Harmonic Cable Access Revenues Climb 78% in Q4 2019
SAN JOSE, Calif. -- Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the fourth quarter and fiscal year ended December 31, 2019.
"Harmonic delivered another quarter of strong financial and strategic results," said Patrick Harshman, president and chief executive officer of Harmonic. "Our industry-leading CableOS solution continued to gain market share, resulting in 78.3% revenue growth year over year. Our Video segment reported record gross margin of 60% and operating margin of 14%, reflecting our ongoing profitable transformation to live streaming software and SaaS."
Q4 Financial and Business Highlights
- Revenue: $122.2 million, up 7.5% year over year.
- SaaS and service revenue: $36.3 million, up 18.9% year over year.
- Gross margin: GAAP 50.5% and non-GAAP 52.3%, compared to GAAP 53.1% and non-GAAP 54.5% in the year ago period.
- Cable Access segment revenue: $43.0 million, up 78.3% year over year.
- Video segment gross margin: 60.0%, compared to 57.5% in the year ago period.
- Operating income: GAAP income $6.7 million and non-GAAP income $14.8 million, compared to GAAP income $7.3 million and non-GAAP income $12.7 million in the year ago period.
- EPS: GAAP net income per share 6 cents and non-GAAP net income per share 12 cents, compared to GAAP net income per share 4 cents and non-GAAP net income per share 11 cents in the year ago period.
- Cash: $93.1 million, up $27.1 million year over year.
- CableOS solution commercially deployed with 23 customers, up over 20% quarter over quarter.
- Initial multi-million dollar CableOS purchase orders received from two new international Tier 1 operators.
- Video SaaS customer base increased from 36 to 48 customers, up 33% quarter over quarter and 153% year over year.
- Video SaaS annual recurring revenue of $16.3 million, up 70% year over year.