Technology
XTransfer Joins in Hong Kong FinTech Week 2024
Published
4 hours agoon
By
CEO Engages in FinTech Forum Discussions
HONG KONG, Oct. 29, 2024 /PRNewswire/ — XTransfer, the World’s Leading & China’s No.1 B2B Cross-Border Trade Payment Platform, will be participating in Hong Kong Fintech Week 2024 at AsiaWorld-Expo for the first time. XTransfer is honoured to be one of the major sponsors of the event. The event is expected to draw over 30,000 attendees, more than 800 world-class speakers, and over 700 exhibitors. Bill Deng, Founder and CEO of XTransfer, will meet with government representatives from Invest Hong Kong and the UAE Ministry of Investment, and will participate in several panels to discuss topics from AI and financial inclusion to China’s fintech enterprises expanding overseas.
XTransfer entered in Hong Kong since 2023 and is committed to providing global payment & collection solutions, foreign exchange, and other financial services for Hong Kong’s foreign trade SMEs. Hong Kong frequently trades with mainland China. According to XTransfer data, from January to September 2024, the Company’s mainland SME clients’ collection amount from Hong Kong increased by 155% year-on-year.
Based on the analysis of the characteristics of XTransfer’s clients, among its mainland SME clients, the top three provinces in terms of payment collected from exporting to Hong Kong from January to September 2024 were Guangdong, Shangdong and Tianjin. Among them, Guangdong Province was the most active, with Guangdong SMEs accounting for 55%, Shandong 8% and Tianjin 7% of our clients’ total receipts from exports to Hong Kong. In terms of export categories, the top three categories of SME exports to Hong Kong were construction materials, daily necessities, steel and metal products.
Hong Kong SMEs continue to encounter significant obstacles in trade settlement with Mainland China, including difficulties in opening accounts with traditional banks, high risk of fund freezing, high exchange losses, long remittance time, high remittance costs, and even being forced to remit funds through non-compliant channels. XTransfer provides Hong Kong clients with XTransfer-to-XTransfer (X2X) payment service, which allows them to conduct “Account-to-Account” payments to their Mainland Chinese suppliers, who are also XTransfer clients. This makes it as easy as “local bank transfers”, realising secure, compliant, and twenty-four-seven instant payment.
On the other hand, in recent years, there has been a growing demand for trade with emerging countries, and Hong Kong has seen an increase in trade with economies such as ASEAN and Africa. XTransfer offers the “Local Currency Account” service to Hong Kong SME clients, allowing them to receive payments in local currencies from various emerging countries, including the U.S., Canada, the Eurozone, Australia, the ASEAN (such as the Philippines and Vietnam), Latin American (such as Mexico and Colombia), Africa (such as Nigeria and Kenya), in a total of 27 countries with over 15 local currencies.
This service addresses the common issue of a lack of US dollars in emerging countries and eliminates the need for mandatory currency exchange by intermediary banks when making remittances, thus reducing exchange losses. Furthermore, as overseas buyers can pay in local currencies, both buyers and sellers can save on remittance costs. It is expected to save 95% of the remittance handling fee and 80% of the exchange cost, significantly enhancing the efficiency of working capital.
“We are thrilled to participate in Hong Kong FinTech Week and celebrate the grand event of the FinTech industry in Hong Kong,” said Bill Deng, Founder and CEO of XTransfer, who was present at the forum. “Since its establishment, XTransfer has aimed to provide global SMEs with convenient and efficient cross-border trade payment services. XTransfer’s participation in Hong Kong FinTech Week aligns with the company’s mission to promote innovation and strengthen financial inclusion for SMEs around the world,” Bill added.
– End –
About XTransfer
XTransfer, World’s Leading & China’s No.1 B2B Cross-Border Trade Payment Platform, is dedicated to providing SMEs with secure, compliant, fast, convenient and low-cost foreign trade payment & fund collection solutions, significantly reducing the cost of global expansion and enhancing global competitiveness. Founded in 2017, the company is headquartered in Shanghai and has branches in Hong Kong SAR, the United Kingdom, the Netherlands, the United States, Canada, Australia, Singapore, Vietnam, Thailand, Malaysia, the Philippines, the UAE, Nigeria, etc. XTransfer has obtained local payment licenses in Hong Kong, the United Kingdom, the United States, Canada, and Australia. With more than 550,000 enterprise clients, XTransfer has become the industry No.1 in China.
By cooperating with well-known multinational banks and financial institutions, XTransfer has built a unified global multi-currency clearing network and built a data-based, automated, Internet-based and intelligent anti-money laundering risk control infrastructure centred on small and medium enterprises. XTransfer uses technology as a bridge to link large financial institutions and small and medium enterprises around the world, allowing SMEs to enjoy the same level of cross-border financial services as large multinational corporations.
XTransfer completed its Series D financing in September 2021 and achieved unicorn status. The Company possesses a diverse composition of international investors, including D1 Capital Partners LP, Telstra Ventures, China Merchants Venture, eWTP Capital, Yunqi Capital, Gaorong Capital, 01VC, MindWorks and Lavender Hill Capital Partners.
For more information: https://www.xtransfer.com/
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SOURCE XTransfer
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Technology
ASI Unveils 2024’s Most Powerful People In Promo Products Industry
Published
55 mins agoon
October 28, 2024By
TREVOSE, Pa., Oct. 28, 2024 /PRNewswire/ — The Advertising Specialty Institute® (ASI) today revealed the 2024 Counselor Power 50 list of the most influential entrepreneurs and executives driving innovation in the $26.1 billion promotional products industry. Topping the list is Geiger President/CEO Jo-an Lantz, who claimed the No. 1 spot after ranking No. 5 in 2023. This marks Lantz’ 19th appearance on the Counselor Power 50.
“It’s an honor to celebrate the trailblazers and visionaries shaping the future of the promotional products industry,” said Timothy M. Andrews, president and CEO of ASI, the premier technology, marketing and information provider in the promo industry. The annual Power 50 ranking is released by ASI’s Counselor magazine, a trusted source for promotional product trends, market data and industry news for 70 years.
ASI celebrated the Counselor Power 50 at a celebratory dinner during its annual ASI Power Summit, an industry networking and education event featuring top speakers like Democratic Political Strategist Donna Brazile and former Republican U.S. House Representative Will Hurd at the Rancho Bernardo Inn in San Diego, CA.
