794000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
893000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1198000
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
300000
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1191000
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1191000
CY2019Q4 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
February 2025
CY2019Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
8000000
CY2019Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
199000
us-gaap Operating Lease Cost
OperatingLeaseCost
611000
CY2019Q4 us-gaap Short Term Lease Cost
ShortTermLeaseCost
3000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
17000
CY2019Q4 us-gaap Lease Cost
LeaseCost
202000
us-gaap Lease Cost
LeaseCost
628000
us-gaap Operating Lease Payments
OperatingLeasePayments
611000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2952000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
2567000
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y10M24D
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.051
CY2019Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
us-gaap Operating Lease Expense
OperatingLeaseExpense
600000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
192000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
573000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
545000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
526000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
516000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
497000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2849000
CY2019Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
282000
CY2019Q1 us-gaap Restructuring Reserve
RestructuringReserve
653000
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
3031000
us-gaap Payments For Restructuring
PaymentsForRestructuring
1612000
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
20990000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
11222000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
17799000
CY2019Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
13798000
CY2019Q1 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
653000
CY2019Q1 seac Preferred Share Purchase Rights As Dividend Payable Date Of Record Day Month And Year
PreferredSharePurchaseRightsAsDividendPayableDateOfRecordDayMonthAndYear
2019-03-15
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2019Q4 us-gaap Noncurrent Assets
NoncurrentAssets
22657000
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
seac Restructuring Reserve Other Charges
RestructuringReserveOtherCharges
-113000
CY2019Q4 us-gaap Restructuring Reserve
RestructuringReserve
1959000
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
100000
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
1.42
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
425000
CY2019Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
357000
CY2018Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
769000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
554000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2571000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
100000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
600000
CY2019Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
30800000
us-gaap Operating Loss Carryforwards Expiration Date
OperatingLossCarryforwardsExpirationDate
2022-03-04

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