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Apr 02, 2021
Harmonic Q1 2021 Earnings Report
Harmonic's Q1 2021 results were announced, demonstrating revenue and earnings exceeding expectations due to robust customer demand across both business segments.
Key Takeaways
Harmonic Inc. reported a strong first quarter in 2021, with revenues and earnings surpassing expectations. The company saw significant year-over-year growth in both its Cable Access and Video segments, driven by solid customer demand. Bookings were strong, leading to near-record backlog and deferred revenue.
Revenue increased by 42.3% year over year to $111.6 million.
Cable Access segment revenue grew by 72% year over year to $41.3 million.
Video segment revenue increased by 29% year over year to $70.3 million.
GAAP net loss per share was $0.06, while non-GAAP net income per share was $0.04.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Harmonic provided financial guidance for Q2 2021 and full year 2021, both on a GAAP and non-GAAP basis. The guidance includes expectations for net revenue, gross margin, operating expenses, operating income (loss), adjusted EBITDA, tax rate, EPS, and cash.
Positive Outlook
- Q2 2021 net revenue is expected to be between $102.0 million and $112.0 million.
- Q2 2021 gross margin is expected to be between 48.2% and 50.2% on a GAAP basis.
- 2021 net revenue is expected to be between $435.0 million and $480.0 million.
- 2021 gross margin is expected to be between 50.0% and 51.5% on a GAAP basis.
- Q2 Non-gaap EPS guidance between $(0.03) and $0.01
Challenges Ahead
- Q2 2021 GAAP operating loss is expected to be between $(7.3) million and $(2.3) million.
- Q2 2021 GAAP EPS is expected to be between $(0.11) and $(0.06).
- 2021 GAAP operating loss is expected to be between $(14.0) million and $6.6 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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