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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Harmonic Inc | NASDAQ:HLIT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.35 | 3.26% | 11.09 | 11.01 | 11.39 | 11.40 | 10.60 | 10.70 | 3,082,665 | 01:00:00 |
ý
|
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
¨
|
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Delaware
|
77-0201147
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification Number)
|
Large accelerated filer
|
¨
|
Accelerated filer
|
ý
|
|
|
|
|
Non-accelerated filer
|
¨
|
Smaller reporting company
|
¨
|
|
|
|
|
|
|
Emerging growth company
|
¨
|
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange on which registered
|
Common stock, $0.001 par value
|
|
HLIT
|
|
The NASDAQ Stock Market LLC
|
|
|
|
|
|
|
|
|
|
March 29, 2019
|
|
December 31, 2018
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
69,916
|
|
|
$
|
65,989
|
|
Accounts receivable, net
|
58,930
|
|
|
81,795
|
|
||
Inventories
|
29,325
|
|
|
25,638
|
|
||
Prepaid expenses and other current assets
|
22,900
|
|
|
23,280
|
|
||
Total current assets
|
181,071
|
|
|
196,702
|
|
||
Property and equipment, net
|
20,976
|
|
|
22,321
|
|
||
Operating lease right-of-use assets
|
21,616
|
|
|
—
|
|
||
Goodwill
|
239,848
|
|
|
240,618
|
|
||
Intangibles, net
|
10,704
|
|
|
12,817
|
|
||
Other long-term assets
|
39,962
|
|
|
38,377
|
|
||
Total assets
|
$
|
514,177
|
|
|
$
|
510,835
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Other debts and finance lease obligations, current
|
$
|
7,124
|
|
|
$
|
7,175
|
|
Accounts payable
|
25,436
|
|
|
33,778
|
|
||
Income taxes payable
|
884
|
|
|
1,099
|
|
||
Deferred revenue
|
47,422
|
|
|
41,592
|
|
||
Accrued and other current liabilities
|
53,238
|
|
|
52,761
|
|
||
Total current liabilities
|
134,104
|
|
|
136,405
|
|
||
Convertible notes, long-term
|
116,413
|
|
|
114,808
|
|
||
Other debts and finance lease obligations, long-term
|
12,402
|
|
|
12,684
|
|
||
Income taxes payable, long-term
|
466
|
|
|
460
|
|
||
Other non-current liabilities
|
30,231
|
|
|
18,228
|
|
||
Total liabilities
|
293,616
|
|
|
282,585
|
|
||
Commitments and contingencies (Note 17)
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock, $0.001 par value, 5,000 shares authorized; no shares issued or outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.001 par value, 150,000 shares authorized; 88,784 and 87,057 shares issued and outstanding at March 29, 2019 and December 31, 2018, respectively
|
89
|
|
|
87
|
|
||
Additional paid-in capital
|
2,300,259
|
|
|
2,296,795
|
|
||
Accumulated deficit
|
(2,077,322
|
)
|
|
(2,067,416
|
)
|
||
Accumulated other comprehensive loss
|
(2,465
|
)
|
|
(1,216
|
)
|
||
Total stockholders’ equity
|
220,561
|
|
|
228,250
|
|
||
Total liabilities and stockholders’ equity
|
$
|
514,177
|
|
|
$
|
510,835
|
|
|
Three months ended
|
||||||
|
March 29, 2019
|
|
March 30, 2018
|
||||
Revenue:
|
|
|
|
||||
Appliance and integration
|
$
|
52,365
|
|
|
$
|
63,986
|
|
SaaS and service
|
27,741
|
|
|
26,141
|
|
||
Total net revenue
|
80,106
|
|
|
90,127
|
|
||
Cost of revenue:
|
|
|
|
||||
Appliance and integration
|
27,054
|
|
|
30,576
|
|
||
SaaS and service
|
11,203
|
|
|
12,368
|
|
||
Total cost of revenue
|
38,257
|
|
|
42,944
|
|
||
Total gross profit
|
41,849
|
|
|
47,183
|
|
||
Operating expenses:
|
|
|
|
||||
Research and development
|
21,401
|
|
|
23,457
|
|
||
Selling, general and administrative
|
28,011
|
|
|
31,163
|
|
||
Amortization of intangibles
|
788
|
|
|
804
|
|
||
Restructuring and related charges
|
57
|
|
|
1,086
|
|
||
Total operating expenses
|
50,257
|
|
|
56,510
|
|
||
Loss from operations
|
(8,408
|
)
|
|
(9,327
|
)
|
||
Interest expense, net
|
(2,906
|
)
|
|
(2,757
|
)
|
||
Other expense, net
|
(311
|
)
|
|
(532
|
)
|
||
Loss before income taxes
|
(11,625
|
)
|
|
(12,616
|
)
|
||
Provision for (benefit from) income taxes
|
(319
|
)
|
|
1,078
|
|
||
Net loss
|
$
|
(11,306
|
)
|
|
$
|
(13,694
|
)
|
|
|
|
|
||||
Net loss per share:
|
|
|
|
||||
Basic and diluted
|
$
|
(0.13
|
)
|
|
$
|
(0.16
|
)
|
Shares used in per share calculation:
|
|
|
|
||||
Basic and diluted
|
88,165
|
|
|
83,912
|
|
|
Three months ended
|
||||||
|
March 29, 2019
|
|
March 30, 2018
|
||||
Net loss
|
$
|
(11,306
|
)
|
|
$
|
(13,694
|
)
|
Loss reclassified into earnings
|
157
|
