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WKN: 895791 | ISIN: US4131601027 | Ticker-Symbol: HMC
Tradegate
20.11.24
17:08 Uhr
11,670 Euro
+0,205
+1,79 %
Branche
Telekom
Aktienmarkt
S&P SmallCap 600
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HARMONIC INC Chart 1 Jahr
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11,63511,71016:31
11,64011,71516:30
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Harmonic Inc.: Harmonic Announces Third Quarter 2024 Results

Finanznachrichten News

Record revenue with Broadband revenue up 92% year over year

Video returned to profitability with greater than 10% Adjusted EBITDA margin

SAN JOSE, Calif., Oct. 28, 2024 /PRNewswire/ -- Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the third quarter of 2024.

"Our third quarter results demonstrated strong execution as we achieved record total company revenue and Adjusted EBITDA, with both broadband and video revenue exceeding expectations," said Nimrod Ben-Natan, president and chief executive officer of Harmonic. "This strong quarterly performance coupled with our market leading technology solutions leaves us well-positioned for further future growth."

Q3 Financial and Business Highlights

Financial

  • Revenue: $195.8 million, up 54% compared to $127.2 million in the prior year period
    • Broadband segment revenue: $145.3 million, compared to $75.8 million in the prior year period
    • Video segment revenue: $50.4 million, compared to $51.4 million in the prior year period
  • Gross margin: GAAP 53.5% and non-GAAP 53.7%, both higher compared to GAAP 48.5% and non-GAAP 49.5% in the prior year period
    • Broadband segment non-GAAP gross margin: 48.3% compared to 44.5% in the prior year period
    • Video segment non-GAAP gross margin: 69.0% compared to 56.9% in the prior year period
  • Operating income (loss): GAAP income $35.4 million and non-GAAP income $44.5 million, compared to GAAP loss $8.6 million and non-GAAP income $0.1 million in the prior year period
  • Net income (loss): GAAP net income $21.7 million and non-GAAP net income of $29.9 million, compared to GAAP net loss $6.5 million and non-GAAP net income $0.0 million in the prior year period
  • Non-GAAP adjusted EBITDA: $43.4 million income compared to $3.5 million income in the prior year period
  • Net income (loss) per share: GAAP net income per share of $0.19 and non-GAAP net income per share of $0.26, compared to GAAP net loss per share of $0.06 and non-GAAP net income per share of $0.00 in the prior year period
  • Backlog and deferred revenue of $584.7 million
  • Cash: $58.2 million, compared to $75.6 million in the prior year period

Business

  • Commercially deployed our cOSTM solution with 121 customers, serving 32.0 million cable modems
  • Comcast and Harmonic demonstrated the industry's first Unified DOCSIS 4.0 and fiber solution at SCTE TechExpo24, with Unified DOCSIS 4.0 technology now available for all MSOs
  • Increased Broadband customer diversification with 7 new customer wins, including Bluepeak Fiber and Tribal Ready selecting Harmonic's cOS broadband platform
  • Further progress on Video sales pipeline of larger Appliance and Tier 1 SaaS opportunities

Select Financial Information



GAAP


Non-GAAP

Key Financial Results


Q3 2024


Q2 2024


Q3 2023


Q3 2024


Q2 2024


Q3 2023



(Unaudited, in millions, except per share data)

Net revenue


$ 195.8


$ 138.7


$ 127.2


*


*


*

Net income (loss)


$ 21.7


$ (12.5)


$ (6.5)


$ 29.9


$ 9.3


$ -

Net income (loss) per share


$ 0.19


$ (0.11)


$ (0.06)


$ 0.26


$ 0.08


$ 0.00










Other Financial Information

Q3 2024


Q2 2024


Q3 2023


(Unaudited, in millions)

Adjusted EBITDA for the quarter (1)

$ 43.4


$ 16.1


$ 3.5

Bookings for the quarter

$ 171.4


$ 72.4


$ 96.3

Backlog and deferred revenue as of quarter end

$ 584.7


$ 613.1


$ 627.2

Cash and cash equivalents as of quarter end

$ 58.2


$ 45.9


$ 75.6


(1) Adjusted EBITDA is a Non-GAAP financial measure. Refer to "Preliminary Net Income (loss) to Consolidated Segment Adjusted EBITDA Reconciliation" below for a reconciliation to net income (loss), the most comparable GAAP measure.

* Not applicable

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


Q4 2024 GAAP Financial Guidance

(Unaudited, in millions, except
percentages and per share data)

Low


High

Broadband


Video


Total GAAP


Broadband


Video


Total GAAP

Net revenue

$ 160


$ 45


$ 205


$ 170


$ 50


$ 220

Gross margin %





55.4 %






56.7 %

Gross profit





$ 114






$ 125

Tax rate





26 %






26 %

Net income





$ 30






$ 36

Net income per share





$ 0.26






$ 0.31

Shares (1)





117.8






117.8


(1) Diluted shares assumes stock price at $13.34 (Q3 2024 average price).


