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
April 24, 2013
Date of Report
(Date of earliest event reported: April 23, 2013)
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
| Regulation FD Disclosure | ||||
| Financial Statements and Exhibits | ||||
| SIGNATURES | ||||
Table of Contents
Item 7.01 Regulation FD Disclosure
The following proforma financial information was posted on the Company’s website on April 23, 2013: unaudited pro forma condensed consolidated statements of operations of the Company for the fiscal years ended December 31, 2010, December 31, 2011 and December 31, 2012, and for each of the four quarters ended December 31, 2012, and GAAP to Non-GAAP net income (loss) reconciliation, financial highlights and headcount information for the respective periods, in each case giving effect to the Company’s sale of its Cable Access HFC business on March 5, 2013. This proforma financial information is filed as an exhibit to this Form 8-K and incorporated herein by this reference.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| Exhibit Number |
Description | |
| 99.1 | Unaudited pro forma condensed consolidated statements of operations of the Company for the fiscal years ended December 31, 2010, December 31, 2011 and December 31, 2012, and for each of the four quarters ended December 31, 2012, and GAAP to Non-GAAP net income (loss) reconciliation, financial highlights and headcount information for the respective periods. |
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: April 24, 2013 | HARMONIC INC. | |||||
| By: | /s/ Carolyn V. Aver | |||||
| Carolyn V. Aver | ||||||
| Chief Financial Officer | ||||||
Table of Contents
Exhibits.
| Exhibit Number |
Description | |
| 99.1 | Unaudited pro forma condensed consolidated statements of operations of the Company for the fiscal years ended December 31, 2010, December 31, 2011 and December 31, 2012, and for each of the four quarters ended December 31, 2012, and GAAP to Non-GAAP net income (loss) reconciliation, financial highlights and headcount information for the respective periods. |
Exhibit 99.1
HARMONIC INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP)
(Unaudited)
| All periods exclude former Cable Access (HFC) Business * | ||||||||||||||||||||||||||||
| Year ended December 31, | Fiscal Quarters of 2012 | |||||||||||||||||||||||||||
| 2010 | 2011 | 2012 | Q1 | Q2 | Q3 | Q4 | ||||||||||||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||||||||||||||||
| Net revenue |
$ | 367,776 | $ | 490,874 | $ | 476,871 | $ | 116,439 | $ | 122,060 | $ | 120,391 | $ | 117,981 | ||||||||||||||
| Cost of revenue |
190,460 | 254,058 | 256,339 | 65,977 | 66,979 | 65,513 | 57,870 | |||||||||||||||||||||
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| Gross profit |
177,316 | 236,816 | 220,532 | 50,462 | 55,081 | 54,878 | 60,111 | |||||||||||||||||||||
| Operating expenses: |
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| Research and development |
74,404 | 99,314 | 102,627 | 26,763 | 24,856 | 25,586 | 25,422 | |||||||||||||||||||||
| Selling, general and administrative |
104,501 | 127,077 | 127,117 | 31,403 | 31,327 | 31,132 | 33,255 | |||||||||||||||||||||
| Amortization of intangibles |
4,912 | 8,918 | 8,705 | 2,179 | 2,190 | 2,179 | 2,157 | |||||||||||||||||||||
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| Total operating expenses |
183,817 | 235,309 | 238,449 | 60,345 | 58,373 | 58,897 | 60,834 | |||||||||||||||||||||
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| Income (loss) from operations |
(6,501 | ) | 1,507 | (17,917 | ) | (9,883 | ) | (3,292 | ) | (4,019 | ) | (723 | ) | |||||||||||||||
| Interest and other income (expense), net |
297 | (140 | ) | 222 | 522 | (4 | ) | (36 | ) | (260 | ) | |||||||||||||||||
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| Income (loss) from continuing operations before income taxes |
(6,204 | ) | 1,367 | (17,695 | ) | (9,361 | ) | (3,296 | ) | (4,055 | ) | (983 | ) | |||||||||||||||
| Provision for (benefit from) income taxes |
