SEACHANGE INTERNATIONAL INC

2021 Q2 Form 10-Q Financial Statement

#000156459021032653 Filed on June 11, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2021 Q1 2020 Q2

Balance Sheet

Concept 2021 Q2 2021 Q1 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.28M $6.108M $9.600M
YoY Change 121.65% -52.46% -46.67%
Cash & Equivalents $21.28M $5.856M $6.187M
Short-Term Investments $0.00 $252.0K $3.200M
Other Short-Term Assets $4.427M $4.400M $5.800M
YoY Change -23.67% -13.73% -13.43%
Inventory
Prepaid Expenses
Receivables $6.249M $6.050M $21.70M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $40.37M $25.89M $37.10M
YoY Change 8.82% -42.02% -10.17%
LONG-TERM ASSETS
Property, Plant & Equipment $478.0K $605.0K $5.500M
YoY Change -91.31% 9.21% -38.2%
Goodwill $10.57M $10.58M
YoY Change 8.2%
Intangibles
YoY Change
Long-Term Investments $300.0K
YoY Change -95.31%
Other Assets $1.098M $757.0K $800.0K
YoY Change 37.25% -38.05% 33.33%
Total Long-Term Assets $21.64M $24.52M $28.50M
YoY Change -24.06% -13.18% -1.72%
TOTAL ASSETS
Total Short-Term Assets $40.37M $25.89M $37.10M
Total Long-Term Assets $21.64M $24.52M $28.50M
Total Assets $62.02M $50.41M $65.60M
YoY Change -5.46% -30.84% -6.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.854M $1.825M $4.400M
YoY Change -57.86% -54.45% 22.22%
Accrued Expenses $3.926M $4.277M $6.300M
YoY Change -37.68% -46.44% -23.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.144M $1.300M
YoY Change
Total Short-Term Liabilities $13.09M $12.18M $16.00M
YoY Change -18.19% -28.5% -20.0%
LONG-TERM LIABILITIES
Long-Term Debt $269.0K $1.100M $0.00
YoY Change
Other Long-Term Liabilities $3.338M $5.600M $5.800M
YoY Change -42.45% -5.08% 52.63%
Total Long-Term Liabilities $3.607M $6.700M $5.800M
YoY Change -37.81% 13.56% 52.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.09M $12.18M $16.00M
Total Long-Term Liabilities $3.607M $6.700M $5.800M
Total Liabilities $16.70M $18.87M $21.70M
YoY Change -23.06% -17.82% -10.9%
SHAREHOLDERS EQUITY
Retained Earnings -$215.0M
YoY Change 11.26%
Common Stock $246.8M
YoY Change 0.56%
Preferred Stock
YoY Change
Treasury Stock (at cost) $227.0K
YoY Change 54.42%
Treasury Stock Shares
Shareholders Equity $45.32M $31.54M $43.90M
YoY Change
Total Liabilities & Shareholders Equity $62.02M $50.41M $65.60M
YoY Change -5.46% -30.84% -6.68%