During an onstage Q&A with Andrews, Brazile and Hurd sparked a bipartisan discussion on political tensions and the future of the country. “More unites us than divides us,” Hurd said, reminding everyone of the power of collaboration in turbulent times. Brazile said, “We need to just stop thinking about what makes us different. We are together. We just don’t think of ourselves as being one people, but we are.”
The top leaders on the 2024 Counselor Power 50 are, in order:
No. 1: Jo-an Lantz, President/CEO, GeigerNo. 2: CJ Schmidt, CEO, Hit Promotional Products No. 3: Jeremy Lott, President/CEO, SanMar No. 4: Kevin Lyons-Tarr and Suzanne Worwood, 4imprint, CEO and Senior VP of Merchandising and Supply Chain, respectivelyNo. 5: Greg Muzzillo and Vera Muzzillo, founder and CEO, respectively, ProformaNo. 6: Frank Myers, CEO, S&S ActivewearNo. 7: Marc Simon, CEO, HALO Branded SolutionsNo. 8 Larry Zavadil and Justin Zavadil, Founder/CEO and President, respectively, American Solutions for Business No. 9: Chris Anderson, CEO, HPG No. 10: Jay Deutsch, CEO, BDA
Lantz earned this year’s top spot for her leadership in international expansion, spearheading strategic acquisitions in Europe that solidified the Lewiston, ME-headquartered firm as one of the most formidable distributors in the United Kingdom. Under Lantz’s leadership, Geiger remains a major player in North America, with $330.3 million in 2023 domestic revenue, while pioneering sustainability efforts in the industry.
About ASI
The Advertising Specialty Institute (ASI®, asicentral.com) serves a network of 25,000 suppliers, distributors and decorators in the $26.1 billion promotional products industry.
View original content to download multimedia:https://www.prnewswire.com/news-releases/asi-unveils-2024s-most-powerful-people-in-promo-products-industry-302289059.html
SOURCE Advertising Specialty Institute
Technology
PSP Services Inc. Announces Agreement to Acquire the NCR Atleos Debit Card Production and Transaction Processing Business in Canada
Published
55 mins agoon
October 28, 2024By
VAUGHAN, ON, Oct. 28, 2024 /PRNewswire/ – PSP Services Inc. (PSP) is pleased to announce an agreement to acquire the NCR Atleos debit card production and transaction processing business that services a number of credit unions, financial institutions and payment networks in Canada. The assets will be a very complementary addition to PSP’s award-winning HLX™ unified commerce platform.
“As PSP has continued to evolve its business and successfully execute on a number of strategic objectives that we had planned, this acquisition is timed very well as we are eager to further enhance the acquired assets with very specific solutions that have been built to serve credit unions and financial institutions in Canada,” says Danny Gurizzan, President & CEO of PSP Services. “We have an incredible opportunity to further cement our partnership with some of Canada’s most trusted brands and deliver next generation payment solutions that will enable them to continue to service their constituents with confidence.”
PSP is an emerging payments processor in North America and has been delivering merchant services and its industry-leading, fully integrated, cloud-based POS solution to small and midsize businesses around the world for the last decade. With its corporate headquarters based out of Vaughan, Ontario, the company sees this most recent acquisition as solidifying its leadership position in the Canadian fintech industry, and positioning the credit unions and financial institutions that are currently using the acquired assets to take advantage of many new payment solutions.
“The NCR Atleos team has performed a phenomenal job continuing to build this service with its clients over the past several years. We are proud to have partnered with them on this agreement, bringing into more of our core focus the solutions that are available to be delivered through this technology.” Gurizzan continued, “We very much look forward to welcoming all of our new team members, partners and clients to the PSP family and building and expanding our relationship together.”
About PSP
Payment Solutions Providers (PSP) Services is an award-winning Canadian Fintech company, dedicated to providing innovative payment processing solutions to Canadian consumers and businesses of all sizes. A leader in payment systems, processing and integrations, we provide modular solutions through our eCommerce, in-store payments and Point of Sale (POS) systems. These services are delivered through our proprietary HLX™ Unified Commerce Platform which integrates all major North American payment brands and offers customized data settings, enriched insights, chargeback management workflows, user management permissions, and fraud management tools.
PSP Services is committed to empowering Canadians to thrive in the ever-evolving digital marketplace. Armed with deep credit union and payment network relationships, adding the acquired assets from NCR Atleos propels PSP Services into the upper echelon of Canadian Fintech companies.
View original content:https://www.prnewswire.com/news-releases/psp-services-inc-announces-agreement-to-acquire-the-ncr-atleos-debit-card-production-and-transaction-processing-business-in-canada-302288782.html
SOURCE PSP Services Inc.
Technology
Harmonic Announces Third Quarter 2024 Results
Published
55 mins agoon
October 28, 2024By
Record revenue with Broadband revenue up 92% year over year
Video returned to profitability with greater than 10% Adjusted EBITDA margin
SAN JOSE, Calif., Oct. 28, 2024 /PRNewswire/ — Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the third quarter of 2024.
“Our third quarter results demonstrated strong execution as we achieved record total company revenue and Adjusted EBITDA, with both broadband and video revenue exceeding expectations,” said Nimrod Ben-Natan, president and chief executive officer of Harmonic. “This strong quarterly performance coupled with our market leading technology solutions leaves us well-positioned for further future growth.”