|
|
—
|
|
||
Change in foreign currency translation adjustments
|
(1,300
|
)
|
|
1,734
|
|
||
Other comprehensive income before tax
|
(1,143
|
)
|
|
1,734
|
|
||
Less: Provision for income taxes
|
106
|
|
|
—
|
|
||
Other comprehensive income (loss), net of tax
|
(1,249
|
)
|
|
1,734
|
|
||
Total comprehensive loss
|
(12,555
|
)
|
|
(11,960
|
)
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Deficit
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Total
Stockholders’
Equity
|
||||||||
|
Shares
|
|
Amount
|
|
|||||||||||||
Balance at December 31, 2017
|
82,554
|
|
|
83
|
|
|
2,272,690
|
|
|
(2,057,812
|
)
|
|
3,382
|
|
|
218,343
|
|
Cumulative effect to retained earnings related to adoption of ASC 606
|
—
|
|
|
—
|
|
|
—
|
|
|
11,431
|
|
|
—
|
|
|
11,431
|
|
Balance at January 1, 2018
|
82,554
|
|
|
83
|
|
|
2,272,690
|
|
|
(2,046,381
|
)
|
|
3,382
|
|
|
229,774
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,694
|
)
|
|
—
|
|
|
(13,694
|
)
|
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,734
|
|
|
1,734
|
|
Issuance of common stock under option, stock award and purchase plans
|
2,640
|
|
|
2
|
|
|
2,345
|
|
|
—
|
|
|
—
|
|
|
2,347
|
|
Stock-based compensation
|
—
|
|
|
—
|
|
|
5,812
|
|
|
—
|
|
|
—
|
|
|
5,812
|
|
Balance at March 30, 2018
|
85,194
|
|
|
85
|
|
|
2,280,847
|
|
|
(2,060,075
|
)
|
|
5,116
|
|
|
225,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Balance at December 31, 2018
|
87,057
|
|
|
87
|
|
|
2,296,795
|
|
|
(2,067,416
|
)
|
|
(1,216
|
)
|
|
228,250
|
|
Cumulative effect to retained earnings related to adoption of Topic 718
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
1,400
|
|
|
—
|
|
|
1,400
|
|
Balance at January 1, 2019
|
87,057
|
|
|
87
|
|
|
2,296,795
|
|
|
(2,066,016
|
)
|
|
(1,216
|
)
|
|
229,650
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,306
|
)
|
|
—
|
|
|
(11,306
|
)
|
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,249
|
)
|
|
(1,249
|
)
|
Issuance of common stock under option, stock award and purchase plans
|
1,727
|
|
|
2
|
|
|
1,353
|
|
|
—
|
|
|
—
|
|
|
1,355
|
|
Stock-based compensation
|
—
|
|
|
—
|
|
|
2,111
|
|
|
—
|
|
|
—
|
|
|
2,111
|
|
Balance at March 29, 2019
|
88,784
|
|
|
89
|
|
|
2,300,259
|
|
|
(2,077,322
|
)
|
|
(2,465
|
)
|
|
220,561
|
|
|
Three months ended
|
||||||
|
March 29, 2019
|
|
March 30, 2018
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net loss
|
$
|
(11,306
|
)
|
|
$
|
(13,694
|
)
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
|
|
|
||||
Amortization of intangibles
|
2,083
|
|
|
2,099
|
|
||
Depreciation
|
2,846
|
|
|
3,456
|
|
||
Stock-based compensation
|
2,113
|
|
|
5,757
|
|
||
Amortization of discount on convertible debt and issuance cost
|
1,605
|
|
|
1,453
|
|
||
Amortization of non-cash warrant
|
25
|
|
|
111
|
|
||
Restructuring, asset impairment and loss on retirement of fixed assets
|
103
|
|
|
40
|
|
||
Deferred income taxes, net
|
(538
|
)
|
|
—
|
|
||
Foreign currency adjustments
|
(638
|
)
|
|
835
|
|
||
Provision for excess and obsolete inventories
|
254
|
|
|
458
|
|
||
Allowance for doubtful accounts and returns
|
417
|
|
|
1,122
|
|
||
Other non-cash adjustments, net
|
287
|
|
|
132
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
22,351
|
|
|
(5,925
|
)
|
||
Inventories
|
(4,157
|
)
|
|
424
|
|
||
Prepaid expenses and other assets
|
1,417
|
|
|
(6,511
|
)
|
||
Accounts payable
|
(8,177
|
)
|
|
(5,710
|
)
|
||
Deferred revenue
|
4,750
|
|
|
10,009
|
|
||
Income taxes payable
|
(192
|
)
|
|
253
|
|
||
Accrued and other liabilities
|
(9,027
|
)
|
|
(933
|
)
|
||
Net cash provided by (used in) operating activities
|
4,216
|
|
|
(6,624
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchases of property and equipment
|
(1,674
|
)
|
|
(1,775
|
)
|
||
Net cash used in investing activities
|
(1,674
|
)
|
|
(1,775
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from other debts and finance leases
|
160
|
|
|
—
|
|
||
Repayment of other debts and finance leases
|
(97
|
)
|
|
(448
|
)
|
||
Proceeds from common stock issued to employees
|
2,012
|
|
|
2,347
|
|
||
Payment of tax withholding obligations related to net share settlements of restricted stock units
|
(657
|
)
|
|
—
|
|
||
Net cash provided by financing activities
|
1,418
|
|
|
1,899
|
|
||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(33
|
)
|
|
73
|
|
