Attached files
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| 8-K - FORM 8-K - HARMONIC INC | d291910d8k.htm |
Exhibit 99.1
Harmonic Announces Fourth Quarter and Year End 2011 Results
Record Revenue Driven By Growth Across International Regions and in the Broadcast and Media Markets
SAN JOSE, Calif.—January 31, 2012—Harmonic Inc. (NASDAQ: HLIT), a global leader in video infrastructure solutions, today announced its preliminary and unaudited results for the quarter and year ended December 31, 2011. Results for the entire year of 2011 and for the fourth quarter of 2010 include full quarterly contributions from Omneon Inc., which was acquired on September 15, 2010.
Net revenue for the fourth quarter of 2011 was $143.6 million, up 4% from $138.2 million in the fourth quarter of 2010. International sales represented 57% of total revenue for the fourth quarter of 2011. Total bookings in the fourth quarter of 2011 were approximately $142.0 million, up from approximately $134.8 million for the fourth quarter of 2010.
For the full year 2011, GAAP net revenue was $549.3 million, up from $423.3 million for 2010, Pro forma annual revenue, which includes revenue from Omneon and certain deferred revenue excluded in GAAP results for both years, was $551.4 million for 2011, up 8% from $509.0 million for 2010.
The Company reported GAAP net income for the fourth quarter of 2011 of $4.3 million, or $0.04 per diluted share, compared to a net loss of $13.7 million, or ($0.12) per diluted share, for the fourth quarter of 2010. For the full year 2011, GAAP net income was $8.8 million, or $0.08 per diluted share, compared to a net loss of $4.3 million, or ($0.04) per diluted share, for 2010.
Non-GAAP net income for the fourth quarter of 2011 was $14.0 million, or $0.12 per diluted share, up from $12.5 million, or $0.11 per diluted share, for the same period of 2010. For the full year 2011, non-GAAP net income was $47.5 million, or $0.41 per diluted share, up from $36.4 million, or $0.35 per diluted share, for 2010. See “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Net Income (Loss) Reconciliation” below.
For the fourth quarter of 2011, Harmonic had GAAP gross margins of 47% and GAAP operating margins of 5%, compared to 44% and (2%), respectively, for the same period of 2010. Non-GAAP gross margins and non-GAAP operating margins were 51% and 13%, respectively, for the fourth quarter of 2011, comparable to the fourth quarter of 2010.
As of December 31, 2011, the Company had cash, cash equivalents and short-term investments of $161.8 million, up from $140.9 million as of September 30, 2011 and $120.4 million as of December 31, 2010.
“We delivered record revenue for the fourth quarter and the full year of 2011,” said Patrick Harshman, president and chief executive officer of Harmonic. “During the year, our growth was primarily driven by increased video processing wins across our expanding global customer base, with video processing revenue up 17% and international revenue up 14% on a pro forma basis. Our successful integration of Omneon also extended our business into new markets, driving significant growth in our broadcast and media revenue, up 17% on a pro forma basis.
“We move into 2012 with broad technological and market leadership, and proven expertise in enabling our global customers to produce and deliver compelling new high-definition, on-demand and Internet-based video services. We believe the global proliferation of video content and media outlets, along with increasing demand for higher quality video in every format delivered over bandwidth constrained networks, plays into our core strengths.”
Business Outlook
Harmonic anticipates net revenue to be in the range of $132 million to $142 million for the first quarter of 2012, which is historically the Company’s slowest quarter for the year. GAAP gross margins and operating expenses for the first quarter of 2012 are expected to be in the range of 45% to 47% and $61 million to $63 million, respectively. Non-GAAP gross margins and operating expenses for the first quarter of 2012, which will exclude charges for stock-based compensation and the amortization of intangibles, are anticipated to be in the range of 50% to 52% and $55 million to $57 million, respectively.
Conference Call Information
Harmonic will host a conference call today to discuss its financial results at 2:00 P.M. Pacific (5:00 P.M. Eastern). A listen-only broadcast of the conference call can be accessed on the Company’s website at www.harmonicinc.com or by calling +1.706.634.9047 (conference identification code 51971320). The replay will be available after 6:00 P.M. Pacific at the same website address or by calling +1.404.537.3406 (conference identification code 51971320).
About Harmonic Inc.
