Harmonic (HLIT) FY2018 results: revenue $404 million, up 12.6% on the year
Harmonic Inc. (HLIT) reported revenue of $404 million for fiscal 2018, the year ended 31 December 2018, up 12.6% on the year before. Net income was -$21 million, and diluted earnings per share $-0.25. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2019.
Revenue
$404 million
+12.6% on the year
FY2011FY2018
Operating margin
-1.2%
-19.8% a year earlier
FY2011FY2018
Net income
-$21 million
FY2011FY2018
Diluted EPS
-$0.25
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
404
358
406
+12.6%
Cost of revenue
194
188
205
+3.1%
Gross profit
209
170
201
+23.2%
Gross margin
51.8%
47.4%
49.5%
Research and development
89.2
96.0
98.4
-7.1%
Selling, general and administrative
119
136
144
-12.7%
Operating income
-5.0
-70.9
-67.0
Operating margin
-1.2%
-19.8%
-16.5%
Interest expense
11.4
10.6
10.1
+7.4%
Pre-tax income
-16.9
-84.7
-80.4
Income tax
4.1
-1.8
-8.1
Net income
-21.0
-83.0
-72.3
Net margin
-5.2%
-23.2%
-17.8%
Diluted EPS
-$0.25
-$1.02
-$0.93
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
12.3
3.1
0.4
+300.9%
Capital expenditure
7.0
11.4
15.1
-38.2%
Free cash flow
5.2
-8.3
-14.7
Free cash flow margin
1.3%
-2.3%
-3.6%
Cash from investing
-6.9
-4.5
-70.5
Cash from financing
2.7
0.9
-0.2
+196.2%
Depreciation and amortisation
21.3
17.7
29.2
+20.3%
Share-based compensation
17.3
16.6
13.1
+4.1%
Buybacks
n/a
0.0
0.0
Dividends paid
0.0
n/a
n/a
Shares outstanding at period end
87m
83m
78m
+5.5%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
228
230
271
-0.7%
Debt
135
132
124
+2.3%
Other liabilities
148
147
159
+0.9%
Total liabilities and equity
511
508
554
+0.5%
Fixed assets
22.3
29.3
32.2
-23.7%
Goodwill
241
243
237
-0.9%
Intangible assets
12.8
21.3
29.2
-39.8%
Securities held for sale or to maturity
0.0
0.0
6.9
Cash and equivalents
66.0
57.0
55.6
+15.7%
Receivables
81.8
69.8
86.8
+17.1%
Inventory
25.6
26.0
41.2
-1.3%
Other assets
61.7
61.8
64.9
-0.3%
Total assets
511
508
554
+0.5%
10-K for the year ended 31 December 2018, filed 1 March 2019: the filing.