||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
3,927
|
|
|
(6,427
|
)
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
65,989
|
|
|
58,757
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
$
|
69,916
|
|
|
$
|
52,330
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Income tax payments, net
|
490
|
|
|
586
|
|
||
Interest payments, net
|
92
|
|
|
148
|
|
||
Supplemental schedule of non-cash investing and financing activities:
|
|
|
|
||||
Capital expenditures incurred but not yet paid
|
91
|
|
|
325
|
|
||
|
|
|
|
||||
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
69,916
|
|
|
$
|
52,045
|
|
Restricted cash included in prepaid expenses and other current assets
|
—
|
|
|
285
|
|
||
Total cash, cash equivalents and restricted cash
|
$
|
69,916
|
|
|
$
|
52,330
|
|
|
As of
|
||||||
|
March 29,
2019 |
|
March 30,
2018 |
||||
Contract assets
|
$
|
3,707
|
|
|
$
|
3,834
|
|
Deferred revenue
|
51,628
|
|
|
46,922
|
|
|
Three months ended
|
||
|
March 29, 2019
|
||
Operating lease cost
|
$
|
1,996
|
|
Variable lease cost
|
779
|
|
|
Total lease cost
|
$
|
2,775
|
|
|
Three months ended
|
||
|
March 29, 2019
|
||
Supplemental cash flow information
|
|
||
Operating cash flows from operating leases
|
$
|
2,130
|
|
Operating leases
|
|
||
Weighted-average remaining lease term (years)
|
6.9 years
|
|
|
Weighted-average discount rate
|
5.5
|
%
|
Years ending December 31,
|
|
||
2019 (remaining nine months)
|
$
|
8,329
|
|
2020
|
8,494
|
|
|
2021
|
3,914
|
|
|
2022
|
2,487
|
|
|
2023
|
2,189
|
|
|
Thereafter
|
6,614
|
|
|
Total future minimum lease payments
|
$
|
32,027
|
|
Less: imputed interest
|
(5,044
|
)
|
|
Total
|
$
|
26,983
|
|
Years ending December 31,
|
|
||
2019
|
$
|
13,515
|
|
2020
|
10,139
|
|
|
2021
|
4,088
|
|
|
2022
|
2,523
|
|
|
2023
|
2,220
|
|
|
Thereafter
|
6,694
|
|
|
Total future minimum lease payments
|
$
|
39,179
|
|
|
|
|
Three months ended
|
||||||
|
Financial Statement Location
|
|
March 29, 2019
|
|
March 30, 2018
|
||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
||||
Losses recognized in income
|
Other expense, net
|
|
$
|
(565
|
)
|
|
$
|
(113
|
)
|
|
|
March 29, 2019
|
|
December 31, 2018
|
||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
||||
Purchase
|
|
$
|
26,617
|
|
|
$
|
28,975
|
|
|
|
|
|
Asset Derivatives
|
|
|
|
Derivative Liabilities
|
||||||||||||
|
|
Balance Sheet Location
|
|
March 29, 2019
|
|
December 31, 2018
|
|
Balance Sheet Location
|
|
March 29, 2019
|
|
December 31, 2018
|
||||||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts
|
|
Prepaid expenses and other current assets
|
|
$
|
22
|
|
|
$
|
—
|
|
|
Accrued and other current liabilities
|
|
$
|
181
|
|
|
$
|
333
|
|
Total derivatives
|
|
|
|
$
|
22
|
|
|
$
|
—
|
|
|
|
|
$
|
181
|
|
|
$
|
333
|
|
|
|
Gross Amounts of Derivatives
|
|
Gross Amounts of Derivatives Offset in the Condensed Consolidated Balance Sheets
|
|
Net Amounts of Derivatives Presented in the Condensed Consolidated Balance Sheets
|
|||||
Derivative assets
|
|
$
|
22
|
|
|
—
|
|
|
$
|
22
|
|
Derivative liabilities
|
|
$
|
181
|
|
|
—
|
|
|
$
|
181
|
|
•
|
Level 1 — Observable inputs that reflect quoted prices for identical assets or liabilities in active markets.
|
•
|
Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The forward exchange contracts are classified as Level 2 because they are valued using quoted market prices and other observable data for similar instruments in an active market.
|
•
|
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
As of March 29, 2019
|
|
|
|
|
|
|
|
||||||||
Prepaid expenses and other current assets
|
|
|
|
|
|
|
|
||||||||
Derivative assets
|
$
|
—
|
|
|
$
|
22
|
|
|
$
|
—
|
|
|
$
|
22
|
|
Total assets measured and recorded at fair value
|
$
|
—
|
|
|
$
|
22
|
|
|
$
|
—
|
|
|
$
|
22
|
|
Accrued and other current liabilities
|
|
|
|
|
|
|
|
||||||||
Derivative liabilities
|
$
|
—
|
|
|
$
|
181
|
|
|
$
|
—
|
|
|
$
|
181
|
|
Total liabilities measured and recorded at fair value
|
$
|
—
|
|
|
$
|
181
|
|
|
$
|
—
|
|
|
$
|
181
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
As of December 31, 2018
|
|
|
|
|
|
|
|
||||||||
Accrued and other current liabilities
|
|
|
|
|
|
|
|
||||||||
Derivative liabilities
|
$
|
—
|
|
|
$
|
333
|
|
|
$
|
—
|
|
|
$
|
333
|
|
Total liabilities measured and recorded at fair value
|
$
|
—
|
|
|
$
|
333
