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
Ticker
HLIT
Exchange
Website
CEO
Patrick Harshman
Employees
Incorporated
Location
Fiscal year end
Sector
Industry (SIC)
Former names
HARMONIC LIGHTWAVES INC
SEC CIK
Corporate docs
Subsidiaries
Harmonic Delaware, L.L.C. • Harmonic Germany GmbH • Harmonic India Private Limited • Harmonic International GmbH • Harmonic International Inc • Harmonic Lightwaves (Israel) Ltd • Harmonic Singapore P.T.E. Ltd. • Harmonic Technologies (HK) Limited • Harmonic (UK) Limited • Harmonic Video Networks Ltd. ...
IRS number
770201147
HLIT stock data
News

Where Harmonic Stands With Analysts
2 Aug 22
Raymond James Maintains Outperform on Harmonic, Raises Price Target to $13
2 Aug 22
Rosenblatt Maintains Buy on Harmonic, Raises Price Target to $17
2 Aug 22
Barclays Maintains Overweight on Harmonic, Raises Price Target to $14
2 Aug 22
Needham Maintains Buy on Harmonic, Raises Price Target to $15
2 Aug 22
Press releases
Harmonic Announces Second Quarter 2022 Results
1 Aug 22
HISPASAT Peru Unites Streaming and DTH Service Delivery with Harmonic Cloud Platform
26 Jul 22
Harmonic Announces Reporting Date for Second Quarter 2022 Results
19 Jul 22
Harmonic Breathes New Life Into Cisco GS7000 Node
8 Jun 22
Harmonic to Participate in the Jefferies Software Conference
25 May 22
Analyst ratings and price targets
Current price
Average target
$14.75
Low target
$13.00
High target
$17.00
Raymond James
Maintains
$13.00
Rosenblatt
Maintains
$17.00
Barclays
Maintains
$14.00
Needham
Maintains
$15.00
Calendar
5 Aug 22
19 Aug 22
31 Dec 22
Financial summary
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Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
16 Aug 22 | Harshman Patrick | Common Stock | Sell | Dispose S | No | Yes | 11.3907 | 6,040 | 68.8K | 578,173 |
15 Aug 22 | Ben-Natan Nimrod | Common Stock | Option exercise | Acquire M | No | No | 0 | 16,446 | 0 | 448,411 |
15 Aug 22 | Ben-Natan Nimrod | RSU Common Stock | Option exercise | Dispose M | No | No | 0 | 9,046 | 0 | 54,279 |
15 Aug 22 | Ben-Natan Nimrod | RSU Common Stock | Option exercise | Dispose M | No | No | 0 | 7,400 | 0 | 14,800 |
15 Aug 22 | Ian Graham | Common Stock | Payment of exercise | Dispose F | No | No | 11.46 | 7,165 | 82.11K | 90,870 |
15 Aug 22 | Ian Graham | Common Stock | Option exercise | Acquire M | No | No | 0 | 12,677 | 0 | 98,035 |
15 Aug 22 | Ian Graham | RSU Common Stock | Option exercise | Dispose M | No | No | 0 | 6,918 | 0 | 41,508 |
15 Aug 22 | Ian Graham | RSU Common Stock | Option exercise | Dispose M | No | No | 0 | 1,667 | 0 | 6,667 |
15 Aug 22 | Ian Graham | RSU Common Stock | Option exercise | Dispose M | No | No | 0 | 4,092 | 0 | 8,184 |
15 Aug 22 | Haltmayer Neven | Common Stock | Payment of exercise | Dispose F | No | No | 11.46 | 7,818 | 89.59K | 193,415 |
Institutional ownership, Q2 2022
62.8% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 185 |
Opened positions | 22 |
Closed positions | 48 |
Increased positions | 79 |
Reduced positions | 64 |
13F shares | Current |
---|---|
Total value | 928.22M |
Total shares | 65.63M |
Total puts | 650.1K |
Total calls | 543.7K |
Total put/call ratio | 1.2 |
Largest owners | Shares | Value |
---|---|---|
BLK Blackrock | 12.27M | $173.56M |
Vanguard | 8.41M | $118.98M |
Starboard Value | 7.01M | $99.05M |
MKFCF Mackenzie Financial | 2.83M | $39.95M |
JHG Janus Henderson | 2.77M | $39.12M |
STT State Street | 2.53M | $35.79M |
D. E. Shaw & Co. | 1.64M | $23.26M |
CS Credit Suisse | 1.59M | $22.48M |
Granahan Investment Management | 1.35M | $19.09M |
Geode Capital Management | 1.24M | $17.53M |
Financial report summary
?Competition
Microsoft • Cisco Systems • Avid Technology • Belden • Netflix • Brightcove • Meta Platforms • Casa Systems • Calix • KalturaRisks
- 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.
- 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 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 face risks associated with having outsourced engineering resources located in Ukraine.
- We may not be able to effectively manage our operations.
- 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.
- We cannot guarantee that our stock repurchase program will be fully implemented or that it will enhance long-term stockholder value.
