Earnings of $138.7 million up 14% quarter over quarter at tall finish of steerage
Reaffirming Broadband and Video Complete Hour Earnings Steerage
SAN JOSE, Calif., July 29, 2024 /PRNewswire/ — Harmonic Inc. (NASDAQ: HLIT) lately introduced its unaudited effects for the second one quarter of 2024.
“Our second quarter revenue was at the high end of our guidance range while profitability in both businesses exceeded our expectations,” mentioned Nimrod Ben-Natan, president and eminent govt officer of Harmonic. “These results demonstrate strong execution in both our Broadband and Video businesses as we continue to implement our 2024 and long-term growth plans.”
Q2 Monetary and Industry Highlights
Monetary
- Earnings: $138.7 million, in comparison to $156.0 million within the prior pace length
- Broadband branch income: $92.9 million, in comparison to $97.1 million within the prior pace length
- Video branch income: $45.8 million, in comparison to $58.9 million within the prior pace length
- Rude margin: GAAP 52.9% and non-GAAP 53.1%, in comparison to GAAP 54.5% and non-GAAP 54.7% within the prior pace length
- Broadband branch non-GAAP rude margin: 47.6% in comparison to 50.5% within the prior pace length
- Video branch non-GAAP rude margin: 64.4% in comparison to 61.7% within the prior pace length
- Working source of revenue (loss): GAAP loss $15.6 million and non-GAAP source of revenue $12.2 million, in comparison to GAAP source of revenue $10.0 million and non-GAAP source of revenue $18.2 million within the prior pace length
- Web source of revenue (loss): GAAP internet loss $12.5 million and non-GAAP internet source of revenue of $9.3 million, in comparison to GAAP internet source of revenue $1.6 million and non-GAAP internet source of revenue $14.0 million within the prior pace length
- Non-GAAP adjusted EBITDA: $16.1 million source of revenue in comparison to $21.1 million source of revenue within the prior pace length
- Web source of revenue (loss) in step with percentage: GAAP internet loss in step with percentage of $0.11 and non-GAAP internet source of revenue in step with percentage of $0.08, in comparison to GAAP internet source of revenue in step with percentage of $0.01 and non-GAAP internet source of revenue in step with percentage of $0.12 within the prior pace length
- Backlog and deferred income of $613.1 million
- Money: $45.9 million, in comparison to $71.0 million within the prior pace length
Industry
- Commercially deployed our cOS™ answer with 118 consumers, serving 30.1 million cable modems
- Proceeding to diversify our Broadband buyer bottom with the hot announcement that Telecentro, a main telecommunications operator in Argentina, has decided on Harmonic’s industry-leading cOS broadband platform
- First manufacturing shipments of our brandnew high-density Pier perceptible sequence terminal (OLT) shelf for PON packages
- Expanding Video gross sales pipeline of bigger Equipment and Tier 1 SaaS alternatives
Choose Monetary Knowledge
|
GAAP |
Non-GAAP |
|||||||||||
|
Key Monetary Effects |
Q2 2024 |
Q1 2024 |
Q2 2023 |
Q2 2024 |
Q1 2024 |
Q2 2023 |
||||||
|
(Unaudited, in thousands and thousands, apart from in step with percentage knowledge) |
||||||||||||
|
Web income |
$ 138.7 |
$ 122.1 |
$ 156.0 |
* |
* |
* |
||||||
|
Web source of revenue (loss) |
$ (12.5) |
$ (8.1) |
$ 1.6 |
$ 9.3 |
$ 0.4 |
$ 14.0 |
||||||
|
Web source of revenue (loss) in step with percentage |
$ (0.11) |
$ (0.07) |
$ 0.01 |
$ 0.08 |
$ 0.00 |
$ 0.12 |
||||||
|
Alternative Monetary Knowledge |
Q2 2024 |
Q1 2024 |
Q2 2023 |
|||||||||
|
(Unaudited, in thousands and thousands) |
||||||||||||
|
Adjusted EBITDA for the quarter (1) |
$ 16.1 |
$ 4.1 |
$ 21.1 |
|||||||||
|
Bookings for the quarter |
$ 72.4 |
$ 146.1 |
$ 194.7 |
|||||||||
|
Backlog and deferred income as of quarter finish |
$ 613.1 |
$ 677.8 |
$ 663.8 |
|||||||||
|
Money and coins equivalents as of quarter finish |
$ 45.9 |
$ 84.3 |
$ 71.0 |
|||||||||
|
(1) Adjusted EBITDA is a Non-GAAP monetary measure. Please see “Preliminary Adjusted EBITDA Reconciliation” underneath for a reconciliation to internet source of revenue (loss), essentially the most related GAAP measure. |
|
* Now not acceptable |
Explanations referring to our usefulness of non-GAAP monetary measures and connected definitions, and reconciliations of our GAAP and Non-GAAP measures, are supplied within the divisions underneath entitled “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations”.
|
Q3 2024 GAAP Monetary Steerage |
|||||||||||
|
(Unaudited, in thousands and thousands, apart from |
Low |
Top |
|||||||||
|
Broadband |
Video |
Overall GAAP |
Broadband |
Video |
Overall GAAP |
||||||
|
Web income |
$ 130 |
$ 45 |
$ 175 |
$ 140 |
$ 50 |
$ 190 |
|||||
|
Rude margin % |
51.9 % |
52.9 % |
|||||||||
|
Rude benefit |
$ 91 |
$ 101 |
|||||||||
|
Tax fee |
24 % |
24 % |
|||||||||
|
Web source of revenue |
$ 16 |
$ 22 |
|||||||||
|
Web source of revenue in step with percentage |
$ 0.14 |
$ 0.19 |
|||||||||
|
Stocks (1) |
117.0 |
117.0 |
|||||||||
|
(1) Diluted stocks assumes inventory value at $11.29 (Q2 2024 reasonable value). |
|
2024 GAAP Monetary Steerage |
|||||||||||
|
(Unaudited, in thousands and thousands, apart from |
Low |
Top |
|||||||||
|
Broadband |
Video |
Overall GAAP |
Broadband |
Video |
Overall GAAP |
||||||
|
Web income |
$ 460 |
$ 185 |
$ 645 |
$ 500 |
$ 195 |
$ 695 |
|||||
|
Rude margin % |
51.4 % |
53.1 % |
|||||||||
|
Rude benefit |
$ 332 |
$ 369 |
|||||||||
|
Tax fee |
24 % |
24 % |
|||||||||
|
Web source of revenue |
$ 23 |
$ 45 |
|||||||||
|
Web source of revenue in step with percentage |
$ 0.19 |
$ 0.38 |
|||||||||
|
Stocks (1) |
117.3 |
117.3 |
|||||||||
|
(1) Diluted stocks assumes inventory value at $11.29 (Q2 2024 reasonable value). |
|
Q3 2024 Non-GAAP Monetary Steerage (1) |
|||||||||||
|
(Unaudited, in thousands and thousands, apart from |
Low |
Top |
|||||||||
|
Broadband |
Video |
Overall |
Broadband |
Video |
Overall |
||||||
|
Rude margin % |
48.0 % |
63.0 % |
51.9 % |
49.0 % |
64.0 % |
52.9 % |
|||||
|
Rude benefit |
$ 63 |
$ 28 |
$ 91 |
$ 69 |
$ 32 |
$ 101 |
|||||
|
Adjusted EBITDA(2) |
$ 34 |
$ — |
$ 34 |
$ 39 |
$ 3 |
$ 42 |
|||||
|
Tax fee |
21 % |
21 % |
|||||||||
|
Web source of revenue in step with percentage |
$ 0.19 |
$ 0.24 |
|||||||||
|
Stocks (3) |
117.0 |
117.0 |
|||||||||
|
(1) Please see “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations on Financial Guidance” underneath. |
|
(2) Please see “Net Income to Consolidated Adjusted EBITDA Reconciliation on Financial Guidance” underneath for a reconciliation to internet source of revenue, essentially the most related GAAP measure. |
|
(3) Diluted stocks assumes inventory value at $11.29 (Q2 2024 reasonable value). |
