GAAP | Non-GAAP | |||||||||||||||||||||||||||||||||||||
Key Financial Results | Q1 2021 | Q4 2020 | Q1 2020 | Q1 2021 | Q4 2020 | Q1 2020 | ||||||||||||||||||||||||||||||||
(in millions, except per share data) | ||||||||||||||||||||||||||||||||||||||
Net revenue | $ | 111.6 | $ | 131.5 | $ | 78.4 | $ | 111.6 | $ | 131.5 | $ | 78.4 | ||||||||||||||||||||||||||
Net income (loss) | $ | (6.1) | $ | 13.5 | $ | (22.0) | $ | 4.5 | $ | 20.0 | $ | (9.8) | ||||||||||||||||||||||||||
Diluted EPS | $ | (0.06) | $ | 0.13 | $ | (0.23) | $ | 0.04 | $ | 0.20 | $ | (0.10) | ||||||||||||||||||||||||||
Other Financial Information | Q1 2021 | Q4 2020 | Q1 2020 | |||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA for the quarter | $ | 9.1 | $ | 26.4 | $ | (7.0) | ||||||||||||||||||||||||||||||||
Bookings for the quarter | $ | 96.3 | $ | 206.4 | $ | 76.3 | ||||||||||||||||||||||||||||||||
Backlog and deferred revenue as of quarter end | $ | 274.3 | $ | 290.5 | $ | 207.9 | ||||||||||||||||||||||||||||||||
Cash and cash equivalents as of quarter end | $ | 100.8 | $ | 98.6 | $ | 71.7 |
Q2 GAAP Financial Guidance | |||||||||||||||||||||||||||||||||||||||||||||||
Low | High | ||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited, in millions, except percentages) | Video | Cable Access | Adjustments (2) | Total | Video | Cable Access | Adjustments (2) | Total | |||||||||||||||||||||||||||||||||||||||
Net revenue | $ | 57.0 | $ | 45.0 | $ | — | $ | 102.0 | $ | 62.0 | $ | 50.0 | $ | — | $ | 112.0 | |||||||||||||||||||||||||||||||
Gross margin % | 54.0 | % | 42.0 | % | (0.5) | % | 48.2 | % | 56.0 | % | 44.0 | % | (0.4) | % | 50.2 | % | |||||||||||||||||||||||||||||||
Operating expenses | $ | 34.0 | $ | 18.0 | $ | 4.5 | $ | 56.5 | $ | 35.0 | $ | 19.0 | $ | 4.5 | $ | 58.5 | |||||||||||||||||||||||||||||||
Operating income (loss) | $ | (3.2) | $ | 0.9 | $ | (5.0) | $ | (7.3) | $ | (0.3) | $ | 3.0 | $ | (5.0) | $ | (2.3) | |||||||||||||||||||||||||||||||
Tax expense (1) | $ | (0.7) | $ | (0.7) | |||||||||||||||||||||||||||||||||||||||||||
EPS (1) | $ | (0.11) | $ | (0.06) | |||||||||||||||||||||||||||||||||||||||||||
Shares (1) | 101.2 | 101.2 | |||||||||||||||||||||||||||||||||||||||||||||
Cash (1) | $ | 90.0 | $ | 100.0 |
2021 GAAP Financial Guidance | |||||||||||||||||||||||||||||||||||||||||||||||
Low | High | ||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited, in millions, except percentages) | Video | Cable Access | Adjustments (2) | Total GAAP | Video | Cable Access | Adjustments (2) | Total GAAP | |||||||||||||||||||||||||||||||||||||||
Net revenue | $ | 260.0 | $ | 175.0 | $ | — | $ | 435.0 | $ | 280.0 | $ | 200.0 | $ | — | $ | 480.0 | |||||||||||||||||||||||||||||||
Gross margin % | 55.0 | % | 44.0 | % | (0.6) | % | 50.0 | % | 57.0 | % | 45.0 | % | (0.5) | % | 51.5 | % | |||||||||||||||||||||||||||||||
Operating expenses | $ | 138.0 | $ | 71.0 | $ | 22.5 | $ | 231.5 | $ | 143.0 | $ | 75.0 | $ | 22.5 | $ | 240.5 | |||||||||||||||||||||||||||||||
Operating income (loss) | $ | 5.0 | $ | 6.0 | $ | (25.0) | $ | (14.0) | $ | 16.6 | $ | 15.0 | $ | (25.0) | $ | 6.6 | |||||||||||||||||||||||||||||||