2024 GAAP Financial Guidance

(Unaudited, in millions, except
percentages and per share data)

Low


High

Broadband


Video


Total GAAP


Broadband


Video


Total GAAP

Net revenue(1)

$ 477


$ 184


$ 662


$ 487


$ 189


$ 677

Gross margin %





53.6 %






54.0 %

Gross profit





$ 354






$ 366

Tax rate





26 %






26 %

Net income





$ 31






$ 37

Net income per share





$ 0.27






$ 0.32

Shares (2)





117.5






117.5


(1) Components may not sum to total due to rounding.

(2) Diluted shares assumes stock price at $13.34 (Q3 2024 average price).


Q4 2024 Non-GAAP Financial Guidance (1)

(Unaudited, in millions, except
percentages and per share data)

Low


High

Broadband


Video


Total


Broadband


Video


Total

Gross margin %

53.0 %


64.0 %


55.4 %


54.0 %


66.0 %


56.7 %

Gross profit

$ 85


$ 29


$ 114


$ 92


$ 33


$ 125

Adjusted EBITDA(2)

$ 54


$ 2


$ 55


$ 59


$ 5


$ 64

Tax rate





21 %






21 %

Net income per share





$ 0.33






$ 0.39

Shares (3)





117.8






117.8


(1) Refer to "Use of Non-GAAP Financial Measures" and "GAAP to Non-GAAP Reconciliations on Financial Guidance" below. Components may not sum to total due to rounding.

(2) Refer to "Net Income to Consolidated Adjusted EBITDA Reconciliation on Financial Guidance" below for a reconciliation to net income, the most comparable GAAP measure.

(3) Diluted shares assumes stock price at $13.34 (Q3 2024 average price).


2024 Non-GAAP Financial Guidance (1)

(Unaudited, in millions, except
percentages and per share data)

Low


High

Broadband


Video


Total


Broadband


Video


Total

Gross margin %

49.6 %


64.9 %


53.9 %


50.0 %


65.4 %


54.3 %

Gross profit

$ 237


$ 120


$ 356


$ 244


$ 124


$ 368

Adjusted EBITDA(2)

$ 118


$ 1


$ 119


$ 123


$ 4


$ 127

Tax rate





21 %






21 %

Net income per share (3)





$ 0.67






$ 0.73

Shares (3)





117.5






117.5


(1) Refer to "Use of Non-GAAP Financial Measures" and "GAAP to Non-GAAP Reconciliations on Financial Guidance" below. Components may not sum to total due to rounding.

(2) Refer to "Net Income to Consolidated Segment Adjusted EBITDA Reconciliation on Financial Guidance" below for a reconciliation to net income, the most comparable GAAP measure.

(3) Diluted shares assumes stock price at $13.34 (Q3 2024 average price).

Conference Call Information

Harmonic will host a conference call to discuss its financial results at 2:00 p.m. PT (5:00 p.m. ET) on Monday, October 28, 2024. The live webcast will be available on the Harmonic Investor Relations website at http://investor.harmonicinc.com. To participate via telephone, please register in advance using this link, https://register.vevent.com/register/BI24dc955b30d3439abf656ef581cfa35c. A replay will be available after 5:00 p.m. PT on the same website.

About Harmonic Inc.

Harmonic (NASDAQ: HLIT), the worldwide leader in virtualized broadband and video delivery solutions, enables media companies and service providers to deliver ultra-high-quality video streaming and broadcast services to consumers globally. The company revolutionized broadband networking via the industry's first virtualized broadband solution, enabling operators to more flexibly deploy gigabit internet service to consumers' homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software platforms, or powering the delivery of gigabit internet services, Harmonic is changing the way media companies and service providers monetize live and on-demand content on every screen. More information is available at www.harmonicinc.com.

Legal Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements related to our expectations regarding: net revenue, gross margins, operating expenses, operating income (loss), Adjusted EBITDA, tax expense and tax rate, and net income (loss) per diluted share. Our expectations regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, in no particular order, the following: customer concentration and consolidation; loss of one or more key customers; delays or decreases in capital spending in the cable, satellite, telco, broadcast and media industries; the possibility that our products will not generate sales that are commensurate with our expectations or that our cost of revenue or operating expenses may exceed our expectations; the market and technology trends underlying our Broadband and Video businesses will not continue to develop in their current direction or pace; the impact of general economic conditions on our sales and operations; the mix of products and services sold in various geographies and the effect it has on gross margins; our ability to develop new and enhanced products in a timely manner and market acceptance of our new or existing products; risks associated with our international operations; exchange rate fluctuations of the currencies in which we conduct business; risks associated with our cOSTM and VOS product solutions; dependence on various broadband and video industry trends; inventory management; the lack of timely availability or the impact of increases in the prices of parts or raw materials necessary to produce our products; the effect of competition, on both revenue and gross margins; difficulties associated with rapid technological changes in our markets; risks associated with unpredictable sales cycles; our dependence on contract manufacturers and sole or limited source suppliers; and the impact on our business of natural disasters. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Harmonic's filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K for the year ended December 31, 2023, our most recent Quarterly Report on Form 10-Q and our Current Reports on Form 8-K. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and Harmonic disclaims any obligation to update any forward-looking statements.

