SeaChange International, Inc. (NASDAQ:SEAC) Q4 2019 Earnings Conference Call - Final Transcript

Apr 10, 2019 • 05:00 pm ET


SeaChange International, Inc. (NASDAQ:SEAC) Q4 2019 Earnings Conference Call - Final Transcript


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Greetings and welcome to the SeaChange Corporation Fourth Quarter 2019 Earnings Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Mary Conway, Investor Relations. Thank you. You may begin.

Mary Conway

Thank you, Matt. Good afternoon everyone and thank you for joining us today. SeaChange released final results for the fourth quarter and full year fiscal 2019 ended January 31, 2019 today after the market closed. If you would like a copy of the press release, you can access it on the IR section of our website at

With me on today's call are Mark Bonney, Executive Chair; Peter Faubert, Chief Financial Officer; Marek Kielczewski, Chief Technical Officer; and Yossi Aloni, Chief Commercial Officer. This call is being webcast and will be archived on the Investor Relations section of our website.

Before Mark begins, I'd like to remind you that the information we're about to discuss today may include forward-looking statements which are based on current expectations that are subject to a number of risks and uncertainties that may cause actual results to differ materially from expectations. These risks are outlined in our SEC filings, including our final report on Form 10-K which was filed on April 16, 2018 and our most recent Form 10-Q, which was filed on December 17, 2018. Any forward-looking statement should be considered in light of these factors.

Additionally, this presentation contains certain non-GAAP or adjusted financial measures as defined by the SEC. We have provided a reconciliation of these measures to the most directly comparable GAAP measures in the tables attached to the press release.

And with that I'd like to turn the call over to Mark who'll provide opening remarks and introduce the rest of the team. Mark?

Mark Bonney

Thank you, Mary, and good afternoon everyone. I'm pleased to join the SeaChange management team today and share some insights about the Company's direction and objectives for fiscal 2020. I would like to start by explaining the recent Board and management changes, including our recent agreement with our largest shareholder, TAR Holdings. I'll also discuss our announcement last Friday and specifically my plans to enhance SeaChange's leadership and indeed instill greater confidence and excitement in our ability to execute and grow the Company.

As you are aware, we entered into a cooperation agreement with TAR Holdings, the holder of approximately 20% of our stock in early March. Through the interaction with TAR, we welcome two highly professional individuals to our Board, Robert Pons and Jeffrey Tuder. Both Bob and Jeff bring significant experience with technology companies of similar size and scale as SeaChange. Both are experienced independent directors of public companies and we welcome them.

You are also aware that our former CEO Ed Terino resigned without warning in late February. The Board was clearly surprised by this, but responded immediately by creating an