04/29/2024 | Press release | Distributed by Public on 04/29/2024 14:14
GAAP | Non-GAAP | |||||||||||
Key Financial Results | Q1 2024 | Q4 2023 | Q1 2023 | Q1 2024 | Q4 2023 | Q1 2023 | ||||||
(Unaudited, in millions, except per share data) | ||||||||||||
Net revenue | $ | 122.1 | $ | 167.1 | $ | 157.6 | * | * | * | |||
Net income (loss) | $ | (8.1) | $ | 83.8 | $ | 5.1 | $ | 0.4 | $ | 14.7 | $ | 14.3 |
Net income (loss) per share | $ | (0.07) | $ | 0.72 | $ | 0.04 | $ | 0.00 | $ | 0.13 | $ | 0.12 |
Other Financial Information | Q1 2024 | Q4 2023 | Q1 2023 | |||||||||
(Unaudited, in millions) | ||||||||||||
Adjusted EBITDA for the quarter (1)
|
$ | 4.1 | $ | 21.7 | $ | 21.4 | ||||||
Bookings for the quarter | $ | 146.1 | $ | 196.5 | $ | 325.5 | ||||||
Backlog and deferred revenue as of quarter end | $ | 677.8 | $ | 653.2 | $ | 623.5 | ||||||
Cash and cash equivalents as of quarter end | $ | 84.3 | $ | 84.3 | $ | 90.9 |
Q2 2024 GAAP Financial Guidance | ||||||||||||
(Unaudited, in millions, except percentages and per share data) | Low | High | ||||||||||
Broadband | Video | Total GAAP | Broadband | Video | Total GAAP | |||||||
Net revenue | $ | 85 | $ | 40 | $ | 125 | $ | 95 | $ | 45 | $ | 140 |
Gross margin % | 51.0 | % | 52.1 | % | ||||||||
Gross profit | $ | 64 | $ | 73 | ||||||||
Tax rate | 23 | % | 23 | % | ||||||||
Net loss | $ | (19) | $ | (14) | ||||||||
Net loss per share | $ | (0.17) | $ | (0.12) | ||||||||
Shares (1)
|
115.3 | 115.3 |
2024 GAAP Financial Guidance | ||||||||||||
(Unaudited, in millions, except percentages and per share data) | Low | High | ||||||||||
Broadband | Video | Total GAAP | Broadband | Video | Total GAAP | |||||||
Net revenue | $ | 460 | $ | 185 | $ | 645 | $ | 500 | $ | 195 | $ | 695 |
Gross margin % | 50.5 | % | 52.5 | % | ||||||||
Gross profit | $ | 326 | $ | 365 | ||||||||
Tax rate | 23 | % | 23 | % | ||||||||
Net income | $ | 18 | $ | 40 | ||||||||
Net income per share | $ | 0.15 | $ | 0.34 | ||||||||
Shares (1)
|
118.5 | 118.5 |
Q2 2024 Non-GAAP Financial Guidance(1)
|
||||||||||||
(Unaudited, in millions, except percentages and per share data) | Low | High | ||||||||||
Broadband | Video | Total | Broadband | Video | Total | |||||||
Gross margin % | 47.0 | % | 62.0 | % | 51.8 | % | 48.0 | % | 63.0 | % | 52.9 | % |
Gross profit | $ | 40 | $ | 25 | $ | 65 | $ | 46 | $ | 28 | $ | 74 |
Adjusted EBITDA(2)
|
$ | 11 | $ | (5) | $ | 6 | $ | 15 | $ | (2) | $ | 13 |
Tax rate | 19 | % | 19 | % | ||||||||
Net income per share | $ | - | $ | 0.05 | ||||||||
Shares (3)
|
116.8 | 116.8 |
2024 Non-GAAP Financial Guidance(1)
|
||||||||||||
(Unaudited, in millions, except percentages and per share data) | Low | High | ||||||||||
Broadband | Video | Total | Broadband | Video | Total | |||||||
Gross margin % | 46.5 | % | 62.0 | % | 51.0 | % | 48.5 | % | 64.0 | % | 52.9 | % |
Gross profit | $ | 214 | $ | 115 | $ | 329 | $ | 243 | $ | 125 | $ | 368 |
Adjusted EBITDA(2)
|
$ | 95 | $ | - | $ | 95 | $ | 119 | $ | 5 | $ | 124 |
Tax rate | 19 | % | 19 | % | ||||||||
Net income per share (3)
|
$ | 0.51 | $ | 0.71 | ||||||||
Shares (3)
|
118.5 | 118.5 |
Walter Jankovic | David Hanover |
Chief Financial Officer | Investor Relations |
Harmonic Inc. | Harmonic Inc. |