|
2024 Non-GAAP Monetary Steerage (1) |
|||||||||||
|
(Unaudited, in thousands and thousands, apart from |
Low |
Top |
|||||||||
|
Broadband |
Video |
Overall |
Broadband |
Video |
Overall |
||||||
|
Rude margin % |
47.0 % |
63.0 % |
51.6 % |
49.0 % |
64.0 % |
53.2 % |
|||||
|
Rude benefit |
$ 216 |
$ 117 |
$ 333 |
$ 245 |
$ 125 |
$ 370 |
|||||
|
Adjusted EBITDA(2) |
$ 102 |
$ — |
$ 102 |
$ 126 |
$ 5 |
$ 131 |
|||||
|
Tax fee |
21 % |
21 % |
|||||||||
|
Web source of revenue in step with percentage (3) |
$ 0.56 |
$ 0.75 |
|||||||||
|
Stocks (3) |
117.3 |
117.3 |
|||||||||
|
(1) Please see “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations on Financial Guidance” underneath. |
|
(2) Please see “Net Income to Consolidated Segment Adjusted EBITDA Reconciliation on Financial Guidance” underneath for a reconciliation to internet source of revenue, essentially the most related GAAP measure. |
|
(3) Diluted stocks assumes inventory value at $11.29 (Q2 2024 reasonable value). |
Convention Name Knowledge
Harmonic will host a convention name to talk about its monetary effects at 2:00 p.m. PT (5:00 p.m. ET) on Monday, July 29, 2024. The are living webcast might be to be had at the Harmonic Investor Family members web page at http://investor.harmonicinc.com. To take part by the use of phone, please sign up in walk the usage of this hyperlink, https://register.vevent.com/register/BI0a4873336ead4b6c81df331d35635fb3. A replay might be to be had then 5:00 p.m. PT at the similar internet website online.
About Harmonic Inc.
Harmonic (NASDAQ: HLIT), the global chief in virtualized broadband and video supply answers, allows media corporations and repair suppliers to bring ultra-high-quality video streaming and broadcast services and products to shoppers globally. The corporate revolutionized broadband networking by the use of the {industry}’s first virtualized broadband answer, enabling operators to extra flexibly deploy gigabit web carrier to shoppers’ houses and cellular gadgets. Whether or not simplifying OTT video supply by the use of cutting edge cloud and instrument platforms, or powering the supply of gigabit web services and products, Harmonic is converting the way in which media corporations and repair suppliers monetize are living and on-demand content material on each and every display. Additional info is to be had at www.harmonicinc.com.
Criminal Realize Relating to Ahead-Having a look Statements
This press let go incorporates forward-looking statements throughout the that means of Division 27A of the Securities Office of 1933 and Division 21E of the Securities Alternate Office of 1934, together with statements connected to our expectancies referring to: internet income, rude margins, working bills, working source of revenue (loss), Adjusted EBITDA, tax expense and tax fee, and internet source of revenue (loss) in step with diluted percentage. Our expectancies referring to those issues would possibly not materialize, and unedited leads to week sessions are matter to dangers and uncertainties that might purpose unedited effects to vary materially from the ones projected. Those dangers come with, in deny specific line, refer to: the marketplace and generation traits underlying our Video and Broadband companies won’t proceed to build of their latest course or generation; the likelihood that our merchandise won’t generate gross sales which might be commensurate with our expectancies or that our value of income or working bills might exceed our expectancies; the have an effect on of common financial statuses on our gross sales and operations; the combo of services bought in diverse geographies and the impact it has on rude margins; delays or decreases in capital spending within the cable, satellite tv for pc, telco, broadcast and media industries; buyer focus and consolidation; our skill to build brandnew and enhanced merchandise in a well timed approach and marketplace acceptance of our brandnew or present merchandise; losses of a number of key consumers; dangers related to our world operations; change fee fluctuations of the currencies during which we behavior trade; dangers related to our cOS™ and VOS product answers; dependence on diverse broadband and video {industry} traits; stock control; the insufficiency of well timed availability or the have an effect on of will increase within the costs of portions or uncooked fabrics important to build our merchandise; the impact of festival, on each income and rude margins; difficulties related to fast technological adjustments in our markets; dangers related to unpredictable gross sales cycles; our dependence on word of honour producers and sole or restricted supply providers; and the have an effect on on our trade of herbal screw ups. The forward-looking statements contained on this press let go also are matter to alternative dangers and uncertainties, together with the ones extra absolutely described in Harmonic’s filings with the Securities and Alternate Fee, together with our most up-to-date Annual Record on Method 10-Okay for the pace ended December 31, 2023, our most up-to-date Quarterly Record on Method 10-Q and our Stream Experiences on Method 8-Okay. The forward-looking statements on this press let go are according to knowledge to be had to the Corporate as of the past hereof, and Harmonic disclaims any legal responsibility to replace any forward-looking statements.
Usefulness of Non-GAAP Monetary Measures
The Corporate studies its monetary leads to accordance with accounting rules in most cases authorised in america (“GAAP” or referred to herein as “reported”). Then again, control believes that positive non-GAAP monetary measures grant control and alternative customers with supplementary significant monetary knowledge that are supposed to be thought to be when assessing our ongoing efficiency. Our control often makes use of our supplemental non-GAAP monetary measures internally to grasp, top and evaluation our trade, identify working budgets, all set inside size objectives and produce working choices.
Those non-GAAP measures aren’t in keeping with, or an spare for, measures ready in keeping with in most cases authorised accounting rules and could also be other from non-GAAP measures worn by way of alternative corporations. As well as, those non-GAAP measures aren’t according to any complete all set of accounting regulations or rules. The Corporate believes that non-GAAP measures have boundaries in that they don’t mirror all the quantities related to Harmonic’s result of operations as motivated in keeping with GAAP and that those measures will have to most effective be worn to guage Harmonic’s result of operations along side the corresponding GAAP measures.