|
|
|
$
|
—
|
|
|
$
|
333
|
|
|
March 29, 2019
|
|
December 31, 2018
|
||||
Accounts receivable, net:
|
|
|
|
||||
Accounts receivable
|
$
|
61,345
|
|
|
$
|
85,292
|
|
Less: allowances for doubtful accounts and sales returns
|
(2,415
|
)
|
|
(3,497
|
)
|
||
Total
|
$
|
58,930
|
|
|
$
|
81,795
|
|
|
March 29, 2019
|
|
December 31, 2018
|
||||
Inventories:
|
|
|
|
||||
Raw materials
|
$
|
2,536
|
|
|
$
|
1,705
|
|
Work-in-process
|
833
|
|
|
991
|
|
||
Finished goods
|
15,769
|
|
|
12,267
|
|
||
Service-related spares
|
10,187
|
|
|
10,675
|
|
||
Total
|
$
|
29,325
|
|
|
$
|
25,638
|
|
|
March 29, 2019
|
|
December 31, 2018
|
||||
Prepaid expenses and other current assets:
|
|
|
|
||||
French R&D tax credits receivable
(1)
|
$
|
7,159
|
|
|
$
|
7,305
|
|
Prepaid expenses
|
6,219
|
|
|
4,834
|
|
||
Contract assets
(2)
|
3,707
|
|
|
3,834
|
|
||
Deferred cost of revenue
|
1,318
|
|
|
3,671
|
|
||
Capitalized commission
|
933
|
|
|
1,098
|
|
||
Other
|
3,564
|
|
|
2,538
|
|
||
Total
|
$
|
22,900
|
|
|
$
|
23,280
|
|
|
March 29, 2019
|
|
December 31, 2018
|
||||
Property and equipment, net:
|
|
|
|
||||
Machinery and equipment
|
$
|
74,956
|
|
|
$
|
75,094
|
|
Capitalized software
|
32,861
|
|
|
32,696
|
|
||
Leasehold improvements
|
14,953
|
|
|
14,951
|
|
||
Furniture and fixtures
|
6,031
|
|
|
6,049
|
|
||
Property and equipment, gross
|
128,801
|
|
|
128,790
|
|
||
Less: accumulated depreciation and amortization
|
(107,825
|
)
|
|
(106,469
|
)
|
||
Total
|
$
|
20,976
|
|
|
$
|
22,321
|
|
|
March 29, 2019
|
|
December 31, 2018
|
||||
Other long-term assets:
|
|
|
|
||||
French R&D tax credits receivable
|
$
|
20,200
|
|
|
$
|
19,249
|
|
Deferred tax assets
|
9,198
|
|
|
8,695
|
|
||
Equity investment
|
3,593
|
|
|
3,593
|
|
||
Other
|
6,971
|
|
|
6,840
|
|
||
Total
|
$
|
39,962
|
|
|
$
|
38,377
|
|
|
March 29, 2019
|
|
December 31, 2018
|
||||
Accrued and other current liabilities:
|
|
|
|
||||
Accrued employee compensation and related expenses
|
$
|
15,483
|
|
|
$
|
21,451
|
|
Operating lease liability (short-term)
|
10,660
|
|
|
—
|
|
||
Accrued warranty
|
4,587
|
|
|
4,869
|
|
||
Contingent inventory reserves
|
2,259
|
|
|
2,500
|
|
||
Accrued TVN VDP, current
(1)
|
1,515
|
|
|
1,585
|
|
||
Accrued Avid litigation settlement, current
|
1,500
|
|
|
1,500
|
|
||
Others
|
17,234
|
|
|
20,856
|
|
||
Total
|
$
|
53,238
|
|
|
$
|
52,761
|
|
|
March 29, 2019
|
|
December 31, 2018
|
||||
Other non-current liabilities:
|
|
|
|
||||
Operating lease liability (long-term)
|
$
|
16,323
|
|
|
$
|
—
|
|
Deferred revenue (long-term)
|
4,206
|
|
|
5,330
|
|
||
Others
|
9,702
|
|
|
12,898
|
|
||
Total
|
$
|
30,231
|
|
|
$
|
18,228
|
|
|
Video
|
|
Cable Access
|
|
Total
|
||||||
Balance as of December 31, 2018
|
$
|
179,839
|
|
|
$
|
60,779
|
|
|
$
|
240,618
|
|
Foreign currency translation adjustment
|
(786
|
)
|
|
16
|
|
|
(770
|
)
|
|||
Balance as of March 29, 2019
|
$
|
179,053
|
|
|
$
|
60,795
|
|
|
$
|
239,848
|
|
|
|
|
March 29, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
Weighted Average Remaining Life (Years)
|
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net Carrying
Amount
|
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net Carrying
Amount
|
||||||||||||
Developed core technology
|
0.9
|
|
$
|
31,707
|
|
|
$
|
(26,871
|
)
|
|
$
|
4,836
|
|
|
$
|
31,707
|
|
|
$
|
(25,576
|
)
|
|
$
|
6,131
|
|
Customer relationships/contracts
|
1.9
|
|
44,583
|
|
|
(38,855
|
)
|
|
5,728
|
|
|
44,650
|
|
|
(38,146
|
)
|
|
6,504
|
|
||||||
Trademarks and trade names
|
0.9
|
|
610
|
|
|
(470
|
)
|
|
140
|
|
|
623
|
|
|
(441
|
)
|
|
182
|
|
||||||
Maintenance agreements and related relationships
|
n/a
|
|
5,500
|
|
|
(5,500
|
)
|
|
—
|
|
|
5,500
|
|
|
(5,500
|
)
|
|
—
|
|
||||||
Order backlog
|
n/a
|
|
3,087
|
|
|
(3,087
|
)
|
|
—
|
|
|
3,112
|
|
|
(3,112
|
)
|
|
—
|
|
||||||
Total identifiable intangibles
|
|
|
$
|
85,487
|
|
|
$
|
(74,783
|
)
|
|
$
|
10,704
|
|
|
$
|
85,592
|
|
|
$
|
(72,775
|
)
|
|
$
|
12,817
|
|
|
Three months ended
|
||||||
|
March 29,
2019 |
|
March 30,
2018 |
||||
Included in cost of revenue
|
$
|
1,295
|
|
|
$
|
1,295
|
|
Included in operating expenses
|
788
|
|
|
804
|
|
||
Total amortization expense
|
$
|
2,083
|
|
|
$
|
2,099
|
|
|
Cost of Revenue
|
|
Operating
Expenses
|
|
Total
|
||||||
Year ended December 31,
|
|
|
|
|
|
||||||
2019 (remaining nine months)