+1.408.490.6152 | +1.212.896.1220 |
March 29, 2024 | December 31, 2023 | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 84,305 | $ | 84,269 |
Accounts receivable, net | 105,854 | 141,531 | ||
Inventories | 86,631 | 83,982 | ||
Prepaid expenses and other current assets | 24,019 | 20,950 | ||
Total current assets | 300,809 | 330,732 | ||
Property and equipment, net | 35,239 | 36,683 | ||
Operating lease right-of-use assets | 19,420 | 20,817 | ||
Goodwill | 238,287 | 239,150 | ||
Deferred income taxes | 108,418 | 104,707 | ||
Other non-current assets | 38,497 | 36,117 | ||
Total assets | $ | 740,670 | $ | 768,206 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current liabilities: | ||||
Convertible debt, current | $ | 115,109 | $ | 114,880 |
Other debts, current | 4,813 | 4,918 | ||
Accounts payable | 43,844 | 38,562 | ||
Deferred revenue | 51,500 | 46,217 | ||
Operating lease liabilities, current | 6,507 | 6,793 | ||
Other current liabilities | 53,045 | 61,024 | ||
Total current liabilities | 274,818 | 272,394 | ||
Other debts, non-current | 10,271 | 10,495 | ||
Operating lease liabilities, non-current | 17,711 | 18,965 | ||
Other non-current liabilities | 28,716 | 29,478 | ||
Total liabilities | 331,516 | 331,332 | ||
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; 111,946 and 112,407 shares issued and outstanding at March 29, 2024 and December 31, 2023, respectively
|
112 | 112 | ||
Additional paid-in capital | 2,410,094 | 2,405,043 | ||
Accumulated deficit | (1,992,339) | (1,962,575) | ||
Accumulated other comprehensive loss | (8,713) | (5,706) | ||
Total stockholders' equity | 409,154 | 436,874 | ||
Total liabilities and stockholders' equity | $ | 740,670 | $ | 768,206 |
Three Months Ended | ||||
March 29, 2024 | March 31, 2023 | |||
Revenue: | ||||
Appliance and integration | $ | 81,595 | $ | 114,794 |
SaaS and service | 40,465 | 42,855 | ||
Total net revenue | 122,060 | 157,649 | ||
Cost of revenue: | ||||
Appliance and integration | 43,074 | 59,748 | ||
SaaS and service | 15,905 | 13,847 | ||
Total cost of revenue | 58,979 | 73,595 | ||
Total gross profit | 63,081 | 84,054 | ||
Operating expenses: | ||||
Research and development | 30,705 | 33,509 | ||
Selling, general and administrative | 38,865 | 39,282 | ||
Restructuring and related charges | 3,037 | 83 | ||
Total operating expenses | 72,607 | 72,874 | ||
Income (loss) from operations | (9,526) | 11,180 | ||
Interest expense, net | (723) | (706) | ||
Other expense, net | (289) | (293) | ||
Income (loss) before income taxes | (10,538) | 10,181 | ||
Provision for (benefit from) income taxes | (2,449) | 5,088 | ||
Net income (loss) | $ | (8,089) | $ | 5,093 |
Net income (loss) per share: | ||||
Basic | $ | (0.07) | $ | 0.05 |
Diluted | $ | (0.07) | $ | 0.04 |
Weighted average shares outstanding: | ||||
Basic | 112,350 | 110,794 | ||
Diluted | 112,350 | 117,758 |
Three Months Ended | ||||
March 29, 2024 | March 31, 2023 | |||
Cash flows from operating activities: | ||||
Net income (loss) | $ | (8,089) | $ | 5,093 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Depreciation | 3,085 | 3,030 | ||
Stock-based compensation | 6,923 | 7,424 | ||
Foreign currency remeasurement | (1,108) | 1,290 | ||
