HARMONIC INC.
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
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, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from Continuing and Discontinued Operations | |||
| Cash flows from operating activities: | |||
| Net (loss) income | $(43,310) | $39,217 | $83,994 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation | 11,082 | 12,139 | 12,255 |
| Asset impairment and related charges | 1,637 | 12,036 | — |
| Impairment of goodwill | 57,521 | — | — |
| Stock-based compensation | 31,882 | 28,073 | 27,329 |
| Foreign currency remeasurement | 847 | 315 | 1,453 |
| Deferred income taxes, net | 8,476 | (16,436) | (92,856) |
| Provision for excess and obsolete inventories | 3,270 | 10,971 | 7,396 |
| Other | 127 | 569 | 1,920 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | 53,908 | (38,241) | (32,695) |
| Inventories | (7,103) | 8,374 | 35,403 |
| Prepaid expenses and other assets | 3,302 | 3,199 | 25,483 |
| Accounts payable | (5,965) | (3,107) | (29,358) |
| Deferred revenues | 10,220 | (2,210) | (20,823) |
| Other liabilities | (17,928) | 7,018 | (12,442) |
| Net cash provided by operating activities | 107,966 | 61,917 | 7,059 |
| Cash flows from investing activities: | |||
| Purchases of investments | — | — | (6,305) |
| Proceeds from maturities of investments | — | — | 6,305 |
| Purchases of property and equipment | (11,080) | (9,186) | (8,475) |
| Net cash used in investing activities | (11,080) | (9,186) | (8,475) |
| Cash flows from financing activities: | |||
| Proceeds from long-term debt | 135,000 | 115,000 | — |
| Repayment of convertible debt | — | (115,500) | — |
| Payments for debt issuance costs | — | (332) | (1,025) |
| Proceeds from other borrowings | 3,835 | 3,943 | 3,835 |
| Repayment of long-term debt and other borrowings | (142,816) | (5,447) | (4,865) |
| Repurchase of common stock | (79,027) | (30,047) | — |
| Proceeds from common stock issued to employees | 5,983 | 6,628 | 6,558 |
| Taxes paid related to net share settlement of equity awards | (4,365) | (7,514) | (9,493) |
| Net cash used in financing activities | (81,390) | (33,269) | (4,990) |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | 7,176 | (1,942) | 1,089 |
| Net increase (decrease) in cash and cash equivalents and restricted cash | 22,672 | 17,520 | (5,317) |
| Cash and cash equivalents and restricted cash, beginning of the year | 101,789 | 84,269 | 89,586 |
| Cash and cash equivalents and restricted cash, end of the year | $124,461 | $101,789 | $84,269 |
| Cash and cash equivalents and restricted cash at end of the year | |||
| Cash and cash equivalents | $124,105 | $101,457 | $84,269 |
| Restricted cash included in other current assets | 356 | 332 | — |
| Total cash, cash equivalents and restricted cash as shown in the consolidated statement of cash flows | $124,461 | $101,789 | $84,269 |
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Supplemental cash flow disclosure: | |||
| Income tax payments, net | $12,760 | $27,308 | $18,128 |
| Interest payments, net | $4,072 | $6,283 | $1,626 |
| Supplemental schedule of non-cash investing activities: | |||
| Capital expenditures incurred but not yet paid | $247 | $488 | $618 |
| Supplemental schedule of non-cash financing activities: | |||
| Shares of common stock issued upon redemption of convertible debt | — | 4,578 | — |
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