Tax expense (1) | $ | (2.9) | $ | (2.9) | |||||||||||||||||||||||||||||||||||||||||||
EPS (1) | $ | (0.27) | $ | (0.06) | |||||||||||||||||||||||||||||||||||||||||||
Shares (1) | 101.4 | 101.4 | |||||||||||||||||||||||||||||||||||||||||||||
Cash (1) | $ | 110.0 | $ | 120.0 |
Q2 2021 Non-GAAP Financial Guidance (2) | |||||||||||||||||||||||||||||||||||
Low | High | ||||||||||||||||||||||||||||||||||
(Unaudited, in millions, except percentages) | Video | Cable Access | Total | Video | Cable Access | Total | |||||||||||||||||||||||||||||
Net revenue | $ | 57.0 | $ | 45.0 | $ | 102.0 | $ | 62.0 | $ | 50.0 | $ | 112.0 | |||||||||||||||||||||||
Gross margin % | 54.0 | % | 42.0 | % | 48.7 | % | 56.0 | % | 44.0 | % | 50.6 | % | |||||||||||||||||||||||
Operating expenses | $ | 34.0 | $ | 18.0 | $ | 52.0 | $ | 35.0 | $ | 19.0 | $ | 54.0 | |||||||||||||||||||||||
Operating income (loss) | $ | (3.2) | $ | 0.9 | $ | (2.3) | $ | (0.3) | $ | 3.0 | $ | 2.7 | |||||||||||||||||||||||
Adjusted EBITDA | $ | (1.3) | $ | 2.1 | $ | 0.8 | $ | 1.6 | $ | 4.2 | $ | 5.8 | |||||||||||||||||||||||
Tax rate (1) | 10.0 | % | 10.0 | % | |||||||||||||||||||||||||||||||
EPS (1) | $ | (0.03) | $ | 0.01 | |||||||||||||||||||||||||||||||
Shares (1) | 101.2 | 104.2 | |||||||||||||||||||||||||||||||||
Cash (1) | $ | 90.0 | $ | 100.0 |
2021 Non-GAAP Financial Guidance (2) | |||||||||||||||||||||||||||||||||||
Low | High | ||||||||||||||||||||||||||||||||||
(Unaudited, in millions, except percentages) | Video | Cable Access | Total | Video | Cable Access | Total | |||||||||||||||||||||||||||||
Net revenue | $ | 260.0 | $ | 175.0 | $ | 435.0 | $ | 280.0 | $ | 200.0 | $ | 480.0 | |||||||||||||||||||||||
Gross margin % | 55.0 | % | 44.0 | % | 50.6 | % | 57.0 | % | 45.0 | % | 52.0 | % | |||||||||||||||||||||||
Operating expenses | $ | 138.0 | $ | 71.0 | $ | 209.0 | $ | 143.0 | $ | 75.0 | $ | 218.0 | |||||||||||||||||||||||
Operating income | $ | 5.0 | $ | 6.0 | $ | 11.0 | $ | 16.6 | $ | 15.0 | $ | 31.6 | |||||||||||||||||||||||
Adjusted EBITDA | $ | 13.5 | $ | 11.6 | $ | 25.1 | $ | 25.1 | $ | 20.6 | $ | 45.7 | |||||||||||||||||||||||
Tax rate (1) | 10.0 | % | 10.0 | % | |||||||||||||||||||||||||||||||
EPS (1) | $ | 0.06 | $ | 0.24 | |||||||||||||||||||||||||||||||
Shares (1) | 104.7 | 104.7 | |||||||||||||||||||||||||||||||||
Cash (1) | $ | 110.0 | $ | 120.0 |
Sanjay Kalra | David Hanover | ||||
Chief Financial Officer | Investor Relations | ||||
Harmonic Inc. | Harmonic Inc. | ||||
+1.408.490.6031 | +1.212.896.1220 |
April 2, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 100,777 | $ | 98,645 | |||||||
Accounts receivable, net | 85,704 | 66,227 | |||||||||
Inventories | 35,539 | 35,031 | |||||||||
Prepaid expenses and other current assets | 38,647 | 38,132 | |||||||||
Total current assets | 260,667 | 238,035 | |||||||||
Property and equipment, net | 43,136 | 43,141 | |||||||||
Operating lease right-of-use assets | 25,751 | 27,556 | |||||||||
Other non-current assets | 38,308 | 39,117 | |||||||||
Goodwill | 241,847 | 243,674 | |||||||||
Total assets | $ | 609,709 | $ | 591,523 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Convertible notes, current | $ | 36,143 | $ | — | |||||||