The Corporate believes that the presentation of non-GAAP measures, when proven along side the corresponding GAAP measures, supplies helpful knowledge to buyers and control referring to monetary and trade traits in relation to its monetary status and its ancient and projected result of operations. Non-GAAP monetary measures will have to be considered along with, and now not as an spare to, the Corporate’s reported effects ready in keeping with GAAP.
The non-GAAP measures introduced listed here are: Rude benefit, working bills, source of revenue (loss) from operations, non-operating bills and internet source of revenue (loss), Adjusted EBITDA (together with the ones quantities as a share of income) and internet source of revenue (loss) in step with diluted percentage. The presentation of non-GAAP knowledge isn’t meant to be thought to be in isolation or as an alternative to effects ready in keeping with GAAP, and isn’t essentially related to non-GAAP effects revealed by way of alternative corporations. A reconciliation of the ancient non-GAAP monetary measures mentioned on this press let go to essentially the most without delay related ancient GAAP monetary measures is integrated with the monetary statements supplied with this press let go. The non-GAAP changes described underneath have traditionally been excluded from our GAAP monetary measures.
Our non-GAAP monetary measures mirror changes according to refer to pieces, in addition to the connected source of revenue tax results:
Retain-based reimbursement – Even if stock-based reimbursement is a key incentive introduced to our workers, we proceed to guage our trade efficiency except stock-based reimbursement bills. We consider that control is restricted in its skill to undertaking the have an effect on stock-based reimbursement would have on our working effects. As well as, for comparison functions, we consider it comes in handy to grant a non-GAAP monetary measure that excludes stock-based reimbursement to deliver to raised perceive the long-term efficiency of our core trade and to facilitate the comparability of our effects to the result of our peer corporations.
Restructuring and connected fees – Harmonic from past to past incurs restructuring fees which basically include worker severance, one-time termination advantages connected to the relief of its body of workers, and alternative prices. Those fees are related to subject material trade shifts. We exclude those pieces as a result of we do now not consider they are reflective of our ongoing long-term trade and working effects.
Non-cash passion expense bills connected to convertible notes and alternative debt – We document the amortization of issuance prices as non-cash passion expense. We consider that except those prices supplies significant supplemental knowledge referring to operational efficiency and liquidity, in conjunction with improving buyers’ skill to view the Corporate’s effects from control’s standpoint. As well as, we consider except those prices from the non-GAAP measures facilitates comparisons to our ancient working effects and comparisons to see corporate working effects.
Discrete tax pieces and tax impact of non-GAAP changes – The source of revenue tax impact of non-GAAP changes pertains to the tax impact of the changes that we incorporate into non-GAAP monetary measures to deliver to grant a extra significant measure of non-GAAP internet source of revenue.
Depreciation – Depreciation expense, in conjunction with passion, tax and stock-based reimbursement expense, and restructuring fees, is excluded from Adjusted EBITDA as a result of we don’t consider depreciation and the alternative pieces relate to the common process our trade or are reflective of our underlying trade efficiency.
Non-recurring advisory charges – There have been non-recurring prices that we excluded from non-GAAP effects in relation to skilled accounting, tax and felony charges related to strategic company projects.
Hire-related asset impairment and alternative fees – There have been lease-related asset impairment and alternative fees that we excluded from non-GAAP effects in relation to the relief of our hired place of work area, as we proceed to evolve to the converting dynamics of labor and search to optimize worth for our trade. Those fees basically include right-of-use asset impairment and connected leasehold growth impairment, and the honest worth of alternative unrecoverable facility prices because of the meant exchange in usefulness of positive hired area.
|
Harmonic Inc. |
|||
|
Initial Condensed Consolidated Steadiness Sheets |
|||
|
(Unaudited, in hundreds, apart from par worth) |
|||
|
June 28, 2024 |
December 31, 2023 |
||
|
ASSETS |
|||
|
Stream property: |
|||
|
Money and coins equivalents |
$ 45,850 |
$ 84,269 |
|
|
Limited coins |
2,827 |
— |
|
|
Accounts receivable, internet |
119,999 |
141,531 |
|
|
Inventories |
84,133 |
83,982 |
|
|
Pay as you go bills and alternative latest property |
31,742 |
20,950 |
|
|
Overall latest property |
284,551 |
330,732 |
|
|
Detail and gear, internet |
29,603 |
36,683 |
|
|
Working employ right-of-use property |
15,244 |
20,817 |
|
|
Approval |
237,884 |
239,150 |
|
|
Deferred source of revenue taxes |
112,906 |
104,707 |
|
|
Alternative non-current property |
33,508 |
36,117 |
|
