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02.08.2021 16:05
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Harmonic Announces Second Quarter 2021 Results
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PR Newswire
SAN JOSE, Calif., Aug. 2, 2021
SAN JOSE, Calif., Aug. 2, 2021 /PRNewswire/ -- Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the second quarter of 2021.
"Harmonic delivered another strong quarter, with revenues and earnings buoyed by robust demand in both our Video and Cable Access segments", said Patrick Harshman, president and chief executive officer of Harmonic. "Our book-to-bill ratio was 1.6, enabling us to exit the quarter with record backlog and deferred revenue. This momentum positions us well for the balance of the year and into 2022, as we continue to execute on our strategic growth initiatives."
Q2 Financial and Business Highlights
Financial
- Revenue: $113.4 million, up 53% year over year
- Cable Access segment revenue: $50.1 million, up 89% year over year
- Video segment revenue: $63.3 million, up 34% year over year
- Gross margin: GAAP 53.3% and non-GAAP 53.9%, compared to GAAP 51.0% and non-GAAP 51.6% in the year ago period
- Cable Access segment gross margin: 47.0% compared to 45.7% in the year ago period
- Video segment gross margin: 59.3% compared to 54.8% in the year ago period
- Operating income (loss): GAAP income $2.1 million and non-GAAP income $6.6 million, compared to GAAP loss $9.6 and non-GAAP loss $5.1 million in the year ago period
- Adjusted EBITDA: $9.5 million income compared to $2.8 million loss in the year ago period
- Net income (loss): GAAP net loss $2.0 million and non-GAAP net income of $4.8 million, compared to GAAP net loss $15.4 million and non-GAAP net loss $5.9 million in the year ago period
- EPS: GAAP net loss per share of $0.02 and non-GAAP net income per share of $0.05, compared to GAAP net loss per share of $0.16 and non-GAAP net loss per share of $0.06 in the year ago period
- Cash: $115.2 million, up $37.5 million year over year
Business
- CableOS® solution commercially deployed with 62 customers, up 114% year over year
- CableOS deployments scaled to 3.3 million served cable modems, up 94% year over year
- VOS® streaming SaaS customer base increased to 102, up 55% year over year; SaaS revenue increased 68% year over year
Select Financial Information
| | | GAAP | | Non-GAAP | ||||||||||||||||||||
| Key Financial Results | | Q2 2021 | | Q1 2021 | | Q2 2020 | | Q2 2021 | | Q1 2021 | | Q2 2020 | ||||||||||||
| | | (in millions, except per share data) | ||||||||||||||||||||||
| Net revenue | | $ | 113.4 | | | $ | 111.6 | | | $ | 74.0 | | | $ | 113.4 | | | $ | 111.6 | | | $ | 74.0 | |
| Net income (loss) | | $ | (2.0) | | | $ | (6.1) | | | $ | (15.4) | | | $ | 4.8 | | | $ | 4.5 | | | $ | (5.9) | |
| Diluted EPS | | $ | (0.02) | | | $ | (0.06) | | | $ | (0.16) | | | $ | 0.05 | | | $ | 0.04 | | | $ | (0.06) | |
| | | | | | | | | | ||||||||||||||||
| Other Financial Information | Q2 2021 | | Q1 2021 | | Q2 2020 | |||||||||||||||||||
| | (in millions) | |||||||||||||||||||||||
| Adjusted EBITDA for the quarter | $ | 9.5 | | | $ | 9.1 | | | $ | (2.8) | | |||||||||||||
| Bookings for the quarter | $ | 186.9 | | | $ | 96.3 | | | $ | 77.0 | | |||||||||||||
| Backlog and deferred revenue as of quarter end | $ | 347.2 | | | $ | 274.3 | | | $ | 210.2 | | |||||||||||||
| Cash and cash equivalents as of quarter end | $ | 115.2 | | | $ | 100.8 | | | $ | 77.7 | | |||||||||||||
Explanations regarding our use of non-GAAP financial measures and related definitions, and reconciliations of our GAAP and non-GAAP measures, are provided in the sections below entitled "Use of Non-GAAP Financial Measures" and "GAAP to Non-GAAP Reconciliations".
Financial Guidance
| | Q3 2021 GAAP Financial Guidance (1) | ||||||||||||||||||||||||||||||
| | Low | | High | ||||||||||||||||||||||||||||
| (Unaudited, in millions, except percentages) | Video | | Cable | | Adjustments (2) Werbung Mehr Nachrichten zur Harmonic Aktie kostenlos abonnieren
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