Cable Access Drives Year-Over-Year Growth in Harmonic Q1 Results
Harmonic, a provider of video delivery technology and services, has announced its unaudited results for the first quarter of 2018.According to the report, Harmonic achieved Generally Accepted Accounting Principles (GAAP) revenue of $90.1 million, up 9 percent year-over-year. Its non-GAAP revenue is $90.2 million, up 8 percent year-over-year.
Within the cable access segment, its GAAP revenue is $18.4 million while non-GAAP is $18.5 million, up more than 70 percent year-over-year. Its video segment operating profit saw $2.0 million, up $7.7 million year-over-year.
Its gross margin GAAP is 52.4 percent compared to 48.7 percent in the year ago period, while non-GAAP is 55.3 percent compared to 52.1 percent in the year ago period. The record backlog and deferred revenue of $224.4 million is an increase of 21.8 percent year-over-year.
The company also managed to secure a new CableOS multi-year supply agreement worth more than $50 million awarded by a Tier 1 international cable operator.
According to the financial report, Harmonic surpassed 32,500 Over-the-Top (OTT) channels deployed globally, an increase of more than 50 percent in past six months.
Effective Jan. 1, Harmonic adopted the new revenue recognition standard entitled Accounting Standards Update 2014-09, Revenue from Contracts with Customers (“ASC 606”). The 2018 outlook reflects the effects of adopting this new accounting standard for 2018, with an expected net decrease in 2018 revenue of approximately $5 million and an increase in 2018 operating expense of approximately $1 million.