Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
October 23, 2012
Date of Report
(Date of earliest event reported)
HARMONIC INC.
(Exact name of Registrant as specified in its charter)
| Delaware | 000-25826 | 77-0201147 | ||
| (State or other jurisdiction of incorporation or organization) |
Commission File Number |
(I.R.S. Employer Identification Number) |
4300 North First Street
San Jose, CA 95134
(408) 542-2500
(Address, including zip code, and telephone number, including area code, of Registrant’s principal executive offices)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Table of Contents
| Item 2.02 | Results of Operations and Financial Condition |
| Item 9.01 | Financial Statements and Exhibits |
Table of Contents
| Item 2.02. | Results of Operations and Financial Condition. |
On October 23, 2012, Harmonic Inc. (“Harmonic” or the “Company”) issued a press release regarding its preliminary unaudited financial results for the quarter ended September 28, 2012. In the press release, Harmonic also announced that it would be holding a conference call on October 23, 2012 to discuss its financial results for the quarter ended September 28. A copy of the press release is furnished as Exhibit 99.1 hereto, and the information in Exhibit 99.1 is incorporated herein by reference.
The information in this Current Report on Form 8-K and the exhibit attached hereto is being furnished and shall not be deemed “filed” for the purposes of Section 8 of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) or otherwise subject to the liabilities of that Section, and this Current Report on Form 8-K and the exhibit furnished herewith shall not be incorporated by reference into any filing by Harmonic under the Securities Act of 1933, as amended, or under the Exchange Act.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| Exhibit Number |
Description | |
| 99.1 | Press release of Harmonic Inc., issued on October 23, 2012. |
Table of Contents
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: October 23, 2012 | HARMONIC INC. | |||||
| By: | /s/ Carolyn V. Aver | |||||
| Carolyn V. Aver | ||||||
| Chief Financial Officer | ||||||
Table of Contents
EXHIBIT INDEX
| Exhibit Number |
Description | |
| 99.1 | Press release of Harmonic Inc., issued on October 23, 2012. |
Exhibit 99.1
For Immediate Release
HARMONIC ANNOUNCES THIRD QUARTER 2012 RESULTS
SAN JOSE, Calif. – October 23, 2012 – Harmonic Inc. (NASDAQ: HLIT), a global leader in video infrastructure solutions, announced today its preliminary and unaudited results for the quarter ended September 28, 2012.
Net revenue for the third quarter of 2012 was $136.7 million, compared with $132.6 million for the second quarter of 2012 and $138.9 million for the third quarter of 2011.
Total bookings in the third quarter of 2012 were approximately $128.7, compared with $141.4 million for the third quarter of 2011. Total backlog and deferred revenue was $137.7 million as of September 28, 2012, compared with $125.4 million as of September 30, 2011.
The company reported a GAAP net loss for the third quarter of 2012 of $(8.2) million, or $(0.07) per share, compared with a GAAP net income for the third quarter of 2011 of $3.5 million or $0.03 per share. Non-GAAP net income for the third quarter of 2012 was $8.1 million, or $0.07 per share, compared with $12.7 million, or $0.11 per share for the third quarter of 2011. See “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Net Income (Loss) Reconciliation” below.
Harmonic reported GAAP gross margins of 44% and GAAP operating margins of (1)% for the third quarter of 2012, compared to 46% and 3%, respectively, for the same period of 2011. Non-GAAP gross margins were 48% and non-GAAP operating margins were 8% for the third quarter of 2012, compared to 51% and 12%, respectively, for the same period of 2011.
As of September 28, 2012, the Company had cash, cash equivalents and short-term investments of $192.0 million, an increase from $177.8 million as of June 29, 2012. The company generated approximately $22.0 million of cash from operations in the third quarter of 2012, and repurchased 1.65 million shares of common stock for approximately $7.4 million under its previously announced stock repurchase program.
