Harmonic (HLIT) Financials

$340.9 M

Mkt cap, 23-May-2018

$90.1 M

Revenue Q1, 2018
Gross profit (Q1, 2018)47.2 M
Gross profit margin (Q1, 2018), %52.4%
Net income (Q1, 2018)-13.7 M
EBIT (Q1, 2018)-9.3 M
Cash, 30-Mar-201852 M

Revenue/Financials

Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

461.9 m433.6 m377 m405.9 m358.2 m

Revenue growth, %

(6%)(13%)8%

Cost of goods sold

196.8 m172.3 m122 m205.2 m188.4 m

Gross profit

265.2 m261.3 m255 m200.8 m169.8 m

Gross profit Margin, %

57%60%68%49%47%

R&D expense

98.4 m96 m

General and administrative expense

144.4 m136.3 m

Operating expense total

242.8 m240.7 m

Depreciation and amortization

3.1 m

EBIT

(23 m)(21.6 m)(12.9 m)(67 m)(70.9 m)

EBIT margin, %

(5%)(5%)(3%)(17%)(20%)

Interest expense

11.1 m

Pre tax profit

(23.2 m)(21.8 m)(16.1 m)(80.4 m)(84.7 m)

Income tax expense

(44.7 m)24.5 m(407 k)(8.1 m)(1.8 m)

Net Income

37 m(46.2 m)(15.7 m)(72.3 m)(83 m)

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q3, 2015Q1, 2015Q2, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Revenue

122.9 m108 m109.6 m108.1 m83.3 m104 m103.1 m81.8 m109.6 m101.4 m82.9 m82.3 m90.1 m

Cost of goods sold

66.1 m55.7 m59.8 m54.6 m37.1 m49 m48.7 m41.2 m58.5 m50 m42.5 m48.5 m42.9 m

Gross profit

56.8 m52.3 m49.8 m53.4 m46.2 m55 m54.4 m40.7 m51 m51.4 m40.4 m33.8 m47.2 m

Gross profit Margin, %

46%48%45%49%55%53%53%50%47%51%49%41%52%

R&D expense

24.6 m23.9 m23.5 m22.8 m21.7 m22.3 m21.8 m23.6 m26.5 m24.2 m24.9 m27.1 m23.5 m

General and administrative expense

32.5 m33.5 m33 m32.1 m29 m31.2 m31.3 m32.9 m36.5 m36.1 m34.6 m32.6 m31.2 m

Operating expense total

59.3 m59.5 m58.5 m57 m52.5 m55 m54.7 m61.4 m69.2 m63.3 m61.6 m61.2 m56.5 m

Depreciation and amortization

804 k

EBIT

(2.6 m)(7.2 m)(8.6 m)(3.5 m)(6.3 m)13 k(343 k)(18.1 m)(11.9 m)(21.2 m)(27.4 m)(9.3 m)

EBIT margin, %

(2%)(7%)(8%)(3%)(8%)0%0%(17%)(12%)(26%)(33%)(10%)

Interest expense

2.6 m2.7 m2.8 m

Pre tax profit

(2.3 m)(7.1 m)(8.7 m)(3.8 m)(6.1 m)(2.9 m)(267 k)(24.7 m)(20.4 m)(16.3 m)(24.3 m)(30.9 m)(12.6 m)

Income tax expense

(39 m)(1.7 m)28.4 m(4.8 m)(1.3 m)727 k518 k242 k(242 k)(232 k)579 k1.1 m

Net Income

36.8 m(5.4 m)(37.1 m)1.1 m(4.8 m)(2.7 m)(994 k)(25.2 m)(20.7 m)(16 m)(24 m)(31.5 m)(13.7 m)

Balance Sheet

Annual

usdY, 2009Y, 2010Y, 2011Y, 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

152.5 m96.5 m91 m96.7 m90.3 m73 m126.2 m55.6 m57 m

Accounts Receivable

75.1 m74.1 m69.5 m86.8 m69.8 m

Inventories

36.9 m32.7 m38.8 m41.2 m26 m

Current Assets

328.7 m232.7 m286.1 m216.8 m171.8 m

PP&E

34.9 m27.2 m27 m32.2 m29.3 m

Goodwill

198 m197.9 m197.8 m237.3 m242.8 m

Total Assets

606.1 m480.5 m525 m554.1 m508.1 m

Accounts Payable

22.4 m15.3 m19.4 m28.9 m33.1 m

Short-term debt

Current Liabilities

85.1 m89.9 m84.9 m144.9 m142.1 m

Long-term debt

Total Liabilities

283.4 m289.7 m

Additional Paid-in Capital

2.3 b2.3 b2.2 b2.3 b2.3 b

Retained Earnings

(1.8 b)(1.9 b)(1.9 b)(2 b)(2.1 b)

Total Equity

328.2 m270.6 m218.3 m

Financial Leverage

1.6 x2 x2.3 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q3, 2015Q1, 2015Q2, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Cash