|
$
|
3,885
|
|
|
$
|
2,356
|
|
|
$
|
6,241
|
|
2020
|
951
|
|
|
3,014
|
|
|
3,965
|
|
|||
2021
|
—
|
|
|
498
|
|
|
498
|
|
|||
Total future amortization expense
|
$
|
4,836
|
|
|
$
|
5,868
|
|
|
$
|
10,704
|
|
|
Three months ended
|
||||||
|
March 29,
2019 |
|
March 30,
2018 |
||||
Restructuring and related charges in:
|
|
|
|
||||
Cost of revenue
|
$
|
301
|
|
|
$
|
762
|
|
Operating expenses - Restructuring and related charges
|
57
|
|
|
1,086
|
|
||
Total restructuring and related charges
|
$
|
358
|
|
|
$
|
1,848
|
|
|
|
Excess facilities
|
|
Severance and benefits
|
|
TVN VDP
(1)
|
|
Total
|
||||||||
Balance at December 31, 2018
|
|
$
|
2,926
|
|
|
$
|
—
|
|
|
$
|
2,409
|
|
|
$
|
5,335
|
|
Charges for current period
|
|
—
|
|
|
346
|
|
|
—
|
|
|
346
|
|
||||
Adjustments to restructuring provisions
|
|
37
|
|
|
—
|
|
|
(25
|
)
|
|
12
|
|
||||
Cash payments
|
|
(506
|
)
|
|
(144
|
)
|
|
(579
|
)
|
|
(1,229
|
)
|
||||
Foreign exchange effect
|
|
—
|
|
|
—
|
|
|
(44
|
)
|
|
(44
|
)
|
||||
Balance at March 29, 2019
|
|
$
|
2,457
|
|
|
$
|
202
|
|
|
$
|
1,761
|
|
|
$
|
4,420
|
|
|
March 29, 2019
|
|
December 31, 2018
|
||||
Liability:
|
|
|
|
||||
Principal amount
|
$
|
128,250
|
|
|
$
|
128,250
|
|
Less: Debt discount, net of amortization
|
(10,563
|
)
|
|
(11,996
|
)
|
||
Less: Debt issuance costs, net of amortization
|
(1,274
|
)
|
|
(1,446
|
)
|
||
Carrying amount
|
$
|
116,413
|
|
|
$
|
114,808
|
|
Remaining amortization period (years)
|
1.7
|
|
|
1.9
|
|
||
Effective interest rate on liability component
|
9.94
|
%
|
|
9.94
|
%
|
||
Carrying amount of equity component
|
$
|
26,062
|
|
|
$
|
26,062
|
|
|
Three months ended
|
||||||
|
March 29, 2019
|
|
March 30, 2018
|
||||
Contractual interest expense
|
$
|
1,283
|
|
|
$
|
1,283
|
|
Amortization of debt discount
|
1,433
|
|
|
1,297
|
|
||
Amortization of debt issuance costs
|
172
|
|
|
156
|
|
||
Total interest expense recognized
|
$
|
2,888
|
|
|
$
|
2,736
|
|
|
March 29, 2019
|
|
December 31, 2018
|
||||
Financing from French government agencies related to various government incentive programs
(1)
|
$
|
18,566
|
|
|
$
|
18,783
|
|
Term loans
|
819
|
|
|
914
|
|
||
Obligations under finance leases
|
141
|
|
|
162
|
|
||
Total debt obligations
|
19,526
|
|
|
19,859
|
|
||
Less: current portion
|
(7,124
|
)
|
|
(7,175
|
)
|
||
Long-term portion
|
$
|
12,402
|
|
|
$
|
12,684
|
|
Years ending December 31,
|
Finance lease obligations
|
|
Other Debt obligations
|
||||
2019 (remaining nine months)
|
$
|
106
|
|
|
$
|
6,866
|
|
2020
|
35
|
|
|
6,475
|
|
||
2021
|
—
|
|
|
5,226
|
|
||
2022
|
—
|
|
|
443
|
|
||
2023
|
—
|
|
|
151
|
|
||
Thereafter
|
—
|
|
|
224
|
|
||
Total
|
$
|
141
|
|
|
$
|
19,385
|
|
|
|
Stock Options Outstanding
|
|||||||||||
|
|
Number
of
Shares
|
|
Weighted
Average
Exercise Price
Per Share
|
|
Weighted
Average
Remaining
Contractual
Term (Years)
|
|
Aggregate
Intrinsic
Value
|
|||||
Balance at December 31, 2018
|
|
3,068
|
|
|
$
|
5.76
|
|
|
|
|
|
||
Exercised
|
|
(6
|
)
|
|
2.25
|
|
|
|
|
|
|||
Canceled or expired
|
|
(379
|
)
|
|
6.14
|
|
|
|
|
|
|||
Balance at March 29, 2019
|
|
2,683
|
|
|
5.71
|
|
|
2.4
|
|
$
|
1,646.6
|
|
|
As of March 29, 2019
|
|
|
|
|
|
|
|
|
|||||
Vested and expected to vest
|
|
2,683
|
|
|
5.71
|
|
|
2.4
|
|
$
|
1,646.3
|
|
|
Exercisable
|
|
2,673
|
|
|
5.72
|
|
|
2.4
|
|
$
|
1,633.5
|
|
|
|
Restricted Stock Units Outstanding
|
|||||
|
|
Number
of Shares |
|
Weighted
Average Grant Date Fair Value Per Share |
|||
Balance at December 31, 2018
|
|
3,403
|
|
|
$
|
3.99
|
|
Granted
|
|
35
|
|
|
5.49
|
|
|
Vested
|
|
(1,313
|
)
|
|
3.91
|
|
|
Forfeited
|
|
(20
|
)
|
|
4.01
|
|
|
Balance at March 29, 2019
|
|
2,105
|
|
|
4.10
|
|
|
Three months ended
|
||||||
|
March 29, 2019
|
|
March 30, 2018
|
||||
Service cost
|
$
|
57
|
|
|
$
|
63
|
|
Interest cost
|
20
|
|
|
19
|
|
||
Net periodic benefit cost
|
$
|
77
|
|
|
$
|
82
|
|
|
Three months ended
|
||||||
|
March 29,
2019 |
|
March 30,
2018 |
||||
Stock-based compensation in:
|
|
|
|
||||
Cost of revenue
|
$
|
225
|
|
|
$
|
515
|
|
Research and development expense
|
616
|
|
|
1,804
|
|
||
Selling, general and administrative expense
|
1,272
|
|
|
3,438
|
|
||
Total stock-based compensation in operating expense
|
1,888
|
|
|
5,242
|
|
||
Total stock-based compensation
|
$
|
2,113
|
|
|
$
|
5,757
|
|
|
ESPP Purchase Period Ending
|