Deferred income taxes, net | (3,806) | 547 | ||
Provision for excess and obsolete inventories | 757 | 2,027 | ||
Other adjustments | 240 | 703 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | 35,187 | 20,530 | ||
Inventories | (4,571) | (10,547) | ||
Other assets | (5,041) | (2,566) | ||
Accounts payable | 5,988 | (12,507) | ||
Deferred revenues | 5,071 | 1,721 | ||
Other liabilities | (7,816) | (10,475) | ||
Net cash provided by operating activities | 26,820 | 6,270 | ||
Cash flows from investing activities: | ||||
Purchases of property and equipment | (1,911) | (2,331) | ||
Net cash used in investing activities | (1,911) | (2,331) | ||
Cash flows from financing activities: | ||||
Payments for debt issuance costs | (327) | - | ||
Repurchase of common stock | (21,675) | - | ||
Repayment of other debts | - | (152) | ||
Proceeds from common stock issued to employees | 3,542 | 3,085 | ||
Taxes paid related to net share settlement of equity awards | (5,413) | (6,353) | ||
Net cash used in financing activities | (23,873) | (3,420) | ||
Effect of exchange rate changes on cash and cash equivalents | (1,000) | 772 | ||
Net increase in cash and cash equivalents | 36 | 1,291 | ||
Cash and cash equivalents at beginning of period | 84,269 | 89,586 | ||
Cash and cash equivalents at end of period | $ | 84,305 | $ | 90,877 |
Three Months Ended | ||||||||||||
March 29, 2024 | December 31, 2023 | March 31, 2023 | ||||||||||
Geography | ||||||||||||
Americas | $ | 93,031 | 76 | % | $ | 129,406 | 77 | % | $ | 115,666 | 73 | % |
EMEA | 23,560 | 19 | % | 30,041 | 18 | % | 32,941 | 21 | % | |||
APAC | 5,469 | 5 | % | 7,645 | 5 | % | 9,042 | 6 | % | |||
Total | $ | 122,060 | 100 | % | $ | 167,092 | 100 | % | $ | 157,649 | 100 | % |
Market | ||||||||||||
Service Provider | $ | 86,693 | 71 | % | $ | 128,566 | 77 | % | $ | 117,989 | 75 | % |
Broadcast and Media | 35,367 | 29 | % | 38,526 | 23 | % | 39,660 | 25 | % | |||
Total | $ | 122,060 | 100 | % | $ | 167,092 | 100 | % | $ | 157,649 | 100 | % |
Three Months Ended March 29, 2024 | |||||||||||
Broadband | Video | Total Segment Measures |
Adjustments (1)
|
Consolidated GAAP Measures | |||||||
Net revenue | $ | 78,897 | $ | 43,163 | $ | 122,060 | $ | - | $ | 122,060 | |
Gross profit | 37,494 |
(1)
|
26,569 |
(1)
|
64,063 |
(1)
|
(982) | 63,081 | |||
Gross margin % | 47.5 | % |
(1)
|
61.6 | % |
(1)
|
52.5 | % |
(1)
|
51.7 | % |
Three Months Ended December 31, 2023 | |||||||||||
Broadband | Video | Total Segment Measures |
Adjustments (1)
|
Consolidated GAAP Measures | |||||||
Net revenue | $ | 115,229 | $ | 51,863 | $ | 167,092 | $ | - | $ | 167,092 | |
Gross profit | 48,803 |
(1)
|
33,491 |
(1)
|
82,294 |
(1)
|
(427) | 81,867 | |||
Gross margin % | 42.4 | % |
(1)
|
64.6 | % |
(1)
|
49.3 | % |
(1)
|
49.0 | % |
Three Months Ended March 31, 2023 | |||||||||||
Broadband | Video | Total Segment Measures |
Adjustments (1)
|
Consolidated GAAP Measures | |||||||
Net revenue | $ | 100,351 | $ | 57,298 | $ | 157,649 | $ | - | $ | 157,649 | |
Gross profit | 50,290 |
(1)
|
34,614 |
(1)
|
84,904 |
(1)
|
(850) | 84,054 | |||
Gross margin % | 50.1 | % |
(1)
|
60.4 | % |
(1)
|
53.9 | % |
(1)
|
53.3 | % |
Three Months Ended March 29, 2024 | ||||||||||||