Other debts, current | 5,405 | 11,771 | |||||||||
Accounts payable | 36,148 | 23,543 | |||||||||
Deferred revenue | 63,851 | 54,294 | |||||||||
Operating lease liabilities, current | 7,032 | 7,354 | |||||||||
Other current liabilities | 43,986 | 50,333 | |||||||||
Total current liabilities | 192,565 | 147,295 | |||||||||
Convertible notes, non-current | 94,884 | 129,507 | |||||||||
Other debts, non-current | 15,415 | 10,086 | |||||||||
Operating lease liabilities, non-current | 24,548 | 26,071 | |||||||||
Other non-current liabilities | 20,963 | 20,262 | |||||||||
Total liabilities | $ | 348,375 | $ | 333,221 | |||||||
Convertible notes | 1,564 | — | |||||||||
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; 100,993 and 98,204 shares issued and outstanding at April 2, 2021 and December 31, 2020, respectively | 101 | 98 | |||||||||
Additional paid-in capital | 2,365,129 | 2,353,559 | |||||||||
Accumulated deficit | (2,107,335) | (2,101,211) | |||||||||
Accumulated other comprehensive income | 1,875 | 5,856 | |||||||||
Total stockholders’ equity | 259,770 | 258,302 | |||||||||
Total liabilities and stockholders’ equity | $ | 609,709 | $ | 591,523 |
Three months ended | |||||||||||
April 2, 2021 | March 27, 2020 | ||||||||||
Revenue: | |||||||||||
Appliance and integration | $ | 79,976 | $ | 47,752 | |||||||
SaaS and service | 31,600 | 30,665 | |||||||||
Total net revenue | 111,576 | 78,417 | |||||||||
Cost of revenue: | |||||||||||
Appliance and integration | 42,619 | 26,287 | |||||||||
SaaS and service | 13,812 | 15,392 | |||||||||
Total cost of revenue | 56,431 | 41,679 | |||||||||
Total gross profit | 55,145 | 36,738 | |||||||||
Operating expenses: | |||||||||||
Research and development | 23,528 | 22,123 | |||||||||
Selling, general and administrative | 34,911 | 31,218 | |||||||||
Amortization of intangibles | 507 | 770 | |||||||||
Restructuring and related charges | 43 | 676 | |||||||||
Total operating expenses | 58,989 | 54,787 | |||||||||
Loss from operations | (3,844) | (18,049) | |||||||||
Interest expense, net | (2,603) | (2,903) | |||||||||
Other income (expense), net | 1,019 | (273) | |||||||||
Loss before income taxes | (5,428) | (21,225) | |||||||||
Provision for income taxes | 696 | 729 | |||||||||
Net loss | $ | (6,124) | $ | (21,954) | |||||||
Net loss per share: | |||||||||||
Basic and diluted | $ | (0.06) | $ | (0.23) | |||||||
Shares used in per share calculations: | |||||||||||
Basic and diluted | 99,868 | 95,575 |
Three months ended | |||||||||||
April 2, 2021 | March 27, 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (6,124) | $ | (21,954) | |||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||
Depreciation | 3,057 | 2,843 | |||||||||
Amortization of intangibles | 507 | 1,655 | |||||||||
Stock-based compensation | 8,398 | 6,259 | |||||||||
Amortization of convertible debt discount | 1,532 | 1,835 | |||||||||
Amortization of warrant | 429 | 434 | |||||||||
Foreign currency adjustments | (2,609) | (2,066) | |||||||||
Deferred income taxes | 432 | 653 | |||||||||
Provision for doubtful accounts and returns | 1,089 | 331 | |||||||||
Provision for excess and obsolete inventories | 644 | 234 | |||||||||
