Harmonic (HLIT) FY2019 results: revenue $403 million, down 0.2% on the year
Harmonic Inc. (HLIT) reported revenue of $403 million for fiscal 2019, the year ended 31 December 2019, down 0.2% on the year before. Net income was -$6 million, and diluted earnings per share $-0.07. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2020.
Revenue
$403 million
-0.2% on the year
FY2012FY2019
Operating margin
3.2%
-1.2% a year earlier
FY2012FY2019
Net income
-$6 million
FY2012FY2019
Diluted EPS
-$0.07
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
403
404
358
-0.2%
Cost of revenue
180
194
188
-7.5%
Gross profit
223
209
170
+6.6%
Gross margin
55.4%
51.8%
47.4%
Research and development
84.6
89.2
96.0
-5.1%
Selling, general and administrative
119
119
136
+0.1%
Operating income
13.1
-5.0
-70.9
Operating margin
3.2%
-1.2%
-19.8%
Interest expense
11.7
11.4
10.6
+2.2%
Pre-tax income
-6.6
-16.9
-84.7
Income tax
-0.7
4.1
-1.8
Net income
-5.9
-21.0
-83.0
Net margin
-1.5%
-5.2%
-23.2%
Diluted EPS
-$0.07
-$0.25
-$1.02
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
31.3
12.3
3.1
+154.8%
Capital expenditure
10.3
7.0
11.4
+46.6%
Free cash flow
21.0
5.2
-8.3
+300.1%
Free cash flow margin
5.2%
1.3%
-2.3%
Cash from investing
-10.3
-6.9
-4.5
Cash from financing
6.3
2.7
0.9
+137.8%
Depreciation and amortisation
19.6
21.3
17.7
-8.1%
Share-based compensation
12.1
17.3
16.6
-30.2%
Buybacks
n/a
n/a
0.0
Dividends paid
0.0
0.0
n/a
Diluted shares, weighted
90m
n/a
n/a
Shares outstanding at period end
92m
87m
83m
+5.5%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
252
228
230
+10.6%
Redeemable equity
2.4
n/a
n/a
Debt
149
135
132
+10.8%
Operating lease liabilities
25.8
n/a
n/a
Other liabilities
157
148
147
+6.5%
Total liabilities and equity
587
511
508
+15.0%
Fixed assets
22.9
22.3
29.3
+2.7%
Goodwill
240
241
243
-0.3%
Intangible assets
4.5
12.8
21.3
-65.2%
Securities held for sale or to maturity
n/a
0.0
0.0
Cash and equivalents
93.1
66.0
57.0
+41.0%
Receivables
88.5
81.8
69.8
+8.2%
Inventory
29.0
25.6
26.0
+13.3%
Other assets
110
61.7
61.8
+77.7%
Total assets
587
511
508
+15.0%
10-K for the year ended 31 December 2019, filed 2 March 2020: the filing.