Use of Non-GAAP Financial Measures

The Company reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP" or referred to herein as "reported"). However, management believes that certain non-GAAP financial measures provide management and other users with additional meaningful financial information that should be considered when assessing our ongoing performance. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business, establish operating budgets, set internal measurement targets and make operating decisions.

These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Harmonic's results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Harmonic's results of operations in conjunction with the corresponding GAAP measures.

The Company believes that the presentation of non-GAAP measures, when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and its historical and projected results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the Company's reported results prepared in accordance with GAAP.

The non-GAAP measures presented here are: Gross profit, operating expenses, income (loss) from operations, non-operating expenses and net income (loss), Adjusted EBITDA (including those amounts as a percentage of revenue) and net income (loss) per diluted share. The presentation of non-GAAP information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP, and is not necessarily comparable to non-GAAP results published by other companies. A reconciliation of the historical non-GAAP financial measures discussed in this press release to the most directly comparable historical GAAP financial measures is included with the financial statements provided with this press release. The non-GAAP adjustments described below have historically been excluded from our GAAP financial measures.

Our non-GAAP financial measures reflect adjustments based on the following items, as well as the related income tax effects:

Stock-based compensation - Although stock-based compensation is a key incentive offered to our employees, we continue to evaluate our business performance excluding stock-based compensation expenses. We believe that management is limited in its ability to project the impact stock-based compensation would have on our operating results. In addition, for comparability purposes, we believe it is useful to provide a non-GAAP financial measure that excludes stock-based compensation in order to better understand the long-term performance of our core business and to facilitate the comparison of our results to the results of our peer companies.

Restructuring and related charges - Harmonic from time to time incurs restructuring charges which primarily consist of employee severance, one-time termination benefits related to the reduction of its workforce, and other costs. These charges are associated with material business shifts. We exclude these items because we do not believe they are reflective of our ongoing long-term business and operating results.

Non-cash interest expense expenses related to convertible notes and other debt - We record the amortization of issuance costs as non-cash interest expense. We believe that excluding these costs provides meaningful supplemental information regarding operational performance and liquidity, along with enhancing investors' ability to view the Company's results from management's perspective. In addition, we believe excluding these costs from the non-GAAP measures facilitates comparisons to our historical operating results and comparisons to peer company operating results.

Discrete tax items and tax effect of non-GAAP adjustments - The income tax effect of non-GAAP adjustments relates to the tax effect of the adjustments that we incorporate into non-GAAP financial measures in order to provide a more meaningful measure of non-GAAP net income.

Depreciation - Depreciation expense, along with interest, tax and stock-based compensation expense, and restructuring charges, is excluded from Adjusted EBITDA because we do not believe depreciation and the other items relate to the ordinary course of our business or are reflective of our underlying business performance.

Non-recurring advisory fees - There were non-recurring costs that we excluded from non-GAAP results relating to professional accounting, tax and legal fees associated with strategic corporate initiatives.

Asset impairment and related charges - We exclude asset impairment and related charges due to the nature of such expenses being unusual and arising outside the ordinary course of continuing operations. These costs primarily consist of impairments of fixed assets, right-of-use assets and related leasehold improvements, and other unrecoverable facility costs due to the intended change in use of certain leased space.

Harmonic Inc.

Preliminary Condensed Consolidated Balance Sheets

(Unaudited, in thousands, except par value)



September 27,
2024


December 31,
2023

ASSETS




Current assets:




Cash and cash equivalents

$ 58,174


$ 84,269

Restricted cash

327


-

Accounts receivable, net

173,730


141,531

Inventories

73,864


83,982

Prepaid expenses and other current assets

30,273


20,950

Total current assets

336,368


330,732

Property and equipment, net

28,396


36,683

Operating lease right-of-use assets

13,471


20,817

Goodwill

239,597


239,150

Deferred income taxes

107,380


104,707

Other non-current assets

34,649


36,117

Total assets

$ 759,861


$ 768,206





LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Convertible debt

$ -


$ 114,880

Current portion of long-term debt

1,944


-

Current portion of other borrowings

5,285


4,918

Accounts payable

42,480


38,562

Deferred revenue

50,891


46,217

Operating lease liabilities

5,971


6,793

Other current liabilities

55,091


61,024

Total current liabilities

161,662


272,394

Long-term debt

112,819


-

Other long-term borrowings

9,458


10,495

Operating lease liabilities, non-current

15,647


18,965

Other non-current liabilities

31,338


29,478

Total liabilities

330,924


331,332





Stockholders' equity:




Preferred stock, $0.001 par value, 5,000 shares authorized; no shares issued or outstanding

-


-

Common stock, $0.001 par value, 150,000 shares authorized; 116,511 and 112,407 shares
issued and outstanding at September 27, 2024 and December 31, 2023, respectively

117


112

Additional paid-in capital

2,424,322


2,405,043

Accumulated deficit

(1,991,615)


(1,962,575)

Accumulated other comprehensive loss

(3,887)


(5,706)

Total stockholders' equity

428,937


436,874

Total liabilities and stockholders' equity

$ 759,861


$ 768,206

Harmonic Inc.