Revenue | Gross Profit | Total Operating Expense | Income (Loss) from Operations | Total Non-operating Expense, net | Net Income (Loss) | |||||||
GAAP | $ | 122,060 | $ | 63,081 | $ | 72,607 | $ | (9,526) | $ | (1,012) | $ | (8,089) |
Stock-based compensation | - | 522 | (6,401) | 6,923 | - | 6,923 | ||||||
Restructuring and related charges | - | 460 | (3,037) | 3,497 | - | 3,497 | ||||||
Non-recurring advisory fees | - | - | (349) | 349 | - | 349 | ||||||
Loss on fixed asset disposal | - | - | - | - | 11 | 11 | ||||||
Non-cash interest and other expenses related to convertible notes | - | - | - | - | 229 | 229 | ||||||
Discrete tax items and tax effect of non-GAAP adjustments | - | - | - | - | - | (2,538) | ||||||
Total adjustments | - | 982 | (9,787) | 10,769 | 240 | 8,471 | ||||||
Non-GAAP | $ | 122,060 | $ | 64,063 | $ | 62,820 | $ | 1,243 | $ | (772) | $ | 382 |
As a % of revenue (GAAP) | 51.7 | % | 59.5 | % | (7.8) | % | (0.8) | % | (6.6) | % | ||
As a % of revenue (Non-GAAP) | 52.5 | % | 51.5 | % | 1.0 | % | (0.6) | % | 0.3 | % | ||
Diluted net income (loss) per share: | ||||||||||||
GAAP | $ | (0.07) | ||||||||||
Non-GAAP | $ | 0.00 | ||||||||||
Shares used in per share calculation: | ||||||||||||
GAAP | 112,350 | |||||||||||
Non-GAAP | 118,107 |
Three Months Ended December 31, 2023 | ||||||||||||
Revenue | Gross Profit | Total Operating Expense | Income from Operations | Total Non-operating Expense, net | Net Income | |||||||
GAAP | $ | 167,092 | $ | 81,867 | $ | 72,234 | $ | 9,633 | $ | (820) | $ | 83,841 |
Stock-based compensation | - | 454 | (6,151) | 6,605 | - | 6,605 | ||||||
Restructuring and related charges | - | (27) | - | (27) | - | (27) | ||||||
Non-recurring advisory fees | - | - | (2,702) | 2,702 | - | 2,702 | ||||||
Non-cash interest and other expenses related to convertible notes | - | - | - | - | 233 | 233 | ||||||
Discrete tax items and tax effect of non-GAAP adjustments | - | - | - | - | - | (78,693) | ||||||
Total adjustments | - | 427 | (8,853) | 9,280 | 233 | (69,180) | ||||||
Non-GAAP | $ | 167,092 | $ | 82,294 | $ | 63,381 | $ | 18,913 | $ | (587) | $ | 14,661 |
As a % of revenue (GAAP) | 49.0 | % | 43.2 | % | 5.8 | % | (0.5) | % | 50.2 | % | ||
As a % of revenue (Non-GAAP) | 49.3 | % | 37.9 | % | 11.3 | % | (0.4) | % | 8.8 | % | ||
Diluted net income per share: | ||||||||||||
GAAP | $ | 0.72 | ||||||||||
Non-GAAP | $ | 0.13 | ||||||||||
Shares used in per share calculation: | ||||||||||||
GAAP and Non-GAAP | 115,691 |
Three Months Ended March 31, 2023 | ||||||||||||
Revenue | Gross Profit | Total Operating Expense | Income from Operations | Total Non-operating Expense, net | Net Income | |||||||
GAAP | $ | 157,649 | $ | 84,054 | $ | 72,874 | $ | 11,180 | $ | (999) | $ | 5,093 |
Stock-based compensation | - | 850 | (6,574) | 7,424 | - | 7,424 | ||||||
Restructuring and related charges | - | - | (83) | 83 | - | 83 | ||||||
Non-cash interest and other expenses related to convertible notes | - | - | - | - | 223 | 223 | ||||||
Discrete tax items and tax effect of non-GAAP adjustments | - | - | - | - | - | 1,506 | ||||||
Total adjustments | - | 850 | (6,657) | 7,507 | 223 | 9,236 | ||||||
