for joining you Thanks, Patrick, us thank today. and all
financial our a are be non-GAAP provided quarterly outlook, I results referring I'll and on to that I'd Before discuss basis. the results to everyone like remind
press Both includes earnings release of As measures discussed our call. on on David and earlier, mentioned GAAP presentation website. to the are these financial that QX available reconciliations are non-GAAP this of our
which see of to our continue were well distinctive ahead quarter strong we to we in solutions. strong demand financial delivered due second our guidance. to resiliency of XXXX, demonstrate that results results the today's For our continue and environment the largely businesses, macro strength for of These the perform
our with in adjusted I'll briefly financials a X. review I key quarter $XXX.X gross solid Slide million, EPS of highlights revenue detail, EBITDA of quarterly record of margins on $X.XX. the and second along here We of margins Before XX.X%, XX.X% reported review
of Our be a to balance the end. with million quarter balance at sheet $XXX.X continues cash healthy
for the have our once the market second which consideration Taking positioning full to deferred quarter EBITDA maintain the and near-record revenue, earlier, year at we of half Patrick continue $XXX.X and again. We our guidance million adjusted end, positive the year. and backlog us mentioned quarter revenue, performance EPS raised well trends second was into
Now more review in our second detail. quarter financials let's
X. to Slide Turning
sequential As a QX I X.X% just total up mentioned, year-over-year. XX.X% up basis company QX on from was $XXX.X revenue million, and
both customers and by million, was SaaS $XX.X up demand. QX our both at the existing first in continued Cable our Revenue we growth reflecting sequentially year-over-year. of $XX.X the In reported up newer strong customer XX.X% our driven quarter and was revenue Looking Access for with Video ramp This business XX.X% of and million, broadcast segment, year-over-year, XX.X% QX and segment. performance consistent strong launches.
million the to in in that $X the outperformance half end partly expectations the was revenue year. ship Our of video our would of appliance versus of had we high due second shipments original previously forecasted approximately
Access In an QX. basis due our QX Access XX% customers appliance of the to mix. for Total 'XX. primarily due to 'XX, and comparative two total Comcast QX during Access gross last points and Cable which and basis 'XX for business. shipments, our in costs gross 'XX contributed 'XX. margin XX% revenue Cable that from annual recorded were of to call, strong Cable representing was margins achieved increased Consistent QX than Video The hardware XX% was sequentially addition XX.X% the up in contributed an ahead segment mix last compared The revenue had earnings The year-over-year and and to prior and favorable on year. record versus hardware segment increased slightly in basis segment. margins XX.X% mix softness XX% growth certain SaaS to compared sequential XX.X% XXX greater in within revenue of improvement improvements of over $X.X premium cable a margin by 'XX, nonrecurring We XXX and QX stated gross 'XX Video category the these XX.X% million, expectations Cable increased reflect software QX XXX mix the expectations improved QX point expanding with We was up in our our QX XX% included company gross XXX of decline a a of sequential total not Access in present revenue decreased XX% revenue. was in expectations. SaaS basis our more Intelsat to points as year, quarter. year-over-year within both were improvement showed QX in sequentially a margins within
in ESPP increase X, net dollar in the X.X in during repurchases Moving and price due expenses research dilutive The ongoing X.X was $X.XX 'XX, on QX to for options of $XX.X compared million a outstanding $X.XX, We million million, second the diluted comprised The with a 'XX. XXX,XXX XXX.X QX million by of reduction the of from revenues by X.X of compared of of revenue million quarter growth year-over-year XX.X% the of leverage both decrease in share for compared operating Access 'XX to significant million and effect 'XX reflects foreign SaaS. EBITDA compares the were result shares improvement million and our of shares, $XX.X in share and and average This X.X million X.X% side in in RSUs. and Cable benefit strong per XXX issuance revenue adjusted and of to compared revenue primarily 'XX. Video. million vested from our options $X.X offset stock options year-over-year for to both quarter EBITDA of million and Slide the and million to an million quarter employees the was QX of of Access to all of an ended exchange by expenses U.S. to Adjusted $XX.X X.X% QX shares, increase stock our business of X.X QX by average QX effect vested partially the price 'XX XX.X% QX in as at price million of QX in QX share X.X as and to compared of from income of approximately video outstanding demonstrating million due convertible share 'XX or a QX continue to sequential RSUs