Harmonic (HLIT) FY2020 results: revenue $379 million, down 6.0% on the year
Harmonic Inc. (HLIT) reported revenue of $379 million for fiscal 2020, the year ended 31 December 2020, down 6.0% on the year before. Net income was -$29 million, and diluted earnings per share $-0.30. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2021.
Revenue
$379 million
-6.0% on the year
FY2013FY2020
Operating margin
-3.3%
3.2% a year earlier
FY2013FY2020
Net income
-$29 million
FY2013FY2020
Diluted EPS
-$0.30
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
379
403
404
-6.0%
Cost of revenue
184
180
194
+2.2%
Gross profit
195
223
209
-12.6%
Gross margin
51.5%
55.4%
51.8%
Research and development
82.5
84.6
89.2
-2.5%
Selling, general and administrative
120
119
119
+0.5%
Operating income
-12.4
13.1
-5.0
Operating margin
-3.3%
3.2%
-1.2%
Interest expense
11.5
11.7
11.4
-1.2%
Pre-tax income
-26.2
-6.6
-16.9
Income tax
3.1
-0.7
4.1
Net income
-29.3
-5.9
-21.0
Net margin
-7.7%
-1.5%
-5.2%
Diluted EPS
-$0.30
-$0.07
-$0.25
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
39.2
31.3
12.3
+25.1%
Capital expenditure
32.2
10.3
7.0
+211.8%
Free cash flow
7.0
21.0
5.2
-66.8%
Free cash flow margin
1.8%
5.2%
1.3%
Cash from investing
-32.2
-10.3
-6.9
Cash from financing
-2.1
6.3
2.7
Depreciation and amortisation
15.7
19.6
21.3
-19.9%
Share-based compensation
18.0
12.1
17.3
+49.4%
Buybacks
0.0
n/a
n/a
Dividends paid
0.0
0.0
0.0
Diluted shares, weighted
97m
90m
n/a
+8.3%
Shares outstanding at period end
98m
92m
87m
+6.9%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
258
252
228
+2.3%
Redeemable equity
0.0
2.4
n/a
Debt
151
149
135
+1.4%
Operating lease liabilities
26.1
25.8
n/a
+1.2%
Finance lease liabilities
0.0
n/a
n/a
Other liabilities
156
157
148
-1.1%
Total liabilities and equity
592
587
511
+0.7%
Fixed assets
43.1
22.9
22.3
+88.2%
Goodwill
244
240
241
+1.6%
Intangible assets
0.5
4.5
12.8
-88.6%
Securities held for sale or to maturity
n/a
n/a
0.0
Cash and equivalents
98.6
93.1
66.0
+6.0%
Receivables
66.2
88.5
81.8
-25.2%
Inventory
35.0
29.0
25.6
+20.6%
Other assets
104
110
61.7
-4.8%
Total assets
592
587
511
+0.7%
10-K for the year ended 31 December 2020, filed 2 March 2021: the filing.