93.3 m69.2 m59.2 m42 m61.6 m79.7 m76 m57 m51.5 m44.7 m55.3 m52.9 m52 m

Accounts Receivable

85.1 m77.5 m79.9 m75.6 m64.1 m75.9 m76.1 m95.5 m102.7 m99.1 m69.8 m60.4 m74.8 m

Inventories

40.4 m30.3 m30.2 m32.5 m39.9 m31.5 m32.5 m42.4 m36.6 m35.8 m39.9 m35.1 m25.1 m

Current Assets

329.6 m309.6 m275 m234.8 m226.6 m243.1 m245.9 m256.4 m247.9 m226.1 m192.4 m172.8 m181.8 m

PP&E

35.6 m34.1 m32.8 m30.8 m26.6 m27.1 m27.1 m36.8 m36.5 m35.1 m31.7 m31.6 m27.7 m

Goodwill

198 m198 m198.1 m198 m197.8 m197.8 m197.9 m237.9 m235.4 m239.9 m237.9 m240.6 m243.8 m

Total Assets

617.2 m574.7 m532.4 m489.7 m466.9 m486.8 m489.2 m610.7 m588 m565.5 m530.7 m508 m516.2 m

Accounts Payable

20 m19.8 m24.6 m21.4 m16.6 m18.5 m21.3 m31.8 m35.8 m31.4 m22.3 m31.3 m27.6 m

Current Liabilities

87.8 m85.3 m97 m87.8 m89.3 m96.2 m98.3 m161.9 m158.8 m143.5 m141.4 m145.2 m142.4 m

Total Liabilities

111.6 m112.3 m127.6 m109.6 m107 m115.3 m118 m299.4 m296 m284 m279.3 m280.4 m290.3 m

Additional Paid-in Capital

2.3 b2.3 b2.3 b2.3 b2.3 b2.3 b2.3 b2.2 b2.2 b2.2 b2.3 b2.3 b2.3 b

Retained Earnings

(1.8 b)(1.8 b)(1.9 b)(1.9 b)(1.9 b)(1.9 b)(1.9 b)(1.9 b)(1.9 b)(2 b)(2 b)(2 b)(2.1 b)

Total Equity

359.9 m371.2 m311.3 m292.1 m281.5 m251.4 m227.6 m226 m

Financial Leverage

1.3 x1.3 x2 x2 x2 x2.1 x2.2 x2.3 x

Cash Flow

Annual

usdFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

37 m(46.2 m)(15.7 m)(72.3 m)(83 m)

Depreciation and Amortization

8.1 m6.8 m5.8 m10.4 m14.6 m

Accounts Receivable

9.9 m(1 m)2.6 m(2.6 m)12.6 m

Inventories

13.3 m1.6 m(6 m)(4.1 m)11.7 m

Accounts Payable

(3.4 m)56 k4.7 m5.8 m3.4 m

Cash From Operating Activities

53.8 m47.4 m6.4 m438 k3.1 m

Purchases of PP&E

(14.6 m)(10.1 m)(14.4 m)(15.1 m)(11.4 m)

Cash From Investing Activities

51.1 m27.8 m(10.4 m)(70.5 m)(4.2 m)

Cash From Financing Activities

(111.2 m)(92 m)57.5 m(152 k)895 k

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q3, 2015Q1, 2015Q2, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q1, 2018

Net Income

36.8 m(5.4 m)(37.1 m)1.1 m(4.8 m)(2.7 m)(994 k)(25.2 m)(20.7 m)(16 m)(24 m)(13.7 m)

Depreciation and Amortization

1.7 m1.7 m1.4 m1.4 m1.4 m2.4 m4.2 m3 m774 k5.6 m

Accounts Receivable

79.9 m75.6 m64.1 m75.9 m76.1 m95.5 m102.7 m99.1 m69.8 m(5.9 m)

Inventories

30.2 m32.5 m39.9 m31.5 m32.5 m42.4 m36.6 m35.8 m39.9 m424 k

Accounts Payable

24.6 m21.4 m16.6 m18.5 m21.3 m31.8 m35.8 m31.4 m22.3 m(5.7 m)

Cash From Operating Activities

(6.6 m)

Purchases of PP&E

(1.8 m)

Cash From Investing Activities

(1.8 m)

Cash From Financing Activities

1.9 m

Ratios

USDY, 2018

Financial Leverage

2.3 x
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Operating Metrics

Harmonic's Patent Applications was reported to be 80 in Q1, 2017. Harmonic's Backlog was reported to be $188.4m in FY, 2016.
Q1, 2014Q2, 2014Q3, 2014FY, 2014Q1, 2016Q2, 2016Q3, 2016FY, 2015Q1, 2017FY, 2016

Backlog

$128.70 m$120.10 m$188.40 m

Patent Applications

22 22 22 23 22 78 90 30 80 78

Patents (US)

53 54 54 55 55 69 69 59 73 71

Patents (foreign)

33 33 33 34 34 42 42 35 44 44

Satellite Operators

100 100 100
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