Harmonic Inc. (NASDAQ: HLIT) provides infrastructure that powers the video economy. The company enables content and service providers to efficiently create, prepare, and deliver differentiated video services for television and new media platforms. More information is available at www.harmonicinc.com.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements related to our expectations regarding: our final results for the fourth quarter and year ended December 31, 2011; our momentum, broad technological and market leadership and proven expertise, which enables our global customers to produce and deliver compelling new high-definition, on-demand and internet-based services; the global proliferation of video content and media outlets, and increased demand for higher quality video in every format delivered over bandwidth constrained networks, which plays into our core strengths; and net revenue, GAAP gross margins, GAAP operating expenses, non-GAAP gross margins and non-GAAP operating expenses for the first quarter of 2012. Our expectations regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include the possibility, in no particular order, that: the trends toward more high-definition, on-demand and anytime, anywhere video will not continue to develop at its current pace, or at all; the possibility that our products will not generate sales that are commensurate with our expectations or that our cost of revenue or operating expenses may exceed our expectations; the mix of products and services sold in various geographies and various markets and the effect it has on gross margins; delays or decreases in capital spending in the cable, satellite and telco and broadcast and media industries; customer concentration and consolidation; the impact of general economic conditions, including as a result of recent turmoil in the global financial markets, particularly on our European and other international sales and operations; our ability to develop and introduce new and enhanced products and market acceptance of new or existing Harmonic products; losses of one or more key customers; risks associated with Harmonic’s international operations; inventory management; the lack of timely availability of parts or raw materials necessary to produce our products; the impact of increases in the prices of raw materials and oil; the effect of competition; difficulties associated with rapid technological changes in Harmonic’s markets; risks associated with unpredictable sales cycles; our dependence on contract manufacturers and sole or limited source suppliers; the effect on Harmonic’s business of natural disasters; and the risks that our international sales and support center will not provide the operational or tax benefits that we anticipate or that its expenses exceed our plans. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Harmonic’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2010, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and Harmonic disclaims any obligation to update any forward-looking statements.
EDITOR’S NOTE – Product and company names used herein are trademarks or registered trademarks of their respective owners.
CONTACTS:
| Carolyn V. Aver | Michael Newman | |
| Chief Financial Officer | Investor Relations | |
| Harmonic Inc. | StreetConnect | |
| (408) 542-2500 | (408) 542-2760 |
Harmonic Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
| December 31, 2011 | December 31, 2010 | |||||||
| (In thousands) | ||||||||
| ASSETS |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ | 90,983 | $ | 96,533 | ||||
| Short-term investments |
70,854 | 23,838 | ||||||
| Accounts receivable, net |
109,886 | 101,652 | ||||||
| Inventories |
70,649 | 58,065 | ||||||
| Deferred income taxes |
28,032 | 39,849 | ||||||
| Prepaid expenses and other current assets |
21,474 | 28,614 | ||||||
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| Total current assets |
391,878 | 348,551 | ||||||
| Property and equipment, net |
40,469 | 39,825 | ||||||
| Goodwill, intangibles and other assets |
301,819 | 332,010 | ||||||
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| Total assets |
$ | 734,166 | $ | 720,386 | ||||
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| LIABILITIES AND STOCKHOLDERS’ EQUITY |
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| Current liabilities: |
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| Accounts payable |
$ | 30,537 | $ | 26,300 | ||||
| Income taxes payable |
2,290 | 6,791 | ||||||
| Deferred revenue |
33,095 | 46,279 | ||||||
| Accrued liabilities |
46,896 | 51,283 | ||||||
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| Total current liabilities |
112,818 | 130,653 | ||||||
| Income taxes payable, long-term |
47,307 | 48,883 | ||||||
| Deferred income taxes, long-term |
655 | 14,849 | ||||||
| Other non-current liabilities |
9,070 | 5,798 | ||||||
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| Total liabilities |
169,850 | 200,183 | ||||||
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| Stockholders’ equity: |
||||||||
| Common stock |
2,433,280 | 2,397,783 | ||||||
| Accumulated deficit |
(1,868,089 | ) | (1,876,868 | ) | ||||
| Accumulated other comprehensive loss |
(875 | ) | (712 | ) | ||||
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| Total stockholders’ equity |
