Delaware | 000-25826 | 77-0201147 |
(State or other jurisdiction of incorporation) | Commission File Number | (IRS Employer Identification No.) |
¨ | 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)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, par value $0.001 per share | HLIT | The NASDAQ Stock Market LLC |
Item 2.02. | Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. |
(d) | Exhibits. |
Exhibit Number | Description | ||
99.1 |
Date: April 27, 2020 | HARMONIC INC. | |||||
By: | /s/ Sanjay Kalra | |||||
Sanjay Kalra | ||||||
Chief Financial Officer |
• | Revenue: $78.4 million, down 2.1% year over year. |
• | SaaS and service revenue: $30.7 million, up 10.5% year over year. |
• | Gross margin: GAAP 46.8% and non-GAAP 48.9%, compared to GAAP 52.2% and non-GAAP 54.5% in the year ago period. |
• | Cable Access segment revenue: $24.0 million, up 85.6% year over year. |
• | Video segment gross margin: 51.3%, compared to 57.5% in the year ago period. |
• | Operating loss: GAAP loss $18.0 million and non-GAAP loss $9.5 million, compared to GAAP loss $8.4 million and non-GAAP loss $3.8 million in the year ago period. |
• | EPS: GAAP net loss per share 23 cents and non-GAAP net loss per share 10 cents, compared to GAAP net loss per share 13 cents and non-GAAP net loss per share 5 cents in the year ago period. |
• | Cash: $71.7 million, up $1.8 million year over year. |
• | CableOS solution commercially deployed with 27 customers, up over 17% quarter over quarter. |
• | CableOS deployments scaled to over 1.3 million served cable modems, up 30% quarter over quarter and 94% year over year. |
• | Video SaaS customer base increased from 48 to 57 customers, up 19% quarter over quarter and 128% year over year. |
• | Over 7,300 cloud channels deployed globally, up 56% quarter over quarter and 155% year over year. |
GAAP | Non-GAAP | |||||||||||||||||||||||
Key Financial Results | Q1 2020 | Q4 2019 | Q1 2019 | Q1 2020 | Q4 2019 | Q1 2019 | ||||||||||||||||||
(in millions, except per share data) | ||||||||||||||||||||||||
Net revenue | $ | 78.4 | $ | 122.2 | $ | 80.1 | $ | 78.4 | $ | 122.2 | $ | 80.1 | ||||||||||||
Net income (loss) | $ | (22.0 | ) | $ | 5.6 | $ | (11.3 | ) | $ | (9.8 | ) | $ | 12.1 | $ | (4.8 | ) | ||||||||
Diluted EPS | $ | (0.23 | ) | $ | 0.06 | $ | (0.13 | ) | $ | (0.10 | ) | $ | 0.12 | $ | (0.05 | ) | ||||||||
Other Financial Information | Q1 2020 | Q4 2019 | Q1 2019 | |||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Adjusted EBITDA | $ | (7.0 | ) | $ | 17.6 | $ | (1.3 | ) | ||||||||||||||||
Bookings for the quarter | $ | 76.3 | $ | 140.1 | $ | 81.0 | ||||||||||||||||||
Backlog and deferred revenue as of quarter end | $ | 207.9 | $ | 210.2 | $ | 187.2 | ||||||||||||||||||
Cash and cash equivalents as of quarter end | $ | 71.7 | $ | 93.1 | $ | 69.9 |
GAAP Financial Guidance | Q2 2020 | ||||||||
Low | High | ||||||||
(in millions, except percentages and per share data) | |||||||||
Net Revenue | $ | 62.0 | $ | 77.0 | |||||
Video | $ | 42.0 | $ | 50.0 | |||||
Cable Access | $ | 20.0 | $ | 27.0 | |||||
Gross Margin % | 46.0 | % | 47.0 | % | |||||
Operating Expenses | $ | 49.5 | $ | 51.5 | |||||
Operating Loss | $ | (23.0 | ) | $ | (13.0 | ) | |||