|
Overall property |
$ 713,696 |
$ 768,206 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|||
|
Stream liabilities: |
|||
|
Convertible debt |
$ — |
$ 114,880 |
|
|
Stream portion of long-term debt |
944 |
— |
|
|
Stream portion of alternative borrowings |
8,348 |
4,918 |
|
|
Accounts payable |
30,017 |
38,562 |
|
|
Deferred income |
53,142 |
46,217 |
|
|
Working employ liabilities |
6,166 |
6,793 |
|
|
Alternative latest liabilities |
53,284 |
61,024 |
|
|
Overall latest liabilities |
151,901 |
272,394 |
|
|
Lengthy-term debt |
113,805 |
— |
|
|
Alternative long-term borrowings |
5,245 |
10,495 |
|
|
Working employ liabilities, non-current |
16,594 |
18,965 |
|
|
Alternative non-current liabilities |
33,343 |
29,478 |
|
|
Overall liabilities |
320,888 |
331,332 |
|
|
Stockholders’ fairness: |
|||
|
Most popular inventory, $0.001 par worth, 5,000 stocks approved; deny stocks issued or exceptional |
— |
— |
|
|
Usual inventory, $0.001 par worth, 150,000 stocks approved; 115,998 and 112,407 stocks issued and exceptional at June 28, 2024 and December 31, 2023, respectively |
116 |
112 |
|
|
Supplementary paid-in capital |
2,416,152 |
2,405,043 |
|
|
Gathered lack |
(2,013,333) |
(1,962,575) |
|
|
Gathered alternative complete loss |
(10,127) |
(5,706) |
|
|
Overall stockholders’ fairness |
392,808 |
436,874 |
|
|
Overall liabilities and stockholders’ fairness |
$ 713,696 |
$ 768,206 |
|
|
Harmonic Inc. |
|||||||
|
Initial Condensed Consolidated Statements of Operations |
|||||||
|
(Unaudited, in hundreds, apart from in step with percentage knowledge) |
|||||||
|
3 Months Ended |
Six Months Ended |
||||||
|
June 28, 2024 |
June 30, 2023 |
June 28, 2024 |
June 30, 2023 |
||||
|
Earnings: |
|||||||
|
Equipment and integration |
$ 94,184 |
$ 111,127 |
$ 175,779 |
$ 225,921 |
|||
|
SaaS and repair |
44,556 |
44,836 |
85,021 |
87,691 |
|||
|
Overall internet income |
138,740 |
155,963 |
260,800 |
313,612 |
|||
|
Price of income: |
|||||||
|
Equipment and integration |
50,878 |
57,437 |
93,952 |
117,185 |
|||
|
SaaS and repair |
14,405 |
13,586 |
30,310 |
27,433 |
|||
|
Overall value of income |
65,283 |
71,023 |
124,262 |
144,618 |
|||
|
Overall rude benefit |
73,457 |
84,940 |
136,538 |
168,994 |
|||
|
Working bills: |
|||||||
|
Analysis and construction |
28,784 |
32,205 |
59,489 |
65,714 |
|||
|
Promoting, common and administrative |
39,821 |
42,773 |
78,686 |
82,055 |
|||
|
Hire-related asset impairment and alternative fees |
9,000 |
— |
9,000 |
— |
|||
|
Restructuring and connected fees |
11,482 |
— |
14,519 |
83 |
|||
|
Overall working bills |
89,087 |
74,978 |
161,694 |
147,852 |
|||
|
Source of revenue (loss) from operations |
(15,630) |
9,962 |
(25,156) |
21,142 |
|||
|
Hobby expense, internet |
(1,424) |
(800) |
(2,147) |
(1,506) |
|||
|
Alternative source of revenue (expense), internet |
619 |
(136) |
330 |
(429) |
|||
|
Source of revenue (loss) prior to source of revenue taxes |
(16,435) |
9,026 |
(26,973) |
19,207 |
|||
|
Provision for (get pleasure from) source of revenue taxes |
(3,903) |
7,471 |
(6,352) |
12,559 |
|||
|
Web source of revenue (loss) |
$ (12,532) |
$ 1,555 |
$ (20,621) |
$ 6,648 |
|||
|
Web source of revenue (loss) in step with percentage: |
|||||||
|
Unsophisticated |
$ (0.11) |
$ 0.01 |
$ (0.18) |
$ 0.06 |
|||
|
Diluted |
$ (0.11) |
$ 0.01 |
$ (0.18) |
$ 0.06 |
|||
|
Weighted reasonable stocks exceptional: |
|||||||
|
Unsophisticated |
115,030 |
111,462 |
113,705 |
111,130 |
|||
|
Diluted |
115,030 |
119,255 |
113,705 |
118,508 |
|||
|
Harmonic Inc. |
|||
|
Initial Condensed Consolidated Statements of Money Flows |
|||
|
(Unaudited, in hundreds) |
|||
|
Six Months Ended |
|||
|
June 28, 2024 |
June 30, 2023 |
||
|
Money flows from working actions: |
|||
|
Web source of revenue (loss) |
$ (20,621) |
$ 6,648 |
|
|
Changes to reconcile internet source of revenue (loss) to internet coins supplied by way of (worn in) working actions: |
|||
|
Depreciation |
6,311 |
6,089 |
|
|
Hire connected asset impairment and alternative fees |
9,000 |
— |
|
|
Retain-based reimbursement |
13,877 |
13,483 |
|
|
Foreign exchange remeasurement |
2,469 |
991 |
|
|
Deferred source of revenue taxes, internet |
(8,897) |
1,321 |
|
|
Provision for plenty and out of date inventories |
2,152 |
3,383 |
|
|
Alternative changes |
354 |
1,292 |
|
|
Adjustments in working property and liabilities: |
|||
|
Accounts receivable, internet |
20,765 |
(10,392) |
|
|
Inventories |
(3,929) |
6,894 |
|
|
Alternative property |
(6,761) |
2,060 |
|
|
Accounts payable |
(8,680) |
(30,527) |
|
|
Deferred revenues |
6,179 |
1,223 |
|
|
Alternative liabilities |
(7,553) |
(12,717) |
|
|
Web coins supplied by way of (worn in) working actions |
4,666 |
(10,252) |
|
|
Money flows from making an investment actions: |
|||
|
Purchases of constituent and gear |
(3,856) |
(3,833) |
|
|
Web coins worn in making an investment actions |
(3,856) |
(3,833) |
|
|
Money flows from financing actions: |
|||
|
Proceeds from long-term debt |
115,000 |
— |
|
|
Reimbursement of convertible debt |
(115,500) |
— |
|
|
Bills for debt issuance prices |
(332) |
— |
|
|
Repurchase of regular inventory |
(30,047) |
— |
|
|
Proceeds from alternative borrowings |
— |
3,829 |
|
|
Reimbursement of alternative borrowings |
(1,334) |
(4,721) |
|
|
Proceeds from regular inventory issued to workers |