Other adjustments | 143 | 121 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (20,758) | (5,068) | |||||||||
Inventories | (1,119) | (6,281) | |||||||||
Other assets | (1,019) | 10,579 | |||||||||
Accounts payable | 13,527 | (242) | |||||||||
Deferred revenues | 11,285 | 12,477 | |||||||||
Other liabilities | (7,736) | (12,851) | |||||||||
Net cash provided by (used in) operating activities | 1,678 | (11,041) | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (3,645) | (11,224) | |||||||||
Net cash used in investing activities | (3,645) | (11,224) | |||||||||
Cash flows from financing activities: | |||||||||||
Payment of convertible debt issuance costs | — | (35) | |||||||||
Repayment of other debts | (108) | (406) | |||||||||
Proceeds from common stock issued to employees | 5,685 | 3,000 | |||||||||
Payment of tax withholding obligations related to net share settlements of restricted stock units | (913) | (829) | |||||||||
Net cash provided by financing activities | 4,664 | 1,730 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (565) | (811) | |||||||||
Net increase (decrease) in cash and cash equivalents | 2,132 | (21,346) | |||||||||
Cash and cash equivalents at beginning of period | 98,645 | 93,058 | |||||||||
Cash and cash equivalents at end of period | $ | 100,777 | $ | 71,712 |
Three months ended | ||||||||||||||||||||||||||
April 2, 2021 | December 31, 2020 | March 27, 2020 | ||||||||||||||||||||||||
Geography | ||||||||||||||||||||||||||
Americas | $ | 75,062 | 67 | % | $ | 84,916 | 65 | % | $ | 37,650 | 48 | % | ||||||||||||||
EMEA | 27,607 | 25 | % | 34,825 | 26 | % | 27,816 | 35 | % | |||||||||||||||||
APAC | 8,907 | 8 | % | 11,787 | 9 | % | 12,951 | 17 | % | |||||||||||||||||
Total | $ | 111,576 | 100 | % | $ | 131,528 | 100 | % | $ | 78,417 | 100 | % | ||||||||||||||
Market | ||||||||||||||||||||||||||
Service Provider | $ | 53,660 | 48 | % | $ | 66,673 | 51 | % | $ | 43,759 | 56 | % | ||||||||||||||
Broadcast and Media | 57,916 | 52 | % | 64,855 | 49 | % | 34,658 | 44 | % | |||||||||||||||||
Total | $ | 111,576 | 100 | % | $ | 131,528 | 100 | % | $ | 78,417 | 100 | % |
Three months ended April 2, 2021 | |||||||||||||||||||||||||||||
Video | Cable Access | Total Segment Measures (non-GAAP) | Adjustments (1) | Consolidated GAAP Measures | |||||||||||||||||||||||||
Net revenue | $ | 70,331 | $ | 41,245 | $ | 111,576 | $ | — | $ | 111,576 | |||||||||||||||||||
Gross profit | 38,774 | 17,408 | 56,182 | (1,037) | 55,145 | ||||||||||||||||||||||||
Gross margin % | 55.1 | % | 42.2 | % | 50.4 | % | 49.4 | % | |||||||||||||||||||||
Operating income (loss) | 3,772 | 1,296 | 5,068 | (8,912) | (3,844) | ||||||||||||||||||||||||
Operating margin % | 5.4 | % | 3.1 | % | 4.5 | % | (3.4) | % | |||||||||||||||||||||
Three months ended December 31, 2020 | |||||||||||||||||||||||||||||
Video | Cable Access | Total Segment Measures (non-GAAP) | Adjustments (1) | Consolidated GAAP Measures | |||||||||||||||||||||||||
Net revenue | $ | 86,044 | $ | 45,484 | $ | 131,528 | $ | — | $ | 131,528 | |||||||||||||||||||
Gross profit | 48,336 | 24,437 | 72,773 | (1,211) | 71,562 | ||||||||||||||||||||||||
