What is the market's earnings forecast for Harmonic next quarter?

What is the revenue and EPS growth rate for Harmonic year over year?

What were the key takeaways from Harmonic’s earnings call?

What factors drove the changes in Harmonic's revenue and profit?

What is Harmonic's gross profit margin?

What does Harmonic do and what are its main business segments?

What is Harmonic's latest dividend and current dividend yield?

What were the key takeaways from Harmonic's earnings call?

- **Revenue Beat**: Q3 revenue of $142.4 million exceeded guidance, driven by 15% broadband growth and 13.6% video SaaS expansion. 
- **DOCSIS 4.0 Leadership**: 14 cOS deployments serving 37M modems, Mediacom achieves industry-first 4.0 deployment. Fiber partnerships with Comcast add 1M homes/year.
- **Financial Strength**: $21M free cash flow, $127.4M cash, and $66.1M share buybacks. 2026 outlook positive with 4.0 adoption and SaaS growth.
- **Strategic Moves**: Pathfinder AI innovation, Akamai media services transition, and Google Ad Manager integrations drive differentiation.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 revenue of $142.4 million exceeded guidance, driven by broadband and video segments. Broadband revenue reached $90.5 million, up 15% year-over-year, with 14 cOS deployments serving 37 million modems globally.
- **DOCSIS 4.0 Momentum**: Highlighted Mediacom's industry-first production deployment of Unified DOCSIS 4.0 on extended spectrum, GCI's network upgrades, and international wins in Europe and North America. Fiber business expanded with Comcast, adding 1 million new homes annually using Harmonic's virtual BNG and remote OLTs.
- **Innovation**: Introduced Pathfinder and Beacon Speed Maximizer for real-time network interference mitigation. Video segment SaaS streaming revenue grew 13.6% YoY to $16.1 million, powered by Akamai and Google Ad Manager integrations.

**【CFO Financial Commentary】**
- **Financial Performance**: Q3 GAAP EPS of $0.12, free cash flow of $21 million, and a $127.4 million cash balance. Broadband gross margin 47.3%, video gross margin 66.7%, reflecting strong SaaS growth and cost control.
- **Capital Allocation**: Repurchased $16 million in shares (total $66.1 million YTD) under a $200 million program. Expect 2026 growth driven by DOCSIS 4.0 adoption and fiber expansion.
- **Guidance**: Q4 2025 broadband revenue $85-95 million, video $48-52 million. 2026 outlook positive with DOCSIS 4.0 ramp-up and SaaS expansion.

**【Q&A Highlights】**
- **Customer Diversification**: Rest-of-world broadband growth 20% YoY, reducing reliance on Comcast (43% Q3 revenue). DOCSIS 4.0 transition delays Q4, but 2026 growth expected.
- **Akamai Impact**: Video SaaS growth from Akamai onboarding, with incremental revenue from VOS ad solutions.
- **Fiber Expansion**: Comcast partnership accelerates fiber deployment, aligning with 2026 growth plans.

Harmonic Inc. (HLIT) Q3 2025 Earnings Call Transcript

- **Revenue Beat Expectations**: Q2 total revenue $138 million, Broadband $86.9 million (record rest-of-world), Video $51.1 million (11.6% YoY growth).
- **Fiber and DOCSIS 4.0 Leadership**: SeaStar launch, 136 cOS deployments, 14 Gbps throughput milestone, Mediacom as key DOCSIS 4.0 customer.
- **SaaS Streaming Surge**: $15.4 million Q2, 10.1% YoY growth, Akamai partnership for premium streaming.
- **Tariff Mitigation**: Q2 impact < $1 million, Q3 guidance includes < $1 million. Operational adjustments and exemptions limit risk.
- **2026 Growth Confidence**: Unified 4.0 adoption, rest-of-world ramps, and OBBBA incentives expected to drive resumption of Broadband growth.