3,542 |
3,084 |
|
|
Taxes paid connected to internet percentage agreement of fairness awards |
(6,252) |
(7,643) |
|
|
Web coins worn in financing actions |
(34,923) |
(5,451) |
|
|
Impact of change fee adjustments on coins and coins equivalents and limited coins |
(1,391) |
981 |
|
|
Web shorten in coins and coins equivalents and limited coins |
(35,504) |
(18,555) |
|
|
Money and coins equivalents and limited coins at starting of length |
84,269 |
89,586 |
|
|
Money and coins equivalents and limited coins at finish of length |
$ 48,765 |
$ 71,031 |
|
|
Money and coins equivalents and limited coins at finish of length |
|||
|
Money and coins equivalents |
$ 45,850 |
$ 71,031 |
|
|
Limited coins integrated in pay as you go bills and alternative latest property |
2,827 |
— |
|
|
Limited coins integrated in alternative non-current property |
88 |
— |
|
|
Overall coins, coins equivalents and limited coins as proven within the condensed consolidated commentary of money flows |
$ 48,765 |
$ 71,031 |
|
|
Harmonic Inc. |
|||
|
Initial Condensed Consolidated Statements of Money Flows |
|||
|
(Unaudited, in hundreds) |
|||
|
Six Months Ended |
|||
|
June 28, 2024 |
June 30, 2023 |
||
|
Supplemental coins tide disclosure: |
|||
|
Web coins paid for source of revenue taxes |
$ 11,407 |
$ 5,008 |
|
|
Money paid for passion |
$ 1,895 |
$ 1,015 |
|
|
Supplemental time table of non-cash making an investment actions: |
|||
|
Capital expenditures incurred however now not but paid |
$ 282 |
$ 1,189 |
|
|
Supplemental time table of non-cash financing actions: |
|||
|
Stocks of regular inventory issued upon redemption of the 2024 Notes |
4,578 |
— |
|
|
Harmonic Inc. |
||||||||
|
Initial GAAP Earnings Knowledge |
||||||||
|
(Unaudited, in hundreds, apart from percentages) |
||||||||
|
3 Months Ended |
||||||||
|
June 28, 2024 |
March 29, 2024 |
June 30, 2023 |
||||||
|
Geography |
||||||||
|
Americas |
$ 109,597 |
79 % |
$ 93,031 |
76 % |
$ 111,407 |
72 % |
||
|
EMEA |
22,680 |
16 % |
23,560 |
19 % |
36,242 |
23 % |
||
|
APAC |
6,463 |
5 % |
5,469 |
5 % |
8,314 |
5 % |
||
|
Overall |
$ 138,740 |
100 % |
$ 122,060 |
100 % |
$ 155,963 |
100 % |
||
|
Marketplace |
||||||||
|
Provider Supplier |
$ 104,429 |
75 % |
$ 86,693 |
71 % |
$ 108,703 |
70 % |
||
|
Broadcast and Media |
34,311 |
25 % |
35,367 |
29 % |
47,260 |
30 % |
||
|
Overall |
$ 138,740 |
100 % |
$ 122,060 |
100 % |
$ 155,963 |
100 % |
||
|
Six Months Ended |
||||||||
|
June 28, 2024 |
June 30, 2023 |
|||||||
|
Geography |
||||||||
|
Americas |
$ 202,628 |
78 % |
$ 227,073 |
72 % |
||||
|
EMEA |
46,240 |
18 % |
69,183 |
22 % |
||||
|
APAC |
11,932 |
4 % |
17,356 |
6 % |
||||
|
Overall |
$ 260,800 |
100 % |
$ 313,612 |
100 % |
||||
|
Marketplace |
||||||||
|
Provider Supplier |
$ 191,122 |
73 % |
$ 226,692 |
72 % |
||||
|
Broadcast and Media |
69,678 |
27 % |
86,920 |
28 % |
||||
|
Overall |
$ 260,800 |
100 % |
$ 313,612 |
100 % |
||||
|
Harmonic Inc. |
||||||||||||
|
Initial Branch Knowledge |
||||||||||||
|
(Unaudited, in hundreds, apart from percentages) |
||||||||||||
|
3 Months Ended June 28, 2024 |
||||||||||||
|
Broadband |
Video |
Overall Branch |
Changes (1) |
Consolidated |
||||||||
|
Web income |
$ 92,937 |
$ 45,803 |
$ 138,740 |
$ — |
$ 138,740 |
|||||||
|
Rude benefit |
44,236 |
(1) |
29,494 |
(1) |
73,730 |
(1) |
(273) |
73,457 |
||||
|
Rude margin % |
47.6 % |
(1) |
64.4 % |
(1) |
53.1 % |
(1) |
52.9 % |
|||||
|
3 Months Ended March 29, 2024 |
||||||||||||
|
Broadband |
Video |
Overall Branch |
Changes (1) |
Consolidated |
||||||||
|
Web income |
$ 78,897 |
$ 43,163 |
$ 122,060 |
$ — |
$ 122,060 |
|||||||
|
Rude benefit |
37,494 |
(1) |
26,569 |
(1) |
64,063 |
(1) |
(982) |
63,081 |
||||
|
Rude margin % |
47.5 % |
(1) |
61.6 % |
(1) |
52.5 % |
(1) |
51.7 % |
|||||
|
3 Months Ended June 30, 2023 |
||||||||||||
|
Broadband |
Video |
Overall Branch |
Changes (1) |
Consolidated |
||||||||
|
Web income |
$ 97,096 |
$ 58,867 |
$ 155,963 |
$ — |
$ 155,963 |
|||||||
|
Rude benefit |
49,076 |
(1) |
36,303 |
(1) |
85,379 |
(1) |
(439) |
84,940 |
||||
|
Rude margin % |
50.5 % |
(1) |
61.7 % |
(1) |
54.7 % |
(1) |
54.5 % |
|||||
|
Six Months Ended June 28, 2024 |
||||||||||||
|
Broadband |
Video |
Overall Branch |
Changes (1) |
Consolidated |
||||||||
|
Web income |
$ 171,834 |
$ 88,966 |
$ 260,800 |
$ — |
$ 260,800 |
|||||||
|
Rude benefit |
81,730 |
(1) |
56,063 |
(1) |
137,793 |
(1) |
(1,255) |
136,538 |
||||
|
Rude margin % |
47.6 % |
(1) |
63.0 % |
(1) |
52.8 % |
(1) |
52.4 % |
|||||
|
Six Months Ended June 30, 2023 |
||||||||||||
|
Broadband |
Video |
Overall Branch |
Changes (1) |
Consolidated |
||||||||
|
Web income |
$ 197,447 |
$ 116,165 |
$ 313,612 |
$ — |
$ 313,612 |
|||||||
|
Rude benefit |
99,366 |
(1) |
70,917 |
(1) |
170,283 |
(1) |
(1,289) |
168,994 |
||||
|
Rude margin % |
50.3 % |
(1) |
61.0 % |
(1) |
54.3 % |
(1) |
53.9 % |
|||||
|
(1) Branch rude margin and branch rude benefit are Non-GAAP monetary measures. Please see “Use of Non-GAAP Financial Measures” above and “GAAP to Non-GAAP Reconciliations” underneath. |
|
Harmonic Inc. |
|||||||||||
|
GAAP to Non-GAAP Reconciliations (Unaudited) |
|||||||||||
|
(in hundreds, apart from percentages and in step with percentage knowledge) |
|||||||||||
|
3 Months Ended June 28, 2024 |
|||||||||||
