SeaChange International, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Severance and Restructuring Costs

Severance and Restructuring Costs

12 Months Ended

Jan. 31, 2022

Restructuring And Related Activities [Abstract]

6.	Severance and Restructuring Costs

The Company incurred severance costs of $0.2 million and $1.5 million in fiscal 2022 and 2021, respectively, which were separate from restructuring related severance costs. Severance charges incurred in fiscal 2022 were primarily related to the departure of former Board members and primarily related to the reduction in headcount driven by the COVID-19 pandemic in fiscal 2021.

The Company incurred restructuring costs of $0.5 million and less than $0.1 million in fiscal 2022 and 2021, respectively, primarily related to employee-related termination benefits and lease termination costs. Restructuring charges incurred in fiscal 2022 included the costs to reorganize the Company’s finance department and facility closure costs related to the Termination Agreement.

The following table reflects accrued restructuring as of January 31, 2021 and 2022 and related activity for the years ended January 31, 2022 and 2021:

	Employee- Related Benefits			Closure of Leased Facilities			Total
	(Amounts in thousands)
Accrued balance as of January 31, 2020	$	744		$	—		$	744
Restructuring charges incurred		2			—			2
Cash payments		(737	)		—			(737	)
Other charges		(9	)		—			(9	)
Accrued balance as of January 31, 2021	$	—		$	—		$	—
Restructuring charges incurred		197			463			660
Cash payments		(197	)		(463	)		(660	)
Accrued balance as of January 31, 2022	$	—		$	—		$	—

(1)

Excludes a non-cash net gain on lease termination of approximately $0.2 million.