Q2 2024 Harmonic Inc Earnings Call Transcript
Key Points
- Harmonic Inc (HLIT) reported second-quarter results at the high end of their guidance in both broadband and video segments.
- The number of global customers deploying COS solutions reached 118, up 20% year-over-year.
- Harmonic shipped a record number of DOCSIS 4.0 outdoor nodes and expects this trend to continue.
- The company reaffirmed its full-year 2024 revenue guidance in both broadband and video segments.
- Harmonic's video business is seeing improving margins and a growing pipeline of new Tier one SaaS and larger scale appliance opportunities.
- Total segment revenue for the video segment decreased from $58.9 million a year ago to $45.8 million.
- The company recorded a GAAP net loss of $12.5 million, including restructuring costs and lease-related asset impairments.
- Q2 bookings were $72.4 million, resulting in a book-to-bill ratio of 0.5, indicating a decrease in order lead times.
- Cash and cash equivalents decreased to $45.9 million, with negative cash from operations of $22.2 million.
- The company is still undergoing restructuring in its video business, with expected total restructuring related severance costs of $15.4 million for the fiscal year.
Welcome to the second-quarter 2024 Harmonic earnings conference call. My name is Amy, and I will be your operator for today's call. (Operator instructions) Again, please note that this conference is being recorded.
I will now turn the call over to David Hanover, Investor Relations. David, you may begin.
Thank you, operator. Hello, everyone, and thank you for joining us today for Harmonic's second-quarter 2024 financial results conference call. With me today are Nimrod Ben Natan, President and CEO; and Walter Jankovic, CFO.
Before we begin, I'd like to point out that in addition to the audio portion of the webcast, we've also provided slides for this webcast, which you may view by going through our webcast on our Investor Relations website.
Now turning to slide 2. During this call, we will provide projections and other forward-looking statements regarding future events or future financial performance of the company. Such statements are only current expectations and actual events or
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