Harmonic (HLIT) FY2021 results: revenue $507 million, up 33.9% on the year

Harmonic Inc. (HLIT) reported revenue of $507 million for fiscal 2021, the year ended 31 December 2021, up 33.9% on the year before. Net income was $13 million, and diluted earnings per share $0.12. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2022.

Revenue

$507 million

+33.9% on the year

FY2014FY2021

Operating margin

3.7%

-3.3% a year earlier

FY2014FY2021

Net income

$13 million

FY2014FY2021

Diluted EPS

$0.12

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q3 FY2021 · Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	507	379	403	+33.9%
Cost of revenue	247	184	180	+34.6%
Gross profit	260	195	223	+33.2%
Gross margin	51.2%	51.5%	55.4%
Research and development	102	82.5	84.6	+23.9%
Selling, general and administrative	138	120	119	+15.4%
Operating income	18.8	-12.4	13.1
Operating margin	3.7%	-3.3%	3.2%
Interest expense	10.6	11.5	11.7	-7.7%
Pre-tax income	8.9	-26.2	-6.6
Income tax	-4.4	3.1	-0.7
Effective tax rate	-49.4%	n/a	n/a
Net income	13.3	-29.3	-5.9
Net margin	2.6%	-7.7%	-1.5%
Diluted EPS	$0.12	-$0.30	-$0.07

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	41.0	39.2	31.3	+4.7%
Capital expenditure	13.0	32.2	10.3	-59.7%
Free cash flow	28.0	7.0	21.0	+303.0%
Free cash flow margin	5.5%	1.8%	5.2%
Cash from investing	-13.0	-32.2	-10.3
Cash from financing	7.9	-2.1	6.3
Depreciation and amortisation	13.1	15.7	19.6	-16.9%
Share-based compensation	24.1	18.0	12.1	+33.3%
Buybacks	0.0	0.0	n/a
Dividends paid	0.0	0.0	0.0
Diluted shares, weighted	106m	97m	90m	+9.5%
Shares outstanding at period end	103m	98m	92m	+4.8%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	296	258	252	+14.6%
Redeemable equity	0.9	0.0	2.4
Debt	154	151	149	+1.6%
Operating lease liabilities	29.1	26.1	25.8	+11.7%
Finance lease liabilities	0.0	0.0	n/a
Other liabilities	214	156	157	+37.4%
Total liabilities and equity	694	592	587	+17.3%
Fixed assets	42.7	43.1	22.9	-1.0%
Goodwill	240	244	240	-1.4%
Intangible assets	n/a	0.5	4.5
Cash and equivalents	133	98.6	93.1	+35.3%
Receivables	88.5	66.2	88.5	+33.7%
Inventory	71.2	35.0	29.0	+103.2%
Other assets	118	104	110	+12.8%
Total assets	694	592	587	+17.3%

10-K for the year ended 31 December 2021, filed 28 February 2022: the filing.