||||
|
July 1,
2019 |
|
July 2,
2018 |
||
Expected term (years)
|
0.5
|
|
|
0.5
|
|
Volatility
|
43
|
%
|
|
60
|
%
|
Risk-free interest rate
|
2.5
|
%
|
|
1.7
|
%
|
Expected dividends
|
0.0
|
%
|
|
0.0
|
%
|
Estimated weighted average fair value per share at purchase date
|
$1.31
|
|
$1.34
|
|
Three months ended
|
||||||
|
March 29,
2019 |
|
March 30,
2018 |
||||
Loss before income taxes
|
$
|
(11,625
|
)
|
|
$
|
(12,616
|
)
|
Provision for (benefit from) income taxes
|
(319
|
)
|
|
1,078
|
|
||
Effective income tax rate
|
2.7
|
%
|
|
(8.5
|
)%
|
|
Three months ended
|
||||||
|
March 29,
2019 |
|
March 30,
2018 |
||||
Numerator:
|
|
|
|
||||
Net loss
|
$
|
(11,306
|
)
|
|
$
|
(13,694
|
)
|
Denominator:
|
|
|
|
||||
Weighted average number of common shares outstanding
|
|
|
|
||||
Basic and diluted
|
88,165
|
|
|
83,912
|
|
||
Net loss per share:
|
|
|
|
||||
Basic and diluted
|
$
|
(0.13
|
)
|
|
$
|
(0.16
|
)
|
|
Three months ended
|
||||
|
March 29,
2019 |
|
March 30,
2018 |
||
Stock options
|
2,941
|
|
|
3,705
|
|
RSUs
|
2,400
|
|
|
2,206
|
|
Stock purchase rights under the ESPP
|
489
|
|
|
836
|
|
Warrants
(1)
|
1,954
|
|
|
782
|
|
Total
(2)
|
7,784
|
|
|
7,529
|
|
|
|||||||
|
Three months ended
|
||||||
|
March 29, 2019
|
|
March 30, 2018
|
||||
Video
|
|
|
|
||||
Revenue
|
$
|
67,176
|
|
|
$
|
71,748
|
|
Gross profit
|
38,602
|
|
|
41,226
|
|
||
Operating income
|
1,968
|
|
|
1,995
|
|
||
Cable Access
|
|
|
|
||||
Revenue
|
$
|
12,930
|
|
|
$
|
18,379
|
|
Gross profit
|
5,068
|
|
|
8,529
|
|
||
Operating loss
|
(5,822
|
)
|
|
(1,624
|
)
|
||
Total
|
|
|
|
||||
Revenue
|
$
|
80,106
|
|
|
$
|
90,127
|
|
Gross profit
|
43,670
|
|
|
49,755
|
|
||
Operating income (loss)
|
(3,854
|
)
|
|
371
|
|
|
Three months ended
|
||||||
|
March 29, 2019
|
|
March 30, 2018
|
||||
Total segment operating income (loss)
|
(3,854
|
)
|
|
371
|
|
||
Unallocated corporate expenses
|
(358
|
)
|
|
(1,842
|
)
|
||
Stock-based compensation
|
(2,113
|
)
|
|
(5,757
|
)
|
||
Amortization of intangibles
|
(2,083
|
)
|
|
(2,099
|
)
|
||
Loss from operations
|
(8,408
|
)
|
|
(9,327
|
)
|
||
Non-operating expense, net
|
(3,217
|
)
|
|
(3,289
|
)
|
||
Loss before income taxes
|
$
|
(11,625
|
)
|
|
$
|
(12,616
|
)
|
|
Three months ended
|
||||||
|
March 29,
2019 |
|
March 30,
2018 |
||||
Market
|
|
|
|
||||
Service Provider
|
$
|
44,212
|
|
|
$
|
52,217
|
|
Broadcast and Media
|
35,894
|
|
|
37,910
|
|
||
Total
|
$
|
80,106
|
|
|
$
|
90,127
|
|
|
Three months ended
|
||||||
|
March 29,
2019 |
|
March 30,
2018 |
||||
Balance at beginning of period
|
$
|
4,869
|
|
|
$
|
4,381
|
|
Accrual for current period warranties
|
1,403
|
|
|
1,736
|
|
||
Warranty costs incurred
|
(1,685
|
)
|
|
(1,595
|
)
|
||
Balance at end of period
|
$
|
4,587
|
|
|
$
|
4,522
|
|
•
|
developing trends and demands in the markets we address, particularly emerging markets;
|
•
|
economic conditions, particularly in certain geographies, and in financial markets;
|
•
|
new and future products and services;
|
•
|
spending of our customers;
|
•
|
our strategic direction, future business plans and growth strategy;
|
•
|
industry and customer consolidation;
|
•
|
expected demand for and benefits of our products and services;
|
•
|
concentration of revenue sources;
|
•
|
expectations regarding our CableOS solutions;
|
•
|
expectations regarding the impact of warrants issued to Comcast on our business;
|
•
|
potential future acquisitions and dispositions;
|
•
|
anticipated results of potential or actual litigation;
|
•
|
our competitive environment;
|
•
|
the impact of our restructuring plans;
|
•
|
the impact of governmental regulations, including with respect to tariffs and economic sanctions;
|
•
|
anticipated revenue and expenses, including the sources of such revenue and expenses;
|
•
|
expected impacts of changes in accounting rules;
|
•
|
expectations regarding the usability of our inventory and the risk that inventory will exceed forecasted demand;
|
•
|
expectations and estimates related to goodwill and intangible assets and their associated carrying value;
|
•
|
expectations regarding the applicability of tax provisions, including with respect to credits related to our acquisition of Thomson Video Networks (“TVN”); and
|
•
|
use of cash, cash needs and ability to raise capital, including repaying or refinancing our convertible notes.