“Harmonic delivered sequential revenue and earnings growth, and more than $20 million of cash from operations, in what continues to be a challenging economic environment,” said Patrick Harshman, President and Chief Executive Officer. “Our competitive position remains
strong, and we believe we gained market share in both domestic and international markets. We also made significant progress on new product developments that position Harmonic to capitalize on the next wave of investment by our customers, including cable access (CCAP), high efficiency video coding (HEVC) for next-generation Internet-delivered and Ultra HD video, and a further strengthened solution portfolio enabling multiscreen video services.”
Business Outlook
Harmonic anticipates net revenue in the range of $132 million to $142 million for the fourth quarter of 2012. GAAP gross margins and operating expenses for the fourth quarter of 2012 are expected to be in the range of 44% to 46% and $60 million to $61.5 million, respectively. Non-GAAP gross margins and operating expenses for the fourth quarter of 2012, which will exclude stock-based compensation and the amortization of intangibles, are anticipated to be in the range of 48% to 50% and $55 million to $56.5 million, respectively.
Conference Call Information
Harmonic will host a conference call to discuss its financial results at 2:00 P.M. Pacific (5:00 P.M. Eastern) on Tuesday, October 23, 2012. A listen-only broadcast of the conference call can be accessed either from the Company’s website at www.harmonicinc.com or by calling +1.847.944.7317 or +1.866.297.6395 (conference confirmation number 33516255). The replay will be available after 6:00 P.M. Pacific at the same website address or by calling +1.630.652.3042 or +1.888.843.7419 (pass code 33516255#).
About Harmonic Inc.
Harmonic Inc. (NASDAQ: HLIT) provides infrastructure that powers the video economy. The company enables content and service providers to efficiently create, prepare, and deliver differentiated video services for television and new media platforms. 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 our final results for the third quarter ended September 28, 2012; , regarding the challenging economic environment; regarding our strong competitive position; regarding gains in market share in domestic and international markets; regarding significant progress on new product developments that position Harmonic to capitalize on the next wave of investment by its customers; and regarding net revenue, GAAP gross margins, GAAP operating expenses, non-GAAP gross margins and non-GAAP operating expenses for the fourth quarter of 2012. 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 the possibility, in no particular order, that: the trends toward more high-definition, on-demand and anytime, anywhere video will not continue to develop at its current pace or will expire; 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 mix of products and services sold in various geographies and the effect it has on gross margins; delays or decreases in capital spending in the cable, satellite and telco and broadcast and media industries; customer concentration and consolidation; the impact of general economic conditions, including as a result of recent turmoil in the global financial markets, particularly on our European and other international sales and operations; our ability to develop new and enhanced products in a timely manner and market acceptance of new or existing Harmonic products; losses of one or more key customers; risks associated with Harmonic’s international operations; dependence on market acceptance of several broadband services, on the adoption of new broadband technologies and on broadband industry trends; and inventory management; the lack of timely availability of parts or raw materials necessary to produce our products; the impact of increases in the prices of raw materials and oil; the effect of competition, on both revenue and gross margins; difficulties associated with rapid technological changes in Harmonic’s markets; risks associated with unpredictable sales cycles; our dependence on contract manufacturers and sole or limited source suppliers; the effect on Harmonic’s business of natural disasters; and the risks that our international sales and support center will not provide the operational or tax benefits that we anticipate or that its expenses exceed our plans. 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 Annual Report on Form 10-K for the year ended December 31, 2011 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.
Editor’s Note: Product and company names used herein are trademarks or registered trademarks of their respective owners.
