Harmonic Q2 in “high end of plans”
August 11, 2016
Harmonic, the specialist in video delivery infrastructure, has published its Q2 2016 results.
GAAP net revenue for the second quarter of 2016 was $108.8 million (€97.5m), compared with $81.8 million for the first quarter of 2016 and $103.1 million for the second quarter of 2015.
Total cash, cash equivalents and short-term investments were $65.3 million at the end of the second quarter of 2016, down $11 million from $76.2 million at the end of the prior quarter, primarily due to the payment of certain purchase price adjustments related to the Thomson Video Networks (TVN) acquisition and an increase in accounts receivable which reflects our sequential revenue growth and payments of restructuring and integration charges. In the second quarter of 2016, the Company used approximately $2.9 million of cash from operations.
Bookings for the second quarter of 2016 were $117.3 million, compared with $109.6 million for the first quarter of 2016 and $99.3 million for the second quarter of 2015.
“Our financial results for the second quarter of 2016 were at the high end of our plan for both our Video and Cable Edge segments,” said Patrick Harshman, Harmonic’s President and CEO. “Consequently, we enter the second half of the year with record backlog and deferred revenue. Our new CableOS products are scheduled to begin shipping in the fourth quarter of this year, and we remain on track to realise targeted synergy savings from the combination of Harmonic and TVN.”