SeaChange Reports Estimated and Unaudited Preliminary Fiscal Third Quarter and Nine Month Fiscal 2024 Financial Results
BOSTON, Nov. 20, 2023 (GLOBE NEWSWIRE) -- SeaChange International, Inc. (OTCPK: SEAC) (the “Company”), a leading provider of video delivery, advertising, streaming platforms, and emerging FAST (Free Ad-Supported Streaming TV services) products, has presented estimated and unaudited preliminary financial results for the three and nine months ended October 31, 2023.
Preliminary Fiscal Third Quarter 2024 Financial Highlights
Preliminary Fiscal Nine Month 2024 Financial Highlights
Adjusted EBITDA Reconciliation (preliminary and unaudited)
To supplement the Company’s unaudited consolidated financial statements, which are prepared and presented in accordance with United States generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP measures, such as adjusted EBITDA. The Company defines non-GAAP loss from operations as GAAP net loss plus stock-based compensation expenses, severance and restructuring costs, transaction costs, other expense, net, and income tax provision, and adjusted EBITDA as non-GAAP loss from operations plus depreciation. The Company discusses non-GAAP loss from operations and adjusted EBITDA, as the Company believes non-GAAP operating loss from operations and adjusted EBITDA are important measures that are not calculated according to GAAP. The Company uses non-GAAP loss from operations and adjusted EBITDA in internal forecasts and models when establishing internal operating budgets, supplementing the financial results and forecasts reported to the board of directors (the “Board”) of the Company, determining a component of bonus compensation for Company executive officers and other key employees based on operating performance, and evaluating short-term and long-term operating trends in our operations. The Company believes that the non-GAAP loss from operations and adjusted EBITDA financial measures assist in providing an enhanced understanding of the Company’s underlying operational measures to manage the business, to evaluate performance compared to prior periods and the marketplace, and to establish operational goals. The Company believes that the non-GAAP financial adjustments are useful to investors because they allow investors to evaluate the effectiveness of the methodology and information used by management in our financial and operational decision-making.
Non-GAAP loss from operations and adjusted EBITDA are non-GAAP financial measures and should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. These non-GAAP financial measures may not be computed in the same manner as similarly titled measures used by other companies. The Company expects to continue to incur expenses similar to the financial adjustments described above in arriving at non-GAAP loss from operations and adjusted EBITDA and investors should not infer from our presentation of these non-GAAP financial measures that these costs are unusual, infrequent or non-recurring. The following table includes the reconciliations of our GAAP loss from operations, the most directly comparable GAAP financial measure, to our non-GAAP loss from operations and adjusted EBITDA for the three and nine months ended October 31, 2023.
The Company continues to execute its plan to generate profitable growth of its recurring revenue streams. In parallel, the Company continues its process to identify potential strategic partnerships to increase stockholder value through M&A transactions, including evaluating preliminary indications of interests from third parties. There can be no assurance that such discussions will result in definitive documentation or a successful closing of a transaction. While the Company is disclosing its quarterly performance and its M&A process in connection with its new stock repurchase program described below, there can be no assurance that it will continue to do so in the future and may discontinue such disclosures in its sole discretion.
Stock Repurchase Program
About SeaChange International, Inc.
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