Harmonic Announces First Quarter 2023 Results

About this update from Harmonic Inc.

[{"type":"text","content":"Broadband revenue up 23% and Video SaaS revenue up 72% year over year\nSAN JOSE, Calif., May 8, 2023 /PRNewswire/ -- Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the first quarter of 2023.\n\n \n \n \n \n \n \n\n \n\"Harmonic delivered strong results for the first quarter of 2023 highlighted by record first quarter revenue and solid operating profit,\" said Patrick Harshman, president and chief executive officer of Harmonic. \"Broadband segment revenue rose 23% during the quarter while Video SaaS revenue growth was 72%, driven by strong demand for our products and services.\" \nQ1 Financial and Business Highlights\nFinancial\nRevenue: $157.6 million, up 7% year over yearBroadband segment revenue: $100.4 million, up 23% year over yearVideo segment revenue: $57.3 million, down 13% year over yearGross margin: GAAP 53.3% and non-GAAP 53.9%, compared to GAAP 46.9% and non-GAAP 47.3% in the year ago periodBroadband segment gross margin: 50.1% compared to 38.0% in the year ago periodVideo segment gross margin: 60.4% compared to 58.8% in the year ago periodOperating income: GAAP income $11.2 million and non-GAAP income $18.7 million, compared to GAAP income $2.5 million and non-GAAP income $11.3 million in the year ago periodNet income: GAAP net income $5.1 million and non-GAAP net income of $14.3 million, compared to GAAP net loss $1.5 million and non-GAAP net income $8.9 million in the year ago periodAdjusted EBITDA: $21.4 million income compared to $14.5 million income in the year ago periodEPS: GAAP net income per share of $0.04 and non-GAAP net income per share of $0.12, compared to GAAP net loss per share of $0.01 and non-GAAP net income per share of $0.08 in the year ago periodCash: $90.9 million, down $9.9 million year over yearBusiness\nCableOS® solution commercially deployed with 94 customers, serving 18.4 million cable modemsLive sports streaming SaaS expansions and new wins drove 72.2% Video SaaS revenue growth year over yearRecord new SaaS commitments, including first major broadcast cloud migrationSelect Financial Information\nGAAP\nNon-GAAP\nKey Financial Results\nQ1 2023\nQ4 2022\nQ1 2022\nQ1 2023\nQ4 2022\nQ1 2022\n(Unaudited, in millions, except per share data)\nNet revenue\n$ 157.6\n$ 164.3\n$ 147.4\n$ 157.6\n$ 164.3\n$ 147.4\nNet income\n$ 5.1\n$ 6.1\n$ (1.5)\n$ 14.3\n$ 19.9\n$ 8.9\nEPS\n$ 0...

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