Harmonic Announces Second Quarter 2020 Results

About this update from Harmonic Inc.

[{"type":"text","content":"Cable Access Segment Revenue up over 100% Year Over Year\n\n\nSAN JOSE, Calif., Aug. 3, 2020 /PRNewswire/ -- Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the second quarter of 2020.\n\n \n \n \n \n \n \n\n \n\"Harmonic executed well, exceeding expectations despite challenging market conditions,\" said Patrick Harshman, president and chief executive officer of Harmonic. \"Our Cable Access revenue and Video SaaS customer base both grew solidly in the quarter, and we strengthened our cash position. Looking ahead, we are capitalizing on this momentum around the world and anticipate delivering a profitable second half of 2020.\"\nQ2 Financial and Business Highlights\nFinancial\nRevenue: $74.0 million, down 12.8% year over year. SaaS and service revenue: $31.8 million, up 4.3% year over year. Gross margin: GAAP 51.0% and non-GAAP 51.6%, compared to GAAP 51.8% and non-GAAP 53.6% in the year ago period. Cable Access segment revenue: $26.5 million, up 100% year over year. Video segment gross margin: 54.8%, compared to 57.9% in the year ago period. Operating loss: GAAP loss $9.6 million and non-GAAP loss $5.1 million, compared to GAAP loss $7.8 million and non-GAAP loss $2.8 million in the year ago period. EPS: GAAP net loss per share $0.16 cents and non-GAAP net loss per share $0.06 cents, compared to GAAP net loss per share $0.13 cents and non-GAAP net loss per share $0.04 cents in the year ago period. Cash: $77.7 million, up $19.6 million year over year.Business\nCableOS solution commercially deployed with 29 customers, up 81% year over year. CableOS deployments scaled to 1.7 million served cable modems, up 116% year over year. Video SaaS customer base increased to 66 customers, up 136% year over year. Over 47,000 OTT channels deployed globally, up 19% year over year. Launched partnership with SES to enable 5G in the U.S. through an innovative bandwidth reclamation solution.Select Financial Information\nGAAP\nNon-GAAP\nKey Financial Results\nQ2 2020\nQ1 2020\nQ2 2019\nQ2 2020\nQ1 2020\nQ2 2019\n(in millions, except per share data)\nNet revenue\n$\n74.0\n$\n78.4\n$\n84.9\n$\n74.0\n$\n78.4\n$\n84.9\nNet loss\n$\n(15.4)\n$\n(22.0)\n$\n(11.8)\n$\n(5.9)\n$\n(9.8)\n$\n(4.0)\nDiluted EPS\n$\n(0.16)\n$\n(0.23)\n$\n(0.13)\n$\n(0.06)\n$\n(0.10)\n$\n(0.04)\nOther Financial Information\nQ2 2020\nQ1 2020\nQ2 2019\n(in mill...

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