Tax Expense | $ | (0.6 | ) | $ | (0.6 | ) | |||
EPS | $ | (0.28 | ) | $ | (0.17 | ) | |||
Shares | 96.8 | 96.8 | |||||||
Cash | $ | 60.0 | $ | 70.0 |
Non-GAAP Financial Guidance | Q2 2020 | ||||||||
Low | High | ||||||||
(in millions, except percentages and per share data) | |||||||||
Net Revenue | $ | 62.0 | $ | 77.0 | |||||
Video | $ | 42.0 | $ | 50.0 | |||||
Cable Access | $ | 20.0 | $ | 27.0 | |||||
Gross Margin % | 47.0 | % | 48.0 | % | |||||
Operating Expenses | $ | 45.0 | $ | 47.0 | |||||
Operating Loss | $ | (18.0 | ) | $ | (8.0 | ) | |||
Adjusted EBITDA | $ | (15.5 | ) | $ | (5.5 | ) | |||
Tax rate | 10 | % | 10 | % | |||||
EPS | $ | (0.18 | ) | $ | (0.09 | ) | |||
Shares | 96.8 | 96.8 | |||||||
Cash | $ | 60.0 | $ | 70.0 |
Sanjay Kalra | Michael Smiley |
Chief Financial Officer | Investor Relations |
Harmonic Inc. | Harmonic Inc. |
+1.408.490.6031 | +1.408.490.6176 |
March 27, 2020 | December 31, 2019 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 71,712 | $ | 93,058 | |||
Accounts receivable, net | 93,058 | 88,500 | |||||
Inventories, net | 34,854 | 29,042 | |||||
Prepaid expenses and other current assets | 32,001 | 40,762 | |||||
Total current assets | 231,625 | 251,362 | |||||
Property and equipment, net | 37,091 | 22,928 | |||||
Operating lease right-of-use assets | 26,281 | 27,491 | |||||
Goodwill | 238,614 | 239,780 | |||||
Intangibles, net | 2,789 | 4,461 | |||||
Other long-term assets | 39,875 | 41,305 | |||||
Total assets | $ | 576,275 | $ | 587,327 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Other debts and finance lease obligations, current | $ | 6,343 | $ | 6,713 | |||
Accounts payable | 45,159 | 40,933 | |||||
Income taxes payable | 419 | 1,226 | |||||
Deferred revenue | 48,719 | 37,117 | |||||
Accrued and other current liabilities | 52,080 | 62,535 | |||||
Convertible notes, short-term | 44,008 | 43,375 | |||||
Total current liabilities | 196,728 | 191,899 | |||||
Convertible notes, long-term | 89,832 | 88,629 | |||||
Other debts and finance lease obligations, long-term | 10,048 | 10,511 | |||||
Income taxes payable, long-term | 180 | 178 | |||||
Other non-current liabilities | 41,388 | 41,254 | |||||
Total liabilities | $ | 338,176 | $ | 332,471 | |||
Convertible notes | 1,777 | 2,410 | |||||
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; 96,566 and 91,875 shares issued and outstanding at March 27, 2020 and December 31, 2019, respectively | 97 | 92 | |||||
Additional paid-in capital | 2,336,459 | 2,327,359 | |||||
Accumulated deficit | (2,093,894 | ) | (2,071,940 | ) | |||
Accumulated other comprehensive loss | (6,340 | ) | (3,065 | ) | |||
Total stockholders’ equity | 236,322 | 252,446 | |||||
Total liabilities and stockholders’ equity | $ | 576,275 | $ | 587,327 |
Three months ended | |||||||
March 27, 2020 | March 29, 2019 | ||||||
Revenue: | |||||||
Appliance and integration | $ | 47,752 | $ | 52,365 | |||
SaaS and service | 30,665 | 27,741 | |||||
Total net revenue | 78,417 | 80,106 | |||||
Cost of revenue: | |||||||
Appliance and integration | 26,287 | 27,054 | |||||
SaaS and service | 15,392 | 11,203 | |||||
Total cost of revenue | 41,679 | 38,257 | |||||
Total gross profit | 36,738 | 41,849 | |||||
Operating expenses: | |||||||