|
Earnings |
Rude Benefit |
Overall |
Source of revenue |
Overall Non- |
Web Source of revenue |
||||||
|
GAAP |
$ 138,740 |
$ 73,457 |
$ 89,087 |
$ (15,630) |
$ (805) |
$ (12,532) |
|||||
|
Retain-based reimbursement |
— |
273 |
(6,681) |
6,954 |
— |
6,954 |
|||||
|
Restructuring and connected fees |
— |
— |
(11,482) |
11,482 |
— |
11,482 |
|||||
|
Non-recurring advisory charges |
— |
— |
(406) |
406 |
— |
406 |
|||||
|
Hire-related asset impairment and alternative fees |
— |
— |
(9,000) |
9,000 |
— |
9,000 |
|||||
|
Non-cash passion expense connected to convertible notes |
— |
— |
— |
— |
338 |
338 |
|||||
|
Discrete tax pieces and tax impact of non-GAAP changes |
— |
— |
— |
— |
— |
(6,369) |
|||||
|
Overall changes |
— |
273 |
(27,569) |
27,842 |
338 |
21,811 |
|||||
|
Non-GAAP |
$ 138,740 |
$ 73,730 |
$ 61,518 |
$ 12,212 |
$ (467) |
$ 9,279 |
|||||
|
As a % of income (GAAP) |
52.9 % |
64.2 % |
(11.3) % |
(0.6) % |
(9.0) % |
||||||
|
As a % of income (Non-GAAP) |
53.1 % |
44.3 % |
8.8 % |
(0.3) % |
6.7 % |
||||||
|
Diluted internet source of revenue (loss) in step with percentage: |
|||||||||||
|
GAAP |
$ (0.11) |
||||||||||
|
Non-GAAP |
$ 0.08 |
||||||||||
|
Stocks worn in in step with percentage calculation: |
|||||||||||
|
GAAP |
115,030 |
||||||||||
|
Non-GAAP |
116,690 |
||||||||||
|
3 Months Ended March 29, 2024 |
|||||||||||
|
Earnings |
Rude Benefit |
Overall |
Source of revenue |
Overall Non- |
Web Source of revenue |
||||||
|
GAAP |
$ 122,060 |
$ 63,081 |
$ 72,607 |
$ (9,526) |
$ (1,012) |
$ (8,089) |
|||||
|
Retain-based reimbursement |
— |
522 |
(6,401) |
6,923 |
— |
6,923 |
|||||
|
Restructuring and connected fees |
— |
460 |
(3,037) |
3,497 |
11 |
3,508 |
|||||
|
Non-recurring advisory charges |
— |
— |
(349) |
349 |
— |
349 |
|||||
|
Non-cash passion expense connected to convertible notes |
— |
— |
— |
— |
229 |
229 |
|||||
|
Discrete tax pieces and tax impact of non-GAAP changes |
— |
— |
— |
— |
— |
(2,538) |
|||||
|
Overall changes |
— |
982 |
(9,787) |
10,769 |
240 |
8,471 |
|||||
|
Non-GAAP |
$ 122,060 |
$ 64,063 |
$ 62,820 |
$ 1,243 |
$ (772) |
$ 382 |
|||||
|
As a % of income (GAAP) |
51.7 % |
59.5 % |
(7.8) % |
(0.8) % |
(6.6) % |
||||||
|
As a % of income (Non-GAAP) |
52.5 % |
51.5 % |
1.0 % |
(0.6) % |
0.3 % |
||||||
|
Diluted internet source of revenue (loss) in step with percentage: |
|||||||||||
|
GAAP |
$ (0.07) |
||||||||||
|
Non-GAAP |
$ 0.00 |
||||||||||
|
Stocks worn in in step with percentage calculation: |
|||||||||||
|
GAAP |
112,350 |
||||||||||
|
Non-GAAP |
118,107 |
||||||||||
|
3 Months Ended June 30, 2023 |
|||||||||||
|
Earnings |
Rude Benefit |
Overall |
Source of revenue from |
Overall Non- |
Web Source of revenue |
||||||
|
GAAP |
$ 155,963 |
$ 84,940 |
$ 74,978 |
$ 9,962 |
$ (936) |
$ 1,555 |
|||||
|
Retain-based reimbursement |
— |
439 |
(5,620) |
6,059 |
— |
6,059 |
|||||
|
Non-recurring advisory charges |
— |
— |
(2,135) |
2,135 |
— |
2,135 |
|||||
|
Non-cash passion expense connected to convertible notes |
— |
— |
— |
— |
223 |
223 |
|||||
|
Discrete tax pieces and tax impact of non-GAAP changes |
— |
— |
— |
— |
— |
3,982 |
|||||
|
Overall changes |
— |
439 |
(7,755) |
8,194 |
223 |
12,399 |
|||||
|
Non-GAAP |
$ 155,963 |
$ 85,379 |
$ 67,223 |
$ 18,156 |
$ (713) |
$ 13,954 |
|||||
|
As a % of income (GAAP) |
54.5 % |
48.1 % |
6.4 % |
(0.6) % |
1.0 % |
||||||
|
As a % of income (Non-GAAP) |
54.7 % |
43.1 % |
11.6 % |
(0.5) % |
8.9 % |
||||||
|
Diluted internet source of revenue in step with percentage: |
|||||||||||
|
GAAP |
$ 0.01 |
||||||||||
|
Non-GAAP |
$ 0.12 |
||||||||||
|
Stocks worn in in step with percentage calculation: |
|||||||||||
|
GAAP and Non-GAAP |
119,255 |
||||||||||
|
Six Months Ended June 28, 2024 |
|||||||||||
|
Earnings |
Rude Benefit |
Overall |
Source of revenue |
Overall Non- |
Web Source of revenue |
||||||
|
GAAP |
$ 260,800 |
$ 136,538 |
$ 161,694 |
$ (25,156) |
$ (1,817) |
$ (20,621) |
|||||
|
Retain-based reimbursement |
— |
795 |
(13,082) |
13,877 |
— |
13,877 |
|||||
|
Restructuring and connected fees |
— |
460 |
(14,519) |
14,979 |
11 |
14,990 |
|||||
|
Non-recurring advisory charges |
— |
— |
(755) |
755 |
— |
755 |
|||||
|
Hire-related asset impairment and alternative fees |
— |
— |
(9,000) |
9,000 |
— |
9,000 |
|||||
|
Non-cash passion expense connected to convertible notes |
— |
— |
— |
— |
567 |
567 |
|||||
|
Discrete tax pieces and tax impact of non-GAAP changes |
— |
— |
— |
— |
— |
(8,907) |
|||||
|
Overall changes |
— |
1,255 |
(37,356) |
38,611 |
578 |
30,282 |
|||||
|
Non-GAAP |
$ 260,800 |
$ 137,793 |
$ 124,338 |
$ 13,455 |
$ (1,239) |
$ 9,661 |
|||||
|
As a % of income (GAAP) |
52.4 % |
62.0 % |
(9.6) % |
(0.7) % |
(7.9) % |
||||||
|
As a % of income (Non-GAAP) |
52.8 % |
47.7 % |
5.2 % |
(0.5) % |
3.7 % |
||||||
|
Diluted internet source of revenue (loss) in step with percentage: |
|||||||||||
|
GAAP |
$ (0.18) |
||||||||||
|
Non-GAAP |
$ 0.08 |
||||||||||
|
Stocks worn in in step with percentage calculation: |
|||||||||||
|
GAAP |
113,705 |
||||||||||
|
Non-GAAP |
117,419 |
||||||||||
|
Six Months Ended June 30, 2023 |
|||||||||||
|
Earnings |
Rude Benefit |
Overall |
Source of revenue from |
Overall Non- |
Web Source of revenue |
||||||
|
GAAP |
$ 313,612 |
$ 168,994 |
$ 147,852 |
$ 21,142 |
$ (1,935) |
$ 6,648 |
|||||
