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SeaChange SeaChange Reports Fiscal Third Quarter 2022 Financial and Operational Results December 14 , 2021 • Continued Operating Momentum , with Revenues Up 9 % Sequentially and 44 % Year - over - Year • Signed Multi - Million - Dollar Contract Renewal with Major U.S. Multiple - System Operator • Re - alignment in Progress , with Continued Execution on Core Competencies in Video & Advertising , Shifting More Resources to Streaming Products BOSTON , Dec. 14 , 2021 ( GLOBE NEWSWIRE ) -- SeaChange International , Inc. ( NASDAQ : SEAC ) , a leading provider of video delivery , advertising , and emerging streaming platforms , today reported financial and operational results for the fiscal third quarter ended October 31 , 2021 . Fiscal Third Quarter 2022 and Recent Highlights Secured multi - million - dollar contract renewal with one of the largest multiple system - operators in the United States , demonstrating ability to successfully monetize long - term relationships . • Appointed veteran TMT executive Peter D. Aquino as President and CEO , solidifying senior leadership team , and initiating strategic initiatives . • Generated 9 % sequential revenue growth and 44 % year - over - year driven primarily by signed renewals , and upsells from existing customers . • Decreased operating expenses by 14 % sequentially substantially due to ongoing efficiency measures and approaching break - even and company profitability objectives . • Ended quarter with solid balance sheet , including $ 17.6 million in cash and cash equivalents and no debt . Management Commentary " Our financial results in the third quarter demonstrate our continued commitment to our multi - pronged strategy towards revenue growth , increased profitability , and strategic objectives , " said SeaChange's President and Chief Executive Officer , Peter D. Aquino . " My first 90 days included a deep dive into the operations , management objectives , and growth products that we are ' leaning ' into to accelerate our transformation and provide customers with leading - edge software to drive their streaming services . I am very excited about our upside to play a leading role in enabling our customers to capture this new demand . " Chris Klimmer , Senior Vice President and Chief Revenue Officer at SeaChange , commented : " SeaChange operates in massive markets with large and growing total