Harmonic Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
| September 28, 2012 | December 31, 2011 | |||||||
| (In thousands) | ||||||||
| ASSETS |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ | 103,235 | $ | 90,983 | ||||
| Short-term investments |
88,747 | 70,854 | ||||||
| Accounts receivable, net |
94,638 | 109,886 | ||||||
| Inventories |
68,269 | 70,649 | ||||||
| Deferred income taxes |
29,897 | 28,032 | ||||||
| Prepaid expenses and other current assets |
19,178 | 21,474 | ||||||
|
|
|
|
|
|||||
| Total current assets |
403,964 | 391,878 | ||||||
| Property and equipment, net |
39,121 | 40,469 | ||||||
| Goodwill, intangibles and other assets |
280,415 | 301,819 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 723,500 | $ | 734,166 | ||||
|
|
|
|
|
|||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||
| Current liabilities: |
||||||||
| Accounts payable |
$ | 30,915 | $ | 30,537 | ||||
| Income taxes payable |
1,122 | 2,290 | ||||||
| Deferred revenue |
34,660 | 33,095 | ||||||
| Accrued liabilities |
39,922 | 46,896 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
106,619 | 112,818 | ||||||
| Income taxes payable, long-term |
46,972 | 47,307 | ||||||
| Deferred income taxes, long-term |
4,148 | 655 | ||||||
| Other non-current liabilities |
12,453 | 9,070 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
170,192 | 169,850 | ||||||
|
|
|
|
|
|||||
| Stockholders’ equity: |
||||||||
| Common stock |
2,437,655 | 2,433,280 | ||||||
| Accumulated deficit |
(1,883,830 | ) | (1,868,089 | ) | ||||
| Accumulated other comprehensive loss |
(517 | ) | (875 | ) | ||||
|
|
|
|
|
|||||
| Total stockholders’ equity |
553,308 | 564,316 | ||||||
|
|
|
|
|
|||||
| Total liabilities and stockholders’ equity |
$ | 723,500 | $ | 734,166 | ||||
|
|
|
|
|
|||||
Harmonic Inc.
Condensed Consolidated Statement of Operations
(Unaudited)
| Three months ended | Nine months ended | |||||||||||||||
| September 28, 2012 | September 30, 2011 | September 28, 2012 | September 30, 2011 | |||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||||
| Net revenue |
$ | 136,682 | $ | 138,871 | $ | 397,037 | $ | 405,702 | ||||||||
| Cost of revenue |
76,778 | 74,910 | 225,893 | 218,058 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Gross profit |
59,904 | 63,961 | 171,144 | 187,644 | ||||||||||||
| Operating expenses: |
||||||||||||||||
| Research and development |
26,524 | 25,638 | 79,994 | 77,449 | ||||||||||||
| Selling, general and administrative |
32,150 | 32,254 | 96,603 | 98,361 | ||||||||||||
| Amortization of intangibles |
2,179 | 2,229 | 6,548 | 6,688 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total operating expenses |
60,853 | 60,121 | 183,145 | 182,498 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income (loss) from operations |
(949 | ) | 3,840 | (12,001 | ) | 5,146 | ||||||||||
| Interest and other income (expense), net |
(36 | ) | 471 | 482 | 231 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income (loss) before income taxes |
(985 | ) | 4,311 | (11,519 | ) | 5,377 | ||||||||||
| Provision for income taxes |
7,245 | 765 | 4,222 | 925 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income (loss) |
$ | (8,230 | ) | $ | 3,546 | $ | (15,741 | ) | $ | 4,452 | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income (loss) per share: |
||||||||||||||||
| Basic |
$ | (0.07 | ) | $ | 0.03 | $ | (0.13 | ) | $ | 0.04 | ||||||
|
|
|
|
|
|
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|
|
|||||||||
| Diluted |
$ | (0.07 | ) | $ | 0.03 | $ | (0.13 | ) | $ | 0.04 | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Weighted average shares: |
||||||||||||||||
| Basic |
116,517 | 115,791 | 116,946 | 114,855 | ||||||||||||
| Diluted |
116,517 | 116,208 | 116,946 | 116,005 | ||||||||||||
Harmonic Inc.
