HARMONIC INC
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 16, 2024
HLIT$9.99-2.3%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income | $83,994 | $28,182 | $13,254 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 12,255 | 12,260 | 12,546 |
| Amortization of intangibles | — | — | 507 |
| Stock-based compensation | 27,329 | 25,212 | 24,056 |
| Amortization of convertible debt discount | 899 | 1,171 | 6,308 |
| Amortization of warrant | 870 | 1,734 | 1,741 |
| Foreign currency remeasurement | 1,453 | (2,685) | (5,126) |
| Deferred income taxes, net | (92,856) | 4,894 | (6,197) |
| Provision for expected credit losses and returns | 2,778 | 1,954 | 4,142 |
| Provision for excess and obsolete inventories | 7,396 | 5,988 | 3,460 |
| Gain on sale of investment in equity securities | — | (4,370) | — |
| Other adjustments | 151 | 513 | 181 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (35,473) | (23,136) | (26,722) |
| Inventories | 35,403 | (54,431) | (39,338) |
| Other assets | 25,483 | (8,402) | (3,096) |
| Accounts payable | (29,358) | 5,837 | 42,303 |
| Deferred revenues | (20,823) | 2,610 | 15,014 |
| Other liabilities | (12,442) | 8,145 | (2,016) |
| Net cash provided by operating activities | 7,059 | 5,476 | 41,017 |
| Cash flows from investing activities: | |||
| Purchases of investments | (6,305) | — | — |
| Proceeds from maturities of investments | 6,305 | — | — |
| Proceeds from sales of equity investments | — | 7,962 | — |
| Purchases of property and equipment | (8,475) | (9,250) | (12,975) |
| Net cash used in investing activities | (8,475) | (1,288) | (12,975) |
| Cash flows from financing activities: | |||
| Payment of convertible debt | — | (37,707) | — |
| Payments for debt issuance costs | (1,025) | — | — |
| Proceeds from other debts | 3,835 | 3,499 | 3,861 |
| Repayment of other debts | (4,865) | (4,583) | (6,169) |
| Repurchase of common stock | — | (5,133) | — |
| Proceeds from common stock issued to employees | 6,558 | 7,092 | 12,311 |
| Taxes paid related to net share settlement of equity awards | (9,493) | (6,301) | (2,064) |
| Net cash provided by (used in) financing activities | (4,990) | (43,133) | 7,939 |
| Effect of exchange rate changes on cash and cash equivalents | 1,089 | (4,900) | (1,195) |
| Net increase (decrease) in cash and cash equivalents | (5,317) | (43,845) | 34,786 |
| Cash and cash equivalents, beginning of the year | 89,586 | 133,431 | 98,645 |
| Cash and cash equivalents, end of the year | $84,269 | $89,586 | $133,431 |
| Supplemental disclosure of cash flow information: | |||
| Income tax payments, net | $18,128 | $9,036 | $2,525 |
| Interest payments, net | $1,626 | $3,796 | $4,095 |
| Supplemental schedule of non-cash investing and financing activities: | |||
| Capital expenditures incurred but not yet paid | $618 | $1,075 | $751 |
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