Q3 Financial and Business Highlights
Financial
Revenue: $195.8 million, up 54% compared to $127.2 million in the prior year periodBroadband segment revenue: $145.3 million, compared to $75.8 million in the prior year periodVideo segment revenue: $50.4 million, compared to $51.4 million in the prior year periodGross margin: GAAP 53.5% and non-GAAP 53.7%, both higher compared to GAAP 48.5% and non-GAAP 49.5% in the prior year periodBroadband segment non-GAAP gross margin: 48.3% compared to 44.5% in the prior year periodVideo segment non-GAAP gross margin: 69.0% compared to 56.9% in the prior year periodOperating income (loss): GAAP income $35.4 million and non-GAAP income $44.5 million, compared to GAAP loss $8.6 million and non-GAAP income $0.1 million in the prior year periodNet income (loss): GAAP net income $21.7 million and non-GAAP net income of $29.9 million, compared to GAAP net loss $6.5 million and non-GAAP net income $0.0 million in the prior year periodNon-GAAP adjusted EBITDA: $43.4 million income compared to $3.5 million income in the prior year periodNet income (loss) per share: GAAP net income per share of $0.19 and non-GAAP net income per share of $0.26, compared to GAAP net loss per share of $0.06 and non-GAAP net income per share of $0.00 in the prior year periodBacklog and deferred revenue of $584.7 millionCash: $58.2 million, compared to $75.6 million in the prior year period
Business
Commercially deployed our cOSTM solution with 121 customers, serving 32.0 million cable modemsComcast and Harmonic demonstrated the industry’s first Unified DOCSIS 4.0 and fiber solution at SCTE TechExpo24, with Unified DOCSIS 4.0 technology now available for all MSOsIncreased Broadband customer diversification with 7 new customer wins, including Bluepeak Fiber and Tribal Ready selecting Harmonic’s cOS broadband platformFurther progress on Video sales pipeline of larger Appliance and Tier 1 SaaS opportunities
Select Financial Information
GAAP
Non-GAAP
Key Financial Results
Q3 2024
Q2 2024
Q3 2023
Q3 2024
Q2 2024
Q3 2023
(Unaudited, in millions, except per share data)
Net revenue
$ 195.8
$ 138.7
$ 127.2
*
*
*
Net income (loss)
$ 21.7
$ (12.5)
$ (6.5)
$ 29.9
$ 9.3
$ —
Net income (loss) per share
$ 0.19
$ (0.11)
$ (0.06)
$ 0.26
$ 0.08
$ 0.00
Other Financial Information
Q3 2024
Q2 2024
Q3 2023
(Unaudited, in millions)
Adjusted EBITDA for the quarter (1)
$ 43.4
$ 16.1
$ 3.5
Bookings for the quarter
$ 171.4
$ 72.4
$ 96.3
Backlog and deferred revenue as of quarter end
$ 584.7
$ 613.1
$ 627.2
Cash and cash equivalents as of quarter end
$ 58.2
$ 45.9
$ 75.6
(1) Adjusted EBITDA is a Non-GAAP financial measure. Refer to “Preliminary Net Income (loss) to Consolidated Segment Adjusted EBITDA Reconciliation” below for a reconciliation to net income (loss), the most comparable GAAP measure.
* Not applicable
Explanations regarding our use of non-GAAP financial measures and related definitions, and reconciliations of our GAAP and Non-GAAP measures, are provided in the sections below entitled “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations”.
Financial Guidance
Q4 2024 GAAP Financial Guidance
(Unaudited, in millions, except
percentages and per share data)
Low
High
Broadband
Video
Total GAAP
Broadband
Video
Total GAAP
Net revenue
$ 160
$ 45
$ 205
$ 170
$ 50
$ 220
Gross margin %
55.4 %
56.7 %
Gross profit
$ 114
$ 125
Tax rate
26 %
26 %
Net income
$ 30
$ 36
Net income per share
$ 0.26
$ 0.31
Shares (1)
117.8
117.8
(1) Diluted shares assumes stock price at $13.34 (Q3 2024 average price).
2024 GAAP Financial Guidance
(Unaudited, in millions, except
percentages and per share data)
Low
High
Broadband
Video
Total GAAP
Broadband
Video
Total GAAP
Net revenue (1)
$ 477
$ 184
$ 662
$ 487
$ 189
$ 677
Gross margin %
53.6 %
54.0 %
Gross profit
$ 354
$ 366
Tax rate
26 %
26 %
Net income
$ 31
$ 37
Net income per share
$ 0.27
$ 0.32
Shares (2)
117.5
117.5
(1) Components may not sum to total due to rounding.
(2) Diluted shares assumes stock price at $13.34 (Q3 2024 average price).
Q4 2024 Non-GAAP Financial Guidance (1)
(Unaudited, in millions, except
percentages and per share data)
Low
High
Broadband
Video
Total
Broadband
Video
Total
Gross margin %
53.0 %
64.0 %
55.4 %
54.0 %
66.0 %
56.7 %
Gross profit
$ 85
$ 29
$ 114
$ 92
$ 33
$ 125
Adjusted EBITDA(2)
$ 54
$ 2
$ 55
$ 59
$ 5
$ 64
Tax rate
21 %
21 %
Net income per share
$ 0.33
$ 0.39
Shares (3)
117.8
117.8
(1) Refer to “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations on Financial Guidance” below. Components may not sum to total due to rounding.
(2) Refer to “Net Income to Consolidated Adjusted EBITDA Reconciliation on Financial Guidance” below for a reconciliation to net income, the most comparable GAAP measure.
(3) Diluted shares assumes stock price at $13.34 (Q3 2024 average price).
2024 Non-GAAP Financial Guidance (1)
(Unaudited, in millions, except
percentages and per share data)
Low
High
Broadband
Video
Total
Broadband
Video
Total
Gross margin %
49.6 %
64.9 %
53.9 %
50.0 %
65.4 %
54.3 %
Gross profit
$ 237
$ 120
$ 356
$ 244
$ 124
$ 368
Adjusted EBITDA(2)
$ 118
$ 1
$ 119
$ 123
$ 4
$ 127
Tax rate
21 %
21 %
Net income per share (3)
$ 0.67
$ 0.73
Shares (3)
117.5
117.5
(1) Refer to “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations on Financial Guidance” below. Components may not sum to total due to rounding.
(2) Refer to “Net Income to Consolidated Segment Adjusted EBITDA Reconciliation on Financial Guidance” below for a reconciliation to net income, the most comparable GAAP measure.
(3) Diluted shares assumes stock price at $13.34 (Q3 2024 average price).
Conference Call Information
Harmonic will host a conference call to discuss its financial results at 2:00 p.m. PT (5:00 p.m. ET) on Monday, October 28, 2024. The live webcast will be available on the Harmonic Investor Relations website at http://investor.harmonicinc.com. To participate via telephone, please register in advance using this link, https://register.vevent.com/register/BI24dc955b30d3439abf656ef581cfa35c. A replay will be available after 5:00 p.m. PT on the same website.
About Harmonic Inc.