Research and development | 22,123 | 21,401 | |||||
Selling, general and administrative | 31,218 | 28,011 | |||||
Amortization of intangibles | 770 | 788 | |||||
Restructuring and related charges | 676 | 57 | |||||
Total operating expenses | 54,787 | 50,257 | |||||
Loss from operations | (18,049 | ) | (8,408 | ) | |||
Interest expense, net | (2,903 | ) | (2,906 | ) | |||
Other expense, net | (273 | ) | (311 | ) | |||
Loss before income taxes | (21,225 | ) | (11,625 | ) | |||
Provision for (benefit from) income taxes | 729 | (319 | ) | ||||
Net loss | $ | (21,954 | ) | $ | (11,306 | ) | |
Net loss per share: | |||||||
Basic and diluted | $ | (0.23 | ) | $ | (0.13 | ) | |
Shares used in per share calculations: | |||||||
Basic and diluted | 95,575 | 88,165 |
Three months ended | |||||||
March 27, 2020 | March 29, 2019 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (21,954 | ) | $ | (11,306 | ) | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||
Amortization of intangibles | 1,655 | 2,083 | |||||
Depreciation | 2,843 | 2,846 | |||||
Stock-based compensation | 6,259 | 2,113 | |||||
Amortization of discount on convertible debt | 1,835 | 1,605 | |||||
Amortization of non-cash warrant | 434 | 25 | |||||
Restructuring, asset impairment and loss on retirement of fixed assets | 8 | 103 | |||||
Foreign currency adjustments | (2,066 | ) | (638 | ) | |||
Deferred income taxes, net | 653 | (538 | ) | ||||
Provision for doubtful accounts, returns and discounts | 331 | 417 | |||||
Provision for excess and obsolete inventories | 234 | 254 | |||||
Other non-cash adjustments, net | 113 | 287 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (5,068 | ) | 22,351 | ||||
Inventories | (6,281 | ) | (4,157 | ) | |||
Prepaid expenses and other assets | 10,579 | 1,417 | |||||
Accounts payable | (242 | ) | (8,177 | ) | |||
Deferred revenues | 12,477 | 4,750 | |||||
Income taxes payable | (768 | ) | (192 | ) | |||
Accrued and other liabilities | (12,083 | ) | (9,027 | ) | |||
Net cash provided by (used in ) operating activities | (11,041 | ) | 4,216 | ||||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (11,224 | ) | (1,674 | ) | |||
Net cash used in investing activities | (11,224 | ) | (1,674 | ) | |||
Cash flows from financing activities: | |||||||
Payment of convertible debt issuance costs | (35 | ) | — | ||||
Proceeds from other debts and finance leases | — | 160 | |||||
Repayment of other debts and finance leases | (406 | ) | (97 | ) | |||
Proceeds from common stock issued to employees | 3,000 | 2,012 | |||||
Payment of tax withholding obligations related to net share settlements of restricted stock units | (829 | ) | (657 | ) | |||
Net cash provided by financing activities | 1,730 | 1,418 | |||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (811 | ) | (33 | ) | |||
Net increase (decrease) in cash, cash equivalents and restricted cash | (21,346 | ) | 3,927 | ||||
Cash, cash equivalents and restricted cash, beginning of the year | 93,058 | 65,989 | |||||
Cash, cash equivalents and restricted cash, end of the year | $ | 71,712 | $ | 69,916 |
Three months ended | ||||||||||||||||||||||||||||||||
March 27, 2020 | December 31, 2019 | March 29, 2019 | ||||||||||||||||||||||||||||||