Gross margin % | 56.2 | % | 53.7 | % | 55.3 | % | 54.4 | % | |||||||||||||||||||||
Operating income (loss) | 13,529 | 9,918 | 23,447 | (6,672) | 16,775 | ||||||||||||||||||||||||
Operating margin % | 15.7 | % | 21.8 | % | 17.8 | % | 12.8 | % | |||||||||||||||||||||
Three months ended March 27, 2020 | |||||||||||||||||||||||||||||
Video | Cable Access | Total Segment Measures (non-GAAP) | Adjustments (1) | Consolidated GAAP Measures | |||||||||||||||||||||||||
Net revenue | $ | 54,372 | $ | 24,045 | $ | 78,417 | $ | — | $ | 78,417 | |||||||||||||||||||
Gross profit | 27,907 | 10,414 | 38,321 | (1,583) | 36,738 | ||||||||||||||||||||||||
Gross margin % | 51.3 | % | 43.3 | % | 48.9 | % | 46.8 | % | |||||||||||||||||||||
Operating loss | (6,267) | (3,265) | (9,532) | (8,517) | (18,049) | ||||||||||||||||||||||||
Operating margin % | (11.5) | % | (13.6) | % | (12.2) | % | (23.0) | % |
Three months ended April 2, 2021 | ||||||||||||||||||||
Revenue | Gross Profit | Total Operating Expense | Income (Loss) from Operations | Total Non-operating expense, net | Net Income (Loss) | |||||||||||||||
GAAP | $ | 111,576 | $ | 55,145 | $ | 58,989 | $ | (3,844) | $ | (1,584) | $ | (6,124) | ||||||||
Stock-based compensation | — | 1,073 | (7,325) | 8,398 | — | 8,398 | ||||||||||||||
Amortization of intangibles | — | — | (507) | 507 | — | 507 | ||||||||||||||
Restructuring and related charges | — | (36) | (43) | 7 | — | 7 | ||||||||||||||
Non-cash interest and other expenses related to convertible notes | — | — | — | — | 1,532 | 1,532 | ||||||||||||||
Discrete tax items and tax effect of non-GAAP adjustments | — | — | — | — | — | 194 | ||||||||||||||
Total adjustments | — | 1,037 | (7,875) | 8,912 | 1,532 | 10,638 | ||||||||||||||
Non-GAAP | $ | 111,576 | $ | 56,182 | $ | 51,114 | $ | 5,068 | $ | (52) | $ | 4,514 | ||||||||
As a % of revenue (GAAP) | 49.4 | % | 52.9 | % | (3.4) | % | (1.4) | % | (5.5) | % | ||||||||||
As a % of revenue (Non-GAAP) | 50.4 | % | 45.8 | % | 4.5 | % | — | % | 4.0 | % | ||||||||||
Diluted net income (loss) per share: | ||||||||||||||||||||
GAAP | $ | (0.06) | ||||||||||||||||||
Non-GAAP | $ | 0.04 | ||||||||||||||||||
Shares used to compute diluted net income (loss) per share: | ||||||||||||||||||||
GAAP | 99,868 | |||||||||||||||||||
Non-GAAP | 103,190 |
Three months ended December 31, 2020 | ||||||||||||||||||||
Revenue | Gross Profit | Total Operating Expense | Income from Operations | Total Non-operating expense, net | Net Income | |||||||||||||||
GAAP | $ | 131,528 | $ | 71,562 | $ | 54,787 | $ | 16,775 | $ | (3,349) | $ | 13,465 | ||||||||
Stock-based compensation | — | 348 | (3,955) | 4,303 | — | 4,303 | ||||||||||||||
Amortization of intangibles | — | — | (756) | 756 | — | 756 | ||||||||||||||
Restructuring and related charges | — | 863 | (750) | 1,613 | — | 1,613 | ||||||||||||||
Loss on convertible debt extinguishment | — | — | — | — | 528 | 528 | ||||||||||||||
Non-cash interest and other expenses related to convertible notes | — | — | — | — | 1,607 | 1,607 | ||||||||||||||
Discrete tax items and tax effect of non-GAAP adjustments | — | — | — | — | — | (2,262) | ||||||||||||||
Total adjustments | — | 1,211 | (5,461) | 6,672 | 2,135 | 6,545 | ||||||||||||||