Harmonic (NASDAQ: HLIT), the worldwide leader in virtualized broadband and video delivery solutions, enables media companies and service providers to deliver ultra-high-quality video streaming and broadcast services to consumers globally. The company revolutionized broadband networking via the industry’s first virtualized broadband solution, enabling operators to more flexibly deploy gigabit internet service to consumers’ homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software platforms, or powering the delivery of gigabit internet services, Harmonic is changing the way media companies and service providers monetize live and on-demand content on every screen. More information is available at www.harmonicinc.com.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements related to our expectations regarding: net revenue, gross margins, operating expenses, operating income (loss), Adjusted EBITDA, tax expense and tax rate, and net income (loss) per diluted share. Our expectations regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, in no particular order, the following: customer concentration and consolidation; loss of one or more key customers; delays or decreases in capital spending in the cable, satellite, telco, broadcast and media industries; the possibility that our products will not generate sales that are commensurate with our expectations or that our cost of revenue or operating expenses may exceed our expectations; the market and technology trends underlying our Broadband and Video businesses will not continue to develop in their current direction or pace; the impact of general economic conditions on our sales and operations; the mix of products and services sold in various geographies and the effect it has on gross margins; our ability to develop new and enhanced products in a timely manner and market acceptance of our new or existing products; risks associated with our international operations; exchange rate fluctuations of the currencies in which we conduct business; risks associated with our cOSTM and VOS product solutions; dependence on various broadband and video industry trends; inventory management; the lack of timely availability or the impact of increases in the prices of parts or raw materials necessary to produce our products; the effect of competition, on both revenue and gross margins; difficulties associated with rapid technological changes in our markets; risks associated with unpredictable sales cycles; our dependence on contract manufacturers and sole or limited source suppliers; and the impact on our business of natural disasters. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Harmonic’s filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K for the year ended December 31, 2023, our most recent Quarterly Report on Form 10-Q and our Current Reports on Form 8-K. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and Harmonic disclaims any obligation to update any forward-looking statements.
Use of Non-GAAP Financial Measures
The Company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP” or referred to herein as “reported”). However, management believes that certain non-GAAP financial measures provide management and other users with additional meaningful financial information that should be considered when assessing our ongoing performance. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business, establish operating budgets, set internal measurement targets and make operating decisions.
These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Harmonic’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Harmonic’s results of operations in conjunction with the corresponding GAAP measures.
The Company believes that the presentation of non-GAAP measures, when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and its historical and projected results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the Company’s reported results prepared in accordance with GAAP.
The non-GAAP measures presented here are: Gross profit, operating expenses, income (loss) from operations, non-operating expenses and net income (loss), Adjusted EBITDA (including those amounts as a percentage of revenue) and net income (loss) per diluted share. The presentation of non-GAAP information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP, and is not necessarily comparable to non-GAAP results published by other companies. A reconciliation of the historical non-GAAP financial measures discussed in this press release to the most directly comparable historical GAAP financial measures is included with the financial statements provided with this press release. The non-GAAP adjustments described below have historically been excluded from our GAAP financial measures.
Our non-GAAP financial measures reflect adjustments based on the following items, as well as the related income tax effects:
Stock-based compensation – Although stock-based compensation is a key incentive offered to our employees, we continue to evaluate our business performance excluding stock-based compensation expenses. We believe that management is limited in its ability to project the impact stock-based compensation would have on our operating results. In addition, for comparability purposes, we believe it is useful to provide a non-GAAP financial measure that excludes stock-based compensation in order to better understand the long-term performance of our core business and to facilitate the comparison of our results to the results of our peer companies.
Restructuring and related charges – Harmonic from time to time incurs restructuring charges which primarily consist of employee severance, one-time termination benefits related to the reduction of its workforce, and other costs. These charges are associated with material business shifts. We exclude these items because we do not believe they are reflective of our ongoing long-term business and operating results.
Non-cash interest expense expenses related to convertible notes and other debt – We record the amortization of issuance costs as non-cash interest expense. We believe that excluding these costs provides meaningful supplemental information regarding operational performance and liquidity, along with enhancing investors’ ability to view the Company’s results from management’s perspective. In addition, we believe excluding these costs from the non-GAAP measures facilitates comparisons to our historical operating results and comparisons to peer company operating results.
Discrete tax items and tax effect of non-GAAP adjustments – The income tax effect of non-GAAP adjustments relates to the tax effect of the adjustments that we incorporate into non-GAAP financial measures in order to provide a more meaningful measure of non-GAAP net income.
Depreciation – Depreciation expense, along with interest, tax and stock-based compensation expense, and restructuring charges, is excluded from Adjusted EBITDA because we do not believe depreciation and the other items relate to the ordinary course of our business or are reflective of our underlying business performance.
Non-recurring advisory fees – There were non-recurring costs that we excluded from non-GAAP results relating to professional accounting, tax and legal fees associated with strategic corporate initiatives.
Asset impairment and related charges – We exclude asset impairment and related charges due to the nature of such expenses being unusual and arising outside the ordinary course of continuing operations. These costs primarily consist of impairments of fixed assets, right-of-use assets and related leasehold improvements, and other unrecoverable facility costs due to the intended change in use of certain leased space.
Harmonic Inc.
Preliminary Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except par value)
September 27,
2024
December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents
$ 58,174
$ 84,269
Restricted cash
327
—
Accounts receivable, net
173,730
141,531
Inventories
73,864
83,982
Prepaid expenses and other current assets
30,273
20,950
Total current assets
336,368
330,732
Property and equipment, net
28,396
36,683
Operating lease right-of-use assets
13,471
20,817
Goodwill
239,597
239,150
Deferred income taxes
107,380
104,707
Other non-current assets
34,649
36,117
Total assets
$ 759,861
$ 768,206
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Convertible debt
$ —
$ 114,880
Current portion of long-term debt
1,944
—
Current portion of other borrowings
5,285
4,918
Accounts payable
42,480
38,562
Deferred revenue
50,891
46,217
Operating lease liabilities
5,971
6,793
Other current liabilities
55,091
61,024
Total current liabilities
161,662
272,394
Long-term debt
112,819
—
Other long-term borrowings
9,458
10,495
Operating lease liabilities, non-current
15,647
18,965
Other non-current liabilities
31,338
29,478
Total liabilities
330,924
331,332
Stockholders’ equity:
Preferred stock, $0.001 par value, 5,000 shares authorized; no shares issued or outstanding
—
—
Common stock, $0.001 par value, 150,000 shares authorized; 116,511 and 112,407 shares
issued and outstanding at September 27, 2024 and December 31, 2023, respectively
117
112
Additional paid-in capital
2,424,322
2,405,043
Accumulated deficit
(1,991,615)
(1,962,575)
Accumulated other comprehensive loss
(3,887)
(5,706)
Total stockholders’ equity
428,937
436,874
Total liabilities and stockholders’ equity
$ 759,861
$ 768,206
Harmonic Inc.
