HLIT - Harmonic Inc. (HLIT) Q1 2024 Earnings Call Transcript

2024-04-29 20:40:24 ET

Harmonic Inc. (HLIT)

Q1 2024 Results Conference Call

April 29, 2024 05:00 PM ET

Company Participants

David Hanover - Investor Relations

Patrick Harshman - President and Chief Executive Officer

Nimrod Ben-Natan - SVP and General Manager of Harmonic's Broadband Business

Walter Jankovic - Chief Financial Officer

Conference Call Participants

Simon Leopold - Raymond James

George Notter - Jefferies

Steven Frankel - Rosenblatt Securities

Ryan Koontz - Needham & Company

Tim Savageaux - Northland Capital Markets

Presentation

Operator

Hello, and thank you for standing by. Welcome to the First Quarter 2024 Harmonic Earnings Conference Call. My name is Tawanda, and I will be your operator for today's call. At this time, all participants are in a listen-only mode [Operator Instructions]. Please note that this conference is being recorded. I will now turn the call over to David Hanover, Investor Relations. David, you may begin.

David Hanover

Thank you, operator. Hello, everyone. And thank you for joining us today for Harmonic's first quarter 2024 financial results conference call. With me today are Patrick Harshman, President and Chief Executive Officer; Nimrod Ben-Natan, Senior Vice President and General Manager of Harmonic's Broadband Business; and Walter Jankovic, Chief Financial Officer. Before we begin, I'd like to point out that in addition to the audio portion of the webcast, we've also provided slides for the webcast, which you may view by going to our webcast on our Investor Relations Web site. Now turning to Slide 2. During this call, we will provide projections and other forward-looking statements regarding future events or future financial performance of the company. Such statements are only current expectations and actual events or results may differ materially. We refer you to documents Harmonic filed with the SEC, including our most recent 10-Q and 10-K reports in the forward-looking statements section of today's preliminary results press release. These documents identify important risk factors, which could cause actual results to differ materially from those contained in our projections or forward-looking statements. And please note that unless otherwise indicated, the financial metrics we provide you on this call are determined on a non-GAAP basis. These metrics, together with corresponding GAAP numbers and a reconciliation to GAAP, are contained in today's press release, which we have posted on our Web site and filed with the SEC on Form 8-K. We will also discuss historical financial and other statistical information regarding our business and operation, and some of this information is included in the press release. The remainder of this information will be available on a recorded version of this call or on our Web site. And now, I'll turn the call over to our CEO, Patrick Harshman. Patrick?

Patrick Harshman

Thanks, David. And welcome everyone, to our first quarter call. Today, we reported our Q1 results and updated full year outlook, both of which are in line with our prior guidance and demonstrate solid execution and continuing confidence in our growth opportunities. Key business highlights; include, strong broadband orders and new customer wins, supporting this business' sustained multiyear growth trajectory; continued video SaaS revenue growth, driven by new sports opportunities and ad delivery technology; and retirement of our outstanding convertible debt this month, capping share dilution associated with convertible notes. We also announced on April 8th my planned retirement on June 11th, the date of our Annual Shareholder Meeting and our board selection of Nimrod Ben-Natan as the next CEO of Harmonic. Nimrod, Walter and the senior Harmonic team have my full confidence in driving the next phase of growth for our company, and I look forward to having a continuing supporting relationship with Nimrod and the Board for at least another year. And with that, I'll now turn the call over to you, Nimrod, to provide a more detailed update on our broadband business....

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