Preliminary Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per share data)



Three Months Ended


Nine Months Ended


September 27, 2024


September 29, 2023


September 27, 2024


September 29, 2023

Revenue:








Appliance and integration

$ 153,685


$ 84,760


$ 329,464


$ 310,681

SaaS and service

42,071


42,443


127,092


130,134

Total net revenue

195,756


127,203


456,556


440,815

Cost of revenue:








Appliance and integration

77,683


48,992


171,635


166,177

SaaS and service

13,341


16,527


43,651


43,960

Total cost of revenue

91,024


65,519


215,286


210,137

Total gross profit

104,732


61,684


241,270


230,678

Operating expenses:








Research and development

30,073


30,316


89,562


96,030

Selling, general and administrative

35,851


39,245


114,537


121,300

Asset impairment and related charges

3,103


-


12,103


-

Restructuring and related charges

281


726


14,800


809

Total operating expenses

69,308


70,287


231,002


218,139

Income (loss) from operations

35,424


(8,603)


10,268


12,539

Interest expense, net

(2,686)


(619)


(4,833)


(2,125)

Other income (expense), net

(3,932)


343


(3,602)


(86)

Income (loss) before income taxes

28,806


(8,879)


1,833


10,328

Provision for (benefit from) income taxes

7,088


(2,384)


736


10,175

Net income (loss)

$ 21,718


$ (6,495)


$ 1,097


$ 153









Net income (loss) per share:








Basic

$ 0.19


$ (0.06)


$ 0.01


$ -

Diluted

$ 0.19


$ (0.06)


$ 0.01


$ -

Weighted average shares outstanding:








Basic

116,403


112,031


114,594


111,431

Diluted

117,358


112,031


117,385


117,910

Harmonic Inc.

Preliminary Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)



Nine Months Ended


September 27, 2024


September 29, 2023

Cash flows from operating activities:




Net income

$ 1,097


$ 153

Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation

9,171


9,178

Asset impairment and related charges

12,103


-

Stock-based compensation

19,587


20,724

Foreign currency remeasurement

6,513


(814)

Deferred income taxes, net

(2,673)


2,026

Provision for excess and obsolete inventories

3,135


6,514

Other adjustments

435


1,689

Changes in operating assets and liabilities:




Accounts receivable, net

(31,611)


(2,558)

Inventories

6,592


14,532

Other assets

(3,489)


6,164

Accounts payable

1,787


(20,606)

Deferred revenues

2,062


(9,208)

Other liabilities

(11,323)


(27,002)

Net cash provided by operating activities

13,386


792

Cash flows from investing activities:




Purchases of short-term investments

-


(6,305)

Purchases of property and equipment

(6,840)


(5,749)

Net cash used in investing activities

(6,840)


(12,054)

Cash flows from financing activities:




Proceeds from long-term debt

115,000


-

Repayment of convertible debt

(115,500)


-

Payments for debt issuance costs

(332)


-

Repurchase of common stock

(30,047)


-

Proceeds from other borrowings

3,943


3,829

Repayment of other borrowings

(4,797)


(4,721)

Proceeds from common stock issued to employees

6,628


6,552

Taxes paid related to net share settlement of equity awards

(6,877)


(8,643)

Net cash used in financing activities

(31,982)


(2,983)

Effect of exchange rate changes on cash and cash equivalents and restricted cash

(332)


281

Net decrease in cash and cash equivalents and restricted cash

(25,768)


(13,964)

Cash and cash equivalents and restricted cash at beginning of period

84,269


89,586

Cash and cash equivalents and restricted cash at end of period

$ 58,501


$ 75,622





Cash and cash equivalents and restricted cash at end of period




Cash and cash equivalents

$ 58,174


$ 75,622

Restricted cash

327


-

Total cash, cash equivalents and restricted cash as shown in the condensed consolidated statement of cash flows

$ 58,501


$ 75,622

Harmonic Inc.

Preliminary Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)



Nine Months Ended


September 27, 2024


September 29, 2023

Supplemental cash flow disclosure:




Income tax payments, net

$ 12,894


$ 6,376

Interest payments, net

$ 4,363


$ 1,921

Supplemental schedule of non-cash investing activities:




Capital expenditures incurred but not yet paid

$ 709


$ 1,802

Supplemental schedule of non-cash financing activities:




Shares of common stock issued upon redemption of the 2024 Notes

4,578


-

Harmonic Inc.