5,617 | (651 | ) | (1,506 | ) | (626 | ) | 579 | 414 | (1,873 | ) | |||||||||||||||||
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| Income (loss) from continuing operations, net of tax |
(11,821 | ) | 2,018 | (16,189 | ) | (8,735 | ) | (3,875 | ) | (4,469 | ) | 890 | ||||||||||||||||
| Income (loss) from discontinued operations, net of tax |
7,486 | 6,761 | 5,252 | 1,207 | 3,892 | (3,761 | ) | 3,914 | ||||||||||||||||||||
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| Net Income (loss) - GAAP |
$ | (4,335 | ) | $ | 8,779 | $ | (10,937 | ) | $ | (7,528 | ) | $ | 17 | $ | (8,230 | ) | $ | 4,804 | ||||||||||
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| Basic net income (loss) per share from: |
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| Continuing operations-GAAP |
$ | (0.12 | ) | $ | 0.02 | $ | (0.14 | ) | $ | (0.07 | ) | $ | (0.03 | ) | $ | (0.04 | ) | $ | 0.01 | |||||||||
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| Discontinued operations-GAAP |
$ | 0.07 | $ | 0.06 | $ | 0.05 | $ | 0.01 | $ | 0.03 | $ | (0.03 | ) | $ | 0.03 | |||||||||||||
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| Net Income (loss)-GAAP |
$ | (0.04 | ) | $ | 0.08 | $ | (0.09 | ) | $ | (0.06 | ) | $ | 0.00 | $ | (0.07 | ) | $ | 0.04 | ||||||||||
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| Diluted net income (loss) per share from: |
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| Continuing operations-GAAP |
$ | (0.12 | ) | $ | 0.02 | $ | (0.14 | ) | $ | (0.07 | ) | $ | (0.03 | ) | $ | (0.04 | ) | $ | 0.01 | |||||||||
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| Discontinued operations-GAAP |
$ | 0.07 | $ | 0.06 | $ | 0.05 | $ | 0.01 | $ | 0.03 | $ | (0.03 | ) | $ | 0.03 | |||||||||||||
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| Net Income (loss)-GAAP |
$ | (0.04 | ) | $ | 0.08 | $ | (0.09 | ) | $ | (0.06 | ) | $ | 0.00 | $ | (0.07 | ) | $ | 0.04 | ||||||||||
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| Weighted average shares: |
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| Basic |
101,487 | 115,175 | 116,457 | 117,275 | 117,056 | 116,517 | 115,097 | |||||||||||||||||||||
| Diluted |
101,487 | 116,427 | 116,457 | 117,275 | 117,056 | 116,517 | 115,732 | |||||||||||||||||||||
* Harmonic sold its Cable Access (HFC) business to Aurora Networks effective March 5, 2013
HARMONIC INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (NON-GAAP)
(Unaudited)
| All periods exclude former Cable Access (HFC) Business * | ||||||||||||||||||||||||||||
| Year ended December 31, | Fiscal Quarters of 2012 | |||||||||||||||||||||||||||
| 2010 | 2011 | 2012 | Q1 | Q2 | Q3 | Q4 | ||||||||||||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||||||||||||||||
| Net revenue |
$ | 367,776 | $ | 490,874 | $ | 476,871 | $ | 116,439 | $ | 122,060 | $ | 120,391 | $ | 117,981 | ||||||||||||||
| Cost of revenue |
173,377 | 229,644 | 233,012 | 59,864 | 61,167 | 59,806 | 52,175 | |||||||||||||||||||||
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| Gross profit |
194,399 | 261,230 | 243,859 | 56,575 | 60,893 | 60,585 | 65,806 | |||||||||||||||||||||
| Operating expenses: |
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| Research and development |
69,599 | 92,696 | 96,476 | 25,108 | 23,206 | 24,136 | 24,026 | |||||||||||||||||||||
| Selling, general and administrative |
85,321 | 115,870 | 117,668 | 29,144 | 29,158 | 28,744 | 30,622 | |||||||||||||||||||||
| Amortization of intangibles |
— | — | — | — | — | — | — | |||||||||||||||||||||
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| Total operating expenses |
154,920 | 208,566 | 214,144 | 54,252 | 52,364 | 52,880 | 54,648 | |||||||||||||||||||||
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| Income from operations |
39,479 | 52,664 | 29,715 | 2,323 | 8,529 | 7,705 | 11,158 | |||||||||||||||||||||
| Interest and other income (expense), net |
297 | (140 | ) | 222 | 522 | (4 | ) | (36 | ) | (260 | ) | |||||||||||||||||
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| Income from continuing operations before income taxes |