GAAP | Adjustment(1) | Non-GAAP | GAAP | Adjustment(1) | Non-GAAP | GAAP | Adjustment(1) | Non-GAAP | ||||||||||||||||||||||||
Geography | ||||||||||||||||||||||||||||||||
Americas | $ | 37,650 | $ | — | $ | 37,650 | 48% | $ | 68,869 | $ | — | $ | 68,869 | 56% | $ | 34,188 | $ | 25 | $ | 34,213 | 43% | |||||||||||
EMEA | 27,816 | — | 27,816 | 35% | 39,874 | — | 39,874 | 33% | 28,078 | — | 28,078 | 35% | ||||||||||||||||||||
APAC | 12,951 | — | 12,951 | 17% | 13,435 | — | 13,435 | 11% | 17,840 | — | 17,840 | 22% | ||||||||||||||||||||
Total | $ | 78,417 | $ | — | $ | 78,417 | 100% | $ | 122,178 | $ | — | $ | 122,178 | 100% | $ | 80,106 | $ | 25 | $ | 80,131 | 100% | |||||||||||
Market | ||||||||||||||||||||||||||||||||
Service Provider | $ | 43,759 | $ | — | $ | 43,759 | 56% | $ | 83,976 | $ | — | $ | 83,976 | 69% | $ | 44,212 | $ | 25 | $ | 44,237 | 55% | |||||||||||
Broadcast and Media | 34,658 | — | 34,658 | 44% | 38,202 | — | 38,202 | 31% | 35,894 | — | 35,894 | 45% | ||||||||||||||||||||
Total | $ | 78,417 | $ | — | $ | 78,417 | 100% | $ | 122,178 | $ | — | $ | 122,178 | 100% | $ | 80,106 | $ | 25 | $ | 80,131 | 100% |
Three months ended March 27, 2020 | |||||||||||||||||||
Video | Cable Access | Total Segment Measures (non-GAAP) | Adjustments (1) | Consolidated GAAP Measures | |||||||||||||||
Net revenue | $ | 54,372 | $ | 24,045 | $ | 78,417 | $ | — | $ | 78,417 | |||||||||
Gross profit | 27,907 | 10,414 | 38,321 | (1,583 | ) | 36,738 | |||||||||||||
Gross margin% | 51.3 | % | 43.3 | % | 48.9 | % | 46.8 | % | |||||||||||
Operating loss | (6,267 | ) | (3,265 | ) | (9,532 | ) | (8,517 | ) | (18,049 | ) | |||||||||
Operating margin% | (11.5 | )% | (13.6 | )% | (12.2 | )% | (23.0 | )% | |||||||||||
Three months ended December 31, 2019 | |||||||||||||||||||
Video | Cable Access | Total Segment Measures (non-GAAP) | Adjustments (1) | Consolidated GAAP Measures | |||||||||||||||
Net revenue | $ | 79,172 | $ | 43,006 | $ | 122,178 | $ | — | $ | 122,178 | |||||||||
Gross profit | 47,463 | 16,492 | 63,955 | (2,260 | ) | 61,695 | |||||||||||||
Gross margin% | 60.0 | % | 38.3 | % | 52.3 | % | 50.5 | % | |||||||||||
Operating income | 11,105 | 3,649 | 14,754 | (8,048 | ) | 6,706 | |||||||||||||
Operating margin% | 14.0 | % | 8.5 | % | 12.1 | % | 5.5 | % | |||||||||||
Three months ended March 29, 2019 | |||||||||||||||||||
Video | Cable Access | Total Segment Measures (non-GAAP) | Adjustments (1) | Consolidated GAAP Measures | |||||||||||||||
Net revenue | $ | 67,176 | $ | 12,955 | $ | 80,131 | $ | (25 | ) | * | $ | 80,106 | |||||||
Gross profit | 38,602 | 5,093 | 43,695 | (1,846 | ) | 41,849 | |||||||||||||
Gross margin% | 57.5 | % | 39.3 | % | 54.5 | % | 52.2 | % | |||||||||||
Operating income (loss) | 1,968 | (5,797 | ) | (3,829 | ) | (4,579 | ) | (8,408 | ) | ||||||||||
Operating margin% | 2.9 | % | (44.7 | )% | (4.8 | )% | (10.5 | )% |
Three months ended March 27, 2020 | ||||||||||||||||||
Revenue | Gross Profit | Total Operating Expense | Loss from Operations | Total Non-operating expense, net | Net Loss | |||||||||||||
GAAP | $ | 78,417 | $ | 36,738 | $ | 54,787 | $ | (18,049 | ) | $ | (3,176 | ) | $ | (21,954 | ) | |||
Stock-based compensation | — | 771 | (5,488 | ) | 6,259 | — | 6,259 | |||||||||||