Condensed Consolidated Statement of Cash Flows
(Unaudited)
| Nine months ended | ||||||||
| September 28, 2012 | September 30, 2011 | |||||||
| (In thousands) | ||||||||
| Cash flows from operating activities: |
||||||||
| Net income (loss) |
$ | (15,741 | ) | $ | 4,452 | |||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
||||||||
| Amortization of intangibles |
22,004 | 22,767 | ||||||
| Depreciation |
11,337 | 10,306 | ||||||
| Stock-based compensation |
14,122 | 16,099 | ||||||
| Net loss (gain) on disposal of fixed assets |
(57 | ) | 450 | |||||
| Deferred income taxes |
1,627 | (2,218 | ) | |||||
| Provision for excess and obsolete inventory |
2,466 | 2,757 | ||||||
| Allowance for doubtful accounts, returns and discounts |
216 | 2,646 | ||||||
| Other non-cash adjustments, net |
617 | 564 | ||||||
| Changes in assets and liabilities: |
||||||||
| Accounts receivable |
15,036 | (17,429 | ) | |||||
| Inventories |
(85 | ) | (9,914 | ) | ||||
| Prepaid expenses and other assets |
1,847 | 7,176 | ||||||
| Accounts payable |
364 | 5,117 | ||||||
| Deferred revenue |
3,307 | (9,610 | ) | |||||
| Income taxes payable |
(1,482 | ) | (5,927 | ) | ||||
| Accrued and other liabilities |
(5,352 | ) | (6,847 | ) | ||||
|
|
|
|
|
|||||
| Net cash provided by operating activities |
50,226 | 20,389 | ||||||
|
|
|
|
|
|||||
| Cash flows from investing activities: |
||||||||
| Purchases of investments |
(94,123 | ) | (76,164 | ) | ||||
| Proceeds from sales and maturities of investments |
75,362 | 33,770 | ||||||
| Acquisition of property and equipment |
(9,850 | ) | (12,373 | ) | ||||
| Other acquisitions |
— | (250 | ) | |||||
|
|
|
|
|
|||||
| Net cash used in investing activities |
(28,611 | ) | (55,017 | ) | ||||
|
|
|
|
|
|||||
| Cash flows from financing activities: |
||||||||
| Payments for repurchase of common stock |
(14,388 | ) | — | |||||
| Proceeds from issuance of common stock, net |
4,922 | 13,301 | ||||||
|
|
|
|
|
|||||
| Net cash provided by (used in) financing activities |
(9,466 | ) | 13,301 | |||||
|
|
|
|
|
|||||
| Effect of exchange rate changes on cash and cash equivalents |
103 | 29 | ||||||
|
|
|
|
|
|||||
| Net increase (decrease) in cash and cash equivalents |
12,252 | (21,298 | ) | |||||
| Cash and cash equivalents at beginning of period |
90,983 | 96,533 | ||||||
|
|
|
|
|
|||||
| Cash and cash equivalents at end of period |
$ | 103,235 | $ | 75,235 | ||||
|
|
|
|
|
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Harmonic Inc.