Preliminary GAAP Revenue Information

(Unaudited, in thousands, except percentages)



Three Months Ended


September 27, 2024


June 28, 2024


September 29, 2023

Geography









Americas

$ 167,720

86 %


$ 109,597

79 %


$ 91,221

72 %

EMEA

20,269

10 %


22,680

16 %


28,465

22 %

APAC

7,767

4 %


6,463

5 %


7,517

6 %

Total

$ 195,756

100 %


$ 138,740

100 %


$ 127,203

100 %










Market









Service Provider

$ 159,993

82 %


$ 104,429

75 %


$ 87,747

69 %

Broadcast and Media

35,763

18 %


34,311

25 %


39,456

31 %

Total

$ 195,756

100 %


$ 138,740

100 %


$ 127,203

100 %























Nine Months Ended





September 27, 2024


September 29, 2023

Geography









Americas




$ 370,348

81 %


$ 318,294

72 %

EMEA




66,509

15 %


97,648

22 %

APAC




19,699

4 %


24,873

6 %

Total




$ 456,556

100 %


$ 440,815

100 %










Market









Service Provider




$ 351,115

77 %


$ 314,439

71 %

Broadcast and Media




105,441

23 %


126,376

29 %

Total




$ 456,556

100 %


$ 440,815

100 %

Harmonic Inc.

Preliminary Segment Information

(Unaudited, in thousands, except percentages)



Three Months Ended September 27, 2024


Broadband



Video



Total Segment
Measures



Adjustments (1)


Consolidated
GAAP
Measures

Net revenue

$ 145,338



$ 50,418



$ 195,756



$ -


$ 195,756

Gross profit

70,256

(1)


34,770

(1)


105,026

(1)


(294)


104,732

Gross margin %

48.3 %

(1)


69.0 %

(1)


53.7 %

(1)




53.5 %















Three Months Ended June 28, 2024


Broadband



Video



Total Segment
Measures



Adjustments (1)


Consolidated
GAAP
Measures

Net revenue

$ 92,937



$ 45,803



$ 138,740



$ -


$ 138,740

Gross profit

44,236

(1)


29,494

(1)


73,730

(1)


(273)


73,457

Gross margin %

47.6 %

(1)


64.4 %

(1)


53.1 %

(1)




52.9 %















Three Months Ended September 29, 2023


Broadband



Video



Total Segment
Measures



Adjustments (1)


Consolidated
GAAP
Measures

Net revenue

$ 75,806



$ 51,397



$ 127,203



$ -


$ 127,203

Gross profit

33,763

(1)


29,241

(1)


63,004

(1)


(1,320)


61,684

Gross margin %

44.5 %

(1)


56.9 %

(1)


49.5 %

(1)




48.5 %















Nine Months Ended September 27, 2024


Broadband



Video



Total Segment
Measures



Adjustments (1)


Consolidated
GAAP
Measures

Net revenue

$ 317,172



$ 139,384



$ 456,556



$ -


$ 456,556

Gross profit

151,986

(1)


90,833

(1)


242,819

(1)


(1,549)


241,270

Gross margin %

47.9 %

(1)


65.2 %

(1)


53.2 %

(1)




52.8 %















Nine Months Ended September 29, 2023


Broadband



Video



Total Segment
Measures



Adjustments (1)


Consolidated
GAAP
Measures

Net revenue

$ 273,253



$ 167,562



$ 440,815



$ -


$ 440,815

Gross profit

133,129

(1)


100,158

(1)


233,287

(1)


(2,609)


230,678

Gross margin %

48.7 %

(1)


59.8 %

(1)


52.9 %

(1)




52.3 %


(1) Segment gross margin and segment gross profit are Non-GAAP financial measures. Refer to "Use of Non-GAAP Financial Measures" above and "GAAP to Non-GAAP Reconciliations" below.

Harmonic Inc.

GAAP to Non-GAAP Reconciliations (Unaudited)

(in thousands, except percentages and per share data)



Three Months Ended September 27, 2024


Revenue


Gross Profit


Total
Operating
Expense


Income from
Operations


Total Non-
operating
Expense, net


Net Income

GAAP

$ 195,756


$ 104,732


$ 69,308


$ 35,424


$ (6,618)


$ 21,718

Stock-based compensation

-


294


(5,416)


5,710


-


5,710

Restructuring and related charges

-


-


(281)


281


-


281

Asset impairment and related charges (1)

-


-


(3,103)


3,103


-


3,103

Discrete tax items and tax effect of non-GAAP adjustments

-


-


-


-


-


(871)

Total adjustments

-


294


(8,800)


9,094


-


8,223

Non-GAAP

$ 195,756


$ 105,026


$ 60,508


$ 44,518


$ (6,618)


$ 29,941

As a % of revenue (GAAP)



53.5 %


35.4 %


18.1 %


(3.4) %


11.1 %

As a % of revenue (Non-GAAP)



53.7 %


30.9 %


22.7 %


(3.4) %


15.3 %

Diluted net income per share:












GAAP











$ 0.19

Non-GAAP











$ 0.26

Shares used in per share calculation:












GAAP and Non-GAAP











117,358


(1) Includes write-off of $1.8 million for internally developed capitalized software, and impairment charges of $0.8 million for right-of-use assets, $0.1 million for leasehold improvements and $0.4 million related to the fair value of other unrecoverable facility costs.