Preliminary Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)
Three Months Ended
Nine Months Ended
September 27, 2024
September 29, 2023
September 27, 2024
September 29, 2023
Revenue:
Appliance and integration
$ 153,685
$ 84,760
$ 329,464
$ 310,681
SaaS and service
42,071
42,443
127,092
130,134
Total net revenue
195,756
127,203
456,556
440,815
Cost of revenue:
Appliance and integration
77,683
48,992
171,635
166,177
SaaS and service
13,341
16,527
43,651
43,960
Total cost of revenue
91,024
65,519
215,286
210,137
Total gross profit
104,732
61,684
241,270
230,678
Operating expenses:
Research and development
30,073
30,316
89,562
96,030
Selling, general and administrative
35,851
39,245
114,537
121,300
Asset impairment and related charges
3,103
—
12,103
—
Restructuring and related charges
281
726
14,800
809
Total operating expenses
69,308
70,287
231,002
218,139
Income (loss) from operations
35,424
(8,603)
10,268
12,539
Interest expense, net
(2,686)
(619)
(4,833)
(2,125)
Other income (expense), net
(3,932)
343
(3,602)
(86)
Income (loss) before income taxes
28,806
(8,879)
1,833
10,328
Provision for (benefit from) income taxes
7,088
(2,384)
736
10,175
Net income (loss)
$ 21,718
$ (6,495)
$ 1,097
$ 153
Net income (loss) per share:
Basic
$ 0.19
$ (0.06)
$ 0.01
$ —
Diluted
$ 0.19
$ (0.06)
$ 0.01
$ —
Weighted average shares outstanding:
Basic
116,403
112,031
114,594
111,431
Diluted
117,358
112,031
117,385
117,910
Harmonic Inc.
Preliminary Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Nine Months Ended
September 27, 2024
September 29, 2023
Cash flows from operating activities:
Net income
$ 1,097
$ 153
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
9,171
9,178
Asset impairment and related charges
12,103
—
Stock-based compensation
19,587
20,724
Foreign currency remeasurement
6,513
(814)
Deferred income taxes, net
(2,673)
2,026
Provision for excess and obsolete inventories
3,135
6,514
Other adjustments
435
1,689
Changes in operating assets and liabilities:
Accounts receivable, net
(31,611)
(2,558)
Inventories
6,592
14,532
Other assets
(3,489)
6,164
Accounts payable
1,787
(20,606)
Deferred revenues
2,062
(9,208)
Other liabilities
(11,323)
(27,002)
Net cash provided by operating activities
13,386
792
Cash flows from investing activities:
Purchases of short-term investments
—
(6,305)
Purchases of property and equipment
(6,840)
(5,749)
Net cash used in investing activities
(6,840)
(12,054)
Cash flows from financing activities:
Proceeds from long-term debt
115,000
—
Repayment of convertible debt
(115,500)
—
Payments for debt issuance costs
(332)
—
Repurchase of common stock
(30,047)
—
Proceeds from other borrowings
3,943
3,829
Repayment of other borrowings
(4,797)
(4,721)
Proceeds from common stock issued to employees
6,628
6,552
Taxes paid related to net share settlement of equity awards
(6,877)
(8,643)
Net cash used in financing activities
(31,982)
(2,983)
Effect of exchange rate changes on cash and cash equivalents and restricted cash
(332)
281
Net decrease in cash and cash equivalents and restricted cash
(25,768)
(13,964)
Cash and cash equivalents and restricted cash at beginning of period
84,269
89,586
Cash and cash equivalents and restricted cash at end of period
$ 58,501
$ 75,622
Cash and cash equivalents and restricted cash at end of period
Cash and cash equivalents
$ 58,174
$ 75,622
Restricted cash
327
—
Total cash, cash equivalents and restricted cash as shown in the condensed consolidated statement of cash flows
$ 58,501
$ 75,622
Harmonic Inc.
Preliminary Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Nine Months Ended
September 27, 2024
September 29, 2023
Supplemental cash flow disclosure:
Income tax payments, net
$ 12,894
$ 6,376
Interest payments, net
$ 4,363
$ 1,921
Supplemental schedule of non-cash investing activities:
Capital expenditures incurred but not yet paid
$ 709
$ 1,802
Supplemental schedule of non-cash financing activities:
Shares of common stock issued upon redemption of the 2024 Notes
4,578
—
Harmonic Inc.
Preliminary GAAP Revenue Information
(Unaudited, in thousands, except percentages)
Three Months Ended
September 27, 2024
June 28, 2024
September 29, 2023
Geography
Americas
$ 167,720
86 %
$ 109,597
79 %
$ 91,221
72 %
EMEA
20,269
10 %
22,680
16 %
28,465
22 %
APAC
7,767
4 %
6,463
5 %
7,517
6 %
Total
$ 195,756
100 %
$ 138,740
100 %
$ 127,203
100 %
Market
Service Provider
$ 159,993
82 %
$ 104,429
75 %
$ 87,747
69 %
Broadcast and Media
35,763
18 %
34,311
25 %
39,456
31 %
Total
$ 195,756
100 %
$ 138,740
100 %
$ 127,203
100 %
Nine Months Ended
September 27, 2024
September 29, 2023
Geography
Americas
$ 370,348
81 %
$ 318,294
72 %
EMEA
66,509
15 %
97,648
22 %
APAC
19,699
4 %
24,873
6 %
Total
$ 456,556
100 %
$ 440,815
100 %
Market
Service Provider
$ 351,115
77 %
$ 314,439
71 %
Broadcast and Media
105,441
23 %
126,376
29 %
Total
$ 456,556
100 %
$ 440,815
100 %
Harmonic Inc.