564,316 | 520,203 | ||||||
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| Total liabilities and stockholders’ equity |
$ | 734,166 | $ | 720,386 | ||||
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Harmonic Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
| Quarter ended December 31, | Year ended December 31, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||||
| Net revenue |
$ | 143,630 | $ | 138,194 | $ | 549,332 | $ | 423,344 | ||||||||
| Cost of revenue |
76,760 | 76,813 | 294,818 | 227,943 | ||||||||||||
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| Gross profit |
66,870 | 61,381 | 254,514 | 195,401 | ||||||||||||
| Operating expenses: |
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| Research and development |
25,283 | 24,252 | 102,732 | 77,197 | ||||||||||||
| Selling, general and administrative |
32,730 | 37,232 | 131,091 | 108,150 | ||||||||||||
| Amortization of intangibles |
2,230 | 2,885 | 8,918 | 4,912 | ||||||||||||
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| Total operating expenses |
60,243 | 64,369 | 242,741 | 190,259 | ||||||||||||
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| Income (loss) from operations |
6,627 | (2,988 | ) | 11,773 | 5,142 | |||||||||||
| Interest and other income (expense), net |
(371 | ) | 225 | (140 | ) | 297 | ||||||||||
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| Income (loss) before income taxes |
6,256 | (2,763 | ) | 11,633 | 5,439 | |||||||||||
| Provision for income taxes |
1,929 | 10,975 | 2,854 | 9,774 | ||||||||||||
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| Net income (loss) |
$ | 4,327 | $ | (13,738 | ) | $ | 8,779 | $ | (4,335 | ) | ||||||
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| Net income (loss) per share: |
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| Basic |
$ | 0.04 | $ | (0.12 | ) | $ | 0.08 | $ | (0.04 | ) | ||||||
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| Diluted |
$ | 0.04 | $ | (0.12 | ) | $ | 0.08 | $ | (0.04 | ) | ||||||
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| Weighted average shares: |
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| Basic |
116,123 | 112,062 | 115,175 | 101,487 | ||||||||||||
| Diluted |
116,664 | 112,062 | 116,427 | 101,487 | ||||||||||||
Harmonic Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| Year ended December 31, | ||||||||
| 2011 | 2010 | |||||||
| (In thousands) | ||||||||
| Cash flows from operating activities: |
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| Net income (loss) |
$ | 8,779 | $ | (4,335 | ) | |||
| Adjustments to reconcile net income to net cash provided by operating activities: |
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| Amortization of intangibles |
30,420 | 17,425 | ||||||
| Depreciation |
13,867 | 9,990 | ||||||
| Stock-based compensation |
20,913 | 15,539 | ||||||
| Net loss on disposal of fixed assets |
671 | 162 | ||||||
| Deferred income taxes |
(2,316 | ) | (1,732 | ) | ||||
| Other non-cash adjustments, net |
801 | 1,529 | ||||||
| Changes in assets and liabilities: |
||||||||
| Accounts receivable, net |
(8,242 | ) | (19,744 | ) | ||||
| Inventories |
(12,652 | ) | (11,979 | ) | ||||
| Prepaid expenses and other assets |
7,924 | (5,445 | ) | |||||
| Accounts payable |
4,750 | (3,080 | ) | |||||
| Deferred revenue |
(13,470 | ) | 5,086 | |||||
| Income taxes payable |
(6,843 | ) | 11,017 | |||||
| Accrued excess facility costs |
(327 | ) | (2,412 | ) | ||||
| Accrued and other liabilities |
902 | 5,545 | ||||||
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| Net cash provided by operating activities |
45,177 | 17,566 | ||||||
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| Cash flows from investing activities: |
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| Purchases of investments |
(107,544 | ) | (51,457 | ) | ||||
| Proceeds from sales and maturities of investments |
59,732 | 144,230 | ||||||
| Acquisition of property and equipment |
(17,269 | ) | (35,624 | ) | ||||
| Acquisition of Omneon, net of cash acquired |
— | (153,254 | ) | |||||
| Other acquisitions |
(250 | ) | (250 | ) | ||||
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| Net cash used in investing activities |
(65,331 | ) | (96,355 | ) | ||||
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| Cash flows from financing activities: |
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| Proceeds from lease financing liability |
— | 18,833 | ||||||
| Proceeds from issuance of common stock, net |
12,701 | 3,859 | ||||||
| Excess tax benefits from stock-based compensation |
1,955 | 271 | ||||||
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| Net cash provided by financing activities |
14,656 | 22,963 | ||||||
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| Effect of exchange rate changes on cash and cash equivalents |
(52 | ) | (118 | ) | ||||
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| Net decrease in cash and cash equivalents |
(5,550 | ) | (55,944 | ) | ||||
| Cash and cash equivalents at beginning of period |
96,533 | 152,477 | ||||||
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| Cash and cash equivalents at end of period |
$ | 90,983 | $ | 96,533 | ||||
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Harmonic Inc.
