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HLIT Harmonic

Harmonic, the worldwide leader in virtualized cable access and video delivery solutions, enables media companies and service providers to deliver ultra-high-quality video streaming and broadcast services to consumers globally. The company revolutionized cable access networking via the industry's first virtualized cable access solution, enabling cable operators to more flexibly deploy gigabit internet service to consumers' homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software platforms, or powering the delivery of gigabit internet cable services, Harmonic is changing the way media companies and service providers monetize live and on-demand content on every screen.

Company profile

HLIT stock data

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Calendar

7 May 21
4 Aug 21
31 Dec 21
Quarter (USD)
Apr 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Harmonic earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 100.78M 100.78M 100.78M 100.78M 100.78M 100.78M
Cash burn (monthly) (positive/no burn) (positive/no burn) 1.28M (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) n/a n/a 5.22M n/a n/a n/a
Cash remaining n/a n/a 95.56M n/a n/a n/a
Runway (months of cash) n/a n/a 74.6 n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 May 21 Harshman Patrick Common Stock Payment of exercise Dispose F No No 6.98 8,021 55.99K 1,107,188
15 May 21 Harshman Patrick Common Stock Option exercise Aquire M No No 0 15,235 0 1,115,209
15 May 21 Harshman Patrick Common Stock Payment of exercise Dispose F No No 6.98 8,774 61.24K 1,099,974
15 May 21 Harshman Patrick Common Stock Option exercise Aquire M No No 0 16,666 0 1,108,748
15 May 21 Harshman Patrick RSU Common Stock Option exercise Dispose M No No 0 15,235 0 106,651
15 May 21 Harshman Patrick RSU Common Stock Option exercise Dispose M No No 0 16,666 0 50,000
15 May 21 Haltmayer Neven Common Stock Payment of exercise Dispose F No No 6.98 3,855 26.91K 168,326
15 May 21 Haltmayer Neven Common Stock Option exercise Aquire M No No 0 7,400 0 172,181
15 May 21 Haltmayer Neven Common Stock Payment of exercise Dispose F No No 6.98 4,341 30.3K 164,781
15 May 21 Haltmayer Neven Common Stock Option exercise Aquire M No No 0 8,333 0 169,122

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

67.6% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 264 276 -4.3%
Opened positions 37 67 -44.8%
Closed positions 49 32 +53.1%
Increased positions 108 92 +17.4%
Reduced positions 93 94 -1.1%
13F shares
Current Prev Q Change
Total value 3.61B 4.4B -18.1%
Total shares 68.32M 70.76M -3.4%
Total puts 180.85K 102.52K +76.4%
Total calls 317.6K 340.5K -6.7%
Total put/call ratio 0.6 0.3 +89.1%
Largest owners
Shares Value Change
BLK Blackrock 10.22M $538.97M +6.1%
Vanguard 6.71M $354.1M +2.8%
FMR 4.08M $214.96M -41.6%
Artisan Partners Limited Partnership 3.33M $175.54M +2.3%
Granahan Investment Management 3.02M $159.2M -0.2%
JHG Janus Henderson 2.95M $155.59M +7.7%
IVZ Invesco 2.21M $116.35M +1.1%
CS Credit Suisse 1.96M $103.37M +11.2%
MKFCF Mackenzie Financial 1.93M $101.53M +11.9%
STT State Street 1.92M $101.01M +1.9%
Largest transactions
Shares Bought/sold Change
FMR 4.08M -2.91M -41.6%
Nikko Asset Management Americas 186.63K -1.15M -86.0%
Jericho Capital Asset Management 0 -816K EXIT
CMTDF Sumitomo Mitsui Trust 556.63K -751.11K -57.4%
Norges Bank 0 -611.96K EXIT
BLK Blackrock 10.22M +584.69K +6.1%
Two Sigma Investments 646.16K +542.87K +525.6%
Clal Insurance Enterprises 91.6K -327.45K -78.1%
Balyasny Asset Management 31.61K -326.91K -91.2%
Canada Pension Plan Investment Board 319.36K +318.35K +31240.9%