Cashflow Statement

Concept 2021 Q2 2021 Q1 2020 Q2

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CashAndCashEquivalentsAtCarryingValue
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CY2021Q1 us-gaap Commitments And Contingencies
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P4Y
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CY2021Q1 us-gaap Notes Payable Current
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CY2021Q2 us-gaap Long Term Notes Payable
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CY2021Q1 us-gaap Other Liabilities
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CY2021Q1 us-gaap Liabilities
Liabilities
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CY2021Q1 us-gaap Common Stock Shares Authorized
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CY2021Q1 us-gaap Common Stock Shares Issued
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CY2021Q1 us-gaap Treasury Stock Common Shares
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CY2021Q1 us-gaap Treasury Stock Value
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CY2021Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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10566000
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Assets
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50408000
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486000
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-3806000
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-4034000
CY2021Q2 us-gaap Income Tax Expense Benefit
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CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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9000
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-15000
CY2020Q2 us-gaap Comprehensive Income Net Of Tax
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17462000
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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208000
CY2021Q2 us-gaap Marketable Securities Unrealized Gain Loss
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1000
CY2021Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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41000
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CY2020Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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CY2020Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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357000
CY2020Q2 us-gaap Marketable Securities Unrealized Gain Loss
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-24000
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CY2020Q2 us-gaap Profit Loss
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CY2021Q2 us-gaap Depreciation Depletion And Amortization
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376000
CY2020Q2 us-gaap Depreciation Depletion And Amortization
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357000
CY2021Q2 us-gaap Gain Loss On Disposition Of Assets
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CY2021Q2 us-gaap Gain Loss On Termination Of Lease
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328000
CY2020Q2 seac Recovery Of Provision For Bad Debts
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CY2021Q2 us-gaap Share Based Compensation
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208000
CY2020Q2 us-gaap Share Based Compensation
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357000
CY2021Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2020Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
29000
CY2021Q2 us-gaap Other Noncash Income Expense
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-1000
CY2020Q2 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-14000
CY2021Q2 us-gaap Increase Decrease In Accounts Receivable
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208000
CY2020Q2 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-3111000
CY2021Q2 us-gaap Increase Decrease In Contract With Customer Asset
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-1431000
CY2020Q2 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
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CY2020Q2 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
554000
CY2021Q2 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
34000
CY2020Q2 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
417000
CY2021Q2 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
173000
CY2020Q2 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-1689000
CY2021Q2 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
221000
CY2020Q2 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-10000
CY2021Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1820000
CY2020Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4263000
CY2021Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7000
CY2020Q2 us-gaap Payments To Acquire Property Plant And Equipment
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252000
CY2020Q2 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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1201000
CY2021Q2 us-gaap Net Cash Provided By Used In Investing Activities
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245000
CY2020Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
1063000
CY2021Q2 us-gaap Proceeds From Stock Options Exercised
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137000
CY2020Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
119000
CY2020Q2 seac Proceeds From Employee Stock Purchase Plan
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18000
CY2021Q2 us-gaap Proceeds From Issuance Of Common Stock
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17462000
CY2021Q2 us-gaap Net Cash Provided By Used In Financing Activities
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17599000
CY2020Q2 us-gaap Net Cash Provided By Used In Financing Activities
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137000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6084000
CY2021Q2 us-gaap Income Taxes Paid
IncomeTaxesPaid
101000
CY2020Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
402000
CY2021Q2 us-gaap Use Of Estimates
UseOfEstimates
<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.  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, impairment of long-lived assets, accounting for income taxes, the valuation of stock-based awards, and management’s assessment of the Company’s ability to continue as a going concern. 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.  On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known.  Actual results may differ from those estimates or assumptions.</p>
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
21278000
CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
6187000
CY2021Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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631000
CY2020Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
200000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
21909000
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6387000
CY2021Q2 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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, cash equivalents and restricted cash, 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 18% and 16% of total revenue for the three months ended April 30, 2021 and two customers accounted for 15% and 13% of total revenue for the three months ended April 30, 2020. Three customers accounted for 22%, 16%, and 15% of the accounts receivable balance as of April 30, 2021. Two customers accounted for 18% and 16% of the accounts receivable balance as of January 31, 2021.</p>
CY2021Q2 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2020 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
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504000
CY2020Q1 us-gaap Capitalized Contract Cost Net
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553000
CY2021Q2 us-gaap Capitalized Contract Cost Amortization
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CY2020Q2 us-gaap Capitalized Contract Cost Amortization
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135000
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CY2021Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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3000
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CY2020Q2 us-gaap Depreciation
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CY2021Q1 us-gaap Accrued Professional Fees Current
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1387000
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1302000
CY2021Q2 us-gaap Accrued Liabilities Current
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3926000
CY2021Q1 us-gaap Accrued Liabilities Current
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4277000
CY2021Q1 us-gaap Goodwill
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10577000
CY2021Q2 us-gaap Goodwill Foreign Currency Translation Gain Loss
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-11000
CY2021Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
953000
CY2020Q2 us-gaap Amortization Of Intangible Assets
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284000
CY2021Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
953000
CY2021Q2 us-gaap Amortization Of Intangible Assets
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316000
CY2021Q2 us-gaap Operating Lease Cost
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283000
CY2020Q2 us-gaap Operating Lease Cost
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322000
CY2021Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
5000
CY2020Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
31000
CY2021Q2 us-gaap Lease Cost
LeaseCost
288000
CY2020Q2 us-gaap Lease Cost
LeaseCost
353000
CY2021Q2 us-gaap Operating Lease Payments
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473000
CY2020Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
322000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4968000
CY2021Q2 us-gaap Operating Lease Liability Current
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866000
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1387000
CY2021Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1997000
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
4070000
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
2863000
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.050
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.050
CY2021Q2 us-gaap Payments For Rent
PaymentsForRent
400000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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663000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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823000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
812000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
838000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3136000
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
273000
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
2863000
CY2021Q2 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
610000
CY2021Q2 us-gaap Payments For Restructuring
PaymentsForRestructuring
409000
CY2021Q2 us-gaap Restructuring Reserve
RestructuringReserve
201000
CY2021Q2 seac Share Based Compensation Arrangement By Share Based Payment Award Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValue
1200000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
208000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
357000
CY2021Q2 us-gaap Accounts Receivable Net
AccountsReceivableNet
6249000
CY2021Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
6050000
CY2021Q2 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
8420000
CY2021Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
9359000
CY2021Q2 seac Unbilled Receivable Non Current
UnbilledReceivableNonCurrent
5842000
CY2021Q1 seac Unbilled Receivable Non Current
UnbilledReceivableNonCurrent
6340000
CY2021Q2 seac Accounts Receivable Net And Unbilled Receivables Total
AccountsReceivableNetAndUnbilledReceivablesTotal
20511000
CY2021Q1 seac Accounts Receivable Net And Unbilled Receivables Total
AccountsReceivableNetAndUnbilledReceivablesTotal
21749000
CY2021Q2 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
14262000
CY2021Q2 seac Unbilled Contracts Receivable Percentage
UnbilledContractsReceivablePercentage
1
CY2021Q2 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
1700000
CY2021Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
27700000
CY2021Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
3300000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5052000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6915000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5052000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6915000
CY2021Q2 us-gaap Noncurrent Assets
NoncurrentAssets
11078000
CY2021Q1 us-gaap Noncurrent Assets
NoncurrentAssets
13714000
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
CY2021Q2 us-gaap Operating Loss Carryforwards Expiration Date
OperatingLossCarryforwardsExpirationDate
2022-03-04

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