|
Retain-based reimbursement |
— |
1,289 |
(12,194) |
13,483 |
— |
13,483 |
|||||
|
Restructuring and connected fees |
— |
— |
(83) |
83 |
— |
83 |
|||||
|
Non-recurring advisory charges |
— |
— |
(2,135) |
2,135 |
— |
2,135 |
|||||
|
Non-cash passion expense connected to convertible notes |
— |
— |
— |
— |
446 |
446 |
|||||
|
Discrete tax pieces and tax impact of non-GAAP changes |
— |
— |
— |
— |
— |
5,488 |
|||||
|
Overall changes |
— |
1,289 |
(14,412) |
15,701 |
446 |
21,635 |
|||||
|
Non-GAAP |
$ 313,612 |
$ 170,283 |
$ 133,440 |
$ 36,843 |
$ (1,489) |
$ 28,283 |
|||||
|
As a % of income (GAAP) |
53.9 % |
47.1 % |
6.7 % |
(0.6) % |
2.1 % |
||||||
|
As a % of income (Non-GAAP) |
54.3 % |
42.5 % |
11.7 % |
(0.5) % |
9.0 % |
||||||
|
Diluted internet source of revenue in step with percentage: |
|||||||||||
|
GAAP |
$ 0.06 |
||||||||||
|
Non-GAAP |
$ 0.24 |
||||||||||
|
Stocks worn in in step with percentage calculation: |
|||||||||||
|
GAAP and Non-GAAP |
118,508 |
||||||||||
|
Harmonic Inc. |
|||
|
Calculation of Adjusted EBITDA by way of Branch (Unaudited) |
|||
|
(In hundreds, apart from percentages) |
|||
|
3 Months Ended June 28, 2024 |
|||
|
Broadband |
Video |
||
|
Source of revenue (loss) from operations (1) |
$ 13,781 |
$ (1,569) |
|
|
Depreciation |
2,133 |
1,093 |
|
|
Alternative non-operating source of revenue, internet |
406 |
213 |
|
|
Adjusted EBITDA(2) |
$ 16,320 |
$ (263) |
|
|
Earnings |
$ 92,937 |
$ 45,803 |
|
|
Adjusted EBITDA margin % (2) |
17.6 % |
(0.6) % |
|
|
3 Months Ended March 29, 2024 |
|||
|
Broadband |
Video |
||
|
Source of revenue (loss) from operations (1) |
$ 8,594 |
$ (7,351) |
|
|
Depreciation |
1,986 |
1,099 |
|
|
Alternative non-operating bills, internet |
(179) |
(99) |
|
|
Adjusted EBITDA(2) |
$ 10,401 |
$ (6,351) |
|
|
Earnings |
$ 78,897 |
$ 43,163 |
|
|
Adjusted EBITDA margin % (2) |
13.2 % |
(14.7) % |
|
|
3 Months Ended June 30, 2023 |
|||
|
Broadband |
Video |
||
|
Source of revenue from operations (1) |
$ 18,066 |
$ 90 |
|
|
Depreciation |
1,671 |
1,388 |
|
|
Alternative non-operating bills, internet |
(84) |
(52) |
|
|
Adjusted EBITDA(2) |
$ 19,653 |
$ 1,426 |
|
|
Earnings |
$ 97,096 |
$ 58,867 |
|
|
Adjusted EBITDA margin % (2) |
20.2 % |
2.4 % |
|
|
Six Months Ended June 28, 2024 |
|||
|
Broadband |
Video |
||
|
Source of revenue (loss) from operations (1) |
$ 22,375 |
$ (8,920) |
|
|
Depreciation |
4,119 |
2,192 |
|
|
Alternative non-operating source of revenue, internet |
227 |
114 |
|
|
Adjusted EBITDA(2) |
$ 26,721 |
$ (6,614) |
|
|
Earnings |
$ 171,834 |
$ 88,966 |
|
|
Adjusted EBITDA margin % (2) |
15.6 % |
(7.4) % |
|
|
Six Months Ended June 30, 2023 |
|||
|
Broadband |
Video |
||
|
Source of revenue (loss) from operations (1) |
$ 38,179 |
$ (1,336) |
|
|
Depreciation |
3,315 |
2,774 |
|
|
Alternative non-operating bills, internet |
(255) |
(174) |
|
|
Adjusted EBITDA(2) |
$ 41,239 |
$ 1,264 |
|
|
Earnings |
$ 197,447 |
$ 116,165 |
|
|
Adjusted EBITDA margin % (2) |
20.9 % |
1.1 % |
|
|
(1) Please see “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations” above. |
|
(2) Adjusted EBITDA and Adjusted EBITDA margin are Non-GAAP monetary measures. Refer underneath for the “Net Income (Loss) to Consolidated Segment Adjusted EBITDA Reconciliation”. |
|
Harmonic Inc. |
|||||
|
Initial Web Source of revenue (Loss) to Consolidated Branch Adjusted EBITDA Reconciliation (Unaudited) |
|||||
|
(In hundreds, apart from percentages) |
|||||
|
3 Months Ended |
|||||
|
June 28, 2024 |
March 29, 2024 |
June 30, 2023 |
|||
|
Web source of revenue (loss) (GAAP) |
$ (12,532) |
$ (8,089) |
$ 1,555 |
||
|
Provision for (get pleasure from) source of revenue taxes |
(3,903) |
(2,449) |
7,471 |
||
|
Hobby expense, internet |
1,424 |
723 |
800 |
||
|
Depreciation |
3,226 |
3,085 |
3,059 |
||
|
EBITDA |
(11,785) |
(6,730) |
12,885 |
||
|
Changes |
|||||
|
Retain-based reimbursement |
6,954 |
6,923 |
6,059 |
||
|
Restructuring and connected fees |
11,482 |
3,508 |
— |
||
|
Non-recurring advisory charges |
406 |
349 |
2,135 |
||
|
Hire-related asset impairment and alternative fees |
9,000 |
— |
— |
||
|
Overall consolidated branch adjusted EBITDA (Non-GAAP) |
$ 16,057 |
$ 4,050 |
$ 21,079 |
||
|
Earnings |
$ 138,740 |
$ 122,060 |
$ 155,963 |
||
|
Web source of revenue (loss) margin (GAAP) |
(9.0) % |
(6.6) % |
1.0 % |
||
|
Consolidated branch Adjusted EBITDA margin (Non-GAAP) |
11.6 % |
3.3 % |
13.5 % |
||
|
Six Months Ended |
|||
|
June 28, 2024 |
June 30, 2023 |
||
|
Web source of revenue (loss) (GAAP) |
$ (20,621) |
$ 6,648 |
|
|
Provision for (get pleasure from) source of revenue taxes |
(6,352) |
12,559 |
|
|
Hobby expense, internet |
2,147 |
1,506 |
|
|
Depreciation |
6,311 |
6,089 |
|
|
EBITDA |
(18,515) |
26,802 |
|
|
Changes |
|||
|
Retain-based reimbursement |
13,877 |
13,483 |
|
|
Restructuring and connected fees |
14,990 |
83 |
|
|
Non-recurring advisory charges |
755 |
2,135 |
|
|
Hire-related asset impairment and alternative fees |
9,000 |
— |
|
|
Overall consolidated branch adjusted EBITDA (Non-GAAP) |
$ 20,107 |
$ 42,503 |
|
|
Earnings |
$ 260,800 |
$ 313,612 |
|
|
Web source of revenue (loss) margin (GAAP) |
(7.9) % |
2.1 % |
|
|
Consolidated branch Adjusted EBITDA margin (Non-GAAP) |
7.7 % |
13.6 % |
|
|
Harmonic Inc. |
|||||||||||||||||||
|