Preliminary Segment Information
(Unaudited, in thousands, except percentages)
Three Months Ended September 27, 2024
Broadband
Video
Total Segment
Measures
Adjustments (1)
Consolidated
GAAP
Measures
Net revenue
$ 145,338
$ 50,418
$ 195,756
$ —
$ 195,756
Gross profit
70,256
(1)
34,770
(1)
105,026
(1)
(294)
104,732
Gross margin %
48.3 %
(1)
69.0 %
(1)
53.7 %
(1)
53.5 %
Three Months Ended June 28, 2024
Broadband
Video
Total Segment
Measures
Adjustments (1)
Consolidated
GAAP
Measures
Net revenue
$ 92,937
$ 45,803
$ 138,740
$ —
$ 138,740
Gross profit
44,236
(1)
29,494
(1)
73,730
(1)
(273)
73,457
Gross margin %
47.6 %
(1)
64.4 %
(1)
53.1 %
(1)
52.9 %
Three Months Ended September 29, 2023
Broadband
Video
Total Segment
Measures
Adjustments (1)
Consolidated
GAAP
Measures
Net revenue
$ 75,806
$ 51,397
$ 127,203
$ —
$ 127,203
Gross profit
33,763
(1)
29,241
(1)
63,004
(1)
(1,320)
61,684
Gross margin %
44.5 %
(1)
56.9 %
(1)
49.5 %
(1)
48.5 %
Nine Months Ended September 27, 2024
Broadband
Video
Total Segment
Measures
Adjustments (1)
Consolidated
GAAP
Measures
Net revenue
$ 317,172
$ 139,384
$ 456,556
$ —
$ 456,556
Gross profit
151,986
(1)
90,833
(1)
242,819
(1)
(1,549)
241,270
Gross margin %
47.9 %
(1)
65.2 %
(1)
53.2 %
(1)
52.8 %
Nine Months Ended September 29, 2023
Broadband
Video
Total Segment
Measures
Adjustments (1)
Consolidated
GAAP
Measures
Net revenue
$ 273,253
$ 167,562
$ 440,815
$ —
$ 440,815
Gross profit
133,129
(1)
100,158
(1)
233,287
(1)
(2,609)
230,678
Gross margin %
48.7 %
(1)
59.8 %
(1)
52.9 %
(1)
52.3 %
(1) Segment gross margin and segment gross profit are Non-GAAP financial measures. Refer to “Use of Non-GAAP Financial Measures” above and “GAAP to Non-GAAP Reconciliations” below.
Harmonic Inc.
GAAP to Non-GAAP Reconciliations (Unaudited)
(in thousands, except percentages and per share data)
Three Months Ended September 27, 2024
Revenue
Gross Profit
Total
Operating
Expense
Income from
Operations
Total Non-
operating
Expense, net
Net Income
GAAP
$ 195,756
$ 104,732
$ 69,308
$ 35,424
$ (6,618)
$ 21,718
Stock-based compensation
—
294
(5,416)
5,710
—
5,710
Restructuring and related charges
—
—
(281)
281
—
281
Asset impairment and related charges (1)
—
—
(3,103)
3,103
—
3,103
Discrete tax items and tax effect of non-GAAP adjustments
—
—
—
—
—
(871)
Total adjustments
—
294
(8,800)
9,094
—
8,223
Non-GAAP
$ 195,756
$ 105,026
$ 60,508
$ 44,518
$ (6,618)
$ 29,941
As a % of revenue (GAAP)
53.5 %
35.4 %
18.1 %
(3.4) %
11.1 %
As a % of revenue (Non-GAAP)
53.7 %
30.9 %
22.7 %
(3.4) %
15.3 %
Diluted net income per share:
GAAP
$ 0.19
Non-GAAP
$ 0.26
Shares used in per share calculation:
GAAP and Non-GAAP
117,358
(1) Includes write-off of $1.8 million for internally developed capitalized software, and impairment charges of $0.8 million for right-of-use assets, $0.1 million for leasehold improvements and $0.4 million related to the fair value of other unrecoverable facility costs.
Three Months Ended June 28, 2024
Revenue
Gross Profit
Total
Operating
Expense
Income
(Loss) from
Operations
Total Non-
operating
Expense, net
Net Income
(Loss)
GAAP
$ 138,740
$ 73,457
$ 89,087
$ (15,630)
$ (805)
$ (12,532)
Stock-based compensation
—
273
(6,681)
6,954
—
6,954
Restructuring and related charges
—
—
(11,482)
11,482
—
11,482
Non-recurring advisory fees
—
—
(406)
406
—
406
Asset impairment and related charges (1)
—
—
(9,000)
9,000
—
9,000
Non-cash interest expense related to convertible notes
—
—
—
—
338
338
Discrete tax items and tax effect of non-GAAP adjustments
—
—
—
—
—
(6,369)
Total adjustments
—
273
(27,569)
27,842
338
21,811
Non-GAAP
$ 138,740
$ 73,730
$ 61,518
$ 12,212
$ (467)
$ 9,279
As a % of revenue (GAAP)
52.9 %
64.2 %
(11.3) %
(0.6) %
(9.0) %
As a % of revenue (Non-GAAP)
53.1 %
44.3 %
8.8 %
(0.3) %
6.7 %
Diluted net income (loss) per share:
GAAP
$ (0.11)
Non-GAAP
$ 0.08
Shares used in per share calculation:
GAAP
115,030
Non-GAAP
116,690
(1) Includes impairment charges of $2.9 million for right-of-use assets, $4.2 million for leasehold improvements, and $1.9 million related to the fair value of other unrecoverable facility costs.