**【CEO Summary Section】**
- **Q2 2025 Highlights**: Total revenue of $138 million, exceeding guidance in both Broadband and Video segments. Broadband revenue reached $86.9 million, driven by record fiber revenue and rest-of-world growth. Video segment revenue was $51.1 million, with SaaS streaming contributing $15.4 million, up 10.1% YoY.
- **Broadband Momentum**: 136 cOS deployments managing 35.3 million modems, 4 new customer logos (including a Tier 2 North American operator), and record rest-of-world revenue. Fiber revenue grew with the launch of SeaStar for MDUs and a Vodafone showcase.
- **DOCSIS 4.0 Progress**: Unified RPDs in volume, RF front-end tray entering customer labs, and Mediacom as a key customer. Demonstrated 14 Gbps throughput milestone at CableLabs Interop.
- **Video Growth**: Strong SaaS streaming expansion (11.6% YoY) and appliance profitability. Akamai partnership to drive premium streaming opportunities.
- **Capital Allocation**: $50.1 million in share repurchases YTD, with plans to use free cash flow for growth and returns.

**【CFO Financial Commentary】**
- **Q2 Financials**: GAAP net income of $420 million, Non-GAAP EPS of $0.09 (up 12.5% YoY). Free cash flow of -$15.5 million, cash balance of $123.9 million (up $78 million YoY).
- **Broadband Metrics**: Revenue $86.9 million, gross margin 46.5% (down 110bps YoY due to tariffs). Rest-of-world revenue at record levels, offsetting headwinds from largest customers.
- **Video Metrics**: Revenue $51.1 million, gross margin 67% (up 260bps YoY). SaaS streaming revenue up 10.1% YoY.
- **Tariff Impact**: Q2 impact < $1 million (all Broadband), Q3 guidance includes < $1 million impact. Operational adjustments mitigated risks.
- **Q3 Guidance**: Broadband $75-85 million, Video $45-50 million. Total EPS $0.02-0.07.

**【Q&A Key Highlights】**
- **Rest-of-World Strength**: Ex-Comcast/Charter revenue >50% of total, driven by Tier 2 North America and Latin America wins. Book-to-bill ratio 1.1, up from 0.9 in Q1.
- **DOCSIS 4.0 Readiness**: Unified RPDs shipping, RF front-end trials in Q3. Mediacom deployment plans signal 2026 growth. OBBBA incentives may accelerate operator investments.
- **Tariff Strategy**: < $1 million Q3 impact. Exploring nearshore manufacturing and price adjustments. Malaysia tariff exemptions protect key products.
- **2026 Outlook**: Positive tailwinds from Unified 4.0 adoption, rest-of-world ramps, and OBBBA benefits. Management confident in resuming growth despite 2025 headwinds.
- **Video Pipeline**: Akamai partnership to contribute to SaaS growth in H2. Appliance deals and hybrid deployments support profitability.


Harmonic Inc. (HLIT) Q2 2025 Earnings Call Transcript

- **Q1 Strong Execution**: $133M revenue (+9% YoY), $21M EBITDA, $149M cash, despite macro uncertainty. 
- **Broadband Breakthroughs**: 7.6% YoY growth, 129 cOS deployments, record fiber bookings, and 13 Gbps speed demo. 
- **Video Resilience**: 11.8% YoY growth, $14.8M SaaS streaming (+15% YoY), and 66.4% gross margin. 
- **Tariff Impact**: $3M Q2 margin hit, but no customer delays; exploring nearshore manufacturing. 
- **Long-Term Growth**: $485M backlog, 2026 Unified 4.0 ramp, and expanding global fiber footprint.

**【CEO Summary Section】**
- Q1 2025 revenue reached $133 million, exceeding expectations, with adjusted EBITDA of $21 million and cash balance of $149 million. 
- Broadband revenue grew 7.6% YoY to $84.9 million, driven by cOS platform adoption (129 deployments, 33.9M modems managed). 
- Fiber bookings hit a record, with wins in Latin America and North America, and DZS ONU migration success. 
- Unified 4.0 RPDs in volume production, with 13 Gbps downstream demo showcasing industry leadership. 
- Video business delivered $48.3M revenue (+11.8% YoY), with SaaS streaming at $14.8M (+15% YoY). 
- Backlog and deferred revenue totaled $485M, reflecting long-term growth confidence despite near-term macro challenges.

