SeaChange International, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Operating Leases (Tables)

Operating Leases (Tables)

3 Months Ended

Apr. 30, 2021

The components of lease expense are as follows:

	For the Three Months Ended April 30,
	2021		2020
	(Amounts in thousands)
Operating lease cost	$	283	$	322
Short term lease cost, net		5		31
Total lease cost	$	288	$	353

Schedule of Supplemental Cash Flow Information Related to Operating Leases

Supplemental cash flow information related to the Company’s operating leases was as follows:

	For the Three Months Ended April 30,
	2021		2020
	(Amounts in thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	473	$	322

Schedule of Supplemental Balance Sheet Information Related to Operating Leases

Supplemental balance sheet information related to the Company's operating leases was as follows:

	As of April 30, 2021			As of January 31, 2021
	(Amounts in thousands)
Operating lease right-of-use assets	$	2,707		$	4,968

Current portion, operating lease liabilities		866			1,387
Operating lease liabilities, long term		1,997			4,070
Total operating lease liabilities	$	2,863		$	5,457

Weighted average remaining lease term (years)		3.7			4.0
Weighted average incremental borrowing rate		5.0	%		5.0	%

Schedule of Future Minimum Lease Payments for Operating Leases

Future minimum lease payments for operating leases, with initial or remaining terms in excess of one year at April 30, 2021, are as follows:

	Payments for Operating Leases
For the Fiscal Years Ended January 31,	(Amounts in thousands)
2022	$	663
2023		823
2024		812
2025		838
Total lease payments		3,136
Less interest		273
Total operating lease liabilities	$	2,863

In the first quarter of fiscal 2022, we entered into the Termination Agreement which terminated the sublease with respect to our former headquarters in Waltham, Massachusetts, effective March 21, 2021. In connection with the early termination of the sublease, the Company is to pay the sublandlord a termination payment of approximately $0.4 million, of which $0.3 million was paid during the three months ended April 30, 2021, and the remaining $0.1 million was paid subsequent to quarter end. The Company also wrote off all related operating lease right-of-use assets and liabilities as of the termination date, resulting in a $0.3 million non-cash gain, which partially offset the loss on the termination payments. The net $0.1 million loss on lease termination is reported as a component of severance and restructuring expense on the consolidated statements of operations and comprehensive loss for the three months ended April 30, 2021. Prior to the execution of the Termination Agreement, the sublease had been scheduled to expire in February 2025.