Amortization of intangibles | — | 885 | (770 | ) | 1,655 | — | 1,655 | |||||||||||
Restructuring and related charges | — | (73 | ) | (676 | ) | 603 | — | 603 | ||||||||||
Non-cash interest and other expenses related to convertible notes | — | — | — | — | 1,835 | 1,835 | ||||||||||||
Discrete tax items and tax effect of non-GAAP adjustments | — | — | — | — | — | 1,816 | ||||||||||||
Total adjustments | — | 1,583 | (6,934 | ) | 8,517 | 1,835 | 12,168 | |||||||||||
Non-GAAP | $ | 78,417 | $ | 38,321 | $ | 47,853 | $ | (9,532 | ) | $ | (1,341 | ) | $ | (9,786 | ) | |||
As a % of revenue (GAAP) | 46.8 | % | 69.9 | % | (23.0 | )% | (4.1 | )% | (28.0 | )% | ||||||||
As a % of revenue (Non-GAAP) | 48.9 | % | 61.0 | % | (12.2 | )% | (1.7 | )% | (12.5 | )% | ||||||||
Diluted net income per share: | ||||||||||||||||||
Diluted net loss per share-GAAP | $ | (0.23 | ) | |||||||||||||||
Diluted net loss per share-Non-GAAP | $ | (0.10 | ) | |||||||||||||||
Shares used to compute diluted net income per share: | ||||||||||||||||||
GAAP and Non-GAAP | 95,575 | |||||||||||||||||
Three months ended December 31, 2019 | ||||||||||||||||||
Revenue | Gross Profit | Total Operating Expense | Income from Operations | Total Non-operating expense, net | Net Income | |||||||||||||
GAAP | $ | 122,178 | $ | 61,695 | $ | 54,989 | $ | 6,706 | $ | (2,789 | ) | $ | 5,570 | |||||
Stock-based compensation | — | 297 | (3,059 | ) | 3,356 | — | 3,356 | |||||||||||
Amortization of intangibles | — | 1,295 | (782 | ) | 2,077 | — | 2,077 | |||||||||||
Restructuring and related charges | — | 668 | (1,947 | ) | 2,615 | — | 2,615 | |||||||||||
Non-cash interest and other expenses related to convertible notes | — | — | — | — | 1,796 | 1,796 | ||||||||||||
Discrete tax items and tax effect of non-GAAP adjustments | — | — | — | — | — | (3,303 | ) | |||||||||||
Total adjustments | — | 2,260 | (5,788 | ) | 8,048 | 1,796 | 6,541 | |||||||||||
Non-GAAP | $ | 122,178 | $ | 63,955 | $ | 49,201 | $ | 14,754 | $ | (993 | ) | $ | 12,111 | |||||
As a % of revenue (GAAP) | 50.5 | % | 45.0 | % | 5.5 | % | (2.3 | )% | 4.6 | % | ||||||||
As a % of revenue (Non-GAAP) | 52.3 | % | 40.3 | % | 12.1 | % | (0.8 | )% | 9.9 | % | ||||||||
Diluted net income per share: | ||||||||||||||||||
Diluted net income per share-GAAP | $ | 0.06 | ||||||||||||||||
Diluted net income per share-Non-GAAP | $ | 0.12 | ||||||||||||||||
Shares used to compute diluted net income per share: | ||||||||||||||||||
GAAP and Non-GAAP | 97,499 | |||||||||||||||||
Three months ended March 29, 2019 | ||||||||||||||||||
Revenue | Gross Profit | Total Operating Expense | Loss from Operations | Total Non-operating expense, net | Net Loss | |||||||||||||
GAAP | $ | 80,106 | $ | 41,849 | $ | 50,257 | $ | (8,408 | ) | $ | (3,217 | ) | $ | (11,306 | ) | |||
Accounting impact related to warrant amortization | 25 | 25 | — | 25 | — | 25 | ||||||||||||
Stock-based compensation | — | 225 | (1,888 | ) | 2,113 | — | 2,113 | |||||||||||
Amortization of intangibles | — | 1,295 | (788 | ) | 2,083 | — | 2,083 | |||||||||||
Restructuring and related charges | — | 301 | (57 | ) | 358 | — | 358 | |||||||||||
Non-cash interest expenses related to convertible notes | — | — | — | — | 1,606 | 1,606 | ||||||||||||