Revenue Information
(Unaudited)
| Three months ended | Nine months ended | |||||||||||||||||||||||||||||||
| September 28, 2012 | September 30, 2011 | September 28, 2012 | September 30, 2011 | |||||||||||||||||||||||||||||
| (In thousands, except percentages) | ||||||||||||||||||||||||||||||||
| Product |
||||||||||||||||||||||||||||||||
| Video Processing |
$ | 49,899 | 37 | % | $ | 57,027 | 41 | % | $ | 161,880 | 41 | % | $ | 172,310 | 42 | % | ||||||||||||||||
| Production and Playout |
23,786 | 17 | % | 26,619 | 19 | % | 65,327 | 16 | % | 73,005 | 18 | % | ||||||||||||||||||||
| Edge and Access |
40,084 | 29 | % | 38,308 | 28 | % | 110,484 | 28 | % | 109,662 | 27 | % | ||||||||||||||||||||
| Services and Support |
22,913 | 17 | % | 16,917 | 12 | % | 59,346 | 15 | % | 50,725 | 13 | % | ||||||||||||||||||||
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| Total |
$ | 136,682 | 100 | % | $ | 138,871 | 100 | % | $ | 397,037 | 100 | % | $ | 405,702 | 100 | % | ||||||||||||||||
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| Geography |
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| United States |
$ | 57,357 | 42 | % | $ | 68,718 | 49 | % | $ | 179,558 | 45 | % | $ | 183,250 | 45 | % | ||||||||||||||||
| International |
79,325 | 58 | % | 70,153 | 51 | % | 217,479 | 55 | % | 222,452 | 55 | % | ||||||||||||||||||||
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| Total |
$ | 136,682 | 100 | % | $ | 138,871 | 100 | % | $ | 397,037 | 100 | % | $ | 405,702 | 100 | % | ||||||||||||||||
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| Market |
||||||||||||||||||||||||||||||||
| Cable |
$ | 67,593 | 50 | % | $ | 62,722 | 45 | % | $ | 193,580 | 48 | % | $ | 182,784 | 45 | % | ||||||||||||||||
| Satellite and Telco |
27,997 | 20 | % | 33,974 | 25 | % | 81,726 | 21 | % | 97,319 | 24 | % | ||||||||||||||||||||
| Broadcast and Media |
41,092 | 30 | % | 42,175 | 30 | % | 121,731 | 31 | % | 125,599 | 31 | % | ||||||||||||||||||||
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| Total |
$ | 136,682 | 100 | % | $ | 138,871 | 100 | % | $ | 397,037 | 100 | % | $ | 405,702 | 100 | % | ||||||||||||||||
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Use of Non-GAAP Financial Measures
In establishing operating budgets, managing its business performance, and setting internal measurement targets, the Company excludes a number of items required by GAAP. Management believes that these accounting charges and credits, most of which are non-cash or non-recurring in nature, are not useful in managing its operations and business. Historically, the Company has also publicly presented these supplemental non-GAAP measures in order to assist the investment community to see the Company “through the eyes of management,” and thereby enhance understanding of its operating performance. The non-GAAP measures presented here are gross margin, operating expenses, net income and net income per 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 contained in this presentation. The non-GAAP adjustments described below have historically been excluded from our GAAP financial measures. These adjustments are excess facilities and severance charges and non-cash items, such as stock-based compensation expense, amortization of intangibles, and discrete tax items and adjustments.
Harmonic Inc.
GAAP to Non-GAAP Net Income (Loss) Reconciliation
(Unaudited)
| Three months ended | ||||||||||||||||||||||||
| September 28, 2012 | September 30, 2011 | |||||||||||||||||||||||
| Gross Profit |
Operating Expense |
Net Income (Loss) |
Gross Profit |
Operating Expense |
Net Income |
|||||||||||||||||||
| ( In thousands, except per share amounts) | ||||||||||||||||||||||||
| GAAP |
$ | 59,904 | $ | 60,853 | $ | (8,230 | ) | $ | 63,961 | $ | 60,121 | $ | 3,546 | |||||||||||
| Cost of revenue related to stock-based compensation expense |
702 | — | 702 | 843 | — | 843 | ||||||||||||||||||
| Research and development expense related to stock-based compensation expense |
— | (1,512 | ) | 1,512 | — | (1,658 | ) | 1,658 | ||||||||||||||||
| Selling, general and administrative expense related to stock-based compensation expense |