39,776 | 52,524 | 29,937 | 2,845 | 8,525 | 7,669 | 10,898 | |||||||||||||||||||||
| Provision for income taxes |
3,029 | 12,606 | 7,186 | 683 | 2,046 | 1,841 | 2,616 | |||||||||||||||||||||
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| Income from continuing operations, net of tax |
36,747 | 39,918 | 22,751 | 2,162 | 6,479 | 5,828 | 8,282 | |||||||||||||||||||||
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| Net Income - Non-GAAP |
$ | 36,747 | $ | 39,918 | $ | 22,751 | $ | 2,162 | $ | 6,479 | $ | 5,828 | $ | 8,282 | ||||||||||||||
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| Basic net income per share from: |
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| Net Income - Non-GAAP |
$ | 0.36 | $ | 0.35 | $ | 0.20 | $ | 0.02 | $ | 0.06 | $ | 0.05 | $ | 0.07 | ||||||||||||||
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| Diluted net income per share from: |
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| Net Income - Non-GAAP |
$ | 0.36 | $ | 0.34 | $ | 0.19 | $ | 0.02 | $ | 0.06 | $ | 0.05 | $ | 0.07 | ||||||||||||||
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| Weighted average shares: |
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| Basic |
101,487 | 115,175 | 116,457 | 117,275 | 117,056 | 116,517 | 115,097 | |||||||||||||||||||||
| Diluted |
102,512 | 116,427 | 117,041 | 118,134 | 117,493 | 116,918 | 115,732 | |||||||||||||||||||||
* Harmonic sold its Cable Access (HFC) business to Aurora Networks effective March 5, 2013
Harmonic Inc.
Revenue Information
(In USD thousands)
All periods exclude former Cable Access (HFC) Business *
| 2012 Q1 | 2012 Q2 | 2012 Q3 | 2012 Q4 | |||||||||||||||||||||||||||||
| PRODUCT |
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| Video Processing |
52,681 | 45 | % | 59,300 | 48 | % | 49,899 | 41 | % | 57,561 | 49 | % | ||||||||||||||||||||
| Production and Playout |
20,878 | 18 | % | 20,663 | 17 | % | 23,786 | 20 | % | 24,919 | 21 | % | ||||||||||||||||||||
| Cable Edge |
25,939 | 22 | % | 23,388 | 19 | % | 24,196 | 20 | % | 13,113 | 11 | % | ||||||||||||||||||||
| Services and Support |
16,941 | 15 | % | 18,709 | 16 | % | 22,510 | 19 | % | 22,388 | 19 | % | ||||||||||||||||||||
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| Total |
116,439 | 122,060 | 120,391 | 117,981 | ||||||||||||||||||||||||||||
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| 2012 Q1 | 2012 Q2 | 2012 Q3 | 2012 Q4 | |||||||||||||||||||||||||||||
| GEOGRAPHY |
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| United States |
56,218 | 48 | % | 56,583 | 46 | % | 50,675 | 42 | % | 45,398 | 38 | % | ||||||||||||||||||||
| International |
60,221 | 52 | % | 65,477 | 54 | % | 69,716 | 58 | % | 72,583 | 62 | % | ||||||||||||||||||||
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| Total |
116,439 | 122,060 | 120,391 | 117,981 | ||||||||||||||||||||||||||||
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| 2012 Q1 | 2012 Q2 | 2012 Q3 | 2012 Q4 | |||||||||||||||||||||||||||||
| MARKET |
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| Cable |
50,472 | 43 | % | 53,659 | 44 | % | 51,302 | 43 | % | 44,952 | 38 | % | ||||||||||||||||||||
| Satellite and Telco |
25,859 | 23 | % | 27,870 | 23 | % | 27,997 | 23 | % | 26,159 | 22 | % | ||||||||||||||||||||
| Broadcast and Media |
40,108 | 34 | % | 40,531 | 33 | % | 41,092 | 34 | % | 46,870 | 40 | % | ||||||||||||||||||||
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| Total |
116,439 | 122,060 | 120,391 | 117,981 | ||||||||||||||||||||||||||||
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| 2012 Q1 | 2012 Q2 | 2012 Q3 | 2012 Q4 | |||||||||||||||||||||||||||||
| Top 10 Customers |
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| % of Revenue from top ten customers |
44,683 | 38 | % | 43,491 | 36 | % | 48,316 | 40 | % | 33,463 | 28 | % | ||||||||||||||||||||
| 10% Customer |
Comcast | 17 | % | Comcast | 12 | % | ||||||||||||||||||||||||||
* Harmonic sold its Cable Access (HFC) business to Aurora Networks effective March 5, 2013
Harmonic Inc.