|
|
Three months ended
|
|
|
|
|||||||||
|
March 29, 2019
|
|
March 30, 2018
|
|
Q1 FY19 vs Q1 FY18
|
||||||||
Segment:
|
|
|
|
|
|
|
|||||||
Video
|
$
|
67,176
|
|
|
$
|
71,748
|
|
|
$
|
(4,572
|
)
|
(6
|
)%
|
Cable Access
|
12,955
|
|
|
18,490
|
|
|
(5,535
|
)
|
(30
|
)%
|
|||
Total segment revenue
|
80,131
|
|
|
90,238
|
|
|
(10,107
|
)
|
(11
|
)%
|
|||
Amortization of warrants
|
(25
|
)
|
|
(111
|
)
|
|
86
|
|
—
|
|
|||
Total net revenue
|
$
|
80,106
|
|
|
$
|
90,127
|
|
|
$
|
(10,021
|
)
|
(11
|
)%
|
|
|
|
|
|
|
|
|||||||
Segment revenue as a % of total segment revenue:
|
|
|
|
||||||||||
Video
|
84
|
%
|
|
80
|
%
|
|
|
|
|||||
Cable Access
|
16
|
%
|
|
20
|
%
|
|
|
|
|
Three months ended
|
|
|
|
|||||||||
|
March 29, 2019
|
|
March 30, 2018
|
|
Q1 FY19 vs Q1 FY18
|
||||||||
Geography:
|
|
|
|
|
|
|
|||||||
Americas
|
$
|
34,188
|
|
|
$
|
48,856
|
|
|
$
|
(14,668
|
)
|
(30
|
)%
|
EMEA
|
28,078
|
|
|
23,202
|
|
|
4,876
|
|
21
|
%
|
|||
APAC
|
17,840
|
|
|
18,069
|
|
|
(229
|
)
|
(1
|
)%
|
|||
Total net revenue
|
$
|
80,106
|
|
|
$
|
90,127
|
|
|
$
|
(10,021
|
)
|
(11
|
)%
|
|
|
|
|
|
|
|
|||||||
Regional revenue as a % of total net revenue:
|
|
|
|
||||||||||
Americas
|
43
|
%
|
|
54
|
%
|
|
|
|
|||||
EMEA
|
35
|
%
|
|
26
|
%
|
|
|
|
|||||
APAC
|
22
|
%
|
|
20
|
%
|
|
|
|
|
Three months ended
|
|
|
|
|||||||||
|
March 29, 2019
|
|
March 30, 2018
|
|
Q1 FY19 vs Q1 FY18
|
||||||||
Gross profit
|
$
|
41,849
|
|
|
$
|
47,183
|
|
|
$
|
(5,334
|
)
|
(11
|
)%
|
As a percentage of net revenue (“gross margin”)
|
52.2
|
%
|
|
52.4
|
%
|
|
(0.2
|
)%
|
|
|
Three months ended
|
|
|
|
|||||||||
|
March 29, 2019
|
|
March 30, 2018
|
|
Q1 FY19 vs Q1 FY18
|
||||||||
Research and development
|
$
|
21,401
|
|
|
$
|
23,457
|
|
|
$
|
(2,056
|
)
|
(9
|
)%
|
As a percentage of net revenue
|
26.7
|
%
|
|
26.0
|
%
|
|
|
|
|
Three months ended
|
|
|
|
|||||||||
|
March 29, 2019
|
|
March 30, 2018
|
|
Q1 FY19 vs Q1 FY18
|
||||||||
Selling, general and administrative
|
$
|
28,011
|
|
|
$
|
31,163
|
|
|
$
|
(3,152
|
)
|
(10
|
)%
|
As a percentage of net revenue
|
35.0
|
%
|
|
34.6
|
%
|
|
|
|
|
Three months ended
|
|
|
|
|||||||||
|
March 29, 2019
|
|
March 30, 2018
|
|
Q1 FY19 vs Q1 FY18
|
||||||||
Video
|
$
|
1,968
|
|
|
$
|
1,995
|
|
|
$
|
(27
|
)
|
(1
|
)%
|
Cable Access
|
(5,797
|
)
|
|
(1,513
|
)
|
|
(4,284
|
)
|
283
|
%
|
|||
Total segment operating income (loss)
|
$
|
(3,829
|
)
|
|
$
|
482
|
|
|
$
|
(4,311
|
)
|
(894
|
)%
|
|
|
|
|
|
|
|
|||||||
Segment operating income (loss) as a % of segment revenue (“operating margin”):
|
|||||||||||||
Video
|
2.9
|
%
|
|
2.8
|
%
|
|
0.1
|
%
|
|
||||
Cable Access
|
(44.7
|
)%
|
|
(8.2
|
)%
|
|
(36.5
|
)%
|
|
|
Three months ended
|
||||||
|
March 29, 2019
|
|
March 30, 2018
|
||||
Total segment operating income (loss)
|
$
|
(3,829
|
)
|
|
$
|
482
|
|
Amortization of warrants
|
(25
|
)
|
|
(111
|
)
|
||
Unallocated corporate expenses
|
(358
|
)
|
|
(1,842
|
)
|
||
Stock-based compensation
|
(2,113
|
)
|
|
(5,757
|
)
|
||
Amortization of intangibles
|
(2,083
|
)
|
|
(2,099
|
)
|
||
Loss from operations
|
(8,408
|
)
|
|
(9,327
|
)
|
||
Non-operating expense, net
|
(3,217
|
)
|
|
(3,289
|
)
|
||
Loss before income taxes
|
$
|
(11,625
|
)
|
|
$
|
(12,616
|
)
|
|
Three months ended
|
|
|
|
|||||||||
|
March 29, 2019
|
|
March 30, 2018
|
|
Q1 FY19 vs Q1 FY18
|
||||||||
Amortization of intangibles
|
$
|
788
|
|
|
$
|
804
|
|
|
$
|
(16
|
)
|
(2
|
)%
|
As a percentage of net revenue
|
1.0
|
%
|
|
0.9
|
%
|
|
|
|
|
Three months ended
|
|
|
|||||||||
|
March 29, 2019