GAAP to Non-GAAP Reconciliations on Monetary Steerage (Unaudited) |
|||||||||||||||||||
|
(In thousands and thousands, apart from percentages and in step with percentage knowledge) |
|||||||||||||||||||
|
Q3 2024 Monetary Steerage (1) |
|||||||||||||||||||
|
Earnings |
Rude Benefit |
Overall Working |
Source of revenue from |
Web Source of revenue |
|||||||||||||||
|
GAAP |
$ 175 |
to |
$ 190 |
$ 91 |
to |
$ 101 |
$ 67 |
to |
$ 69 |
$ 24 |
to |
$ 32 |
$ 16 |
to |
$ 22 |
||||
|
Retain-based reimbursement expense |
— |
— |
(5) |
5 |
5 |
||||||||||||||
|
Restructuring and connected fees |
— |
— |
(1) |
1 |
1 |
||||||||||||||
|
Hire-related impairment and alternative fees |
— |
— |
(1) |
1 |
1 |
||||||||||||||
|
Tax impact of non-GAAP changes |
— |
— |
— |
— |
(1) |
to |
— |
||||||||||||
|
Overall changes |
— |
— |
(7) |
7 |
6 |
to |
7 |
||||||||||||
|
Non-GAAP |
$ 175 |
to |
$ 190 |
$ 91 |
to |
$ 101 |
$ 60 |
to |
$ 62 |
$ 31 |
to |
$ 39 |
$ 22 |
to |
$ 29 |
||||
|
As a % of income (GAAP) |
51.9 % |
to |
52.9 % |
38.3 % |
to |
36.3 % |
13.7 % |
to |
16.8 % |
9.3 % |
to |
11.6 % |
|||||||
|
As a % of income (Non-GAAP) |
51.9 % |
to |
52.9 % |
34.3 % |
to |
32.6 % |
17.7 % |
to |
20.3 % |
12.8 % |
to |
15.3 % |
|||||||
|
Diluted internet source of revenue in step with percentage: |
|||||||||||||||||||
|
GAAP |
$ 0.14 |
to |
$ 0.19 |
||||||||||||||||
|
Non-GAAP |
$ 0.19 |
to |
$ 0.24 |
||||||||||||||||
|
Stocks worn in in step with percentage calculation: |
|||||||||||||||||||
|
GAAP and Non-GAAP |
117.0 |
||||||||||||||||||
|
(1) Elements would possibly not sum to overall because of rounding. |
|
2024 Monetary Steerage (1) |
||||||||||||||||||
|
Earnings |
Rude Benefit |
Overall Working |
Source of revenue from |
Web Source of revenue |
||||||||||||||
|
GAAP |
$ 645 |
to |
$ 695 |
$ 332 |
to |
$ 369 |
$ 296 |
to |
$ 304 |
$ 36 |
to |
$ 65 |
$ 23 |
to |
$ 45 |
|||
|
Retain-based reimbursement expense |
— |
1 |
(25) |
26 |
26 |
|||||||||||||
|
Restructuring and connected fees |
— |
— |
(15) |
15 |
15 |
|||||||||||||
|
Non-recurring advisory charges |
— |
— |
(1) |
1 |
1 |
|||||||||||||
|
Hire-related impairment and alternative fees |
— |
— |
(11) |
(11) |
11 |
|||||||||||||
|
Non-cash passion expense connected to convertible |
— |
— |
— |
— |
1 |
|||||||||||||
|
Tax impact of non-GAAP changes |
— |
— |
— |
— |
(12) |
to |
(11) |
|||||||||||
|
Overall changes |
— |
1 |
(52) |
31 |
42 |
to |
43 |
|||||||||||
|
Non-GAAP |
$ 645 |
to |
$ 695 |
$ 333 |
to |
$ 370 |
$ 244 |
to |
$ 252 |
$ 89 |
to |
$ 118 |
$ 65 |
to |
$ 88 |
|||
|
As a % of income (GAAP) |
51.4 % |
to |
53.1 % |
45.9 % |
to |
43.7 % |
5.6 % |
to |
9.4 % |
3.6 % |
to |
6.5 % |
||||||
|
As a % of income (Non-GAAP) |
51.6 % |
to |
53.2 % |
37.8 % |
to |
36.3 % |
13.7 % |
to |
16.9 % |
10.1 % |
to |
12.7 % |
||||||
|
Diluted internet source of revenue in step with percentage: |
||||||||||||||||||
|
GAAP |
$ 0.19 |
to |
$ 0.38 |
|||||||||||||||
|
Non-GAAP |
$ 0.56 |
to |
$ 0.75 |
|||||||||||||||
|
Stocks worn in in step with percentage calculation: |
||||||||||||||||||
|
GAAP and Non-GAAP |
117.3 |
|||||||||||||||||
|
(1) Elements would possibly not sum to overall because of rounding. |
|
Harmonic Inc. |
|||||||
|
Calculation of Adjusted EBITDA by way of Branch on Monetary Steerage (Unaudited) (1) |
|||||||
|
(In thousands and thousands) |
|||||||
|
Q3 2024 Monetary Steerage |
|||||||
|
Broadband |
Video |
||||||
|
Source of revenue (loss) from operations (2) |
$ 32 |
to |
$ 37 |
$ (1) |
to |
$ 2 |
|
|
Depreciation |
2 |
2 |
1 |
1 |
|||
|
Branch adjusted EBITDA(3) |
$ 34 |
to |
$ 39 |
$ — |
to |
$ 3 |
|
|
2024 Monetary Steerage |
|||||||
|
Broadband |
Video |
||||||
|
Source of revenue (loss) from operations (2) |
$ 93 |
to |
$ 117 |
$ (4) |
to |
$ 1 |
|
|
Depreciation |
9 |
9 |
4 |
4 |
|||
|
Branch adjusted EBITDA(3) |
$ 102 |
to |
$ 126 |
$ — |
to |
$ 5 |
|
|
(1) Elements would possibly not sum to overall because of rounding. |
|
(2) Please see “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations on Financial Guidance” above. |
|
(3) Branch Adjusted EBITDA is a Non-GAAP monetary measure. Refer underneath for the “Net income to Consolidated Segment Adjusted EBITDA reconciliation on Financial Guidance”. |
|
Harmonic Inc. |
|||||||
|
Web Source of revenue to Consolidated Branch Adjusted EBITDA Reconciliation on Monetary Steerage (Unaudited) (1) |
|||||||
|
(In thousands and thousands) |
|||||||
|
Q3 2024 Monetary Steerage |
2024 Monetary Steerage |
||||||
|
Web source of revenue (GAAP) |
$ 16 |
to |
$ 22 |
$ 23 |
to |
$ 45 |
|
|
Provision for source of revenue taxes |
5 |
7 |
7 |
14 |
|||
|
Hobby expense, internet |
2 |
2 |
6 |
6 |
|||
|
Depreciation |
3 |
3 |
13 |
13 |
|||
|
EBITDA |
26 |
to |
34 |
49 |
to |
78 |
|
|
Changes |
|||||||
|
Retain-based reimbursement |
6 |
6 |
26 |
26 |
|||
|
Restructuring and connected fees |
1 |
1 |
15 |
15 |
|||
|
Hire-related impairment and alternative fees |
1 |
1 |
11 |
11 |
|||
|
Non-recurring advisory charges |
— |
— |
1 |
1 |
|||
|
Overall consolidated branch adjusted EBITDA (Non-GAAP) (2) |
$ 34 |
to |
$ 42 |
$ 102 |
to |
$ 131 |
|
|
(1) Elements would possibly not sum to overall because of rounding. |
|
(2) Consolidated Branch adjusted EBITDA is a Non-GAAP monetary measure. Please see “Use of Non-GAAP Financial Measures” above. |
SOURCE Harmonic Inc.