Financial Highlights & Headcount Information
All periods exclude former Cable Access (HFC) Business *
| (In USD millions, except per share amounts) | 2012 Q1 | 2012 Q2 | 2012 Q3 | 2012 Q4 | ||||||||||||
| Total Net Revenue |
$ | 116.4 | $ | 122.1 | $ | 120.4 | $ | 118.0 | ||||||||
| Gross Margin % - Non-GAAP |
48.6 | % | 49.9 | % | 50.3 | % | 55.8 | % | ||||||||
| Gross Margin % - GAAP |
43.3 | % | 45.1 | % | 45.6 | % | 50.9 | % | ||||||||
| Operating Expense - Non-GAAP |
$ | 54.3 | $ | 52.4 | $ | 52.9 | $ | 54.6 | ||||||||
| Operating Margin - Non-GAAP |
2.0 | % | 7.0 | % | 6.4 | % | 9.5 | % | ||||||||
| EPS - Non-GAAP |
$ | 0.02 | $ | 0.06 | $ | 0.05 | $ | 0.07 | ||||||||
| EPS - GAAP |
$ | (0.06 | ) | $ | 0.00 | $ | (0.07 | ) | $ | 0.04 | ||||||
| Bookings |
$ | 132.1 | $ | 128.5 | $ | 111.1 | $ | 110.8 | ||||||||
| Backlog and Deferred (Periods prior to 2012Q4 include Cable Access) |
$ | 135.7 | $ | 146.0 | $ | 137.7 | $ | 119.5 | ||||||||
| 2012 Q1 | 2012 Q2 | 2012 Q3 | 2012 Q4 | |||||||||||||
| Number of Headcount |
1,097 | 1,080 | 1,088 | 1,081 | ||||||||||||
* Harmonic sold its Cable Access (HFC) business to Aurora Networks effective March 5, 2013
Harmonic Inc.
GAAP to Non-GAAP Net Income (Loss) Reconciliation (Unaudited)
All periods exclude former Cable Access (HFC) Business *
(In thousands, except per share amounts)
| Year ended December 31, 2010 | Year ended December 31, 2011 | Year ended December 31, 2012 | ||||||||||||||||||||||||||||||||||
| Gross Profit |
Operating Expense |
Net Income (Loss) (Continuing Operations) |
Gross Profit |
Operating Expense |
Net Income (Loss) (Continuing Operations) |
Gross Profit |
Operating Expense |
Net Income (Loss) (Continuing Operations) |
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| GAAP |
$ | 177,316 | $ | 183,817 | $ | (11,821 | ) | $ | 236,816 | $ | 235,309 | $ | 2,018 | $ | 220,532 | $ | 238,449 | $ | (16,189 | ) | ||||||||||||||||
| Cost of revenue related to stock-based compensation expense |
2,034 | — | 2,034 | 2,912 | — | 2,912 | 2,828 | — | 2,828 | |||||||||||||||||||||||||||
| Purchase accounting fair value adjustments related to inventory |
2,473 | — | 2,473 | — | — | — | — | — | — | |||||||||||||||||||||||||||
| Cost of revenue related to severance costs |
63 | — | 63 | — | — | — | — | — | — | |||||||||||||||||||||||||||
| Research and development expense related to stock-based compensation expense |
— | (4,758 | ) | 4,758 | — | (6,618 | ) | 6,618 | — | (6,151 | ) | 6,151 | ||||||||||||||||||||||||
| Research and development expense related to severance costs |
— | (47 | ) | 47 | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Selling, general and administrative expense related to stock-based compensation expense |
— | (8,199 | ) | 8,199 | — | (10,798 | ) | 10,798 | — | (9,449 | ) | 9,449 | ||||||||||||||||||||||||
| Selling, general and administrative expense related to excess facility costs, severance costs and other non-recurring expenses |
— | (4,251 | ) | 4,251 | — | (409 | ) | 409 | — | — | — | |||||||||||||||||||||||||
| Selling, general and administrative expense related to anticipated litigation settlement |
— | (863 | ) | 863 | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Acquisition costs related to Omneon |
— | (5,867 | ) | 5,867 | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Amortization of intangibles |
12,513 | (4,912 | ) | 17,425 | 21,502 | (8,918 | ) | 30,420 | 20,499 | (8,705 | ) | 29,204 | ||||||||||||||||||||||||
| Discrete tax items and adjustments |
2,588 | (13,257 | ) | (8,691 | ) | |||||||||||||||||||||||||||||||
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| Non-GAAP |
$ | 194,399 | $ | 154,920 | $ | 36,747 | $ | 261,230 | $ | 208,566 | $ | 39,918 | $ | 243,859 | $ | 214,144 | $ | 22,751 | ||||||||||||||||||
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| GAAP net income (loss) from continuing operations per share - basic |
$ | (0.12 | ) | $ | 0.02 | $ | (0.14 | ) | ||||||||||||||||||||||||||||
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| GAAP net income (loss) from continuing operations per share - diluted |