Revenue Information
(Unaudited)
| Quarter ended December 31, | Year ended December 31, | |||||||||||||||||||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||||||||||
| (In thousands, except percentages) | ||||||||||||||||||||||||||||||||
| Product |
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| Video Processing |
$ | 64,314 | 45 | % | $ | 63,005 | 46 | % | $ | 236,624 | 43 | % | $ | 202,898 | 48 | % | ||||||||||||||||
| Production and Playout |
25,837 | 18 | % | 27,699 | 20 | % | 98,842 | 18 | % | 32,579 | 8 | % | ||||||||||||||||||||
| Edge and Access |
32,218 | 22 | % | 30,787 | 22 | % | 141,880 | 26 | % | 135,306 | 32 | % | ||||||||||||||||||||
| Services and Support |
21,261 | 15 | % | 16,703 | 12 | % | 71,986 | 13 | % | 52,561 | 12 | % | ||||||||||||||||||||
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| Total |
$ | 143,630 | 100 | % | $ | 138,194 | 100 | % | $ | 549,332 | 100 | % | $ | 423,344 | 100 | % | ||||||||||||||||
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| Geography |
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| United States |
$ | 61,647 | 43 | % | $ | 63,194 | 46 | % | $ | 244,897 | 45 | % | $ | 209,583 | 50 | % | ||||||||||||||||
| International |
81,983 | 57 | % | 75,000 | 54 | % | 304,435 | 55 | % | 213,761 | 50 | % | ||||||||||||||||||||
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| Total |
$ | 143,630 | 100 | % | $ | 138,194 | 100 | % | $ | 549,332 | 100 | % | $ | 423,344 | 100 | % | ||||||||||||||||
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| Market |
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| Cable |
$ | 62,526 | 44 | % | $ | 65,806 | 48 | % | $ | 245,310 | 45 | % | $ | 238,000 | 56 | % | ||||||||||||||||
| Satellite and Telco |
30,686 | 21 | % | 28,363 | 20 | % | 128,005 | 23 | % | 105,949 | 25 | % | ||||||||||||||||||||
| Broadcast and Media |
50,418 | 35 | % | 44,025 | 32 | % | 176,017 | 32 | % | 79,395 | 19 | % | ||||||||||||||||||||
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| Total |
$ | 143,630 | 100 | % | $ | 138,194 | 100 | % | $ | 549,332 | 100 | % | $ | 423,344 | 100 | % | ||||||||||||||||
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Use of Non-GAAP Financial Measures
In establishing operating budgets, managing its business performance, and setting internal measurement targets, the Company excludes a number of items required by GAAP. Management believes that these accounting charges and credits, most of which are non-cash or non-recurring in nature, are not useful in managing its operations and business. Historically, the Company has also publicly presented these supplemental non-GAAP measures in order to assist the investment community to see the Company “through the eyes of management,” and thereby enhance understanding of its operating performance. The non-GAAP measures presented here are gross margins, operating expense, net income and net income per share. The presentation of non-GAAP information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP, and is not necessarily comparable to non-GAAP results published by other companies. A reconciliation of the historical non-GAAP financial measures discussed in this press release to the most directly comparable historical GAAP financial measures is included with the financial statements contained in this presentation. The non-GAAP adjustments described below have historically been excluded from our GAAP financial measures. These adjustments are excess facilities charges, severance charges, acquisition related costs, discrete tax items and adjustments and non-cash items, such as stock-based compensation expense, amortization of intangibles and the fair value write-up of acquired inventories sold.
Harmonic Inc.