Three Months Ended September 29, 2023
Revenue
Gross Profit
Total
Operating
Expense
Income
(Loss) from
Operations
Total Non-
operating
Expense, net
Net Income
(Loss)
GAAP
$ 127,203
$ 61,684
$ 70,287
$ (8,603)
$ (276)
$ (6,495)
Stock-based compensation
—
606
(6,635)
7,241
—
7,241
Restructuring and related charges
—
714
(362)
1,076
—
1,076
Non-recurring advisory fees
—
—
(364)
364
—
364
Non-cash interest expense related to convertible notes
—
—
—
—
226
226
Discrete tax items and tax effect of non-GAAP adjustments
—
—
—
—
—
(2,390)
Total adjustments
—
1,320
(7,361)
8,681
226
6,517
Non-GAAP
$ 127,203
$ 63,004
$ 62,926
$ 78
$ (50)
$ 22
As a % of revenue (GAAP)
48.5 %
55.3 %
(6.8) %
(0.2) %
(5.1) %
As a % of revenue (Non-GAAP)
49.5 %
49.5 %
0.1 %
— %
— %
Diluted net income (loss) per share:
GAAP
$ (0.06)
Non-GAAP
$ 0.00
Shares used in per share calculation:
GAAP
112,031
Non-GAAP
116,710
Nine Months Ended September 27, 2024
Revenue
Gross Profit
Total
Operating
Expense
Income from
Operations
Total Non-
operating
Expense, net
Net Income
GAAP
$ 456,556
$ 241,270
$ 231,002
$ 10,268
$ (8,435)
$ 1,097
Stock-based compensation
—
1,089
(18,498)
19,587
—
19,587
Restructuring and related charges
—
460
(14,800)
15,260
11
15,271
Non-recurring advisory fees
—
—
(755)
755
—
755
Asset impairment and related charges (1)
—
—
(12,103)
12,103
—
12,103
Non-cash interest expense related to convertible notes
—
—
—
—
567
567
Discrete tax items and tax effect of non-GAAP adjustments
—
—
—
—
—
(9,778)
Total adjustments
—
1,549
(46,156)
47,705
578
38,505
Non-GAAP
$ 456,556
$ 242,819
$ 184,846
$ 57,973
$ (7,857)
$ 39,602
As a % of revenue (GAAP)
52.8 %
50.6 %
2.2 %
(1.8) %
0.2 %
As a % of revenue (Non-GAAP)
53.2 %
40.5 %
12.7 %
(1.7) %
8.7 %
Diluted net income per share:
GAAP
$ 0.01
Non-GAAP
$ 0.34
Shares used in per share calculation:
GAAP and Non-GAAP
117,385
(1) Includes write-off of $1.8 million for internally developed capitalized software, and impairment charges of $3.7 million for right-of-use assets, $4.3 million for leasehold improvements, and $2.3 million related to the fair value of other unrecoverable facility costs.
Nine Months Ended September 29, 2023
Revenue
Gross Profit
Total
Operating
Expense
Income from
Operations
Total Non-
operating
Expense, net
Net Income
GAAP
$ 440,815
$ 230,678
$ 218,139
$ 12,539
$ (2,211)
$ 153
Stock-based compensation
—
1,895
(18,829)
20,724
—
20,724
Restructuring and related charges
—
714
(445)
1,159
—
1,159
Non-recurring advisory fees
—
—
(2,499)
2,499
—
2,499
Non-cash interest expense related to convertible notes
—
—
—
—
672
672
Discrete tax items and tax effect of non-GAAP adjustments
—
—
—
—
—
3,099
Total adjustments
—
2,609
(21,773)
24,382
672
28,153
Non-GAAP
$ 440,815
$ 233,287
$ 196,366
$ 36,921
$ (1,539)
$ 28,306
As a % of revenue (GAAP)
52.3 %
49.5 %
2.8 %
(0.5) %
— %
As a % of revenue (Non-GAAP)
52.9 %
44.5 %
8.4 %
(0.3) %
6.4 %
Diluted net income per share:
GAAP
$ —
Non-GAAP
$ 0.24
Shares used in per share calculation:
GAAP and Non-GAAP
117,910
Harmonic Inc.
Calculation of Adjusted EBITDA by Segment (Unaudited)
(In thousands, except percentages)
Three Months Ended September 27, 2024
Broadband
Video
Income from operations (1)
$ 38,192
$ 6,326
Depreciation
2,001
859
Other non-operating expense, net
(2,733)
(1,199)
Adjusted EBITDA(2)
$ 37,460
$ 5,986
Revenue
$ 145,338
$ 50,418
Adjusted EBITDA margin % (2)
25.8 %
11.9 %
Three Months Ended June 28, 2024
Broadband
Video
Income (loss) from operations (1)
$ 13,781
$ (1,569)
Depreciation
2,133
1,093
Other non-operating income, net
406
213
Adjusted EBITDA(2)
$ 16,320
$ (263)
Revenue
$ 92,937
$ 45,803
Adjusted EBITDA margin % (2)
17.6 %
(0.6) %
Three Months Ended September 29, 2023
Broadband
Video
Income (loss) from operations (1)
$ 6,128
$ (6,050)
Depreciation
1,746
1,343
Other non-operating income, net
211
132
Adjusted EBITDA(2)
$ 8,085
$ (4,575)
Revenue
$ 75,806
$ 51,397
Adjusted EBITDA margin % (2)
10.7 %
(8.9) %
Nine Months Ended September 27, 2024
Broadband
Video
Income (loss) from operations (1)
$ 60,567
$ (2,594)
Depreciation
6,120
3,051
Other non-operating expense, net
(2,506)
(1,085)
Adjusted EBITDA(2)
$ 64,181
$ (628)
Revenue
$ 317,172
$ 139,384
Adjusted EBITDA margin % (2)
20.2 %
(0.5) %
Nine Months Ended September 29, 2023
Broadband
Video
Income (loss) from operations (1)
$ 44,307
$ (7,386)
Depreciation
5,061
4,117
Other non-operating expense, net
(44)
(42)
Adjusted EBITDA(2)
$ 49,324
$ (3,311)
Revenue
$ 273,253
$ 167,562
Adjusted EBITDA margin % (2)
18.1 %
(2.0) %
(1) Refer to “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations” above.
(2) Adjusted EBITDA and Adjusted EBITDA margin are Non-GAAP financial measures. Refer below for the “Net Income (Loss) to Consolidated Segment Adjusted EBITDA Reconciliation”.
Harmonic Inc.