Non-GAAP | $ | 131,528 | $ | 72,773 | $ | 49,326 | $ | 23,447 | $ | (1,214) | $ | 20,010 | ||||||||
As a % of revenue (GAAP) | 54.4 | % | 41.7 | % | 12.8 | % | (2.5) | % | 10.2 | % | ||||||||||
As a % of revenue (Non-GAAP) | 55.3 | % | 37.5 | % | 17.8 | % | (0.9) | % | 15.2 | % | ||||||||||
Diluted net income per share: | ||||||||||||||||||||
GAAP | $ | 0.13 | ||||||||||||||||||
Non-GAAP | $ | 0.20 | ||||||||||||||||||
Shares used to compute diluted net income per share: | ||||||||||||||||||||
GAAP and Non-GAAP | 100,316 |
Three months ended March 27, 2020 | ||||||||||||||||||||
Revenue | Gross Profit | Total Operating Expense | Loss from Operations | Total Non-operating expense, net | Net Loss | |||||||||||||||
GAAP | $ | 78,417 | $ | 36,738 | $ | 54,787 | $ | (18,049) | $ | (3,176) | $ | (21,954) | ||||||||
Stock-based compensation | — | 771 | (5,488) | 6,259 | — | 6,259 | ||||||||||||||
Amortization of intangibles | — | 885 | (770) | 1,655 | — | 1,655 | ||||||||||||||
Restructuring and related charges | — | (73) | (676) | 603 | — | 603 | ||||||||||||||
Non-cash interest and other expenses related to convertible notes | — | — | — | — | 1,835 | 1,835 | ||||||||||||||
Discrete tax items and tax effect of non-GAAP adjustments | — | — | — | — | — | 1,816 | ||||||||||||||
Total adjustments | — | 1,583 | (6,934) | 8,517 | 1,835 | 12,168 | ||||||||||||||
Non-GAAP | $ | 78,417 | $ | 38,321 | $ | 47,853 | $ | (9,532) | $ | (1,341) | $ | (9,786) | ||||||||
As a % of revenue (GAAP) | 46.8 | % | 69.9 | % | (23.0) | % | (4.1) | % | (28.0) | % | ||||||||||
As a % of revenue (Non-GAAP) | 48.9 | % | 61.0 | % | (12.2) | % | (1.7) | % | (12.5) | % | ||||||||||
Diluted net loss per share: | ||||||||||||||||||||
GAAP | $ | (0.23) | ||||||||||||||||||
Non-GAAP | $ | (0.10) | ||||||||||||||||||
Shares used to compute diluted net loss per share: | ||||||||||||||||||||
GAAP and Non-GAAP | 95,575 |
Three months ended | |||||||||||||||||
April 2, 2021 | December 31, 2020 | March 27, 2020 | |||||||||||||||
Net income (loss) - GAAP | $ | (6,124) | $ | 13,465 | $ | (21,954) | |||||||||||
Provision for (benefit from) income taxes | 696 | (39) | 729 | ||||||||||||||
Interest expense, net | 2,603 | 2,737 | 2,903 | ||||||||||||||
Depreciation | 3,057 | 3,054 | 2,843 | ||||||||||||||
Amortization of intangibles | 507 | 756 | 1,655 | ||||||||||||||
EBITDA | 739 | 19,973 | (13,824) | ||||||||||||||
Adjustments | |||||||||||||||||
Stock-based compensation | 8,398 | 4,303 | 6,259 | ||||||||||||||
Loss on convertible debt extinguishment | — | 528 | — | ||||||||||||||
Restructuring and related charges | 7 | 1,613 | 603 | ||||||||||||||
Adjusted EBITDA | $ | 9,144 | $ | 26,417 | $ | (6,962) |
Q2 2021 Financial Guidance | ||||||||||||||||||||
Revenue | Gross Profit | Total Operating Expense | Income (Loss) from Operations | Total Non-operating Expense, net | Net Income (Loss) | |||||||||||||||
GAAP | $102.0 to $112.0 | $49.2 to $56.2 | $56.5 to $58.5 | $(7.3) to $(2.3) | $(2.8) | $(10.9) to $(5.9) | ||||||||||||||
Stock-based compensation expense | — | 0.2 | (4.3) | 4.5 | — | 4.5 | ||||||||||||||
Amortization of intangibles | — | — | — | — | — | — | ||||||||||||||