Financial report summary

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Risks
  • The COVID-19 pandemic has disrupted and harmed, and may continue to disrupt and harm, our business, financial condition and operating results. We are unable to predict the extent to which the pandemic and related impacts will continue to adversely impact our business, financial condition and operating results and the achievement of our strategic objectives.
  • We depend on cable, satellite and telco, and broadcast and media industry spending for our revenue and any material decrease or delay in spending in any of these industries would negatively impact our operating results, financial condition and cash flows.
  • The loss of one or more of our key customers, a failure to continue diversifying our customer base, or a decrease in the number of larger transactions could harm our business and our operating results.
  • We need to develop and introduce new and enhanced products and solutions in a timely manner to meet the needs of our customers and to remain competitive.
  • The markets in which we operate are intensely competitive.
  • Our future growth depends on a number of video and broadband industry trends.
  • Our operating results are likely to fluctuate significantly and, as a result, may fail to meet or exceed the expectations of securities analysts or investors, causing our stock price to decline.
  • We purchase several key components, subassemblies and modules used in the manufacture or integration of our products from sole or limited sources, and we rely on contract manufacturers and other subcontractors.
  • We rely on resellers, value-added resellers and systems integrators for a significant portion of our revenue, and disruptions to, or our failure to develop and manage our relationships with these customers or the processes and procedures that support them could adversely affect our business.
  • We may not be able to effectively manage our operations.
  • We face risks associated with having outsourced engineering resources located in Ukraine.
  • We face risks associated with having facilities and employees located in Israel.
  • In order to manage our growth, we must be successful in addressing management succession issues and attracting and retaining qualified personnel.
  • Our products include third-party technology and intellectual property, and our inability to acquire new technologies or use third-party technology in the future could harm our business.
  • Cybersecurity incidents, including data security breaches or computer viruses, could harm our business by disrupting our business operations, compromising our products and services, damaging our reputation or exposing us to liability.
  • Our operating results could be adversely affected by natural disasters affecting us or impacting our third-party manufacturers, suppliers, resellers or customers.
  • We may need additional capital in the future and may not be able to secure adequate funds at all or on terms acceptable to us.
  • Servicing our debt requires a significant amount of cash, and we may not have sufficient cash flow from our business to pay our substantial debt.
  • Despite our current debt levels, we may still incur substantially more debt or take other actions which would intensify the risks discussed above.
  • The conditional conversion feature of the Notes, if triggered, may adversely affect our financial condition and operating results.
  • The accounting method for convertible debt securities that may be settled in cash, such as the Notes, could have a material effect on our reported financial results.
  • We have made, and may continue to make, acquisitions, and any acquisition could disrupt our operations, cause dilution to our stockholders and materially and adversely affect our business, operating results, cash flows and financial condition.
  • We may sell one or more of our product lines, from time to time, as a result of our evaluation of our products and markets, and any such divestiture could adversely affect our continuing business and our expenses, revenues, results of operation, cash flows and financial position.
  • The nature of our business requires the application of complex revenue and expense recognition rules and the current legislative and regulatory environment affecting generally accepted accounting principles is uncertain. Significant changes in current principles could affect our financial statements going forward and changes in financial accounting standards or practices may cause adverse, unexpected financial reporting fluctuations and harm our operating results.
  • Fluctuations in our future effective tax rates could affect our future operating results, financial condition and cash flows.
  • We or our customers may face intellectual property infringement claims from third parties.
  • We may be the subject of litigation which, if adversely determined, could harm our business and operating results.
  • Our failure to adequately protect our proprietary rights and data may adversely affect us.
  • Our use of open source software in some of our products may expose us to certain risks.
  • We are subject to import and export control and trade and economic sanction laws and regulations that could subject us to liability or impair our ability to compete in international markets.
  • Our business and industry are subject to various laws and regulations that could adversely affect our business, operating results, cash flows and financial condition.
  • We depend significantly on our international revenue and are subject to the risks associated with international operations, including those of our resellers, contract manufacturers and outsourcing partners, which may negatively affect our operating results.
  • Some anti-takeover provisions contained in our certificate of incorporation and bylaws, as well as provisions of Delaware law, could impair a takeover attempt.
  • Our common stock price may be extremely volatile, and the value of an investment in our stock may decline.
  • Our stock price may decline if additional shares are sold in the market or if analysts drop coverage of or downgrade our stock.
Management Discussion
  • ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  • The terms “Harmonic,” “Company,” “we,” “us,” “its,” and “our,” as used in this Quarterly Report on Form 10-Q (this “Form 10-Q”), refer to Harmonic Inc. and its subsidiaries and its predecessors as a combined entity, except where the context requires otherwise.
  • Some of the statements contained in this Form 10-Q are forward-looking statements that involve risk and uncertainties. The statements contained in this Form 10-Q that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, 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,” “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:
Content analysis
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H.S. sophomore Good
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