Local Media revenue declined 8% year-over-year due to lack of political advertising in an off-election year, but core advertising outperformed peers driven by local sports rights and NBA/NHL playoffs contributing over $7 million.
Net leverage improved to 4.4x at quarter-end, down 0.5 turns from Q1, reflecting ongoing debt paydown efforts.
Scripps Networks revenue was $206 million, down 1.4% year-over-year, with connected TV revenue up 57%, and segment profit margin improved to 27% from 18% in Q2 2024 due to significant expense reductions.
Second quarter earnings per share was a loss of $0.59, impacted by $38 million in financing transaction costs, a $31 million gain on asset sale, and preferred stock dividend reducing EPS by $0.18.
SSP closed a $750 million senior secured second-lien notes placement, refinancing and extending maturities on $1.7 billion of debt, reducing near-term debt maturities and increasing cost of capital by just over 1%.
Adjusted EBITDA was $10.8 million for Broadband and $6.2 million for Video.
Backlog and deferred revenue totaled $504.5 million, with 51% expected to ship within 12 months.
Book-to-bill ratio improved to 1.1 in Q2 from 0.9 in Q1 and 0.5 in Q2 2024, driven by strong Broadband bookings.
Broadband revenue was $86.9 million with a gross margin of 46.5%, down 110 basis points year-over-year mainly due to tariff costs.
EPS rose from $0.08 to $0.09 year-over-year.
Free cash flow was negative $15.5 million, with a cash balance of $123.9 million at quarter end, up $78 million year-over-year net of $50 million stock repurchases.
Harmonic reported Q2 2025 revenue of $138 million, exceeding guidance in both Broadband and Video segments.
One customer, Comcast, represented 39% of total revenue.
Video revenue was $51.1 million, up 11.6% year-over-year, with a gross margin of 67%, up 260 basis points year-over-year.
Adjusted net income was $9.3 million with adjusted diluted EPS of $0.33, up from $0.30 prior year.
Fiscal 2026 Q1 revenue was a record $76.7 million, up 21% year-over-year, driven by 44% growth in subscription revenue and 16% growth in professional services revenue.
Free cash flow was negative $5 million due to working capital timing and other factors; the company is now debt-free after paying off its credit revolver.
Gross profit was $47.3 million with a margin of 61.7%, slightly down from 62.8% due to onetime revenue margin impacts and ramping professional services costs.
Operating income was $4.5 million and net income was $4.9 million, lower than prior year due to planned one-time costs including the user conference.
Professional services revenue was a record $18.1 million, up 16% year-over-year, indicating strong implementation activity.
Recurring revenue reached a record $48.6 million, representing 63.4% of total revenue, with subscription revenue comprising 65.6% of recurring revenue.
Subscription revenue grew 44.3% year-over-year, with organic subscription revenue up 24%, including a 48% increase in PMS-related revenue and 16% increase in POS-related revenue.
Adjusted gross margin was 46.1%, slightly down from 46.6% in Q2 2024 but flat sequentially, and adjusted EBITDA margin was 22%, up 2% year-over-year.
Automation Enabling Technologies segment revenue grew 4% year-over-year, driven by Robotics and Automation business up nearly 16%.
Bookings grew 10% year-over-year and 20% sequentially with a book-to-bill ratio of 1.02, indicating strengthening backlog and outlook.
Gross debt ended at $465 million with a gross leverage ratio of 2.2x and net leverage ratio of approximately 1.7x.
Medical market sales represented 54% of total sales, with advanced industrial markets at 46%.
Medical Solutions segment revenue was roughly flat year-over-year, with Advanced Surgery up 17% and Precision Medicine down 13% year-over-year but up 10% sequentially.
New product revenue grew over 50% year-over-year, with customer orders up 10% year-over-year and 20% sequentially.
Non-GAAP adjusted earnings per share increased 4% to $0.76 in Q2 2025.
Novanta reported second quarter 2025 revenue of $241 million, representing 2% reported growth and a 2% organic decline, surpassing guidance.
Operating cash flow declined to $15 million from $41 million in the prior year quarter, mainly due to timing of tax payments, increased inventory purchases, and the Kion acquisition.
Dafinchi