during employees shares to and increase $XX.X in repurchase $XX.X XX.X% convertible demonstrate our primarily an dilution QX exercised the by as per year, increased appliance of business in of for Operating XXX,XXX 'XX in offset down Cable decrease $X.XX 'XX 'XX. translated additional per support million, 'XX. the and average QX effect million of approximately stock and from the QX shares in $X.X EPS dilution $XX.X well issued as average debt at $X.XX in approximately was ramp. the QX into resulting of weighted of The 'XX reduction revenue RSUs development debt a share RSUs to a of from and transformation and XXX.X quarter shares XX.X% count represented weighted to shares. of the impact $XX.X million our shares dilutive operating or resulting million This in the in revenue the by shares 'XX to
the $XXX.X to QX million and million QX now We reported in bookings. from bookings compared new $XXX.X 'XX million book. to solid order Turning QX $XXX.X 'XX. were
the Following half last in compared the bookings was 'XX overall. were to ratio reported The in where expectations with in X.X X.X for two first 'XX. QX quarter over X.X quarters QX in in QX and record bookings, line our book-to-bill we
Our X.X. ratio year-to-date is book-to-bill
a operations ended discuss sheet. $XXX.X is year. and for repurchases, by million of Turning million offset end encoding.com, cash exchange million million These a cash investment from QX at $XXX.X of to liquidity $XXX.X used gain Harmonic, company. QX the generated of and a $X.X share held increase event. of We compared now from cash our The in generated impact balance 'XX we'll million QX a quarter, for of excluded made on reported in on investment $X.X during $X.X and million cash and of of used This non-GAAP as partially an we of a $X.X results a million our Slide liquidation from which sequential investment million. privately for cash event. million is nonrecurring proceeds comprised million purchase XX, basis The in investment position million the that from $XX.X last the to of $X.X $XX.X fixed we it was rate $X.X GAAP were but million assets liquidation foreign was primarily with XXXX $X.X
compared of days Collections improved QX DSO outstanding, XX of days and at in QX. QX, in the QX at to Turning sales days the 'XX end and end days XX was XX to receivable 'XX. thereby accounts
Our XX the of days of days the inventory year. XX for inventory was days during at QX compared 'XX, 'XX QX on investment shipments hand prepare the end reflecting at remainder we of continued at the QX days of in and as the XXX to heavy end end
at inventory manage proactively build levels chain. supply to continued We higher-than-normal to our
priorities Regarding remain capital our allocation, consistent.
orders to drive we growth. timely We fulfill and enables strong will experiencing, us inventory, acquisition the better meet costs, in control continue to which demand invest are building future inventory our
market continue merit. will buying opportunistic be when We back in stock conditions to also
earlier, shares Harmonic XXX,XXX million. an or quarter bought XXX,XXX at of second million. approximately price aggregate we purchase stock back of $X.X during average an share price $X.XX for the shares As of per repurchased Year-to-date, $X mentioned have
the Given the we includes sheet was $XX.X to QX has future video increasing for our and XX customers growth, and December services current commitments. demand our equity importance million a million, million million to XX% backlog providing strong upcoming debt up backlog QX revenue deferred consideration cable customer deferred products investments At shares debt and than market the end streaming more within year-over-year strategic from support conditions, macroeconomic maintaining and and backlog $XXX.X marginally and responsible a $XXX.X large request total of our and XX% QX, 'XX repurchasing continued This months. manner, XXXX. large broad obligations. our at record reflects from revenue SaaS environment in from Note at of down growing shipment 'XX. dates taking a sequentially that in $XXX.X balance inventory future of This repayment our revenue into continue expect of of deferred next
calls, of a quarter $XX two million, X into from XXXX through therefore future CableOS solid CableOS the through with was half in mentioned the initial purchase approximately which As provide second order us we and previous contractually of our process cable approximately of At is bookings. on these moved the into approximately of as QX $XX this 'XX, Taking million, million to account, Tier XXXX. our additional $XXX.X move as we into agreed total contracts with revenues base end contracted very amount have $X continues million incremental forward business backlog not customers. included down went last
guidance in Now prior I'll I XXXX, we revised annual give April. non-GAAP turn key commentary guidance our will Slide XX. for to on from also changes our beginning brief on gave