|
|
March 30, 2018
|
Q3 FY18 vs Q3 FY17
|
||||||||
Restructuring and related charges in:
|
|
|
|
|
|
|||||||
Cost of revenue
|
$
|
301
|
|
|
$
|
762
|
|
$
|
(461
|
)
|
(60
|
)%
|
Operating expenses-Restructuring and related charges
|
57
|
|
|
1,086
|
|
(1,029
|
)
|
(95
|
)%
|
|||
Total restructuring and related charges
|
$
|
358
|
|
|
$
|
1,848
|
|
$
|
(1,490
|
)
|
(81
|
)%
|
|
Three months ended
|
|
|
|
|||||||||
|
March 29, 2019
|
|
March 30, 2018
|
|
Q1 FY19 vs Q1 FY18
|
||||||||
Provision for (benefit from) income taxes
|
$
|
(319
|
)
|
|
$
|
1,078
|
|
|
$
|
(1,397
|
)
|
(130
|
)%
|
Effective income tax rate
|
2.7
|
%
|
|
(8.5
|
)%
|
|
|
|
|
Three months ended
|
||||||
|
March 29, 2019
|
|
March 30, 2018
|
||||
Net cash provided by (used in):
|
|
|
|
||||
Operating activities
|
$
|
4,216
|
|
|
$
|
(6,624
|
)
|
Investing activities
|
(1,674
|
)
|
|
(1,775
|
)
|
||
Financing activities
|
1,418
|
|
|
1,899
|
|
||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash
|
(33
|
)
|
|
73
|
|
||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
$
|
3,927
|
|
|
$
|
(6,427
|
)
|
|
Payments due in each fiscal year
|
||||||||||||||||||
|
Total
Amounts
Committed
|
|
2019 (Remaining nine months)
|
|
2020 and 2021
|
|
2022 and 2023
|
|
Thereafter
|
||||||||||
Convertible debt
|
$
|
128,250
|
|
|
$
|
—
|
|
|
$
|
128,250
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Purchase commitments
|
45,023
|
|
|
31,481
|
|
|
12,085
|
|
|
1,457
|
|
|
—
|
|
|||||
Operating leases
|
32,027
|
|
|
8,329
|
|
|
12,408
|
|
|
4,676
|
|
|
6,614
|
|
|||||
TVN debt
|
19,385
|
|
|
6,866
|
|
|
11,701
|
|
|
594
|
|
|
224
|
|
|||||
Interest on convertible debt
|
10,260
|
|
|
5,130
|
|
|
5,130
|
|
|
—
|
|
|
—
|
|
|||||
Other commitments
(1)
|
3,915
|
|
|
2,034
|
|
|
1,881
|
|
|
—
|
|
|
—
|
|
|||||
Avid litigation settlement fees
|
3,500
|
|
|
1,500
|
|
|
2,000
|
|
|
—
|
|
|
—
|
|
|||||
TVN VDP Obligations
|
1,761
|
|
|
953
|
|
|
808
|
|
|
—
|
|
|
—
|
|
|||||
Finance lease
|
141
|
|
|
106
|
|
|
35
|
|
|
—
|
|
|
—
|
|
|||||
Total contractual obligations
|
$
|
244,262
|
|
|
$
|
56,399
|
|
|
$
|
174,298
|
|
|
$
|
6,727
|
|
|
$
|
6,838
|
|
Other commercial commitments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Standby letters of credit
|
$
|
2,022
|
|
|
$
|
2,022
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total commercial commitments
|
$
|
2,022
|
|
|
$
|
2,022
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
March 29, 2019
|
|
December 31, 2018
|
||||
Derivatives not designated as hedging instruments:
|
|
|
|
||||
Purchase
|
$
|
26,617
|
|
|
$
|
28,975
|
|
Exhibit
Number
|
Exhibit Index
|
|
|
31.1
|
|
|
|
31.2
|
|
|
|
32.1
*
|
|
|
|
32.2
*
|
|
|
|
101
|
The following materials from Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 29, 2019, formatted in Extensible Business Reporting Language (XBRL) include:
|
|
|
|
(i) Condensed Consolidated Balance Sheets at March 29, 2019 and December 31, 2018, (ii) Condensed Consolidated Statements of Operations for the three months ended March 29, 2019 and March 30, 2018, (iii) Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 29, 2019 and March 30, 2018, (iv) Condensed Consolidated Statements of Cash Flows for the three months ended March 29, 2019 and March 30, 2018, and (v) Notes to Condensed Consolidated Financial Statements.
|
HARMONIC INC.
|
|
|
|
By:
|
/s/ Sanjay Kalra
|
|
Sanjay Kalra
|
|
Chief Financial Officer
|
|
Date: May 6, 2019
|
1 Year Harmonic Chart |
1 Month Harmonic Chart |
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