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Mar 29, 2024
Harmonic Q1 2024 Earnings Report
Results were in line with guidance and broadband full year revenue guidance was reaffirmed, video full year EBITDA guidance was increased.
Key Takeaways
Harmonic Inc. reported first quarter 2024 results within the guidance range, driven by the Broadband business. The company reaffirmed its full year Broadband revenue guidance and increased Video full year EBITDA guidance based on these results, record backlog and deferred revenue, and restructuring actions in Video.
First quarter results were within guidance range and largely driven by Broadband business.
Full year Broadband revenue guidance was reaffirmed.
Video full year EBITDA guidance was increased.
Record backlog and deferred revenue of $677.8 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Harmonic provided financial guidance for Q2 2024 and full year 2024, including revenue, gross margin, operating expenses, income from operations, and net income per share on both GAAP and non-GAAP bases.
Positive Outlook
- Q2 2024 GAAP net revenue is expected to be between $125 million and $140 million.
- 2024 GAAP net revenue is projected to be between $645 million and $695 million.
- Q2 2024 Non-GAAP gross margin is expected to range from 51.8% to 52.9%.
- 2024 Non-GAAP gross margin is anticipated to be between 51.0% and 52.9%.
- 2024 Non-GAAP net income per share is expected to be between $0.51 and $0.71.
Challenges Ahead
- Q2 2024 GAAP net loss is expected to be between $19 million and $14 million.
- Q2 2024 GAAP net loss per share is projected to be between $0.17 and $0.12.
- Q2 2024 Non-GAAP adjusted EBITDA for Video segment is expected to range from $(5) million to $(2) million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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