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Apr 01, 2022
Harmonic Q1 2022 Earnings Report
Harmonic's first quarter results for 2022 showed revenue up 32% year over year, driven by Cable Access segment growth and Video segment gross margin expansion.
Key Takeaways
Harmonic Inc. announced strong first quarter 2022 results with revenue up 32% year over year. The Cable Access segment revenue increased by 98% and the Video segment saw gross margin expansion. Bookings resulted in a record backlog and deferred revenue.
Revenue was $147.4 million, up 32% year over year.
Cable Access segment revenue was $81.6 million, up 98% year over year.
Video segment revenue was $65.8 million, down 6% year over year.
Record backlog and deferred revenue, up 81% year over year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Harmonic provided financial guidance for Q2 2022 and full year 2022 on both GAAP and non-GAAP bases.
Positive Outlook
- Q2 2022 GAAP net revenue is expected to be between $144.0 million and $154.0 million.
- Q2 2022 GAAP gross margin is expected to be between 48.9% and 50.8%.
- Q2 2022 Non-GAAP net revenue is expected to be between $144.0 million and $154.0 million.
- Q2 2022 Non-GAAP gross margin is expected to be between 49.3% and 51.2%.
- Full year 2022 Non-GAAP EPS is expected to be between $0.34 and $0.45.
Challenges Ahead
- Q2 2022 GAAP operating income is expected to be between $4.3 million and $9.2 million.
- Q2 2022 GAAP EPS is expected to be between $0.00 and $0.05.
- Full year 2022 GAAP net revenue is expected to be between $585.0 million and $625.0 million.
- Full year 2022 GAAP gross margin is expected to be between 48.5% and 49.7%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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