Harmonic (HLIT) FY2022 results: revenue $625 million, up 23.2% on the year

Harmonic Inc. (HLIT) reported revenue of $625 million for fiscal 2022, the year ended 31 December 2022, up 23.2% on the year before. Net income was $28 million, up 112.6%, and diluted earnings per share $0.25. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2023.

Revenue

$625 million

+23.2% on the year

FY2015FY2022

Operating margin

7.3%

3.7% a year earlier

FY2015FY2022

Net income

$28 million

+112.6% on the year

FY2015FY2022

Diluted EPS

$0.25

+108.3% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	625	507	379	+23.2%
Cost of revenue	309	247	184	+24.9%
Gross profit	316	260	195	+21.6%
Gross margin	50.5%	51.2%	51.5%
Research and development	120	102	82.5	+17.7%
Selling, general and administrative	147	138	120	+6.3%
Operating income	45.5	18.8	-12.4	+142.0%
Operating margin	7.3%	3.7%	-3.3%
Interest expense	5.0	10.6	11.5	-52.6%
Pre-tax income	44.5	8.9	-26.2	+401.5%
Income tax	16.3	-4.4	3.1
Effective tax rate	36.6%	-49.4%	n/a
Net income	28.2	13.3	-29.3	+112.6%
Net margin	4.5%	2.6%	-7.7%
Diluted EPS	$0.25	$0.12	-$0.30	+108.3%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	5.5	41.0	39.2	-86.6%
Capital expenditure	9.2	13.0	32.2	-28.7%
Free cash flow	-3.8	28.0	7.0
Free cash flow margin	-0.6%	5.5%	1.8%
Cash from investing	-1.3	-13.0	-32.2
Cash from financing	-43.1	7.9	-2.1
Depreciation and amortisation	12.3	13.1	15.7	-6.1%
Share-based compensation	25.2	24.1	18.0	+4.8%
Buybacks	5.1	0.0	0.0
Dividends paid	0.0	0.0	0.0
Diluted shares, weighted	112m	106m	97m	+5.8%
Shares outstanding at period end	110m	103m	98m	+6.7%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	325	296	258	+9.7%
Redeemable equity	0.0	0.9	0.0
Debt	130	154	151	-15.5%
Operating lease liabilities	24.1	29.1	26.1	-17.2%
Finance lease liabilities	n/a	0.0	0.0
Other liabilities	232	214	156	+8.2%
Total liabilities and equity	710	694	592	+2.4%
Fixed assets	39.8	42.7	43.1	-6.8%
Goodwill	238	240	244	-1.0%
Intangible assets	n/a	n/a	0.5
Investments	0.0	n/a	n/a
Cash and equivalents	89.6	133	98.6	-32.9%
Receivables	108	88.5	66.2	+22.5%
Inventory	121	71.2	35.0	+69.9%
Other assets	114	118	104	-3.5%
Total assets	710	694	592	+2.4%

10-K for the year ended 31 December 2022, filed 28 February 2023: the filing.