Business
Harmonic Announces Third Quarter 2021 Results
Total revenue up 33%, Cable Access revenue up 43%, Video revenue up 26% year over year SAN JOSE, Calif., Nov. 1, 2021 /PRNewswire/ -- Harmonic Inc. (NASDAQ:
About this update from Harmonic Inc.
[{"type":"text","content":"Total revenue up 33%, Cable Access revenue up 43%, Video revenue up 26% year over year\n\n\nSAN JOSE, Calif., Nov. 1, 2021 /PRNewswire/ -- Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the third quarter of 2021.\n\n \n \n \n \n \n \n\n \n\"Harmonic delivered another strong quarter, with total revenue up 33% year over year and solid operating profit, driven by continued execution of our strategic growth initiatives,\" said Patrick Harshman, president and chief executive officer of Harmonic. \"Strong market momentum in both segments, solid backlog and deferred revenue and an increasingly robust cash position provide a strong foundation for continued growth through the balance of this year and into 2022.\" \nQ3 Financial and Business Highlights\nFinancial\nRevenue: $126.3 million, up 33% year over year Cable Access segment revenue: $57.6 million, up 43% year over year Video segment revenue: $68.7 million, up 26% year over yearGross margin: GAAP 52.4% and non-GAAP 52.8%, compared to GAAP 51.6% and non-GAAP 52.2% in the year ago period Cable Access segment gross margin: 42.0% compared to 48.9% in the year ago period Video segment gross margin: 61.9% compared to 54.6% in the year ago periodOperating income (loss): GAAP income $5.4 million and non-GAAP income $11.8 million, compared to GAAP loss $1.6 and non-GAAP income $4.2 million in the year ago period Adjusted EBITDA: $14.8 million income compared to $7.2 million income in the year ago period Net income (loss): GAAP net income $1.5 million and non-GAAP net income of $9.5 million, compared to GAAP net loss $5.4 million and non-GAAP net income $2.6 million in the year ago period EPS: GAAP net income per share of $0.01 and non-GAAP net income per share of $0.09, compared to GAAP net loss per share of $0.06 and non-GAAP net income per share of $0.03 in the year ago period Cash: $128.4 million, up $57.6 million year over yearBusiness\nCableOS® solution commercially deployed with 68 customers, up 79% year over year CableOS deployments scaled to 3.9 million served cable modems, up 77% year over year VOS® streaming SaaS customer base up 36% year over year; SaaS revenue increased 69% year over yearSelect Financial Information\nGAAP\nNon-GAAP\nKey Financial Results\nQ3 2021\nQ2 2021\nQ3 2020\nQ3 2021\nQ2 2021\nQ3 2020\n(in millions, except per share data)\nNet revenu...