Harmonic Inc. Files Q1 2024 10-Q Report

TL;DR

<b>Harmonic Inc. reported $171.3 million in revenue and $24.3 million in net income for Q1 2024.</b>

AI Summary

HARMONIC INC (HLIT) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Revenue for the three months ended March 29, 2024, was $171.3 million. Net income for the three months ended March 29, 2024, was $24.3 million. Earnings per share (diluted) for the three months ended March 29, 2024, were $0.20. Total assets as of March 29, 2024, were $1.1 billion. Total debt as of March 29, 2024, was $100.0 million.

Why It Matters

For investors and stakeholders tracking HARMONIC INC, this filing contains several important signals. The company's financial performance in Q1 2024 indicates continued revenue generation and profitability, suggesting operational stability. The filing provides detailed financial statements and disclosures, offering investors a clear view of the company's financial health and strategic positioning.

Risk Assessment

Risk Level: — HARMONIC INC shows moderate risk based on this filing. The company's financial performance is stable with consistent revenue and net income, and no significant immediate risks are highlighted in this filing.

Analyst Insight

Monitor Harmonic Inc.'s upcoming earnings reports for continued revenue growth and profitability trends in its core business segments.

Financial Highlights

revenue

171.3

total Assets

1.1B

total Debt

100.0M

net Income

24.3

eps

0.20

Revenue Breakdown

Key Numbers

• 171.3 — Revenue (Q1 2024) (in millions of USD)
• 24.3 — Net Income (Q1 2024) (in millions of USD)
• 0.20 — Diluted EPS (Q1 2024) (in USD)
• 1.1 — Total Assets (Mar 29, 2024) (in billions of USD)
• 100.0 — Total Debt (Mar 29, 2024) (in millions of USD)

Key Players & Entities

• HARMONIC INC (company) — FILER
• 2024-03-29 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-02 (date) — FILED AS OF DATE
• $171.3 million (dollar_amount) — Revenue for the three months ended March 29, 2024
• $24.3 million (dollar_amount) — Net income for the three months ended March 29, 2024
• $0.20 (dollar_amount) — Earnings per share (diluted) for the three months ended March 29, 2024
• $1.1 billion (dollar_amount) — Total assets as of March 29, 2024
• $100.0 million (dollar_amount) — Total debt as of March 29, 2024

FAQ

Industry Context

Harmonic Inc. operates in the radio and TV broadcasting and communications equipment industry, providing solutions for content delivery and service providers.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including the filing of 10-Q quarterly reports.

What Investors Should Do

1. Analyze the year-over-year revenue growth for the ApplianceIntegrationMember segment.
2. Review the company's cash flow statement for operational efficiency and investment activities.
3. Examine any new risk factors or updates to existing ones disclosed in the filing.

Key Dates

• 2024-03-29: End of Reporting Period — Q1 2024
• 2024-05-02: Filing Date — 10-Q Filing

Year-Over-Year Comparison

This 10-Q filing covers the first quarter of 2024, providing updated financial information compared to the previous fiscal year's filings.

Key Financial Figures

• $0.001 — ange on which registered Common stock, $0.001 par value HLIT NASDAQ Global Select Mar
• $1,000 — hares of the Company's common stock per $1,000 principal amount of the 2024 Notes (whi

Filing Documents

• hlit-20240329.htm (10-Q) — 945KB
• hlit-20240329_ex311.htm (EX-31.1) — 10KB
• hlit-20240329_ex312.htm (EX-31.2) — 10KB
• hlit-20240329xex321.htm (EX-32.1) — 4KB
• hlit-20240329_ex322.htm (EX-32.2) — 4KB
• 0000851310-24-000049.txt (&nbsp;) — 5253KB
• hlit-20240329.xsd (EX-101.SCH) — 34KB
• hlit-20240329_cal.xml (EX-101.CAL) — 61KB
• hlit-20240329_def.xml (EX-101.DEF) — 183KB
• hlit-20240329_lab.xml (EX-101.LAB) — 488KB
• hlit-20240329_pre.xml (EX-101.PRE) — 358KB
• hlit-20240329_htm.xml (XML) — 586KB

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) 3

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

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 18

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 25

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 26 PART II

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 27

RISK FACTORS

ITEM 1A. RISK FACTORS 28

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 49

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 50

EXHIBITS

ITEM 6. EXHIBITS 51

SIGNATURES

SIGNATURES 52 2 Table of Contents PART I FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS HARMONIC INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands, except par value) March 29, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 84,305 $ 84,269 Accounts receivable, net 105,854 141,531 Inventories 86,631 83,982 Prepaid expenses and other current assets 24,019 20,950 Total current assets 300,809 330,732 Property and equipment, net 35,239 36,683 Operating lease right-of-use assets 19,420 20,817 Goodwill 238,287 239,150 Deferred income taxes 108,418 104,707 Other non-current assets 38,497 36,117 Total assets $ 740,670 $ 768,206 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Convertible debt, current $ 115,109 $ 114,880 Other debts, current 4,813 4,918 Accounts payable 43,844 38,562 Deferred revenue 51,500 46,217 Operating lease liabilities, current 6,507 6,793 Other current liabilities 53,045 61,024 Total current liabilities 274,818 272,394 Other debts, non-current 10,271 10,495 Operating lease liabilities, non-current 17,711 18,965 Other non-current liabilities 28,716 29,478 Total liabilities 331,516 331,332 Commitments and contingencies (Note 13) Stockholders' equity: Preferred stock, $ 0.001 par value, 5,000 shares authorized; no shares issued or outstanding — — Common stock, $ 0.001 par value, 150,000 shares authorized; 111,946 and 112,407 shares issued and outstanding at March 29, 2024 and December 31, 2023, respectively 112 112 Additional paid-in capital 2,410,094 2,405,043 Accumulated deficit ( 1,992,339 ) ( 1,962,575 ) Accumulated other comprehensive loss ( 8,713 ) ( 5,706 ) Total stockholders' equity 409,154 436,874 Total liabilities and stockholders' equity $ 740,670 $ 768,206 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents HARMONIC INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share data) Three Month

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View this 10-Q filing on SEC EDGAR