Harmonic Inc. Files 2024 10-K

TL;DR

Harmonic Inc. 2024 10-K is in! Full financials for the year ending Dec 31, 2024, are out.

AI Summary

Harmonic Inc. filed its 2024 10-K on February 14, 2025, reporting on its fiscal year ending December 31, 2024. The company, based in San Jose, CA, operates in the Radio & TV Broadcasting & Communications Equipment sector. Key financial details and operational segments for 2024, 2023, and 2022 are presented, including data related to Appliance Integration and SaaS services.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of Harmonic Inc.'s financial performance and business operations for the fiscal year 2024, crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently contain new, significant risks beyond those typically associated with publicly traded companies in the technology sector.

Key Numbers

• 2024 — Fiscal Year (Reporting period for the 10-K)
• 2023 — Fiscal Year (Comparative period)
• 2022 — Fiscal Year (Comparative period)

Key Players & Entities

• HARMONIC INC (company) — Filer
• 2024-12-31 (date) — Fiscal Year End
• 2025-02-14 (date) — Filing Date
• San Jose, CA (location) — Business Address
• 3663 (industry_code) — Standard Industrial Classification

FAQ

Key Financial Figures

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

Filing Documents

• hlit-20241231.htm (10-K) — 1846KB
• hlit-20241231xex191.htm (EX-19.1) — 81KB
• hlit-20241231xex211.htm (EX-21.1) — 14KB
• hlit-20241231xex231.htm (EX-23.1) — 3KB
• hlit-20241231xex311.htm (EX-31.1) — 10KB
• hlit-20241231xex312.htm (EX-31.2) — 10KB
• hlit-20241231xex321.htm (EX-32.1) — 4KB
• hlit-20241231xex322.htm (EX-32.2) — 4KB
• hlit-20241231xex971.htm (EX-97.1) — 37KB
• hlit-20241231_g1.jpg (GRAPHIC) — 326KB
• hlit-20241231_g2.jpg (GRAPHIC) — 46KB
• 0000851310-25-000021.txt ( ) — 11523KB
• hlit-20241231.xsd (EX-101.SCH) — 65KB
• hlit-20241231_cal.xml (EX-101.CAL) — 113KB
• hlit-20241231_def.xml (EX-101.DEF) — 354KB
• hlit-20241231_lab.xml (EX-101.LAB) — 883KB
• hlit-20241231_pre.xml (EX-101.PRE) — 659KB
• hlit-20241231_htm.xml (XML) — 1540KB

RISK FACTORS

ITEM 1A. RISK FACTORS 11

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 45

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 46

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 Acts"), 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, changes in interest rates, volatility and uncertainty in the banking and financial services sector, supply chain disruptions, tariffs, and volatile capital markets and foreign currency fluctuations, particularly in certain geographies; the impact of geopolitical events, including the Middle East and Russia-Ukraine conflicts and risks of escalation and broader regional conflicts, and tensions between China and Taiwan and China and the United States, 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; 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 disposit

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 82% of our revenue from the Americas in 2024. The Europe, Middle East and Africa (EMEA) and Asia Pacific (APAC) regions accounted for 14% and 4% of our 2024 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

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