Non-GAAP | $ | 157,649 | $ | 84,904 | $ | 66,217 | $ | 18,687 | $ | (776) | $ | 14,329 |
As a % of revenue (GAAP) | 53.3 | % | 46.2 | % | 7.1 | % | (0.6) | % | 3.2 | % | ||
As a % of revenue (Non-GAAP) | 53.9 | % | 42.0 | % | 11.9 | % | (0.5) | % | 9.1 | % | ||
Diluted net income per share: | ||||||||||||
GAAP | $ | 0.04 | ||||||||||
Non-GAAP | $ | 0.12 | ||||||||||
Shares used in per share calculation: | ||||||||||||
GAAP and Non-GAAP | 117,758 |
Three Months Ended March 29, 2024 | ||||
Broadband | Video | |||
Income (loss) from operations (1)
|
$ | 8,594 | $ | (7,351) |
Depreciation | 1,986 | 1,099 | ||
Other non-operating expenses, net | (179) | (99) | ||
Adjusted EBITDA(2)
|
$ | 10,401 | $ | (6,351) |
Revenue | $ | 78,897 | $ | 43,163 |
Adjusted EBITDA margin % (2)
|
13.2 | % | (14.7) | % |
Three Months Ended December 31, 2023 | ||||
Broadband | Video | |||
Income (loss) from operations (1)
|
$ | 20,268 | $ | (1,355) |
Depreciation | 1,794 | 1,283 | ||
Other non-operating expenses, net | (160) | (89) | ||
Adjusted EBITDA(2)
|
$ | 21,902 | $ | (161) |
Revenue | $ | 115,229 | $ | 51,863 |
Adjusted EBITDA margin % (2)
|
19.0 | % | (0.3) | % |
Three Months Ended March 31, 2023 | ||||
Broadband | Video | |||
Income (loss) from operations (1)
|
$ | 20,113 | $ | (1,426) |
Depreciation | 1,644 | 1,386 | ||
Other non-operating expenses, net | (171) | (122) | ||
Adjusted EBITDA(2)
|
$ | 21,586 | $ | (162) |
Revenue | $ | 100,351 | $ | 57,298 |
Adjusted EBITDA margin % (2)
|
21.5 | % | (0.3) | % |
Three Months Ended | ||||||
March 29, 2024 | December 31, 2023 | March 31, 2023 | ||||
Net income (loss) (GAAP) | $ | (8,089) | $ | 83,841 | $ | 5,093 |
Provision for (benefit from) income taxes | (2,449) | (75,028) | 5,088 | |||
Interest expense, net | 723 | 571 | 706 | |||
Depreciation | 3,085 | 3,077 | 3,030 | |||
EBITDA | (6,730) | 12,461 | 13,917 | |||
Adjustments | ||||||
Stock-based compensation | 6,923 | 6,605 | 7,424 | |||
Restructuring and related charges | 3,497 | (27) | 83 | |||
Non-recurring advisory fees | 349 | 2,702 | - | |||
Loss on fixed asset disposal | 11 | - | - | |||
Total consolidated segment adjusted EBITDA (Non-GAAP) | $ | 4,050 | $ | 21,741 | $ | 21,424 |
Revenue | $ | 122,060 | $ | 167,092 | $ | 157,649 |
Net income (loss) margin (GAAP) | (6.6) | % | 50.2 | % | 3.2 | % |
Consolidated segment Adjusted EBITDA margin (Non-GAAP) | 3.3 | % | 13.0 | % | 13.6 | % |
Q2 2024 Financial Guidance (1)
|
|||||||||||||||||||||||||
Revenue | Gross Profit | Total Operating Expense | Income from Operations | Net Income (Loss) | |||||||||||||||||||||
GAAP | $ | 125 | to | $ | 140 | $ | 64 | to | $ | 73 | $ | 80 | to | $ | 82 | $ | (16) | to | $ | (9) | $ | (19) | to | $ | (14) |
Stock-based compensation expense | - | - | (6) | 6 | 6 | ||||||||||||||||||||
Restructuring and related charges | - | 1 | (12) | 13 | 13 | ||||||||||||||||||||
Impairment losses | - | - | - | - | 6 | ||||||||||||||||||||
Tax effect of non-GAAP adjustments | - | - | - | - | (6) | to | (5) | ||||||||||||||||||
Total adjustments | - | 1 | (18) | 19 | 19 | to | 20 | ||||||||||||||||||
Non-GAAP | $ | 125 | to | $ | 140 | $ | 65 | to | $ | 74 | $ | 62 | to | $ | 64 | $ | 3 | to | $ | 10 | $ | - | to | $ | 6 |