— | (2,406 | ) | 2,406 | — | (2,504 | ) | 2,504 | ||||||||||||||||
| Amortization of intangibles |
5,048 | (2,179 | ) | 7,227 | 5,446 | (2,229 | ) | 7,675 | ||||||||||||||||
| Discrete tax items and adjustments |
— | — | 4,529 | — | — | (3,483 | ) | |||||||||||||||||
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| Non-GAAP |
$ | 65,654 | $ | 54,756 | $ | 8,146 | $ | 70,250 | $ | 53,730 | $ | 12,743 | ||||||||||||
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| GAAP net income (loss) per share - basic |
$ | (0.07 | ) | $ | 0.03 | |||||||||||||||||||
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| GAAP net income (loss) per share - diluted |
$ | (0.07 | ) | $ | 0.03 | |||||||||||||||||||
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| Non-GAAP net income per share - basic |
$ | 0.07 | $ | 0.11 | ||||||||||||||||||||
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| Non-GAAP net income per share - diluted |
$ | 0.07 | $ | 0.11 | ||||||||||||||||||||
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| Shares used in per share calculation - basic |
116,517 | 115,791 | ||||||||||||||||||||||
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| Shares used in per share calculation - diluted, GAAP |
116,517 | 116,208 | ||||||||||||||||||||||
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| Shares used in per share calculation - diluted, non-GAAP |
116,918 | 116,208 | ||||||||||||||||||||||
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| Nine months ended | ||||||||||||||||||||||||
| September 28, 2012 | September 30, 2011 | |||||||||||||||||||||||
| Gross Prof it |
Operating Expense |
Net Income ( Loss) |
Gross Profit |
Operating Expense |
Net Income |
|||||||||||||||||||
| ( In thousands, except per share amounts) | ||||||||||||||||||||||||
| GAAP |
$ | 171,144 | $ | 183,145 | $ | (15,741 | ) | $ | 187,644 | $ | 182,498 | $ | 4,452 | |||||||||||
| Cost of revenue related to stock-based compensation expense |
2,301 | — | 2,301 | 2,352 | — | 2,352 | ||||||||||||||||||
| Research and development expense related to stock-based compensation expense |
— | (4,947 | ) | 4,947 | — | (5,265 | ) | 5,265 | ||||||||||||||||
| Selling, general and administrative expense related to stock-based compensation expense |
— | (6,874 | ) | 6,874 | — | (8,482 | ) | 8,482 | ||||||||||||||||
| Selling, general and administrative expense related to excess facility costs, severance costs and other non-recurring expenses |
— | — | — | — | (409 | ) | 409 | |||||||||||||||||
| Amortization of intangibles |
15,456 | (6,548 | ) | 22,004 | 16,079 | (6,688 | ) | 22,767 | ||||||||||||||||
| Discrete tax items and adjustments |
— | — | (1,932 | ) | — | — | (10,238 | ) | ||||||||||||||||
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| Non-GAAP |
$ | 188,901 | $ | 164,776 | $ | 18,453 | $ | 206,075 | $ | 161,654 | $ | 33,489 | ||||||||||||
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| GAAP net income (loss) per share - basic |
$ | (0.13 | ) | $ | 0.04 | |||||||||||||||||||
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| GAAP net income (loss) per share - diluted |
$ | (0.13 | ) | $ | 0.04 | |||||||||||||||||||
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| Non-GAAP net income per share - basic |
$ | 0.16 | $ | 0.29 | ||||||||||||||||||||
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| Non-GAAP net income per share - diluted |
$ | 0.16 | $ | 0.29 | ||||||||||||||||||||
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| Shares used in per share calculation - basic |
116,946 | 114,855 | ||||||||||||||||||||||
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| Shares used in per share calculation - diluted, GAAP |
116,946 | 116,005 | ||||||||||||||||||||||
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| Shares used in per share calculation - diluted, non-GAAP |
117,512 | 116,005 | ||||||||||||||||||||||
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CONTACTS:
| Carolyn V. Aver | Michael Bishop | |||
| Chief Financial Officer | Investor Relations contact for | |||
| Harmonic Inc. | Harmonic Inc. | |||
| +1.408.542.2500 | +1.408.542.2760 |
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