GAAP to Non-GAAP Net Income Reconciliation
(Unaudited)
| Quarter ended December 31, | ||||||||||||||||||||||||
| 2011 | 2010 | |||||||||||||||||||||||
| Gross Profit |
Operating Expense |
Net Income |
Gross Profit |
Operating Expense |
Net Income (Loss) |
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| (In thousands, except per share amounts) | ||||||||||||||||||||||||
| GAAP |
$ | 66,870 | $ | 60,243 | $ | 4,327 | $ | 61,381 | $ | 64,369 | $ | (13,738 | ) | |||||||||||
| Cost of revenue related to stock-based compensation expense |
723 | — | 723 | 676 | — | 676 | ||||||||||||||||||
| Purchase accounting fair value adjustments related to inventory |
— | — | — | 2,061 | — | 2,061 | ||||||||||||||||||
| Cost of revenue related to severance costs |
— | — | — | 63 | — | 63 | ||||||||||||||||||
| Research and development expense related to stock-based compensation expense |
— | (1,661 | ) | 1,661 | — | (1,578 | ) | 1,578 | ||||||||||||||||
| Research and development expense related to severance costs |
— | — | — | — | (47 | ) | 47 | |||||||||||||||||
| Selling, general and administrative expense related to stock-based compensation expense |
— | (2,430 | ) | 2,430 | — | (3,105 | ) | 3,105 | ||||||||||||||||
| Selling, general and administrative expense related to excess facility costs and severance costs |
— | — | — | — | (3,481 | ) | 3,481 | |||||||||||||||||
| Selling, general and administrative expense related to anticipated litigation settlement |
— | — | — | — | (863 | ) | 863 | |||||||||||||||||
| Acquisition costs related to Omneon |
— | — | — | — | (175 | ) | 175 | |||||||||||||||||
| Amortization of intangibles |
5,423 | (2,230 | ) | 7,653 | 5,636 | (2,885 | ) | 8,521 | ||||||||||||||||
| Discrete tax items and adjustments |
— | — | (2,751 | ) | — | — | 5,633 | |||||||||||||||||
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| Non-GAAP |
$ | 73,016 | $ | 53,922 | $ | 14,043 | $ | 69,817 | $ | 52,235 | $ | 12,465 | ||||||||||||
| GAAP net income (loss) per share - basic |
$ | 0.04 | $ | (0.12 | ) | |||||||||||||||||||
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| GAAP net income (loss) per share - diluted |
$ | 0.04 | $ | (0.12 | ) | |||||||||||||||||||
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| Non-GAAP net income per share - basic |
$ | 0.12 | $ | 0.11 | ||||||||||||||||||||
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| Non-GAAP net income per share - diluted |
$ | 0.12 | $ | 0.11 | ||||||||||||||||||||
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| Shares used in per share calculation - basic |
116,123 | 112,062 | ||||||||||||||||||||||
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| Shares used in per share calculation - diluted, GAAP |
116,664 | 112,062 | ||||||||||||||||||||||
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| Shares used in per share calculation - diluted, Non-GAAP |
116,664 | 113,670 | ||||||||||||||||||||||
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| Year ended December 31, | ||||||||||||||||||||||||
| 2011 | 2010 | |||||||||||||||||||||||
| Gross Profit |
Operating Expense |
Net Income |
Gross Profit |
Operating Expense |
Net Income (Loss) |
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| (In thousands, except per share amounts) | ||||||||||||||||||||||||
| GAAP |
$ | 254,514 | $ | 242,741 | $ | 8,779 | $ | 195,401 | $ | 190,259 | $ | (4,335 | ) | |||||||||||
| Cost of revenue related to stock-based compensation expense |
3,075 | — | 3,075 | 2,197 | — | 2,197 | ||||||||||||||||||
| Purchase accounting fair value adjustments related to inventory |
— | — | — | 2,473 | — | 2,473 | ||||||||||||||||||
| Cost of revenue related to severance costs |
— | — | — | 63 | — | 63 | ||||||||||||||||||