Restructuring and related charges | — | 0.3 | (0.2) | 0.5 | — | 0.5 | ||||||||||||||
Non-cash interest and other expenses related to convertible notes | — | — | — | — | 1.5 | 1.5 | ||||||||||||||
Tax effect of non-GAAP adjustments | — | — | — | — | — | $0.6 to $1.1 | ||||||||||||||
Total adjustments | — | 0.5 | (4.5) | 5.0 | 1.5 | $7.1 to $7.6 | ||||||||||||||
Non-GAAP | $102.0 to $112.0 | $49.7 to $56.7 | $52.0 to $54.0 | $(2.3) to $2.7 | $(1.3) | $(3.3) to $1.3 | ||||||||||||||
As a % of revenue (GAAP) | 48.2% to 50.2% | 55.4% to 52.3% | (7.2%) to (2.0)% | (2.8)% to (2.5)% | (10.7)% to (5.2)% | |||||||||||||||
As a % of revenue (Non-GAAP) | 48.7% to 50.6% | 51.0% to 48.2% | (2.3)% to 2.4% | (1.3)% to (1.2)% | (3.2)% to 1.1% | |||||||||||||||
Diluted net income (loss) per share: | ||||||||||||||||||||
GAAP | $(0.11) to $(0.06) | |||||||||||||||||||
Non-GAAP | $(0.03) to $0.01 | |||||||||||||||||||
Shares used to compute diluted net income (loss) per share: | ||||||||||||||||||||
GAAP | 101.2 | |||||||||||||||||||
Non-GAAP | 101.2 to 104.2 |
2021 Financial Guidance | ||||||||||||||||||||
Revenue | Gross Profit | Total Operating Expense | Income (Loss) from Operations | Total Non-operating Expense, net | Net Income (Loss) | |||||||||||||||
GAAP | $435.0 to $480.0 | $217.5 to $247.1 | $231.5 to $240.5 | $(14.0) to $6.6 | $(10.2) | $(27.0) to $(6.4) | ||||||||||||||
Stock-based compensation expense | — | 2.0 | (21.3) | 23.3 | — | 23.3 | ||||||||||||||
Amortization of intangibles | — | — | (0.5) | 0.5 | — | 0.5 | ||||||||||||||
Restructuring and related charges | — | 0.5 | (0.7) | 1.2 | — | 1.2 | ||||||||||||||
Non-cash interest and other expenses related to convertible notes | — | — | — | — | 6.3 | 6.3 | ||||||||||||||
Tax effect of non-GAAP adjustments | — | — | — | — | — | $0.0 to $2.1 | ||||||||||||||
Total adjustments | — | 2.5 | (22.5) | 25.0 | 6.3 | $31.3 to $33.4 | ||||||||||||||
Non-GAAP | $435.0 to $480.0 | $220.0 to $249.6 | $209.0 to $218.0 | $11.0 to $31.6 | $(3.9) | $6.4 to $24.9 | ||||||||||||||
As a % of revenue (GAAP) | 50.0% to 51.5% | 53.2% to 50.1% | (3.2)% to 1.4% | (2.3)% to (2.1)% | (6.2)% to (1.3%) | |||||||||||||||
As a % of revenue (Non-GAAP) | 50.6% to 52.0% | 48.0% to 45.4% | 2.5% to 6.6% | (0.9)% to (0.8)% | 1.5% to 5.2% | |||||||||||||||
Diluted net income (loss) per share: | ||||||||||||||||||||
GAAP | $(0.27) to $(0.06) | |||||||||||||||||||
Non-GAAP | $0.06 to $0.24 | |||||||||||||||||||
Shares used to compute diluted net income (loss) per share: | ||||||||||||||||||||
GAAP | 101.4 | |||||||||||||||||||
Non-GAAP | 104.7 |
Q2 2021 Financial Guidance | 2021 Financial Guidance | ||||||||||
Net loss - GAAP | $(10.9) to $(5.9) | $(27.0) to $(6.4) | |||||||||
Provision for income taxes | 0.7 | 2.9 | |||||||||
Interest expense, net | 2.5 | 10.2 | |||||||||
Depreciation | 3.5 | 14.0 | |||||||||
Amortization of intangibles | — | 0.5 | |||||||||
EBITDA | $(4.2) to $0.8 | $0.6 to $21.2 | |||||||||
Adjustments | |||||||||||
Stock-based compensation | 4.5 | 23.3 | |||||||||
Restructuring and related charges | 0.5 | 1.2 | |||||||||
Adjusted EBITDA | $0.8 to $5.8 | $25.1 to $45.7 |