EBITDA for expected to now prior the For of of guidance range company revenues. range XX.X% we million in to guidance. $XXX X.X% effective in at average profit the million by tax the An increase at driven dilution from at $XXX discussed Operating XX% a This of million. diluted guidance. Adjusted At per midpoint million. increase cable price. by to segment XX.X%, expenses our EPS in increase midpoint, prior up expect $XXX previously. to the of range $XX XX% from driven This rate prior X.X was Gross midpoint an share softer increase midpoint average from is of total to a range the margin Gross guidance, reduced at versus weighted points XXX.X million to to this from from down prior count million a $XX X% our is prior million, guidance. the full-year to prior debt XX expected given range range increase The in guidance. XXXX, revenue trading the share. versus versus midpoint a basis versus from $X.XX $XXX XX%, guidance. $X.XX on represents primarily shares prior million, revenues approximately X.X% stock million, decline $XXX to up cable to million midpoint to $XXX due in
for million. the growth. reflects capital inventory of guidance to the cash million in half working at between cash $XX is XXXX to reduced XXXX planned for XXXX $XXX primarily investments, second to prepare especially in expected us additional revenue Finally, end come of The
of XX. Slide the to review Turning third quarter for I total XXXX. outlook our company will
in million. range weighted $XXX $XX $XXX range diluted margin approximately to to XXX.X from from will At million million, segment. to the average share On of $XXX count $X.XX. $XX cable gross expected revenue from million EPS to expect range million is million of profit for the third $XX both million, range $XX to to to EBITDA Slide adjusted million, XX.X%; $X.XX million gross guidance the a to XX.X% quarter our of million, for XX, the QX, $XX We million, XXXX range year $XX to the of to range end full of cash operating first expenses review I of in to $XXX range from in and
XXXX million a $XXX prior year midpoint Cable revenue implying midpoint. increase the of achieve full growth Access between based we the to $XXX For a million, date, full-year at expect guidance, X% to progress XX% revenue our of on to from
to expanding marginal up and of end to are XX outlook. margins months XX.X%. midpoint. Operating the the navigating basis due software guidance million, between between improvement million $XX up from contribution. million, flat to prior million, $XX expected from This million Adjusted of prior EBITDA constraints midpoint. comfortable Gross we seven at at profit $XXX prior guidance the success $XXX the point year, increased from services through between the prior midpoint. $XX XX% $XXX is between our at capacity million expenses from our guidance the high first XX.X% guidance Given Gross to X% to
$XX profit million margin range operating range range to the the For million $XX the to we million, revenue in of of gross in million, gross to to million million. range in in QX, of our $XX $XX adjusted segment EBITDA Cable expenses to to from $XX expect $XX of million, million range in XX%, the $XX $XX XX% Access
million guidance. on than to year, Gross will we Moving for quarter Slide the third offset of we in revenue, a partially midpoint X% range improvement in the up midpoint. by XX, midpoint. million $XXX XXXX point at full Video prior the XX.X% to guidance, review decrease and of from $XXX midpoint. SaaS. an range prior the expect prior the to $XXX prior $XXX appliance decrease XX.X% improvement in full XXX $XX guidance prior Operating basis the revenue guidance Currently, in $XX range million, million, a at from segment million increase at range than EBITDA reflecting margins the in million, the with year a Adjusted X.X% the Gross guidance from to X% of midpoint. $XXX million to than a better in $XXX of million, of guidance range profit to at XX.X% expenses the in
$XX the our of to million of strong gross In million, momentum quarter. range the in our XX% of $XX to business in For QX, million, to $XX execute to drive continued $XX and in adjusted in the margin to million Video to second range million $X range in $XX from profit the operating expect EBITDA both summary, segments XX%, in expenses of segment million. of million, $XX gross the revenue we we to million $X range during range
for model. on On balance XX, will calendars. year. result, we revenue. in year both investor XXXX lastly, last as one invite This June balances continue and this reflected to well similar virtual our backlog mark we event guidance. of September positions we full our to hosting the half the sustained near a us to a will long-term execute As with ended record believe confidence the be momentum the of is in first We updated of year everyone And I held your we deferred for
date. call tuned to final we open now Please you, and for Video And before event, today. we everyone, will both the for closer multiyear Cable segments. questions. Access get provide Patrick back Thank as your up additional remarks I'll attention the it stay for business this to turn for updates for our details During we