Preliminary Net Income (Loss) to Consolidated Segment Adjusted EBITDA Reconciliation (Unaudited)
(In thousands, except percentages)
Three Months Ended
September 27, 2024
June 28, 2024
September 29, 2023
Net income (loss) (GAAP)
$ 21,718
$ (12,532)
$ (6,495)
Provision for (benefit from) income taxes
7,088
(3,903)
(2,384)
Interest expense, net
2,686
1,424
619
Depreciation
2,860
3,226
3,089
EBITDA
34,352
(11,785)
(5,171)
Adjustments
Stock-based compensation
5,710
6,954
7,241
Restructuring and related charges
281
11,482
1,076
Non-recurring advisory fees
—
406
364
Asset impairment and related charges
3,103
9,000
—
Total consolidated segment adjusted EBITDA (Non-GAAP)
$ 43,446
$ 16,057
$ 3,510
Revenue
$ 195,756
$ 138,740
$ 127,203
Net income (loss) margin (GAAP)
11.1 %
(9.0) %
(5.1) %
Consolidated segment Adjusted EBITDA margin (Non-GAAP)
22.2 %
11.6 %
2.8 %
Nine Months Ended
September 27, 2024
September 29, 2023
Net income (GAAP)
$ 1,097
$ 153
Provision for income taxes
736
10,175
Interest expense, net
4,833
2,125
Depreciation
9,171
9,178
EBITDA
15,837
21,631
Adjustments
Stock-based compensation
19,587
20,724
Restructuring and related charges
15,271
1,159
Non-recurring advisory fees
755
2,499
Asset impairment and related charges
12,103
—
Total consolidated segment adjusted EBITDA (Non-GAAP)
$ 63,553
$ 46,013
Revenue
$ 456,556
$ 440,815
Net income margin (GAAP)
0.2 %
— %
Consolidated segment Adjusted EBITDA margin (Non-GAAP)
13.9 %
10.4 %
Harmonic Inc.
GAAP to Non-GAAP Reconciliations on Financial Guidance (Unaudited)
(In millions, except percentages and per share data)
Q4 2024 Financial Guidance (1)
Revenue
Gross Profit
Total Operating
Expense
Income from
Operations
Net Income
GAAP
$ 205
to
$ 220
$ 114
to
$ 125
$ 70
to
$ 73
$ 44
to
$ 52
$ 30
to
$ 36
Stock-based compensation expense
—
—
(9)
9
9
Tax effect of non-GAAP adjustments
—
—
—
—
—
to
1
Total adjustments
—
—
(9)
9
9
to
10
Non-GAAP
$ 205
to
$ 220
$ 114
to
$ 125
$ 61
to
$ 64
$ 53
to
$ 61
$ 39
to
$ 46
As a % of revenue (GAAP)
55.4 %
to
56.7 %
34.1 %
to
33.2 %
21.5 %
to
23.6 %
14.6 %
to
16.4 %
As a % of revenue (Non-GAAP)
55.4 %
to
56.7 %
29.8 %
to
29.1 %
25.7 %
to
27.6 %
19.0 %
to
20.9 %
Diluted net income per share:
GAAP
$ 0.26
to
$ 0.31
Non-GAAP
$ 0.33
to
$ 0.39
Shares used in per share calculation:
GAAP and Non-GAAP
117.8
(1) Components may not sum to total due to rounding.
2024 Financial Guidance (1)
Revenue
Gross Profit
Total Operating
Expense
Income from
Operations
Net Income
GAAP
$ 662
to
$ 677
$ 354
to
$ 366
$ 301
to
$ 304
$ 54
to
$ 62
$ 31
to
$ 37
Stock-based compensation expense
—
2
(27)
29
29
Restructuring and related charges
—
—
(15)
15
15
Non-recurring advisory fees
—
—
(1)
1
1
Asset impairment and related charges
—
—
(12)
12
12
Non-cash interest expense related to convertible notes
—
—
—
—
1
Tax effect of non-GAAP adjustments
—
—
—
—
(10)
to
(9)
Total adjustments
—
2
(55)
57
48
to
49
Non-GAAP
$ 662
to
$ 677
$ 356
to
$ 368
$ 246
to
$ 249
$ 111
to
$ 119
$ 79
to
$ 86
As a % of revenue (GAAP)
53.6 %
to
54.0 %
45.5 %
to
44.9 %
8.2 %
to
9.2 %
4.7 %
to
5.5 %
As a % of revenue (Non-GAAP)
53.9 %
to
54.3 %
37.2 %
to
36.8 %
16.7 %
to
17.6 %
11.9 %
to
12.7 %
Diluted net income per share:
GAAP
$ 0.27
to
$ 0.32
Non-GAAP
$ 0.67
to
$ 0.73
Shares used in per share calculation:
GAAP and Non-GAAP
117.5
(1) Components may not sum to total due to rounding.
Harmonic Inc.
Calculation of Adjusted EBITDA by Segment on Financial Guidance (Unaudited) (1)
(In millions)
Q4 2024 Financial Guidance
Broadband
Video
Income from operations (2)
$ 52
to
$ 57
$ 1
to
$ 4
Depreciation
2
2
1
1
Segment adjusted EBITDA(3)
$ 54
to
$ 59
$ 2
to
$ 5
2024 Financial Guidance
Broadband
Video
Income (loss) from operations (2)
$ 112
to
$ 117
$ (2)
to
$ 1
Depreciation
9
9
4
4
Other non-operating expense, net
(3)
(3)
(1)
(1)
Segment adjusted EBITDA(3)
$ 118
to
$ 123
$ 1
to
$ 4
(1) Components may not sum to total due to rounding.
(2) Refer to “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations on Financial Guidance” above.
(3) Segment Adjusted EBITDA is a Non-GAAP financial measure. Refer below for the “Net income to Consolidated Segment Adjusted EBITDA reconciliation on Financial Guidance”.
Harmonic Inc.
Net Income to Consolidated Segment Adjusted EBITDA Reconciliation on Financial Guidance (Unaudited) (1)
(In millions)
Q4 2024 Financial Guidance
2024 Financial Guidance
Net income (GAAP)
$ 30
to
$ 36
$ 31
to
$ 37
Provision for income taxes
11
14
11
13
Interest expense, net
2
2
7
7
Depreciation
3
3
13
13
EBITDA
46
to
55
62
to
70
Adjustments
Stock-based compensation
9
9
29
29
Restructuring and related charges
—
—
15
15
Asset impairment and related charges
—
—
12
12
Non-recurring advisory fees
—
—
1
1
Total consolidated segment adjusted EBITDA (Non-GAAP) (2)
$ 55
to
$ 64
$ 119
to
$ 127
(1) Components may not sum to total due to rounding.
(2) Consolidated Segment adjusted EBITDA is a Non-GAAP financial measure. Refer to “Use of Non-GAAP Financial Measures” above.
View original content to download multimedia:https://www.prnewswire.com/news-releases/harmonic-announces-third-quarter-2024-results-302288744.html
SOURCE Harmonic Inc.
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