$ | (0.12 | ) | $ | 0.02 | $ | (0.14 | ) | ||||||||||||||||||||||||||||
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| Non-GAAP net income (loss) from continuing operations per share - basic |
$ | 0.36 | $ | 0.35 | $ | 0.20 | ||||||||||||||||||||||||||||||
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| Non-GAAP net income (loss) from continuing operations per share - diluted |
$ | 0.36 | $ | 0.34 | $ | 0.19 | ||||||||||||||||||||||||||||||
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| Shares used in per share calculation - basic |
101,487 | 115,175 | 116,457 | |||||||||||||||||||||||||||||||||
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|
|
|
|
|||||||||||||||||||||||||||||||
| Shares used in per share calculation - diluted, GAAP |
101,487 | 116,427 | 116,457 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| Shares used in per share calculation - diluted, non-GAAP |
102,512 | 116,427 | 117,041 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
* Harmonic sold its Cable Access (HFC) business to Aurora Networks effective March 5, 2013
Harmonic Inc.
GAAP to Non-GAAP Net Income (Loss) Reconciliation (Unaudited)
All periods exclude former Cable Access (HFC) Business *
(In thousands, except per share amounts)
| 2012 Q1 | 2012 Q2 | |||||||||||||||||||||||
| Gross Profit |
Operating Expense |
Net Income (Loss) (Continuing Operations) |
Gross Profit |
Operating Expense |
Net Income (Loss) (Continuing Operations) |
|||||||||||||||||||
| GAAP |
$ | 50,462 | $ | 60,345 | $ | (8,735 | ) | $ | 55,081 | $ | 58,373 | $ | (3,875 | ) | ||||||||||
| Cost of revenue related to stock-based compensation expense |
753 | — | 753 | 764 | — | 764 | ||||||||||||||||||
| Purchase accounting fair value adjustments related to inventory |
— | — | — | — | — | — | ||||||||||||||||||
| Cost of revenue related to severance costs |
— | — | — | — | — | — | ||||||||||||||||||
| Research and development expense related to stock-based compensation expense |
— | (1,655 | ) | 1,655 | — | (1,650 | ) | 1,650 | ||||||||||||||||
| Research and development expense related to severance costs |
— | — | — | — | — | — | ||||||||||||||||||
| Selling, general and administrative expense related to stock-based compensation expense |
— | (2,259 | ) | 2,259 | — | (2,169 | ) | 2,169 | ||||||||||||||||
| Selling, general and administrative expense related to excess facility costs, severance costs and other non-recurring expenses |
— | — | — | — | — | — | ||||||||||||||||||
| Selling, general and administrative expense related to anticipated litigation settlement |
— | — | — | — | — | — | ||||||||||||||||||
| Acquisition costs related to Omneon |
— | — | — | — | — | — | ||||||||||||||||||
| Amortization of intangibles |
5,360 | (2,179 | ) | 7,539 | 5,048 | (2,190 | ) | 7,238 | ||||||||||||||||
| Discrete tax items and adjustments |
(1,309 | ) | (1,467 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Non-GAAP |
$ | 56,575 | $ | 54,252 | $ | 2,162 | $ | 60,893 | $ | 52,364 | $ | 6,479 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| GAAP net income (loss) from continuing operations per share - basic |
$ | (0.07 | ) | $ | (0.03 | ) | ||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| GAAP net income (loss) from continuing operations per share - diluted |
$ | (0.07 | ) | $ | (0.03 | ) | ||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Non-GAAP net income (loss) from continuing operations per share - basic |
$ | 0.02 | $ | 0.06 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Non-GAAP net income (loss) from continuing operations per share - diluted |
$ | 0.02 | $ | 0.06 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Shares used in per share calculation - basic |
117,275 | 117,056 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Shares used in per share calculation - diluted, GAAP |
117,275 | 117,056 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Shares used in per share calculation - diluted, non-GAAP |
118,134 | 117,493 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
* Harmonic sold its Cable Access (HFC) business to Aurora Networks effective March 5, 2013
Harmonic Inc.