Three Months Ended June 28, 2024


Revenue


Gross Profit


Total
Operating
Expense


Income
(Loss) from
Operations


Total Non-
operating
Expense, net


Net Income
(Loss)

GAAP

$ 138,740


$ 73,457


$ 89,087


$ (15,630)


$ (805)


$ (12,532)

Stock-based compensation

-


273


(6,681)


6,954


-


6,954

Restructuring and related charges

-


-


(11,482)


11,482


-


11,482

Non-recurring advisory fees

-


-


(406)


406


-


406

Asset impairment and related charges (1)

-


-


(9,000)


9,000


-


9,000

Non-cash interest expense related to convertible notes

-


-


-


-


338


338

Discrete tax items and tax effect of non-GAAP adjustments

-


-


-


-


-


(6,369)

Total adjustments

-


273


(27,569)


27,842


338


21,811

Non-GAAP

$ 138,740


$ 73,730


$ 61,518


$ 12,212


$ (467)


$ 9,279

As a % of revenue (GAAP)



52.9 %


64.2 %


(11.3) %


(0.6) %


(9.0) %

As a % of revenue (Non-GAAP)



53.1 %


44.3 %


8.8 %


(0.3) %


6.7 %

Diluted net income (loss) per share:












GAAP











$ (0.11)

Non-GAAP











$ 0.08

Shares used in per share calculation:












GAAP











115,030

Non-GAAP











116,690


(1) Includes impairment charges of $2.9 million for right-of-use assets, $4.2 million for leasehold improvements, and $1.9 million related to the fair value of other unrecoverable facility costs.


Three Months Ended September 29, 2023


Revenue


Gross Profit


Total
Operating
Expense


Income
(Loss) from
Operations


Total Non-
operating
Expense, net


Net Income
(Loss)

GAAP

$ 127,203


$ 61,684


$ 70,287


$ (8,603)


$ (276)


$ (6,495)

Stock-based compensation

-


606


(6,635)


7,241


-


7,241

Restructuring and related charges

-


714


(362)


1,076


-


1,076

Non-recurring advisory fees

-


-


(364)


364


-


364

Non-cash interest expense related to convertible notes

-


-


-


-


226


226

Discrete tax items and tax effect of non-GAAP adjustments

-


-


-


-


-


(2,390)

Total adjustments

-


1,320


(7,361)


8,681


226


6,517

Non-GAAP

$ 127,203


$ 63,004


$ 62,926


$ 78


$ (50)


$ 22

As a % of revenue (GAAP)



48.5 %


55.3 %


(6.8) %


(0.2) %


(5.1) %

As a % of revenue (Non-GAAP)



49.5 %


49.5 %


0.1 %


- %


- %

Diluted net income (loss) per share:












GAAP











$ (0.06)

Non-GAAP











$ 0.00

Shares used in per share calculation:












GAAP











112,031

Non-GAAP











116,710


Nine Months Ended September 27, 2024


Revenue


Gross Profit


Total
Operating
Expense


Income from
Operations


Total Non-
operating
Expense, net


Net Income

GAAP

$ 456,556


$ 241,270


$ 231,002


$ 10,268


$ (8,435)


$ 1,097

Stock-based compensation

-


1,089


(18,498)


19,587


-


19,587

Restructuring and related charges

-


460


(14,800)


15,260


11


15,271

Non-recurring advisory fees

-


-


(755)


755


-


755

Asset impairment and related charges (1)

-


-


(12,103)


12,103


-


12,103

Non-cash interest expense related to convertible notes

-


-


-


-


567


567

Discrete tax items and tax effect of non-GAAP adjustments

-


-


-


-


-


(9,778)

Total adjustments

-


1,549


(46,156)


47,705


578


38,505

Non-GAAP

$ 456,556


$ 242,819


$ 184,846


$ 57,973


$ (7,857)


$ 39,602

As a % of revenue (GAAP)



52.8 %


50.6 %


2.2 %


(1.8) %


0.2 %

As a % of revenue (Non-GAAP)



53.2 %


40.5 %


12.7 %


(1.7) %


8.7 %

Diluted net income per share:












GAAP











$ 0.01

Non-GAAP











$ 0.34

Shares used in per share calculation:












GAAP and Non-GAAP











117,385


(1) Includes write-off of $1.8 million for internally developed capitalized software, and impairment charges of $3.7 million for right-of-use assets, $4.3 million for leasehold improvements, and $2.3 million related to the fair value of other unrecoverable facility costs.


Nine Months Ended September 29, 2023


Revenue


Gross Profit


Total
Operating
Expense


Income from
Operations


Total Non-
operating
Expense, net


Net Income

GAAP

$ 440,815


$ 230,678


$ 218,139


$ 12,539


$ (2,211)


$ 153

Stock-based compensation

-


1,895


(18,829)


20,724


-


20,724

Restructuring and related charges

-


714


(445)


1,159


-


1,159

Non-recurring advisory fees

-


-


(2,499)


2,499


-


2,499

Non-cash interest expense related to convertible notes

-


-


-


-


672


672

Discrete tax items and tax effect of non-GAAP adjustments

-


-


-


-


-


3,099

Total adjustments

-


2,609


(21,773)


24,382


672


28,153

Non-GAAP

$ 440,815


$ 233,287


$ 196,366


$ 36,921


$ (1,539)


$ 28,306

As a % of revenue (GAAP)



52.3 %


49.5 %


2.8 %


(0.5) %


- %

As a % of revenue (Non-GAAP)



52.9 %


44.5 %


8.4 %


(0.3) %


6.4 %

Diluted net income per share:












GAAP











$ -

Non-GAAP











$ 0.24

Shares used in per share calculation:












GAAP and Non-GAAP











117,910

Harmonic Inc.

