Harmonic (HLIT) FY2014 results: revenue $434 million, down 6.1% on the year
Harmonic Inc. (HLIT) reported revenue of $434 million for fiscal 2014, the year ended 31 December 2014, down 6.1% on the year before. Net income was -$46 million, and diluted earnings per share $-0.50. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2015.
Revenue
$434 million
-6.1% on the year
FY2008FY2014
Operating margin
-5.0%
-5.0% a year earlier
FY2008FY2014
Net income
-$46 million
FY2008FY2014
Diluted EPS
-$0.50
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
434
462
477
-6.1%
Cost of revenue
221
241
256
-8.4%
Gross profit
212
220
221
-3.7%
Gross margin
49.0%
47.7%
46.2%
Research and development
93.1
99.9
103
-6.9%
Selling, general and administrative
131
134
127
-2.0%
Operating income
-21.6
-23.0
-17.9
Operating margin
-5.0%
-5.0%
-3.8%
Pre-tax income
-21.8
-23.2
-17.7
Income tax
24.5
-44.7
-1.5
Net income
-46.2
37.0
-10.9
Net margin
-10.7%
8.0%
-2.3%
Diluted EPS
-$0.50
$0.34
-$0.09
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
47.4
53.8
70.8
-11.9%
Capital expenditure
10.1
14.6
12.6
-31.0%
Free cash flow
37.3
39.2
58.2
-4.8%
Free cash flow margin
8.6%
8.5%
12.2%
Cash from investing
27.8
51.1
-47.5
-45.6%
Cash from financing
-92.0
-111
-17.7
Depreciation and amortisation
37.0
44.0
15.2
-15.9%
Share-based compensation
17.3
16.1
18.9
+7.4%
Buybacks
93.1
117
22.6
-20.1%
Diluted shares, weighted
93m
108m
116m
-14.2%
Shares outstanding at period end
88m
99m
114m
-11.8%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
372
494
553
-24.8%
Debt
0.0
0.0
0.0
Other liabilities
109
112
164
-2.9%
Total liabilities and equity
481
606
718
-20.7%
Fixed assets
27.2
34.9
38.1
-22.1%
Goodwill
198
198
213
-0.1%
Intangible assets
10.6
31.1
58.4
-65.9%
Securities held for sale or to maturity
31.8
80.3
105
-60.3%
Cash and equivalents
73.0
90.3
96.7
-19.1%
Receivables
74.1
75.1
85.9
-1.2%
Inventory
32.7
36.9
64.3
-11.3%
Other assets
33.0
59.4
57.1
-44.4%
Total assets
481
606
718
-20.7%
10-K for the year ended 31 December 2014, filed 2 March 2015: the filing.