Harmonic Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Harmonic Inc. has filed its 2023 10-K annual report detailing its financial performance and business operations.</b>

AI Summary

HARMONIC INC (HLIT) filed a Annual Report (10-K) with the SEC on February 16, 2024. Harmonic Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 4300 North First Street, San Jose, CA 95134. Harmonic Inc. was formerly known as Harmonic Lightwaves Inc., with a name change on April 4, 1995. The SIC code for Harmonic Inc. is 3663 (Radio & TV Broadcasting & Communications Equipment).

Why It Matters

For investors and stakeholders tracking HARMONIC INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Harmonic Inc.'s financial health, operational strategies, and market positioning for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. As a key player in the Radio & TV Broadcasting & Communications Equipment industry, the details within this report can offer insights into industry trends and competitive dynamics relevant to other companies in the sector.

Risk Assessment

Risk Level: medium — HARMONIC INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, the specific financial details and risk factors disclosed within the report will determine the actual risk level for investors.

Analyst Insight

Investors should carefully review the financial statements and risk factors sections of this 10-K to understand Harmonic Inc.'s performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 3663 — Standard Industrial Classification (SIC code for HARMONIC INC)
• 1995-04-04 — Date of Name Change (From HARMONIC LIGHTWAVES INC)

Key Players & Entities

• HARMONIC INC (company) — Filer name
• HARMONIC LIGHTWAVES INC (company) — Former company name
• 2023-12-31 (date) — Conformed period of report
• 2024-02-16 (date) — Filed as of date
• 4300 NORTH FIRST STREET (address) — Business address street 1
• SAN JOSE (location) — Business address city
• CA (location) — Business address state
• 95134 (postal_code) — Business address zip

FAQ

Industry Context

Harmonic Inc. operates in the Radio & TV Broadcasting & Communications Equipment industry, providing solutions for content delivery and network infrastructure.

Regulatory Implications

The filing is a standard 10-K report, which is a mandatory annual filing for publicly traded companies in the United States under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the detailed financial statements for revenue, net income, and other key performance indicators.
2. Analyze the risk factors section to understand potential challenges and uncertainties facing Harmonic Inc.
3. Examine management's discussion and analysis (MD&A) for insights into the company's strategy and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K
• 2024-02-16: Filing Date — Date the 10-K was officially submitted to the SEC

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing. Comparative data from previous filings will be available upon further analysis of those documents.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share HLIT The NASDAQ Global Select

Filing Documents

• hlit-20231231.htm (10-K) — 1848KB
• hlit-20231231xex211.htm (EX-21.1) — 14KB
• hlit-20231231xex231.htm (EX-23.1) — 3KB
• hlit-20231231xex311.htm (EX-31.1) — 10KB
• hlit-20231231xex312.htm (EX-31.2) — 10KB
• hlit-20231231xex321.htm (EX-32.1) — 4KB
• hlit-20231231xex322.htm (EX-32.2) — 4KB
• hlit-20231231xex971.htm (EX-97.1) — 37KB
• hlit-20231231_g1.jpg (GRAPHIC) — 326KB
• hlit-20231231_g2.jpg (GRAPHIC) — 46KB
• 0000851310-24-000024.txt (&nbsp;) — 11127KB
• hlit-20231231.xsd (EX-101.SCH) — 62KB
• hlit-20231231_cal.xml (EX-101.CAL) — 110KB
• hlit-20231231_def.xml (EX-101.DEF) — 360KB
• hlit-20231231_lab.xml (EX-101.LAB) — 864KB
• hlit-20231231_pre.xml (EX-101.PRE) — 609KB
• hlit-20231231_htm.xml (XML) — 1559KB

RISK FACTORS

ITEM 1A. RISK FACTORS 12

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 32

CYBER SECURITY

ITEM 1C. CYBER SECURITY 32

PROPERTIES

ITEM 2. PROPERTIES 33

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 33

MINE SAFETY DISCLOSURE

ITEM 4. MINE SAFETY DISCLOSURE 33 PART II

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 34

[RESERVED]

ITEM 6. [RESERVED] 35

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 36

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 46

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 48

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 81

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 81

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 81

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 81 PART III

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 82

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 82

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 82

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 82

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 82 PART IV

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 83

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 85

SIGNATURES

SIGNATURES 86 1 Table of Contents

Forward Looking Statements

Forward Looking Statements Some of the statements contained in this Annual Report on Form 10-K are forward-looking statements that involve risk and uncertainties. The statements contained in this Annual Report on Form 10-K that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including, without limitation, statements regarding our expectations, beliefs, intentions or strategies regarding the future. In some cases, you can identify forward-looking statements by terminology such as, "may," "will," "should," "expects," "plans," "anticipates," "could," "believes," "intends," "estimates," "predicts," "potential," or "continue" or the negative of these terms or other comparable terminology. These forward-looking statements include, but are not limited to, statements regarding: developing trends and demands in the markets we address, particularly emerging markets; macroeconomic conditions, including inflation, rising interest rates, volatility and uncertainty in the banking and financial services sector, supply chain disruptions, volatile capital markets and foreign currency fluctuations, particularly in certain geographies, and in financial markets; the impact of geopolitical events, including the Hamas-Israel and Russia-Ukraine conflicts, and tensions between China and Taiwan and China and the U.S., on our business and the markets in which we operate; new and future products and services; spending of our customers; our strategic direction, future business plans and growth strategy, including our plans with respect to the Video Business; industry and customer consolidation; expected demand for and benefits of our products and services; concentration of revenue sources; expectations regarding our Broadband and Video solutions; potential future acquisitions and disposi

BUSINESS

Item 1. BUSINESS We are a leading global provider of (i) broadband access solutions that enable broadband operators to more efficiently and effectively deploy high-speed internet for data, voice and video services for their customers and (ii) versatile and high performance video delivery software, products, system solutions and services that enable our customers to efficiently create, prepare, store, playout and deliver a full range of high-quality broadcast and streaming video services to consumer devices, including televisions, personal computers, laptops, tablets and smart phones. We operate in two segments, Broadband and Video. Our Broadband business provides broadband access solutions and related services, including our cOS software-based broadband access solution, to broadband operators globally. Our Video business provides video processing and production and playout solutions and services worldwide to broadband operators and satellite and telco Pay-TV service providers, which we refer to collectively as "service providers," and to broadcast and media companies, including streaming media companies. Our Video business infrastructure solutions are delivered either through shipment of our products, software licenses or as software-as-a-service ("SaaS") subscriptions. Across our two business segments, we derived approximately 74% of our revenue from the Americas in 2023. The Europe, Middle East and Africa (EMEA) and Asia Pacific (APAC) regions accounted for 21% and 5% of our 2023 revenue, respectively. Harmonic was initially incorporated in California in June 1988 and was reincorporated in Delaware in May 1995. Our principal executive offices are currently located at 2590 Orchard Parkway, San Jose, California 95131. Our telephone number is (408) 542-2500. Our Internet website is http://www.harmonicinc.com. Other than the information expressly set forth in this Annual Report on Form 10-K, the information contained or referred to on our website is not part of t

View Full Filing

View this 10-K filing on SEC EDGAR