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Dec 31, 2024
Harmonic Q4 2024 Earnings Report
Harmonic reported record fourth quarter and fiscal year 2024 results, with revenue up 33% year over year and record Adjusted EBITDA.
Key Takeaways
Harmonic achieved record quarterly total company revenue and Adjusted EBITDA, with both Broadband and Video revenue exceeding expectations. The company's strong performance in Broadband demonstrates its ability to scale to customer needs and its technology leadership, positioning it well for long-term growth in broadband DOCSIS 4.0 and Fiber.
Record total quarterly revenue of $222.2 million, up 33% year over year.
Record quarterly Adjusted EBITDA of $71.8 million, significantly up from $21.7 million in the prior year period.
Broadband segment revenue increased to $171.0 million, compared to $115.2 million in the prior year period.
The board of directors authorized a new three-year, $200 million share repurchase program.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For Q1 2025, Harmonic expects revenue between $120 million and $135 million, and non-GAAP diluted net income per share between $0.02 and $0.08. For the full year 2025, revenue is expected between $585 million and $645 million, and non-GAAP diluted net income per share between $0.43 and $0.68.
Positive Outlook
- Expected non-GAAP adjusted EBITDA for Q1 2025 between $9 million and $17 million.
- Expected non-GAAP adjusted EBITDA for FY 2025 between $85 million and $123 million.
- Anticipated non-GAAP gross margin for Q1 2025 between 56.0% and 57.7%.
- Anticipated non-GAAP gross margin for FY 2025 between 54.8% and 57.3%.
- Confidence in long-term outlook with expected above-market growth in 2026 as DOCSIS 4.0 adoption accelerates.
Challenges Ahead
- Q1 2025 GAAP net income (loss) per share expected between $(0.05) and $0.01.
- Q1 2025 GAAP operating income (loss) expected between $(4) million and $4 million.
- Full year 2025 GAAP net income expected between $22 million and $53 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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