HLIT
Harmonic Inc.10.42
-0.04-0.38%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A details memory hit, ROW growth
Q&A largely reaffirmed prepared remarks on record bookings and 2026 growth, but surfaced details on Rest-of-Market revenue hitting $138 million in 2025 (up from $95 million) with 30%+ growth targeted, though quarterly mix will fluctuate with large customers. Management quantified a $6 million net memory pricing hit baked into FY2026 margins, net of recoveries on high-memory products, citing committed supply yet prudent guidance for delivery risks. Software mix from ramping connected modems aids margins. Bookings blended large and ROW wins, hardware, software, tools. Q&A stayed scripted. Analysts got straight answers on memory and mix; investors will watch ROW traction amid memory volatility.
Key Stats
Market Cap
1.19BP/E (TTM)
24.81Basic EPS (TTM)
0.42Dividend Yield
0%Recent Filings
10-K
FY2025 results
Harmonic's Broadband continuing operations posted FY2025 revenue of $360.5M, down 26% y/y amid DOCSIS 4.0 deployment delays, yet SaaS and service grew 6% to $57.7M on expanded offerings while Americas appliance sales plunged 29%. Q4 momentum flickered with APAC DOCSIS wins up 149% y/y, but EMEA softened 7%; gross margins slipped to 48.5% on mix shift. Backlog ballooned to $573.8M (73% y/y growth, 53% due within a year). Debt stands at $112.3M with $82M revolver capacity and $124.1M cash; repurchased $79M in shares. Video divestiture (~$145M cash expected H1 2026) sharpens focus, but customer concentration risks quarterly swings.
8-K
Broadband bookings soar 3.5x
8-K
Exec comp plan approved
Harmonic's Compensation Committee approved the 2026 Key Contributor Incentive Plan on February 3, tying executive bonuses to non-GAAP operating profit and bookings, with payouts up to 200% of targets post-fiscal 2026 if thresholds met. Base salaries rise July 1: CEO Ben-Natan to $750,000, CFO Jankovic to $503,928, GC Chu to $439,213. Amended change-in-control agreements boost CEO severance to 200% during CIC periods. Video GM equity vests on pending sale completion. Committee holds full discretion.
8-K
Video unit sale option signed
10-Q
Q3 FY2025 results
Harmonic's Q3 revenue fell 27% y/y to $142.4M (derived), driven by Broadband appliance weakness from DOCSIS 4.0 delays, yet Video grew 3% y/y and SaaS/services rose 6% y/y while gross margin expanded to 54.2% from 53.5%. Operating income dropped to $9.8M from $35.4M, diluted EPS held at $0.02 (reconciles to 113.3M shares), reflecting lower volume but cost discipline post-restructuring. Cash swelled to $127.4M with $95.7M operating cash flow (FCF $87.3M derived); total debt $126.8M under compliant Credit Agreement ($82M revolver capacity), $134M buyback left. Repaid $40M revolver post-quarter. Customer concentration persists.
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