GAAP to Non-GAAP Net Income (Loss) Reconciliation (Unaudited)
All periods exclude former Cable Access (HFC) Business *
(In thousands, except per share amounts)
| 2012 Q3 | 2012 Q4 | |||||||||||||||||||||||
| Gross Profit |
Operating Expense |
Net Income (Loss) (Continuing Operations) |
Gross Profit |
Operating Expense |
Net Income (Loss) (Continuing Operations) |
|||||||||||||||||||
| GAAP |
$ | 54,878 | $ | 58,897 | $ | (4,469 | ) | $ | 60,111 | $ | 60,834 | $ | 890 | |||||||||||
| Cost of revenue related to stock-based compensation expense |
659 | — | 659 | 652 | — | 652 | ||||||||||||||||||
| Purchase accounting fair value adjustments related to inventory |
— | — | — | — | — | — | ||||||||||||||||||
| Cost of revenue related to severance costs |
— | — | — | — | — | — | ||||||||||||||||||
| Research and development expense related to stock-based compensation expense |
— | (1,450 | ) | 1,450 | — | (1,396 | ) | 1,396 | ||||||||||||||||
| Research and development expense related to severance costs |
— | — | — | — | — | — | ||||||||||||||||||
| Selling, general and administrative expense related to stock-based compensation expense |
— | (2,388 | ) | 2,388 | — | (2,633 | ) | 2,633 | ||||||||||||||||
| Selling, general and administrative expense related to excess facility costs, severance costs and other non-recurring expenses |
— | — | — | — | — | — | ||||||||||||||||||
| Selling, general and administrative expense related to anticipated litigation settlement |
— | — | — | — | — | — | ||||||||||||||||||
| Acquisition costs related to Omneon |
— | — | — | — | — | — | ||||||||||||||||||
| Amortization of intangibles |
5,048 | (2,179 | ) | 7,227 | 5,043 | (2,157 | ) | 7,200 | ||||||||||||||||
| Discrete tax items and adjustments |
(1,427 | ) | (4,489 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Non-GAAP |
$ | 60,585 | $ | 52,880 | $ | 5,828 | $ | 65,806 | $ | 54,648 | $ | 8,282 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| GAAP net income (loss) from continuing operations per share - basic |
$ | (0.04 | ) | $ | 0.01 | |||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| GAAP net income (loss) from continuing operations per share - diluted |
$ | (0.04 | ) | $ | 0.01 | |||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Non-GAAP net income (loss) from continuing operations per share - basic |
$ | 0.05 | $ | 0.07 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Non-GAAP net income (loss) from continuing operations per share - diluted |
$ | 0.05 | $ | 0.07 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Shares used in per share calculation - basic |
116,517 | 115,097 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Shares used in per share calculation - diluted, GAAP |
116,517 | 115,732 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Shares used in per share calculation - diluted, non-GAAP |
116,918 | 115,732 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
* Harmonic sold its Cable Access (HFC) business to Aurora Networks effective March 5, 2013