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Harmonic Revenues Dip 11.1% in Q1

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SAN JOSE, Calif. -- Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the first quarter of 2019.

"During the first quarter, our Cable business performed as anticipated, while increased customer interest in video SaaS caused a headwind for our Video business," said Patrick Harshman, president and chief executive officer of Harmonic. "Operational execution was solid as gross margins, operating expenses and cash generation all exceeded our expectations. Looking ahead, we continue to anticipate a strong Cable business ramp in the second half of the year as our largest customers begin volume rollouts of CableOS. In addition, our growing pipeline of Video SaaS activity points to continued transformation to a more valuable Video business."

Q1 Financial and Business Highlights
Revenue: GAAP $80.1 million, down 11.1% year over year; non-GAAP $80.1 million, down 11.2% year over year.

SaaS and service revenue: 34.6% of total revenue, compared to 29% in the year ago period.

SaaS and service gross margin: GAAP 59.6% and non-GAAP 61.3%, an increase of 690 and 500 basis points, respectively, year over year.

Gross margin: GAAP 52.2%, compared to 52.4% in the year ago period; non-GAAP 54.5%, compared to 55.3% in the year ago period.

Operating expenses: GAAP $50.3 million, compared to $56.5 million in the year ago period; non-GAAP $47.5 million, compared to $49.4 million in the year ago period.

Video segment operating income: $2.0 million, seventh consecutive quarter of positive segment operating income.

Ended Q1 with cash of $69.9 million, up $3.9 million quarter over quarter.

CableOS deployments continued to scale, over 670,000 served cable modems, up 24% quarter over quarter.

CableOS global design win momentum continued with 32 deployments and trials underway, up 10% quarter over quarter.

Harmonic Inc.

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