- 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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Readability |
H.S. junior Good
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New words:
ESPP, geopolitical, inflationary, macroeconomic, pertaining, receipt, single, thereunder, variable
Removed:
added, assessing, controlled, fluctuation, minimize, Thomson, virtually
Financial reports
Current reports
8-K
Departure of Directors or Certain Officers
12 Aug 22
8-K
Harmonic Announces Second Quarter 2022 Results
1 Aug 22
8-K
Submission of Matters to a Vote of Security Holders
13 Jun 22
8-K
Harmonic Announces First Quarter 2022 Results
2 May 22
8-K
Entry into a Material Definitive Agreement
29 Mar 22
8-K
Harmonic Announces $100 Million
3 Feb 22
8-K
Harmonic Announces Fourth Quarter and Fiscal 2021 Results
31 Jan 22
8-K
Harmonic Announces Third Quarter 2021 Results
1 Nov 21
8-K
Harmonic Appoints Dan Whalen to its Board of Directors
5 Aug 21
8-K
Harmonic Announces Second Quarter 2021 Results
2 Aug 21
Registration and prospectus
S-8
Registration of securities for employees
20 Aug 21
S-8
Registration of securities for employees
11 Aug 20
S-8
Registration of securities for employees
28 Jun 19
S-8
Registration of securities for employees
25 Jun 18
S-8
Registration of securities for employees
21 Jun 17
S-8
Registration of securities for employees
23 Jun 16
S-8
Registration of securities for employees
5 Nov 15
S-8
Registration of securities for employees
9 Nov 14
S-8
Registration of securities for employees
4 Nov 13
SC TO-I/A
Issuer tender offer statement (amended)
2 Jun 13
Other
SD
Conflict minerals disclosure
25 May 22
UPLOAD
Letter from SEC
21 Apr 22
CORRESP
Correspondence with SEC
20 Apr 22
UPLOAD
Letter from SEC
14 Apr 22
SD
Conflict minerals disclosure
28 May 21
SD
Conflict minerals disclosure
29 May 20
SD
Conflict minerals disclosure
30 May 19
SD
Conflict minerals disclosure
31 May 18
SD
Conflict minerals disclosure
30 May 17
UPLOAD
Letter from SEC
22 Nov 16
Ownership
4
HARMONIC / PATRICK HARSHMAN ownership change
17 Aug 22
4
HARMONIC / Sanjay Kalra ownership change
17 Aug 22
4
HARMONIC / Neven Haltmayer ownership change
17 Aug 22
4
HARMONIC / Ian Graham ownership change
17 Aug 22
4
HARMONIC / Nimrod Ben-Natan ownership change
17 Aug 22
4
HARMONIC / Nikos Theodosopoulos ownership change
16 Aug 22
SC 13G
HARMONIC / T. Rowe Price Investment Management ownership change
10 Aug 22
SC 13G/A
HARMONIC / PRICE T ROWE ASSOCIATES ownership change
10 Aug 22
4
HARMONIC / Ian Graham ownership change
8 Aug 22
4
HARMONIC / PATRICK HARSHMAN ownership change
5 Aug 22
Patents
Utility
Cable Television Equipment with UPS to Address Cable Service Interruptions Due to Short Power Interruptions
28 Jul 22
Cable television (CATV) equipment having a specialized Uninterruptible Power Supply (UPS).
Utility
Multiple Core Software Forwarding
14 Jul 22
Approaches for processing packets transmitted within a Passive Optical Network (PON) using executable software.
Utility
Dynamic allocation of CPU cycles in video stream processing
12 Jul 22
Approaches for dynamically allocating CPU cycles for use in processing a video stream.
Utility
Support for a scalable and high availability (HA) virtual cable modem termination system (VCMTS)
21 Jun 22
Supporting a scalable and Highly Available (HA) virtual Cable Modem Termination System (vCMTS).
Utility
Automatic OFDM profile selection
17 May 22
Assigning an appropriate modulation profile for an orthogonal frequency-division multiplexing (OFDM) channel.
Transcripts
2022 Q2
Earnings call transcript
2 Aug 22
2022 Q1
Earnings call transcript
3 May 22
2021 Q4
Earnings call transcript
1 Feb 22
2021 Q3
Earnings call transcript
2 Nov 21
2021 Q2
Earnings call transcript
3 Aug 21
2021 Q1
Earnings call transcript
4 May 21
2020 Q4
Earnings call transcript
2 Feb 21
2020 Q3
Earnings call transcript
26 Oct 20
2020 Q2
Earnings call transcript
3 Aug 20
2020 Q1
Earnings call transcript
27 Apr 20
Reddit threads
Daily Discussion Thread - August 1st, 2022
1 Aug 22
Daily Discussion Thread - July 29th, 2022
29 Jul 22
Daily Discussion Thread - May 2nd, 2022
2 May 22
Daily Discussion Thread - April 29th, 2022
29 Apr 22
Daily Discussion Thread - January 31st, 2022
31 Jan 22
Daily Discussion Thread - January 28th, 2022
28 Jan 22
Is now a good time to get in?
10 Jan 22
Daily Discussion Thread - November 1st, 2021
1 Nov 21
Daily Discussion Thread - October 29th, 2021
29 Oct 21
Looking for input on these 8 sectors
4 Sep 21