Business
Harmonic Announces Second Quarter 2022 Results
Record total revenue up 39% year over year Cable Access revenue up 62% and Video SaaS revenue up 69% year over year SAN JOSE, Calif., Aug. 1, 2022
About this update from Harmonic Inc.
[{"type":"text","content":"Record total revenue up 39% year over year \nCable Access revenue up 62% and Video SaaS revenue up 69% year over year\nSAN JOSE, Calif., Aug. 1, 2022 /PRNewswire/ -- Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the second quarter of 2022.\n\n \n \n \n \n \n \n\n \n\"Harmonic delivered another record quarter, with 39% year over year revenue growth and over 15% adjusted EBITDA margin,\" said Patrick Harshman, president and chief executive officer of Harmonic. \"Our Cable Access business grew 62% and our Video SaaS revenue grew 69% year over year, highlighting strong demand and powerful competitive differentiation. We ended the second quarter with backlog and deferred revenue near record levels, providing good visibility as we enter the second half of 2022.\" \nQ2 Financial and Business Highlights\nFinancial\nRevenue: $157.4 million, up 39% year over yearCable Access segment revenue: $81.2 million, up 62% year over yearVideo segment revenue: $76.2 million, up 20% year over yearGross margin: GAAP 52.3% and non-GAAP 52.8%, compared to GAAP 53.3% and non-GAAP 53.9% in the year ago periodCable Access segment gross margin: 43.0% compared to 47.0% in the year ago periodVideo segment gross margin: 63.2% compared to 59.3% in the year ago periodOperating income: GAAP income $15.1 million and non-GAAP income $21.4 million, compared to GAAP income $2.1 million and non-GAAP income $6.6 million in the year ago periodNet income: GAAP net income $14.8 million and non-GAAP net income of $17.6 million, compared to GAAP net loss $2.0 million and non-GAAP net income $4.8 million in the year ago periodAdjusted EBITDA: $24.3 million income compared to $9.5 million income in the year ago periodEPS: GAAP net income per share of $0.14 and non-GAAP net income per share of $0.16, compared to GAAP net loss per share of $0.02 and non-GAAP net income per share of $0.05 in the year ago periodCash: $121.8 million, up $6.6 million year over yearBusiness\nCableOS® solution commercially deployed with 79 customers, up 27% year over yearCableOS deployments scaled to 8.5 million served cable modems, up 159% year over yearNew Tier 1 live sports streaming SaaS wins and expansionsSelect Financial Information\nGAAP\nNon-GAAP\nKey Financial Results\nQ2 2022\nQ1 2022\nQ2 2021\nQ2 2022\nQ1 2022\nQ2 2021\n(Unaudited, in millions, except per share dat...