**【CFO Financial Commentary】**
- Q1 GAAP EPS was $0.11, up from $0 in Q1 2024, with free cash flow of $81.7M. 
- Broadband gross margin expanded to 55.5% (vs. 47.7% Q1 2024), driven by cOS license mix. 
- Video gross margin improved to 66.4% (vs. 61.6% Q1 2024), benefiting from large refresh deals. 
- Q2 2025 guidance: Broadband revenue $75-85M (down 18-28% YoY), EBITDA $2-6M; Video revenue $45-50M. 
- Tariff impact estimated at $3M in Q2 margins, primarily affecting broadband. 
- $36.1M shares repurchased in Q1 under expanded $200M buyback program.

**【Q&A Highlights】**
- **Tariff Mitigation**: Exploring nearshore manufacturing (e.g., Mexico) and optimizing supply chain, but no customer behavior changes yet. 
- **Fiber Growth**: Pure-play telco wins (e.g., Latin America) and hybrid DOCSIS/Fiber deployments driving Rest of World expansion. 
- **Unified 4.0 Timing**: Delays in amplifier availability could push deployments into 2026, but no customer delays observed to date. 
- **SaaS Momentum**: Akamai partnership to contribute mid-2025; 15% YoY growth in streaming business. 
- **Liquidity**: $148.7M cash + $82M undrawn credit facility provide flexibility for tariffs and M&A.

Harmonic (HLIT)-28 Apr 25-2025 Q1 Earnings call transcript

- **2024 Record Growth**: Total revenue up 33% YoY to $222.2M, driven by broadband leadership and video SaaS recovery.
- **2025 Caution, 2026 Rebound**: Broadband revenue expected down 10-20% YoY in 2025 due to DOCSIS 4.0 transition, but 13% CAGR 2023-2028 outlook maintained.
- **$200M Buyback Signal**: Share repurchase program doubles prior commitment, reflecting confidence in long-term broadband growth.
- **Rest of World Surge**: Q4 Rest of World broadband revenue +50% QoQ, 5 new customers added, positioning for 2025 expansion.

**【CEO Key Highlights】**
- **2024 Record Performance**: Total revenue reached $222.2M in Q4, up 33% YoY. Broadband revenue hit $171M, driven by DOCSIS 4.0 leadership and Rest of World growth exceeding 50% QoQ. Video segment returned to profitability with SaaS revenue at $15.1M.
- **2025 Outlook**: Anticipates below-trend broadband growth due to Unified DOCSIS 4.0 transition, but expects 2026+ rebound with Dell'Oro projecting 13% CAGR for virtual CMTS/DAA market. Launched $200M 3-year share buyback program.
- **Strategic Wins**: Secured 5 new customers in Q4, including Blue Stream Fiber and IPKO. Rest of World revenue grew 50% QoQ, positioning for 2025 expansion.

**【CFO Financial Breakdown】**
- **Q4 2024 Results**: GAAP net income $42.0M, Non-GAAP EPS $0.45 (up 246% YoY). Cash balance $101.5M, up $43.3M QoQ. Broadband gross margin 52.7% (1030bps YoY improvement). Video gross margin 67.4% (280bps YoY improvement).
- **2025 Guidance**: Broadband revenue $400-450M (down 10-20% YoY), adjusted EBITDA $77-106M. Video revenue $185-195M, EBITDA $8-17M. Full-year EPS $0.43-0.68.
- **Capital Allocation**: $200M share buyback program announced, funded by free cash flow. Target net leverage <2x, liquidity >$100M.

**【Q&A Key Takeaways】**
- **Market Dynamics**: Unified DOCSIS 4.0 transition causing 2025 delays, but 2026+ acceleration expected. Market share remains strong (>90% virtual CMTS, >60% remote devices).
- **Customer Behavior**: Top 2 customers (Comcast, Charter) have different deployment paces, but Rest of World growth offsets headwinds. Rogers deployment expected H2 2025.
- **Inventory Management**: Took $5M inventory provision for DOCSIS 3.1 transition. Days sales outstanding improved to 72 (vs 80 Q3), inventory days 59 (vs 73 Q3).

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