Discrete tax items and tax effect of non-GAAP adjustments | — | — | — | — | — | 334 | ||||||||||||
Total adjustments | 25 | 1,846 | (2,733 | ) | 4,579 | 1,606 | 6,519 | |||||||||||
Non-GAAP | $ | 80,131 | $ | 43,695 | $ | 47,524 | $ | (3,829 | ) | $ | (1,611 | ) | $ | (4,787 | ) | |||
As a % of revenue (GAAP) | 52.2 | % | 62.7 | % | (10.5 | )% | (4.0 | )% | (14.1 | )% | ||||||||
As a % of revenue (Non-GAAP) | 54.5 | % | 59.3 | % | (4.8 | )% | (2.0 | )% | (6.0 | )% | ||||||||
Diluted net loss per share: | ||||||||||||||||||
Diluted net loss per share-GAAP | $ | (0.13 | ) | |||||||||||||||
Diluted net loss per share-Non-GAAP | $ | (0.05 | ) | |||||||||||||||
Shares used to compute diluted net income per share: | ||||||||||||||||||
GAAP and Non-GAAP | 88,165 |
Three months ended | |||||||||
March 27, 2020 | December 31, 2019 | March 29, 2019 | |||||||
Net income (loss) - GAAP | $ | (21,954 | ) | $ | 5,570 | $ | (11,306 | ) | |
Provision for (benefit from) income taxes | 729 | (1,653 | ) | (319 | ) | ||||
Interest expense, net | 2,903 | 2,789 | 2,906 | ||||||
Depreciation | 2,843 | 2,807 | 2,846 | ||||||
Amortization of intangibles | 1,655 | 2,077 | 2,083 | ||||||
EBITDA | (13,824 | ) | 11,590 | (3,790 | ) | ||||
Adjustments | |||||||||
Accounting impact related to warrant amortization | — | — | 25 | ||||||
Stock-based compensation | 6,259 | 3,356 | 2,113 | ||||||
Restructuring and related charges | 603 | 2,615 | 358 | ||||||
Adjusted EBITDA | $ | (6,962 | ) | $ | 17,561 | $ | (1,294 | ) |
Q2 2020 Financial Guidance | ||||||
Revenue | Gross Profit | Total Operating Expense | Loss from Operations | Total Non-operating Expense, net | Net Loss | |
GAAP | $62.0 to $77.0 | $28.5 to $36.3 | $49.5 to $51.5 | $(23.0) to $(13.0) | $(3.2) | $(26.6) to $(16.8) |
Stock-based compensation | — | 0.2 | (3.4) | 3.6 | — | 3.6 |
Amortization of intangibles | — | 0.1 | (0.7) | 0.8 | — | 0.8 |
Restructuring and related charges | — | 0.2 | (0.2) | 0.4 | — | 0.4 |
Non-cash interest and other expenses related to convertible notes | — | — | — | — | 1.9 | 1.9 |
Tax effect of non-GAAP adjustments | — | — | — | — | — | $1.5 to $2.5 |
Total adjustments | — | 0.5 | (4.3) | 4.8 | 1.9 | $8.2 to $9.2 |
Non-GAAP | $62.0 to $77.0 | $29.0 to $36.8 | $45.0 to $47.0 | $(18.0) to $(8.0) | $(1.3) | $(17.4) to $(8.6) |
As a % of revenue (GAAP) | 46.0% to 47.0% | 64.0% to 82.7% | (36.8)% to (16.9)% | (4.2)% to (5.2)% | (43.0)% to (21.9)% | |
As a % of revenue (Non-GAAP) | 47.0% to 48.0% | 58.4% to 75.8% | (29.0)% to (10.6)% | (1.7)% to (2.1)% | (28.1)% to (11.2)% | |
Diluted net loss per share: | ||||||
Diluted net loss per share-GAAP | $(0.28) to $(0.17) | |||||
Diluted net loss per share-Non-GAAP | $(0.18) to $(0.09) | |||||
Shares used to compute diluted net loss per share: | ||||||
GAAP and Non-GAAP | 96,777 |
Q2 2020 Financial Guidance | ||
Net loss - GAAP | $(26.6) to $(16.8) | |
Provision for income taxes | 0.6 | |
Interest expense, net | 2.9 | |
Depreciation | 2.9 | |
Amortization of intangibles | 0.8 | |
EBITDA | $(19.4) to $(9.6) | |
Adjustments | ||
Stock-based compensation | 3.6 | |
Restructuring and related charges | 0.4 | |
Adjusted EBITDA | $(15.5) to $(5.5) |