As a % of revenue (GAAP) | 51.0% | to | 52.1% | 64.0% | to | 58.6% | (12.8)% | to | (6.4)% | (15.4)% | to | (9.9)% | |||||||||||||
As a % of revenue (Non-GAAP) | 51.8% | to | 52.9% | 49.6% | to | 45.7% | 2.2% | to | 7.1% | 0.2% | to | 4.4% | |||||||||||||
Diluted net income (loss) per share: | |||||||||||||||||||||||||
GAAP | $ | (0.17) | to | $ | (0.12) | ||||||||||||||||||||
Non-GAAP | $ | - | to | $ | 0.05 | ||||||||||||||||||||
Shares used in per share calculation: | |||||||||||||||||||||||||
GAAP | 115.3 | ||||||||||||||||||||||||
Non-GAAP | 116.8 |
2024 Financial Guidance (1)
|
|||||||||||||||||||||||||
Revenue | Gross Profit | Total Operating Expense | Income from Operations | Net Income | |||||||||||||||||||||
GAAP | $ | 645 | to | $ | 695 | $ | 326 | to | $ | 365 | $ | 288 | to | $ | 298 | $ | 38 | to | $ | 67 | $ | 18 | to | $ | 40 |
Stock-based compensation expense | - | 1 | (27) | 28 | 28 | ||||||||||||||||||||
Restructuring and related charges | - | 2 | (15) | 17 | 17 | ||||||||||||||||||||
Impairment loss | - | - | - | - | 6 | ||||||||||||||||||||
Non-cash interest and other expenses related to convertible notes | - | - | - | - | 1 | ||||||||||||||||||||
Tax effect of non-GAAP adjustments | - | - | - | - | (9) | to | (8) | ||||||||||||||||||
Total adjustments | - | 3 | (42) | 45 | 43 | to | 44 | ||||||||||||||||||
Non-GAAP | $ | 645 | to | $ | 695 | $ | 329 | to | $ | 368 | $ | 246 | to | $ | 256 | $ | 83 | to | $ | 112 | $ | 61 | to | $ | 84 |
As a % of revenue (GAAP) | 50.5% | to | 52.5% | 44.7% | to | 42.9% | 5.9% | to | 9.6% | 2.8% | to | 5.8% | |||||||||||||
As a % of revenue (Non-GAAP) | 51.0% | to | 52.9% | 38.1% | to | 36.8% | 12.9% | to | 16.1% | 9.5% | to | 12.1% | |||||||||||||
Diluted net income per share: | |||||||||||||||||||||||||
GAAP | $ | 0.15 | to | $ | 0.34 | ||||||||||||||||||||
Non-GAAP | $ | 0.51 | to | $ | 0.71 | ||||||||||||||||||||
Shares used in per share calculation: | |||||||||||||||||||||||||
GAAP and Non-GAAP | 118.5 |
Q2 2024 Financial Guidance | ||||||||||
Broadband | Video | |||||||||
Income (loss) from operations (2)
|
$ | 9 | to | $ | 14 | $ | (6) | to | $ | (4) |
Depreciation | 2 | 2 | 1 | 1 | ||||||
Other non-operating expenses | - | (1) | - | 1 | ||||||
Segment adjusted EBITDA(3)
|
$ | 11 | to | $ | 15 | $ | (5) | to | $ | (2) |
2024 Financial Guidance | ||||||||||
Broadband | Video | |||||||||
Income (loss) from operations (2)
|
$ | 88 | to | $ | 112 | $ | (5) | to | $ | - |
Depreciation | 8 | 8 | 5 | 5 | ||||||
Other non-operating expenses | (1) | (1) | - | - | ||||||
Segment adjusted EBITDA(3)
|
$ | 95 | to | $ | 119 | $ | - | to | $ | 5 |
Q2 2024 Financial Guidance | 2024 Financial Guidance | |||||||||
Net income (loss) (GAAP) | $ | (19) | to | $ | (14) | 18 | to | $ | 40 | |
Provision for income taxes | (6) | (4) | 5 | 12 | ||||||
Interest expense, net | 3 | 3 | 8 | 8 | ||||||
Depreciation | 3 | 3 | 13 | 13 | ||||||
EBITDA | (19) | to | (12) | 44 | to | 73 | ||||
Adjustments | ||||||||||
Stock-based compensation | 6 | 6 | 28 | 28 | ||||||
Restructuring and related charges | 13 | 13 | 17 | 17 | ||||||
Impairment loss | 6 | 6 | 6 | 6 | ||||||
Total consolidated segment adjusted EBITDA (Non-GAAP) (2)
|
$ | 6 | to | $ | 13 | $ | 95 | to | $ | 124 |