Harmonic (HLIT) FY2024 results: revenue $488 million, up 25.7% on the year

Harmonic Inc. (HLIT) reported revenue of $488 million for fiscal 2024, the year ended 31 December 2024, up 25.7% on the year before. Net income was $39 million, down 53.3%, and diluted earnings per share $0.33. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2025.

Revenue

$488 million

+25.7% on the year

FY2017FY2024

Operating margin

15.3%

7.7% a year earlier

FY2017FY2024

Net income

$39 million

-53.3% on the year

FY2017FY2024

Diluted EPS

$0.33

-54.2% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	488	388	625	+25.7%
Cost of revenue	248	210	309	+17.9%
Gross profit	240	178	316	+34.8%
Gross margin	49.2%	45.9%	50.5%
Research and development	72.6	69.7	120	+4.1%
Selling, general and administrative	79.2	78.3	147	+1.1%
Operating income	74.7	30.0	45.5	+148.9%
Operating margin	15.3%	7.7%	7.3%
Interest expense	6.5	2.7	5.0	+139.8%
Pre-tax income	71.5	27.8	44.5	+156.9%
Income tax	20.8	-60.5	16.3
Effective tax rate	29.1%	-217.2%	36.6%
Net income	39.2	84.0	28.2	-53.3%
Net margin	8.0%	21.6%	4.5%
Diluted EPS	$0.33	$0.72	$0.25	-54.2%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	61.9	7.1	5.5	+777.1%
Capital expenditure	9.2	8.5	9.2	+8.4%
Free cash flow	52.7	-1.4	-3.8
Free cash flow margin	10.8%	-0.4%	-0.6%
Cash from investing	-9.2	-8.5	-1.3
Cash from financing	-33.3	-5.0	-43.1
Depreciation and amortisation	n/a	12.3	12.3
Share-based compensation	28.1	27.3	25.2	+2.7%
Buybacks	30.0	0.0	5.1
Dividends paid	0.0	0.0	0.0
Diluted shares, weighted	117m	117m	112m	+0.1%
Shares outstanding at period end	117m	112m	110m	+3.9%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	465	437	325	+6.5%
Redeemable equity	n/a	n/a	0.0
Debt	114	130	130	-12.3%
Operating lease liabilities	14.7	19.0	24.1	-22.3%
Other liabilities	202	182	232	+11.1%
Total liabilities and equity	797	768	710	+3.7%
Fixed assets	25.2	36.7	39.8	-31.4%
Goodwill	60.8	60.8	238	-0.0%
Investments	n/a	n/a	0.0
Cash and equivalents	101	84.3	89.6	+20.4%
Receivables	144	142	108	+1.5%
Inventory	43.1	84.0	121	-48.7%
Other assets	422	361	114	+17.0%
Total assets	797	768	710	+3.7%

10-K for the year ended 31 December 2024, filed 14 February 2025: the filing.