| Research and development expense related to stock-based compensation expense |
— | (6,926 | ) | 6,926 | — | (5,013 | ) | 5,013 | ||||||||||||||||
| Research and development expense related to severance costs |
— | — | — | — | (47 | ) | 47 | |||||||||||||||||
| Selling, general and administrative expense related to stock-based compensation expense |
— | (10,912 | ) | 10,912 | — | (8,329 | ) | 8,329 | ||||||||||||||||
| Selling, general and administrative expense related to excess facility costs, severance costs and other non-recurring expenses |
— | (409 | ) | 409 | — | (4,251 | ) | 4,251 | ||||||||||||||||
| Selling, general and administrative expense related to anticipated litigation settlement |
— | — | — | — | (863 | ) | 863 | |||||||||||||||||
| Acquisition costs related to Omneon |
— | — | — | — | (5,867 | ) | 5,867 | |||||||||||||||||
| Amortization of intangibles |
21,502 | (8,918 | ) | 30,420 | 12,513 | (4,912 | ) | 17,425 | ||||||||||||||||
| Discrete tax items and adjustments |
— | — | (12,989 | ) | — | — | (5,816 | ) | ||||||||||||||||
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| Non-GAAP |
$ | 279,091 | $ | 215,576 | $ | 47,532 | $ | 212,647 | $ | 160,977 | $ | 36,377 | ||||||||||||
| GAAP net income (loss) per share - basic |
$ | 0.08 | $ | (0.04 | ) | |||||||||||||||||||
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| GAAP net income (loss) per share - diluted |
$ | 0.08 | $ | (0.04 | ) | |||||||||||||||||||
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| Non-GAAP net income per share - basic |
$ | 0.41 | $ | 0.36 | ||||||||||||||||||||
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| Non-GAAP net income per share - diluted |
$ | 0.41 | $ | 0.35 | ||||||||||||||||||||
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| Shares used in per share calculation - basic |
115,175 | 101,487 | ||||||||||||||||||||||
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| Shares used in per share calculation - diluted, GAAP |
116,427 | 101,487 | ||||||||||||||||||||||
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| Shares used in per share calculation - diluted, Non-GAAP |
116,427 | 102,512 | ||||||||||||||||||||||
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Harmonic Inc.
Proforma Revenue Information
(Unaudited)
| 2010Q1 | 2010Q2 | 2010Q3 | 2010Q4 | 2010 | ||||||||||||||||||||||||||||||||||||
| Product |
||||||||||||||||||||||||||||||||||||||||
| Video Processing |
$ | 38,890 | 34 | % | $ | 49,998 | 39 | % | $ | 51,005 | 39 | % | $ | 63,005 | 45 | % | $ | 202,898 | 40 | % | ||||||||||||||||||||
| Production and Playout |
24,828 | 22 | % | 26,589 | 21 | % | 26,024 | 20 | % | 27,699 | 20 | % | 105,140 | 21 | % | |||||||||||||||||||||||||
| Edge and Access |
35,544 | 32 | % | 34,263 | 27 | % | 34,712 | 27 | % | 30,787 | 22 | % | 135,306 | 26 | % | |||||||||||||||||||||||||
| Services and Support |
13,777 | 12 | % | 16,623 | 13 | % | 17,760 | 14 | % | 17,514 | 13 | % | 65,674 | 13 | % | |||||||||||||||||||||||||
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|
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|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total |
$ | 113,039 | 100 | % | $ | 127,473 | 100 | % | $ | 129,501 | 100 | % | $ | 139,005 | 100 | % | $ | 509,018 | 100 | % | ||||||||||||||||||||
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| Geography |
||||||||||||||||||||||||||||||||||||||||
| United States |
$ | 49,632 | 44 | % | $ | 65,456 | 51 | % | $ | 62,415 | 48 | % | $ | 64,230 | 46 | % | $ | 241,733 | 47 | % | ||||||||||||||||||||
| International |
63,407 | 56 | % | 62,017 | 49 | % | 67,086 | 52 | % | 74,775 | 54 | % | 267,285 | 53 | % | |||||||||||||||||||||||||
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|
|
|
|
|||||||||||||||||||||
| Total |