Calculation of Adjusted EBITDA by Segment (Unaudited)

(In thousands, except percentages)



Three Months Ended September 27, 2024


Broadband


Video

Income from operations (1)

$ 38,192


$ 6,326

Depreciation

2,001


859

Other non-operating expense, net

(2,733)


(1,199)

Adjusted EBITDA (2)

$ 37,460


$ 5,986

Revenue

$ 145,338


$ 50,418

Adjusted EBITDA margin % (2)

25.8 %


11.9 %






Three Months Ended June 28, 2024


Broadband


Video

Income (loss) from operations (1)

$ 13,781


$ (1,569)

Depreciation

2,133


1,093

Other non-operating income, net

406


213

Adjusted EBITDA (2)

$ 16,320


$ (263)

Revenue

$ 92,937


$ 45,803

Adjusted EBITDA margin % (2)

17.6 %


(0.6) %






Three Months Ended September 29, 2023


Broadband


Video

Income (loss) from operations (1)

$ 6,128


$ (6,050)

Depreciation

1,746


1,343

Other non-operating income, net

211


132

Adjusted EBITDA (2)

$ 8,085


$ (4,575)

Revenue

$ 75,806


$ 51,397

Adjusted EBITDA margin % (2)

10.7 %


(8.9) %






Nine Months Ended September 27, 2024


Broadband


Video

Income (loss) from operations (1)

$ 60,567


$ (2,594)

Depreciation

6,120


3,051

Other non-operating expense, net

(2,506)


(1,085)

Adjusted EBITDA (2)

$ 64,181


$ (628)

Revenue

$ 317,172


$ 139,384

Adjusted EBITDA margin % (2)

20.2 %


(0.5) %






Nine Months Ended September 29, 2023


Broadband


Video

Income (loss) from operations (1)

$ 44,307


$ (7,386)

Depreciation

5,061


4,117

Other non-operating expense, net

(44)


(42)

Adjusted EBITDA (2)

$ 49,324


$ (3,311)

Revenue

$ 273,253


$ 167,562

Adjusted EBITDA margin % (2)

18.1 %


(2.0) %


(1) Refer to "Use of Non-GAAP Financial Measures" and "GAAP to Non-GAAP Reconciliations" above.

(2) Adjusted EBITDA and Adjusted EBITDA margin are Non-GAAP financial measures. Refer below for the "Net Income (Loss) to Consolidated Segment Adjusted EBITDA Reconciliation".

Harmonic Inc.

Preliminary Net Income (Loss) to Consolidated Segment Adjusted EBITDA Reconciliation (Unaudited)

(In thousands, except percentages)



Three Months Ended


September 27, 2024


June 28, 2024


September 29, 2023

Net income (loss) (GAAP)

$ 21,718


$ (12,532)


$ (6,495)

Provision for (benefit from) income taxes

7,088


(3,903)


(2,384)

Interest expense, net

2,686


1,424


619

Depreciation

2,860


3,226


3,089

EBITDA

34,352


(11,785)


(5,171)







Adjustments






Stock-based compensation

5,710


6,954


7,241

Restructuring and related charges

281


11,482


1,076

Non-recurring advisory fees

-


406


364

Asset impairment and related charges

3,103


9,000


-

Total consolidated segment adjusted EBITDA (Non-GAAP)

$ 43,446


$ 16,057


$ 3,510

Revenue

$ 195,756


$ 138,740


$ 127,203

Net income (loss) margin (GAAP)

11.1 %


(9.0) %


(5.1) %

Consolidated segment Adjusted EBITDA margin (Non-GAAP)

22.2 %


11.6 %


2.8 %


Nine Months Ended


September 27, 2024


September 29, 2023

Net income (GAAP)

$ 1,097


$ 153

Provision for income taxes

736


10,175

Interest expense, net

4,833


2,125

Depreciation

9,171


9,178

EBITDA

15,837


21,631





Adjustments




Stock-based compensation

19,587


20,724

Restructuring and related charges

15,271


1,159

Non-recurring advisory fees

755


2,499

Asset impairment and related charges

12,103


-

Total consolidated segment adjusted EBITDA (Non-GAAP)

$ 63,553


$ 46,013

Revenue

$ 456,556


$ 440,815

Net income margin (GAAP)

0.2 %


- %

Consolidated segment Adjusted EBITDA margin (Non-GAAP)

13.9 %


10.4 %

Harmonic Inc.

