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Technology Stocks : Harmonic Lightwaves (HLIT)
HLIT 9.470-0.9%12:05 PM EST
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To: BillyG who wrote (3219)1/19/2000 6:28:00 PM
From: Eric Jacobson  Read Replies (4) of 4134
 
Overall, I thought the CC was very good. Here's my highlights:

T at 41% of revenues. Down sequentially, and yet they still increased revs. substantially. RCN now slightly above 10% customer, with Charter and Cox also strong.

Digital products at 4% of revenues, same as last quarter. However, this represents a significant increase with digital revenues now about $2.5 million.

DSO down to 51 (but expect it back around 60)

Now selling MetroLink DWDM to 17 customers (I think this is up from 12 last quarter).

Increase in demand from other domestic customers not a one time thing and not attributable to one customer.

Expect T to be 40% customer for headend to the hub to the node equipment. This could increase if they increase spending on nodes (i.e., Lightwire).

VOD Economics - based on a per stream basis. (If I understand this correctly, and HLIT shares in the revenues from each VOD purchase, this could be huge news for HLIT, could dramatically improve future gross margins, and could represent a major shift in valuing the company.

Operating margin at 21%. Don't expect improvements beyond around 20% as they increase R&D.

Expect 1Q 00 to be flat or slightly down sequentially. They typically don't see orders until early Feb.
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