$ | 113,039 | 100 | % | $ | 127,473 | 100 | % | $ | 129,501 | 100 | % | $ | 139,005 | 100 | % | $ | 509,018 | 100 | % | ||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||
| Market |
||||||||||||||||||||||||||||||||||||||||
| Cable |
$ | 56,441 | 50 | % | $ | 53,555 | 42 | % | $ | 63,419 | 49 | % | $ | 65,817 | 47 | % | $ | 239,232 | 47 | % | ||||||||||||||||||||
| Satellite and Telco |
25,030 | 22 | % | 36,218 | 28 | % | 28,212 | 22 | % | 28,455 | 21 | % | 117,915 | 23 | % | |||||||||||||||||||||||||
| Broadcast and Media |
31,568 | 28 | % | 37,700 | 30 | % | 37,870 | 29 | % | 44,733 | 32 | % | 151,871 | 30 | % | |||||||||||||||||||||||||
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|
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|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total |
$ | 113,039 | 100 | % | $ | 127,473 | 100 | % | $ | 129,501 | 100 | % | $ | 139,005 | 100 | % | $ | 509,018 | 100 | % | ||||||||||||||||||||
|
|
|
|
|
|
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|
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|
|
|||||||||||||||||||||||||||||||
| 2011Q1 | 2011Q2 | 2011Q3 | 2011Q4 | 2011 | ||||||||||||||||||||||||||||||||||||
| Product |
||||||||||||||||||||||||||||||||||||||||
| Video Processing |
$ | 63,758 | 47 | % | $ | 51,525 | 38 | % | $ | 57,027 | 41 | % | $ | 64,314 | 45 | % | $ | 236,624 | 43 | % | ||||||||||||||||||||
| Production and Playout |
22,408 | 17 | % | 25,453 | 19 | % | 26,619 | 19 | % | 25,837 | 18 | % | 100,317 | 18 | % | |||||||||||||||||||||||||
| Edge and Access |
31,176 | 23 | % | 40,178 | 30 | % | 38,308 | 28 | % | 32,218 | 22 | % | 141,880 | 26 | % | |||||||||||||||||||||||||
| Services and Support |
17,566 | 13 | % | 16,840 | 13 | % | 16,917 | 12 | % | 21,261 | 15 | % | 72,584 | 13 | % | |||||||||||||||||||||||||
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|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total |
$ | 134,908 | 100 | % | $ | 133,996 | 100 | % | $ | 138,871 | 100 | % | $ | 143,630 | 100 | % | $ | 551,405 | 100 | % | ||||||||||||||||||||
|
|
|
|
|
|
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|
|
|
|||||||||||||||||||||||||||||||
| Geography |
||||||||||||||||||||||||||||||||||||||||
| United States |
$ | 60,608 | 45 | % | $ | 55,578 | 41 | % | $ | 68,718 | 49 | % | $ | 61,647 | 43 | % | $ | 246,551 | 45 | % | ||||||||||||||||||||
| International |
74,300 | 55 | % | 78,418 | 59 | % | 70,153 | 51 | % | 81,983 | 57 | % | 304,854 | 55 | % | |||||||||||||||||||||||||
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total |
$ | 134,908 | 100 | % | $ | 133,996 | 100 | % | $ | 138,871 | 100 | % | $ | 143,630 | 100 | % | $ | 551,405 | 100 | % | ||||||||||||||||||||
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|
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|
|
|
|||||||||||||||||||||||||||||||
| Market |
||||||||||||||||||||||||||||||||||||||||
| Cable |
$ | 55,950 | 42 | % | $ | 64,142 | 48 | % | $ | 62,722 | 45 | % | $ | 62,526 | 44 | % | $ | 245,340 | 45 | % | ||||||||||||||||||||
| Satellite and Telco |
35,388 | 26 | % | 28,193 | 21 | % | 33,974 | 25 | % | 30,686 | 21 | % | 128,241 | 23 | % | |||||||||||||||||||||||||
| Broadcast and Media |
43,570 | 32 | % | 41,661 | 31 | % | 42,175 | 30 | % | 50,418 | 35 | % | 177,824 | 32 | % | |||||||||||||||||||||||||
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total |
$ | 134,908 | 100 | % | $ | 133,996 | 100 | % | $ | 138,871 | 100 | % | $ | 143,630 | 100 | % | $ | 551,405 | 100 | % | ||||||||||||||||||||
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|||||||||||||||||||||||||||||||
Note: Data includes a full quarter proforma revenue for Omneon, including certain deferred revenue excluded in reported results, for the periods prior to 2011Q2.