GAAP to Non-GAAP Reconciliations on Financial Guidance (Unaudited)

(In millions, except percentages and per share data)



Q4 2024 Financial Guidance (1)


Revenue


Gross Profit


Total Operating
Expense


Income from
Operations


Net Income

GAAP

$ 205

to

$ 220


$ 114

to

$ 125


$ 70

to

$ 73


$ 44

to

$ 52


$ 30

to

$ 36

Stock-based compensation expense

-


-


(9)


9


9

Tax effect of non-GAAP adjustments

-


-


-


-


-

to

1

Total adjustments

-


-


(9)


9


9

to

10

Non-GAAP

$ 205

to

$ 220


$ 114

to

$ 125


$ 61

to

$ 64


$ 53

to

$ 61


$ 39

to

$ 46

As a % of revenue (GAAP)





55.4 %

to

56.7 %


34.1 %

to

33.2 %


21.5 %

to

23.6 %


14.6 %

to

16.4 %

As a % of revenue (Non-GAAP)





55.4 %

to

56.7 %


29.8 %

to

29.1 %


25.7 %

to

27.6 %


19.0 %

to

20.9 %

Diluted net income per share:




















GAAP

















$ 0.26

to

$ 0.31

Non-GAAP

















$ 0.33

to

$ 0.39

Shares used in per share calculation:




















GAAP and Non-GAAP

















117.8

(1) Components may not sum to total due to rounding.


2024 Financial Guidance (1)


Revenue


Gross Profit


Total Operating
Expense


Income from
Operations


Net Income

GAAP

$ 662

to

$ 677


$ 354

to

$ 366


$ 301

to

$ 304


$ 54

to

$ 62


$ 31

to

$ 37

Stock-based compensation expense

-


2


(27)


29


29

Restructuring and related charges

-


-


(15)


15


15

Non-recurring advisory fees

-


-


(1)


1


1

Asset impairment and related charges

-


-


(12)


12


12

Non-cash interest expense related to convertible notes

-


-


-


-


1

Tax effect of non-GAAP adjustments

-


-


-


-


(10)

to

(9)

Total adjustments

-


2


(55)


57


48

to

49

Non-GAAP

$ 662

to

$ 677


$ 356

to

$ 368


$ 246

to

$ 249


$ 111

to

$ 119


$ 79

to

$ 86

As a % of revenue (GAAP)





53.6 %

to

54.0 %


45.5 %

to

44.9 %


8.2 %

to

9.2 %


4.7 %

to

5.5 %

As a % of revenue (Non-GAAP)





53.9 %

to

54.3 %


37.2 %

to

36.8 %


16.7 %

to

17.6 %


11.9 %

to

12.7 %

Diluted net income per share:




















GAAP

















$ 0.27

to

$ 0.32

Non-GAAP

















$ 0.67

to

$ 0.73

Shares used in per share calculation:




















GAAP and Non-GAAP

















117.5


(1) Components may not sum to total due to rounding.

Harmonic Inc.

Calculation of Adjusted EBITDA by Segment on Financial Guidance (Unaudited) (1)

(In millions)



Q4 2024 Financial Guidance


Broadband


Video

Income from operations (2)

$ 52

to

$ 57


$ 1

to

$ 4

Depreciation

2


2


1


1

Segment adjusted EBITDA (3)

$ 54

to

$ 59


$ 2

to

$ 5


















2024 Financial Guidance


Broadband


Video

Income (loss) from operations (2)

$ 112

to

$ 117


$ (2)

to

$ 1

Depreciation

9


9


4


4

Other non-operating expense, net

(3)


(3)


(1)


(1)

Segment adjusted EBITDA (3)

$ 118

to

$ 123


$ 1

to

$ 4


(1) Components may not sum to total due to rounding.

(2) Refer to "Use of Non-GAAP Financial Measures" and "GAAP to Non-GAAP Reconciliations on Financial Guidance" above.

(3) Segment Adjusted EBITDA is a Non-GAAP financial measure. Refer below for the "Net income to Consolidated Segment Adjusted EBITDA reconciliation on Financial Guidance".

Harmonic Inc.

Net Income to Consolidated Segment Adjusted EBITDA Reconciliation on Financial Guidance (Unaudited) (1)

(In millions)



Q4 2024 Financial Guidance


2024 Financial Guidance

Net income (GAAP)

$ 30

to

$ 36


$ 31

to

$ 37

Provision for income taxes

11


14


11


13

Interest expense, net

2


2


7


7

Depreciation

3


3


13


13

EBITDA

46

to

55


62

to

70









Adjustments








Stock-based compensation

9


9


29


29

Restructuring and related charges

-


-


15


15

Asset impairment and related charges

-


-


12


12

Non-recurring advisory fees

-


-


1


1

Total consolidated segment adjusted EBITDA (Non-GAAP) (2)

$ 55

to

$ 64


$ 119

to

$ 127


(1) Components may not sum to total due to rounding.

(2) Consolidated Segment adjusted EBITDA is a Non-GAAP financial measure. Refer to "Use of Non-GAAP Financial Measures" above.

SOURCE Harmonic Inc.

© 2024 PR Newswire
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